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Fiscal 2003 Best Buy Annual Report

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Fiscal 2003 Best Buy Annual Report cover_JR_pdf 5/13/03 3:49 PM Page 1 Meeting the Challenge Best Buy Co., Inc. Fiscal 2003 Annual Report 7601 Penn Avenue South • Richfield, MN 55423-3645 (612) 291-1000 • www.BestBuy.com © 2003 Best Buy Co., Inc. cover_JR_pdf 5/13/03 2:43 PM Page 2 Shareholder Information Meeting the Challenge General Information Transfer Agent Shareholders may obtain a copy of the most recent For questions regarding your stock certificates — quarter’s financial results by visiting our corporate such as lost certificates, name changes and Our Company successfully met many Web site, www.BestBuy.com, selecting "Investor transfers of ownership — please contact our Key Wins from Fiscal 2003 transfer agent: challenges in fiscal 2003. Our employees Relations" and then "SEC Filings." A Web-based e-mail notification system also is available to stepped up to deliver another year of EquiServe Trust Company, N.A. • We opened 67 U.S. Best Buy stores, alert subscribers to new financial releases, record profits from continuing operations. P.O. Box 43069, Providence, RI 02940-3069 including our entry into Manhattan. SEC filings, upcoming events and other For example, they accepted additional Phone: (800) 446-2617 significant postings. responsibilities triggered by executive • We achieved revenue growth from Hearing impaired: (800) 490-1493 succession. They cut spending and boosted continuing operations of 13 percent, to You also may visit our Web site to obtain product or (781) 575-2692, www.equiserve.com productivity when sales growth slowed. $20.9 billion, bolstered by the opening of information, Company background information and current news, or to add your name to our Dividend Policy They found ways to increase our market new stores. e-mail notification lists. Or, write to: We have not paid dividends historically, and share in digital products in a more pro- • We obtained a 10-percent increase in we have no plans to do so at this time. Best Buy Co., Inc. motional environment. They developed earnings from continuing operations a new small-market store format to extend Investor Relations Department Financial Releases for Fiscal 2004 through effective promotional strategies 7601 Penn Avenue South our organic growth potential. We are proud Conference calls normally are scheduled at and efficiency initiatives. Richfield, MN 55423-3645 of their achievements. 10 a.m., eastern time, for quarterly earnings • We grew digital product sales and online Phone: (612) 291-6111 Fax: (612) 292-4001 and for December revenue releases. All dates and We face another set of challenges in sales, resulting in a comparable store sales Annual Report on Form 10-K times are subject to change without notice. fiscal 2004. We will meet those challenges gain of 2.4 percent from continuing Our Annual Report on Form 10-K is available on June 5, 2003, first-quarter revenue with the creativity, adaptability and leadership operations. our corporate Web site, www.BestBuy.com, on the June 18, 2003, first-quarter earnings of all of our employees. They are our core Sept. 4, 2003, second-quarter revenue • We successfully launched the Best Buy Investor Relations pages under “Financials.” It also growth engine and the reason we enter Sept. 17, 2003, second-quarter earnings brand in Canada. is available by contacting the Securities and the year with such optimism. Exchange Commission. Dec. 4, 2003, third-quarter revenue Dec. 17, 2003, third-quarter earnings General Counsel Jan. 8, 2004, December revenue Minneapolis-based Best Buy Co., Inc. Robins, Kaplan, Miller & Ciresi L.L.P. March 4, 2004, fourth-quarter revenue is North America’s leading specialty retailer March 31, 2004, fourth-quarter earnings Independent Auditors of consumer electronics, personal computers, Shareholders at a Glance entertainment software and appliances. Ernst & Young LLP As of March 1, 2003, the percentage of shares The Company’s subsidiaries operate retail Annual Shareholders’ Meeting beneficially held by directors and executive officers stores and/or Web sites under the names: June 24, 2003, at 10 a.m., (CDT) (23 people) was 19 percent, and Founder and • Best Buy (BestBuy.com) Chairman Richard M. Schulze held 53.6 million Best Buy Corporate Campus - Theater shares beneficially (17 percent of shares • Future Shop (FutureShop.ca) 7601 Penn Avenue South outstanding). Richfield, MN 55423-3645 • Geek Squad (GeekSquad.com) As of December 31, 2003, the number of If you have a proposal for a future meeting, please • Magnolia Hi-Fi (MagnoliaHiFi.com) institutional shareholders was 453. The percentage send it to the Investor Relations Department at our of shares held by institutional shareholders was • Media Play (MediaPlay.com) Corporate Campus in Richfield. The deadline for 64 percent. The top institutional shareholders were: proposals to be considered at the 2004 regular • Sam Goody (SamGoody.com) Fidelity Management & Research, 20.5 million meeting of shareholders is Jan. 22, 2004. shares (6 percent of shares outstanding); AIM • Suncoast (Suncoast.com) Capital Management, 11.4 million shares; State The Company’s subsidiaries reach consumers Street Global Advisors, 7.5 million shares; TIAA through nearly 1,900 retail stores in the CREF Investment Management, 6.7 million shares. United States, Canada, Puerto Rico and Note: Unless otherwise noted, our discussion relates only to the U.S. Virgin Islands. results from continuing operations, and comparisons are with fiscal 2002 results, as adjusted. Die Another Day © 2003 MGM Home Entertainment LLC. All Rights Reserved. theme_JR_pdf 5/13/03 2:31 PM Page 1 Contents 2 Letter to Shareholders 6 U.S. Best Buy Stores 10 International Stores 14 Magnolia Hi-Fi Stores 14 Discontinued Operations 18 Financial Highlights 20 Management’s Discussion and Analysis 42 Consolidated Statements 66 Glossary 68 Directors and Officers 69 Shareholder Information Goals for Fiscal 2004 • Increase revenue by 11 to 13 percent and grow income from continuing operations by 14 to 16 percent. • Open approximately 80 new stores in the United States and Canada. • Improve the operating margin by 10 to 20 basis points. • Increase business with our most profitable customers. • Build our service offerings to provide more complete solutions for our customers. • Gain a larger share of our customers’ entertainment spending through new products, services and subscriptions. • Develop the leadership potential of our employees to achieve these goals. Best Buy Co., Inc. 1 Treasure Planet © Disney theme_JR_pdf 5/13/03 2:31 PM Page 2 Bradbury H. Anderson Vice Chairman and CEO Letter to Shareholders The Company faced – and surmounted – an environment put pressure on our gross profit unusual number of challenges in fiscal 2003. rate. We quickly reacted by reducing back- Before addressing the coming year, I would office spending, curtailing capital expenditures like to recap last year’s events because our and focusing on in-store execution. We also response to the challenges illustrates our accelerated our new-store opening schedule. culture and our values, which have been key As a result, we finished the year with only to our success for nearly 40 years. modest comparable store sales gains, but a double-digit rise in earnings from The first challenge concerned management continuing operations. succession. Founder and Chairman Richard M. Schulze decided to step aside as CEO The third challenge was continued weakness after 36 years of leading the Company. I ad- in sales of desktop computers and CDs, as vanced to CEO in July, and we concurrently well as increased commoditization in many announced a host of internal promotions that product groups. In response, we increased resulted from this change. I am pleased with our assortments of fast-growing digital the seamless transition and with our ability products, including digital, LCD and pro- to fill all of the positions internally. jection TVs; and digital cameras. We found new methods to lower our cost of goods sold, As the new team took office, the second such as using online auctions to procure challenge arose: a precipitous drop in products more cost-effectively and sourcing consumer spending caused comparable more products from manufacturers in China. store sales suddenly to flatten in the second Offering good values helped increase our quarter. Without comparable store sales market share in many digital products, as growth, normal inflation raised our expense evidenced by our comparable store sales rate. At the same time, a more promotional 2 Letter to Shareholders theme_JR_pdf 5/13/03 2:31 PM Page 3 gains, which were higher than those of many Meeting Future Challenges competitors. We performed at this level We meet with confidence the challenges without sacrificing our gross profit rate. ahead of us, including: Product life-cycles in entertainment software, • Marketing our interest in our Musicland coupled with further declines in mall traffic, subsidiary and refocusing our energy on contributed to disappointing holiday results our core businesses; at our Musicland subsidiary. As a result of a pragmatic assessment of the profit potential • Adapting to changes in how consumers of this business, in March 2003 we publicly like to shop, including greater use of announced our intention to sell Musicland. online channels; This business has reduced our historically • Growing comparable store sales by strong return on equity, and we believe that focusing on the customer; concentrating on our core businesses will provide a higher return. Thus, we have • Boosting efficiency to improve our developed four new strategic initiatives results in a difficult economy; to fuel the growth of existing or related • Managing ever-faster product cycles; and businesses and have put on hold any major acquisitions or expansion beyond • Developing the capacity of our people North America. to meet new challenges. We pride ourselves on maintaining a high return on invested capital. In determining our future strategy, we considered not only the challenges ahead but also the highest potential for return. Within that context, we developed a set of four strategic initiatives.
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