Best Buy 2001 Annual Report Download - page 5

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Best Buy Co. Inc.
2
To fellow shareholders, employees and
community members:
Best Buy has enjoyed phenomenal growth in the past
decade. W e have increased revenues at a compound
annual growth rate of 37 percent by opening stores,
increasing sales at existing stores and taking advantage of
new product cycles. W e have delivered to shareholders
earnings per share growth at a compound annual growth
rate of 44 percent. Consumer preference for our brand,
product assortment and store experience has boosted our
market share and established us as the nation’s leading
retailer of consumer electronics, entertainment software and
personal computers for the home.
W e have the opportunity to continue our national Best Buy
store growth for a number of years; we estimate that we
will have blanketed the country with our yellow tag by
fiscal 2005. W e also stand to benefit from an accelerating
digital product cycle, which is expected to drive consumer
demand for the rest of this decade. As high-speed Internet
access becomes more readily available and as home
networking and entertainment delivery systems converge,
we are uniquely positioned to bring consumersexciting new
technology, including devices, connections and content.
Building Blocks for Grow th
O ur leadership team shares a vision for the Company of
meeting consumers at the intersection of technology and
life. In fiscal 2001, we concluded that this vision required
us to look beyond our large format strategy, which attracts
primarily techno-savvy, fairly young and predominantly
male consumers. After 35 years of outstanding growth,
Richard M. Schulze, Chairman and Chief Executive
Officer, founded Best Buy in 1966.
Letter To Our