Best Buy 2003 Annual Report Download - page 9

The following table reconciles stores open at the end of fiscal 2002 to the number of stores open at the end of fiscal 2003:
Total Stores at
End of
Fiscal 2002
Stores
Opened
Fiscal 2003
Stores
Closed
Fiscal 2003
Total Stores at
End of
Fiscal 2003
Domestic stores:
U.S. Best Buy stores 481 67 — 548
Magnolia Hi−Fi stores 13 6 — 19
Total Domestic stores 494 73 — 567
International stores:
Future Shop stores 95 9 — 104
Canadian Best Buy stores — 8 — 8
Total International stores 95 17 — 112
Total 589 90 —679
Additional information regarding our Segment Performance is presented in Management’s Discussion and Analysis of Results of
Operations and Financial Condition beginning on page 26 of our Annual Report, incorporated herein by reference. In addition,
selected operating segment financial data is included in note 10 of the Notes to Consolidated Financial Statements on page 62 of our
Annual Report, incorporated herein by reference.
Domestic Segment
U.S. Best Buy Stores
Overview
At the end of fiscal 2003, we operated 548 U.S. Best Buy stores in 48 states. The stores average approximately 44,200 retail square
feet and produce average annual revenue of approximately $37.1 million. U.S. Best Buy stores collectively represent approximately
24.2 million retail square feet, or about 90% of our total retail square footage. During fiscal 2002, U.S. Best Buy stores launched its
latest store concept, which was designed to provide a more flexible architecture, improved merchandising, faster checkout, better
product adjacencies and a more efficient labor model. Most new U.S. Best Buy stores opened in fiscal 2003 incorporated the features
of this latest store format.
The following table reconciles U.S. Best Buy stores open at the beginning and end of each of the last five fiscal years:
Fiscal Year Stores Opened Stores Closed Total Stores at End of Fiscal Year
Balance Forward n.a. n.a. 284
1999 28 1 311
2000 47 1 357
2001 62 — 419
2002 62 — 481
2003 67 — 548
Merchandise
U.S. Best Buy stores offer merchandise in five product categories: consumer electronics, home office, entertainment software,
appliances and “other” products. Consumer electronics, the largest product category based on revenue, consists of video and
audio equipment. Video products include television sets, DVD players, cameras, camcorders, VCRs and digital broadcast
satellite systems. Audio products include car stereos, portable audio equipment, home theater audio systems, audio
components, shelf systems and speakers. The home office category includes desktop and notebook computers and related
peripheral equipment, telephones, wireless communication devices and personal digital assistants. Entertainment software
products include compact discs, video game hardware and software, DVD and VHS movies, and computer software. The
appliance category includes washers, dryers, ranges, refrigerators, freezers and dishwashers, as well as vacuums, microwaves
and housewares. The “other” product category includes extended service contracts, blank recording media, furniture and
other miscellaneous products such as batteries, business cases and storage products.