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Homework answers / question archive / Analysis and Interpretation of Profitability Balance sheets and income statements for Best Buy Co
Analysis and Interpretation of Profitability
Balance sheets and income statements for Best Buy Co., Inc. follow.
| Consolidated Statements of Earnings | |||
|---|---|---|---|
| For Fiscal Years Ended ($ millions) | February 27, 2010 | February 28, 2009 | March 1, 2008 |
| Revenue | $ 49,694 | $ 45,015 | $ 40,023 |
| Cost of goods sold | 37,534 | 34,017 | 30,477 |
| Restructuring charges - cost of goods sold | -- | -- | -- |
| Gross Profit | 12,160 | 10,998 | 9,546 |
| Selling, general and administrative expenses | 9,873 | 8,984 | 7,385 |
| Restructuring charges | 52 | 78 | -- |
| Goodwill and tradename impairment | -- | 66 | -- |
| Operating income | 2,235 | 1,870 | 2,161 |
| Other income (expense) | |||
| Investment income and other | 54 | 35 | 129 |
| Investment impairment | -- | (111) | -- |
| Interest expense | (94) | (94) | (62) |
| Earnings before income tax expense and equity in income of affiliates | 2,195 | 1,700 | 2,228 |
| Income tax expense | 802 | 674 | 815 |
| Equity in income of affiliates | 1 | 7 | (3) |
| Net earnings including noncontrolling interest | 1,394 | 1,033 | 1,410 |
| Net income attributable to noncontrolling interest | (77) | (30) | (3) |
| Net income attributable to Best Buy Co., Inc. | $ 1,317 | $ 1,003 | $ 1,407 |
| Consolidated Balance Sheets | ||
|---|---|---|
| ($ millions, except footnotes) | February 27, 2010 | February 28, 2009 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 1,826 | $ 498 |
| Short-term investments | 90 | 11 |
| Receivables | 2,020 | 1,868 |
| Merchandise inventories | 5,486 | 4,753 |
| Other current assets | 1,144 | 1,062 |
| Total current assets | 10,566 | 8,192 |
| Property and equipment | ||
| Land and buildings | 757 | 755 |
| Leasehold improvements | 2,154 | 2,013 |
| Fixtures and equipment | 4,447 | 4,060 |
| Property under capital lease | 95 | 112 |
| 7,453 | 6,940 | |
| Less: Accumulated depreciation | 3,383 | 2,766 |
| Property and equipment, net | 4,070 | 4,174 |
| Goodwill | 2,452 | 2,203 |
| Tradenames, net | 159 | 173 |
| Customer relationships, net | 279 | 322 |
| Equity and other investments | 324 | 395 |
| Other noncurrent assets | 452 | 367 |
| Total assets | $ 18,302 | $ 15,826 |
| Liabilities and equity | ||
| Current liabilities | ||
| Accounts payable | $ 5,276 | $ 4,997 |
| Unredeemed gift card liabilities | 463 | 479 |
| Accrued compensation and related expenses | 544 | 459 |
| Accrued liabilities | 1,681 | 1,382 |
| Accrued income taxes | 316 | 281 |
| Short-term debt | 663 | 783 |
| Current portion of long-term debt | 35 | 54 |
| Total current liabilities | 8,978 | 8,435 |
| Long-term liabilities | 1,256 | 1,109 |
| Long-term debt | 1,104 | 1,126 |
| Equity | ||
| Best Buy Co., Inc. Shareholders' equity | ||
| Preferred stock, $1.00 par value | -- | -- |
| Common stock, $0.10 par value | 42 | 41 |
| Additional paid-in capital | 441 | 205 |
| Retained earnings | 5,797 | 4,714 |
| Accumulated other comprehensive income (loss) | 40 | (317) |
| Total Best Buy Co., Inc. shareholders' equity | 6,320 | 4,643 |
| Noncontrolling interest | 644 | 513 |
| Total equity | 6,964 | 5,156 |
| Total liabilities and equity | $ 18,302 | $ 15,826 |
