| About the Company |
Product Mix | Letter
to Shareholders |
1998 Financial Report
|
Best Buy Fiscal 1998 Annual Report
About the Company
BEST BUY CO., INC.
P.O. Box 9312
Minneapolis, MN 55440-9312
Our Company is devoted to providing our customers the best value on the products they want. More than 175 million customers visit our 284 stores every year. They depend on our noncommissioned sales team to help them choose the right products for their lifestyles. Best Buy is the nation's largest volume specialty retailer selling name-brand consumer electronics, personal computers, entertainment software and appliances. Ranked 199th on the Fortune 500, the Company's stock is traded on the New York Stock Exchange, symbol BBY.
For the Fiscal Year ($ in thousands except per share amounts)
| 1998 | 1997 | 1996 | 1995 | 1994 | |
| Revenues | $8,358,212 | $7,770,683 | $7,217,448 | $5,079,557 | $3,006,534 |
| Net Earnings | $94,453 | $1,748 | $48,019 | $57,651 | $41,285 |
| Earnings Per Share | $1.04 | $.02 | $.55 | $.64 | $.50 |
| At Fiscal Year End | |||||
| Board of Directors | Executive Officers | Support Group Officers | |
| Richard M. Schulze Founder, Chairman and Chief Executive Officer Bradbury H. Anderson Culver Davis, Jr. Elliot S. Kaplan David Stanley Frank D. Trestman Dr. James Wetherbe |
Richard M. Schulze Founder, Chairman and Chief Executive Officer Bradbury H. Anderson Allen U. Lenzmeier Wade R. Fenn Julie M. Engel Robert C. Fox Kevin P. Freeland Marc D. Gordon |
Wayne R. Inouye Sr. Vice President - Marketing, Computers and Home Office Michael P. Keskey Richard L. Lewis George Z. Lopuch Joseph T. Pelano, Jr. Lowell W. Peters Philip J. Schoonover Kenneth R. Weller |
Wayne R. Inouye Sr. Vice President - Marketing, Computers and Home Office Michael P. Keskey Richard L. Lewis George Z. Lopuch Joseph T. Pelano, Jr. Lowell W. Peters Philip J. Schoonover Kenneth R. Weller |
Transfer Agent and Registrar - Harris Trust and Savings Bank
General Counsel - Robins, Kaplan, Miller & Ciresi L.L.P. Minneapolis, Minnesota
Independent Certified Public Accountants - Ernst & Young LLP Minneapolis, Minnesota
Now operating in 32 states, Best Buy opened 13 stores in fiscal 1998. We plan to open 25 stores in fiscal 1999, including entry into the New England area.
| Alabama | 1 |
| Arizona | 8 |
| Arkansas | 3 |
| California | 24 |
| Colorado | 8 |
| Delaware | 1 |
| Florida | 19 |
| Georgia | 10 |
| Illinois | 32 |
| Indiana | 8 |
| Iowa | 5 |
| Kansas | 5 |
| Kentucky | 2 |
| Maryland | 9 |
| Michigan | 17 |
| Minnesota | 14 |
| Missouri | 10 |
| Nebraska | 3 |
| Nevada | 2 |
| New Jersey | 4 |
| New Mexico | 1 |
| North Carolina | 7 |
| North Dakota | 1 |
| Ohio | 19 |
| Oklahoma | 3 |
| Pennsylvania | 9 |
| South Carolina | 4 |
| South Dakota | 1 |
| Tennessee | 1 |
| Texas | 35 |
| Virginia | 7 |
| Wisconsin | 11 |
| Total | 284* |
*As of Feb.28, 1998
Shareholders can obtain an immediate faxed copy of the most recent quarterly financial results by calling Company News On-Call, a division of PR Newswire, at (800) 758-5804. Best Buy’s access number is 098313.
Visit our website for product information, Company background and current news:
http://www.bestbuy.com
Or for copies of our most recent press releases: http://www.prnewswire.com under
“Company News On-Call”
Or write to: Best Buy Co., Inc.
Investor Relations Dept.
P.O. Box 9312
Minneapolis, MN 55440-9312
Form 10-K
The Annual Report as filed on Form 10-K with the Securities and Exchange Commission is
available by calling: (612) 947-2621, or by writing to the above address.
Annual Shareholders’ Meeting
Thurs., June 25, 1998, 3 p.m.
Best Buy World Headquarters
7075 Flying Cloud Drive
Eden Prairie, Minnesota