Best Buy Co Inc BBY
Q1 2014 Earnings Call Transcript

Transcript Call Date 05/21/2013

Operator: Welcome to Best Buy's First Quarter Fiscal 2014 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 call over to Bill Seymour, Vice President of Investor Relations.

Bill Seymour - VP, IR: Good morning, and thank you. Joining me on the call today are Hubert Joly, Our President and CEO; and Sharon McCollam, our CAO and CFO.

As usual, the media are participating in this call in a listen-only mode. This morning's conference call must be considered in conjunction with the press release that we issued earlier today. They both contain non-GAAP financial measures that exclude the impact of certain business events. These non-GAAP financial measures are provided to facilitate meaningful year-on-year comparisons which should not be considered superior to or at the substitute for, it should be not be read in conjunction with the GAAP financial measures for the period. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and an explanation of why these non-GAAP financial measures are useful is discussed in the supplemental schedules in this morning's earnings release.

Today's press release and conference call also include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These statements address the financial condition, results of operation, business initiatives, growth plans and prospects of the Company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the Company's current press release and SEC filings for more information on these risks and uncertainties.

The Company undertakes no obligation to update or revise any forward-looking statements to reflect events, circumstances that may arise after the date of this call. As a reminder, the first quarter of fiscal 2014 was the 13 week quarter versus 14 weeks in fiscal year 2013. The extra week in fiscal 2013 added approximately $735 million in revenue, including $660 million in domestic and $75 million in international and $0.12 in diluted EPS.

It is also important to note that as a result of our previously announced definitive agreement to sell our 50% interest in Best Buy Europe, financial results for that business are now presented as discontinued operations in our financial statements. To assist investors with the financial modeling of this presentation, we have provided recast financial statements by quarter for fiscal years 2012 and 2013 on our Investor Relations website.

I will now turn the call over to Hubert.

Hubert Joly - President and CEO: Thank you, Bill, and good morning, everyone. Thank you for joining us. I would like to begin today with an overview of our first quarter results as well as an update of our Renew Blue priorities. Then I'll turn the call over to Sharon to provide further details.

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