Best Buy 2007 Annual Report Download - page 106
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$ in millions, except per share amounts
91
PART II
Condensed Consolidating Statements of Earnings
Fiscal Year Ended February 26, 2005
Best Buy
Co.,Inc.
Guarantor
Subsidiary
Non-Guarantor
Subsidiaries Eliminations Consolidated
Revenue $ 16 $23,951 $25,742 $(22,276) $27,433
Cost of goods sold — 20,126 23,093 (22,281) 20,938
Gross profit 16 3,825 2,649 5 6,495
Selling, general and administrative expenses 25 3,587 1,571 (130) 5,053
Operating (loss) income (9) 238 1,078 135 1,442
Net interest (expense) income (12) (68) 81 — 1
Equity in earnings (loss) of subsidiaries 750 (77) 29 (702) —
Earnings from continuing operations before income
tax expense 729 93 1,188 (567) 1,443
Income tax (benefit) expense (21) 65 465 — 509
Earnings from continuing operations 750 28 723 (567) 934
Gain on disposal of discontinued operations(1) 50 — — — 50
Net earnings $800 $ 28 $ 723 $ (567) $ 984
(1) Fiscal 2005 includes a tax benefit of $50 due to the resolution of certain federal tax matters.