Best Buy 2012 Annual Report Download - page 10

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10
Europe Canada China Mexico
The Carphone
Warehouse
and The Phone
House Stores
Future
Shop
Stores Best Buy
Stores
Best Buy
Mobile
Stand-Alone
Stores Five Star
Stores Best Buy
Stores
Total stores at end of fiscal 2010 2,371 144 64 4 158 5
Stores opened 85 2 7 6 12 1
Stores closed (99) — — — (4) —
Total stores at end of fiscal 2011 2,357 146 71 10 166 6
Europe Canada China Mexico
The Carphone
Warehouse
and The Phone
House Stores
Future
Shop
Stores Best Buy
Stores
Best Buy
Mobile
Stand-Alone
Stores Five Star
Stores Best Buy
Stores
Total stores at end of fiscal 2009 2,380 139 58 3 164 1
Stores opened 79 5 6 1 6 4
Stores closed (88) — — — (12) —
Total stores at end of fiscal 2010 2,371 144 64 4 158 5
The store activity tables above exclude the impact of our recently closed large-format Best Buy branded stores in China, Turkey
and the U.K., as well as recently sold The Phone House stores in Belgium, all of which are now included in the results of our
discontinued operations.
Fiscal 2013 Store Opening and Closing Plans
As part of our current store development strategy focused on increasing retail points of presence while decreasing our overall
square footage, we plan to open approximately 100 small-format Best Buy Mobile stand-alone stores and close approximately
50 large-format Best Buy branded stores in the U.S. in fiscal 2013. Our International store development strategy consists
primarily of opening approximately 50 Five Star stores in China, including 14 new mobile store-within-a-store concepts.
Intellectual Property
We own or have the right to use valuable intellectual property such as trademarks, service marks and tradenames, including, but
not limited to, "Best Buy," "Best Buy Mobile," "The Carphone Warehouse," "Dynex," "Five Star," "Future Shop," "Geek
Squad," "Init," "Insignia," "Magnolia," "mindSHIFT," "Pacific Sales," "The Phone House" and "Rocketfish," and our "Yellow
Tag" logo.
We have secured domestic and international trademark and service mark registrations for many of our brands. We have also
secured patents for many of our inventions. We believe our intellectual property has significant value and is an important factor
in the marketing of our company, our stores, our products and our Web sites.
Seasonality
Our business, like that of many retailers, is seasonal. Historically, we have realized more of our revenue and a large portion of
our earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Europe and
Canada, than in any other fiscal quarter.
Working Capital
We fund our business operations through a combination of available cash and cash equivalents, short-term investments and
cash flows generated from operations. In addition, our revolving credit facilities are available for additional working capital
needs, for general corporate purposes and investment opportunities. Our working capital needs are typically greatest in the
months leading up to the holiday shopping season as we purchase inventories in advance of expected sales.