Best Buy 2001 Annual Report Download - page 33

Download and view the complete annual report

Please find page 33 of the 2001 Best Buy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

Best Buy Co., Inc.
34
Quarterly Results and Seasonality
Similar to many retailers, the Company’s business is seasonal. Revenues and earnings are typically greater during the second half
of the fiscal year, which includes the holiday selling season. The timing of new store openings, costs associated with acquisitions
and development of new businesses, and general economic conditions also may affect future quarterly results of the Company.
The following tables show selected unaudited quarterly operating results and high and low prices of the Company’s common stock
for each quarter of fiscal 2001 and 2000.
($ in thousands, except per share amounts)
Quarter 1st 2nd 3rd 4th(1)
Fiscal 2001
Revenues $2,96 3,718 $3,169,171 $3,732,080 $5,461,583
Comparable store sales increase(2) 9.5 % 5.1 % 5.9 % 1.8%
Gross profit $ 605,593 $ 648,7 45 $ 689,041 $1,115,714
O perating income 108,518 115,350 85,013 295,427
N et earnings 72,158 76,748 57,2 63 189,670
Diluted earnings per share .34 .36 .27 .89
Fiscal 2000
Revenues $2,385,4 31 $2 ,686,640 $3 ,107,337 $4,314,6 15
Comparable store sales increase(2) 13.3% 11.1% 9.2% 11.0%
Gross profit $ 46 2,002 $ 530,52 0 $ 590,367 $ 810,540
O perating income 71,701 89,606 122,588 255,364
N et earnings 46,809 58,067 78,389 163,805
Diluted earnings per share .22 .27 .37 .78
(1) The fourth quarter of fiscal 20 01 included 14 weeks. All other quarters included 13 weeks. The comparable store sales increase
for the fourth quarter of fiscal 2001 was based upon the comparable 14-week period for the prior year. Also, during the fourth
quarter of fiscal 2001, the Company acquired the common stock of M usicland Stores Corporation and M agnolia Hi-Fi, Inc. The
results of operations of those businesses are included from their dates of acquisition.
(2) Best Buy stores only.
MD&A