Best Buy 2008 Annual Report Download - page 35

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Item 6. Selected Financial Data.
The following table presents our selected financial data. The table should be read in conjunction with Item 7,
Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Item 8, Financial Statements
and Supplementary Data, of this Annual Report on Form 10-K. Certain prior-year amounts have been reclassified to
conform to the current-year presentation. In fiscal 2004, we sold our interest in Musicland. All fiscal years presented reflect
the classification of Musicland’s financial results as discontinued operations.
Five-Year Financial Highlights
$ in millions, except per share amounts
Fiscal Year 2008 2007(1) 2006(2) 2005(3) 2004
Consolidated Statements of Earnings Data
Revenue $40,023 $35,934 $30,848 $27,433 $24,548
Operating income 2,161 1,999 1,644 1,442 1,304
Earnings from continuing operations 1,407 1,377 1,140 934 800
Loss from discontinued operations, net of tax ————(29)
Gain (loss) on disposal of discontinued operations, net of tax — — — 50 (66)
Net earnings 1,407 1,377 1,140 984 705
Per Share Data(4)
Continuing operations $ 3.12 $ 2.79 $ 2.27 $ 1.86 $ 1.61
Discontinued operations ————(0.06)
Gain (loss) on disposal of discontinued operations — — — 0.10 (0.13)
Net earnings 3.12 2.79 2.27 1.96 1.42
Cash dividends declared and paid 0.46 0.36 0.31 0.28 0.27
Common stock price:
High 53.90 59.50 56.00 41.47 41.80
Low 41.85 43.51 31.93 29.25 17.03
Operating Statistics
Comparable store sales gain(5) 2.9% 5.0% 4.9% 4.3% 7.1%
Gross profit rate 23.9% 24.4% 25.0% 23.7% 23.9%
Selling, general and administrative expenses rate 18.5% 18.8% 19.7% 18.4% 18.6%
Operating income rate 5.4% 5.6% 5.3% 5.3% 5.3%
Year-End Data
Current ratio(6)(7) 1.1 1.4 1.3 1.4 1.3
Total assets(6) $12,758 $13,570 $11,864 $10,294 $ 8,652
Debt, including current portion(6) 816 650 596 600 850
Total shareholders’ equity 4,484 6,201 5,257 4,449 3,422
Number of stores
Domestic(8) 971 873 774 694 631
International 343 304 167 144 127
Total(8) 1,314 1,177 941 838 758
Retail square footage (000s)(9)
Domestic(8) 37,511 34,092 30,874 28,513 26,699
International 11,069 9,419 4,652 4,057 3,587
Total(8) 48,580 43,511 35,526 32,570 30,286
(1) Fiscal 2007 included 53 weeks. All other periods presented included 52 weeks.
(2) In the first quarter of fiscal 2006, we early-adopted the fair value recognition provisions of Statement of Financial Accounting
Standards (‘‘SFAS’’) No. 123 (revised 2004), Share-Based Payment (‘‘123(R)’’), requiring us to recognize expense related to the fair
value of our stock-based compensation awards. We elected the modified prospective transition method as permitted by SFAS
No. 123(R) and, accordingly, financial results for years prior to fiscal 2006 have not been restated. Stock-based compensation
expense in fiscal 2008, 2007 and 2006 was $105 ($72 net of tax), $121 ($82 net of tax) and $132 ($87 net of tax), respectively.
Stock-based compensation expense recognized in our financial results for years prior to fiscal 2006 was not significant.
(footnotes continue on following page)
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