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1、1机密机密第二部分第二分册第二部分第二分册Bestbuy 业务模式研究bjaq高级经济师2004年4月17日2004-7-21内部资料，严禁扩散！2机密机密电器连锁的全球标杆Bestbuy?Bestbuy是消费电子的全球标杆。Bestbuy国际化也刚刚开始。Bestbuy数字化转型快且比较成功。?本报告分五部分：1. Bestbuy基本情况；2. Bestbuy03、04财年发展轨迹；3. Bestbuy四项战略特点解析；4. Bestbuy品牌竞争力；5. Bestbuy价值模式；6. Bestbuy2004零售转型实施策略。2机密机密第二部分第二分册第二部分第二分册Bestbuy 基本情况
2、2004-7-21内部资料，严禁扩散！4机密机密BESTBUY简介? Minneapolis-based Best Buy Co., Inc. is North Americas leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. ? The Companys subsidiaries operate retail stores and/or web sites under the names: Best Buy (BestB
3、), Future Shop (FutureShop.ca), Geek Squad (GeekS), and Magnolia Audio Video (M). ? The Companys subsidiaries reach consumers through approximately 750 retail stores750 retail stores in the United States and Canada. 32004-7-21内部资料，严禁扩散！5机密机密全球最大的消费电子零售商（全球最大的消费电子零售商（2003 ）Largest Consumer Electronic
4、s Retailer? 700 stores in North America? FY03 revenue of $20.9 billion*? Market share of approximately 15%? No. 1 in consumer electronics, No. 2 in home? office and entertainment software? 北美700家店；? 03财年销售收入209亿美元;? 市场份额接近15%；? 消费电子第一，家庭办公和娱乐软件第二。2004-7-21内部资料，严禁扩散！6机密机密全球最大的消费电子零售商（全球最大的消费电子零售商（200
5、4）Largest Consumer Electronics Retailer? More than 750 stores in North America ? FY04 revenue of $24.5 billion* ? Market share of approximately 16% ? No. 1 in consumer electronics, No. 2 in home office and entertainment software ? * Continuing operations? 2004年3月底，北美超过750家店；? 04财年收入达到245亿美元；? 市场占有率1
6、6%;? 消费电子排名第一，家庭办公和娱乐软件排名第二。42004-7-21内部资料，严禁扩散！7机密机密Bestbuy的四大品牌Bestbuy Brand1.Best Buy2.Best Buy Canada3.Future Shop4.Magnolia Audio Video2004-7-21内部资料，严禁扩散！8机密机密Bestbuy产品分类：计算机类?Desktops 台式机?Laptops & Notebooks 笔记本?PDAs & Handhelds 掌中宝?Monitors & Projectors 显示器和投影仪?Printers 打印机?Scanners 扫描仪?Netwo
7、rking 网络产品?Drives & Storage 驱动与存储?MP3 Players MP3?More Peripherals 外设?Blank Media 空盘?Memory 内存?Software 软件?Internet Services 网络服务?Computer Accessories 计算机附件52004-7-21内部资料，严禁扩散！9机密机密Bestbuy产品分类：音乐、影视&游戏?Music 音乐?Download/Stream Music 下载/流音乐?Movies 电影?Rent DVDs Online 在线DVD租赁?PC Games 电脑游戏?Kids Softwa
8、re 儿童软件?Video Games 视频游戏?Video Game Accessories 视频游戏附件2004-7-21内部资料，严禁扩散！10机密机密Bestbuy产品分类：电子产品?Televisions 电视?DVD Players & Recorders 碟机?Home Theater Systems 家庭影院?TiVo/Digital Video Recorders数字摄像机?Digital Set-Top Boxes 数字机顶盒?VCRs 录像机?Satellite TV & Digital Cable TV 卫星电视和数字有线电视?Home Audio & Speakers
9、家庭音响?Portable Audio 便携音响?Car Audio & Video 汽车音响、视频?Instruments, Karaoke & DJ 卡拉OK设备?Entertainment Furniture 娱乐设备?TV, Home Theater & Audio Accessories家庭影院和音响?Car Audio & Video Accessories 汽车音响和视频附件62004-7-21内部资料，严禁扩散！11机密机密Bestbuy产品分类：摄照类（数码类）?Digital Cameras数字相机?Camera Media 胶片和相纸?Camcorders 可携式摄像机?
10、Film Cameras 电影摄像机?Home Security 家庭摄像头?Binoculars & Scopes镜头?Online Photo Processing 在线照片处理?Camera & Camcorder Accessories摄照附件?Binocular & Telescope Accessories镜头附件2004-7-21内部资料，严禁扩散！12机密机密Bestbuy产品分类：家用电器? Refrigerators 冰箱? Freezers 冷柜? Dishwashers 洗碗机? Ranges 炉灶? Microwaves 微波炉? Washers & Dryers 洗
11、衣机? Vacuums 吸尘器? Cooling, Heating, Air 空调? Small Appliances 小家电? Personal Care 个人护理? Appliance Accessories 用具附件72004-7-21内部资料，严禁扩散！13机密机密Bestbuy产品分类：通讯产品? Telephones 电话机? Cell Phones & Pay As You Go 移动电话? Answering Machines对讲机? Videophones 可视电话? Caller ID Boxes卡式电话? Telephone Headsets 电话耳机? Long Dis
12、tance Plans 长途说明图? Two-Way Radios两路收音机? Telephone Accessories电话附件2004-7-21内部资料，严禁扩散！14机密机密Bestbuy产品分类：办公用品类? Office Furniture办公设备? Projectors 投影仪? Office Equipment办公器材? Ink & Toner 墨盒与硒鼓? Paper Supplies纸品? Best Buy For BusinessBestbuy业务方案82004-7-21内部资料，严禁扩散！15机密机密Bestbuy 优良业绩? 营业收入和每股收益稳步增长；? 2004财年
13、销售收入达到245亿美元，每股收益2.44美元。2004-7-21内部资料，严禁扩散！16机密机密Bestbuy 出色表现92004-7-21内部资料，严禁扩散！17机密机密Bestbuy 营业增长趋势第四季度是其销售旺季！bustbuy季度销售情况33124202376846244336513162956989050001000015000200002500020022003百万美元1st2nd3rd4thbestbuy季度销售趋势图0.00%5.00%10.00%15.00%20.00%25.00%30.00%35.00%40.00%200218.70%21.27%24.48%35.54%
14、200320.06%22.08%24.50%33.37%1st2nd3rd4th2004-7-21内部资料，严禁扩散！18机密机密Bestbuy 11年主要财务盈利能力稳步增加！Bestbuy-主要财务指标比率2.4%1.9%4.9%11.1%13.5%2.0%0.0%5.5%19.9%26.9%19.4%25.0%25.0%21.3%21.3%19.8%19.8%19.2%19.2%18.0%18.0%15.7%15.7%13.5%13.5%12.9%12.9%13.6%13.6%15.2%15.2%17.5%17.5%20.2%16.2%15.8%14.8%14.5%13.7%13.0%1
15、1.3%11.2%12.6%15.3%4.8%4.8%5.1%5.1%4.0%4.0%4.3%4.3%3.5%3.5%2.0%2.0%0.5%0.5%1.7%1.7%2.4%2.4%2.6%2.6%2.2%2.2%0.0%5.0%10.0%15.0%20.0%25.0%30.0%20032002200120001999199819971996199519941993Comparable store sales change Gross profit rateSelling, general and administrative expense rateOperating income rate
16、102004-7-21内部资料，严禁扩散！19机密机密Bestbuy 成长趋势图Bestbuy销售收入和净利润变化趋势图$20,946$17,711$15,189$12,494$10,065$8,338$7,758$7,215$5,080$3,007$1,6209957039634721682(6)46584120$-$5,000$10,000$15,000$20,000$25,00020032002200120001999199819971996199519941993(100)-100200300400500600RevenueNet earnings (loss)业绩持续增长，业绩持续增
17、长，2004财年销售收入达到财年销售收入达到245亿美元，净利润亿美元，净利润8亿美元！亿美元！2004-7-21内部资料，严禁扩散！20机密机密Bestbuy区域扩张图bestbuy区域扩张门店增长图5484814195484814191913131,1951,3211,30911295-1913131,1951,3211,30911295-5001,0001,5002,0002,500200320022001U.S. Best Buy storesMagnolia Hi-Fi storesMusicland storesInternational storesbestbuy营业面积增长图（
18、平方英尺）24,24321,59919,01024,24321,59919,0101891331338,3058,8068,7722,3751,923-1891331338,3058,8068,7722,3751,923-5,00010,00015,00020,00025,00030,00035,00040,000200320022001U.S. Best Buy storesMagnolia Hi-Fi storesMusicland storesInternational stores营业面积增长较快，门店每年增长营业面积增长较快，门店每年增长7080家左右。家左右。112004-7-21
19、内部资料，严禁扩散！21机密机密Bestbuy偿付能力分析持续增长，基本稳定！bestbuy总资产与资产负债率情况7,6637,3674,8402,9952,5322,0701,7401,8921,50795243964.37%65.78%62.36%63.41%59.16%74.11%75.34%77.27%75.05%67.33%58.54%-1,0002,0003,0004,0005,0006,0007,0008,0009,0002003 2002 2001 2000 1999 1998 1997 1996 1995 1994 19930.00%10.00%20.00%30.00%40.
20、00%50.00%60.00%70.00%80.00%90.00%2004-7-21内部资料，严禁扩散！22机密机密Bestbuy主要财务指标等分析Financial Snapshot净资产收益率（权益回报率）毛利率运营费用122004-7-21内部资料，严禁扩散！23机密机密Bestbuy主要财务指标等分析Financial Snapshot股东回报高于资本市场平均回报！股东回报高于资本市场平均回报！2004-7-21内部资料，严禁扩散！24机密机密Bestbuy产品结构与业务成长市场以美国国内市场为主，国际化从北美渗透！市场以美国国内市场为主，国际化从北美渗透！132004-7-21内部资
21、料，严禁扩散！25机密机密Bestbuy四类主要产品结构其中消费电子、家庭办公、娱乐软件消费电子、家庭办公、娱乐软件成为主体！bestbuy产品结构分布图38%38%37%37%33%32%35%34%25%25%22%23%38%38%37%37%33%32%35%34%25%25%22%23%4%5%6%6%4%5%6%6%0%10%20%30%40%50%60%70%80%90%100%4th04End4th04Begin04End04BeginConsumer ElectronicsHome OfficeEntertainment SoftwareAppliances2004-7-21
22、内部资料，严禁扩散！26机密机密Bestbuy数码产品比例分析数码产品占比稳步上升！142004-7-21内部资料，严禁扩散！27机密机密Bestbuy美国各州门店数统计Store Counts by State/Province2004-7-21内部资料，严禁扩散！28机密机密Bestbuy 03财年门店统计Store Counts by State/Province152004-7-21内部资料，严禁扩散！29机密机密Bestbuy 在美国的市场份额2004-7-21内部资料，严禁扩散！30机密机密Bestbuy 的品牌影响力162004-7-21内部资料，严禁扩散！31机密机密besyb
23、uy数码产品的渗透率2004-7-21内部资料，严禁扩散！32机密机密Bestbuy2003主要业绩Key Wins from Fiscal 2003（0203-0303）?We opened 67 U.S. Best Buy stores, including our entry into Manhattan.?We achieved revenue growth from continuing operations of 13 percent, to $20.9 billion, bolstered by the opening of new stores.?We obtained a 1
24、0-percent increase in earnings from continuing operations through effective promotional strategies and efficiency initiatives.?We grew digital product sales and online sales, resulting in a comparable store sales gain of 2.4 percent from continuing operations.?We successfully launched the Best Buy b
25、rand in Canada.? 开店67家，进入纽约曼哈顿地区；? 销售收入增长13，达到209亿美元，创历史记录；? 通过有效主动战略获得收益（利润）增长10；? 数码产品和网络销售比门店销售增加2.4%;? Bestbuy 成功进入加拿大。17机密机密第二部分第二分册第二部分第二分册Bestbuy03、04财年基本发展轨迹2004-7-21内部资料，严禁扩散！34机密机密2003 财年主要挑战?The first challenge concerned management succession. ?As the new team took office, the second chal
26、lenge arose: a precipitous drop in consumer spending caused comparable store sales suddenly to flatten in the second quarter. ?The third challenge was continued weakness in sales of desktop computers and CDs, as well as increased commoditization in many product groups. ? 管理层换届；? 第二季度销售滑坡；? 台式电脑、CD销售
27、不力，其他许多产品群落商品化的增加。182004-7-21内部资料，严禁扩散！35机密机密2004财年目标（0303-0403）Goals for Fiscal 2004?Increase revenue by 11 to 13 percent and grow income from continuing operations by 14 to 16 percent.?Open approximately 80 new stores in the United States and Canada.?Improve the operating margin by 10 to 20 basis
28、points.?Increase business with our most profitable customers.?Build our service offerings to provide more complete solutions for our customers.?Gain a larger share of our customersentertainment spending through new products, services and subscriptions.?Develop the leadership potential of our employe
29、es to achieve these goals.? 利润增加1113，收入增加1416%;? 在美国和加拿大开店80家左右；? 营业毛利从10到20；? 增加重点客户业务量；? 搭建面向客户的完全解决方案；? 提高顾客通过新产品、服务和预定的娱乐中份额；? 发展员工领导潜能实现以上目标。2004-7-21内部资料，严禁扩散！36机密机密2004 财年挑战应对策略Meeting Future Challenges?Marketing our interest in our Musicland subsidiary and refocusing our energy on our core b
30、usinesses;?Adapting to changes in how consumers like to shop, including greater use of online channels;?Growing comparable store sales by focusing on the customer;?Boosting efficiency to improve our results in a difficult economy;?Managing ever-faster product cycles; and ?Developing the capacity of
31、our people to meet new challenges.? 聚焦核心业务，增加音乐广场的营销力度；聚焦核心业务，增加音乐广场的营销力度；? 适应顾客购物变化，主要表现为在线渠道；适应顾客购物变化，主要表现为在线渠道；? 通过聚焦顾客实现门店销售增长；通过聚焦顾客实现门店销售增长；? 在困难中增强效率；在困难中增强效率；? 管理快速的产品周期变化；管理快速的产品周期变化；? 发展应变新挑战的能力。发展应变新挑战的能力。192004-7-21内部资料，严禁扩散！37机密机密2004财年四大战略举措developed four strategic? Customer Centricity
32、.? Efficient Enterprise.? Win the Home with Service.? Win Entertainment.? 以客户为中心；以客户为中心；? 高效运营的企业；高效运营的企业；? 通过服务赢得家庭用户；通过服务赢得家庭用户；? 娱乐增值。娱乐增值。2004-7-21内部资料，严禁扩散！38机密机密2004财年美国业务拓展U.S. Best Buy Stores? Winning in a Challenging Environment? Accelerating Our Organic Growth? Meeting the Online Challenge
33、? Focusing on Our Customers ? Introducing New Services? Winning in Entertainment? Meeting Future ChallengesIncreasing our share of existing customers spending on technology and entertainment;Strengthening the Best Buy brand asset through in-store and online experiences and through stronger marketing
34、 and advertising;Successfully launching a more robust BestB;Exploring new store concepts to reach additional customer segments;Consolidating corporate and field operations in areas where we have mature capabilities, and flattening our corporate structure and clarifying decision-making authority to a
35、ccelerate the pace at which we bring innovation to our customers;Continuing to offer our customers an ever-improving, engaging and satisfying shopping experience while maximizing the return to our shareholders. 202004-7-21内部资料，严禁扩散！39机密机密公司成长驱动因素公司成长驱动因素Comp Growth Drivers? Well-known store brands ?
36、 High customer loyalty ? Innovative new formats ? Customer centricity tests ? New dot com site ? Growth in digital products? 知名品牌知名品牌? 高度的客户忠诚度高度的客户忠诚度? 创新模式创新模式? 以客户为中心以客户为中心? 新网站新网站? 数码产品的成长数码产品的成长2004-7-21内部资料，严禁扩散！40机密机密公司改进原因公司改进原因Reasons for Optimism?History of innovation in store concepts ?Cu
37、stomer preference for our brands ?Continued revenue growth New stores Digital products New e-commerce platform Introduction of new services ?Potential operating rate improvement ?Refocused on our core business ?Four strategic priorities for the future? 门店概念的创新历史? 客户品牌偏爱? 连续的收入增长 新门店 数码产品 新的电子商务平台 新服
38、务模式? 运营效率的改进? 重新聚焦核心业务? 未来的四个战略优先权212004-7-21内部资料，严禁扩散！41机密机密音乐广场的经验音乐广场的经验Learnings from Musicland? The importance of knowing your customers ? Bigger is not always better ? We underestimated our existing growth opportunities ? Our values as leaders? 很好地理解客户很好地理解客户? 大不一定好大不一定好? 我们低估了成长的机遇我们低估了成长的机遇?
39、 领袖的价值观领袖的价值观2004-7-21内部资料，严禁扩散！42机密机密行业领袖的价值基础行业领袖的价值基础Values-based Leadership? Have fun while being the best ? Learn from challenge and change? Show respect, humility and integrity? Unleash the power of our people ? 追求卓越为乐趣? 从变革的挑战中学习? 尊重、谦卑、真诚? 释放能量222004-7-21内部资料，严禁扩散！43机密机密2003年发展的三个关键点年发展的三个关键
40、点Three Key Points? Best Buy is the industry leader and continues to extend its lead ? We are transforming our business through four strategic initiatives ? We have long-term goals for growth and profitability, and currently are exceeding our plan? 商业领袖，并将继续扩大实力范围；商业领袖，并将继续扩大实力范围；? ? 通过四方面战略实通过四方面战略实
41、通过四方面战略实通过四方面战略实现业务成长；现业务成长；现业务成长；现业务成长；? 有效计划，持续成长。有效计划，持续成长。2004-7-21内部资料，严禁扩散！44机密机密Bestbuy03年发展重点目标年发展重点目标Four Key Points? Best Buy, a Fortune 100 company, is the industry leader and a well-known brand ? We are transforming our business through four strategic initiatives ? We have aggressive lon
42、g-term goals for growth and profitability ? We have a values-driven culture and are deeply committed to our communities? 财富财富100强，商业巨头，知名品牌；强，商业巨头，知名品牌；? ? 四项战略实现业务成四项战略实现业务成四项战略实现业务成四项战略实现业务成长；长；长；长；? 主动追求成长与盈利的长期目标主动追求成长与盈利的长期目标;? 深入人心的价值驱动企业文化。深入人心的价值驱动企业文化。232004-7-21内部资料，严禁扩散！45机密机密Financial Hi
43、ghlights-04财务信息财务信息?Earnings from continuing operations increased 29% to $800 million ($2.44 EPS) ?Revenue rose 17% to $24.5 billion, including 78 new stores and 7.1% comp gain ?Operating income rate rose by 50 basis points to 5.4% of revenue ?Capital expenditures $150MM below plan ?Finished year wi
44、th $2.6B in cash ? 收入（利润）增加29%，达到8亿美元（每股盈利2.44美元）；? 销售额增加17%，达到245亿美元。新开78家店，增长7.1%；? 销售毛利率增加50点，达到5.4%；? 资本花费低于预算1.5亿美元；? 年底经营现金流量净值26亿美元。2004-7-21内部资料，严禁扩散！46机密机密Business Highlights-04业务回顾业务回顾?Customer centricity stores led the Company in comp gains for the quarter and fiscal year ?Planning up to
45、100 additional customer centricity stores in fiscal 2005 ?Market share, customer loyalty, brand awareness, employee attitudes at new highs ?Dual branding effective in Canada ?Planning to offer Geek Squad service in 45 markets by Back-to-School season? 以顾客为中心增加收入；? 05财年计划增加100家客户中心店；? 高度重视市场占有率，顾客忠诚度
46、，品牌认知度，员工态度；? 加拿大的双品牌效果；? 计划在45个市场中进行娱乐表演。242004-7-21内部资料，严禁扩散！47机密机密Our Goals-战略目标战略目标? 7% operating income rate by fiscal 2007 (our “7 by 07” goal) ? Double-digit revenue growth ? 25-30% market share ? Increased customer loyalty? ? 20072007年销售毛利达到年销售毛利达到年销售毛利达到年销售毛利达到7%7%；? ? 两位数的销售增长；两位数的销售增长；两位数
47、的销售增长；两位数的销售增长；? ? 2525- -30%30%的市场份额；的市场份额；的市场份额；的市场份额；? ? 不断增加的客户忠诚不断增加的客户忠诚不断增加的客户忠诚不断增加的客户忠诚度。度。度。度。2004-7-21内部资料，严禁扩散！48机密机密Keys to the Future-未来成功的关键未来成功的关键? Supply chain management ? Direct sourcing ? Customer centricity rollout ? Increased employee productivity ? Expansion of international s
48、egment operating income rate? 供应链管理；供应链管理；? 直接供货；直接供货；? 以客户为中心展示；以客户为中心展示；? 增加员工效率；增加员工效率；? 扩大国际市场份额。扩大国际市场份额。252004-7-21内部资料，严禁扩散！49机密机密Driven by Values-价值驱动因素价值驱动因素? Have fun while being the best ? Learn from challenge and change ? Treat others with respect, humility and integrity ? Unleash the po
49、wer of our people? 追求最佳的乐趣；追求最佳的乐趣；? 从变化和挑战中学习；从变化和挑战中学习；? 互相尊重、谦虚、诚信；互相尊重、谦虚、诚信；? 释放能量！释放能量！2004-7-21内部资料，严禁扩散！50机密机密Bestbuy 的未来正面趋势? 数码产品市场占有率继续增加；? 经营效率继续提高（客户忠诚度、市场份额等）。262004-7-21内部资料，严禁扩散！51机密机密Bestbuy 销售收入驱动要素? 交易量和规划继续增加；交易量和规划继续增加；? 各产品量继续增加！各产品量继续增加！2004-7-21内部资料，严禁扩散！52机密机密05财年开店计划U.S. Be
50、st Buy FY05 Store Opening Plans*（04040503）? The company also expects to open 10 Canadian Best Buy stores and three Future Shop Stores in Canada in FY05.*Q110-12Q28-10Q325-27Q413-1545K15-1730K20-2220K22-24272004-7-21内部资料，严禁扩散！53机密机密05财年EPS预测：增加15-20%机密机密第二部分第二分册第二部分第二分册Bestbuy 战略特点、品牌优势和价值模式282004-7-