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Best Buy Raises Dividend

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(credit: Kevork Djansezian/Getty Images)

(credit: Kevork Djansezian/Getty Images)

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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.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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