Best Buy

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The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

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The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

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The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-094-Best Buy

The electronics retailer with more than 900 stores nationwide struggled through a difficult year, falling 26 spots on this year’s Fortune 500 list. 
<ul> 
 	<li>Revenue fell 11% to $46 billion and profit fell 42% to $1.4 billion.</li> 
 	<li>The company is predicting that customers will soon repair or upgrade all the home devices they bought during the pandemic, leading to an uptick in revenue.</li> 
 	<li>Best Buy laid off hundreds of in-store employees in April 2023 in what the company called a rethinking of its retail experience as more shopping moves online.</li> 
 	<li>The company had 90,000 workers in the U.S. and Canada as of January 2023, down from nearly 125,000 workers in early 2020.</li> 
 	<li>CEO Corie Barry is one of 52 female CEOs leading Fortune 500 companies.</li> 
</ul>

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Fortune collaborated with the Diligent Institute to rank the most innovative boards of directors among S&P 500.

Modern Boards 2022 Best Buy

Best Buy’s board includes three former CEOs and four active CEOs, including its own chief, Corie Barry, as well as David Kenny (Nielsen), Steve Rendle (VF Corp.), and Eugene Woods (Atrium Health). Best Buy scored high on board size, its CEO succession plan, and senior independent nonexecutive director representation. 
 
Other notable names among its directors include Karen McLoughlin, former CFO of Cognizant Technology Solutions, and Mario Marte, current CFO of Chewy.  
 
Best Buy reported sales of $51.7 billion in the fiscal year ended January 2022, registering double-digit sales growth even as it grappled with the COVID pandemic, inflation, and supply-chain shortages.

Fortune Modern Board 25

This year’s Fortune 500 marks the 68th running of the list.

F500-2022-068-Best Buy

Best Buy was able to post record-high revenues and earnings in 2021, though the road ahead for the consumer electronics retailer isn’t necessarily smooth. Fourth-quarter 2021 sales declined year over year in the U.S. as supply-chain issues and the continuing decline in popularity of in-person shopping dogged the company. More than 20 brick-and-mortar Best Buy stores closed last year, and more are expected to shut down in 2022. Still, Best Buy has had success in expanding its e-commerce and online shopping offerings; nearly 40% of the company’s domestic revenue now comes from e-commerce.

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

G500-2021-238-Best Buy

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;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. &quot;}" data-sheets-userformat="{&quot;2&quot;:12673,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:2,&quot;11&quot;:4,&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:11}">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 37 spots on the Global 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.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-66-Best Buy

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;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. &quot;}" data-sheets-userformat="{&quot;2&quot;:12673,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:2,&quot;11&quot;:4,&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:11}">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.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-275-Best Buy

Corie Barry, who became CEO of the retailer in June 2019, oversaw a rise in online sales during her first year in the job: Digital orders accounted for nearly 20% of the company’s $43.6 billion in revenue last year. But after frenetic consumer demand in March—as the newly self-isolated stocked up on laptops, refrigerators, and devices that could be used for remote learning—Best Buy, like most retailers, began feeling the sting of the pandemic. The 54-year-old chain in April furloughed 51,000 of its 125,000 employees, including nearly all part-time workers.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-075-Best-Buy

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These 52 companies from across the globe are doing well by doing good.

Change the World

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This year's Fortune 500 marks the 64th running of the list.

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This year's Fortune 500 marks the 63rd running of the list.

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This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Best Buy is an electronics products retailer that also offers delivery, installation, technical support, repair, and warranty services. Its portfolio includes computers, mobile phones, smart watches, televisions, entertainment products, sporting goods, and appliances such as refrigerators and dishwashers.

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Best Buy (BBY): Company Profile, Stock Price, News, Rankings

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Best Buy | Fortune

Best Buy (BBY): Company Profile, Stock Price, News, Rankings | Fortune

Phil Wahba

Best Buy’s CEO says growing spending power gap between affluent and poor ‘keeps me up at night’

/2025/10/14/bestbuy-ceo-most-powerful-women-tariffs/

Fortune Editors

Fortune 500 Power Moves: Which executives gained and lost power this week, June 28-July 3, 2025

/article/fortune-500-power-moves-june-28-july-3/

Fortune 500 Power Moves: Which executives gained and lost power, June 14–20, 2025

/article/fortune-500-power-moves-june-14-20/

Emma Hinchliffe

Joey Abrams

Best Buy CEO Corie Barry offers her outlook on Trump’s ‘volatile’ trade war: ‘Tariffs at this level will result in price increases’

/2025/03/05/best-buy-ceo-corie-barry-offers-her-outlook-on-trumps-volatile-trade-war-tariffs-at-this-level-will-result-in-price-increases/

Ruth Umoh

Natalie McCormick

Fortune Next to Lead: The 25 Most Powerful Rising Executives in the Fortune 500

/2024/12/17/next-to-lead-25-most-powerful-rising-executives-fortune-500/

https://coins2day.com/2025/10/14/bestbuy-ceo-most-powerful-women-tariffs/?itm_source=parsely-api

Best Buy CEO Corie Barry offers her outlook on Trump's 'volatile' trade war: 'Tariffs at this level will result in price increases'

https://coins2day.com/2025/03/05/best-buy-ceo-corie-barry-offers-her-outlook-on-trumps-volatile-trade-war-tariffs-at-this-level-will-result-in-price-increases/?itm_source=parsely-api

https://coins2day.com/article/fortune-500-power-moves-june-28-july-3/?itm_source=parsely-api

Best Buy CEO Corie Barry, ranked No. 30 on the 2025 MPW list, discusses the challenges of implementing AI into the customer experience, meeting expectations of today’s tech consumer, and navigating the dynamic tariff situation her complex global electronics supply chain relies on.

Clarity in Complexity: A Conversation with Corie Barry

Conferences

Oh my gosh, well, everyone's excited to hear from you, and we were just hearing from the Duchess about everything she's doing for the holiday season and how important that is for her brand. That's something you two have in common. Yeah, it turns out holiday is kind of a bit, I'm so excited we have something in common. Um, holiday is kind of a big deal, and you know, joking aside, our focus is just maniacally on the customer and you want this to be like a joyful fun, you want to help people deliver their holiday dreams and so we think about it a little less as like what product people always ask me what product's going to be hot. I'm not sure it matters. All that matters is what the recipient thinks, and we have so many ways in which I think we can make you the cool gift giver, which is something I always want to be. That's so fun whether you want jam or whether you want some new technology. I mean, maybe it is your jam. That is so true. Well, that was a good one. Thanks, um. OK, I want to, you have such great insight on the state of the world right now, and I think if any company was impacted by tariffs over this year, it has been Best Buy. So walk us through what these past months have been like for you. Where did your experience Best Buy's exposure to tariffs start and where is it today? Yeah, so maybe some context setting, um, we're in an interesting position. We are actually a brand of other brands and the consumer electronics supply chain is a very different one. Less than 10% of all the consumer electronics in the world are manufactured in the US, so it's an incredibly global supply chain with some of the world's biggest companies, um, and. Our position is here in the US, which is the largest market, we are obviously the last man standing or woman standing, I guess as it is in the consumer electronics industry. And so when we entered the year, about 55% of products as we could tell, were manufactured in China. That has already shifted to 30% to 35% with another 20%. 5% coming through Mexico and the US and then the remainder from a variety of other countries and so everything in some way, shape or form since March in essence has been impacted by some kind of tariffs and I think what like if you take a bigger step back in COVID we learned some really interesting lessons. There's 85,000 people who work at Best Buy. They can't be worried every day about the ups and downs of geopolitical policy. And so how do you create some just like light post moments, and there are just 3 guideposts for using one, stay anchored in the facts and take action. Don't worry about the hyperbole. Go fast, be urgent, be clear, be convicted, make decisions. The second is to provide context. It can be very easy to want to just kind of do things under the cover of night. Our people deserve to understand why we're making the decisions we are, and we are incredibly transparent. And then finally this isn't just something that you try to live through you come out of this a vibrant company you come out of it actually with more capabilities and better partnerships and that's what we're really focused on. Do you feel you're there today? I mean 5 minutes ago maybe I you know I I don't think it's their question um one of the things that's really important to me uh is building a company that's resilient so this shouldn't be about. And you navigate this particular situation. The question is, is the company operating in a resilient way and therefore whatever happens, it will live far beyond tariffs or far beyond AI or far beyond the coronavirus or, or, or, and so I I think about it less as a destination and more about the muscles that we need to build to continue to navigate and what I think will just continue to be a volatile environment. What do you do as a leader to make that possible to make sure that that workforce of 85,000 people is not taking that on and that you are the one. Taking on that burden and deciding what those moments are where they do need to be engaged. I think it's always a question of what, what do you share in terms of urgency and what do you hold in terms of urgency. Part of the way we're navigating this is again similar to how we navigated the pandemic, a small SWAT team of people who are thinking 24/7 about how you navigate the tariff situation in global. Politics in general, not everybody needs to be doing that, but everyone else needs to be really clear about confidently how we're navigating, confidently how we come out the other side and what our position is in the marketplace. And so we just had our holiday leadership meeting we had 1500 people, all of our general managers, and that was all about the unique culture of Best Buy. What makes us special. What makes us special to our customers, what makes it an amazing place to work, you keep people focused on what they can control and use the expertise of few to ensure you keep the money focused. So in addition to tariffs from where you sit, you also have such an incredible view into the state of the entire economy, not just the consumer economy. So let's talk about that macro environment. Give us the rundown. You said it's uneven. What are you seeing today? I mean, uneven should be the word of the century, um, and, and it's hard because this consumer conversation becomes the consumer is a monolith. And if there was ever a time in my career where it's been about very different behaviors depending on the consumer you're talking about. It is now. In general, we've used very similar language for the better part of 18 months, a more resilient consumer than we thought, who continues to respond when they have a need or when there's really interesting innovation. But they are very value focused and by value I mean it doesn't always mean they're looking for the cheapest. They're looking for how do I fulfill my need in a way that matches my budget. And so as it relates to the tariff of conversation, I think what what people don't realize in consumer electronics, this is all about breath. So it's not like an egg. If you go buy an egg, you know exactly how much an egg costs week after week after week. You haven't bought a computer for probably 4 or 5 years, and since then the whole assortment has changed. Last year we had 45 co-pilot plus computers. This year we have 145. What you need is just help navigating. What's the right device for my price point. And that for our consumers is what we're seeing gravitate. Definitely we're seeing some dispersion between the high income earners and the low income earners, and I think again if I just level up, that is probably what keeps me up at night most. You went from call it 30% of GDP spend coming from the lower income consumer pre-pandemic. Now you're, you're talking about something materially less than that. I mean it was 30%, I'm sorry, the high income consumer, now it's 60%. And that reliance on the high income consumer, while it makes it feel like there's really resiliency in the overall market, um, that's that's an issue because your lower income consumers are really struggling. So our high earners holding up the economy right now? Yeah, I mean, I think that there's a lot of data points that would say that is where the spend is happening and a lot of the other indicators, whether it is credit lines and the level of credit delinquencies, whether it is the inability to find housing or food discrepancies, a lot of that is impacting the lower income consumer to a much greater extent. And you said that keeps you up at night, like, talk about that more. What exactly about that keeps you up at night? I think it's, it's any time the entire economy is heavily reliant on a small narrow population of people that is not good for the long-term health of the economy. And so I think what again in our business what we're trying to keep an eye on and then make sure we assort for is whatever your budget is, how can we make sure we have something that will cater to you so that the answer isn't no I can't afford anything, the answer is no, we can get you that like very entry point price point skew that'll work for your child going to high school who needs a computer in order to be able to be in high school. Um, I wanna remind everyone you have the opportunity to ask questions of course if you have any, start thinking now please raise your hand. Um, not only is the economy uneven, there's also all these conflicting signals. So when you're looking across housing, employment, consumer confidence, which ones do you rely on? What do you turn to for the answers right now, if anything? Yes. Um, we use all of them, and, and one of the greatest joys, uh, I'm a learner by heart, um, and, and we were talking about, especially with AI as a backdrop, this ability to unlearn and then relearn. We actually were talking with our board about at least the Caputos here as a Simatai. And um we this concept of how you constantly unlearn and then relearn is going to be incredibly important I think to all of us. So one of the greatest joys of this job is how many chances I get to learn. It is something that fuels me, so I get to spend time with economists and when we sit down with an economist from JPMorgan or City. It's 90 minutes of all those metrics and what you're trying to do or what I'm trying to do is take this immense amount of data, this disparate set of metrics, turn it into what I think that means for how we need to show up for the consumer because I'm not trying to predict the future. That is a useless task at this point. Um, what I am trying to figure out is how do we best position and then again create resiliency where I'm maybe starting to see some cracks or I think we need to be positioned slightly differently. And when those metrics seem to contradict each other, is there one that you turn to over the others? And I think that's why it can't be, it can't be in the job of predicting the future or using a perfect set. AI is great. Even AI can't kick out. Like I can ask Chat what's going to happen in the next 6 months, and Chad's very confused right now on that one. Oh my god, maybe it's not up to date um I think we have a question up here if we have a microphone available. Thank you for asking a question, yes. I love the fact that you said you love to learn. That's what the question is about. As you look at all your peer groups around the globe because the whole world is a bit of a mess. This is not just US or North America. What have you seen that's interesting that you said, ah, I'm going to copy that, something that somebody has done that's profound that you thought copying is the best form of compliment. Um, it's, it's maybe not as much copy. What I'm interested in your question about learning is, um, not just AI for the sake of AI, but especially in consumer retail. Boxes like ours. Where does the human element matter so incredibly much and you're actually going to double down on it versus where can you make those human-like interactions? I mean, I think one of the most ironic things about generative AI is that it is the most technical set of specifications we've ever seen, requires more compute than anything ever, and the irony is it's to make your products feel more human. And I think what I'm watching is a proliferation of if I were to predict the future, a proliferation of interacting with devices in a way that feels very human. Like if you want my 15 year old, she talks to her phone all the time, she does not type anything in the chat, right? She's just talking to chat like it's a person. And so I'm, I'm what I'm really interested in though is where is that a great solution versus where does the human really matter because I had an experience where I went into a big box. I asked the person in front of me, can you help me find X, Y, or Z? They looked it up in their own generative AI tool and then just like pointed where to go. I was like, oh, that's not the interaction I wanted like I wanted, I wanted you to talk to me and tell me about it. And so I think for consumer brands, it's a really interesting world to try to discern who's doing interesting things in the space, but also who is doubling down on those real personal interactions and where and why. We've been talking about such a period of uncertainty, unevenness, etc. What are the skills that are needed to be a CEO through all of this? Oh my goodness. Um, I, I, this idea of unlearning and relearning is one of the most important. I mean, look, as CEOs, none of us, I think very few of us at least graduated in a degree with advanced AI anywhere around our title, right? That it's true and so having a willingness to do that. Um, the second is I, it sounds trite, but boy does it matter now, surround yourself with people way smarter than you, like way smarter than you. And then the third that has to be a corollary of that then is don't be afraid to ask for help. I ask my board all the time for help. I ask my team for help. And so what I think what you're trying to create, again back to this resiliency point, it can't be about you as the CEO. I stood in front of my team and I was talking about culture and I said, our culture is our culture because I told you it's going to be so. Our culture is our culture because you've decided this is the culture that matters here. And so when I first came in the job like 6.5 years ago, I, I tried to define what I thought the role of the CEO was and my definition was to create the conditions for other amazing leaders to execute the strategy with urgency. And for me that's more relevant today than it was even when I walked in those 6 years ago. So it just, I think it's more having the humility every day you wake up to say there's a bunch of stuff that happened in the last 24 hours that I need to like get smarter about, and I need a whole team of people and all of their best superpowers in order to keep this thing going. Has how you do that changed in the past 6.5 years? How do you create those conditions? Is that different today? I think any CEO would tell you the CEO, they are 6 years into the job is wildly different than the CEO. They were 1 year into the job. All of us feel that, right? Like there is a confidence that comes from just sitting in the chair. That being said, I still wake up nervous every day. I wake up in a good way, like what else has happened? What else do I need to learn? Where are we behind? And so yes, I think there's a level of confidence you get um in terms of surrounding yourself with the right people and of course over that time I've also had a chance to continue to refine the board and the people I surround myself with, which means you just wake up with a different level of like excitement to go do this work with the people around you. Do we have any other questions for Corey? Oh, we have one right up here. Because if you're gonna do tariffs, you need a fun team of people. Hi Corey, I'm Marisa Andrada. I'm curious about what it is that you've had to unlearn. Yeah, I, I mean, so many things like in our case, let's let's, the traditional bricks and mortar retailer is very good at creating an SOP, standard operating procedure, and then we push the SOP out over 1000 stores and everybody is judged based on the SOP, right? Um. We have again 85,000 people who are used to doing work that way, and all of a sudden we wake up one day and we need massively more flexibility. We need empowered general managers who know how to meet the needs of their particular consumer. We need different operating models, I mean. As we came out of COVID that year, we had, I think when we look back at 187 different operating models that we put in place. You can't mandate those with SOPs. You have to completely rethink the way that you're going to market or in a digitally native economy. How are people really, where, how are they going to search? Where are they going to look for the product? How do we just embrace the fact that the store plays a completely different role and lead all our decision making for people like me who never go into a store and only shop digitally. The, the, the examples are almost limitless and what's fascinating to me is they happen almost every day. Something has changed and we have to kind of unlearn our traditional way of doing it and think differently about how we'll meet the consumer. Great question. So 2 years ago you coined the term fundflation for how consumers were spending. They were going to the Aeros Tour, spending a lot of money on Taylor Swift tickets. They were not buying big electronics and big home purchases. Do you have a word for what consumers are doing today? Oh, I got in trouble last time for the funflation Taylor Swift thing, so I don't think I'm gonna be in trouble with who? I'm just kidding. It got, it got a lot of, got a lot of press, um. I actually think what's trickier right now is that um it's it's it's a very individualized consumer experience. I mean we sold more laptops in Q2 of this year than we have in 15 years. So, You just can't. I think this is the hardest part about your question about metrics all pointing in different directions. When there is innovation, when there's something, I mean we had lines around every one of our buildings for a switch to launch, and this is in a world where people could pre-order. They knew they had it and they were still in lines at midnight because they wanted that personal experience to get a $500 gaming console. This bifurcation of how the customer is reacting and acting, I think is one of the new challenges of retail, and if I guess if there was ever a word, it's not a very interesting one, but this is just an individualized time. The hardest part about being in retail right now is you Need to meet every single individual's need across an amazing assortment and you need to do it seamlessly across every channel and that I would like the team would love for me to say like this channel at this time is the most important and that's just not that's never how it's gonna work again. That sounds kind of like an impossible task. Is that possible to do? I, I actually, I absolutely think it's possible. The question is what is the core of your decision making? Sometimes people will ask me like how are you using AI? What's your AI strategy? And I'm very clear that it's not strategy of AI. It is what is the customer behavior look like and then how do we use all the tools at our disposal to help the customer and if you keep the customer at the center of every decision that you're trying to make, I do. Think and then you trust people to go make good decisions across touch points to use AI to measure whether or not those decisions are actually working the way that you thought across touch points. Like there are more tools than there have ever been to actually understand the efficacy of your actions as it relates to individuals, and I think as you put that infrastructure in place, that's what creates a really resilient company that moves as fast as the customer and as technology. Thank you so much, Corey, for such a fascinating conversation. Thank you. Thank you

Corie Barry, Chief Executive Officer, Best Buy Interviewer: Emma Hinchliffe, FORTUNE

MPW Summit 2023: Capturing The Consumer

Good morning. Hello, good morning, everybody. Welcome. Thank you for being with us for our final day of the NPW summit. Um As we start today's program, I wanna mention that today is the annual International Day of The Girl. We celebrate girls around the world today and we look forward to them becoming the change makers and the most powerful women of tomorrow. Um I have to say just being here with all of you um the power, the intellect that we've gathered and all of the information sharing has just been fantastic. Um And, and incredibly inspiring these last few days. Um The whole NPW team has enjoyed talking with you and learning from you and I really, really appreciate all of your questions and comments throughout. Um Before we get started, I'm sure many of you saw the heartwarming photo board on the monarch patio. Um This highlights A R P's charitable arm wish of a lifetime which grants seniors the opportunity to pursue long standing passions. We all have those. Um We asked you to vote on which of the seniors featured on the board should win her wish. And we're happy to report that a ARP is declaring all three women winners. Everyone's a winner and they will have their wishes. Granted. There's 100 and one year old woman who uh, flew with Amelia Earnhardt and is going to get to fly a plane again. Yeah. Uh one woman is going to drive a race car and another is going to take dance classes a long, long held passion. So thank you so much for those of you, to those of you who voted and of course to a RP for granting their wishes. Um Yeah. Amazing. Ok, let's get to our discussions for the day. We have a great lineup. Um We're going to start with a visionary businesswoman known for successfully navigating the challenges of the retail industry, driving growth and transformation through strategic and innovative thinking all while leading with purpose in mind. Cory Barry is the CEO of Best Buy. She's been with the company for nearly 24 years rising through the ranks all the way to the top. And we're pleased to note that Corey once again is on fortune's list of most powerful women in business. This year. She joins Fortune, senior writer and MP W co-chair Emma Hinchliff for a conversation on identifying new opportunities, meeting consumer demands and delivering on the promise to enrich lives through technology. Please welcome them to the MP W stage. Hi, good morning, Corey. Good morning. Thanks for having me. Of course. Thanks for helping me take things off of course. Yeah. So, are people buying big ticket electronics right now? And what does that mean for Best Buy if they're not? Yeah. So, I think most people know there was a definite pull forward of electronics purchases in the pandemic. Like, we all woke up one day and we're like, oh, sweet. My office is now in my kitchen and my kids are going to be in the living room and we got all the things right. And we started with computers and then we're like, oh no, I'm going to have to be here for more than six months. And so then we're like, I need a camera filter and then we realized, oh, it's been a year and I'm streaming a lot more. I'd love to have my own home theater and, and you just saw this massive amount of purchase. And so what's happened as we've come out of that? We assumed the industry would pull back. You're just not going to have that kind of elevated demand, especially when you pumped $3 trillion of stimulus into the economy. But what doubled that is as you all know, incredible amounts of inflation. And so people now are prioritizing really? I call it, I'm gonna overly generalize two big things. The basics, food fuel and lodging are up 20 to 30% versus pre panem wages are up at 17%. So you're eating into that savings and they're prioritizing fun. Fun. Taylor Swift. She was just on, like, I'm paying $1000 for that front row ticket. And those experiences are really where people are willing to pay, which means the bigger ticket items in electronics. Not right now where people are as interested, but, but there's a good story there which we'll get to. I'm sure what is the story? A great thing. So, I think we live in a really misunderstood industry. There's like this idea that it's discretionary who here will go today without using some kind of electronics, like in the next 10 minutes, maybe like, right, I have a 17 year old boy and I think if I took the electronics away, I mean, he's got four screens at any given point in time. Right? This is, this is a need. I don't know if you saw the Consumer Technology Association just announced in partnership with the UN. That technology is a human security pillar, things like food community, water now technology because it's so essential to being connected to the world. So you've got this amazing need and there's a larger install base of products than there's ever been. Think about your own house. How many pre pandemic versus post pandemic pieces of connected equipment do you have in your home? Biggest install base ever? And the coolest part about the stuff we sell is it's never static I out highly. And if you do come see me, anyone in here has a computer more than 10 years old, right. It just won't work, the operating system changes, the hardware changes. And the greatest thing about our industry is innovation. And so yes, right now people are pulling back, but the future, the future will only be more enabled by technology. And we are the ones we are the last left standing. We are one of one that knows how to commercialize that new tech better than anyone. Do you feel like, you know, investors, Wall Street, are they on board with your idea that technology is, you know, more of a human, right, and less discretionary spending and how does that affect things like your share price? So the the great thing about Wall Street is they are the most pragmatic thinkers by nature. Like if I'm an analyst or an investor, just like many of us in this room are you are looking for the sure bet, right? So it is always harder to bet on the idea of the future, the idea of innovation, you're going to kind of look for the safe harbor. So I think there is a realization that we are an end of one and that we add real unique value in the ecosystem. And at the same time, you're against a consumer backdrop that is incredibly uneven, which means investors are going to make their own calls about where they want their own safe harbor. Yeah, you know, and some of these indicators are, you said are contradictory. Can you explain that a little. How do all of these signals contradict each other? It's, it's just the most fascinating thing. So I always think about it as a funnel. So let's start at the top with the consumer. The consumer is in a good place and there's a lot written, you know, when does the cliff come right now, the consumer is in a good place. They're spending still at record levels. Yes, debt is increasing but it's like normalizing to what it was pre pandemic. Savings are coming down, normalizing to pre pandemic and they're spending on as we talked about things like services in air quotes, which is restaurants, trips, all those wonderful things that we missed so badly. And um so at the highest level and what's that buoyed by lots of savings, three trillion is a lot of stimulus and a jobs market that I would say defies expectations, right? You still have the lowest unemployment, hundreds of thousands of open jobs. Um So that is helping to buoy but then you take that consumer and you go down into retail. So not even to ce just retail. And because of that trade off between services and inflation in general, people are starting to shift away from spending and it's hit the sub industries at different times. They've started to pull back in pet care, right. Going for more the basics versus the really high end treatments for pets started to pull back in lumber and home improvement where you had 60% inflation for a while. Each of these are kind of hitting at different points. And then when you get into c definitely because of that huge pull forward of demand, that's a place where we've seen people start to, to wait on making some of the purchases. So depending on the consumer, they're gonna prioritize again, especially when it's the basics, they're going to prioritize what's right for their family. And still right now, that experiences, I think after lacking experiences for a couple of years is such a priority for families. So this is a very interesting conversation and we'll open it up for, for questions in a moment. So start thinking, oh, I think we have one right now. Um We'll wait for the my handler to get to you. We'll get right back to you. But um you know, earlier this week, Best Buy announced that you were selling glucose monitoring systems, which I was interested to see. Can you talk a little bit about that strategy? Some people might be surprised to hear that that's something you can buy at best buy. The interesting part of health care is that it is moving into our own hands, right? We are more and more able to buy devices and look at data like I'm wearing my A ring and my order ring told me I didn't sleep very well and I'm very stressed out about being in front of all of you. Uh I have, you know, five devices now that are telling me that and, but it's real, the reality though is this device has become the most accurate predictor of whether or not I'm going to have COVID. If I get up and my score out of 100 is closer to 40 or 50 I might feel fine. But the underlying metrics are pointing to the fact that I'm going to get sick and there are devices like this proliferating. And so our strong point of view is the future of health care will be in labeled by technology. We're actually going into people's homes who have chronic conditions, helping them hook up a number of different devices. We have a data platform that analyzes the geek sweat agents go in and help them. We have data platforms that analyze and get that back to the doctor. So you don't have to stay in the hospital. We are an aging society. I mean, 10,000 people are turning 65 every day. And as far as I can tell, very few of those would like to be anywhere other than their home. And so our bet is strongly supported by data. You're going to be able to start to use more and more technology to also pull cost out of the health care system and take control of your own health care. Well, let's go to our question and please introduce yourself. Hi, good morning everyone. Ashley. Tappin insignia. And you just answered the question, I was going to ask, which was about your bet on health care. So, thank you for that. But so another question is that people are saying that it's harder than ever to be a CEO and wanted to hear your thoughts on that and why that might be for you. My guess is every generation of CEO S has said it's harder than ever to do a CEO. I'd also say it's harder than ever to be a mom. I mean, I think, I think these, all of these are escalating topics for me. I think there are a unique set of challenges that today's CEO is navigating because I mean, we just spent 10 minutes talking about a really diverse, difficult set of business issues. And I and I talked to my team a lot. I mean, it's not just been one major life changing event. We have stacked 10 major life changes. Like any one of those taken alone would be a generational event, an invasion in Ukraine $3 trillion of stimulus, a pandemic. And we have stacked those and so by its nature, no CEO before us, none of you, no one before all of you has had to navigate that stacked set of crises. I laugh because the CEO before me, Hubert Joly left this beautiful array of leadership books in his office that I walked into and not one of them told me what I'm supposed to do at the start of a pandemic. And I looked, and so I think I, I think there is this, this real difficult so you have these business issues and then there is a real stack of social issues and expectations for companies that has not existed before 20 years ago. Your answer as a CEO could be, I'm not gonna give you an opinion on that. We don't talk about that in business. Like that could be a viable answer. That is not a viable answer today, not for my team and not for my customers. And so that's that, then you stack on top of the stack, set of crises. And I do think whether it's CEO or whether it's the leadership roles, many of you play in this room, they have never looked like they do today. And, um, I think you have to build a different level of resiliency and humanity in this role than you've ever had before. Another question back there. Hi, good morning. Uh Jennifer Deon, uh CEO of home partners. Um I'm to uh recovering CFO and just wondering if you could give some advice for the group and transitioning to becoming a CEO, whether it's from CFO or something else and just how you made that mindset shift. Yeah. So, um I, for those who don't know, I was a CFO for three years before I became CEO and I at Best Buy for like 20 something years. Yeah. And so I've had a lot of different roles at Best Buy. Um I think there's a couple of things that were really instrumental for me. I had a CEO who was also very much a mentor to me and stretched my responsibilities as CFO. And I think that can work in any role where I became CFO and the Chief transformation Officer, which by its nature, like left brain, right brain every day, you gotta think about growth and how you're going to drive growth. And I'm on the hook to make sure our SGN A is in line with where it needs to be as an organization. And I think the more throughout our collective careers you push, not just and I just the personal belief, I just don't think you're going to see many linear careers that go like straight up one level of expertise. I think it's going to look a lot more like we call it at best. Buy, we call it a lattice versus a ladder and you're going to spend more time trying to add responsibilities or change just like we're, we're trying to teach the team. Don't just worry about the next rung. Think about how you're going to build the breadth because that is ultimately, I think what makes these days. Uh I'm not saying I'm one. Hopefully I will be but a successful CEO, right, which is you're gonna have to think around every corner of every issue. Um And for me, that was the biggest change from CFO where you're, you're a little bit more linear in how you're thinking to CEO where you will opine on everything from, you know, an invasion in Ukraine all the way to a structural issue about your business model. Um So I was just, I, I'm always recommending add change, push yourself, get uncomfortable. It's way easier to try to be great at like this linear path. You've got to try to make yourself really uncomfortable in your career journey. I think we have another question. Um Hi, I'm Lorraine Harrison. I'm CEO of catalyst. You know, the recent scotus decision around affirmative action has really put um de I and the backlash and de I and all the political things on the front burner. And I'm wondering how you're reacting to that and what do you think the risks are? And how do you look forward to that as a CEO? I think any conversation you're going to have on this topic has to be anchored in who you are as a company and your values. So if I, if I just take a step back, we've been a company for 50 plus years and I actually just had a chance to sit with our founder, Dick Schultz. He's 82 and Dick from day one, talked about stakeholder capitalism and it never being one or the other. It being a balance and that is employee that is customer that's vendor partners, it's your communities, it's your shareholders in the employee piece. Then you have to decide as an organization. Again, culturally, what are you trying to do? We've been very clear, we are trying to create a culture of belonging, not because it's a nice to have because it clearly is the number one driver of employee engagement and high employee engagement. Empirically, data driven says delivers better financial results over time period. And so our focus on belonging. Now there's lots of different tactics that we can use to create that culture of belonging. And I'm very lucky, we have an incredible, we have 90,000 employees. We have an incredibly diverse set of employees and employees who want to lean in and help us create this culture. And so our focus has been always since day one and is still the employee and their engagement with the company. And that sense of belonging is crucial to that experience. And so, however, you now whatever the changing environment is like outside, I said out outside our proverbial walls, we stay really focused on the culture and the environment that we are trying to create. So Corey, you became CEO in your early forties, you spent most of your career at best Buy, what comes next for you? I should I have the luxury to choose that. Um I would laugh and say there's lots of things you choose as CEO. How long you're one is not one of them sometimes, um, you know, my, my truly joking aside, my, my real dream is someday I'd love to give back and I, I'd love to give back as an educator. I have a deep respect for the educators in my life and I have a deep thirst for education. Um, and, you know, I have two kids. I have a 17 year old and a 13 year old. And, um, I would love to be part of, you know, the, the kind of network and fiber that builds our next generation. So maybe someday I'll, I'll get that chance. Well, thank you so much, Corey. Thank you.

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Dr. J. Jeffrey Carr, Professor of Radiology, Biomedical Informatics and Cardiovascular Medicine, Vanderbilt University Medical Center
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