Letter to Shareholders Company Snapshot Store Count and Map Shareholder Information Directors and Officers Best Buy Review Musicland Review Future Shop Review Magnolia Hi-Fi Review 10-Year Financial Highlights Consolidated Financial Statements Notes to Financial Statements MD&A

Extending our Leadership
      Our Vision: Making Life Fun and Easy

Best Buy Co., Inc. (NYSE: BBY) is North America’s No. 1 specialty retailer. We currently operate Best Buy, the top U.S. retailer of technology and entertainment products and services with nearly 500 stores; Future Shop, the leading Canadian retailer of technology and entertainment products and services with 95 stores; Magnolia Hi-Fi, a 13-store retailer of top-of-the-line consumer electronics in the Pacific Northwest; Media Play, a retailer of family entertainment software products with 76 stores; On Cue and Sam Goody,    
which sell movies, music and gaming products and services for young adults through approximately 850 stores located in small market strip centers and urban malls; and Suncoast, a mall-based retailer of movies with approximately 400 stores.

  
Key wins from fiscal 2002:
  • Revenues grew 28 percent to $19.6 billion.  
  • Earnings increased 40 percent to $570 million.  
  • Operating margins rose 0.90 percentage points to 4.8 percent of revenues.
  • Comparable store sales gained 1.9 percent.
  • We acquired Future Shop, Canada’s leading specialty retailer. 
  • We opened 62 Best Buy stores, including our entry into Seattle. 
  • We met our operating goals for Musicland’s first full year of business.

Goals for fiscal 2003:
  • Boost revenues and earnings by 17 to 21 percent. 
  • Increase comparable store sales by 3 to 4 percent at our U.S. stores and 7 to 9 percent at our Canadian stores. 
  • Open more than 100 stores across our various brands.
     
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  • Continue to improve our retail execution and build on our
    No. 1 relationship with the customer. 
  • Leverage capabilities and competencies across
    the enterprise.