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Best Buy Reports Third Quarter
Dec 18, 2002
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Best Buy Co., Inc. reported net earnings of U.S. $85 million, or $0.26 per diluted share, for the quarter ended Nov. 30, 2002, a 5-percent increase compared with $80 million, or 25 cents per diluted share, for the quarter ended Dec. 1, 2001. As reported on Dec. 5, sales for the third quarter of fiscal 2003 increased 16 percent to $5.51 billion from $4.76 billion in the third quarter of fiscal 2002. The sales increase reflected the addition of 68 U.S. Best Buy stores in the preceding 12 months and the inclusion of a full quarter's worth of sales from Future Shop, which was acquired on Nov. 4, 2001. The Company's comparable store sales declined 0.4 percent in the quarter.

Darren Jackson, executive vice president - Finance and CFO, said, "We expect modest growth in comparable store sales at Best Buy stores in the fourth quarter of this fiscal year, as well as a high-teens decline at Musicland stores. International comparable store sales will range from flat to up low single-digits. That would bring us to a total Company comparable store sales figure that is essentially equal to last year's fourth quarter, and up modestly for the fiscal year. In total, we continue to anticipate total sales of $22.8 billion, a 16-percent increase, for the fiscal year."

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