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20 Nov: Best Buy Announces Fiscal Third Quarter Results

Non-GAAP diluted EPS from continuing operations of $0.32

GAAP diluted EPS from continuing operations of $0.30

$65 million in additional annualized Renew Blue cost reductions, bringing the cumulative total to $965 million

 

MINNEAPOLIS, November 20, 2014 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week third quarter (“Q3 FY15”) ended November 1, 2014, as compared to the 13-week third quarter (“Q3 FY14”) ended November 2, 2013.

 

Revenue Q3 FY15 Q3 FY14
Revenue ($ in millions) $9,380 $9,327
Comparable sales % change1,2 2.2% 0.3%
       Domestic Segment:
   Comparable sales % change 3.2% 1.8%
   Comparable online sales % change 21.6% 15.1%
       International Segment:
   Comparable sales % change (3.0%) (6.4%)

 

Operating Income Q3 FY15 Q3 FY14
GAAP operating income as a % of revenue 2.0% 1.0%
Non-GAAP operating income as a % of revenue3 2.2% 1.4%

 

Diluted EPS Q3 FY15 Q3 FY14
GAAP diluted EPS from continuing operations $0.30 $0.12
Impact of non-restructuring asset impairments $0.01 $0.02
Impact of restructuring charges $0.02 $0.06
Impact of gain on sale of investments ($0.01) ($0.01)
Benefit of income tax impact of Best Buy Europe sale $0.00 ($0.01)
Non-GAAP diluted EPS from continuing operations3 $0.32 $0.18

 

Hubert Joly, Best Buy president and CEO, commented, “In the third quarter, our teams delivered positive comparable sales, improved profitability and continued progress in our Renew Blue transformation.

hubert joly rila sustinability conference

02 Oct: Hubert Joly Urges Retail Peers to Make Sustainability a Priority

Best Buy President and CEO Hubert Joly this week encouraged the retail industry to make a commitment to sustainability fundamental to their very businesses. In a presentation to attendees of the national Retail Sustainability Conference on Tuesday in Minneapolis, he stressed that, “sustainability must be an essential element of everything the company does.”

Joly backed up his conviction with evidence of Best Buy’s own sustainability initiatives on behalf of the industry, consumers and local communities.

Technology is one of the fastest growing waste streams on the planet, and Best Buy began searching for a solution to this global challenge more than a decade ago.

Hubert-Joly

25 Jul: VIDEO: 2 Days of Tech Fun at Geek Squad Academy

Students crowded around a 3D printer, excitedly watching as the machine created small, plastic objects shaped like Pac-Man. In a nearby classroom, young people programmed robots to follow a track on the floor using laser sensors.

In all, more than 80 students ages 10 to 18 gathered at the Minneapolis Central Library this week to learn about emerging technology and computer science at Geek Squad Academy. The two-day program, taught by Geek Squad Agents, also included classes on digital music, filmmaking and digital responsibility.

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14 Jan: Best Buy Announces New Member of its Board of Directors

MINNEAPOLIS – Jan. 14, 2014 – Best Buy Co., Inc. (NYSE: BBY), the leading authority and destination for technology products and services, today announced the appointment of Thomas L. “Tommy” Millner to its Board of Directors. Millner is the President and Chief Executive Officer of Cabela’s Inc., North America’s leading omni-channel retailer of hunting, fishing and camping products.

Millner, 60, has led Cabela’s since April 2009, after spending 10 years as the Chief Executive Officer of Remington Arms Company, Inc., a manufacturer of firearms and ammunition.