best buy fiscal results

29 May: Best Buy Reports Fiscal Fourth Quarter and Full Year 2012 Results

Outlines New Transformation Strategy
Describes Specific Actions to Improve Business Performance

— Fourth Quarter and Full Year EPS:

  • GAAP: loss of ($4.89) in the fourth quarter; ($3.36) for the full year, inclusive of previously announced charges
  • Adjusted (non-GAAP): profit of $2.47 in the fourth quarter, up 25 percent; $3.64 for the full year, up 6 percent

Transformation Strategy to Focus on:

  • Multi-year cost reduction program
  • U.S. store format improvements
  • Growth initiatives
  • Improved customer experience

— Actions to Improve Business Performance:

  • $800 million in planned cost reductions by fiscal 2015; $250 million in fiscal 2013
  • Reductions to fund investments in enhanced customer experience and growth initiatives
  • Launch Connected Store full market test in the Twin Cities and San Antonio in fiscal 2013
  • Closure of 50 U.S.

22 May: Best Buy Reports Fiscal First Quarter Results

GAAP diluted EPS of $0.47; adjusted (non-GAAP) diluted EPS up 11 percent to $0.72
Company building a new turnaround plan
Full year guidance outlook unchanged

FISCAL FIRST QUARTER PERFORMANCE SUMMARY(1)
(U.S. dollars and square footage in millions, except per share and per square foot amounts)
Three Months Ended
May 5, 2012 April 30, 2011 Change
Revenue $11,610 $11,369 2%
Comparable store sales % change(2) (5.3%) (3.0%) N/A
Gross profit as % of revenue 25.0% 25.7% (70bps)
SG&A as % of revenue 21.7% 21.6% 10bps
Restructuring charges $127 $4 N/A
Operating income $262 $460 (43%)
Operating income as a % of revenue 2.3% 4.0% (170bps)
Diluted EPS from continuing operations $0.47 $0.64 (27%)
Adjusted (non-GAAP) Results(3)
Operating income $389 $464 (16%)
Operating income as a % of revenue 3.4% 4.1% (70bps)
Diluted EPS from continuing operations $0.72 $0.65 11%
Key Metrics(4)
Total U.S.