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Best Buy Issues Outlook; Increases Quarterly Dividend

Best Buy Co., Inc. (BBY) said, for the first quarter, the company expects Enterprise comparable sales growth of approximately 20%. Enterprise non-GAAP gross profit rate is projected to be slightly below previous year.

For fiscal 2022, the company projects: Enterprise comparable sales between a decline of 2% to an increase of 1%; and Enterprise non-GAAP gross profit rate slightly below fiscal 2021 rate.

The company announced its board of directors approved a 27% increase in the regular quarterly dividend to $0.70 per share. The quarterly dividend will be payable on April 8, 2021, to shareholders of record as of the close of business on March 18, 2021.

The company's board of directors approved a new $5.0 billion share repurchase authorization, replacing the existing authorization, which had $1.7 billion in repurchases remaining at the end of fiscal 2021.

Fourth quarter non-GAAP earnings per share was $3.48 compared to $2.90, a year ago. Revenue increased to $16.94 billion from $15.20 billion. Enterprise comparable sales rose 12.6%, for the quarter.

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