Best Buy Reports Second-Quarter Diluted EPS of $0.48

Impact of Strong U.S. Revenue Gains Muted by Planned Investments; Company Maintains Annual Guidance Range of $3.25 to $3.40

MINNEAPOLIS, Sept. 16, 2008 — Best Buy Co., Inc. (NYSE: BBY) today reported net earnings of $0.48 per diluted share, for its fiscal second quarter ended on Aug. 30, 2008. A leading retailer of consumer electronics, Best Buy had a decrease in diluted earnings per share of 13 percent, compared with $0.55 per diluted share for the prior-year second quarter. Gains from new store openings, strong comparable store sales of 4.2 percent and share repurchases completed in the last fiscal year were offset by an increase in planned investment spending for strategic growth as well as a modestly lower gross profit rate.

Download file: 081608-NF-2QFY09

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