Best Buy Co., Inc. reported a modest increase in revenue for fiscal 2026, generating $41.7 billion, up 0.4% from $41.5 billion in fiscal 2025. The company's comparable sales rose by 0.5%, driven primarily by growth in the computing and mobile phones categories, although this was partially offset by declines in home theater and appliances. Gross profit for the year was $9.4 billion, representing 22.5% of revenue, slightly down from 22.6% in the previous year. Operating income increased to $1.4 billion, with a corresponding operating margin of 3.3%, up from 3.0% in fiscal 2025. Net earnings also rose to $1.1 billion, translating to diluted earnings per share of $5.04, compared to $4.28 in the prior year.
The company undertook significant restructuring initiatives during the fiscal year, incurring $190 million in restructuring charges primarily related to labor and store optimization, as well as the optimization of its Best Buy Health business. Additionally, Best Buy recorded goodwill and intangible asset impairments totaling $171 million, reflecting challenges in the health sector and a shift in customer base. The company closed select non-traditional store locations as part of its restructuring efforts, which are expected to continue into fiscal 2027.
Best Buy's operational metrics showed a slight decline in store count, with a total of 1,068 stores at the end of fiscal 2026, down from 1,117 in the previous year. The company employed approximately 82,000 individuals across the U.S. and Canada. Online sales accounted for 34.4% of total domestic segment revenue, with total online revenue reaching $13.2 billion, a 1.3% increase from the previous year. The company continues to focus on enhancing its omnichannel strategy, integrating digital experiences with physical store offerings.
Looking ahead, Best Buy aims to drive growth through its Best Buy Marketplace and Best Buy Ads initiatives, which are expected to expand in fiscal 2027. The company plans to invest in technology and marketing to support these growth areas while maintaining a focus on operational efficiency to offset financial pressures. Best Buy's management remains cautious about macroeconomic conditions, including inflation and consumer spending, which could impact future performance. The company is committed to leveraging its unique combination of technology expertise and customer service to navigate these challenges and enhance its market position.
About BEST BUY CO INC
Best Buy Co., Inc. is a leading retailer specializing in consumer electronics, appliances, entertainment products, and related services across the U.S. and Canada. Operating an omnichannel platform, it offers products through physical stores, online channels, and in-home services. Key segments include computing, mobile phones, appliances, and health technology. Best Buy leverages strong vendor partnerships, a broad product assortment, and integrated service offerings to deliver personalized technology solutions and customer support.
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