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To: Duker who wrote (3288)	9/2/1999 9:08:00 AM
From: Duker	Read Replies (2) \| Respond to of 5867

Best Buy Reports Record Second Quarter Sales Digital Products Drive Double-Digit Comps MINNEAPOLIS, Sept. 2 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY - news) today reported record sales for the Company's fiscal 2000 second quarter, ended August 28, 1999. According to Allen Lenzmeier, chief financial officer, sales for the second fiscal quarter were a record $2.687 billion, a 23% increase compared to the $2.182 billion reported in the second quarter last year. For the six-month period, sales were a record $5.073 billion, also a 23% increase compared to the $4.126 billion for the comparable 26 weeks in the previous year. Comparable store sales increased 11.1% for the second quarter on top of the 17.9% increase reported last year. For the first six months, comparable store sales increased 12.2% compared to a 16.7% increase reported for the same period last year. ``Sales of digital products, such as DVD, satellite systems, cameras and camcorders, as well as music and movies, led to Best Buy's seventh consecutive quarter of double-digit comparable store sales gains,' Lenzmeier said. ``The launch of an Internet service provider subsidy offer in early July resulted in strong unit sales of personal computers, particularly entry level models.' Second quarter earnings will be released on Tuesday, September 14, 1999. The retail store sales mix by major product category for the quarter and six-month period was as follows: Quarter Ended Six Months Ended Aug. 28, Aug. 29, Aug. 28, Aug. 29, 1999 1998 1999 1998 Home Office 36% 36% 36% 36% Consumer Electronics 26% 26% 26% 26% Entertainment Software 17% 18% 18% 19% Appliances 11% 11% 10% 10% Other 10% 9% 10% 9% TOTAL 100% 100% 100% 100% In the second quarter, the Company opened 19 stores, including the five new stores in San Francisco and three small market version stores. The Company also expanded four stores to the Concept 4 store format. Approximately 23 new stores are slated to open during the third quarter, including the new markets of San Diego, Calif.; Jacksonville and Tallahassee, Fla.; Richmond and Norfolk, Va.; Rochester and Albany, N.Y.; and Providence, R.I. In addition, Best Buy announced plans to enter the metropolitan New York market with approximately a dozen stores next fiscal year. 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. Best Buy quarterly financial results and news releases can be found on the Internet at the Company's Web site, bestbuy.com , or accessed via PR Newswire's Web site at prnewswire.com . For an immediate faxed copy call ``Company News on Call' by dialing 800-758-5804 and then entering the access code 098313. 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 332 retail locations in 36 states, and offers CDs and DVD movies online at bestbuy.com SOURCE: Best Buy Co., Inc.