Posted on June 21, 2012 at 9:43 AM
MINNEAPOLIS (AP) -- Best Buy says it is raising its dividend by a penny per share to 17 cents.
The move comes about two hours ahead of its annual shareholders' meeting where it is expected to provide details on its turnaround plan. Its shares rose 18 cents to $20.49 in premarket trading.
The higher dividend will be payable on Oct. 2 to shareholders of record as of Sept. 11.
The Minnesota-based electronics chain is trying to improve results in the face of increased competition from online retailers and discount stores.