Check out the highlights as Best Buy President and CEO Hubert Joly talks about the importance of e-fairness at the 2014 National Governor’s Association meeting in Nashville.
Company News
Non-GAAP diluted EPS from continuing operations of $0.33
GAAP diluted EPS from continuing operations of $1.31
$95 million in additional annualized Renew Blue cost reductions
MINNEAPOLIS, May 22, 2014 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week first quarter (“Q1 FY15”) ended May 3, 2014 as compared to the 13-week first quarter (“Q1 FY14”) ended May 4, 2013.
| Revenue | Q1 FY15 | Q1 FY14 |
| Revenue ($ in millions) | $9,035 | $9,347 |
| Comparable sales % change1 | (1.9%) | (1.4%) |
| Domestic Segment: | ||
| Comparable sales % change | (1.3%) | (1.2%) |
| Comparable online sales % change | 29.2% | 16.3% |
| International Segment: | ||
| Comparable sales % change | (5.8%) | (2.8%) |
| Operating Income | Q1 FY15 | Q1 FY14 |
| GAAPoperating income as a % of revenue | 2.2% | 1.8% |
| Non-GAAPoperating income as a % of revenue2 | 2.3% | 2.0% |
| Diluted EPS | Q1 FY15 | Q1 FY14 |
| GAAP diluted EPS from continuing operations | $1.31 | $0.29 |
| Impact of non-restructuring asset impairments | 0.02 | 0.02 |
| Impact of restructuring charges | 0.01 | 0.01 |
| Benefit of income tax effect of Europe legal entity reorganization | (1.01) | 0.00 |
| Non-GAAP diluted EPS from continuing operations2 | $0.33 | $0.32 |
Hubert Joly, Best Buy president and CEO, commented, “This quarter reflects continued progress in our Renew Blue transformation.
After a grueling head-to-head competition that was battled out on the largest high-definition video screen in the world, James “biggcountry2” Bloomfield is Best Buy’s Ultimate Gamers Showdown champion. Bloomfield won 24 – 21 over Ryan “Dougthepirate” Danczak in the final round of the Ultimate Gamers Showdown at AT&T Stadium in Arlington, Texas.
“There were tough competitors all around,” James Bloomfield said. “It was an amazing experience to be able to play on this big screen.”
The Ultimate Gamers Showdown is an exclusive national gaming tournament developed by Best Buy to give gaming and sports fans around the nation an opportunity to try the next generation gaming systems, in addition to having gamers put their Madden NFL 25® skills to the test.
“We at Best Buy are honored to support the lifesaving work done at St. Jude every day by joining the St. Jude Thanks and Giving campaign this year,” said Sharon McCollam, chief administrative and chief financial officer at Best Buy. “We are thankful for the ability to give customers shopping in our more than 1,400 stores the opportunity to donate to an organization with the mission of finding cures for childhood cancer and other deadly diseases and most importantly, saving children’s lives.”
Best Buy received the first-ever eCycling Leadership Award from the Consumer Electronics Association. Best Buy was the only retailer and only one of four companies to receive the award, which recognizes consumer electronics companies that are recycling above and beyond any level mandated by government.
Best Buy has the most comprehensive appliance and electronics recycling programs in the U.S. We recycle 409 pounds of electronics each minute our stores are open and customers can recycle their electronics and appliances for free at any Best Buy location nationwide – no matter how old it is or where it was purchased.
How much energy do you consume? October is Energy Awareness Month and Best Buy is here to help you reduce your personal energy consumption and save money:
- Know Your Energy Consumption. Awareness is the key and the U.S. EPA Home Energy Yardstick is a great way to find out where your home’s energy use is compared to similar homes and climates.
- Find New Ways to Save Energy. The average home’s annual energy bill is $2,200 and energy-efficient products can save you money.
Best Buy beat out all other retailers in the 2013 Standard & Poor’s 500 Index (S&P 500) Climate Change Report. The report ranks America’s largest companies’ actions to improving their impact on the environment. Best Buy received “Leadership” status for both performance and disclosure categories this year – the only retailer to receive both.
Best Buy has demonstrated its commitment to reducing its carbon footprint by using less energy in stores, finding more efficient ways to transport products, and reducing fuel used by Geek Squad vehicles.
Best Buy was named in the longest-running global sustainability rankings – the Dow Jones Index for Sustainable Investing. It measures company sustainability, which is how businesses operate socially, environmentally and economically. Best Buy increased its performance two points from last year and moved up the retail rankings from the 68th percentile to the 84th percentile. Compared with other retail companies in North America, Best Buy scored 20 points above the average.
The Index is the official sustainability performance ranking of the largest 600 North American companies.
Available in .pdf: Best Buy Reports Fiscal Second Quarter Results
Non-GAAP EPS from continuing operations of $0.32
GAAP EPS from continuing operations of $0.69
$65 million in additional Renew Blue cost reductions
MINNEAPOLIS, August 20, 2013 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the second quarter (“Q2 FY14”) ended August 3, 2013, as compared to the second quarter (“Q2 FY13”) ended August 4, 2012.
| Revenue |
Q2 FY14 |
Q2 FY13 |
| Revenue ($ in millions) |
$9,300 |
$9,339 |
| Comparable store sales % change1 |
(0.6%) |
(3.3%) |
| Domestic Segment: | ||
| Comparable store sales % change1 |
(0.4%) |
(1.6%) |
| Comparable online sales % change |
10.5% |
14.2% |
| International Segment: | ||
| Comparable store sales % change1 |
(1.8%) |
(11.3%) |
| Operating Income, Diluted EPS and Return on Invested Capital (ROIC) |
GAAP |
Non-GAAP2 |
||
|
Q2 FY14 |
Q2 FY13 |
Q2 FY14 |
Q2 FY13 |
|
| Operating income as a % of revenue |
4.4% |
0.9% |
2.2% |
1.9% |
| Diluted EPS from continuing operations |
$0.69 |
$0.09 |
$0.32 |
$0.26 |
| ROIC3 |
n/a |
n/a |
9.1% |
11.2% |
Note: During Q2 FY14, the company reached legal settlements with multiple defendants under which it will receive a total of $229 million, net of litigation costs (approximately $30 million in cash was received in Q2 FY14, with the remainder to be received in installments over the next eight quarters).
Join us for a day of fun, fitness and tech with Major League Soccer legend Cobi Jones, Clint Mathis and Mauricio Cienfuegos! Take away tips and tricks for how to stay fit this back to school season. Be one of the first 200 to demo Windows 8 between 3-5PM for a chance to win signed soccer balls and photos with Clint Mathis and Mauricio Cienfuegos! And the fun doesn’t stop there.
Come out for steals, deals, prizes, food, music and more!
MINNEAPOLIS – June 20, 2013: Best Buy is consistently recognized for its sustainability leadership by the retail and consumer electronics industries. With today’s release of the company’s Fiscal 2013 Corporate Responsibility & Sustainability Report, Best Buy further demonstrates its continued leadership role in positively impacting the world.
We hope you find this information useful. To view the full report, please visit www.bby.com/sustainability.
Media Contact:
Jeremy Baier
jeremy.baier@bestbuy.com
MINNEAPOLIS – May 6, 2013 – Best Buy is encouraged by the passage of the Marketplace Fairness Act in the U.S. Senate and the clear bipartisan support the measure received. This legislation does not represent a new tax, rather it simply helps to ensure fair competition that ultimately benefits consumers and our communities. The current laws were put in place before the Internet or e-commerce even existed. Just as retail has evolved over the years, the tax code needs to evolve to reflect modern patterns in how consumers shop not by creating a new tax but by enforcing the laws already on the books.