If you’re looking for a silver lining regarding the state of the North American newsstand, the declines in 2016 weren’t quite as dramatic as those felt in 2015, so there’s that. Still, 12.4 percent fewer magazines were sold on newsstands across the U.S. and Canada in 2016 compared to 2015, according to the latest figures released today by MagNet, corresponding to a 6.9 percent decline in industry-wide newsstand revenue. Compared to the 15.8 percent year-over-year drop in units sold and 13 percent revenue dip from 2014 to 2015, the 2016 numbers indicate that the downswing continues a gradual leveling-off — especially in revenues, whose declines have been partially abated by rising cover prices — but the pace of the downturn remains alarming; since 2011, unit sales have plummeted 52.4 percent, and revenues have fallen 43.2 percent. Overall, 373.2 million magazines were sold at retail in 2016, corresponding to $2.1 billion in revenue. click Read More below for more of the story
Best Buy Co., Inc. (NYSE: BBY) today announced that its Board of Directors approved a plan to return excess capital to shareholders as follows:
•A new $3 billion share repurchase plan expected to be completed over the next two years; and
•A 21% increase in the regular quarterly dividend to $0.34 per share, effective immediately.
This updated capital return plan is consistent with the company’s long-term capital allocation strategy to first fund operations and investments in growth, including potential acquisitions, and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment grade credit metrics. The company is targeting a non-GAAP dividend payout ratio1 between 35% and 45%.
Hubert Joly, Best Buy chairman and CEO, commented, “Today we are pleased to announce our fiscal 2018 return of capital plan which includes a 21% increase in the regular quarterly dividend to $0.34 per share and a share repurchase plan that accelerates from $1 billion over two years to $3 billion over two years. This is in addition to the nearly $2.7 billion in cash we returned to shareholders in fiscal 2016 and 2017 combined. The increase in the dividend and acceleration of our share repurchase program are aligned with our long-term capital allocation strategy and display continued confidence in our ongoing business performance and future cash-flow generation.”
In order to execute the two-year $3 billion share repurchase plan, the board of directors approved a new $5 billion share repurchase authorization for the company’s common stock, superseding the existing authorization dated June 2011 which had $2.2 billion in purchases remaining.
more detail at: http://investors.bestbuy.com/investor-relations/news-and-events/financial-releases/news-details/2017/Best-Buy-Announces-Increased-Capital-Return-to-Shareholders-/default.aspx