SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 20, 1999
BEST BUY CO., INC.
(Exact name of registrant as specified in its charter)
MINNESOTA
(State or other jurisdiction of incorporation)
1-9595 41-0907483
(Commission File Number) (IRS Employer Identification Number)
7075 Flying Cloud Drive 55344
Eden Prairie, Minnesota (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: 612/947-2000
Not applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On September 20, 1999, Best Buy Co., Inc. announced that its Board of
Directors authorized the Company to repurchase up to $200 million of the
Company's Common Stock.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following is filed as an Exhibit to this Report.
Exhibit No. Description of Exhibit
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99 Press Release issued September 20, 1999
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BEST BUY CO., INC.
(Registrant)
Date: September 20, 1999 By: /s/ Robert C. Fox
------------------------------------
Name: Robert C. Fox
Title: Senior V.P.-Finance & Treasurer
EXHIBIT 99
For Immediate Release
For more information: Susan Hoff
VP - Corp. Comm. & IR.
(612) 947-2443
susan.hoff@bestbuy.com
BEST BUY ANNOUNCES EXPANDED
SHARE REPURCHASE PROGRAM
Minneapolis, September 20, 1999 - Best Buy Co., Inc. today announced that its
Board of Directors has authorized the repurchase of up to $200 million of the
Company's common stock. The Company may purchase shares from time to time
based upon appropriate market conditions. In August, the Company completed
the $100 million repurchase plan authorized last October. The Company
currently has approximately 205 million shares outstanding.
"This program was approved based on current market conditions, as well as our
goal of creating economic value for our shareholders," said Chairman and CEO
Richard M. Schulze. "Our confidence in the long-term outlook for our business
enables us to pursue this program, while maintaining the financial strength
to support our increased expansion plans." The Company recently announced
that it plans to open 55 to 60 new stores next fiscal year, including entry
into the New York market.
Statements made in this news release, other than those concerning historical
financial information, should be considered forward looking and subject to
various risks and uncertainties. Such forward-looking statements are based on
management's beliefs and assumptions regarding information currently
available, and are made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. The Company's actual
results could differ materially from those expressed in the forward-looking
statements. Factors that could cause results to vary include, among others,
those identified in the Company's filings with the Securities and Exchange
Commission. The Company has no obligation to publicly update or revise any of
the forward-looking statements that may be in this news release.
Minneapolis-based Best Buy Co., Inc. is the nation's largest volume specialty
retailer of consumer electronics, personal computers, entertainment software
and appliances. The Company operates 333 retail locations in 36 states, and
offers CDs and DVD movies online at http://www.bestbuy.com.
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