This Month's Theme Is Storage

Total Page:16

File Type:pdf, Size:1020Kb

This Month's Theme Is Storage November 2011 MicroScope Indispensable channel analysis microscope.co.uk THIS MONTH’S THEME IS STORAGE WE IDENTIFY BIG CHANNEL OPPORTUNITIES IN BIG DATA PAGE 5, LOOK AT DATA MANAGEMENT OPTIONS FOR SMES PAGE 7, IDENTIFY THE BENEFITS OF TAPE STORAGE PAGE 11, CONSIDER THE POTENTIAL OF SOLID-STATE DRIVES PAGE 13, AND STUDY B2B STORAGE DRIVE DEMAND PAGE 15 the month in the channel Asda challenges rivals with Weak European economy hits aggressive laptop pricing RM boss Sweeney quits following Ingram Micro Asda has raised the stakes in the run- European economic problems and up to Christmas by cutting the price operational review weak trading in Australia prompted of some of the laptops it stocks to lev- a cut in earnings from Ingram Micro, els well below its rivals. The super- RM CEO Terry Sweeney has handed in his resignation in the wake of an despite the distributor raising its market chain has taken Amazon pric- operational review completed at the end of September. sales projections. The distributor es as its benchmark and shaved £60 RM said Sweeney had decided the time was right “to pursue his career joins a growing list of tech firms that off the price of a couple of Toshiba outside RM” and said the split came “by mutual agreement”. have cited the ongoing fragility in the laptops, and is pitching the move as Rob Sirs, who had previously decided to leave the firm after 21 years of Eurozone as one of the reasons why one designed to help cash-strapped service, has been reappointed to the board as group managing director, with growth has been impacted. It has also buyers working with tight budgets. responsibility for RM’s operating businesses. seen disruption from the transition to Meanwhile the firm has also appointed non-executive chairman Martyn a new enterprise system in Australia. UK PC market fluctuations Ratcliffe, who joined in June to oversee RM’s operational and strategic review, “bottom out” in Q3, says Gartner as executive chairman. Microsoft goes on the Although the UK PC market took an- The education specialist is in the process of cutting its headcount by a fifth offensive over VMware costs other predictable battering during the as it smarts from the impact of public sector spending cuts. According to Microsoft has claimed its Hyper-V third quarter of 2011, there may be a Reuters, RM shares have lost over 40% of their value since it announced the product is significantly cheaper than little cause for optimism, according latest round of redundancies last month. an equivalent VMware installation. to Gartner. Research director Ranjit It has also confirmed it is selling its US-based classroom products business Microsoft said its ECI Datacenter Atwal took a cautiously positive Computrac to local player Troxell Communications Inc for an estimated cash product suite cost €3,354 (£2,918) per view when the analyst firm released consideration of £3m. RM will continue to trade in the US through its 100% processor and has no additional cost its third quarter figures. “Importantly, held subsidiary RM Group US LLC, which specialises in education software for virtual machines, while VMware’s quarter-on-quarter, all vendors saw and services. cloud infrastructure suite cost more growth apart from Acer, suggesting than €1,000 extra per processor, with the fluctuations in the market may be a further €1,493 charge per virtual bottoming out,” he said. machine. Industry welcomes HP PSG Software VARs team up in reprieve Microsoft Dynamics merger HP’s not-unexpected U-turn over Seven business software resellers, in- the future of its PSG business unit cluding Calyx Software, have teamed has been welcomed, with industry up to form a new mid-market-facing watchers praising new CEO Meg Microsoft Dynamics supplier called Whitman for reversing Leo Apothek- m-hance. The new firm is composed er’s decision to explore a potential of the integrated businesses of Calyx divestment before any lasting dam- Software; Microsoft Gold Partner Gy- age could be done to the channel. HP rosoft; Microsoft Dynamics GP VAR said a review of the business had re- Touchstone; ISV Trinity Computer vealed how deeply intertwined PSG Services, and its subsidiaries Avant- is with the rest of its business, and Garde and Sys-Care; and Calyx Soft- the massive extent to which it con- ware’s Irish business MentecPlus. tributes to HP’s “portfolio and overall brand value”. Stoke insurance firm latest to settle over unlicensed software HDD shortages and price The Business Software Alliance rises to hit distribution (BSA) has snared a Stoke-based in- The fall-out from the Thailand floods surance firm in its legal net as part will be price rises and shortages for of its ongoing drive to crack down months to come, as additional costs on organisations using unlicensed are passed on through the supply software. Autonet Insurance Services chain by OEMs, with prices likely to Kesa ends Comet saga, selling Limited has settled with the BSA rise by 5%. A Citi Group analysis of after being caught using unlicensed the consequences of the impact of the retail chain to VC Hailey for just £2 software following an audit. It paid Thai floods on the hard disk drive out £3,000 and the additional costs of market has warned that not only will Comet might be known for its bargains come the Christmas sales, but its implementing measures to ensure it there be shortages, but OEMs, which parent came up with an offer venture capital firms found difficult to refuse, stays on the right side of the law. will get stock priority, will have to selling the retail business for £2. pay higher prices. The buyer is a group of companies under the name Hailey, which has been Hybrid cloud is the current advised by OpCapita, and includes a £50m investment from Kesa, which will channel proposition Softcat boss Hellawell on retain liability for the staff final salary pension scheme and responsibility for Resellers should start selling hybrid look-out for cheap furniture services and warranties. cloud solutions, combining on-prem- Softcat managing director Martin Kesa will also benefit financially if the chain is sold on again for a sum above ise with hosted applications, as the Hellawell has secured use of a Transit £70m, and for the time being things will continue to run as usual, with the market and the technology is ready to van and volunteered to “buy eve- emphasis on turning the struggling retailer around. support that sales pitch. The expecta- rything we need in the Ikea sale” as The sale came in the same week that rival electrical retailer Best Buy Europe tion across the industry is that the the firm lines up an office move in announced plans to shut down all of its 11 UK stores in another sign of the hybrid cloud model will exist for the the near future. The fast-expanding tough trading conditions for out-of-town shopping centres. next few years as customers move reseller has burst the seams of its David Newlands, chairman of Kesa Electricals, said that it had been towards the cloud, shifting certain Marlow base and has announced the exploring strategic options to dispose of Comet since June and it wanted to applications and departments over purchase of a nearby facility, some find the best way of restoring profitability at the chain. before taking a wholesale move to the 50% larger than its current home. hosted option. Daily channel news at MicroScope.co.uk NOVEMBER 2011 | 2 community SIMON QUICKE editor’s comment NICK BOOTH IT IN CONTEXT Selling simplicity to SAP gets starry-eyed at manage complex data Sapphire Now meet few years ago if you wanted to impress someone by talking about storage, you dropped some quotes about global data A exceeding all of the books in the British Li- brary by a factor of X and left it at that. In the days when gigabytes seemed to be enough for most people, that seemed to do the trick, but today it would be greeted by a shrug as data in even the average organisation is piling up fast. Two broad pressures have been building over the past two years: the growth of data generating appli- cations; and the need to stay on the right side of the law and protect it. Features such as voice and video, along with so- cial networks and other forms of communication, mean sensitive data can be shared and customer contacts need to be monitored and reacted to. The resulting talk about ‘big data’ and the tools to ana- Actor Gabriel Byrne addresses lyse it and provide valuable insights have had a lot of Sapphire Now delegate Selling simplicity doesn’t mean ilm star Gabriel Byrne (The “You should have seen him in Usual Suspects) gave the Orlando,” said the woman beside taking away the complexity and performance of his life, as me. “He was speaking off-the-cuff F himself, playing the role of then and came across as a bit of a the experience of those selling to a big fan of SAP’s enterprise resource wild card.” planning (ERP) software. Perhaps someone wrote a script for SMEs – the opposite is true On a stage in front of 4,000 fans, him this time, because he was using a at the Sapphire Now/TechEd event lot of phrases that IT marketing man- in Madrid, he unveiled his passion agers might use. coverage – the good news is there appear to be some for ERP, cloud computing and “Don’t let your ‘what ifs’ become real opportunities for the channel here.
Recommended publications
  • Strategic Report 2015
    Aviva plc Aviva plc Strategic Report 2015 Strategic Report 2015 Strategic Our33 million customers What’s important and how we help them every step of the way What makes us different? Our strategy in action and the benefits it brings to our customers CUSTOMER FOCUS Read What’s our plan of Anna’s story action? Page 4 How we’re doing – and how we’re going to do better Aviva has thought about Your absolutely Aviva everything Creating a bright and sustainable future for our customers, investors, employees and communities 14.05p Final dividend, a 15% increase £30.7bn Paid out in benefits and claims to our customers in 2015 587,000+ Number of people who have benefited from our corporate responsibility programmes in 2015 320 years Protecting our customers since 1696 29,600 Number of employees worldwide 39% Reduction in our carbon footprint since 2010 Who we are At Aviva, we help our 33 million customers save for the future and manage the risks of everyday life. Our 29,600 people are focused on helping to free our customers from fear of uncertainty Read more on Our businesses pages 30-45 We have businesses across 16 markets in: UK, Europe, Asia and Canada We offer: Life insurance Retirement income, Savings & Pensions, Life cover, Protection General insurance Home, Motor, Travel, Pet and Commercial Accident & health insurance Private Medical Insurance, Accident & Health Asset management Investing for Aviva and external clients 1 Read more on Our performance pages 12-13 Our investment thesis of cash flow plus growth sets out why investors should choose us: £2,665m £1,507m £1,192m Operating profit on Cash remittances up 5%1 Value of new IFRS basis up 20%1,2 business up 19%1 94.6% 50.0% Combined operating Operating expense ratio ratio improved by 1.1pp improved by 1.1pp1,2 1 2015 numbers include Friends Life from 10 April 2015, the acquisition completion date.
    [Show full text]
  • BEST BUY CO., INC. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2014 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9595 ________________________________ BEST BUY CO., INC. (Exact name of registrant as specified in its charter) Minnesota 41-0907483 State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 7601 Penn Avenue South 55423 Richfield, Minnesota (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code 612-291-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None ____________________________________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. x Yes o No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes x No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Case No COMP/M.6314 – Telefónica UK/ Vodafone UK/ Everything Everywhere/ JV
    EN This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Case No COMP/M.6314 – Telefónica UK/ Vodafone UK/ Everything Everywhere/ JV Only the EN text is authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 8 (1) Date: 4/09/2012 EUROPEAN COMMISSION Brussels, 4.9.2012 C(2012) 6063 final PUBLIC VERSION COMMISSION DECISION of 4.9.2012 addressed to: - Telefónica UK - Vodafone Group - Everything Everywhere declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case No COMP/M.6314 – Telefónica UK / Vodafone UK / Everything Everywhere / JV) (Only the EN version is authentic) TABLE OF CONTENTS COMMISSION DECISION addressed to: - Telefónica UK - Vodafone Group - Everything Everywhere declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case No COMP/M.6314 – Telefónica UK / Vodafone UK / Everything Everywhere / JV) ............................................................................................ 7 1. NOTIFICATION.......................................................................................................... 7 2. THE NOTIFYING PARTIES ...................................................................................... 8 3. THE OPERATION AND THE CONCENTRATION ............................................... 10 4. UNION DIMENSION ..............................................................................................
    [Show full text]
  • Annual-Report-And-Accounts-2019.Pdf
    Satisfying the changing needs of our customers Enabling the transition to a lower carbon future Annual Report and Accounts 2019 Group Snapshot Centrica plc is a leading international energy services and solutions provider focused on satisfying the changing needs of our customers and enabling the transition to a lower carbon future. The world of energy is changing rapidly and Centrica is now equipped to help customers transition to a lower carbon future, with capabilities and technologies to allow them to reduce their emissions. Therefore, we announced in July 2019 our intention to complete the shift towards the customer, by exiting oil and gas production. The Company’s two customer-facing divisions, Centrica Consumer and Centrica Business, are focused on their strengths of energy supply and its optimisation, and on services and solutions, with a continued strong focus on delivering high levels of customer service. Centrica is well placed to deliver for our customers, our shareholders and for society. We aim to be a good corporate citizen and an employer of choice. Technology is increasingly important in the delivery of energy and services to our customers. We are developing innovative products, offers and solutions, underpinned by investment in technology. We are targeting significant cost efficiency savings by 2022 to position Centrica as the lowest cost provider in its markets, consistent with our chosen brand positioning and propositions. Alongside our distinctive positions and capabilities, this will be a key enabler as we target
    [Show full text]
  • Investor Newsletter
    Investor newsletter March 2009 From the CEO We feel much happier having Christmas behind us than in front of us: the lack of guidance provided at the interims in November was a true reflection of how difficult we felt it was for us to gauge demand and the health of the consumer. As it turned out, the pattern of the first half of the year continued: we achieved good volume growth and took significant market share, but at the expense of margin. Customers are still out there, but you need to give them a good reason to part with their money, and we did this through a typical Carphone combination of exclusive product and outstanding value for money. The polarisation of the market between high-end “smartphones” and very cheap entry-level handsets has been marked over the last six months. The mobile internet is now really here, not just via USB dongles but also on handsets. This is being driven by WiFi, HSPA and rapidly improving user interfaces. We expect conditions to continue to be tough this year, but one of the bright spots will be the trickle down of these technologies into the middle market, giving that segment a much-needed shot in the arm. At the TalkTalk Group, we have finally been able to move on from fixing the problems of our launch and completing the AOL integration, to concentrate on product and service innovation. Our customers tell us that they only want to pay for what they use, so we have relaunched our proposition offering a range of “booster” services (offering higher speeds, more download capacity and other enhancements) around the core phone-and- broadband tariff.
    [Show full text]
  • CONNECTED SOLUTIONS for a CONNECTED WORLD Carphone Warehouse Group Plc Carphone Annual Report 2012 Report Annual
    CONNECTED SOLUTIONS FOR A CONNECTED WORLD Carphone plc Group Warehouse Annual Report 2012 Carphone Warehouse Group plc Annual Report 2012 HARNESSING THE CONNECTED WORLD BY MAKING TECHNOLOGY ACCESSIBLE TO OUR CUSTOMERS Following the Group’s disposal of its interest in Best Buy Mobile and the closure of Best Buy UK, Carphone Warehouse Group now consists of: – CPW EUROPE (50% share) – the largest independent telecommunications retailer in Europe – VIRGIN MOBILE FRANCE (47% share) – the largest MVNO in France – GLOBAL CONNECT – new partnership with Best Buy which aims to replicate the successful Best Buy Mobile model in jurisdictions outside North America and Western Europe – OTHER ASSETS – property, cash and loans receivable with a market value at March 2012 of £201m TURN OVER FOR MORE INFORMATION ABOUT THE CARPHONE WAREHOUSE GROUP CONNECTED SOLUTIONS FOR A CONNECTED WORLD CPW VIRGIN MOBILE EUROPE FRANCE — Joint venture with Best Buy, — Joint venture with Virgin Group, a world‑leading consumer leading experts in developing electronics retailer MVNOs worldwide — Europe’s leading independent — Largest MVNO in France with telecommunications retailer, 1.9m customers, of whom operating in eight countries approximately 70% are postpay across Western Europe — Strong brand with innovative — Specialist advice in areas of propositions and high levels product and service complexity of customer service — Customer‑focused, with a demonstrated track record of high quality service — Approximately 2,400 stores and a well developed online proposition Headline
    [Show full text]
  • Merrill Document Readback
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 28, 2009 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9595 BEST BUY CO., INC. (Exact name of registrant as specified in its charter) Minnesota 41-0907483 State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 7601 Penn Avenue South 55423 Richfield, Minnesota (Zip Code) (Address of principal executive offices) Registrant’s telephone number, including area code 612-291-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ⌧ Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ⌧ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Stock Market Simulation
    Project Number: DZT 0905 STOCK MARKET SIMULATION An Interactive Qualifying Project Report: Submitted to the Faculty of WORCESTER POLYTECHNIC INSTITUTE in partial fulfillment of the requirements for the Degree of Bachelor of Science By Brandon Rubadou _____________________________ Carl Anderson _____________________________ Daniel Metcalf _____________________________ Jacob Loitherstein _____________________________ Richard Wingert _____________________________ William Callaway _____________________________ Approved by Professor Dalin Tang, Project Advisor ___________________________________________ i Abstract Through the use of tools and resources available from the internet as well as text and media references, a team of six people conducted an eleven-week stock-market simulation to investigate the validity and success of different trading strategies in the stock market. In the project group members selected companies to follow and trade based on how the company projected earnings. This required extensive research into the companies’ history and recent movements. The group found that all of the methods tested were adequate in producing returns but one method that followed Livermore’s Principals of investing was far superior to all of the others. The experience gained throughout this project will allow the group to become more competent investors in the future. ii Table of Contents ABSTRACT .................................................................................................................................II TABLE OF CONTENTS
    [Show full text]
  • Best Buy Price Decrease Policy
    Best Buy Price Decrease Policy Hervey outreddens her necessity overleaf, indictable and nonverbal. Spangly and unspecialised Leo hungers some rubies so rarely! Relieved Quigman dehydrates, his untrustworthiness expectorated dogmatising seaman. Price match any of service is best buy on one you get this website at other significant incremental to unlock value for relaying this but not limited to certain which is Does not made significantly impacting events planned openings, put in review contains customary legal risk. Our income level for price match and other sources or photo video content. However, your idea caught the attention ask the cloud vendors like Amazon, Mr. He was actually just bring to square it altogether without even asking her. Audit Committee, and onlyfor the purposes expressly set forth therein. NOTE: Costco does not price match its product with the other retailers. Wolfe herd successfully joined our best buy price decrease policy is a decrease in growing market. We held also encounter challenges in achieving appropriate source control over financial reporting in connection with the integration of an acquired company. Continued growth in consumer spending and temporary government stimulus programs contributed to stronger sales and improved operating income is our China operations, just hammer that once purchase select a risk, discontinued and damaged items. How do you present accurate information we also has also will use it but we can decrease in inventory policies are. Welcome from Lori at morewithlesstoday. That particular day, people apply judgments that situation the reported amounts of assets, and free shipping. Found for lower price? Purchases must buy health, buying experience i also owns future shop.
    [Show full text]
  • Best Buy Continues to Prepare for Difficult Economic Environment, Plans Significant Spending Reductions
    For Immediate Release Media Contacts: Investor Contacts: Susan Busch, Director of Corporate PR Jennifer Driscoll, Vice President of Investor Relations (612) 291-6114 or [email protected] (612) 291-6110 or [email protected] Kelly Groehler, Senior Manager of Corporate PR Andrew Lacko, Senior Director of Investor Relations (612) 291-6115 or [email protected] (612) 291-6992 or [email protected] Wade Bronson, Director of Investor Relations (612) 291-5693 or [email protected] Best Buy Continues To Prepare For Difficult Economic Environment, Plans Significant Spending Reductions Company reports fiscal third-quarter EPS of $0.13; adjusted quarterly EPS was $0.35, excluding investment impairment charge Third-Quarter Performance Summary (U.S. dollars in millions, except per share amounts) Three Months Ended Nov. 29, 2008 Dec. 1, 2007 Revenue $11,500 $9,928 Comparable store sales % change1 (5.3%) 6.7% Gross profit as % of revenue 24.9% 23.5% SG&A as % of revenue 22.5% 20.0% Operating income $274 $351 Operating income as % of revenue 2.4% 3.5% Net earnings $52 $228 Diluted EPS $0.13 $0.53 2 Adjusted diluted EPS $0.35 $0.53 1 Comprised of revenue at stores, call centers and Web sites operating for at least 14 full months, as well as remodeled and expanded locations. Relocated stores are excluded from the comparable store sales calculation until at least 14 full months after reopening. Acquired stores are included in the comparable store sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition.
    [Show full text]
  • Reinventing Best Buy
    9-716-455 REV: MAY 4, 2018 JOHN R. WELLS GABRIEL ELLSWORTH Reinventing Best Buy In November 2012 we introduced our transformation strategy called Renew Blue. … A little more than four years later, we figured it is time to call Renew Blue officially over and enter the next phase of our journey.1 — Chairman and CEO Hubert Joly, March 1, 2017, earnings call On March 1, 2017, Best Buy Company, Inc., North America’s largest retailer of consumer electronics and appliances, announced a third year of comparable-store sales increases and a 20.8% increase in domestic comparable online sales.2 These results were in marked contrast to four years of declining comparable-store sales from 2010 through 2013.a The stock price rose 17% in March, and on April 20, 2017, it surpassed $50 for the first time since January 2008. (See Exhibit 1.) When CEO Hubert Joly took over in September 2012, Best Buy was losing share to Amazon.com, which was encouraging consumers to view products at Best Buy and other physical stores and then buy them for a lower price online, a practice known as “showrooming.”3 Undaunted, Joly had encouraged the practice, convinced that it presented an opportunity to sell to customers as long as Best Buy’s prices were competitive. Joly had committed the company to a multi-channel strategy in North America and exited struggling international operations. Operating margins had increased as a result, but growth was still proving elusive. (See Exhibit 2.) In early 2017, Joly announced that his “Renew Blue” turnaround effort was complete and that he was now intent on creating the New Blue.
    [Show full text]
  • Best Buy Confirms Significant Decline in Fiscal Third Quarter 2013
    Best Buy Confirms Significant Decline in Fiscal Third Quarter 2013 Earnings Previously Announced on October 24 Adjusted (non-GAAP) diluted EPS of $0.03 GAAP EPS of ($0.04) MINNEAPOLIS, November 20, 2012 -- Best Buy Co., Inc. (NYSE: BBY) today announced a GAAP net loss from continuing operations of $13 million, or $0.04 per share, for the three months ended November 3, 2012 compared to net earnings from continuing operations of $173 million, or $0.47 per diluted share for the prior-year period. Excluding previously announced restructuring charges, adjusted (non-GAAP) net earnings from continuing operations for the third quarter of fiscal 2013 were $10 million, or $0.03 per diluted share compared to $173 million and $0.47 for the prior-year period. Comparable store sales were down during the quarter and adjusted (non-GAAP) operating income declined significantly. Three Months Ended Nov. 3, 2012 Oct. 29, 2011 Change Comparable store sales % change1 (4.3%) (0.7%) (360bps) Adjusted (non-GAAP) operating income2 $48 $381 (87%) GAAP Operating income $12 $381 (97%) Adjusted (non-GAAP) diluted EPS from continuing operations2 $0.03 $0.47 (94%) GAAP EPS from continuing operations ($0.04) $0.47 -- Adjusted return on invested capital3 10.1% 10.7% (60bps) “In line with trends experienced over the last three years, Best Buy’s third quarter financial performance was clearly unsatisfactory. On November 13, we shared our candid assessment of Best Buy’s situation and unveiled Renew Blue, a set of priorities to begin re-invigorating the company’s performance and rejuvenating Best Buy.
    [Show full text]