Best Buy Reports Fourth Quarter And Fiscal Year Results

Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week fourth quarter (“Q4 FY13”) and 53-week fiscal year ended February 2, 2013 (“FY13”), as compared to the 13-week fourth quarter (“Q4 FY12”) and the 52-week fiscal year ended January 28, 2012 (“FY12”). In FY13, the extra week occurred during the first quarter.

Overview ($ in millions, except per share amounts)		Q4 FY13		Q4 FY12
Revenue		$16,711		$16,671
Comparable store sales % change 1		(0.8%)		(1.3%)
Domestic Segment:
Comparable store sales % change 1		0.9%		(1.1%)
Online growth		11.2%		25.4%
International Segment:
Comparable store sales % change 1		(6.6%)		(1.8%)
Adjusted (non-GAAP) operating income as a % of revenue 2		5.5%		7.2%
GAAP operating loss as a % of revenue		(0.9%)		(0.7%)
Adjusted (non-GAAP) diluted EPS from continuing operations 2		$1.64		$2.18
GAAP EPS from continuing operations		($1.21)		($4.86)
Adjusted (non-GAAP) return on invested capital 3		9.2%		11.0%

Please see the table titled “Reconciliation of Non-GAAP Financial Measures” attached to this release for more detail.

Hubert Joly, Best Buy President and CEO commented, “On revenue growth of 0.2%, we delivered non-GAAP diluted earnings per share of $1.64. Adjusted free cash flow for the year reached $965 million as we aggressively reduced inventories and focused on working capital and cash flow management. To deliver these better-than-expected results, renewed momentum in the Domestic business more than offset continued softness in the International business.”

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