-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 M/dk0+IRrt/C7Y4GWhyuVd8DmGKQW5EegyIWcbf1tYSvcVmTnB3ZkBmyFpQPXcyK
 CPNg28bhFlRWLM9Y5YfzOw==

<SEC-DOCUMENT>0001179110-03-009765.txt : 20031103
<SEC-HEADER>0001179110-03-009765.hdr.sgml : 20031103
<ACCEPTANCE-DATETIME>20031103124007
ACCESSION NUMBER:		0001179110-03-009765
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031030
FILED AS OF DATE:		20031103

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LENZMEIER ALLEN U
		CENTRAL INDEX KEY:			0001191192

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09595
		FILM NUMBER:		03972217

	MAIL ADDRESS:	
		STREET 1:		C/O BEST BUY INC
		STREET 2:		7075 FLYING CLOUD DR
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEST BUY CO INC
		CENTRAL INDEX KEY:			0000764478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731]
		IRS NUMBER:				410907483
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0301

	BUSINESS ADDRESS:	
		STREET 1:		7601 PENN AVE SOUTH
		CITY:			RICHFIELD
		STATE:			MN
		ZIP:			55423
		BUSINESS PHONE:		6122911000

	MAIL ADDRESS:	
		STREET 1:		7601 PENN AVE SOUTH
		CITY:			RICHFIELD
		STATE:			MN
		ZIP:			55423

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEST BUYS CO INC
		DATE OF NAME CHANGE:	19900809
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-10-30</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000764478</issuerCik>
        <issuerName>BEST BUY CO INC</issuerName>
        <issuerTradingSymbol>BBY</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001191192</rptOwnerCik>
            <rptOwnerName>LENZMEIER ALLEN U</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>7601 PENN AVENUE SOUTH</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>RICHFIELD</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55423</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>President and COO</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-10-30</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>150000</value>
</transactionShares>
<transactionPricePerShare><value>2.13</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1366989</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-10-30</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>150000</value>
</transactionShares>
<transactionPricePerShare><value>58.03</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1216989</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable><derivativeTransaction><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>2.13</value>
</conversionOrExercisePrice>
<transactionDate><value>2003-10-30</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>M</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>150000</value>
</transactionShares>
<transactionPricePerShare><value>0</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate><value>1997-04-18</value>
</exerciseDate>
<expirationDate><value>2007-04-17</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>150000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeTransaction>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>11.46</value>
</conversionOrExercisePrice>
<exerciseDate><value>1998-04-24</value>
</exerciseDate>
<expirationDate><value>2008-04-23</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>225000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>225000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>34.79</value>
</conversionOrExercisePrice>
<exerciseDate><value>1999-04-16</value>
</exerciseDate>
<expirationDate><value>2009-04-15</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>56250</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>56250</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>46.75</value>
</conversionOrExercisePrice>
<exerciseDate><value>2000-04-14</value>
<footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2010-04-13</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>206250</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>206250</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>37.06</value>
</conversionOrExercisePrice>
<exerciseDate><value>2001-04-27</value>
<footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2011-04-26</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>112500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>112500</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>37.06</value>
</conversionOrExercisePrice>
<exerciseDate><value>2001-04-27</value>
</exerciseDate>
<expirationDate><value>2011-04-26</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>7500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>7500</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>51.27</value>
</conversionOrExercisePrice>
<exerciseDate><value>2002-04-11</value>
<footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2012-04-10</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>150000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>150000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>51.27</value>
</conversionOrExercisePrice>
<exerciseDate><value>2002-04-11</value>
</exerciseDate>
<expirationDate><value>2012-04-10</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>7500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>7500</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>28.67</value>
</conversionOrExercisePrice>
<exerciseDate><value>2003-01-16</value>
<footnoteId id="F1"></footnoteId>
</exerciseDate>
<expirationDate><value>2013-01-15</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>50000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>50000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Option (Right to Buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>30.98</value>
</conversionOrExercisePrice>
<exerciseDate><value>2003-04-14</value>
</exerciseDate>
<expirationDate><value>2013-04-13</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>7500</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>7500</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
</derivativeTable>
<footnotes><footnote id="F1">The option vests in four equal annual installments beginning one year from the date of grant.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ Nancy J. Wigchers                         Attorney-in-fact for Allen U. Lenzmeier</signatureName>
<signatureDate>2003-11-03</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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