Best Buy 2002 Annual Report Download - page 34

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32 MD&A
Quarterly Results and Seasonality
Similar to many retailers, our 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 our future quarterly results.
The following tables show selected unaudited quarterly operating results and high and low prices of our common stock
for each quarter of fiscal 2002 and 2001.
($ in millions, except per share amounts)
Quarter (1) (2) 1st 2nd 3rd 4th
Fiscal 2002
Revenues $3,697 $4,164 $4,756 $6,980
Comparable store sales change(3) (3.1%) 2.8% 1.6% 4.5%
Gross profit $ 846 $ 948 $1,028 $1,608
Operating income 90 148 129 570
Net earnings 55 85 80 350
Diluted earnings per share(4) .17 .26 .25 1.08
Fiscal 2001
Revenues $2,964 $3,169 $3,732 $5,462
Comparable store sales change(3) 9.5% 5.1% 5.9% 1.8%
Gross profit $ 606 $ 648 $ 689 $1,116
Operating income 109 115 85 295
Net earnings 72 77 57 190
Diluted earnings per share(4) .23 .24 .18 .60
(1) During the third quarter of fiscal 2002, we acquired the common stock of Future Shop Ltd. Future Shop’s results of operations were
included from the date of acquisition.
(2) The fourth quarter of fiscal 2001 included 14 weeks. All other quarters included 13 weeks. Also, during the fourth quarter of fiscal
2001, we acquired the common stock of Musicland Stores Corporation and Magnolia Hi-Fi, Inc. The results of operations of those
businesses were included from their dates of acquisition.
(3) Best Buy stores only. The comparable store sales increase for the fourth quarter of fiscal 2002 was based upon the comparable
13-week period for the prior fiscal year. The comparable store sales increase for the fourth quarter of fiscal 2001 was based upon
the comparable 14-week period for the prior fiscal year.
(4) The diluted earnings per share amounts above have been restated to reflect a three-for-two stock split, effective on May 10, 2002.