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
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                      	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(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

LAYDEN KEVIN	2. Issuer Name and Ticker or Trading Symbol

BEST BUY CO INC [ BBY ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Pres. & COO - Best Buy Canada	
(Last)          (First)          (Middle)

7601 PENN AVENUE SOUTH	3. Date of Earliest Transaction (MM/DD/YYYY)

10/23/2006		
(Street)

RICHFIELD, MN 55423
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

10/25/2006 	6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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  	 	 	 	  	 	 	 	843  	I  	Spouse  	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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	7. Title and Amount of Securities Underlying Derivative Security
(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)  	$39.59  	 	 	  	  	  	  	11/3/2003   (1)	11/2/2013  	Common Stock  	37500  	 	37500  	D  	 	
Stock Option (Right to Buy)  	$36.10  	 	 	  	  	  	  	12/4/2003   (1)	12/3/2013  	Common Stock  	22500  	 	22500  	D  	 	
Stock Option (Right to Buy)  	$36.73  	 	 	  	  	  	  	10/11/2004   (1)	10/10/2014  	Common Stock  	69000  	 	69000  	D  	 	
Stock Option (Right to Buy)  	$46.80  	 	 	  	  	  	  	11/8/2005   (1)	11/7/2015  	Common Stock  	60009  	 	60009  	D  	 	
Stock Option (Right to Buy)  	$55.46  	 	 	  	  	  	  	10/23/2006   (1)	10/22/2016  	Common Stock  	40785  	 	40785  	D  	 	
Stock Option (Right to Buy)  	$19.11  	 	 	  	  	  	  	1/15/2003   (1)	1/14/2013  	Common Stock  	750  	 	750  	D  	 	

Explanation of Responses:	
(  1) 	The date indicated is the grant date and the options vest in four equal annual installments beginning one year from such date.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
LAYDEN KEVIN
7601 PENN AVENUE SOUTH
RICHFIELD, MN 55423			Pres. & COO - Best Buy Canada		

Signatures		
/s/ Lisa Beth Lentini Attorney-in-fact for Kevin Layden		1/4/2006	
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	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).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.	
  
POWER OF ATTORNEY
 KNOW ALL PERSONS BY THESE PRESENTS, that I, Kevin Layden, hereby constitute and appoint Joseph M. Joyce, Todd G. Hartman, Mark J. Geldernick and Lisa Beth Lentini, and each of them, my true and lawful attorneys-in-fact and agents,each acting alone, with full powers of substitution and resubstitution for me and in my name, place and stead, to sign any reports on Form 3 (Initial Statement of Beneficial Ownership of Securities), Form 4 (Statement of Changes in Beneficial Ownership of Securities) and Form 5 (Annual Statement of Changes in Beneficial Ownership) relating to transactions by me in Common Stock or other securities of Best Buy Co., Inc., and all amendments thereto, and to file the same, with the Securities and Exchange Commission and the New York Stock Exchange, Inc., granting unto said attorneys-in-fact and agents, and each of them, or their substitutes, full power and authority to do and perform each and every act and thing requisite or necessary to be done, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, and each of them, or their substitutes, may lawfully do or cause to be done by virtue hereof. This Power of Attorney shall be effective until such time as I deliver a written revocation thereof to my above-named attorneys-in-fact and agents.

Dated:  December 13, 2006                       /s/ Kevin Layden
                                                    Kevin Layden	

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