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Earnings Disclosure
BestBuyReportsFiscalFirstQuarterResults
GAAPdilutedEPSof$0.47;adjusted(nonGAAP)dilutedEPSup11percentto$0.72 Companybuildinganewturnaroundplan Fullyearguidanceoutlookunchanged FISCALFIRSTQUARTERPERFORMANCESUMMARY(1) (U.S.dollarsandsquarefootageinmillions,exceptpershareandpersquarefootamounts) ThreeMonthsEnded May5,2012 April30,2011 Revenue Comparablestoresales%change(2) Grossprofitas%ofrevenue SG&Aas%ofrevenue Restructuringcharges Operatingincome Operatingincomeasa%ofrevenue DilutedEPSfromcontinuingoperations Adjusted(nonGAAP)Results(3) Operatingincome Operatingincomeasa%ofrevenue DilutedEPSfromcontinuingoperations KeyMetrics(4) TotalU.S.bigboxretailsquarefeet Revenuepersquarefoot(Domesticsegment) Adjustedoperatingincomepersquarefoot(Domesticsegment) Adjustedreturnoninvestedcapital(5) FiscalFirstQuarter2013Highlights Domesticsegmentonlinerevenuegrowthof20percent $11,610 (5.3%) 25.0% 21.7% $127 $262 2.3% $0.47 $389 3.4% $0.72 42.4 $854 $42 11.2% $11,369 (3.0%) 25.7% 21.6% $4 $460 4.0% $0.64 $464 4.1% $0.65 42.5 $854 $48 11.2% Change 2% N/A (70bps) 10bps N/A (43%) (170bps) (27%) (16%) (70bps) 11% 0% 0% (13%) 0bps

Domesticsegmentmobilephonescomparablestoresalesgrowthof13percent

Domesticsegmentconnectionsgrowthof11percent

DomesticsegmentServicesrevenueincreasedapproximately11percent,includingtheimpactofthe mindSHIFTacquisition

Domesticsegmentcomparablestoresalesgrowthintablets,mobilephones,eReadersandappliancesmorethan offsetbydeclinesinnotebooks,gaming,digitalimagingandtelevisions
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Closed41(effectiveMay12,2012)ofthe50U.S.bigboxstoreclosuresplannedforfiscal2013

Asexpected,theInternationalsegmentoperatinglosswasdrivenprimarilybylowerrevenueinEuropeand ChinaandincreasedcompetitiveconditionsinEurope

MINNEAPOLIS,May22,2012BestBuyCo.,Inc.(NYSE:BBY)todayreportedGAAPnetearningsfromcontinuing operationsof$161million,or$0.47perdilutedshare,forthethreemonthsendedMay5,2012comparedtonetearnings fromcontinuingoperationsof$255million,or$0.64perdilutedsharefortheprioryearperiod.Excludingpreviously announcedrestructuringcharges,adjusted(nonGAAP)netearningsfromcontinuingoperationsforthefirstquarterwas $246million,or$0.72perdilutedshare,comparedtoadjustednetearningsfromcontinuingoperationsof$258million,or $0.65perdilutedshare,fortheprioryearperiod. "BestBuyisinaturnaround,andthestrategicprioritieswelaidoutatthebeginningoftheyeararejustthefirstphaseofthe changestocome,"saidMikeMikan,CEO(interim)ofBestBuy."Weknowwehavetobetteradapttothenewrealitiesofthe marketplace,andwearecreatingalongtermplandesignedtomakeBestBuymorerelevantwithcustomersandpositionthe companyforsustained,profitablereturnsintheyearsahead.Firstquarterresultswereinlinewithourexpectations,andwe arereaffirmingourpreviouslyprovidedannualguidanceforfiscal2013." Revenue ThreeMonthsendedMay5,2012 ($millions) Domestic International Total Revenue $8,822 2,788 $11,610 ChangeYOY 5.1% (6.3%) 2.1% Comp.StoreSales (3.7%) (10.5%) (5.3%) PriorYearPeriod Comp.StoreSales (3.8%) (0.2%) (3.0%)

Totalcompanyrevenuewas$11.6billionduringthefiscalfirstquarter,anincreaseof2.1percentcomparedtotheprioryear period,andincludedacomparablestoresalesdeclineof5.3percent.Asaresultofthecompany'sfiscalyearchange,thefirst quarteroffiscal2013includedFebruary2012,whichincludedafifth("extra")week.Excludingtheextraweek,totalcompany revenuedeclined4.3percentcomparedtotheprioryearperiod.AreasofcomparablestoresalesgrowthintheDomestic segmentincludedtabletsandmobilephoneswithintheComputing&MobilePhonesrevenuecategory,eReaderswithinthe ConsumerElectronicsrevenuecategoryandAppliances.Theseincreasesweremorethanoffsetbycomparablestoresales declinesprimarilyinnotebookswithintheComputingandMobilePhonesrevenuecategory,gamingwithinthe Entertainmentrevenuecategory,anddigitalimagingandtelevisionswithintheConsumerElectronicsrevenuecategory.The Domesticsegmentonlinechannelrevenuegrew20percentcomparedtotheprioryearperiod. Internationalsegmentcomparablestoresalesdeclined10.5percent.Asthecompanypreviouslydiscussed,firstquartersales wereexpectedtobelowerdrivenbydeclinesintheFiveStarbusinessstemmingfromtheexpirationofgovernment sponsoredprogramsandaslowdownintheChineseeconomy.Theimpactofthechangeintheseprogramswassimilarlyfelt byotherretailersinChina.Additionally,softnessinnotebooks,hometheaterandgamingresultedincomparablestore declinesinCanada,andthedifficultmacroenvironmentandchangesinnetworksubsidiesfortheprepayU.K.phonemarket ledtolowermobilephonesalesinourEuropebusiness. GrossProfit ThreeMonthsendedMay5,2012 ($millions) Domestic International GrossProfit $2,233 674 ChangeYOY 4% (13%) %ofRevenue 25.3% 24.2%
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Total

$2,907

(0%)

25.0%

Domesticsegmentgrossprofitdollarsincreased4percent,includingtheextraweek,andincludedaratedeclineof30basis pointscomparedtotheprioryearperiod.TheprimaryfactorsinfluencingthisDomesticsegmentratedeclinewerelower computerrepairrevenueandthecontinuingshiftfromonetimetransactionstoongoing"TechSupport"memberships, partiallyoffsetbyfavorabilityfromahighersalesmixofmobilephones. Internationalsegmentgrossprofitdollarsdeclined13percentandincludeda180basispointratedecline.Thisratedecline wasdueprimarilytoamorecompetitivepricingenvironmentandtheincreasedmixoflowermarginsmartphonesinour Europebusiness. Selling,GeneralandAdministrativeExpenses("SG&A") ThreeMonthsendedMay5,2012 ($millions) SG&A Domestic $1,811 International 707 Total $2,518 ChangeYOY 2% 4% 2% %ofRevenue 20.5% 25.4% 21.7%

TotalcompanySG&Aspendingincreased2percentcomparedtotheprioryearperiod.Excludingtheeffectoftheextraweek, totalcompanySG&Aspendingexperiencedaslightdecline. YearoveryearSG&AcomparisonsforbothDomesticandInternationalsegmentswereimpactedbytheabsenceoftheBest BuyMobileprofitsharepaymentasaresultofthepurchaseofCarphoneWarehouseplc's("CPW")shareoftheBestBuy Mobileprofitshareagreementinthefourthquarteroffiscal2012.Theseintercompanyprofitsharepaymentspreviously increasedDomesticsegmentSG&AexpensewhileloweringInternationalsegmentSG&Aandhadnoimpactonthe company'sconsolidatedoperatingincome. OperatingIncome ThreeMonthsendedMay5,2012 ($millions) Domestic International Total AdjustedoperatingincomeDomestic AdjustedoperatingincomeInternational Adjustedoperatingincome(2) OperatingIncome $295 (33) $262 $422 (33) $389 ChangeYOY (19%) n/a (43%) 14% n/a (16%) %ofRevenue 3.3% (1.2%) 2.3% 4.8% (1.2%) 3.4%

Operatingincomeof$262millionincluded$127millioninrestructuringchargesprimarilyrelatedtoemployeeseverance andfixedassetimpairments,asaresultofactionstakenduringthequartertoreduceheadcountandclosestores.Excluding thesecharges,adjustedoperatingincomeforthequarterdeclined16percentto$389milliondrivenbydeclinesinthe Internationalsegment. Pleaseseethetabletitled"ReconciliationofNonGAAPFinancialMeasures"attachedtothisreleaseformoredetail. ShareRepurchasesandDividends Thecompanyrepurchased$115million,or4.6millionshares,ofitscommonstockatanaveragepriceof$25.07pershare duringFebruary2012,thefirstmonthofthefiscalfirstquarter.Consistentwithpreviousguidance,thecompanycontinuesto expectrepurchasesofapproximately$750millionto$1.0billioninfiscal2013.OnMay10,2012,thecompanypaida quarterlydividendof$0.16percommonshareoutstanding,or$55millionintheaggregate.
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Fiscal2013AnnualGuidanceUnchanged Thecompanyismaintainingitsfiscal2013outlookofadjusted(nonGAAP)dilutedEPSintherangeof$3.50to$3.80, includingtheimpactofexpectedsharerepurchasesandexcludingfiscal2013restructuringcosts. Thecompany'sestimatesforpretaxrestructuringchargesinfiscal2013relatedtoitsstrategicimperativesoutlinedon March,29,2012isarangeof$300to$350million,includingstoreclosures,severance,assetimpairmentsandothercosts. Includingthesecharges,theGAAPdilutedEPSannualguidanceisexpectedintherangeof$2.85to$3.25.Pleasesee "ReconciliationofNonGAAPGuidance"attachedtothisreleaseformoredetail. ConferenceCall BestBuyisscheduledtoconductanearningsconferencecallat9:00a.m.EasternTime(8:00a.m.CentralTime)onMay22, 2012.AwebcastofthecallisexpectedtobeavailableonitsWebsiteathttp://www.investors.bestbuy.com/bothliveand afterthecall.Atelephonereplayisalsoavailablestartingatapproximately12:30pmEasternTime(11:30a.m.CentralTime) onMay22throughMay29.Thedialinnumberforthereplayis8004067325(domestic)or3035903030(international), andtheaccesscodeis4539171. (1)Thefirstquarteroffiscal2013included14weeks.Thefirstquarteroffiscal2012hasbeenrecasttoreflectthefiscalyear changeandincluded13weeks. (2)BestBuy'scomparablestoresalesiscomprisedofrevenueatstores,callcenters,andWebsitesoperatingforatleast14full monthsaswellasrevenuerelatedtoothercomparablesaleschannels.Relocated,remodeledandexpandedstoresare excludedfromthecomparablestoresalescalculationuntilatleast14fullmonthsafterreopening.Acquiredstoresare includedinthecomparablestoresalescalculationbeginningwiththefirstfullquarterfollowingthefirstanniversaryofthe dateoftheacquisition.Theportionofthecalculationofthecomparablestoresalespercentagechangeattributabletothe Internationalsegmentexcludestheeffectoffluctuationsinforeigncurrencyexchangerates.Themethodofcalculating comparablestoresalesvariesacrosstheretailindustry.Asaresult,BestBuy'smethodofcalculatingcomparablestoresales maynotbethesameasotherretailers'methods.Thecalculationofcomparablestoresalesexcludestheimpactoftheextra weekofrevenueinthefirstquarteroffiscal2013. (3)Thecompanydefinesadjustedoperatingincomefortheperiodspresentedasitsreportedoperatingincomeforthose periodscalculatedinaccordancewithaccountingprinciplesgenerallyacceptedintheU.S.("GAAP")adjustedtoexcludethe effectsofrestructuringcharges.Inaddition,thecompanydefinesadjustednetearningsandadjusteddilutedearningsper sharefortheperiodspresentedasitsreportednetearningsanddilutedearningspersharecalculatedinaccordancewith GAAPadjustedtoexcludetheeffectsofrestructuringcharges. ThesenonGAAPfinancialmeasuresprovideinvestorswithanunderstandingofthecompany'soperatingincome,net earningsanddilutedearningspershareadjustedtoexcludetheeffectoftheitemsdescribedabove.ThesenonGAAP financialmeasuresassistinvestorsinmakingareadycomparisonofthecompany'soperatingincome,netearningsand dilutedearningspershareforitsfiscalquarterendedMay5,2012,againstthecompany'sresultsfortherespectiveprioryear periodsandagainstthirdpartyestimatesofthecompany'sdilutedearningspershareforthoseperiodsthatmaynothave includedtheeffectofsuchitems.Additionally,managementusesthesenonGAAPfinancialmeasuresasaninternalmeasure toanalyzetrends,allocateresourcesandanalyzeunderlyingoperatingperformance.Pleasesee"ReconciliationofNonGAAP FinancialMeasures"attachedtothisreleaseformoredetail. (4)TotalU.S.bigboxretailsquarefeetisequaltothetotalretailsquarefootageofourU.S.BestBuybigboxstoresatfiscal quarterend.RevenuepersquarefootisequaltothesumofDomesticsegmenttrailingtwelvemonthsrevenuedividedbythe averagequarterlyretailsquarefootageforallU.S.stores,overthesameperiod.Adjustedoperatingincomepersquarefootis equaltothesumofDomesticsegmenttrailingtwelvemonthsadjustedoperatingincomedividedbytheaveragequarterly
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retailsquarefootageforallU.S.stores,overthesameperiod. (5)Thecompanydefinesadjustedreturnoninvestedcapital("ROIC")asadjustednetoperatingprofitaftertaxesdividedby averageinvestedcapitalfortheperiodspresented(includingbothcontinuinganddiscontinuedoperations).Adjustednet operatingprofitaftertaxesisdefinedasouroperatingincomefortheperiodspresentedcalculatedinaccordancewithGAAP adjustedtoexcludetheeffectsof:(i)operatingleaseinterest;(ii)investmentincome;(iii)netearningsattributableto noncontrollinginterests;(iv)incometaxes;(v)allrestructuringchargesincostsofgoodssoldandoperatingexpenses, goodwillandtradenameimpairments,andcostsrelatedtothepurchaseofCPW'sshareoftheBestBuyMobileprofitshare agreement("BestBuyEuropetransactioncosts");and(vi)thenoncontrollinginterestimpactoftherestructuringcharges, BestBuyEuropetransactioncostsandthepurchaseofCPW'sshareoftheBestBuyMobileprofitshareagreement.Average investedcapitalisdefinedastheaverageofourtotalassetsforthetrailingfourquartersinrelationtotheperiodspresented adjustedto:(i)excludeexcesscashandcashequivalentandshortterminvestments;(ii)includecapitalizedoperatinglease obligationscalculatedusingamultipleofeighttimesrentalexpenses;(iii)excludeourtotalliabilities,lessouroutstanding debt;and(iv)excludeequityofnoncontrollinginterests. ThisnonGAAPfinancialmeasureprovidesinvestorswithanunderstandingofhoweffectivelythecompanyisinvestingits capitalanddeployingitsassets.ManagementusesthisnonGAAPfinancialmeasuretoassistinallocatingresources,and trendsinthemeasuremayfluctuateovertimeasmanagementbalanceslongterminitiativeswithpossibleshortterm impacts.OurROICcalculationutilizestotaloperationsinordertoprovideameasurethatincludestheresultsofandcapital investedinalloperations,includingthosebusinessesthatarenolongercontinuingoperations.Pleasesee"Reconciliationof NonGAAPFinancialMeasures"attachedtothisreleaseformoredetail. ForwardLookingandCautionaryStatements: ThisnewsreleasecontainsforwardlookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof 1995ascontainedinSection27AoftheSecuritiesActof1933andSection21EoftheSecuritiesExchangeActof1934that reflectmanagement'scurrentviewsandestimatesregardingfuturemarketconditions,companyperformanceandfinancial results,businessprospects,newstrategies,thecompetitiveenvironmentandotherevents.Youcanidentifythesestatements bythefactthattheyusewordssuchas"anticipate,""believe,""estimate,""expect,""intend,""project,""guidance,""plan," "outlook,"andotherwordsandtermsofsimilarmeaning.Thesestatementsinvolveanumberofrisksanduncertaintiesthat couldcauseactualresultstodiffermateriallyfromthepotentialresultsdiscussedintheforwardlookingstatements.Among thefactorsthatcouldcauseactualresultsandoutcomestodiffermateriallyfromthosecontainedinsuchforwardlooking statementsarethefollowing:generaleconomicconditions,changesinconsumerpreferences,creditmarketconstraints, acquisitionsanddevelopmentofnewbusinesses,divestitures,productavailability,salesvolumes,pricingactionsand promotionalactivitiesofcompetitors,profitmargins,weather,naturalormanmadedisasters,changesinlaworregulations, foreigncurrencyfluctuation,availabilityofsuitablerealestatelocations,thecompany'sabilitytoreacttoadisasterrecovery situation,theimpactoflabormarketsandnewproductintroductionsonoverallprofitability,failuretoachieveanticipated benefitsofannouncedtransactions,integrationchallengesrelatingtonewventuresandunanticipatedcostsassociatedwith previouslyannouncedorfuturerestructuringactivities.Afurtherlistanddescriptionoftheserisks,uncertaintiesandother matterscanbefoundinthecompany'sannualreportandotherreportsfiledfromtimetotimewiththeSecuritiesand ExchangeCommission,including,butnotlimitedto,BestBuy'sAnnualReportonForm10KfiledwiththeSEConMay1, 2012.BestBuycautionsthattheforegoinglistofimportantfactorsisnotcomplete,andanyforwardlookingstatementsspeak onlyasofthedatetheyaremade,andBestBuyassumesnoobligationtoupdateanyforwardlookingstatementthatitmay make. AboutBestBuyCo.,Inc. BestBuyCo.,Inc.(NYSE:BBY)isaleadingmultichannelglobalretaileranddeveloperoftechnologyproductsandservices. Everydayouremployees167,000strongarecommittedtohelpingdeliverthetechnologysolutionsthatenableeasyaccess
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topeople,knowledge,ideasandfun.Wearekeenlyawareofourroleandimpactontheworld,andwearecommittedto developingandimplementingbusinessstrategiesthatbringsustainabletechnologysolutionstoourconsumersand communities.ForadditionalinformationaboutBestBuy,visitwww.investors.bestbuy.com. InvestorContacts: BillSeymour,VicePresident,InvestorRelations (612)2916122orbill.seymour@bestbuy.com AdamHauser,Director,InvestorRelations (612)2914446oradam.hauser@bestbuy.com MollieO'Brien,Director,InvestorRelations (612)2917735ormollie.obrien@bestbuy.com MediaContacts: SusanBusch,SeniorDirector,PublicRelations (612)2916114orsusan.busch@bestbuy.com BESTBUYCO.,INC. CONSOLIDATEDSTATEMENTSOFEARNINGS ($inmillions,exceptpershareamounts) (Unauditedandsubjecttoreclassification) ThreeMonthsEnded May5,2012 April30,2011 Revenue Costofgoodssold Grossprofit Grossprofit% Selling,generalandadministrativeexpenses SG&A% Restructuringcharges Operatingincome Operatingincome% Otherincome(expense): Investmentincomeandother Interestexpense Earningsfromcontinuingoperationsbeforeincometax expenseandequityinlossofaffiliates Incometaxexpense Effectivetaxrate Equityinlossofaffiliates Netearningsfromcontinuingoperations Lossfromdiscontinuedoperations,netoftax Netearningsincludingnoncontrollinginterest Netearningsfromcontinuingoperationsattributableto noncontrollinginterests Netlossfromdiscontinuedoperationsattributableto noncontrollinginterests NetearningsattributabletoBestBuyCo.,Inc. Basicearnings(loss)pershareattributabletoBestBuyCo.,Inc. Continuingoperations Discontinuedoperations $11,610 8,703 2,907 25.0% 2,518 21.7% 127 262 2.3% 6 (33) 235 72 30.6% (2) 161 (9) 152 6 $158 $0.47 $(0.01) $11,369 8,448 2,921 25.7% 2,457 21.6% 4 460 4.0% 17 (28) 449 155 34.6% (1) 293 (54) 239 (38) 11 $212 $0.65 $(0.11)
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Basicearningspershare Dilutedearnings(loss)pershareattributabletoBestBuyCo.,Inc.(1) Continuingoperations Discontinuedoperations Dilutedearningspershare DividendsdeclaredperBestBuyCo.,Inc.commonshare

$0.46 $0.47 $(0.01) $0.46 $0.16

$0.54 $0.64 $(0.11) $0.53 $0.15 391.1 400.7

WeightedaverageBestBuyCo.,Inc.commonsharesoutstanding(inmillions) Basic 342.2 Diluted 342.8

(1)Thecalculationofdilutedearningspershareassumestheconversionofthecompany'spreviouslyoutstanding convertibledebenturesduein2022into8.8millionsharescommonstockinthethreemonthsendedApril30,2011,and addsbacktherelatedaftertaxinterestexpenseof$1.4millionforthethreemonthsendedApril30,2011. BESTBUYCO.,INC. CONDENSEDCONSOLIDATEDBALANCESHEETS ($inmillions) (Unauditedandsubjecttoreclassification) May5,2012 ASSETS Currentassets Cashandcashequivalents Shortterminvestments Receivables Merchandiseinventories Othercurrentassets Totalcurrentassets Netproperty&equipment Goodwill Tradenames Customerrelationships Equityandotherinvestments Otherassets TOTALASSETS LIABILITIES&EQUITY Currentliabilities Accountspayable Accruedliabilities Shorttermdebt Currentportionoflongtermdebt Totalcurrentliabilities April30,2011

$1,386 1,846 6,065 1,019 10,316 3,407 1,335 130 224 128 471 $16,011

$2,793 20 1,713 6,508 1,135 12,169 3,797 2,506 136 194 316 454 $19,572

$5,731 2,913 306 43 8,993 1,025 1,678 4,315

$6,102 2,876 39 442 9,459 1,179 1,704 7,230 $19,572

Longtermliabilities Longtermdebt Equity TOTALLIABILITIES&EQUITY $16,011

BESTBUYCO.,INC. CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS ($inmillions) (Unauditedandsubjecttoreclassification) ThreeMonthsEnded May5,2012 April30,2011 OPERATINGACTIVITIES

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Netearningsincludingnoncontrollinginterests Adjustmentstoreconcilenetearningstototalcashprovidedby operatingactivities: Depreciationandamortizationofdefinitelivedintangibleassets Other,net Changesinoperatingassetsandliabilities,netofacquiredassets andliabilities: Receivables Merchandiseinventories Accountspayable Otherassetsandliabilities Totalcashprovidedbyoperatingactivities INVESTINGACTIVITIES Additionstopropertyandequipment Other,net Totalcashusedininvestingactivities FINANCINGACTIVITIES Repurchaseofcommonstock (Repayments)borrowingsofdebt,net Other,net Totalcash(usedin)providedbyfinancingactivities EFFECTOFEXCHANGERATECHANGESONCASH ADJUSTMENTFORCHANGEINFISCALYEAR INCREASEINCASHANDCASHEQUIVALENTS CASHANDCASHEQUIVALENTSATBEGINNINGOFPERIOD CASHANDCASHEQUIVALENTSATENDOFPERIOD

$152

$239

237 88

237 (60)

623 765 (1,153) (333) 379 (141) 47 (94) (132) (195) 22 (305) 5 202 187 1,199 $1,386

616 926 (561) (54) 1,343 (172) 29 (143) (260) 461 36 237 18 235 1,690 1,103 $2,793

BESTBUYCO.,INC. SEGMENTINFORMATION ($inmillions) (Unauditedandsubjecttoreclassification) DomesticSegmentPerformanceSummary ThreeMonthsEnded May5,2012 April30,2011 Revenue Grossprofit SG&A Restructuringcharges Operatingincome KeyMetrics: Comparablestoresales%change(1) Grossprofitas%ofrevenue SG&Aas%ofrevenue Operatingincomeas%ofrevenue Adjusted(nonGAAP)Results(2) Operatingincome Operatingincomeas%ofrevenue InternationalSegmentPerformanceSummary ThreeMonthsEnded Revenue May5,2012 $2,788 April30,2011 $2,977 (6%)
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Change 5% 4% 2% N/A (19%) N/A (30bps) (70bps) (110bps) 14% 40bps

$8,822 $2,233 $1,811 $127 $295 (3.7%) 25.3% 20.5% 3.3% $422 4.8%

$8,392 $2,147 $1,776 $5 $366 (3.8%) 25.6% 21.2% 4.4% $371 4.4%

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Grossprofit SG&A Restructuringcharges Operating(loss)income KeyMetrics: Comparablestoresales%change(1) Grossprofitas%ofrevenue SG&Aas%ofrevenue Operating(loss)incomeas%ofrevenue Adjusted(nonGAAP)Results(2) Operating(loss)income Operating(loss)incomeas%ofrevenue

$674 $707 $0 ($33) (10.5%) 24.2% 25.4% (1.2%) ($33) (1.2%)

$774 $681 ($1) $94 (0.2%) 26.0% 22.9% 3.2% $93 3.1%

(13%) 4% N/A N/A N/A (180bps) 250bps N/A N/A N/A

(1)BestBuy'scomparablestoresalesiscomprisedofrevenueatstores,callcenters,andWebsitesoperatingforatleast14 fullmonthsaswellasrevenuerelatedtoothercomparablesaleschannels.Relocated,remodeledandexpandedstoresare excludedfromthecomparablestoresalescalculationuntilatleast14fullmonthsafterreopening.Acquiredstoresare includedinthecomparablestoresalescalculationbeginningwiththefirstfullquarterfollowingthefirstanniversaryof thedateoftheacquisition.Theportionofthecalculationofthecomparablestoresalespercentagechangeattributableto theInternationalsegmentexcludestheeffectoffluctuationsinforeigncurrencyexchangerates.Themethodofcalculating comparablestoresalesvariesacrosstheretailindustry.Asaresult,BestBuy'smethodofcalculatingcomparablestore salesmaynotbethesameasotherretailers'methods.Thecalculationofcomparablestoresalesexcludestheimpactofthe extraweekofrevenueinthefirstquarteroffiscal2013. (2)Excludestheimpactofpreviouslyannouncedrestructuringcharges.Pleaseseetabletitled"ReconciliationofNon GAAPFinancialMeasures"atthebackofthisrelease. BESTBUYCO.,INC. REVENUECATEGORYSUMMARY (Unauditedandsubjecttoreclassification) DomesticSegmentSummary RevenueMixSummary ThreeMonthsEnded May5,2012 April30,2011 34% 35% 43% 40% 9% 13% 6% 5% 7% 6% 1% 1% 100% 100% ComparableStoreSales ThreeMonthsEnded May5,2012 April30,2011 (5.4%) (5.6%) 3.6% (1.1%) (27.8%) (12.1%) 8.9% 4.2% (2.3%) 3.9% n/a n/a (3.7%) (3.8%)

ConsumerElectronics ComputingandMobilePhones Entertainment Appliances Services(1) Other Total InternationalSegmentSummary

ConsumerElectronics ComputingandMobilePhones Entertainment Appliances Services(1) Other Total

RevenueMixSummary ThreeMonthsEnded May5,2012 April30,2011 17% 18% 62% 59% 4% 4% 9% 10% 8% 9% <1% <1% 100% 100%

ComparableStoreSales ThreeMonthsEnded May5,2012 April30,2011 (17.7%) (8.6%) (5.7%) 3.0% (18.9%) (10.2%) (26.2%) 12.8% 1.1% (6.0%) n/a n/a (10.5%) (0.2%)

(1)The"Services"revenuecategoryconsistsprimarilyofservicecontracts,extendedwarranties,computerrelatedservices, productrepairanddeliveryandinstallationforhometheater,mobileaudioandappliances. BESTBUYCO.,INC. RECONCILIATIONOFNONGAAPFINANCIALMEASURES

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Earnings Disclosure - Investor Relations - Best Buy Co., Inc.

($inmillions,exceptpershareamounts) (Unauditedandsubjecttoreclassification) ThefollowinginformationprovidesreconciliationsofnonGAAPfinancialmeasuresfromcontinuingoperationstothemost comparablefinancialmeasurescalculatedandpresentedinaccordancewithaccountingprinciplesgenerallyacceptedinthe U.S.("GAAP").ThecompanyhasprovidednonGAAPfinancialmeasures,whicharenotcalculatedorpresentedin accordancewithGAAP,asinformationsupplementalandinadditiontothefinancialmeasurespresentedinthe accompanyingnewsreleasethatarecalculatedandpresentedinaccordancewithGAAP.SuchnonGAAPfinancialmeasures shouldnotbeconsideredsuperiorto,asasubstitutefor,orasanalternativeto,andshouldbeconsideredinconjunction with,theGAAPfinancialmeasurespresentedinthenewsrelease.ThenonGAAPfinancialmeasuresintheaccompanying newsreleasemaydifferfromsimilarmeasuresusedbyothercompanies. Thefollowingtablesreconcileoperatingincome,netearningsanddilutedearningspersharefortheperiodspresentedfor continuingoperations(GAAPfinancialmeasures)toadjustedoperatingincome,adjustednetearningsandadjusted dilutedearningspershareforcontinuingoperations(nonGAAPfinancialmeasures)fortheperiodspresented. ThreeMonthsEnded May5,2012 $ %ofRev. Domestic Operatingincome Restructuringcharges Adjustedoperatingincome International Operating(loss)income Restructuringcharges Adjustedoperating(loss)income Consolidated Operatingincome Restructuringcharges Adjustedoperatingincome Netearnings Aftertaximpactof: Restructuringcharges Adjustednetearnings DilutedEPS Pershareimpactof: Restructuringcharges AdjusteddilutedEPS ($33) 0 ($33) $262 127 $389 $161 85 $246 $0.47 0.25 $0.72 (1.2%) n/a (1.2%) 2.3% 1.1% 3.4% $94 (1) $93 $460 4 $464 $255 3 $258 $0.64 0.01 $0.65 3.2% (0.0%) 3.1% 4.0% 0.0% 4.1% $295 127 $422 3.3% 1.4% 4.8% ThreeMonthsEnded April30,2011 $ %ofRev. $366 5 $371 4.4% 0.1% 4.4%

BESTBUYCO.,INC. RECONCILIATIONOFNONGAAPFINANCIALMEASURES ($inmillions) (Unauditedandsubjecttoreclassification) ThefollowinginformationprovidesareconciliationofanonGAAPfinancialmeasuretothemostcomparablefinancial measurecalculatedandpresentedinaccordancewithGAAP.ThecompanyhasprovidedthenonGAAPfinancialmeasure, whichisnotcalculatedorpresentedinaccordancewithGAAP,asinformationsupplementalandinadditiontothefinancial measurethatiscalculatedandpresentedinaccordancewithGAAP.SuchnonGAAPfinancialmeasureshouldnotbe consideredsuperiorto,asasubstitutefor,orasanalternativeto,andshouldbeconsideredinconjunctionwith,theGAAP financialmeasure.ThenonGAAPfinancialmeasureintheaccompanyingnewsreleasemaydifferfromsimilarmeasures usedbyothercompanies. ThefollowingtableincludesthecalculationofadjustedROICfortotaloperations,whichincludesbothcontinuingand discontinuedoperations(nonGAAPfinancialmeasures),alongwithareconciliationtothecalculationofreturnontotal assets("ROA")(GAAPfinancialmeasure)fortheperiodspresented. CalculationofReturnonInvestedCapital(1) May5,2012 (2) April30,2011(2)
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Earnings Disclosure - Investor Relations - Best Buy Co., Inc.

NetOperatingProfitAfterTaxes(NOPAT) Operatingincomecontinuingoperations Operatingincomediscontinuedoperations Totaloperatingincome Add:Operatingleaseinterest(3) Add:Investmentincome Less:Netearningsattributabletononcontrollinginterest(NCI) Less:Incometaxes(4) NOPAT Add:Restructuringchargesandimpairments(5) Add:NCIimpactofBBYMprofitsharebuyoutandrestructuringcharges AdjustedNOPAT AverageInvestedCapital Totalassets Less:ExcessCash(6) Add:Capitalizedoperatingleaseobligations(7) Totalliabilities Exclude:Debt(8) Less:Noncontrollinginterests Averageinvestedcapital AdjustedReturnoninvestedcapital(ROIC) CalculationofReturnonAssets(1)

$782 (364) 418 599 36 (1,221) (966) $(1,134) 1,664 1,202 $1,732 $18,170 (1,254) 9,588 (12,662) 2,268 (671) $15,439 11.2% May5,2012 (2)

$2,405 (271) 2,134 587 51 (90) (1,069) $1,613 224 $1,837 $19,082 (978) 9,388 (12,142) 1,770 (674) $16,446 11.2% April30,2011(2) $1,385 19,082 7.3%

Netearningsincludingnoncontrollinginterests(9) Totalassets Returnonassets(ROA)

$(156) 18,170 (0.9%)

(1)ThecalculationsofReturnonInvestedCapitalandReturnonAssetsusetotaloperations,whichincludesbothcontinuing anddiscontinuedoperations. (2)Incomestatementaccountsrepresenttheactivityforthe12monthsendedasofeachofthebalancesheetdates.Balance sheetaccountsrepresenttheaverageaccountbalancesforthe4quartersendedasofeachofthebalancesheetdates. (3)Operatingleaseinterestrepresentstheaddbacktooperatingincomedrivenbyourcapitalizedleaseobligationsand representsfiftypercentofourannualrentalexpensewhichisthemultipleusedfortheretailsectorbyoneofthenationally recognizedcreditratingagenciesthatratesourcreditworthiness,andweconsiderittobeanappropriatemultipleforour leaseportfolio. (4)Incometaxesarecalculatedusingablendedstatutoryrateattheenterpriselevelbasedonstatutoryratesfromthe countrieswedobusinessin. (5)Includesallrestructuringchargesincostsofgoodssoldandoperatingexpenses,goodwillandtradenameimpairments, andtheBestBuyEuropetransactioncosts. (6)Cashandcashequivalentsandshortterminvestmentsarecappedatthegreaterof1%ofrevenueoractualamountson hand.Thecashandcashequivalentsandshortterminvestmentsinexcessofthecaparesubtractedfromourcalculationof averageinvestedcapitaltoshowtheirexclusionfromtotalassets. (7)Themultipleofeighttimesannualrentalexpenseinthecalculationofourcapitalizedoperatingleaseobligationsisthe multipleusedfortheretailsectorbyoneofthenationallyrecognizedcreditratingagenciesthatratesourcreditworthiness, andweconsiderittobeanappropriatemultipleforourleaseportfolio. (8)Debtincludesshorttermdebt,currentportionoflongtermdebtandlongtermdebtandisaddedbacktoour calculationofaverageinvestedcapitaltoshowitsexclusionfromtotalliabilities. (9)NetearningsincludingnoncontrollinginterestsforthetwelvemonthsendedMay5,2012includethe$1.3billion purchaseofCPW'sshareoftheBestBuyMobileprofitshareagreement,a$1.2billionnoncashimpairmentchargeto reflectthewriteoffofBestBuyEuropegoodwilland$214millioninrestructuringcharges. BESTBUYCO.,INC. RECONCILIATIONOFNONGAAPGUIDANCE (Unauditedandsubjecttoreclassification) ThefollowinginformationprovidesreconciliationsofnonGAAPfinancialmeasurestothemostcomparablefinancial measurescalculatedandpresentedinaccordancewithGAAP.ThecompanyhasprovidednonGAAPfinancialmeasures, whicharenotcalculatedorpresentedinaccordancewithGAAP,asinformationsupplementalandinadditiontothe financialmeasurespresentedintheaccompanyingnewsreleasethatarecalculatedandpresentedinaccordancewith
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Earnings Disclosure - Investor Relations - Best Buy Co., Inc.

GAAP.SuchnonGAAPfinancialmeasuresshouldnotbeconsideredsuperiorto,asasubstitutefor,orasanalternativeto, andshouldbeconsideredinconjunctionwith,theGAAPfinancialmeasurespresentedinthenewsrelease.ThenonGAAP financialmeasuresintheaccompanyingnewsreleasemaydifferfromsimilarmeasuresusedbyothercompanies. ThefollowingtablereconcilesEPSguidancefortheperiodpresented(GAAPfinancialmeasures)toadjusteddilutedEPS guidance(nonGAAPfinancialmeasures)fortheperiodpresented. TwelveMonthsEnding Feb2,2013 ReconciliationofAdjustedDilutedEPS DilutedEPSguidance Restructuringcharges AdjusteddilutedEPSguidance BestBuyReportsFY13Q1Results
HUG#1613743

$2.85$3.25 $0.65$0.55 $3.50$3.80

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