Best Buy 2003 Annual Report Download - page 25

John C. Walden was named Executive Vice President — Human Capital and Leadership in March 2002. Mr. Walden served as
President of BestBuy.com, Inc. from 1999 to 2002. Prior to joining us in 1999, Mr. Walden served as chief operating officer of
Peapod, Inc., an Internet retailer of groceries. Mr. Walden has also held executive positions with Ameritech Corporation, a
telecommunications company, and Storage Technology Corporation, a maker of data storage products. Earlier he practiced corporate
and securities law with Sidley, Austin, Brown and Wood LLP.
Susan S. Hoff was named Senior Vice President — Public Affairs and Investor Relations Officer in 2000. Since joining us in 1983,
Ms. Hoff has served in various capacities including Vice President of Corporate Communications and Public Relations. She is the
daughter of Founder and Chairman Richard M. Schulze.
Joseph M. Joyce was promoted to Senior Vice President — General Counsel and Assistant Secretary in 1997. Mr. Joyce joined us in
1991 as Vice President — Human Resources and General Counsel. Prior to joining us, Mr. Joyce was with Tonka Corporation, a toy
maker, having most recently served as vice president, secretary and general counsel.
Bruce H. Besanko joined us in April 2002 as Vice President — Finance/Planning & Performance Management. Prior to joining us,
he spent approximately six years with Sears serving in positions of increasing responsibility. Mr. Besanko also brings finance and
treasury experience from Atlantic Richfield Company and more than eight years of service in the United States Air Force in various
leadership roles.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters.
The information set forth under the caption “Common Stock Prices” on page 40 of the Annual Report is incorporated herein by
reference.
The information set forth under the caption “Equity Compensation Plan Information” on page 20 of the Proxy Statement, regarding
securities authorized for issuance under equity compensation plans, is incorporated herein by reference.
Item 6. Selected Financial Data.
The information set forth under the caption “11−Year Financial Highlights” on pages 18 and 19 of the Annual Report, for the fiscal
years 1999 through 2003 is incorporated herein by reference.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation.
The information given under the caption “Management’s Discussion and Analysis of Results of Operations and Financial Condition”
on pages 20 through 41 of the Annual Report is incorporated herein by reference.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Our debt is not subject to material interest−rate volatility risk. The rates on a substantial portion of our debt may be reset, but may not
be more than one percentage point higher than the current rates. If the rates on the debt were to be reset one percentage point higher,
our annual interest expense would increase by approximately $8 million. We do not currently manage the risk through the use of
derivative instruments.
We have market risk arising from changes in foreign currency exchange rates as a result of our acquisition of Future Shop in Canada
in November 2001. At this time, we do not manage the risk through the use of derivative instruments. A 10% adverse change in the
foreign currency exchange rate would not have a significant impact on our results of operations or financial position.
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