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Best Buy Reports Second Quarter Results

Best Buy Co., Inc. (NYSE: BBY) today announced results for the second quarter (“Q2 FY14”) ended August 3, 2013, as compared to the second quarter (“Q2 FY13”) ended August 4, 2012.

Revenue   Q2 FY14   Q2 FY13
Revenue ($ in millions)   $9,300   $9,339
Comparable store sales % change 1   (0.6%)   (3.3%)
Domestic Segment:        
Comparable store sales % change 1   (0.4%)   (1.6%)
Comparable online sales % change   10.5%   14.2%
International Segment:        
Comparable store sales % change 1   (1.8%)   (11.3%)
Operating Income, Diluted EPS and Return on Invested Capital (ROIC)   GAAP   Non-GAAP 2
    Q2 FY14   Q2 FY13   Q2 FY14   Q2 FY13
Operating income as a % of revenue   4.4%   0.9%   2.2%   1.9%
Diluted EPS from continuing operations   $0.69   $0.09   $0.32   $0.26
ROIC 3   n/a   n/a   9.1%   11.2%

Note: During Q2 FY14, the company reached legal settlements with multiple defendants under which it will receive a total of $229 million, net of litigation costs (approximately $30 million in cash was received in Q2 FY14, with the remainder to be received in installments over the next eight quarters). These settlements were the result of a lawsuit filed by the company, as disclosed in the company’s most recent Form 10-Q, that alleges price fixing by certain manufacturers of TFT-LCD panels from 1998 to 2006. The company has excluded the impact of the settlements reached during Q2 FY14 in its non-GAAP financial results to provide meaningful comparisons versus last year. Please see the table titled “Reconciliation of Non-GAAP Financial Measures” attached to this release for more detail.

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