Best Buy 2013 Annual Report Download - page 33

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33
Consolidated Results
The following table presents selected consolidated financial data for each of the past three fiscal years and fiscal 2012 (11-
month recast) ($ in millions, except per share amounts):
11-Month 12-Month
Consolidated Performance Summary 2013 2012 2012 2011
(recast)
Revenue $ 45,085 $ 46,064 $ 50,705 $ 49,747
Revenue gain (decline) % (2.1)% n/a 1.9 % 1.0 %
Comparable store sales % decline (2.9)% (1.6)% (1.7)% (1.8)%
Gross profit $ 10,649 $ 11,352 $ 12,573 $ 12,541
Gross profit as a % of revenue(1) 23.6 % 24.6 % 24.8 % 25.2 %
SG&A $ 9,502 $ 9,339 $ 10,242 $ 10,029
SG&A as a % of revenue(1) 21.1 % 20.3 % 20.2 % 20.2 %
Restructuring charges $ 450 $ 34 $ 39 $ 138
Goodwill impairments $ 822 $ 1,207 $ 1,207 $ —
Operating income (loss) $ (125) $ 772 $ 1,085 $ 2,374
Operating income (loss) as a % of revenue (0.3)% 1.7 % 2.1 % 4.8 %
Net earnings (loss) from continuing operations(2) $ (443) $ (1,260) $ (1,057) $ 1,427
Gain (loss) from discontinued operations(3) $ 2 $ (165) $ (174) $ (150)
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders $ (441) $ (1,425) $ (1,231) $ 1,277
Diluted earnings (loss) per share from continuing operations $ (1.31) $ (3.38) $ (2.89) $ 3.44
Diluted earnings (loss) per share $ (1.30) $ (3.83) $ (3.36) $ 3.08
(1) Because retailers vary in how they record costs of operating their supply chain between cost of goods sold and SG&A, our gross profit rate and SG&A
rate may not be comparable to other retailers' corresponding rates. For additional information regarding costs classified in cost of goods sold and SG&A,
refer to Note 1, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements, included in Item 8, Financial Statements
and Supplementary Data, of this Transition Report on Form 10-K.
(2) Includes both Net earnings (loss) from continuing operations and Net earnings from continuing operations attributable to noncontrolling interests.
(3) Includes both Gain (loss) from discontinued operations and Net loss from discontinued operations attributable to noncontrolling interests.
Fiscal 2013 (11-month) Results Compared With Fiscal 2012 (11-month recast)
For purposes of this section, fiscal 2013 (11-month) represents the 11-month transition period ended February 2, 2013 and
fiscal 2012 (11-month recast) represents the comparable 11-month period ended January 28, 2012.
In fiscal 2013 (11-month), we experienced comparable store sales declines in gaming, computers, televisions and digital
imaging. These declines were partially offset by gains in mobile phones and tablets. The decline in gross profit rate reflects mix
shifts, a price competitive environment and growth in the lower-margin wholesale business in Europe. The increase in SG&A
largely reflected increased field incentive compensation and executive retention and transition costs.
The components of the 2.1% revenue decrease in fiscal 2013 (11-month) were as follows:
Comparable store sales impact (2.8)%
Net store changes (0.2)%
Non-comparable store sales channels(1) 0.6 %
Impact of foreign currency exchange rate fluctuations 0.3 %
Total revenue decrease (2.1)%
(1) Non-comparable store sales channels primarily reflects the impact from revenue we earn from sales of merchandise to wholesalers and dealers, as well as
other non-comparable sales not included within our comparable store sales calculation.
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