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Newhampshire News Online

Best Buy Earnings beat forecasts

Best Buy Earnings beat forecasts

Best Buy boosted revenue by 1.3% in the fourth quarter to $14.2 billion. Revenue was lifted by sales of big screen TVs and mobile phones. And counting special items, the store chain beat analysts’ forecasts in the fourth quarter with diluted earnings per share of $1.47 for continuing operations. Disappointing Holidays Reported by Best Buy

Hubert Joly, Best Buy’s president and CEO said in a statement that “these two categories were the primary drivers of our year-over-year revenue growth, and more than offset weakness in the tablet category which was impacted by material industry declines.”

The company also announced a one-time dividend of 51 cents per share, adding up to roughly $180 million, that shareholders will get in mid-April. ”In light of this progress, we were pleased to announce this morning . .. .our plan to return excess capital to shareholders including a special, one-time dividend, an increase in our regular quarterly dividend and the resumption of our share repurchase program,” Joly said. “The announcement demonstrates our commitment to returning excess capital to our shareholders, while preserving our strong balance sheet and our ability to continue to invest in the growth of our business.”

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