Best Buy hikes dividend by 12%
Electronics retail giant Best Buy Co. on Tuesday has confirmed that its board of directors has increased quarterly cash dividend on common shares by 12 per cent, from $0.17 to $0.19 per share.
The increase will take effect with the quarterly dividend which, if approved, would be payable on 2nd of October 2014 to shareholders of record as of 11th of September this year.
Hubert Joly, president and chief executive of Best Buy, said that the increase in dividend indicated the company's improved cash position and their confidence in the company's multi-channel business model.
Commenting on the board's decision, Joly said, "Our decision to increase the amount of cash we are returning to shareholders is indicative of our improved cash position and our confidence in the cash-generating power of our multi-channel business model."
It is the first time since June 2012 that Best Buy has announced an increase in cash dividend. Last time, the dividend was hiked from $0.16 to $0.17 per share.
Meanwhile, Best Buy's rival Radio Shack has said in a statement that its first-quarter loss swelled to $98.3 million as sales slipped for the ninth quarter in a row.
Both Best Buy and Radio Shack are essentially in the same business, but their paths have diverged a lot in past few years. While Best Buy has enhanced its visibility in the 21st century, Radio Shack apparently remained stuck in the past.
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