Best Buy Co Inc (NYSE:BBY) is trading higher Thursday after the company reported fourth-quarter financial results and raised its quarterly dividend.
Best Buy said fourth-quarter revenue declined 2.3% year-over-year to $16.36 billion, which came in below the $16.59 billion estimate. The company reported quarterly earnings of $2.73 per share, which is in line with estimates.
Best Buy CEO Corie Barry attributed the revenue decline to constrained inventory and omicron-related staffing shortages.
"We are deliberately investing in our future and furthering our competitive differentiation which, as expected, impacted our Q4 profitability," Barry said.
Best Buy expects full fiscal year 2023 revenue to be between $49.3 billion and $50.8 billion versus the $51.05 billion estimate. The company expects earnings to be between $8.85 and $9.15 per share versus the estimate of $9.16 per share.
Best Buy also raised its quarterly dividend from 70 cents per share to 88 cents per share.
See Also: 26 Stocks Moving in Thursday's Pre-Market Session
BBY Price Action: Best Buy has traded as low as $85.58 and as high as $141.97 over a 52-week period.
The stock was up 5.28% at $106.16 at time of publication.
Photo: courtesy of Best Buy.
