With sales still surging, Best Buy raises prospects for 2021

Best Buy Co. is raising its full-year sales outlook after the nation’s largest consumer electronics chain posted fiscal second-quarter results that beat analysts’ projections

NEW YORK -- Best Buy raised its sales outlook for the year after breezing past Wall Street expectations in the second quarter. The nation’s largest consumer electronics chain joined the slew of other major retailers like Walmart, Target and Macy's putting up banner numbers, suggesting that Americans have continued to be spend even as the delta variant spreads. There have been concerns that consumer spending, which drives 70% of economic activity in the U.S., would begin to slow again as it did early in 2020 when COVID-19 first hit the country. The company, 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.