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This statistic highlights Best Buy’s Revenue Breakdown by Segment, split between Domestic and International segments, on a quarterly basis from Q1 2016 onwards.
Best Buy Corporation is a part of the Fortune 500 list and is one of the biggest consumer electronics retailers in the world. The company functions in the multinational retailing domain that sell both product and services through its main channels which are retail stores, online websites, and Call Centers.
The following table highlights Best Buy’s Revenue by Segment in some of its recent quarters.
|Revenue by Segment||Q2 2021||Q1 2022||Q2 2022||Contribution in Q2 2022|
|International||$ 0.78||$ 0.80||$ 0.84||7%|
|Total||$9.91||$ 11.64||$ 11.85||100%|
(All figures in billions, except percentages)
There are two business segments of the company: The domestic segment and the international segment and both segments operate a multi-channel platform. The domestic segment involves the functioning of the company in all states, districts, and territories of the United States. The international segment comprises all the operations outside the United States and its districts and territories.
The company generates the majority of its revenue from its operations in the Domestic market. Its total revenue increased from $9.91 billion in Q2 2021 to $11.85 billion in Q2 2022, marking a 19.58% growth on a year-on-year basis. It also grew 17.46% compared to $11.64 billion earned in Q1 2022.
Best Buy’s revenue is further bifurcated into the following segments:
There is a growth of 20.59% in this segment from $9.13 billion in Q2 2021 to $11.01 billion in Q2 2022 because of the high demand for electronic products and easy availability in all locations. Also, there is a growth of 1.57% compared to $10.84 billion earned in Q1 2022.
Operations: These activities include the development of merchandise and service offerings, pricing and promotion, procurement, and supply chain management. All the support capabilities like Human resources, finance, information technology, and real estate management are performed at the corporate headquarters and regional offices of the company. All the stores of the company generally operate under the standard process with a degree of flexibility for the management of the store in relation to the characteristics of a specific local market.
Distributions: The customers of the company have the choice to pick up the product at a Best Buy Store, at an alternative pickup location, or to take delivery directly at their homes. Most of the merchandise of the company is shipped directly from the manufacturers to the distribution centers that are located throughout the United States.
Suppliers and inventory: The company purchases merchandise from many suppliers, for example in the fiscal year 2021 5 suppliers- Apple, Samsung, Sony, LG, and Hewlett-Packard, represented almost 57% of the total merchandise purchased and 20 largest suppliers of the company accounted almost 80% of the merchandise that company purchased.
There is a growth of 7.6% in this segment from $0.78 billion in Q2 2021 to $0.84 billion in Q2 2022. Also, there is an increase in the revenue by 5% compared to $0.80 billion earned in Q1 2022.
The operations, distributions, and status of suppliers and Inventory management in Canada and Mexico are similar to the domestic segment. However, during Q3 2021, the company made the decision to exit its operations in Mexico.
About the Company
Best Buy Co. Inc. is a retail company specializing in sales of electronic products and services which was established in the United States but also operates in Canada and Mexico. The company was founded by Richard M. Schulze in 1966. The company’s common stock is traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “BBY”. There are over 150,000 employees that are part of this company. The Best Buy Brands includes its subsidiary brands like Best Buy, Geek Squad, Magnolia Audio Video, Pacific Sales, and Cowboom. The company operates through retail locations, call centers and websites, in-home solutions, and product delivery. The company works with a commitment to growth and innovation.
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