Best Buy Co Inc BBY
Q2 2013 Earnings Call Transcript

Transcript Call Date 08/21/2012

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Best Buy's Conference Call for the Second Quarter of Fiscal 2013. 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 12.00 pm Eastern Time today.

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

Bill Seymour - VP, IR: Good morning, everyone. Thank you for joining us on our fiscal second quarter 2013 conference call. We have two speakers today Mike Mikan, our Interim CEO; and Jim Muehlbauer, our CFO. After our prepared remarks, we will be happy to take Q&A. A few items before we get started. As usual, the media are participating in this call on 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. Please note that our reported results this morning include non-GAAP financial measures. These results should not be confused with the GAAP numbers we reported this morning in our earnings release or with the GAAP numbers we will report in our 10-Q. For GAAP to non-GAAP reconciliations of a reported to adjusted results in guidance, please refer to the supplemental schedules in this morning's news release.

Now, I'd like to turn the call over to Mike.

Mike Mikan - Interim CEO: Thanks Bill and thanks to all for joining the call. Last spring, Best Buy's Board of Directors established and independent search process to name a successor to former CEO, Brian Dunn who resigned in April. That process has been conducted thoroughly and with great care and has resulted in the Board's decision, announced yesterday to name Hubert Joly, as Best Buy's new Chief Executive.

We're all very excited about the prospect of Hubert joining this organization. Hubert brings tremendous experience to the job. He served the last eight years at Carlson, a global company based right here in Minneapolis. He's got local roots but he's also got a great deal of international experience and he has specific experience in corporate turnarounds, exactly what Best Buy needs at this moment. Over the last three months, Best Buy's management team has worked to define opportunities, initiatives and actions to move the Company forward. Hubert will inherit a good deal of advanced work on that front. The team has begun to confront the challenges Best Buy faces.

We have examined ways to expand our services and digital offerings while reducing costs and cutting square footage. This work will be shared with the company's new CEO as he comes on board. I know you will understand it would not be fair to him to discuss the details today. Well rest assured the work will be shared with you there as he transitions into the Company.

I along with the full executive team will do everything we can do to ensure a smooth transition to provide continuity of leadership and to make sure he has the benefit of the good work done to-date so that he hits the ground running.

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