Bonfig Takes Helm at Best Buy as Comparable Sales Rise 4.1%
Key Facts
Jason Bonfig became CEO of Best Buy on November 1, 2026, the sixth person to hold the position in the company’s 60-year history, under a succession plan announced by the company. The leadership transition follows quarterly results that Best Buy said exceeded expectations, with comparable sales rising 4.1% in the second quarter of fiscal 2027. The company also raised its annual outlook after its first-half performance, putting the coming results at the top of the new management team’s priorities. The company’s stock closed at $95.65 on October 30, the last closing price reported before the change took effect. Bonfig succeeds Corie Barry, who will remain a strategic adviser to the company for six months after stepping down as CEO.
Bonfig’s tenure at Best Buy dates to 1999, when he joined the company as an inventory analyst, according to the company. Before becoming CEO, he held responsibilities in marketing, e-commerce and supply chain, as well as Best Buy Ads and the company’s Canadian operations. The company says he led the creation of its U.S. online marketplace and oversaw the expansion of its advertising business. That experience comes as Best Buy seeks to grow beyond traditional electronics retail by combining retail, its online marketplace and advertising. His move from a range of operating and commercial roles to the top job represents continuity within the company, which said its board conducted a search that included internal and external candidates.
Bonfig’s growth plan sets out four priorities: developing Best Buy as a company operating in retail, media, advertising and technology; expanding customer reach; improving the customer experience; and strengthening a people- and customer-focused approach. He outlined these priorities in May 2026, according to the company. In July, Best Buy added new executives to its leadership team as part of the transition and said the changes were intended to accelerate its four strategic priorities. The plan gives the online marketplace and Best Buy Ads a place in the growth strategy, after Bonfig led the creation of the former and expansion of the latter. The company said the evolution of its executive team positioned it to accelerate those priorities as he takes responsibility for steering the business through the holiday season and competing in electronics retail.
Second-quarter results showed improvement in sales across the company and in its domestic business. Domestic segment revenue was $9.07 billion, up 4.3% from the year-earlier period, driven mainly by 4.5% growth in the segment’s comparable sales, Best Buy said. Across the company, comparable sales rose 4.1% and exceeded expectations, with growth in most major product categories. Computing, home theater and some emerging categories, including AI glasses, were among the main drivers of domestic segment growth. Traditional gaming, by contrast, declined, reflecting uneven performance across product categories in a single quarter. Bonfig said the strong results reflected actions the company had taken to position the business for growth, along with a healthy demand environment for its categories.
Best Buy raised its fiscal 2027 outlook after its first-half results, projecting revenue of $42.3 billion to $42.8 billion, comparable sales growth of 1.9% to 3.0%, and adjusted diluted earnings per share of $6.70 to $6.90. Bonfig said the company raised its annual outlook based on strong first-half performance and momentum entering the second half. The estimates set a financial framework for the new management team as the shopping season continues, testing customer demand and performance across the company’s categories. Bonfig sees changing customer expectations as an opportunity for the company, saying, "Customer expectations are evolving. We don't see that as a threat to us, but as an invitation." His leadership faces competition from electronics retailers and a changing business model, as well as the challenge of defining AI’s place in the company’s operations and customers’ lives, the Minnesota Star Tribune reported.
Best Buy will report third-quarter results on November 24, 2026, in Bonfig’s first earnings announcement as CEO, according to the Minnesota Star Tribune. The results will follow the leadership transition at the start of November, offering the first reading of the company’s quarterly performance under the new management. The market will also be watching how sales track against the annual outlook the company raised after the first half. Metrics to watch include comparable sales growth and performance in categories such as computing and emerging products, in light of the company’s account of the second quarter’s drivers. The announcement also comes as Bonfig faces the holiday season and industry competition, while the transfer of responsibilities continues and Barry remains a strategic adviser for six months.