best buy shareholder

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.