Analysis and Interpretation of Liquidity, Long­term debt­paying ability and Profitability of Best Buy Co., Inc.
Balance sheets and income statements for Best Buy Co., Inc. follow.
Consolidated Statements of Earnings
For Fiscal Years Ended ($ millions) February 26,
2011 Revenue February 27,
2010 February 28,
2009 $ 50,272 $ 49,694 $ 45,015 37,611 37,534 34,017 24 -- -- Gross Profit 12,637 12,160 10,998 Selling, general and administrative expenses 10,325 9,873 8,984 198 52 78 -- -- 66 2,114 2,235 1,870 51 54 35 -- -- (111) (87) (94) (94) 2,078 2,195 1,700 714 802 674 2 1 7 1,366 1,394 1,033 (89) (77) (30) $ 1,277 $ 1,317 $ 1,003 Cost of goods sold
Restructuring charges - cost of goods sold Restructuring charges
Goodwill and tradename impairment
Operating income
Other income (expense)
Investment income and other
Investment impairment
Interest expense
Earnings before income tax expense and equity in income of
affiliates
Income tax expense
Equity in income of affiliates
Net earnings including noncontrolling interest
Net income attributable to noncontrolling interest
Net income attributable to Best Buy Co., Inc. Consolidated Balance Sheets
($ millions, except footnotes) February 26, 2011 February 27, 2010 Assets
Current assets
Cash and cash equivalents $ 1,103 $ 1,826 22 90 Receivables 2,348 2,020 Merchandise inventories 5,897 5,486 Short-term investments 1 Consolidated Balance Sheets
($ millions, except footnotes) February 26, 2011 February 27, 2010
1,103 1,144 10,473 10,566 766 757 Leasehold improvements 2,318 2,154 Fixtures and equipment 4,701 4,447 120 95 7,905 7,453 4,082 3,383 Property and equipment, net 3,823 4,070 Goodwill 2,454 2,452 Tradenames, net 133 159 Customer relationships, net 203 279 Equity and other investments 328 324 435 452 $ 17,849 $ 18,302 $ 4,894 $ 5,276 Unredeemed gift card liabilities 474 463 Accrued compensation and related expenses 570 544 1,471 1,681 Accrued income taxes 256 316 Short-term debt 557 663 441 35 Total current liabilities 8,663 8,978 Long-term liabilities 1,183 1,256 711 1,104 Other current assets
Total current assets
Property and equipment
Land and buildings Property under capital lease Less: Accumulated depreciation Other noncurrent assets
Total assets
Liabilities and equity
Current liabilities
Accounts payable Accrued liabilities Current portion of long-term debt Long-term debt
Equity
Best Buy Co., Inc. Shareholders' equity 2 Consolidated Balance Sheets
($ millions, except footnotes) February 26, 2011 February 27, 2010 Preferred stock, $1.00 par value -- -- Common stock, $0.10 par value 39 42 Additional paid-in capital 18 441 6,372 5,797 173 40 6,602 6,320 690 644 7,292 6,964 $ 17,849 $ 18,302 Retained earnings
Accumulated other comprehensive income
(loss)
Total Best Buy Co., Inc. shareholders' equity
Noncontrolling interest
Total equity
Total liabilities and equity Compute Best Buy's liquidity, long­term debt­paying ability and profitability ratios and make an analysis and interpretation of the ratios: 3 4 5 6

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