Best Buy 2003 Annual Report Download - page 30

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Condensed Consolidating Statements of Earnings
For the Fiscal Year Ended March 1, 2003
$ in millions
Best Buy
Co., Inc. Guarantor
Subsidiary Non−Guarantor
Subsidiaries Eliminations Consolidated
Revenue $ 1 $ 19,735 $ 2,349 $ (1,139) $ 20,946
Cost of goods sold 1 14,935 1,529 (755) 15,710
Gross profit — 4,800 820 (384) 5,236
Selling, general and administrative expenses 32 4,087 491 (384) 4,226
Operating (loss) income (32) 713 329 — 1,010
Net interest income (expense) 50 (41) (5) — 4
Equity in loss of subsidiaries (36) — — 36 —
(Loss) earnings from continuing operations
before income tax expense (18) 672 324 36 1,014
Income tax expense 8 260 124 — 392
(Loss) earnings from continuing operations (26) 412 200 36 622
Earnings (loss) from discontinued operations,
net of tax 125 — (566) — (441)
Cumulative effect of change in accounting
principle for goodwill, net of tax — — (40) — (40)
Cumulative effect of change in accounting
principle for vendor allowances, net of tax — (40) (2) — (42)
Net earnings (loss) $ 99 $ 372 $ (408) $ 36 $ 99
Condensed Consolidating Statements of Earnings
For the Fiscal Year Ended March 2, 2002
$ in millions
Best Buy
Co., Inc. Guarantor
Subsidiary Non−Guarantor
Subsidiaries Eliminations Consolidated
Revenue $ 3 $ 17,410 $ 1,231 $ (933) $ 17,711
Cost of goods sold 1 13,834 693 (587) 13,941
Gross profit 2 3,576 538 (346) 3,770
Selling, general and administrative expenses 87 2,827 294 (346) 2,862
Operating (loss) income (85) 749 244 — 908
Net interest income (expense) 79 (63) 2 — 18
Equity in earnings of subsidiaries 574 — — (574) —
Earnings from continuing operations before
income tax expense 568 686 246 (574) 926