Best Buy 1999 Annual Report Download - page 22

E S T U Y O N C
S E L E CT ED CONS OL I DAT E D F I NANCI AL AND OPE R AT I NG DAT A
I S CA L E R I OD (1) 1999 1998 1997 1996 1995
Statement of Earnings Data
Revenues $ 10,0 7 7 ,906 $ 8,358,2 12 $ 7,7 7 0 ,683 $ 7,2 1 7 ,448 $ 5,079,557
Gross profit 1,827,7 83 1,332,1 38 1,058,8 81 936,571 690,393
Selling, general and
administrative expenses 1,463,2 81 1,145,2 80 1,005,6 75 813,988 568,466
Operating income 364,502 1 8 6 ,858 53,206 1 2 2 ,583 12 1 ,927
Earnings before cumulative effect
of accounting change 224,437 94,453 1,748 4 8,019 57,651
Net earnings ( loss) 224,437 94,453 1,748 4 8,019 57,651
Per Share Data(2 )
Earnings before cumulative effect
of accounting change $ 1.07 $ .52 $ .01 $ .28 $ .32
Net earnings ( loss) 1.07 .52 .01 .28 .32
Common stock price: High 49 15 19 ⁄6 4 69⁄16 7 13⁄3 2 11 5⁄16
Low 14 3⁄425⁄32 1 31 ⁄3 2 33⁄16 5 17⁄3 2
Operating and Other Data
Comparable store sales change( 3 ) 1 3.5 % 2.0% ( 4 .7 %) 5 .5 % 1 9.9 %
Number of stores ( end of period) 311 284 272 251 204
Average revenues per store( 4 ) $ 33,7 0 0 $ 29,700 $ 2 9,300 $ 31,1 00 $ 28,400
Gross profit percentage 18.1% 15.9% 13.6% 13.0% 13.6 %
Selling, general and administrative
expense percentage 14.5% 13.7% 12.9% 11.3% 11.2 %
Operating income percentage 3.6% 2.2 % .7 % 1.7% 2 .4%
Inventory turns( 5 ) 6.6x 5.6 x 4 .6x 4.8 x 4.7x
Balance Sheet Data (at period end)
Working capital $ 6 7 6 ,184 $ 676,601 $ 567,45 6 $ 586,841 $ 6 0 9 ,049
Total assets 2,512,4 93 2,056,3 46 1,734,3 07 1,890,8 32 1,5 0 7 ,125
Long-term debt, including
current portion 60,597 2 2 5 ,322 238,016 229,8 5 5 240,9 6 5
Convertible preferred securities – – 2 2 9 ,854 230,000 230,0 0 0 2 30,000
Shareholders’ equity 1,064,1 34 557,746 4 3 8 ,315 431,614 376,122
This table should be read in conjunction with Management’s Discussion and Analysis of Results of Operations and
Financial Condition, beginning on page 22, and the Consolidated Financial Statements and Notes, beginning on page 29.
(1) Fiscal 1990 contained approximately 11 months because the Company changed its fiscal year to a 52/53 week
period ending on the Saturday nearest the end of February. Fiscal 1996 contained 53 weeks. All other periods
presented contained 52 weeks.
(2) Earnings per share is shown on a diluted basis and reflects two-for-one stock splits in March 1999, May 1998 and
April 1994 and a three-for-one stock split in September 1993.
(3) Comparable stores are stores open at least 14 full months.
(4) Average revenues per store are based upon total revenues for the period divided by the weighted average number
of stores open during such period.
(5) Inventory turns are calculated based upon a monthly average of inventory balances.
(6) During fiscal 1994, the Company adopted SFAS No. 109, “Accounting for Income Taxes,” resulting in a cumulative
effect adjustment of ($425) or ($.01) per share.
(7) During fiscal 1991, the Company changed its method of accounting for service plans, resulting in a cumulative
effect adjustment of ($13,997) or ($.15) per share.
$ in thousands, except per share amounts