Best Buy 2008 Annual Report Download - page 109

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$ in millions, except per share amounts or as otherwise noted
13. Supplementary Financial Information (Unaudited)
The following tables show selected quarterly operating results for each quarter and full year of fiscal 2008 and 2007
(unaudited):
Quarter Fiscal
1st 2nd 3rd 4th Year
Fiscal 2008
Revenue $7,927 $8,750 $9,928 $13,418 $40,023
Comparable store sales % change(1) 3.0% 3.6% 6.7% (0.2%) 2.9%
Gross profit $1,892 $2,139 $2,337 $ 3,178 $ 9,546
Operating income 266 401 351 1,143 2,161
Net earnings 192 250 228 737 1,407
Diluted earnings per share(2) 0.39 0.55 0.53 1.71 3.12
Quarter Fiscal
1st 2nd 3rd 4th(3) Year
Fiscal 2007
Revenue $6,959 $7,603 $8,473 $12,899 $35,934
Comparable store sales % change(1) 4.9% 3.7% 4.8% 5.9% 5.0%
Gross profit $1,765 $1,902 $1,995 $ 3,107 $ 8,769
Operating income 337 330 196 1,136 1,999
Net earnings 234 230 150 763 1,377
Diluted earnings per share 0.47 0.47 0.31 1.55 2.79
Note: Certain fiscal year totals may not add due to rounding.
(1) Comprised of revenue at stores, call centers and Web sites operating for at least 14 full months, as well as remodeled and
expanded locations. Relocated stores are excluded from the comparable store sales calculation until at least 14 full months after
reopening. Acquired stores are included in the comparable store sales calculation beginning with the first full quarter following the
first anniversary of the date of the acquisition The calculation of the comparable store sales percentage change excludes the impact
of fluctuations in foreign currency exchange rates. All comparable store sales percentage calculations reflect an equal number of
weeks. The method of calculating comparable store sales varies across the retail industry. As a result, our method of calculating
comparable store sales may not be the same as other retailers’ methods.
(2) The sum of quarterly diluted earnings per share does not equal annual diluted earnings per share in fiscal 2008 due to the impact
of the timing of share repurchases on quarterly and annual weighted-average shares outstanding.
(3) Net earnings in the fourth quarter of fiscal 2007 included income of $19 ($12 net of tax, or $0.02 per diluted share) related to gift
card breakage (gift cards sold where the likelihood of the gift card being redeemed by the customer is remote) for prior fiscal years.
This gift card breakage was recorded as a result of determining our legal obligation with respect to unredeemed gift cards not
reflected in our initial fiscal 2006 gift card breakage recognition. In addition, net earnings in the fourth quarter of fiscal 2007
included income of $20 ($13 net of tax, or $0.03 per diluted share) related to the gain from the sale of our investment in Golf
Galaxy, Inc.
101