Best Buy's stock is on track for its best day since 2017:
The electronics retailer reported better-than-expected results for the holiday period, but what stands out is how the company is treating its shareholders. Best Buy BBY, +16.15% announced Wednesday that it would be raising its quarterly dividend by 11%, to 50 cents per share, and the company also received approval for a new $3 billion buyback program. It plans to spend $750 million to $1 billion on share repurchases this fiscal year. Its stock is up more than 15% in morning trading.
delivered a disappointing forecast for the year ahead, but investors seem to be paying more attention to the company’s holiday-quarter earnings beat. The company’s downbeat outlook reflects the loss of Payless ShoeSource, which is closing its U.S. stores. Steve Madden will have to find ways to compensate for the absence of what Chief Executive Edward Rosenfeld called a “meaningful customer” in recent years. The stock is up 5.6%. •Shares of Dean Foods Co. DF, -15.
and L Brands Inc. LB, -0.51% are on the afternoon docket as well. Emily Bary Emily Bary is a MarketWatch reporter based in New York. We Want to Hear from You Join the conversation Comment var SA=SA || []; SA.push; var smscript=document.createElement; smscript.type='text/javascript'; smscript.async=true; smscript.src='https://smartasset.com/snippet.js'; var s=document.getElementsByTagName[0]; s.parentNode.insertBefore; Related Topics Earnings Markets U.S.
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