Best Buy 2013 Annual Report Download - page 32

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32
Discontinued Operations Presentation
The results of our large-format Best Buy branded stores in China, Turkey, and the United Kingdom ("U.K."), The Phone House
retail stores in Belgium, Napster and Speakeasy are presented as discontinued operations in our Consolidated Statements of
Earnings. Unless otherwise stated, financial results discussed herein refer to continuing operations.
Fiscal 2013 (11-month) Summary
• Fiscal 2013 (11-month) included a net loss from continuing operations of $443 million, compared to a net loss of $1.3
billion in fiscal 2012 (11-month recast). The net loss in fiscal 2013 (11-month) includes the impacts of $822 million of
goodwill impairments and $451 million of restructuring charges, while fiscal 2012 (11-month recast) includes the impacts
of a $1.2 billion goodwill impairment and $53 million of restructuring charges. Loss per diluted share from continuing
operations was $1.31 in fiscal 2013 (11-month), compared to loss per diluted share of $3.38 in fiscal 2012 (11-month
recast).
• Revenue was $45.1 billion in fiscal 2013 (11-month). The decrease from fiscal 2012 (11-month recast) was driven
primarily by a comparable store sales decline of 2.9% and the closure of 47 large-format stores in our Domestic segment.
• Our gross profit rate decreased by 1.0% of revenue to 23.6% of revenue. The decrease was primarily due to increased
revenue from the wholesale channel in Europe and increased promotional activity in the International segment and the
Domestic segment.
• We recorded $451 million of restructuring charges related to several restructuring actions we undertook in fiscal 2013 (11-
month), including our Renew Blue cost reduction initiatives, Europe store transformation and U.S. large-format store
closures and other operational changes.
• We generated $1.5 billion in operating cash flow in fiscal 2013 (11-month) with $1.8 billion of cash and cash equivalents,
compared to $1.2 billion at the end of fiscal 2012. Capital expenditures remained relatively consistent with prior years at
$705 million in fiscal 2013 (11-month).
• During fiscal 2013 (11-month), we made four dividend payments totaling $0.66 per share, or $224 million in the aggregate.
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