Best Buy Co Inc BBY
Q4 2013 Earnings Call Transcript

Transcript Call Date 03/01/2013

Operator: Welcome to Best Buy's Fourth Quarter Fiscal 2013 Earnings Conference Call. 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.

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

Bill Seymour - VP, IR: Good morning, and thank you for joining us on our fiscal fourth quarter 2013 conference call. As usual, the media are 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 regarding what we will expect, plan, or intend to do in the upcoming year and beyond. It is important to keep in mind that any such statements remain 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-K. For GAAP to non-GAAP reconciliations of our reported to adjusted results and guidance, please refer to the supplemental schedule in this morning's news release.

As a reminder, to assist you with your modeling fiscal 2013 was a 53-week year versus 52 weeks in fiscal 2012. The extra week in fiscal 2013 was in the first quarter. The extra week of fiscal '13 added approximately $700 million or 1.5% in revenue or $0.12 or 3% in non-GAAP EPS.

Now, I'd like to turn the call over to Hubert Joly, our President and CEO.

Hubert Joly - President and CEO: Good morning, everyone, and thank you for joining us. I would like to begin today with an overview of our fourth quarter results and our priorities for fiscal 2014. Then I will turn the call over to Sharon McCollam, our new Chief Administrative and Chief Financial Officer, to provide further details.

But before we get started, I'd like to officially introduce Sharon to all of you in her new role. As many of you know, Sharon joined us in early December. She came out of retirement after serving for many years as the Chief Operating and Chief Financial Officer with Williams-Sonoma. Since she joined us we've expanded her role, and she is now leading our finance, IT, real estate, and supply chain operations. Now, of course, her in-depth expertise in these areas has made her an instantly powerful contributor to our transformation and we are thrilled that she is here. So welcome, Sharon.

I would now like to talk about our better than expected results for the fourth quarter. Our revenue growth of 0.2%, we delivered non-GAAP diluted earnings per share of $1.64. Adjusted free cash flow for the year reached $965 million, as we aggressively reduced inventories and focused on working capital and cash flow management. We ended the year with $1.8 billion in cash.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.