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Richfield, Minn.-Based Retailer Best Buy Initiates Dividend for Shareholders.

By Scott Carlson, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News

Oct. 22--In a show of financial strength, Best Buy Co. said Tuesday it is initiating its first-ever quarterly shareholder dividend program.

The giant Richfield-based consumer electronics retailer declared a cash dividend of 40 cents per common share. Best Buy plans to pay a 30 cent per common share dividend on Dec. 9 to shareholders of record as of Nov. 18. The company then intends to pay out a quarterly dividend of 10 cents per share on Jan. 28 to shareholders of recor

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