Best Buy 1999 Annual Report Download - page 34

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CONS OL I DAT E D S T AT E ME NT S OF CHANGE S I N S H ARE H OL DE R S ’ E QU I T Y
AND I NDE PE NDE NT AU DI T OR’S R E POR T
E S T U Y O N C
$ in thousands
D D I T I ON A L
OM M ON A I D N E T A I N E D
T OCK A P I T A L A R N I N GS
Balances at
March 2, 1996 $ 4 ,284 $ 2 3 6 ,392 $ 1 9 0 ,938
Stock options exercised 45 2,695 – –
Tax benefit from stock options exercised – – 2,213 – –
Net earnings – – – – 1,748
Balances at
March 1, 1997 4,329 241,300 192,686
Stock options exercised 134 14,0 5 6 – –
Tax benefit from stock options exercised – – 10,642 – –
Conversion of preferred securities – – 146 – –
Net earnings – – – – 94 ,453
Balances at
February 28, 1998 4,463 266,144 287,139
Stock options exercised 199 21,3 8 1 – –
Tax benefit from stock options exercised – – 40,428 – –
Conversion of preferred securities 509 221,896 – –
May 1998 two-for-one stock split 5,016 ( 5 ,016) – –
Repurchase of common stock ( 6) ( 2 ,456) – –
Net earnings – – – – 224,437
Balances at
February 27, 1999 $ 10,181 $ 542,377 $ 511,576
See notes to consolidated financial statements.
INDEPENDENT AUDITOR’S REPORT
Shareholders and Board of Directors
Best Buy Co., Inc.
We have audited the accompanying consolidated balance sheets of Best Buy Co., Inc. as of February 27, 1999,
and February 28, 1998, and the related consolidated statements of earnings, changes in shareholders’ equity, and
cash flows for each of the three years in the period ended February 27, 1999. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Best Buy Co., Inc. at February 27, 1999, and February 28, 1998, and the consolidated results
of its operations and its cash flows for each of the three years in the period ended February 27, 1999, in conformity
with generally accepted accounting principles.
Minneapolis, Minnesota
March 30, 1999