Best Buy, the Minnesota-based big-box retailer, reported quarterly earnings on Wednesday that topped analysts' estimates on the top and bottom lines.
reported quarterly earnings and revenue on Wednesday that topped analysts' expectations, sending shares higher by 11% ahead of the opening bell.
The Minnesota-based retailer said its board authorized a $3 billion share buyback plan, and plans to spend between $750 million and $1 billion on share buybacks during its fiscal year 2020., according to Bank of America Merrill Lynch. Firms announced more than $1.1 trillion in buybacks last year. Here's what Best Buy reported, compared with what Wall Street was expecting, according to analysts surveyed by Bloomberg.$14.8 billion versus $14.69 billion estimated
The company said its comparable sales grew 3% in the fourth quarter, and 4.8% for the full year. It also raised its quarterly dividend by 11%, to $0.50 a share. Best Buy has fallen 16% over the past year, underperforming the SPDR S&P retail exchange-traded fund which has gained 1%. However, the retailer is up 13% this year.
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