Best Buy Reports Increases
Best Buy Co., Inc. has reported earnings from continuing operations of $522 million, or $1.55 per diluted share, for the quarter ended Feb. 26, 2005. This represents an increase of 11 percent compared with last year's numbers for the same time period.
"We had our strongest revenue gains of the quarter in February, which allowed us to post quarterly same-store sales stronger than the trend we saw in December," says Brad Anderson, vice chairman and CEO of Best Buy. "We are proud of another year of double-digit growth in our bottom line, particularly as we invest in the transformation of our company. We believe so deeply in this transformation that we are going to accelerate it in fiscal 2006. We are planning for all of our U.S. Best Buy stores to convert to our customer-centric operating model within three years."
These financial results compare with a median analyst consensus March 31, 2005 of $1.55 per diluted share, which the company believes excluded the net $0.04 per share of dilution resulting from the impact of a lease accounting adjustment, a sales return liability adjustment, its adoption of including contingently convertible debt in diluted earnings per share computations, as well as the decrease in the company's effective tax rate due to various state and federal tax matters.