Best Buy 2014 Annual Report Download - page 59

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54
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Best Buy Co., Inc.:
Richfield, Minnesota
We have audited the accompanying consolidated balance sheets of Best Buy Co., Inc. and subsidiaries (the “Company”) as of
February 1, 2014 and February 2, 2013 and the related consolidated statements of earnings, comprehensive income, cash flows,
and changes in shareholders’ equity for the 12 months ended February 1, 2014, the 11 months ended February 2, 2013, and the
12 months ended March 3, 2012. Our audits also included the financial statement schedule listed in the Index at Item 15(a).
These financial statements and financial statement schedule are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Best Buy
Co., Inc. and subsidiaries as of February 1, 2014 and February 2, 2013, and the results of their operations and their cash flows
for the 12 months ended February 1, 2014, the 11 months ended February 2, 2013, and the 12 months ended March 3, 2012, in
conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial
statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly,
in all material respects, the information set forth therein.
As discussed in Note 4 to the consolidated financial statements, during fiscal 2014 the Company completed the sale of their
50% ownership interest in Best Buy Europe and the sale of mindSHIFT Technologies, Inc. The losses from each sale and the
results of each business prior to their respective sale are included in the loss from discontinued operations in the accompanying
financial statements.
As discussed in Note 2 to the consolidated financial statements, effective for fiscal year 2013, the Company changed its fiscal
year end from the Saturday nearest the end of February to the Saturday nearest the end of January. As a result of this change,
fiscal year 2013 was an 11-month transition period beginning March 4, 2012 through February 2, 2013.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the Company’s internal control over financial reporting as of February 1, 2014, based on the criteria established in Internal
Control - Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission
and our report dated March 28, 2014, expressed an unqualified opinion on the Company’s internal control over financial
reporting.
Minneapolis, Minnesota
March 28, 2014