Best Buy 2005 Annual Report Download - page 104
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$ in millions, except per share amounts
Condensed Consolidating Statements of Earnings
For the Fiscal Year Ended February 28, 2004
Best Buy Guarantor Non-Guarantor
Co., Inc. Subsidiaries Subsidiaries Eliminations Consolidated
Revenue $ 16 $21,683 $23,665 $(20,816) $24,548
Cost of goods sold — 17,888 20,790 (20,001) 18,677
Gross profit 16 3,795 2,875 (815) 5,871
Selling, general and administrative expenses 22 3,552 1,354 (361) 4,567
Elimination of intercompany indebtedness (198) — 198 — —
Operating (loss) income (204) 243 1,719 (454) 1,304
Net interest (expense) income (1) (34) 27 — (8)
Equity in earnings (loss) of subsidiaries 1,108 (88) — (1,020) —
Earnings from continuing operations before income
tax expense 903 121 1,746 (1,474) 1,296
Income tax (benefit) expense (304) 80 720 — 496
Earnings from continuing operations 1,207 41 1,026 (1,474) 800
Loss from discontinued operations, net of tax — — (29) — (29)
Loss on disposal of discontinued operations, net of
tax (11) — (55) — (66)
Net earnings $1,196 $ 41 $ 942 $ (1,474) $ 705
88