Best Buy expects major price cuts and decreased sales thanks to weaker consumer demand and increased competition both online and in store. The company anticipates a sales decline in the next two quarters, which would mark the third consecutive year of revenue declines for the retailer.
Best Buy also announced its regular quarterly dividend of 19 cents a share. The dividend is payable on Oct. 2 to shareholders of record as of the close of business on Sept. 11.
Must Read: 50 Stocks Hedge Funds Love
The stock was up 4.8% to $31.23 at 11:59 a.m. More than 8 million shares had changed hands to edge the average volume of 7,751,760.BBY data by YCharts
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.