As screen time soared in 2020, so did Best Buy. Revenue at the electronics retailer rose 8.3% to $47 billion in 2020 compared with the prior year—enough to push the company up nine spots on the Fortune 500 list this year. Profit, meanwhile, climbed a hefty 16.7%. The good news came, in part, from the work-from-home revolution, as newly remote workers stocked up on home office equipment and other technology. But it's not rosy for everyone at Best Buy. The retailer expects online shopping to account for 40% of sales next year compared to just 19% two years earlier—which prompted the company to announce store closures and 5,000 layoffs in early 2021.
Lists ranking Best Buy
Fortune Modern Board 25 - 2022Fortune collaborated with the Diligent Institute t...READ MOREview in list
World’s Most Admired Companies - 2022Just as it dominates our economy, Big Tech now dom...READ MOREview in list
Latest news for Best Buy
- RetailBest Buy’s new members program offers access to hard-to-find itemsOctober 5, 2021 9:38 PM UTC
- RetailThe best iPhone 13 deals, sorted by carrier and retailerSeptember 20, 2021 5:39 PM UTC
- LeadershipBest Buy CEO Corie Barry: The pandemic shifted customers’ digital expectationsAugust 5, 2021 11:30 PM UTC