Best Buy (NYSE:BBY) looked to grab what attention investors could lavish on it, the day following a holiday, with the start of shopping season.
The chain is basking in the glow of last week’s impressive quarterly report. Domestic revenue of $8.96 billion increased 2.4% versus last year. Domestic gross profit rate was 24.3% versus 24.4% last year. Net earnings came in at $293 million, compared to $277 million in the prior-year quarter.
CEO Corie Barry said, "In the near term, we are excited about our holiday plans. Our teams have once again put together a best-in-class assortment, prepared an amazing set of deals and ensured we have great inventory availability.
"Customers ordering online will get free next-day delivery on thousands of items all season long with no membership or minimum purchase required. They can also choose to pick up their products in a store within an hour of placing their order."
This week, on the eve of Thanksgiving, Best Buy’s directors authorized the payment of a regular quarterly cash dividend of $0.50 per common share.
The quarterly dividend is payable on January 7, 2020, to shareholders of record as of the close of business on December 17, 2019. The company had 260,175,513 shares of common stock issued and outstanding as of November 2, 2019.
Shares began Black Friday down four cents to $80.70
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