Best Buy Co Inc BBY
Q4 2011 Earnings Call Transcript

Transcript Call Date 03/24/2011

Operator: Good day, ladies and gentlemen. Thank you for standing by. Welcome to Best Buy's Conference Call for the Fourth Quarter of Fiscal 2011. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this call is being recorded for playback, and will be available by 12 pm Eastern Time today.

I would now like to turn the conference call over to Mr. Bill Seymour, Vice President of Investor Relations. Please go ahead, sir.

Bill Seymour - VP, IR: Thank you, Elisha. Good morning, everyone. Thank you for participating in our fiscal 2011 fourth quarter and full year earnings conference call.

We have three speakers for you today. Brian Dunn, our CEO, Mike Vitelli, our Co-President of the Americas, and Jim Muehlbauer, our CFO. After our prepared remarks, I anticipate we will have plenty of time for your questions.

Before I pass the call over to Brian, I'd like to take care of a few housekeeping items. First, we would like to request that callers limit themselves to a single question so that we can include more people in our Q&A session and then as usual the media participating in this call in a listen-only mode.

Let me 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 actual results to differ from management's expectations.

I'd also like to remind you that Best Buy will be having an Analyst and Investor Day at its corporate campus on April 14. If you would like to register for this event or need further information, please contact Investor Relations. For those of you that cannot make it in person, the event will be webcast and available on our IR site. You will also note that our reported results this morning included detailed information regarding the impact of the restructuring activities we announced on February 22nd. I ask that you please refer to our earnings release to understand how our announced restructuring affected our fourth quarter and yearend financial results within our domestic and international segments and across the Company as a whole

The adjusted numbers we will be discussing today do not include these charges. It should not be confused with the GAAP numbers we reported this morning and our earnings release and the GAAP numbers we will report in our 10-K.

For a GAAP to non-GAAP reconciliation of our reported to adjusted results, please refer to the supplemental schedule on Page 12 of this morning's news release. With those housekeeping items aside, I would like to turn the call over to Brian Dunn.

Brian J. Dunn - CEO: Good morning everyone, and thanks for joining us on our fourth quarter and full year earnings call. Before we begin today's discussion, I want to pause and reflect on the horrific events in Japan. We've all been moved by the pictures of destruction in that country and our heartfelt sympathy goes out to the people of Japan and the many vendor partners and friends of Best Buy who live and work there.

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