By Maria Armental
GameStop Corp., which said in February it is taking over some
RadioShack Corp. stores, is raising its annual dividend by 9%.
The Grapevine, Texas, videogame retailer will pay $1.44 a share,
up from the current $1.32 a share. It will pay a quarterly dividend
of 36 cents a share on March 24.
GameStop won bankruptcy court approval to reopen 163 RadioShack
stores, boosting its Spring Mobile business, which is an exclusive
AT&T dealer.
The company has largely benefited from strong demand for
next-generation consoles from Microsoft Corp., Sony Corp. and
Nintendo Co. Ltd. Still, in January, GameStop said sales at
existing stores fell 3.1% and total sales 6.7%-- or 4% on a
constant-currency basis--for the nine weeks ended Jan. 3.
Shares, up 4% over the past 12 months, edged up to $39 in recent
after-hours trading.
Write to Maria Armental at maria.armental@wsj.com
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