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Published by Leslie Rolander

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Published by: Leslie Rolander on Mar 29, 2012
Copyright:Attribution Non-commercial


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Financial News Release
Best Buy Reports Fiscal Fourth Quarter and Full Year2012 Results
Outlines New Transformation StrategyDescribes Specific Actions to Improve Business Performance-- Fourth Quarter and Full Year EPS:
GAAP: loss of ($4.89) in the fourth quarter; ($3.36) for the full year, inclusive of previously announcedcharges
Adjusted (non-GAAP): profit of $2.47 in the fourth quarter, up 25 percent; $3.64 for the full year, up 6percent
-- Transformation Strategy to Focus on:
Multi-year cost reduction program
U.S. store format improvements
Growth initiatives
Improved customer experience
-- Actions to Improve Business Performance:
$800 million in planned cost reductions by fiscal 2015; $250 million in fiscal 2013
Reductions to fund investments in enhanced customer experience and growth initiatives
Launch Connected Store full market test in the Twin Cities and San Antonio in fiscal 2013
Closure of 50 U.S. big box stores in fiscal 2013
Opening of 100 U.S. Best Buy Mobile small format stand-alone stores in fiscal 2013
Plans to grow Domestic segment online revenue 15 percent in fiscal 2013
-- Fiscal 2013 EPS Outlook 
GAAP: $2.85 to $3.25
Adjusted (non-GAAP): $3.50 to $3.80, up 3 to 12 percent vs fiscal 2012 EPS of $3.39 (as recast for newfiscal year)
 MINNEAPOLIS, March 29, 2012 -- Best Buy Co., Inc. (NYSE: BBY) today reported a GAAP net loss of ($1.7) billion,or ($4.89) per share, for its fourth quarter ended March 3, 2012 compared to net income of $651 million, or $1.62 per diluted share for the prior-year period. The fiscal fourth quarter 2012 results include $2.6 billion of charges primarilyrelated to the actions announced on November 7, 2011, which consist of the purchase of Carphone Warehouse Group plc's(CPW) share of the Best Buy Mobile profit share agreement and related costs, a non-cash impairment charge to reflect thewrite-off of Best Buy Europe goodwill, and restructuring charges (primarily associated with U.K. big box pilot storeclosures).Excluding the above charges, adjusted (non-GAAP) diluted earnings per share for the fourth quarter were $2.47, anincrease of 25 percent when compared to adjusted diluted earnings per share of $1.98 for the prior-year period.Comparable store sales for the quarter declined 2.4 percent compared to a decline of 4.7 percent for the prior-year period.For the fiscal year ended March 3, 2012, GAAP loss per share totaled ($3.36) compared to diluted earnings per share of 

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