Best Buy (NYSE:BBY) on Wednesday reported earnings and sales for the holiday quarter that topped analysts' expectations.
The electronics retailer reported fourth-quarter adjusted earnings per share of $2.72, on sales of $14.80 billion. Analysts were calling for earnings of $2.57 a share, on sales of $14.70 billion.
Sales at Best Buy stores open for at least 12 months were up 3%, topping expectations for 2% growth.
According to CEO Hubert Joly, "We are very proud of the financial results we have just delivered. For the full year, our comparable sales grew 4.8% and our EPS increased more than 20%.
"In addition to these great financial results, we made significant progress implementing our Best Buy 2020 strategy to enrich lives through technology and further develop our competitive differentiation."
Best Buy is providing the following full-year FY20 financial outlook: Enterprise revenue of $42.9 billion to $43.9 billion; Enterprise comparable sales growth of 0.5% to 2.5%; Non-GAAP diluted EPS of $5.45 to $5.65.
In Q4 FY19, the company returned a total of $482 million to shareholders through share repurchases of $361 million and dividends of $121 million. In FY19, the company returned a total of $2.0 billion to shareholders through share repurchases of $1.5 billion and dividends of $497 million.
Today, the company announced its board of directors approved an 11% increase in the regular quarterly dividend to $0.50 per share, effective immediately. This is the sixth consecutive year the company has increased the dividend.
BBY shares had spring in their step, jumping $9.67, or 16%, to $69.98
Related Stories
