Best Buy Earnings 2020-10-31
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Rev, G Profit, Net Income
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Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the quarterly period ended
OR
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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:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(Address of principal executive offices) |
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(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol | Name of exchange on which registered |
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. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated Filer | Non-accelerated Filer | ||
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Smaller Reporting Company | Emerging Growth Company | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The registrant had
BEST BUY CO., INC.
FORM 10-Q FOR THE QUARTER ENDED OCTOBER 31, 2020
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
$ in millions, except per share amounts (unaudited)
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| October 31, 2020 |
| February 1, 2020 |
| November 2, 2019 | ||||||
Assets |
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Current assets |
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Cash and cash equivalents | $ | |
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Short-term investments |
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Receivables, net |
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Merchandise inventories |
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Other current assets |
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Total current assets |
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Property and equipment, net |
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Operating lease assets |
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Goodwill |
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Other assets |
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Total assets | $ | |
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Liabilities and equity |
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Current liabilities |
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Accounts payable | $ | |
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Unredeemed gift card liabilities |
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Deferred revenue |
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Accrued compensation and related expenses |
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Accrued liabilities |
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Current portion of operating lease liabilities |
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Current portion of long-term debt |
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Total current liabilities |
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Long-term liabilities |
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Long-term operating lease liabilities |
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Long-term debt |
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Contingencies (Note 11) |
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Equity |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive income |
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Total equity |
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Total liabilities and equity | $ | |
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NOTE: The Consolidated Balance Sheet as of February 1, 2020, has been condensed from the audited consolidated financial statements.
See Notes to Condensed Consolidated Financial Statements.
Condensed Consolidated Statements of Earnings
$ and shares in millions, except per share amounts (unaudited)
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| Three Months Ended |
| Nine Months Ended | ||||||||||||
| October 31, 2020 |
| November 2, 2019 |
| October 31, 2020 |
| November 2, 2019 | ||||||||
Revenue | $ | |
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Cost of sales |
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Gross profit |
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Selling, general and administrative expenses |
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Restructuring charges |
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Operating income |
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Other income (expense): |
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Gain on sale of investments |
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Investment income and other |
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Interest expense |
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Earnings before income tax expense |
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Income tax expense |
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Net earnings | $ | |
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Basic earnings per share | $ | |
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Diluted earnings per share | $ | |
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Weighted-average common shares outstanding: |
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Basic |
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Diluted |
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See Notes to Condensed Consolidated Financial Statements.
Condensed Consolidated Statements of Comprehensive Income
$ in millions (unaudited)
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| Three Months Ended |
| Nine Months Ended | ||||||||||||
| October 31, 2020 |
| November 2, 2019 |
| October 31, 2020 |
| November 2, 2019 | ||||||||
Net earnings | $ | |
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Foreign currency translation adjustments, net of tax |
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Cash flow hedges |
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Comprehensive income | $ | |
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See Notes to Condensed Consolidated Financial Statements.
Condensed Consolidated Statements of Cash Flows
$ in millions (unaudited)
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| Nine Months Ended | ||||||
| October 31, 2020 |
| November 2, 2019 | ||||
Operating activities |
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Net earnings | $ | |
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Adjustments to reconcile net earnings to total cash provided by operating activities: |
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Depreciation and amortization |
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Restructuring charges |
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