Best Buy 2005 Annual Report Download - page 105
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$ in millions, except per share amounts
Condensed Consolidating Statements of Earnings
For the Fiscal Year Ended March 1, 2003
Best Buy Guarantor Non-Guarantor
Co., Inc. Subsidiaries Subsidiaries Eliminations Consolidated
Revenue $ 1 $19,428 $ 2,296 $ (782) $20,943
Cost of goods sold 1 14,933 1,819 (755) 15,998
Gross profit — 4,495 477 (27) 4,945
Selling, general and administrative expenses 32 3,714 573 (384) 3,935
Operating (loss) income (32) 781 (96) 357 1,010
Net interest income (expense) 50 (34) (12) — 4
Equity in loss of subsidiaries (36) (75) — 111 —
(Loss) earnings from continuing operations before
income tax expense (18) 672 (108) 468 1,014
Income tax expense 8 260 124 — 392
(Loss) earnings from continuing operations (26) 412 (232) 468 622
Earnings (loss) from discontinued operations, net of
tax 125 — (566) — (441)
Cumulative effect of change in accounting principle
for goodwill, net of tax — — (40) — (40)
Cumulative effect of change in accounting principle
for vendor allowances, net of tax — (40) (2) — (42)
Net earnings (loss) $ 99 $ 372 $ (840) $ 468 $ 99
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