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Best Buy Co., Inc. (NYSE:BBY) operates a global portfolio of brands with a commitment to growth and innovation. Our employees strive to provide customers around the world with superior experiences by responding to their unique needs and aspirations. We sell consumer electronics, home-office products, entertainment software, appliances and related services through more than 1,150 retail stores across the United States, throughout Canada and in China. Best Buy supports the communities in which its employees work and live through volunteerism and grants that benefit children and education.
Each year, we typically donate 1.5 percent of pretax earnings through these major giving programs – a common standard for corporate giving in the U.S. Our giving strategy combines the resources of Best Buy, the Best Buy Children’s Foundation, and store donations with the time and talent of our Tag Team employee volunteers. In fiscal 2007, we donated approximately $25.3 million to our communities, exceeding our typical 1.5 percent commitment.
We also tested new initiatives to better meet the unique needs of our communities. We launched the local giving program, designed to empower local employees to award grants, in two of our U.S. business territories. This pilot provided $100,000 in funding, per territory, and we are looking to expand to all U.S. business territories in fiscal 2008.
Since its inception in 1966, Best Buy Co., Inc. (NYSE:BBY) has grown steadily and enhanced its business through inspired innovations. We’re continually transforming into a dynamic, customer-driven, talent-powered company that focuses on enhancing our customers’ enjoyment of technology. Like many companies, we come from humble beginnings. We’ve been challenged significantly from time to time and we’ve learned, changed and grown from each of these challenges.
Today, Best Buy operates a global portfolio of brands with a commitment to growth and innovation. Our employees strive to provide customers around the world with superior experiences by responding to their unique needs and aspirations. This commitment to growth and customers has driven strong, consistent earnings growth. Retail is a business that requires constant innovation, new ideas, new ways to delight our customers and new ways to work together. To meet the unique product and service needs of our customers, our stores and operating models are being transformed to shift our focus from product-centric to customer-centric — a move that poises Best Buy to truly offer the entertainment and technology solutions that meet our customers’ needs, end-to-end.