With sales still surging, Best Buy raises prospects for 2021

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Best Buy Co. has raising its full-year sales outlook after the nation’s largest consumer electronics chain posted fiscal second-quarter results that beat Wall Street’s projections. Best Buy joins other retailers including Walmart, Target and Macy’s that have posted strong results for the quarter, an indication that U.S. consumers remain resilient. Seattle-based department store chain Nordstrom also upgraded its annual revenue outlook Tuesday after reporting fiscal second-quarter results that beat expectations. Best Buy, which is based in Richfield, Minnesota, was somewhat insulated from the economic fallout last year because so many people stuck at home stepped up spending on webcams, laptops and other technology.