.
Best Buy Reports Record First Quarter
Sales For Fiscal 2000; Earnings Expected
to More Than Double Prior Year's First Quarter Results
MINNEAPOLIS, June 3 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY - news) today reported record
sales for the first quarter of the Company's fiscal 2000, ended May 29, 1999.
According to Allen Lenzmeier, chief financial officer, sales for the first fiscal quarter were $2.386 billion,
a 23% increase compared to the $1.944 billion reported in the first quarter last year. Comparable store
sales for the first quarter increased 13.3% on top of the 15.3% reported in the first quarter last year. This
was the sixth consecutive quarter of double digit comparable store sales increases.
''Sales gains in all of our major product categories can be attributed to market share gains and
continued strength in consumer spending led by increased affordability of consumer electronics and
personal computers,'' Lenzmeier said. ''Sales of digital technology products, personal computers, major
appliances and televisions greatly exceeded our expectations for the quarter.''
As a result of the higher than expected sales and continuously improving margins, the Company
expects to report first quarter earnings of approximately 20 cents per diluted share, more than double
the 8 cents reported last year. As of May 30, 1999, analysts' consensus estimate of first quarter
earnings, as reported by First Call, was 12 cents per diluted share. Complete first quarter financial
results will be released before the opening of trading on the New York Stock Exchange on Tuesday,
June 15, 1999.
Best Buy Co., Inc. 1st Quarter FY'00 Sales 6/3/99
The retail store sales mix by major product category for the comparable
quarters was as follows:
Quarter Ended
May 29, 1999 May 30, 1998
Home Office 37% 37%
Consumer Electronics 27% 26%
Entertainment Software 18% 19%
Appliances 9% 9%
Other 9% 9%
TOTAL 100% 100%
In the first quarter, the Company opened stores in Reno, Nevada; Ft. Worth, Texas; and Sacramento,
California; closed one store and relocated one store in Dallas, Texas. Approximately 20 new stores are
slated to open during the second quarter, including the new major markets of San Francisco, California;
and Jacksonville, Florida; and three small market format stores.
Statements made in this news release, other than those concerning historical financial information,
should be considered forward looking and subject to various risks and uncertainties. Such
forward-looking statements are based on management's beliefs and assumptions regarding information
currently available, and are made pursuant to the ''safe harbor'' provisions of the Private Securities
Litigation Reform Act of 1995. The Company's actual results could differ materially from those
expressed in the forward-looking statements. Factors that could cause results to vary include, among
others, those identified in the Company's filings with the Securities and Exchange Commission. The
Company has no obligation to publicly update or revise any of the forward-looking statements that may
be in this news release.
Minneapolis-based Best Buy Co., Inc. is the nation's largest volume specialty retailer of consumer
electronics, personal computers, entertainment software and appliances. The Company operates 313
retail locations in 36 states, and offers CDs and DVD movies online at bestbuy.com .
SOURCE: Best Buy Co.
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