Best Buy 2011 Annual Report Download - page 45

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The following table reconciles our International segment stores open at the end of each of the last three fiscal years:
Fiscal 2009 Fiscal 2010 Fiscal 2011
Total Stores Total Stores Total Stores
at End of Stores Stores at End of Stores Stores at End of
Fiscal Year Opened Closed Fiscal Year Opened Closed Fiscal Year
Best Buy Europe — small box(1) 2,465 82 (94) 2,453 86 (99) 2,440
Best Buy Europe — big box(2) ——— — 6— 6
Canada
Future Shop 139 5 — 144 2 — 146
Best Buy 58 6 — 64 7 — 71
Best Buy Mobile 3 1 — 4 6 — 10
China
Five Star 164 6 (12) 158 12 (4) 166
Best Buy(3) 51— 62— 8
Mexico
Best Buy 1 4 — 5 1 — 6
Turkey
Best Buy(3) —1— 11— 2
Total International segment stores 2,835 106 (106) 2,835 123 (103) 2,855
(1) Represents The Carphone Warehouse and The Phone House small-format stores.
(2) Represents Best Buy branded large-format stores in the U.K.
(3) On February 21, 2011, we announced plans to exit the Turkey market and restructure the Best Buy branded stores in China during
fiscal 2012.
Fiscal 2011 Results Compared With Fiscal 2010
While challenging economic conditions persisted in fiscal 2011 in many of the countries in which we operate, our
International segment continued to grow revenue and experienced a comparable store sales gain for the year. A decline in
operating income was due principally to the impact of the restructuring activities in fiscal 2011. Excluding the impact of
foreign currency exchange rate fluctuations, the International segment experienced gross profit improvements with only a
modest increase in SG&A. Continued growth in consumer spending and temporary government stimulus programs
contributed to stronger sales and improved operating income in our China operations, particularly in our Five Star
business. Our Canada operations faced many of the same market conditions and factors affecting the U.S. consumer
electronics industry, with the adoption of new technology and the timing of product life-cycles continuing to play an
important role in revenue trends. Similarly, our Europe operations saw the impacts from a constrained economy, but
continued to benefit from higher Best Buy Mobile profit share-based management fees paid in fiscal 2011.
The 5.7% increase in revenue for fiscal 2011 was due to the positive impact of foreign currency exchange rate fluctuations
(mainly related to the Canadian dollar), the impact of net new stores opened during fiscal 2011, and a 2.4% comparable
store sales gain, partially offset by the impact of having one less week of revenue in Europe and a decline in sales in non-
comparable sales channels. The increase in comparable store sales in fiscal 2011 was the result of gains in China and
Europe, partially offset by a decline in Canada.
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