- 21Jun
(Reuters) - Best Buy Co Inc (BBY.N) said it will raise its quarterly cash dividend by 6 percent to 17 cents a share, consistent with the increase in each of the prior three years.
The company said the first dividend at the new rate will be payable October 2 to shareholders of record as of September 11.
Best Buy has been dealing with a slew of problems of late, with Chief Executive Officer Brian Dunn abruptly leaving the electronics chain and its founder and chairman Richard Schulze resigning and exploring options for his 20.1 percent ownership stake.
Shares of the company closed at $20.31 Wednesday on the New York Stock Exchange.
(Nivedita Bhattacharjee in Chicago; Editing by Gerald E. McCormick)
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