As 2022 has just ended there are many major financial reports for a wide variety of companies that have already released and are in the process of being released in the coming weeks. When spending most of your time in finance classes, as well as making some of your own investments, these statements tend to come up a lot this time of year. With that I had to do some work with Best Buys annual report and Financial Statements, so today I would like to take the time to break it down and talk about it briefly with you all.
Best Buy starts off their annual report the same as most, with a message from their CEO, Corie Barry. She starts by addressing the record breaking year that the company had in 2022 and continues right into the main points of what the course of action for 2023 is. Best buy has been the main retailor of the latest technology for the past 20 years, ever since Radio Shack fizzled off in the late 2000's. Their continual surge as the leader in the technological retail markets is just affirmed even more so by the 9.52% increase in sales they saw over the last year, continuing on their upward trending path that is remained constant over the last three years. Moving past Corie Barry's address to the shareholders of Best Buy, you continue into the financial statements of 2022 and take a look at the break down of all of best buys numbers.
On the left is a graph shown slightly before the financial statements. I found this graph a very interesting representation of Best Buys success, the graph shows the cumulative return on Best Buy's stock over the last 5 years in comparison to the S&P 500 as well as S&P Retailing group. This Graph is an impressive showing of Best Buy's ability to make stockholders money and provides another prospective to look at when making a decision if the investment is worth your time. Moving further down the report we finally get to the balance sheet, the first thing that pops out to me when looking at this balance sheet is their decrease from 19.067 billion to 17.504 billion. This is being caused by the decreased amount of cash being kept on hand as well as a decreased amount of equipment and property owned. The last statement I would like to look at is the Income statement. The main thing I want to highlight is the 10.09% increase in gross profit from last year to this year, when a company sees gains like that they are doing a lot of things right. Best Buy has been a major player in the retail business and will continue to be a leader with the exciting and solid year they had in 2022.
Best Buy Annual report - https://s2.q4cdn.com/785564492/files/doc_financials/2022/ar/Best-Buy-Annual-Report.pdf
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