The chart above shows the operating income of Best Buy from 2011 to 2023 in billions. Best Buy generated $1.8 billion in operating income in fiscal 2023 compared t0 $3.04 billion in the previous year. In fiscal 2023, BestBuy’s revenue declined by more than 10% compared to the prior year. The operating income of the company in fiscal 2023 was only 3.9% of its net revenue compared to 5.9% in fiscal 2022.
Operating Income of Best Buy 2003-2023
Amounts are in $ million.
| Year | Operating Income ($Mn) |
| 2023 | $1,795 |
| 2022 | $3,039 |
| 2021 | $2,391 |
| 2020 | $2,009 |
| 2019 | $1,900 |
| 2018 | $ 1,843 |
| 2017 | $ 1,854 |
| 2016 | $ 1,375 |
| 2015 | $ 1,450 |
| 2014 | $ 1,144 |
| 2013 | $ 90 |
| 2012 | $ 2,126 |
| 2011 | $ 2216 |
| 2010 | $ 2,274 |
| 2009 | $ 2,014 |
| 2008 | $ 2,185 |
| 2007 | $ 1,999 |
| 2006 | $ 1,644 |
| 2005 | $ 1,442 |
| 2004 | $ 1,304 |
| 2003 | $ 1,010 |
Best Buy experienced around 20% growth in its net operating income in fiscal 2021 compared to the previous fiscal. Its net operating income grew to $2.4 billion in fiscal 2021 from $2 billion in fiscal 2020. the company experienced impressive growth during the pandemic.
The operating Income of Best Buy increased to $1.9 billion in 2019 from $1.84 billion in 2018.
About Best Buy :
Best Buy is among the leading retail brands in the United States. The company was incorporated in the state of Minnesota in 1966. Its business is divided into two segments that include domestic and international. The domestic segment is the US segment of Best Buy’s business. The international segment included Canada and Mexico. However, the company exited its Mexico business in the third quarter of 2021. At the end of 2021, the company had 1,126 large store format and 33 small format stores including its domestic and international segments. The company offers merchandise and services in six main revenue categories (included above in the table).
The company’s net revenues in fiscal 2021 reached $47,262 million from $43,638 million in fiscal 2020. Its net earnings were $1,798 million in 2021 compared to $1,541 million in 2020. At the end of fiscal 2021, the company employed 102,000 people. (Fiscal year at Best Buy ends in the first month of the year like Walmart.) The company has enjoyed 144% growth in its online revenues from the United States in fiscal 2021. Its net revenues from the US market in 2021 grew by 7.9% compared to the previous year.