Both the GAAP and non-GAAP gross profit rates increased 10 basis points primarily due to 1 a prior-year reserve on non-iconic phone inventory which did not recur this year; and 2 improved rates primarily driven by our more disciplined promotional strategy across product categories.
These increases were partially offset by our investments in services pricing. International Segment First Quarter Results. This decline was primarily driven by 1 approximately basis points of negative foreign currency impact; and 2 the loss of revenue associated with closed stores as part of the Canadian brand consolidation.
On a constant currency basis, International revenue declined 1. International Gross Profit Rate International gross profit rate was Both the GAAP and non-GAAP gross profit rates increased basis points primarily driven by a higher year-over-year gross profit rate in Canada as the company 1 lapped the significant disruption and corresponding increased promotional activity related to the brand consolidation in Q1 FY16; and 2 received a higher periodic profit sharing payment in the services business.
On a non-GAAP basis, the continuing operations effective income tax rate increased basis points to Enterprise comparable sales are currently equal to Domestic comparable sales due to the impacts of the Canadian brand consolidation. The company cannot reliably predict or estimate if and when these types of transactions or adjustments may occur or their impact to its financial statements.
In Q1 FY17, the company repurchased 3. Restructuring Charges During Q1 FY17, the company made decisions to cease certain operations and restructure certain teams. Conference Call Best Buy is scheduled to conduct an earnings conference call at 8: Central Time on May 24, A webcast of the call is expected to be available at www.
This resulted in the permanent closure of 66 Future Shop stores, the conversion of 65 Future Shop stores to Best Buy stores and the elimination of the Future Shop website.
The Canadian brand consolidation has a material impact on a year-over-year basis on the Canadian retail stores and the website. As such, all store and website revenue has been removed from the comparable sales base and International comprised of Canada and Mexico no longer has a comparable metric until International revenue is comparable on a year-over-year basis. Therefore, Enterprise comparable sales will be equal to Domestic comparable sales until International revenue is again comparable on a year-over-year basis.
Additionally, the company is no longer reporting comparable sales excluding the impact of installment billing as the mix of installment billing plans is comparable on a year-over-year basis. The term constant currency represents results adjusted to exclude foreign currency impacts.
Foreign currency impact represents the difference in results that is attributable to fluctuations in currency exchanges rates the company uses to convert the results of its International segment where the functional currency is not the U.
The company believes the disclosure of revenue changes in constant currency provides useful supplementary information to investors in light of significant fluctuations in currency rates and ongoing inability to report comparable store sales for the International segment as a result of the Canadian brand consolidation.
Forward-Looking and Cautionary Statements: These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: Best Buy cautions that the foregoing list of important factors is not complete, and any forward-looking statements speak only as of the date they are made, and Best Buy assumes no obligation to update any forward-looking statement that it may make.
Proceeds from sale of business, net of cash transferred upon sale. Non-cash repurchase of common stock related to completion of accelerated share repurchase. The following information provides reconciliations of the most comparable financial measures from continuing operations calculated and presented in accordance with accounting principles generally accepted in the U.
The company believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide more information to assist investors in evaluating current period performance and in assessing future performance.
For these reasons, our internal management reporting also includes non-GAAP measures. On a consistent basis, non-GAAP measures include adjustments for items such as restructuring charges, goodwill impairments, non-restructuring asset impairments and gains or losses on investments.
In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and our investors. The company strongly encourages investors and shareholders to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.
Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies. Domestic - Continuing Operations. International - Continuing Operations. Consolidated - Continuing Operations. Settlements relate to products purchased and sold in prior fiscal years.
Income tax charge is calculated using the estimated annual effective tax rate in effect during the period of the related non-GAAP adjustment. Return on Assets and Return on Invested Capital. You have fewer responsibilities, you don't need to come to know the particulars of the subject in which you are not really good at, you have a leader in your team, who coordinates the work and assigns tasks, and, as a result, you save your time.
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