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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) August 16, 1994
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)
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Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(1)
(a) Previous independent accountants
(i) On August 16, 1994, Best Buy Co., Inc. (the "Registrant")
dismissed Deloitte & Touche LLP as its independent
accountants.
(ii) The reports of Deloitte & Touche LLP on the financial
statements for the past two fiscal years contained no
adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or
accounting principle.
(iii) The Registrant's Audit Committee participated in and
approved the decision to change independent accountants.
(iv) In connection with its audits for the two most recent fiscal
years and through August 16, 1994, there have been no
disagreements with Deloitte & Touche LLP on any matter of
accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which
disagreements if not resolved to the satisfaction of
Deloitte & Touche LLP would have caused them to make
reference thereto in their report on the financial
statements for such years.
(v) During the two most recent fiscal years and through August
16, 1994, there have been no reportable events (as defined
in Regulation S-K Item 304(a)(1)(v)).
(vi) The Registrant requested that Deloitte & Touche LLP furnish
it with a letter addressed to the SEC stating whether or not
it agrees with the above statements. The Registrant
delivered a copy of this Form 8-K report to Deloitte &
Touche LLP on August 18, 1994. Attached hereto as Exhibit
16 is a copy of the letter of Deloitte & Touche LLP to the
SEC dated August 18, 1994.
(2) New independent accountants
(i) The Registrant engaged Ernst & Young LLP as its new
independent accountants as of August 16, 1994. During
the two most recent fiscal years and through
August 16, 1994, the Registrant has not consulted with
Ernst & Young LLP on items which (1) were or should have
been subject to SAS 50 or (2) concerned the subject matter
of a disagreement or reportable event with the former
auditor (as described in Regulation S-K Item 304(a)(2)).
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
16. Letter of Deloitte & Touche LLP to the Securities and
Exchange Commission dated August 18, 1994.
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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 thereunto duly authorized.
Date: August 19, 1994 By: /s/ Allen U. Lenzmeier
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Name: Allen U. Lenzmeier
Title: Executive Vice President & Chief
Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description of Exhibit
- - ------ ----------------------
16 Letter of Deloitte & Touche LLP to the
Securities and Exchange Commission
dated August 18, 1994.
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EXHIBIT 16
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August 18, 1994
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street Northwest
Washington, D.C. 20549
Dear Sirs/Madams:
We have read and agree with the comments in Item 4(a), (i), (ii), (iv), (v) and
(vi) of Form 8-K of Best Buy Co., Inc. dated August 16, 1994.
Yours truly,
/s/ Deloitte & Touche LLP
