Best Buy CEO Says Company 'Not Just a Retailer Anymore' as Q1 Revenue Hits $8.9 Billion

Best Buy CEO Says Company ‘Not Just a Retailer Anymore’ as Q1 Revenue Hits $8.9 Billion

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5.29.2026

Quick Facts

Best Buy reported Q1 2027 revenue of $8.9 billion with 2% comparable sales growth and net earnings up 37% to $276 million
Incoming CEO Jason Bonfig says company is becoming a ‘retailer, media, advertising and technology company’
Best Buy Ads platform reached $900 million in collections with 750 advertisers while Marketplace achieved $250 million GMV

Best Buy’s incoming CEO Jason Bonfig declared the electronics retailer is expanding beyond traditional retail as the company reported strong first-quarter results that sent shares up 18%.

‘We’re not just a retailer anymore,’ Bonfig told analysts Thursday. ‘We’re becoming a retailer, media, advertising and technology company, and each of those words matter.’

Best Buy posted enterprise revenue of $8.9 billion for the quarter ended May 2, up 2% year-over-year. Comparable sales rose 2% while net earnings jumped 37% to $276 million from $202 million the previous year. Adjusted earnings per share reached $1.28.

The results exceeded Wall Street expectations and drove Best Buy shares up nearly 8% in pre-market trading. Analysts at Jefferies raised their price target to $95 from $88, citing the company’s retail media strategy and leadership.

New Revenue Streams Drive Growth

Best Buy’s transformation centers on two key initiatives launched in recent quarters. The company’s advertising platform, Best Buy Ads, generated more than $900 million in collections in fiscal 2026 with 750 advertisers.

The digital marketplace launched in Q3 2026 now offers 10 times more products than Best Buy previously carried through more than 1,100 sellers. Marketplace achieved gross merchandise value of around $250 million and brought 10.8% net new customers to the website.

‘Our comparable sales grew 2% versus last year, higher than our outlook, with positive comps across the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives,’ the company said.

AI Integration and Store Expansion

Bonfig outlined plans to integrate artificial intelligence through partnerships with OpenAI and Gemini to improve customer experience. The company will explore AI-powered product discovery and agentic shopping capabilities.

Best Buy also plans to open small and medium-sized stores targeting smaller markets. The expansion comes as the retailer faces competition from Amazon, Walmart and direct-to-consumer technology brands.

Bonfig will succeed current CEO Corie Barry on November 1. Barry announced her departure last month as part of Best Buy’s efforts to accelerate sales growth.

The company maintained full-year guidance of revenue between $41.2 billion and $42.1 billion with adjusted earnings per share of $6.30 to $6.60. Best Buy expects comparable sales in the range of negative 1% to positive 1%.