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Best Buy Co Inc
Stock Symbol: BBY
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Business Description
Best Buy Company, Inc. is specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and commercial Websites under the brand names Best Buy, Media Play, On Cue, Sam Goody, Suncoast, Magnolia Hi-Fi and Future Shop. The Company operates three segments: Best Buy, Musicland and International. Best Buy is primarily a specialty retailer of consumer electronics, home office equipment, entertainment software and appliances. Also included in the Best Buy segment is Seattle-based Magnolia Hi-Fi, a high-end retailer of audio and video products. The Musicland segment is primarily a mall-based retailer of movies, prerecorded music, video games and other entertainment-related products. The International segment consists of Future Shop, a specialty retailer of consumer electronics, home office equipment, entertainment software and appliances with operations in Canada.
Financial Information
BBY sells personal computers and other home office products, consumer electronics, entertainment software, major appliances and related accessories through 481 retail stores. For the 26 weeks ended 8/31/02, revenues rose 22% to $9.59 billion. Net income before accntg. change fell 6% to $132 million. Revenues reflect the addition of new stores and increased same-store sales. Net income was offset by increased selling, general, and administrative expenses.
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