Minneapolis – Best Buy has authorized a new $5 billion share
repurchase program.
The new program terminates and replaces the retailer’s prior
$5.5 billion share repurchase program, which was announced on June 27, 2007,
and had approximately $800 million of remaining authorization as of the first
fiscal quarter of 2012, ended May 28, 2011.
“Best Buy’s business generates significant cash flow
and we are committed to using that cash in a disciplined manner,” said Brian
Dunn, CEO of Best Buy in a statement. “We are very pleased to announce this new
share repurchase program that underscores our commitment to enhancing returns
for shareholders.”
The retailer’s board also approved a 7 percent increase in
the company’s quarterly cash dividend to 16 cents per common share. The change
will be effective with the quarterly dividend which, if authorized, would be
payable on Oct. 25, 2011, to shareholders of record as of Oct. 4, 2011.
