Best Buy 2003 Annual Report Download - page 137
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EXHIBIT 13.1
11−Year Financial Highlights
$ in millions, except per share amounts
Fiscal Year(1) 2003(2) 2002(3) 2001(3) 2000 1999 1998
Statement of Earnings Data
Revenue $ 20,946 $ 17,711 $ 15,189 $ 12,494 $ 10,065 $ 8,338
Gross profit 5,236 3,770 3,012 2,393 1,815 1,312
Selling, general and administrative
expenses 4,226 2,862 2,401 1,854 1,464 1,146
Operating income 1,010 908 611 539 351 166
Earnings (loss) from continuing
operations 622 570 401 347 216 82
Loss from discontinued operations, net of
tax (441) — (5) — — —
Cumulative effect of change in
accounting principles, net of tax(2) (82) — — — — —
Net earnings (loss) 99 570 396 347 216 82
Per Share Data(4)
Continuing operations $ 1.91 $ 1.77 $ 1.26 $ 1.09 $ 0.69 $ 0.30
Discontinued operations (1.36) — (0.02) — — —
Cumulative effect of accounting changes (0.25) — — — — —
Net earnings (loss) 0.30 1.77 1.24 1.09 0.69 0.30
Common stock price:
High 53.75 51.47 59.25 53.67 32.67 10.20
Low 16.99 22.42 14.00 27.00 9.83 1.44
Operating Statistics
Comparable store sales change(5) 2.4% 1.9% 4.9% 11.1% 13.5% 2.0%
Gross profit rate 25.0% 21.3% 19.8% 19.2% 18.0% 15.7%
Selling, general and administrative
expense rate 20.2% 16.2% 15.8% 14.8% 14.5% 13.7%
Operating income rate 4.8% 5.1% 4.0% 4.3% 3.5% 2.0%
Year−End Data
Working capital(6) $ 1,074 $ 895 $ 214 $ 453 $ 662 $ 666
Total assets(6) 7,663 7,367 4,840 2,995 2,532 2,070
Long−term debt, including current
portion(6) 834 820 296 31 61 225
Convertible preferred securities — — — — — 230
Shareholders’ equity 2,730 2,521 1,822 1,096 1,034 536
Number of stores
U.S. Best Buy stores 548 481 419 357 311 284
Magnolia Hi−Fi stores 19 13 13 — — —
Musicland stores 1,195 1,321 1,309 — — —
International stores 112 95 — — — —
Total retail square footage (000s)
U.S. Best Buy stores 24,243 21,599 19,010 16,205 14,017 12,694
Magnolia Hi−Fi stores 189 133 133 — — —
Musicland stores 8,305 8,806 8,772 — — —
International stores 2,375 1,923 — — — —
18
$ in millions, except per share amounts