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Best Buy Sees Rise in Same-Store Sales

16 Sep, 2004 By: Holly J. Wagner

Best Buy raised its quarterly dividend to 11 cents per share from 10 cents a day after the company reported an 8 percent increase in earnings and a 4.3 percent hike in same-store sales for the quarter. Second-quarter revenue increased 13 percent to $6.1 billion, compared with revenue of $5.4 billion for the second quarter of fiscal 2004.

“We have positioned ourselves as the authority on digital products, and our success with customers who enjoy a digital lifestyle really made the quarter,” vice chairman and CEO Brad Anderson said.

EVP and CFO Darren Jackson said the company should get its highest sales of the year during November, citing digital televisions, MP3 players, notebook computers, home theater and digital imaging systems and anticipated improvement in sales of DVD movies and appliances as drivers.

Best Buy shares were up $1.27, or 2.4 percent, at $53.88 following the dividend announcement.

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