Best Buy Shares Up 2.3% As Profit Beats, Unveils Dividend Hike And Buyback

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Best Buy Co. Inc. shares rose 2.3% in premarket trade Tuesday, after the electronics retailer said it will pay a special 51 cents dividend, raise its regular quarterly dividend by 21% to 23 cents a share and buy back up to $1 billion of shares over three years. The company earned $519 million, or $1.46 a share, in the fourth quarter, up from $293 million, or 83 cents a share, in the year-earlier period. Adjusted EPS came to $1.48 a share, ahead of the FactSet consensus of $1.35. Revenue rose to $14.209 billion from $14.025 billion, below the FactSet consensus of $14.345 billion. Same-store sales rose 2.0%, above the FactSet consensus of 1.7%. Shares have gained 7.2% in the last three months, while the S&P 500 has gained 2.1%.

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