The following table presents our selected financial data. The table should be read in conjunction with Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
Five-Year Financial Highlights
$ in millions, except per share amounts
12-Month
11-Month
Fiscal Year
2017(1)
2016(2)
2015(3)
2014(4)
2013(5)(6)
Consolidated Statements of Earnings Data
Revenue
$
39,403
$
39,528
$
40,339
$
40,611
$
38,252
Operating income
1,854
1,375
1,450
1,144
90
Net earnings (loss) from continuing operations
1,207
807
1,246
695
(259
)
Gain (loss) from discontinued operations
21
90
(11
)
(172
)
(161
)
Net earnings (loss) including noncontrolling interests
1,228
897
1,235
523
(420
)
Net earnings (loss) attributable to Best Buy Co., Inc. shareholders
1,228
897
1,233
532
(441
)
Per Share Data
Net earnings (loss) from continuing operations
$
3.74
$
2.30
$
3.53
$
2.00
$
(0.76
)
Net gain (loss) from discontinued operations
0.07
0.26
(0.04
)
(0.47
)
(0.54
)
Net earnings (loss)
3.81
2.56
3.49
1.53
(1.30
)
Cash dividends declared and paid
1.57
1.43
0.72
0.68
0.66
Common stock price:
High
49.40
42.00
40.03
44.66
27.95
Low
26.10
25.31
22.30
13.83
11.20
Operating Statistics
Comparable sales gain (decline)(7)
0.3
%
0.5
%
0.5
%
(1.0
)%
(2.7
)%
Gross profit rate
24.0
%
23.3
%
22.4
%
23.1
%
23.6
%
Selling, general and administrative expenses rate
19.2
%
19.3
%
18.8
%
20.0
%
20.7
%
Operating income rate
4.7
%
3.5
%
3.6
%
2.8
%
0.2
%
Year-End Data
Current ratio(8)
1.5
1.4
1.5
1.4
1.1
Total assets
$
13,856
$
13,519
$
15,245
$
13,990
$
16,774
Debt, including current portion
1,365
1,734
1,613
1,647
2,290
Total equity
4,709
4,378
5,000
3,989
3,715
Number of stores
Domestic
1,363
1,415
1,448
1,495
1,503
International
212
216
283
284
276
Total
1,575
1,631
1,731
1,779
1,779
Retail square footage (000s)
Domestic
40,828
41,216
41,716
42,051
42,232
International
4,511
4,543
6,470
6,636
6,613
Total
45,339
45,759
48,186
48,687
48,845
(1)
Included within net earnings (loss) from continuing operations and net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2017 includes $161 million ($100 million net of taxes) due to cathode ray tube (CRT) and LCD litigation settlements reached, net of related legal fees and costs. Settlements relate to products purchased and sold in prior fiscal years. Refer to Note 12, Contingencies and Commitments, in the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
(2)
Included within operating income and net earnings (loss) from continuing operations for fiscal 2016 is $201 million ($159 million net of taxes) of restructuring charges from continuing operations recorded in fiscal 2016 related to measures we took to restructure our business. Net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2016 includes restructuring charges (net of tax and noncontrolling interest) from continuing operations. Refer to Note 4, Restructuring Charges, in the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.
(3)
Included within net earnings (loss) from continuing operations and net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2015 includes $353 million due to a discrete benefit related to reorganizing certain European legal entities.
(4)
Included within operating income and net earnings (loss) from continuing operations for fiscal 2014 is $149 million ($95 million net of taxes) of restructuring charges from continuing operations recorded in fiscal 2014 related to measures we took to restructure our business. Net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2014 includes restructuring charges (net of tax and noncontrolling interest) from continuing operations.
(5)
Fiscal 2013 (11-month) included 48 weeks. All other periods presented included 52 weeks.
(6)
Included within our operating income and net earnings (loss) from continuing operations for fiscal 2013 (11-month) is $415 million ($268 million net of taxes) of restructuring charges from continuing operations recorded in fiscal 2013 (11-month) related to measures we took to restructure our business. Also included in net earnings (loss) from continuing operations for fiscal 2013 (11-month) is $614 million (net of taxes) of goodwill impairment charges primarily related to Best Buy Canada. Included in gain (loss) from discontinued operations is $23 million (net of taxes) of restructuring charges primarily related to Best Buy Europe and $207 million (net of taxes) of goodwill impairment charges related to Five Star. Net earnings (loss) attributable to Best Buy Co., Inc. shareholders for fiscal 2013 (11-month) includes restructuring charges (net of tax and noncontrolling interest) from continuing operations and the net of tax goodwill impairment.
(7)
Our comparable sales calculation compares revenue from stores, websites and call centers operating for at least 14 full months, as well as revenue related to certain other comparable sales channels for a particular period to the corresponding period in the prior year. Relocated stores, as well as remodeled, expanded and downsized stores closed more than 14 days, are excluded from the comparable sales calculation until at least 14 full months after reopening. Acquisitions are included in the comparable sales calculation beginning with the first full quarter following the first anniversary of the date of the acquisition. The Canadian brand consolidation, which included the permanent closure of 66 Future Shop stores, the conversion of 65 Future Shop stores to Best Buy stores and the elimination of the Future Shop website, had a material impact on a year-over-year basis on the remaining Canadian retail stores and the website. As such, from the first quarter of fiscal 2016 through the third quarter of fiscal 2017, all Canadian store and website revenue was removed from the comparable sales base and the International segment no longer had a comparable metric. Therefore, Consolidated comparable sales equaled the Domestic segment comparable sales. Beginning in the fourth quarter of fiscal 2017, we resumed reporting International comparable sales as revenue in the International segment was once again deemed to be comparable and, as such, Consolidated comparable sales are once again equal to the aggregation of Domestic and International comparable sales.
(8)
The current ratio is calculated by dividing total current assets by total current liabilities.
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