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 *
LENZMEIER ALLEN U
   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 _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and COO
(Last)
(First)
(Middle)
7601 PENN AVENUE SOUTH		 3. Date of Earliest Transaction (Month/Day/Year)
11/01/2004
(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 10/29/2004   G V 3,425 D $ 0 1,183,784 D  
Common Stock 11/01/2004   M   225,000 A $ 11.46 1,408,784 D  
Common Stock               30,000 I Private Foundation (1)

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 11/01/2004   M     225,000 04/24/1998(2) 04/23/2008 Common Stock 225,000 $ 0 0 D  
Stock Option (Right to Buy) $ 34.79             04/16/1999(2) 04/15/2009 Common Stock 56,250   56,250 D  
Stock Option (Right to Buy) $ 46.75             04/14/2000(2) 04/13/2010 Common Stock 206,250   206,250 D  
Stock Option (Right to Buy) $ 37.06             04/27/2001(2) 04/26/2011 Common Stock 112,500   112,500 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 150,000   150,000 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) $ 28.67             01/16/2003(2) 01/15/2013 Common Stock 50,000   50,000 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) $ 59.38             11/03/2003(2) 11/02/2013 Common Stock 100,000   100,000 D  
Stock Option (Right to Buy) $ 55.09             10/11/2004(2) 10/10/2014 Common Stock 100,000   100,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LENZMEIER ALLEN U
7601 PENN AVENUE SOUTH
RICHFIELD, MN 55423		   X     President and COO  

Signatures

 /s/ Mark Geldernick Attorney-in-fact for Allen U. Lenzmeier   11/03/2004
**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 Lenzmeier Family Foundation (Foundation) was established in December 2003 as a private foundation exempt from tax under IRC 501(c)3. The reporting person and his spouse serve as the sole directors and officers of the Foundation.
(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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