Best Buy Reports Second-Quarter Earnings of $62 Million, or $0.19 per Diluted Share.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Sept. 17, 2002 Best Buy Co., Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ): Company expects full-year diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $1.68 to $1.83, excluding cumulative impact of accounting change
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Best Buy Co., Inc. Performance Summary
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Second Quarter
------------------------
($ in millions, except per share amounts) Ended Ended Ended
8/31/02 9/1/01 9/1/01
Pro
Forma(1)
----------------------------------------------------------------------
Total sales $5,008 $4,164 $4,465
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Total sales % change 20% 31% N/A
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Comparable store sales change(2) 2.0% 2.8% N/A
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Gross profit as % of sales 22.5% 22.8% 22.9%
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SG&A expenses as % of sales 20.5% 19.2% 19.5%
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Operating income as % of sales 2.0% 3.5% 3.4%
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Earnings per diluted share $0.19 $0.26 $0.27
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(1) The pro forma information presents the combined results of
operations of Best Buy, Future Shop, Magnolia Hi-Fi and Musicland.
Future Shop was acquired on Nov. 4, 2001. Its results of operations
are presented as if Future Shop had been acquired at the beginning of
fiscal 2002 and do not include amortization of goodwill.
(2) The total Company comparable store sales figure represents
only Best Buy, Musicland and Magnolia Hi-Fi stores open at least 14
months as well as online sales. Relocated stores are excluded from the
comparable store sales calculation until at least 14 full months after
reopening. Future Shop sales will be included in the Company's
comparable store sales calculation beginning with the first full
quarter following the first anniversary of the date of acquisition.
Best Buy Co., Inc. (NYSE:BBY) today reported net earnings of $62 million, or 19 cents per diluted share, for the quarter ended Aug. 31, 2002, down 27 percent from $85 million, or 26 cents per diluted share, for the quarter ended Sept. 1, 2001. "This earnings decrease reflects the significant slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in comparable store sales gains since July July: see month. , as well as the challenges of rapidly reducing expenses in our existing cost structure," said Best Buy Vice Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Brad Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic . "We are aggressively managing our expenses in light of the overall slowdown in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , and focusing resources to drive market share profitably in our existing businesses." As reported on Sept. 5, total sales for the second quarter of fiscal 2003 increased 20 percent to $5.01 billion from $4.16 billion a year ago. The sales increase reflected the addition of 88 new stores in the past 12 months as well as the inclusion of sales from 100 Future Shop stores. The Company's comparable store sales rose 2.0 percent in the quarter. "Comparable store sales appear to have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. at levels equal to that of last year," Anderson added. "We expect contributions from new store openings and improved operating efficiency to improve profits in the second half of our fiscal year, which would come on top of the prior fiscal year's profit increase of more than 40 percent." The gross profit rate for the Company was 22.5 percent of sales in the second quarter, a decrease of 30 basis points compared with the rate in the second quarter of fiscal 2002. The pressure on the gross profit rate resulted from product mix shifts in Sam Goody Sam Goody is a music and entertainment retailer in the United States and formerly in the United Kingdom. It is owned and operated by Musicland, which itself is owned by former rival Trans World Entertainment which also runs Suncoast Motion Picture Company and, until January 2006, stores as sales of prerecorded pre·re·cord tr.v. pre·re·cord·ed, pre·re·cord·ing, pre·re·cords To record (a television program, for example) at an earlier time for later presentation or use. Adj. 1. music continued to decline and sales of lower-margin movie and gaming products increase, as well as from declining margins in the Company's home office category. The inclusion of Future Shop's results partially offset the decline in the Company's total gross profit rate by adding 10 basis points in the quarter. The SG&A expense rate was 20.5 percent of sales for the quarter versus 19.2 percent of sales in the second quarter of fiscal 2002. The increase in the expense rate was driven by the deleveraging impact of the modest comparable store sales gains as well as greater spending on outside services, higher employment levels, increased depreciation on technology investments, and rising healthcare costs. The inclusion of Future Shop's results added 30 basis points to the rate due to Future Shop's higher SG&A expense structure. Total operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. declined to 2.0 percent of sales for the quarter. Net interest expense was sharply lower than that of the prior fiscal year's second quarter. Net interest in the second quarter of fiscal 2002 included an $8 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge, or 2 cents per diluted share, resulting from the early retirement of debt acquired as part of the Musicland
Musicland is an entertainment company which runs Sam Goody and Suncoast Motion Picture Company and ran the former Media Play Superstore Chain. acquisition. Excluding the $8 million charge, net interest expense was essentially even with that of last year. The Company's effective tax rate declined to 38.7 percent, compared with 39.1 percent in fiscal 2002, reflecting the Company's adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142, which eliminated the requirement to amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. goodwill. Darren Jackson Darren Jackson (born 25 July 1966 in Edinburgh) is a former Scottish professional footballer. Career Jackson played for Meadowbank Thistle, Newcastle United, Dundee United, Hibernian, Celtic, Coventry City, Hearts, Livingston, St. Johnstone and Clydebank. , Executive Vice President - Finance and CFO See Chief Financial Officer. , said, "We currently expect even comparable store sales in the third and fourth quarters of this fiscal year, resulting in earnings per share of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.22 to $0.27 for the third quarter and approximately $1.05 to $1.15 for the fourth quarter. This initial EPS guidance for the second half anticipates reductions in SG&A expenses, such as outside services, discretionary advertising and corporate overhead. For the fiscal year, we continue to anticipate total sales of $22.9 billion, an increase of 17 percent over last year, and earnings per diluted share (excluding the cumulative change in accounting principle) of $1.68 to $1.83, compared with $1.77 in fiscal 2002."
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Best Buy Co., Inc. Performance Summary
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First Half
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($ in millions, except per share amounts) Ended Ended Ended
8/31/02 9/1/01 9/1/01
Pro
Forma(1)
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Total sales $9,594 $7,861 $8,426
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Total sales % change 22% 28% N/A
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Comparable store sales change(2) 3.7% (0.1%) N/A
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Gross profit as % of sales 22.9% 22.8% 22.9%
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SG&A expenses as % of sales 20.6% 19.8% 20.1%
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Operating income as % of sales 2.3% 3.0% 2.9%
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Earnings per diluted share before accounting
change $0.41 $0.43 $0.43
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Cumulative change in accounting principle, per
share ($1.07) - -
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Net earnings (loss) per diluted share ($0.66) $0.43 $0.43
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(1) The pro forma information presents the combined results of
operations of Best Buy, Future Shop, Magnolia Hi-Fi and Musicland.
Future Shop was acquired on Nov. 4, 2001. Its results of operations
are presented as if Future Shop had been acquired at the beginning of
fiscal 2002 and do not include amortization of goodwill.
(2) The total Company comparable store sales figure represents
only Best Buy, Musicland and Magnolia Hi-Fi stores open at least 14
months as well as online sales. Relocated stores are excluded from the
comparable store sales calculation until at least 14 full months after
reopening. Future Shop sales will be included in the Company's
comparable store sales calculation beginning with the first full
quarter following the first anniversary of the date of acquisition.
The Company's net loss in the first half of fiscal 2003 totaled $216 million, or 66 cents per diluted share, compared with net earnings of $140 million, or $0.43 per diluted share, for the first half of fiscal 2002. The principal cause of the change was a non-cash impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $348 million (after tax), which is equivalent to $1.07 per diluted share, related to the Company's adoption at the beginning of the fiscal year of Statement of Financial Accounting Standard (SFAS) No. 142, concerning the accounting for goodwill. This was previously announced in a press release on Sept. 5 and relates to the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of goodwill from our acquisitions of Musicland and Magnolia Magnolia, city, United States Magnolia (măgnō`lyə), city (1990 pop. 11,151), seat of Columbia co., SW Ark.; inc. 1855. Its oil industry has been important since 1938. Hi-Fi. As reported previously, total sales for the first half of fiscal 2003 increased 22 percent to $9.6 billion from $7.9 billion a year ago. The sales increase reflected the addition of 90 new stores in the past 12 months as well as the inclusion of sales from 100 Future Shop stores. The Company's comparable store sales in the first half rose 3.7 percent. The gross profit rate for the Company was 22.9 percent of sales in the first half of the fiscal year, an increase of 10 basis points compared with the rate in the first half of fiscal 2002. The improvement in the gross profit rate was due to the inclusion of Future Shop's results in the six-month period. The SG&A expense rate was 20.6 percent of sales for the first half of fiscal 2003 versus 19.8 percent of sales in the first half of fiscal 2002. This increase in the expense rate was driven by greater use of outside services, higher employment-related costs and increased depreciation of technology investments, as well as the inclusion of Future Shop. Compared with the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma SG&A rate from the first half of fiscal 2002, the SG&A rate increased by 50 basis points. As a result of the increased expense rate, total operating income declined to 2.3 percent of sales for the first half of fiscal 2003.
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Domestic Performance Summary(1) Second Quarter First Half
($ in millions) ------------------------------
Ended Ended Ended Ended
8/31/02 9/1/01 8/31/02 9/1/01
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Sales $4,670 $4,164 $8,953 $7,861
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Comparable store sales % change(2) 2.0% 2.8% 3.7% (0.1%)
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Gross profit as % of sales 22.4% 22.8% 22.7% 22.8%
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SG&A expenses as % of sales 20.2% 19.2% 20.2% 19.8%
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Operating income $104 $148 $224 $238
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Operating income as % of sales 2.2% 3.5% 2.5% 3.0%
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(1) The domestic segment aggregates all operations exclusive of
International operations, including Best Buy, Musicland and Magnolia
Hi-Fi operations.
(2) Includes only sales at stores open at least 14 months and
online sales. Relocated stores are excluded from the comparable store
sales calculation until at least 14 full months after reopening.
As reported, total sales at the Company's domestic stores (including Best Buy, Magnolia Hi-Fi and Musicland stores) grew 12 percent during the second quarter to $4.67 billion, due to new store openings and a comparable store sales gain of 2.0 percent. Best Buy comparable store sales increased by 2.7 percent, while Musicland comparable store sales declined by 3.4 percent. The gross profit rate at the domestic stores during the second quarter declined by 40 basis points, driven by a more promotional environment as well as changes in product mix at Musicland stores and lower margins in the home office category. The SG&A rate for domestic stores increased to 20.2 percent, reflecting increases in outside services, employment-related expenses and depreciation. The domestic operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: declined by 130 basis points in the quarter, to 2.2 percent of sales.
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International Performance Second Quarter First Half
Summary(1) ----------------------------------
($ in millions) Ended Ended Ended Ended
8/31/02 9/1/01 8/31/02 9/1/01
Pro Pro
Forma(1) Forma(1)
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Sales $338 $301 $641 $565
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Comparable store sales % change(2) 6.9% 15.1% 8.0% 10.8%
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Gross profit as % of sales 24.8% 24.1% 24.7% 24.6%
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SG&A expenses as % of sales 25.0% 22.6% 25.7% 23.8%
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Operating (loss) income ($1) $5 ($6) $5
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Operating income as % of sales (0.2%) 1.5% (1.0%) 0.9%
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(1) Pro forma results of international operations are presented as
though Future Shop had been acquired at the beginning of fiscal 2002
and exclude amortization of goodwill.
(2) Includes only sales at stores open at least 14 full months.
Relocated stores are excluded from the comparable store sales
calculation until at least 14 full months after reopening. Comparable
store sales for Future Shop are calculated in the local currency.
Future Shop comparable store sales in the second quarter, as reported, rose 6.9 percent due to strong sales of digital products and video gaming video gaming n. 1. Gambling by means of interactive games of chance played on a video screen. 2. The playing of video games. . Total sales in the international segment, compared with pro forma results, rose 12 percent to $338 million. International sales reflect the addition in the second quarter of three Future Shop stores and Canada's first Best Buy store. The gross profit rate increased by 70 basis points, driven by a richer mix of sales. The SG&A expense rate increased to 25.0 percent of sales as a result of investments made to improve the future profitability of Future Shop stores and to prepare for the launch of Best Buy stores in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Future Shop's financial results, which do not include goodwill amortization, produced a quarterly operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1 million. Future Shop's business is highly seasonal, and it derives a significant proportion of its earnings from the fourth quarter. The international segment reduced the Company's second-quarter earnings by less than 1 cent per diluted share, which was slightly better than management's expectations. Today the Company announced that Brad Anderson and Darren Jackson, the Company's CEO and CFO, respectively, have signed and submitted to the Securities and Exchange Commission (SEC) their respective sworn statements certifying to the accuracy and completeness of reports filed by the Company with the SEC. The reports covered by these certifications are the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 2, 2002; its proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for its most recent annual meeting of shareholders; its fiscal 2003 first-quarter report on Form 10-Q Form 10-Q See 10-Q. ; and its Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. reports filed with the SEC subsequent to the fiscal 2002 Form 10-K. These certifications are being filed with the SEC prior to the Oct. 15 deadline. The Company will conduct a conference call for analysts, institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and news media at 10 a.m. eastern time today. Individuals may access the live call via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the on the Company's Web site at www.BestBuy.com by clicking on the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " link. Following the live event, the call will be posted on the Audio Archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. page of Best Buy's web site and may be accessed at any time. Best Buy's quarterly financial results and news releases can be found on the Internet at the Company's web site, www.BestBuy.com, or accessed via Business Wire's Web site at www.businesswire.com. The Company is expected to announce its third-quarter sales on Dec. 5, 2002, and its third-quarter earnings on Dec. 17, 2002, both prior to the market opening. Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and subject to various risks and uncertainties. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and section 21E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among others, those expressed in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release. About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. is North America's No. 1 specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca), Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com) and Suncoast
BEST BUY CO., INC.
CONSOLIDATED STATEMENTS OF EARNINGS
($ in millions, except per share amounts - Unaudited)
SECOND QUARTER
---------------------------
This Last Last year
year year pro
forma (1)
------- ------- -------
Revenues $5,008 $4,164 $4,465
Cost of goods sold 3,879 3,216 3,444
------- ------- -------
Gross profit 1,129 948 1,021
Gross Profit % 22.5% 22.8% 22.9%
Selling, general & administrative
expenses 1,026 800 869
SG&A % 20.5% 19.2% 19.5%
------- ------- -------
Operating income 103 148 152
Net interest expense (3) (10) (12)
------- ------- -------
Earnings before income tax expense 100 138 140
Income tax expense 38 53 54
Effective tax rate 38.7% 39.1% 39.1%
------- ------- -------
Earnings before cumulative effect of
change in accounting principle 62 85 86
Cumulative effect of change in
accounting principle, net of $24
tax (2) - - -
------- ------- -------
Net earnings (loss) $62 $85 $86
======= ======= =======
Basic earnings (loss) per share
Before accounting change $0.19 $0.27 $0.27
Cumulative effect of accounting change - - -
------- ------- -------
Basic earnings (loss) per share $0.19 $0.27 $0.27
======= ======= =======
Diluted earnings (loss) per share:
Before accounting change $0.19 $0.26 $0.27
Cumulative effect of accounting change - - -
------- ------- -------
Diluted earnings (loss) per share $0.19 $0.26 $0.27
======= ======= =======
Weighted number of shares
(in millions) - Basic 321.3 315.7 315.7
Diluted 324.5 322.8 322.8
SIX MONTHS
---------------------------
This Last Last year
year year pro
forma (1)
------- ------- -------
Revenues $9,594 $7,861 $8,426
Cost of goods sold 7,400 6,067 6,492
------- ------- -------
Gross profit 2,194 1,794 1,934
Gross Profit % 22.9% 22.8% 22.9%
Selling, general & administrative
expenses 1,976 1,556 1,691
SG&A % 20.6% 19.8% 20.1%
------- ------- -------
Operating income 218 238 243
Net interest expense (3) (9) (14)
------- ------- -------
Earnings before income tax
expense 215 229 229
Income tax expense 83 89 89
Effective tax rate 38.7% 39.1% 39.1%
------- ------- -------
Earnings before cumulative effect of
change in accounting principle 132 140 140
Cumulative effect of change in
accounting principle, net of
$24 tax (2) (348) - -
------- ------- -------
Net earnings (loss) $(216) $140 $140
======= ======= =======
Basic earnings (loss) per share
Before accounting change $0.41 $0.44 $0.44
Cumulative effect of accounting
change (1.08) - -
------- ------- -------
Basic earnings (loss) per share $(0.67) $0.44 $0.44
======= ======= =======
Diluted earnings (loss) per share:
Before accounting change $0.41 $0.43 $0.43
Cumulative effect of accounting change (1.07) - -
------- ------- -------
Diluted earnings (loss) per
share $(0.66) $0.43 $0.43
======= ======= =======
Weighted number of shares
(in millions) - Basic 320.7 314.5 314.5
Diluted 325.4 321.4 321.4
(1) Pro forma information presents the combined results of
operations of Best Buy, Magnolia Hi-Fi, Musicland and Future Shop.
Future Shop was acquired on Nov. 4, 2001. Its results of operations
are presented as if Future Shop had been acquired at the beginning of
fiscal 2002 and do not include amortization of goodwill.
(2) Goodwill impairment charges, net of tax, resulting from the
adoption of SFAS No. 142, "Goodwill and Other Intangibles" effective
March 3, 2002.
BEST BUY CO., INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in millions)
(Unaudited)
Aug. Sept.
31, 1,
2002 2001
------ ------
ASSETS
Current assets
Cash & cash equivalents $1,119 $ 961
Receivables 239 236
Recoverable costs from developed properties 58 98
Merchandise inventories 2,616 2,092
Other current assets 185 116
------ ------
Total current assets 4,217 3,503
Net property & equipment 2,161 1,558
Goodwill, net 410 376
Other assets 98 84
------ ------
TOTAL ASSETS $6,886 $5,521
====== ======
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $2,361 $2,058
Accrued compensation 173 142
Accrued liabilities 853 645
Current portion of long-term debt 11 2
------ ------
Total current liabilities 3,398 2,847
Long-term liabilities 286 273
Long-term debt 821 362
Shareholders' equity 2,381 2,039
------ ------
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY $6,886 $5,521
====== ======
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