Best Buy Co Inc BBY
Q1 2010 Earnings Call Transcript

Transcript Call Date 06/15/2010

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's Conference Call for First Quarter Fiscal 2011. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available by 12 p.m. Eastern Time today.

I would now like to turn the conference over to Bill Seymour, Vice President of Investor Relations.

Bill Seymour - VP, IR: Thank you, Luke. Good morning, everyone, and thank you for participating in our fiscal 2011 first quarter earnings conference call.

We have two speakers for you today. First, Brian Dunn, our CEO, will share his thoughts on the first quarter and give you a quick update on what we are seeing the consumer and our plans for the rest of the year. Second, Jim Muehlbauer, our CFO, will recap the financial performance and then provide you with our perspective to how the balance of the year will play out. And finally, after our prepared remarks, I anticipate we will have ample time for your questions. As usual, we have a broad management group here in the room with me today to answer your questions after we make our formal remarks.

Before I pass the call over to Brian, I'd like to take care of a couple housekeeping items. First, we would like to request that callers limit themselves to a single question during the Q&A portion of the call so that we can get to as many questions as possible during the next hour.

Second, I'd like to remind you that comments made by me or by others representing Best Buy may contain forward-looking statements, which are subject to risks and uncertainties. Our SEC filings contain additional information about factors that could cause such actual results to differ from management's expectations.

Third, as usual, the media are participating in this call in a listen-only mode.

And lastly, I'd like to remind you that our fiscal 2010 first quarter results last year included restructuring charges, which impacted our net earnings by $25 million or $0.06 per diluted share.

The balance of our discussion on this morning's call will exclude these charges. That means the comparisons we make will be on an adjusted non-GAAP basis. For a comprehensive GAAP to non-GAAP reconciliation of our reported to adjusted results, please refer to the supplemental schedule on pages 10 of this morning's news release.

With that, I'd like to turn the call over to Brian Dunn.

Brian J. Dunn - CEO: Good morning, everyone, and thanks for joining us on our first quarter earnings conference call. My comments this morning will center on our first quarter performance, what we are seeing from the consumer, the progress we made against our strategic objectives and our focus for the rest of the year.

First things first; while there were some positive signs in our results, this quarter's earnings were below our expectations and that's something I and everyone in this management team take very seriously. There are two primary drivers behind these results.

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