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BestBuy Increases its Dividend by 7 Percent

(June 24, 2010)

Richfield, Minnesota - BestBuy (BBY) announced today it is upping its dividend from 14 cents a share to 15 cents, thereby increasing its dividend by 7%. The consumer electronics giant said this increased dividend will be paid to shareholders on Oct. 26 for stockholders on record Oct 5th, 2010. This is a move to return excess cash to shareholders said the company. The additional 1 cent a share will cost Bestbuy $17 million extra per year in dividend payments. During the company's annual shareholder meeting held on June 24/2010, CEO Brian Dunn said Bestbuy is seeing its electronics business expand due to "ubiquitous connectivity" — a convergence of personal electronics and online technology." He adds "The connected world is not simply a strategy to sell more stuff, it's about helping people get the services they need [and] connect with the people they love."

As of the close June 24, 2010, BBY has a dividend yield of 1.57% with earnings per share of $3.09. The company is trading 421.96 million shares and has a market capitalization of $15.08 billion. What holds in the future? Bestbuy's management quotes "Despite lower-than-expected results, management remains optimistic about fiscal 2011 due to the increase in market share and growth in revenues, along with signs of improvement in the retail environment. Best Buy reaffirmed its earnings guidance of $3.45 to $3.60 per share for fiscal year 2011, reflecting an increase of 10% to 14% year over year."

The company said revenues in fiscal 2011 are expected between $52 billion and $53 billion, an increase of 5% to 7%. Comparable-store sales are expected to rise between 1% and 3%. Management also expects annual operating margin at 5%.

BestBuy is featured in our dividend portfolio of Large Cap Dividend Paying Stocks ($10 billion or more).

About BestBuy

With operations in the United States, Canada, Europe, China, Mexico and Turkey, Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. The Best Buy family of brands and partnerships collectively generates more than $49 billion in annual revenue and includes brands such as Best Buy; Audiovisions; The Carphone Warehouse; Future Shop; Geek Squad, Jiangsu Five Star; Magnolia Audio Video; Napster; Paci?c Sales; and The Phone House. Approximately 180,000 employees apply their talents to help bring the bene?ts of these brands to life for customers through retail locations, multiple call centers and Web sites, in-home solutions, product delivery and activities in our communities. Community partnership is central to the way we do business at Best Buy. In fiscal 2010, Best Buy donated a combined $25.2 million to improve the vitality of the communities where its employees and customers live and work. For more information about Best Buy, visit www.bestbuy.com

WATCH: Live streaming of 2010 Best Buy Annual Shareholder Meeting June 24, 2010, 9:30 a.m. CT