GAAP diluted EPS of $0.47; adjusted (non-GAAP) diluted EPS up 11 percent to $0.72

Company building a new turnaround plan

Full year guidance outlook unchanged FISCAL FIRST QUARTER PERFORMANCE SUMMARY(1) (U.S. dollars and square footage in millions, except per share and per square foot amounts) Three Months Ended May 5, 2012 April 30, 2011 Change Revenue $11,610 $11,369 2% Comparable store sales % change(2) (5.3%) (3.0%) N/A Gross profit as % of revenue 25.0% 25.7% (70bps) SG&A as % of revenue 21.7% 21.6% 10bps Restructuring charges $127 $4 N/A Operating income $262 $460 (43%) Operating income as a % of revenue 2.3% 4.0% (170bps) Diluted EPS from continuing operations $0.47 $0.64 (27%) Adjusted (non-GAAP) Results (3) Operating income $389 $464 (16%) Operating income as a % of revenue 3.4% 4.1% (70bps) Diluted EPS from continuing operations $0.72 $0.65 11% Key Metrics (4) Total U.S. big box retail square feet 42.4 42.5 0% Revenue per square foot (Domestic segment) $854 $854 0% Adjusted operating income per square foot (Domestic segment) $42 $48 (13%) Adjusted return on invested capital(5) 11.2% 11.2% 0bps Fiscal First Quarter 2013 Highlights Domestic segment online revenue growth of 20 percent

Domestic segment mobile phones comparable store sales growth of 13 percent

Domestic segment connections growth of 11 percent

Domestic segment Services revenue increased approximately 11 percent, including the impact of the mindSHIFT acquisition

Domestic segment comparable store sales growth in tablets, mobile phones, eReaders and appliances more than offset by declines in notebooks, gaming, digital imaging and televisions

Closed 41 (effective May 12, 2012) of the 50 U.S. big box store closures planned for fiscal 2013

As expected, the International segment operating loss was driven primarily by lower revenue in Europe and China and increased competitive conditions in Europe MINNEAPOLIS, May 22, 2012 — Best Buy Co., Inc. (NYSE: BBY) today reported GAAP net earnings from continuing operations of $161 million, or $0.47 per diluted share, for the three months ended May 5, 2012 compared to net earnings from continuing operations of $255 million, or $0.64 per diluted share for the prior-year period. Excluding previously announced restructuring charges, adjusted (non-GAAP) net earnings from continuing operations for the first quarter was $246 million, or $0.72 per diluted share, compared to adjusted net earnings from continuing operations of $258 million, or $0.65 per diluted share, for the prior-year period. “Best Buy is in a turnaround, and the strategic priorities we laid out at the beginning of the year are just the first phase of the changes to come,” said Mike Mikan, CEO (interim) of Best Buy. “We know we have to better adapt to the new realities of the marketplace, and we are creating a long-term plan designed to make Best Buy more relevant with customers and position the company for sustained, profitable returns in the years ahead. First quarter results were in-line with our expectations, and we are reaffirming our previously provided annual guidance for fiscal 2013.” Revenue Three Months ended May 5, 2012 Prior-Year Period ($millions) Revenue Change YOY Comp. Store Sales Comp. Store Sales Domestic $8,822 5.1% (3.7%) (3.8%) International 2,788 (6.3%) (10.5%) (0.2%) Total $11,610 2.1% (5.3%) (3.0%) Total company revenue was $11.6 billion during the fiscal first quarter, an increase of 2.1 percent compared to the prior-year period, and included a comparable store sales decline of 5.3 percent. As a result of the company’s fiscal year change, the first quarter of fiscal 2013 included February 2012, which included a fifth (“extra”) week. Excluding the extra week, total company revenue declined 4.3 percent compared to the prior-year period. Areas of comparable store sales growth in the Domestic segment included tablets and mobile phones within the Computing & Mobile Phones revenue category, eReaders within the Consumer Electronics revenue category and Appliances. These increases were more than offset by comparable store sales declines primarily in notebooks within the Computing and Mobile Phones revenue category, gaming within the Entertainment revenue category, and digital imaging and televisions within the Consumer Electronics revenue category. The Domestic segment online channel revenue grew 20 percent compared to the prior-year period. International segment comparable store sales declined 10.5 percent. As the company previously discussed, first quarter sales were expected to be lower driven by declines in the Five Star business stemming from the expiration of government sponsored programs and a slowdown in the Chinese economy. The impact of the change in these programs was similarly felt by other retailers in China. Additionally, softness in notebooks, home theater and gaming resulted in comparable store declines in Canada, and the difficult macro environment and changes in network subsidies for the pre-pay U.K. phone market led to lower mobile phone sales in our Europe business. Gross Profit Three Months ended May 5, 2012 ($millions) Gross Profit Change YOY % of Revenue Domestic $2,233 4% 25.3% International 674 (13%) 24.2% Total $2,907 (0%) 25.0% Domestic segment gross profit dollars increased 4 percent, including the extra week, and included a rate decline of 30 basis points compared to the prior-year period. The primary factors influencing this Domestic segment rate decline were lower computer repair revenue and the continuing shift from one-time transactions to ongoing “Tech Support” memberships, partially offset by favorability from a higher sales mix of mobile phones. International segment gross profit dollars declined 13 percent and included a 180 basis point rate decline. This rate decline was due primarily to a more competitive pricing environment and the increased mix of lower margin smartphones in our Europe business. Selling, General and Administrative Expenses (“SG&A”) Three Months ended May 5, 2012 ($millions) SG&A Change YOY % of Revenue Domestic $1,811 2% 20.5% International 707 4% 25.4% Total $2,518 2% 21.7% Total company SG&A spending increased 2 percent compared to the prior-year period. Excluding the effect of the extra week, total company SG&A spending experienced a slight decline. Year-over-year SG&A comparisons for both Domestic and International segments were impacted by the absence of the Best Buy Mobile profit share payment as a result of the purchase of Carphone Warehouse plc’s (“CPW”) share of the Best Buy Mobile profit share agreement in the fourth quarter of fiscal 2012. These intercompany profit share payments previously increased Domestic segment SG&A expense while lowering International segment SG&A and had no impact on the company’s consolidated operating income. Operating Income Three Months ended May 5, 2012 ($millions) Operating Income Change YOY % of Revenue Domestic $295 (19%) 3.3% International (33) n/a (1.2%) Total $262 (43%) 2.3% Adjusted operating income – Domestic $422 14% 4.8% Adjusted operating income – International (33) n/a (1.2%) Adjusted operating income(2) $389 (16%) 3.4% Operating income of $262 million included $127 million in restructuring charges primarily related to employee severance and fixed asset impairments, as a result of actions taken during the quarter to reduce headcount and close stores. Excluding these charges, adjusted operating income for the quarter declined 16 percent to $389 million driven by declines in the International segment. Please see the table titled “Reconciliation of Non-GAAP Financial Measures” attached to this release for more detail. Share Repurchases and Dividends

The company repurchased $115 million, or 4.6 million shares, of its common stock at an average price of $25.07 per share during February 2012, the first month of the fiscal first quarter. Consistent with previous guidance, the company continues to expect repurchases of approximately $750 million to $1.0 billion in fiscal 2013. On May 10, 2012, the company paid a quarterly dividend of $0.16 per common share outstanding, or $55 million in the aggregate. Fiscal 2013 Annual Guidance Unchanged

The company is maintaining its fiscal 2013 outlook of adjusted (non-GAAP) diluted EPS in the range of $3.50 to $3.80, including the impact of expected share repurchases and excluding fiscal 2013 restructuring costs. The company’s estimates for pre-tax restructuring charges in fiscal 2013 related to its strategic imperatives outlined on March, 29, 2012 is a range of $300 to $350 million, including store closures, severance, asset impairments and other costs. Including these charges, the GAAP diluted EPS annual guidance is expected in the range of $2.85 to $3.25. Please see “Reconciliation of Non-GAAP Guidance” attached to this release for more detail.