Best Buy will repurchase five-billion dollars of its shares under a newly announced buyback program.
The world’s largest electronics consumer retailer also raised its quarterly dividend by seven percent after last quarter’s earnings beat Wall Street’s expectations. Company officials say a surge in demand for mobile phones and tablets offset falling sales from big screen TVs last quarter. Best Buy shares had declined 17 percent in the past 12 months. The new buyback plan replaces one announced in 2007.