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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