With sales still surging, Best Buy raises prospects for 2021
Best Buy Co. is raising its full-year sales outlook after posting fiscal second-quarter results that beat analysts’ projections.
Best Buy joins a slew of other retailers including Walmart, Target and Macy’s that have posted strong results for the quarter, underscoring that the consumer remains resilient.
The Richfield, Minnesota-based company is the nation’s largest consumer electronics chain. It was not broadsided during the pandemic like many other retailers, particularly nonessential merchants, because Americans stuck at home stepped up spending on webcams, laptops and other technology used to get them through lockdowns and working, learning from home.
But the latest results show that shoppers’ appetite for consumer gadgets remains strong.