Best Buy Reports First Quarter Results
May 21, 2015
Non-GAAP Diluted EPS from Continuing Operations of $0.37 GAAP Diluted EPS from Continuing Operations of $0.10 Best Buy Co., Inc. (NYSE: BBY) today announced results for the first quarter (“Q1 FY16”) ended May 2, 2015 as compared to the first quarter (“Q1 FY15”) ended May 3, 2014 . During the quarter, as announced on March 28, 2015 , the company consolidated the Future Shop and Best Buy brands in Canada under the Best Buy brand. This consolidation is expected to have a material impact on all of the Canadian retail stores and the website on a year-over-year basis. As such, all Canadian revenue has been removed from the comparable sales base and International no longer has a comparable metric. Therefore, Enterprise comparable sales will be equal to Domestic comparable sales until International revenue is again comparable on a year-over-year basis. Q1 FY16 Q1 FY15 Enterprise Revenue ($ in millions) $ 8,558 $ 8,639 Domestic segment $ 7,890 $ 7,781 International segment $ 668 $ 858...
Best Buy Announces Retirement of Board Chairman, Hatim Tyabji, Names Hubert Joly as Chairman & CEO
April 13, 2015
Best Buy Co., Inc. (NYSE: BBY) announced today that Board Chairman Hatim Tyabji is retiring from the Board effective June 9, 2015. Tyabji has been a Board member since 1998 and chairman of the Best Buy Board of Directors since 2012. Best Buy President and CEO, Hubert Joly , will succeed Tyabji and take on the additional role of Board chairman. Russell P. Fradin , President and CEO of SunGard and a Best Buy Board member since April 2013, will serve as Lead Independent Director. “My association with Best Buy has been more rewarding than words can express,” Tyabji said. “I have had a front-row seat to one of the most exciting business growth stories in recent times and, more recently, have participated in what I believe will be considered a historic business transformation. It is this transformation, led by my colleague and friend, Hubert Joly that I count as one of the highlights of my long career. Hubert and I have developed a wonderful partnership, and I am delighted he will succeed...