Best Buy 2014 Annual Report Download - page 13

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We are not aware of any federal, state or local provisions that have been enacted or adopted regulating the discharge of
materials into the environment, or otherwise relating to the protection of the environment, that have materially affected, or are
reasonably expected to materially affect, our net earnings or competitive position, or have resulted, or are reasonably expected
to result in, material capital expenditures. See Item 1A, Risk Factors, for additional discussion.
Number of Employees
At the end of fiscal 2014, we employed approximately 140,000 full-time, part-time and seasonal employees worldwide. We
consider our employee relations to be good. We offer our employees a wide array of company-paid benefits that vary within our
company due to customary local practices and statutory requirements, which we believe are competitive in the aggregate
relative to others in our industry.
Available Information
We are subject to the reporting requirements of the Exchange Act and its rules and regulations. The Exchange Act requires us to
file reports, proxy statements and other information with the U.S. Securities and Exchange Commission ("SEC"). We make
available, free of charge on our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as
soon as reasonably practicable after we electronically file these documents with, or furnish them to, the SEC. These documents
are posted on our website at www.investors.bestbuy.com – select the "Financial Performance" link and then the "SEC Filings"
link. In addition, the public may read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100
F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. The SEC also maintains an internet site that contains reports, proxy and information
statements, and other information regarding issuers, such as the Company, that file electronically with the SEC at www.sec.gov.
We also make available, free of charge on our website, our Amended and Restated By-laws, the Corporate Governance
Principles of our Board of Directors ("Board") and our Code of Business Ethics (including any amendment to, or waiver from,
a provision of our Code of Business Ethics) adopted by our Board, as well as the charters of all of our Board's committees:
Audit Committee; Compensation and Human Resources Committee; Finance and Investment Policy Committee; and
Nominating, Corporate Governance and Public Policy Committee. These documents are posted on our website at
www.investors.bestbuy.com – select the "Corporate Governance" link.
Copies of any of the above-referenced documents will also be made available, free of charge, upon written request to Best Buy
Co., Inc. Investor Relations Department at 7601 Penn Avenue South, Richfield, MN 55423-3645.
Item 1A. Risk Factors.
Described below are certain risks that we believe apply to our business and the industry in which we operate. You should
carefully consider each of the following risk factors in conjunction with other information provided in this Annual Report on
Form 10-K and in our other public disclosures. The risks described below highlight potential events, trends or other
circumstances that could adversely affect our business, financial condition, results of operations, cash flows, liquidity or access
to sources of financing, and consequently, the market value of our common stock and debt instruments. These risks could cause
our future results to differ materially from historical results and from guidance we may provide regarding our expectations of
future financial performance. The risks described below are not an exhaustive list of all the risks we face. There may be others
that we have not identified or that we have deemed to be immaterial. All forward-looking statements made by us or on our
behalf are qualified by the risks described below.
We face strong competition from traditional store-based retailers, multi-channel retailers, internet-based businesses, our
vendors and other forms of retail commerce, which directly affects our sales and margins.
The retail business is highly competitive. Price is of primary importance to customers and price transparency and comparability
continues to increase, particularly as a result of digital tools. We compete with many other local, regional, national and
international retailers, as well as certain of our vendors who offer their products directly to consumers. Some of our competitors
have greater market presence and financial resources than we do. The retail industry continues to experience a trend toward an
increase in internet sales, and some internet-only businesses are not required to collect and remit sales taxes in all U.S. states,
which can negatively impact the ability of store-based retailers to be price competitive. In addition, because our business
strategy is based on offering superior levels of customer service utilizing a multi-channel platform, our cost structure is higher
than some of our competitors. Changes in the levels of these various competitive factors may have a significant impact on
consumer demand for our products and services and the margins we can generate from them.