)2 5 0 4 : DVKLQJWRQ ' & 6 ( & 8 5 ,7,( 6 $ 1 ' ( ; & + $ 1 * ( & 2 0 0 ...

(Mark One)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2022 OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to

Commission File Number: 1-9595

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota (State or other jurisdiction of incorporation or organization)

41-0907483 (I.R.S. Employer Identification No.)

7601 Penn Avenue South

Richfield, Minnesota (Address of principal executive offices)

55423 (Zip Code)

(612) 291-1000 (Registrant's telephone number, including area code)

N/A (Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Common Stock, $0.10 par value per share

Trading Symbol BBY

Name of exchange on which registered New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (? 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The registrant had 225,168,407 shares of common stock outstanding as of May 31, 2022.

BEST BUY CO., INC. FORM 10-Q FOR THE QUARTER ENDED APRIL 30, 2022

TABLE OF CONTENTS

Part I -- Financial Information

Item 1.

Financial Statements

a) Condensed Consolidated Balance Sheets as of April 30, 2022, January 29, 2022, and May 1, 2021

b) Condensed Consolidated Statements of Earnings for the three months ended April 30, 2022, and May 1, 2021

c) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 30, 2022, and May 1, 2021

d) Condensed Consolidated Statements of Cash Flows for the three months ended April 30, 2022, and May 1, 2021

e) Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended April 30, 2022, and May 1, 2021

f) Notes to Condensed Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II -- Other Information

Item 1.

Legal Proceedings

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 6.

Exhibits

Signatures

Table of Contents

3 3 3 4 5 6 7 8 13 22 23 23 23 23 24 25

2

PART I -- FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets $ in millions, except per share amounts (unaudited)

Assets Current assets

Cash and cash equivalents Short-term investments Receivables, net Merchandise inventories Other current assets

Total current assets Property and equipment, net Operating lease assets Goodwill Other assets Total assets

April 30, 2022

January 29, 2022

$

640 $

2,936 $

-

-

804

1,042

6,258

5,965

613

596

8,315

10,539

2,251

2,250

2,704

2,654

1,385 596

1,384 677

$

15,251 $

17,504 $

Liabilities and equity

Current liabilities

Accounts payable

$

Unredeemed gift card liabilities

Deferred revenue

Accrued compensation and related expenses

Accrued liabilities

Short-term debt

Current portion of operating lease liabilities

Current portion of long-term debt

Total current liabilities

Long-term operating lease liabilities

Long-term debt

Long-term liabilities

Contingencies (Note 10)

Equity

Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none

Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 224.6 million, 227.4 million and 250.4 million shares, respectively

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income

Total equity

Total liabilities and equity

$

5,492 $ 284

1,101 336 771 636 15

8,635 2,121 1,170

558

-

22 -

2,417 328

2,767 15,251 $

6,803 $ 316

1,103 845 946 648 13

10,674 2,061 1,216 533

-

23 -

2,668 329

3,020 17,504 $

NOTE: The Consolidated Balance Sheet as of January 29, 2022, has been condensed from the audited consolidated financial statements.

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

May 1, 2021

4,278 60

850 5,721

359 11,268 2,233 2,563

986 655 17,705

6,360 297 734 493 978 110 654 15

9,641 1,983 1,229

694

25 33 3,762 338 4,158 17,705

3

Condensed Consolidated Statements of Earnings $ and shares in millions, except per share amounts (unaudited)

Revenue Cost of sales Gross profit Selling, general and administrative expenses Restructuring charges Operating income Other income (expense):

Investment income (expense) and other Interest expense Earnings before income tax expense and equity in income of affiliates Income tax expense Equity in income of affiliates Net earnings

Basic earnings per share Diluted earnings per share

Weighted-average common shares outstanding: Basic Diluted

See Notes to Condensed Consolidated Financial Statements.

4

Table of Contents

Three Months Ended

April 30, 2022

May 1, 2021

$

10,647

$

11,637

8,294

8,922

2,353

2,715

1,890

1,988

1

(42)

462

769

(5)

3

(6)

(6)

451

766

110

172

-

1

$

341

$

595

$

1.50

$

2.35

$

1.49

$

2.32

226.8 228.4

253.1 256.7

Condensed Consolidated Statements of Comprehensive Income $ in millions (unaudited)

Net earnings Foreign currency translation adjustments, net of tax Comprehensive income See Notes to Condensed Consolidated Financial Statements.

5

Table of Contents

Three Months Ended

April 30, 2022

May 1, 2021

$

341

$

595

(1)

10

$

340

$

605

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download