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%)|
|Comparable store sales % change 1||(0.4%)||(1.6%)|
|Comparable online sales % change||10.5%||14.2%|
|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|
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.