Best Buy Announces Increased Capital Return to Shareholders
March 01, 2017
Two-Year $3 Billion Share Repurchase Plan 21% Increase in Quarterly Dividend to $0.34 per Share MINNEAPOLIS, March 1, 2017 - Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors approved a plan to return excess capital to shareholders as follows: A new $3 billion share repurchase plan expected to be completed over the next two years; and A 21% increase in the regular quarterly dividend to $0.34 per share, effective immediately. This updated capital return plan is consistent with the company’s long-term capital allocation strategy to first fund operations and investments in growth, including potential acquisitions, and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment grade credit metrics. The company is targeting a non-GAAP dividend payout ratio1 between 35% and 45%. Hubert Joly, Best Buy chairman and CEO, commented, “Today we are pleased to announce our fiscal 2018 return of...
Best Buy Reports Better-Than-Expected Fourth Quarter Earnings
March 01, 2017
GAAP Diluted EPS Increased 37% to $1.91 Non-GAAP Diluted EPS Increased 27% to $1.95 Full Year GAAP and Non-GAAP Diluted EPS Increased 63% and 28% respectively Best Buy Co., Inc. (NYSE: BBY) today announced results for the fourth quarter (“Q4 FY17”) and year ended January 28, 2017 (“FY17”), as compared to the fourth quarter (“Q4 FY16”) and year ended January 30, 2016 (“FY16”). The company reported Q4 FY17 GAAP diluted earnings per share from continuing operations of $1.91, an increase of 37% from $1.39 in Q4 FY16. Non-GAAP diluted earnings per share from continuing operations for Q4 FY17 were $1.95, an increase of 27% from $1.53 in Q4 FY16. Q4 FY17 Q4 FY16 FY17 FY16 Revenue ($ in millions)1 Enterprise $13,482 $13,623 ...