Alexa

A very merry Christmas at Best Buy with sales booming

FILE- In this Nov. 22, 2018, file photo people wait in line to buy televisions as they shop during an early Black Friday sale at a Best Buy store on T...
FILE- In this Nov. 22, 2018, file photo people wait in line in front of an adjacent pet store for a Best Buy store to open for an early Black Friday s...

FILE- In this Nov. 22, 2018, file photo people wait in line to buy televisions as they shop during an early Black Friday sale at a Best Buy store on T...

FILE- In this Nov. 22, 2018, file photo people wait in line in front of an adjacent pet store for a Best Buy store to open for an early Black Friday s...

NEW YORK (AP) — Best Buy is reporting big holiday sales numbers, more evidence that Americans are willing and able to spend.

A dire report from the U.S. Commerce Department this month on retail sales cast a pall over the sector, raising concerns that an extended period of elevated consumer confidence had ended abruptly. Other notable retailers, like Walmart, also had big holiday quarters.

Shares in Best Buy jumped more than 11 percent before the opening bell Wednesday.

The nation's biggest consumer electronics retailer said comparable-stores sales, a key indicator of a company's health, rose 3 percent in the fourth-quarter and 9 percent on the year. Best Buy raised its quarterly dividend by 11 percent, to 50 cents per share.


Updated : 2020-11-30 14:27 GMT+08:00