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

Management Discussion & Analysis pg 1 2 3 4 5 6 7 8 9 10 11 12 13 14
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Quarterly Results and Seasonality
Similar to many retailers, our business is seasonal. Revenues and earnings are typically greater during the second half of the fiscal year, which includes the holiday selling season. The timing of new store openings, costs associated with acquisitions and development of new businesses, and general economic conditions also may affect our future quarterly results. 

The following tables show selected unaudited quarterly operating results and high and low prices of our common stock for each quarter of fiscal 2002 and 2001.


 

(1) During the third quarter of fiscal 2002, we acquired the common stock of Future Shop Ltd. Future Shop’s results of operations were included from the date of acquisition.
(2) The fourth quarter of fiscal 2001 included 14 weeks. All other quarters included 13 weeks. Also, during the fourth quarter of fiscal 2001, we acquired the common stock of Musicland Stores Corporation and Magnolia Hi-Fi, Inc. The results of operations of those businesses were included from their dates of acquisition.
(3) Best Buy stores only. The comparable store sales increase for the fourth quarter of fiscal 2002 was based upon the comparable 13-week period for the prior fiscal year. The comparable store sales increase for the fourth quarter of fiscal 2001 was based upon the comparable 14-week period for the prior fiscal year.
(4) The diluted earnings per share amounts above have been restated to reflect a three-for-two stock split, effective on May 10, 2002. Next Page

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