NEW YORK – Best Buy reports large holiday sales figures, more evidence that Americans are willing and able to use.
A fierce US Commerce Department report this month on retail sales hit a pallet over the sector, claiming that an extended period of elevated consumer confidence was abruptly terminated. Other notable dealers, such as Walmart, also had large holiday neighborhoods.
Stocks in Best Buy jumped over 11 percent before the opening clock on Wednesday.
The nation's largest consumer electronics retailer said sales of comparable stores, a key indicator of a company's health, rose 3 percent in the fourth quarter and 9 percent in the year. Best Buy increased the quarterly dividend by 11 percent, to 50 cents per share.