best buy quarterly earnings

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.