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Best Buy Hikes Dividend; To Buy Back Stock Worth $750 Mln To $1 Bln

While reporting its financial results for the fourth quarter on Thursday, electronic retailer Best Buy Co. Inc. (BBY) forecast adjusted earnings for the first quarter of $1.00 to $1.052 and enterprise revenue of $9.1 billion to $9.2 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.01 per share for the quarter on revenues of $9.28 billion. Analysts' estimates typically exclude special items.

For fiscal 2021, the company projects earnings per share of $6.10 to $6.302 and enterprise revenue of $43.3 billion to $44.3 billion. The Street expects earnings of $6.25 per share for the year on revenues of $44.22 billion.

Best Buy said it views the coronavirus outbreak as a relatively short-term disruption that does not impact its long-term strategy and initiatives.

In addition, the company said its board of directors approved a 10 percent increase in the regular quarterly dividend to $0.55 per share, effective immediately. The regular quarterly dividend will be payable on April 9, 2020, to shareholders of record as of the close of business on March 19, 2020.

The company plans to spend between $750 million and $1.0 billion on share repurchases in fiscal 2021.

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