Best Buy Plans $100-Million Stock Buyback

Best Buy Co. said it plans to buy back up to $100 million worth of its 100 million outstanding shares, or about 3%, during the next 12 months. It marks the first buyback for the nation’s largest consumer electronics retailer. “We believe that current market conditions have made our stock an exceptional value and investment opportunity,” said Richard Schulze, chief executive. Schulze said Best Buy recently retired nearly all of its debt, and the company is confident that its financial position and liquidity allow it to repurchase shares and continue its previously announced expansion plans for 40 new stores next year. The Eden Prairie, Minn.-based company now operates 292 stores. Following the news, Best Buy’s stock rose $1.13 to $34.81 on the NYSE.