Best Buy 2001 Annual Report Download - page 2

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Best Buy Co., Inc.
1
Achieving Record Results
Highlights of our performance in fiscal 2001 include:
• Sales increased 23 percent to a record $15.3 billion.
• Net earnings rose 14 percent to a record $396 million.
• We created $138 million in EVA.
• We opened 62 Best Buy stores, including our entry into the New York area.
• We announced our planned expansion into Canada.
• We completed the acquisition of Musicland Stores Corporation, including its
four brands: Media Play, On Cue, Sam Goody and Suncoast.
• We acquired Magnolia Hi-Fi, Inc., which operates 13 stores featuring high-end
home theater products.
• Sales of digital products grew 50 percent to represent 15 percent of sales for
the fourth quarter.
• We launched BestBuy.com, helping to define “clicks and mortar” retailing.