Best Buy Guides FY23 Below Estimates; Boosts Dividend 5% - Update
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, electronics retailer Best Buy Co., Inc. (BBY) initiated its adjusted earnings, revenue and comparable sales guidance for the full-year 2024. For fiscal 2024, the company now projects adjusted earnings in a range of $5.70 to $6.50 per share on revenues between $43.8 billion and $45.2 billion, with a comparable sales decline of 3.0 to 6.0 percent.
On average, 28 analysts polled by Thomson Reuters expect the company to report earnings of $6.71 per share on revenues of $45.73 billion for the year. Analysts' estimates typically exclude special items.
The company also announced its board of directors approved a 5 percent increase in the regular quarterly dividend to $0.92 per share, payable on April 13, 2023, to shareholders of record as of the close of business on March 23, 2023.
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