X

Best Buy Reports Fourth Quarter Results

Enterprise Comparable Sales Increased 12.6%

Domestic Comparable Online Sales Increased 89.3%

GAAP Diluted EPS Increased 9% to $3.10

Non-GAAP Diluted EPS Increased 20% to $3.48

Quarterly Dividend Increased 27% to $0.70 per Share

MINNEAPOLIS–(BUSINESS WIRE)–Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week fourth quarter ended January 30, 2021 (“Q4 FY21”), as compared to the 13-week fourth quarter ended February 1, 2020 (“Q4 FY20”).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 FY21

Q4 FY20

FY21

FY20

Revenue ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Enterprise

$

16,937

 

$

15,196

 

$

47,262

 

$

43,638

 

Domestic segment

$

15,400

 

$

13,848

 

$

43,293

 

$

40,114

 

International segment

$

1,537

 

$

1,348

 

$

3,969

 

$

3,524

 

Enterprise comparable sales % change1

 

12.6

%

 

3.2

%

 

9.7

%

 

2.1

%

Domestic comparable sales % change1

 

12.4

%

 

3.4

%

 

9.2

%

 

2.3

%

Domestic comparable online sales % change1

 

89.3

%

 

18.7

%

 

144.4

%

 

17.0

%

International comparable sales % change1

 

14.9

%

 

1.6

%

 

15.0

%

 

(0.5)

%

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating income as a % of revenue

 

6.1

%

 

6.4

%

 

5.1

%

 

4.6

%

Non-GAAP operating income as a % of revenue

 

6.9

%

 

6.5

%

 

5.8

%

 

4.9

%

Diluted Earnings per Share (“EPS”)

 

 

 

 

 

 

 

 

 

 

 

 

GAAP diluted EPS

$

3.10

 

$

2.84

 

$

6.84

 

$

5.75

 

Non-GAAP diluted EPS

$

3.48

 

$

2.90

 

$

7.91

 

$

6.07

 

For GAAP to non-GAAP reconciliations of the measures referred to in the above table, please refer to the attached supporting schedule.

During the fourth quarter, our teams delivered an exceptional customer experience in a safe environment,” said Corie Barry, Best Buy CEO. “They showed amazing flexibility managing extraordinary volume in a dynamic environment. Online sales grew almost 90% to a record $6.7 billion and made up 43% of our total Domestic sales. Our stores played a pivotal role in the fulfillment of these sales, as almost two-thirds of our online revenue was either picked up in store or curbside, shipped from a store or delivered by a store employee. I want to thank our associates across the company for their dedication, ingenuity and resilience in a constantly changing environment.”

Barry continued, “To show our appreciation for their hard work over the past year and in recognition of their ongoing efforts in the face of “pandemic fatigue”, we are paying our employees an additional cash gratitude bonus. In the next few weeks, all hourly US employees will receive $500 if full-time and $200 if part-time. In addition, to help keep employees and customers safe, we are encouraging all employees to get COVID vaccinations as they are available by providing them with paid time off when they receive the vaccine and providing them absence time to be used in the event they develop side effects that warrant their needing to stay home and rest after receiving the vaccination.”

Barry concluded, “During FY21, we managed through the impacts of the pandemic in a way that allowed us to accelerate many aspects of our strategy in order to thrive in what we believe to be a new and forever changed retail environment that is even more digital and puts customers entirely in control of their shopping experience. In FY22, we are accelerating investments to build on that momentum and push even faster in our evolution to a digital-first mindset. This includes areas such as our technology, automation and analytic capabilities, our health initiatives, and continuing to pilot and test new operating formats with our store assets using a more flexible and cross-trained employee base.”

Financial Outlook

Best Buy CFO Matt Bilunas said, “We are confident in our long-term strategic direction and believe we are investing from a position of strength. As it relates to FY22 specifically, the demand for technology remains at elevated levels as we start the year. However, there is a high level of uncertainty related to the impacts of the COVID-19 pandemic that makes it difficult to predict how sustainable these trends will be, including, but not limited to, the timing of administration of the vaccine and the subsequent impact to customer demand and shopping patterns, as well as potential government stimulus actions. We will update our expectations during the year if needed, but our initial FY22 outlook for comparable sales growth in the range of (-2%) to +1% assumes that customers resume or accelerate spend in areas that were slowed during the pandemic, such as travel and dining out, in the back half of the year.”

Although not providing its traditional guidance, the company is providing the following working assumptions:

FY22:

  • Enterprise comparable sales growth of (-2%) to +1%
  • Online sales of approximately 40% of total Domestic sales
  • Enterprise non-GAAP gross profit rate2 slightly below the FY21 rate of 22.4%
  • Enterprise non-GAAP SG&A2 growth rate in the low single-digits
  • Share repurchases of at least $2.0 billion
  • Capital expenditures of $750 million to $850 million

Q1 FY22:

  • Enterprise comparable sales growth of approximately 20%
  • Enterprise non-GAAP gross profit rate2 slightly below the Q1 FY21 rate of 23.0%
  • Enterprise non-GAAP SG&A2 growth of approximately 10%

Domestic Segment Q4 FY21 Results

Domestic Revenue

Domestic revenue of $15.40 billion increased 11.2% versus last year. The increase was primarily driven by comparable sales growth of 12.4%, which was partially offset by the loss of revenue from permanent store closures in the past year.

From a merchandising perspective, the company generated comparable sales growth across most of its categories, with the largest drivers being computing, appliances, gaming, virtual reality and home theater. These growth drivers were partially offset by declines in headphone and mobile phone sales.

Domestic online revenue of $6.66 billion increased 89.3% on a comparable basis, and as a percentage of total Domestic revenue, online revenue increased to 43.2% versus 25.4% last year.

Domestic Gross Profit Rate

Domestic GAAP gross profit rate was 20.9% versus 21.2% last year. On a non-GAAP basis, the gross profit rate was 20.7% versus 21.2% last year. The lower GAAP and non-GAAP gross profit rates were primarily driven by higher supply chain costs as a result of the increased mix of online revenue. The GAAP gross profit rate also included the benefit of a $21 million price-fixing settlement received in relation to products purchased and sold in prior fiscal years.

Domestic Selling, General and Administrative Expenses (“SG&A”)

Domestic GAAP SG&A was $2.15 billion, or 14.0% of revenue, versus $2.05 billion, or 14.8% of revenue, last year. On a non-GAAP basis, SG&A was $2.13 billion, or 13.8% of revenue, versus $2.03 billion, or 14.7% of revenue, last year. Both GAAP and non-GAAP SG&A increased primarily due to: (1) increased incentive compensation expense; (2) increased variable expense related to the higher sales growth, including items such as credit card processing fees; and (3) increased investments in technology and in support of the company’s health initiatives. These items were partially offset by lower store payroll expense.

International Segment Q4 FY21 Results

International Revenue

International revenue of $1.54 billion increased 14.0% versus last year. This increase was primarily driven by comparable sales growth of 14.9% and the benefit of approximately 160 basis points of favorable foreign currency exchange rates. These items were partially offset by lower revenue in Mexico, which was a result of the company exiting operations from the country during the quarter, as previously announced on November 24, 2020. As a result, revenue from Mexico was only included in the company’s Q4 FY21 International comparable sales for the fiscal month of November.

International Gross Profit Rate

International GAAP gross profit rate was 21.6% versus 22.6% last year. On a non-GAAP basis, the gross profit rate was 20.8% versus 22.6% last year. The lower GAAP and non-GAAP gross profit rates were primarily driven by higher supply chain costs as a result of the increased mix of online revenue and a lower percentage of revenue from the higher margin services category. The GAAP gross profit rate also included a $13 million benefit associated with more favorable than expected inventory markdowns in Mexico.

International SG&A

International SG&A was $216 million, or 14.1% of revenue, versus $215 million, or 15.9% of revenue, last year.

Restructuring Charges

Restructuring charges of $142 million in Q4 FY21 included Domestic restructuring of $88 million and International restructuring of $54 million. Domestic restructuring primarily consists of severance and employee-related benefits associated with actions taken to better align the company’s organizational structure with its strategic priorities. International restructuring primarily consists of charges associated with the company’s decision to exit operations in Mexico, which was substantially complete as of January 30, 2021.

Dividends and Share Repurchases

In Q4 FY21, the company returned a total of $392 million to shareholders through share repurchases of $250 million and dividends of $142 million. For the full year, the company returned a total of $880 million to shareholders through dividends of $568 million and share repurchases of $312 million.

Today, the company announced its board of directors approved a 27% increase in the regular quarterly dividend to $0.70 per share. The regular quarterly dividend will be payable on April 8, 2021, to shareholders of record as of the close of business on March 18, 2021.

In addition, the company’s board of directors approved a new $5.0 billion share repurchase authorization, replacing the existing authorization dated February 2019, which had $1.7 billion in repurchases remaining at the end of FY21.

Bond Retirement

In Q4 FY21, the company retired $650 million in 5.5% notes with an original maturity date of March 2021 by exercising its option to redeem the notes at par. These notes were replaced by the net proceeds from the company’s public bond offering completed during Q3 FY21 for $650 million in 1.95% notes due in October 2030.

Conference Call

Best Buy is scheduled to conduct an earnings conference call at 8:00 a.m. Eastern Time (7:00 a.m. Central Time) on February 25, 2021. A webcast of the call is expected to be available at www.investors.bestbuy.com, both live and after the call.

Notes:

(1) On November 24, 2020, the company announced its decision to exit its operations in Mexico. As a result, all revenue from Mexico operations has been excluded from the comparable sales calculation beginning in fiscal December FY21. Comparable sales include revenue from all stores that were temporarily closed or operating an enhanced curbside-only operating model in FY21 as a result of COVID-19. The method of calculating comparable sales varies across the retail industry, including the treatment of store closures as a result of COVID-19. As a result, our method of calculating comparable sales may not be the same as other retailers’ methods. For additional information on comparable sales, please see our most recent Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission, and available at www.investors.bestbuy.com.

(2) A reconciliation of the projected non-GAAP gross profit rate and non-GAAP SG&A, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. These GAAP measures may include the impact of such items as restructuring charges; price-fixing settlements; goodwill impairments; gains and losses on investments; intangible asset amortization; certain acquisition-related costs; and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

Forward-Looking and Cautionary Statements:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, operational investments, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as “anticipate,” “believe,” “assume,” “estimate,” “expect,” “intend,” “foresee,” “project,” “guidance,” “plan,” “outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: the duration and scope of the COVID-19 pandemic and its resurgence and the impact on demand for our products and services, levels of consumer confidence and our supply chain; the effects and duration of steps we have taken and will continue to take in response to the pandemic, including the implementation of our interim and evolving operating model; actions governments, businesses and individuals have taken and will continue to take in response to the pandemic and their impact on economic activity and consumer spending; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; competition (including from multi-channel retailers, e-commerce business, technology service providers, traditional store-based retailers, vendors and mobile network carriers), our expansion strategies, our focus on services as a strategic priority, our reliance on key vendors and mobile network carriers, our ability to attract and retain qualified employees, changes in market compensation rates, risks arising from statutory, regulatory and legal developments, macroeconomic pressures in the markets in which we operate, failure to effectively manage our costs, our reliance on our information technology systems, our ability to prevent or effectively respond to a privacy or security breach, our ability to effectively manage strategic ventures, alliances or acquisitions, our dependence on cash flows and net earnings generated during the fourth fiscal quarter, susceptibility of our products to technological advancements, product life cycle preferences and changes in consumer preferences, economic or regulatory developments that might affect our ability to provide attractive promotional financing, interruptions and other supply chain issues, catastrophic events, health crises, pandemics, our ability to maintain positive brand perception and recognition, product safety and quality concerns, changes to labor or employment laws or regulations, our ability to effectively manage our real estate portfolio, constraints in the capital markets or our vendor credit terms, changes in our credit ratings, any material disruption in our relationship with or the services of third-party vendors, risks related to our exclusive brand products and risks associated with vendors that source products outside of the U.S., including trade restrictions or changes in the costs of imports (including existing or new tariffs or duties and changes in the amount of any such tariffs or duties) and risks arising from our international activities.

A further list and description of these risks, uncertainties and other matters can be found in the company’s annual report and other reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, Best Buy’s Annual Report on Form 10-K filed with the SEC on March 23, 2020 and its Quarterly Reports on Form 10-Q filed with the SEC on May 27, 2020, August 31, 2020 and November 30, 2020. Best Buy cautions that the foregoing list of important factors is not complete, and any forward-looking statements speak only as of the date they are made, and Best Buy assumes no obligation to update any forward-looking statement that it may make.

BEST BUY CO., INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(Unaudited and subject to reclassification)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

January 30, 2021

 

February 1, 2020

 

January 30, 2021

 

February 1, 2020

Revenue

$

16,937

 

 

$

15,196

 

 

$

47,262

 

 

$

43,638

 

Cost of sales

 

13,394

 

 

 

11,961

 

 

 

36,689

 

 

 

33,590

 

Gross profit

 

3,543

 

 

 

3,235

 

 

 

10,573

 

 

 

10,048

 

Gross profit %

 

20.9

%

 

 

21.3

%

 

 

22.4

%

 

 

23.0

%

Selling, general and administrative expenses

2,368

 

 

 

2,268

 

 

 

7,928

 

 

 

7,998

 

SG&A %

 

14.0

%

 

 

14.9

%

 

 

16.8

%

 

 

18.3

%

Restructuring charges

 

142

 

 

 

 

 

 

254

 

 

 

41

 

Operating income

 

1,033

 

 

 

967

 

 

 

2,391

 

 

 

2,009

 

Operating income %

 

6.1

%

 

 

6.4

%

 

 

5.1

%

 

 

4.6

%

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments

 

1

 

 

 

 

 

 

1

 

 

 

1

 

Investment income and other

 

18

 

 

 

14

 

 

 

37

 

 

 

47

 

Interest expense

 

(9)

 

 

 

(14)

 

 

 

(52)

 

 

 

(64)

 

Earnings before income tax expense

 

1,043

 

 

 

967

 

 

 

2,377

 

 

 

1,993

 

Income tax expense

 

227

 

 

 

222

 

 

 

579

 

 

 

452

 

Effective tax rate

 

21.6

%

 

 

22.9

%

 

 

24.3

%

 

 

22.7

%

Net earnings

$

816

 

 

$

745

 

 

$

1,798

 

 

$

1,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

3.15

 

 

$

2.87

 

 

$

6.93

 

 

$

5.82

 

Diluted earnings per share

$

3.10

 

 

$

2.84

 

 

$

6.84

 

 

$

5.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

259.4

 

 

 

259.7

 

 

 

259.6

 

 

 

264.9

 

Diluted

 

263.2

 

 

 

262.4

 

 

 

263.0

 

 

 

268.1

 

BEST BUY CO., INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

(Unaudited and subject to reclassification)

 

 

 

 

 

 

 

 

January 30, 2021

 

February 1, 2020

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

$

5,494

 

 

$

2,229

Receivables, net

 

1,061

 

 

 

1,149

Merchandise inventories

 

5,612

 

 

 

5,174

Other current assets

 

373

 

 

 

305

Total current assets

 

12,540

 

 

 

8,857

Property and equipment, net

 

2,260

 

 

 

2,328

Operating lease assets

 

2,612

 

 

 

2,709

Goodwill

 

986

 

 

 

984

Other assets

 

669

 

 

 

713

Total assets

$

19,067

 

 

$

15,591

 

 

 

 

 

 

 

Liabilities and equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

$

6,979

 

 

$

5,288

Unredeemed gift card liabilities

 

317

 

 

 

281

Deferred revenue

 

711

 

 

 

501

Accrued compensation and related expenses

 

725

 

 

 

410

Accrued liabilities

 

972

 

 

 

906

Short-term debt

 

110

 

 

 

Current portion of operating lease liabilities

 

693

 

 

 

660

Current portion of long-term debt

 

14

 

 

 

14

Total current liabilities

 

10,521

 

 

 

8,060

Long-term operating lease liabilities

 

2,012

 

 

 

2,138

Long-term liabilities

 

694

 

 

 

657

Long-term debt

 

1,253

 

 

 

1,257

Equity

 

4,587

 

 

 

3,479

Total liabilities and equity

$

19,067

 

 

$

15,591

BEST BUY CO., INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in millions)

(Unaudited and subject to reclassification)

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

January 30, 2021

 

February 1, 2020

Operating activities

 

 

 

 

 

 

 

Net earnings

$

1,798

 

 

$

1,541

 

Adjustments to reconcile net earnings to total cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

839

 

 

 

812

 

Restructuring charges

 

254

 

 

 

41

 

Stock-based compensation

 

135

 

 

 

143

 

Deferred income taxes

 

(36)

 

 

 

70

 

Other, net

 

3

 

 

 

21

 

Changes in operating assets and liabilities, net of acquired assets and liabilities:

 

 

 

 

 

Receivables

 

73

 

 

 

(131)

 

Merchandise inventories

 

(435)

 

 

 

237

 

Other assets

 

(51)

 

 

 

16

 

Accounts payable

 

1,676

 

 

 

47

 

Income taxes

 

173

 

 

 

(132)

 

Other liabilities

 

498

 

 

 

(100)

 

Total cash provided by operating activities

 

4,927

 

 

 

2,565

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

Additions to property and equipment

 

(713)

 

 

 

(743)

 

Purchases of investments

 

(620)

 

 

 

(330)

 

Sales of investments

 

546

 

 

 

322

 

Acquisitions, net of cash acquired

 

 

 

 

(145)

 

Other, net

 

(1)

 

 

 

1

 

Total cash used in investing activities

 

(788)

 

 

 

(895)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

Repurchase of common stock

 

(312)

 

 

 

(1,003)

 

Issuance of common stock

 

28

 

 

 

48

 

Dividends paid

 

(568)

 

 

 

(527)

 

Borrowings of debt

 

1,892

 

 

 

 

Repayments of debt

 

(1,916)

 

 

 

(15)

 

Other, net

 

 

 

 

(1)

 

Total cash used in financing activities

 

(876)

 

 

 

(1,498)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

7

 

 

 

(1)

 

Increase in cash, cash equivalents and restricted cash

 

3,270

 

 

 

171

 

Cash, cash equivalents and restricted cash at beginning of period

 

2,355

 

 

 

2,184

 

Cash, cash equivalents and restricted cash at end of period

$

5,625

 

 

$

2,355

 

BEST BUY CO., INC.

SEGMENT INFORMATION

($ in millions)

(Unaudited and subject to reclassification)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

Domestic Segment Results

January 30, 2021

 

February 1, 2020

 

January 30, 2021

 

February 1, 2020

Revenue

$

15,400

 

 

$

13,848

 

 

$

43,293

 

 

$

40,114

 

Comparable sales % change

 

12.4

%

 

 

3.4

%

 

 

9.2

%

 

 

2.3

%

Comparable online sales % change

 

89.3

%

 

 

18.7

%

 

 

144.4

%

 

 

17.0

%

Gross profit

$

3,211

 

 

$

2,931

 

 

$

9,720

 

 

$

9,234

 

Gross profit as a % of revenue

 

20.9

%

 

 

21.2

%

 

 

22.5

%

 

 

23.0

%

SG&A

$

2,152

 

 

$

2,053

 

 

$

7,239

 

 

$

7,286

 

SG&A as a % of revenue

 

14.0

%

 

 

14.8

%

 

 

16.7

%

 

 

18.2

%

Operating income

$

971

 

 

$

878

 

 

$

2,348

 

 

$

1,907

 

Operating income as a % of revenue

 

6.3

%

 

 

6.3

%

 

 

5.4

%

 

 

4.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Segment Non-GAAP Results1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

3,190

 

 

$

2,931

 

 

$

9,699

 

 

$

9,234

 

Gross profit as a % of revenue

 

20.7

%

 

 

21.2

%

 

 

22.4

%

 

 

23.0

%

SG&A

$

2,132

 

 

$

2,034

 

 

$

7,159

 

 

$

7,211

 

SG&A as a % of revenue

 

13.8

%

 

 

14.7

%

 

 

16.5

%

 

 

18.0

%

Operating income

$

1,058

 

 

$

897

 

 

$

2,540

 

 

$

2,023

 

Operating income as a % of revenue

 

6.9

%

 

 

6.5

%

 

 

5.9

%

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

International Segment Results

January 30, 2021

 

February 1, 2020

 

January 30, 2021

 

February 1, 2020

Revenue

$

1,537

 

 

$

1,348

 

 

$

3,969

 

 

$

3,524

 

Comparable sales % change

 

14.9

%

 

 

1.6

%

 

 

15.0

%

 

 

(0.5)

%

Gross profit

$

332

 

 

$

304

 

 

$

853

 

 

$

814

 

Gross profit as a % of revenue

 

21.6

%

 

 

22.6

%

 

 

21.5

%

 

 

23.1

%

SG&A

$

216

 

 

$

215

 

 

$

689

 

 

$

712

 

SG&A as a % of revenue

 

14.1

%

 

 

15.9

%

 

 

17.4

%

 

 

20.2

%

Operating income

$

62

 

 

$

89

 

 

$

43

 

 

$

102

 

Operating income as a % of revenue

 

4.0

%

 

 

6.6

%

 

 

1.1

%

 

 

2.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Segment Non-GAAP Results1

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

319

 

 

$

304

 

 

$

876

 

 

$

814

 

Gross profit as a % of revenue

 

20.8

%

 

 

22.6

%

 

 

22.1

%

 

 

23.1

%

SG&A

$

216

 

 

$

215

 

 

$

689

 

 

$

712

 

SG&A as a % of revenue

 

14.1

%

 

 

15.9

%

 

 

17.4

%

 

 

20.2

%

Operating income

$

103

 

 

$

89

 

 

$

187

 

 

$

102

 

Operating income as a % of revenue

 

6.7

%

 

 

6.6

%

 

 

4.7

%

 

 

2.9

%

(1)

For GAAP to non-GAAP reconciliations, please refer to the attached supporting schedule titled Reconciliation of Non-GAAP Financial Measures.

Contacts

Investor Contact:
Mollie O’Brien

mollie.obrien@bestbuy.com

Media Contact:
Jeff Haydock

jeff.haydock@bestbuy.com

Read full story here

Categories: News
Staff: