Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SCHULZE RICHARD M
   2. Issuer Name and Ticker or Trading Symbol
BEST BUY CO INC [BBY] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman of the Board
(Last)
(First)
(Middle)
7601 PENN AVENUE SOUTH		 3. Date of Earliest Transaction (Month/Day/Year)
11/17/2004
(Street)

RICHFIELD, MN 55423		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/17/2004   G V 164,339 D $ 0 47,668,996 I Trustee for revocable trust
Common Stock 11/19/2004   M   240,000 A $ 11.46 721,929 D  
Common Stock 11/19/2004   S   240,000 D $ 60.69 481,929 D  
Common Stock               1,150 I (1) Spouse
Common Stock               930,115 I GRAT
Common Stock               126,582 I Spouse irrevocable trust
Common Stock               6,102 I (1) Trustee for children's trusts
Common Stock               48,092 I 401(k) plan
Common Stock               633,446 I Sole general partner of limited partnership
Common Stock               21,115 I Sole member of LLC which is sole general partner of limited partnership
Common Stock               1,374 I IRA
Common Stock               762,029 I Spouse GRAT

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 11.46 11/19/2004   M     240,000 04/24/1998(2) 04/23/2008 Common Stock 240,000 $ 0 0 D  
Stock Option (Right to Buy) $ 34.79             04/16/1999(2) 04/15/2009 Common Stock 150,000   150,000 D  
Stock Option (Right to Buy) $ 34.79             04/16/1999 04/15/2009 Common Stock 7,500   7,500 D  
Stock Option (Right to Buy) $ 46.75             04/14/2000(2) 04/13/2010 Common Stock 600,000   600,000 D  
Stock Option (Right to Buy) $ 46.75             04/14/2000 04/13/2010 Common Stock 7,500   7,500 D  
Stock Option (Right to Buy) $ 37.06             04/27/2001(2) 04/26/2011 Common Stock 375,000   375,000 D  
Stock Option (Right to Buy) $ 37.06             04/27/2001 04/26/2011 Common Stock 7,500   7,500 D  
Stock Option (Right to Buy) $ 51.27             04/11/2002(2) 04/10/2012 Common Stock 127,500   127,500 D  
Stock Option (Right to Buy) $ 51.27             04/11/2002 04/10/2012 Common Stock 7,500   7,500 D  
Stock Option (Right to Buy) $ 30.98             04/14/2003 04/13/2013 Common Stock 7,500   7,500 D  
Stock Option (Right to Buy) $ 53             04/19/2004 04/18/2014 Common Stock 7,500   7,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SCHULZE RICHARD M
7601 PENN AVENUE SOUTH
RICHFIELD, MN 55423		   X   X   Chairman of the Board  

Signatures

 /s/ Mark Geldernick Attorney-in-fact for Richard M. Schulze   11/22/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purposes.
(2) The date indicated is the grant date and the options vest in four equal annual installments beginning one year from such date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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