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BEST BUY ASKS SHAREHOLDERS TO AUTHORIZE ADDITIONAL SHARES; RESPONDS TO PRICE WAR CONCERNS

 MINNEAPOLIS, Nov. 17 /PRNewswire/ -- The board of directors of Best Buy (NYSE: BBY) authorized the call for a special meeting of shareholders in January, 1994. The purpose of the meeting is to approve the increase in authorized common stock from 30 million to 120 million shares and to increase the total number of shares available in the company's employee non-qualified stock option plan by one million shares.
 Richard M. Schulze, the company's chairman and CEO, stated, "Additional shares are desirable to accommodate future stock splits and dividends." In addition, the company has expanded the level of employee positions eligible for stock options to the lowest level of supervision. To accommodate this expansion and the continued participation by those currently eligible, an increase in the number of shares subject to the stock option plan is required.
 Best Buy believes that recent speculation of pending price wars in consumer electronics are without foundation and sees little evidence to believe prices will be anything but market competitive as the industry has always been. Best Buy's marketing efforts continue with full support of its major suppliers.
 The company believes its very successful entry into the Detroit, Atlanta and Phoenix markets this year along with next year's expansion will have a strong impact on future sales and earnings. The company expects continued strength in the economy this holiday season, is prepared for record sales and earnings, and believes 1994 will be even stronger.
 Best Buy is the nation's second largest publicly held consumer electronics and major appliance specialty retailer. The company, now in its 28th year, sells nationally recognized name brand consumer electronics, personal computers and home office products, major appliances, entertainment software and photographic equipment at 144 stores in 18 states primarily in the central United States. Best Buy's common stock is traded on the New York Stock Exchange, symbol BBY.
 -0- 11/17/93
 /CONTACT: Richard Schulze, 612-896-2448, or Brad Anderson, 612-896-2453, of Best Buy/
 (BBY)


CO: Best Buy Co., Inc. ST: Minnesota IN: REA SU:

CP-DB -- MN011 -- 5542 11/17/93 13:35 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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