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.
