Best Buy Co., Inc. announced holiday revenue results for the nine weeks ended January 5, 2013. The revenue of $12.8 billion for the nine weeks ended January 5, 2013 compared to $12.9 billion for the nine weeks ended December 31, 2011.

Driven by solid performance in the holiday period, comparable store sales, gross margin, earnings and inventory levels continue to be in line with the assumptions that supported the company's fiscal year 2013 free cash flow guidance provided on November 20, 2012 that was in the range of $850 million to $1.05 billion. Accounts payable as a percentage of inventories, however, which was assumed to be consistent with prior year, is now expected to be lower than prior year due to the earlier than expected receipt, and therefore payment of, inventory purchases and a shift in sales mix to higher velocity merchandise categories that carry shorter payment terms. As a result, the company now expects free cash flow for fiscal year 2013 to be approximately $500 million. As consistent with previous guidance, this free cash flow estimate excludes the impact of previously announced restructuring activities and change in restricted cash related to working capital.