Best Buy 2002 Annual Report Download - page 2

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Extending our Leadership
Our Vision: Making Life Fun and Easy
Best Buy Co., Inc. (NYSE: BBY) is North America’s No.1 specialty retailer.
We currently operate Best Buy, the top U.S. retailer of technology and entertainment
products and services with nearly 500 stores; Future Shop, the leading Canadian
retailer of technology and entertainment products and services with 95 stores;
Magnolia Hi-Fi, a 13-store retailer of top-of-the-line consumer electronics in the
Pacific Northwest; Media Play, a retailer of family entertainment software products
with
7
6 stores; On Cue and Sam Goody, which sell movies, music and gaming
products and services for young adults through approximately 850 stores located
in small market strip centers and urban malls; and Suncoast, a mall-based retailer
of movies with approximately 400 stores.
Key wins from fiscal 2002:
•Revenues grew 28 percent to $19.6 billion.
•Earnings increased more than 40 percent to $5
7
0 million.
•Operating margins rose 0.90 percentage points to 4.8 percent
of revenues.
•Comparable store sales gained 1.9 percent.
•We acquired Future Shop, Canada’s leading specialty retailer.
•We opened 62 Best Buy stores, including our entry into Seattle.
•We met our operating goals for Musicland’s first full year of business.
Goals for fiscal 2003:
•Boost revenues and earnings by 1
7
to 21 percent.
•Increase comparable store sales by 3 to 4 percent at our
U.S. stores and
7
to 9 percent at our Canadian stores.
•Open more than 100 stores across our various brands.
•Continue to improve our retail execution and build on our
No.1 relationship with the customer.
•Leverage capabilities and competencies across
the company.