Best Buy reported a net loss of $1.698 billion ($3.98 Diluted EPS) for the fourth quarter ended Mar 3, compared to net income of $651 million ($1.62 Diluted EPS) in the year-ago period. Excluding charges, adjusted (non-GAAP) diluted earnings per share increased 25% to $2.47. Total revenue increased 3.4% to $16.63 billion, while same-store sales dropped 2.4% on top of a 4.7% decrease last year, the 6th decline in the last seven quarters. Domestic revenues increased 4.1% to $12.6 billion and comparable store sales fell 2.2%, while International revenue was up 1.0% to $4.03 billion and comps fell 2.9%. For the full fiscal year 2012, total revenues increased 1.9% to $50.7 billion and comparable store sales dropped 1.7%. “In order to help make technology work for every one of our customers and transform our business as the consumer electronics industry continues to evolve, we are taking major actions to improve our operating performance,” said Brian J. Dunn, CEO of Best Buy. “As part of our multi-channel strategy, we intend to strengthen our portfolio of store formats and footprints — closing some big box stores, modifying others to our enhanced Connected Store format, and adding Best Buy Mobile stand-alone locations — all to provide a better shopping environment for our customers across multiple channels while increasing points of presence, and to improve performance and profitability,” For fiscal 2013, Best Buy expects revenue of $50.0 to $51.0 billion, reflecting a comparable store sales decline in the range of 2% to 4% and adjusted diluted EPS growth of 3% to 12% over the fiscal 2012.
