With sales still surging, Best Buy raises prospects for 2021

Best Buy raised its sales outlook for the year Tuesday after breezing past Wall Street expectations in the second quarter.

The nation’s largest consumer electronics chain joined other major retailers including Walmart, Target and Macy’s in putting up banner numbers, suggesting that Americans have continued to spend even as the delta variant spreads. Department store chain Nordstrom also upgraded its annual revenue outlook Tuesday after reporting fiscal second-quarter results that beat expectations.

Best Buy’s shares rose more than 8%, or $9.33, to close at $121.49 on Tuesday.

Best Buy earned $734 million, or $2.90 per share, for the three-month period ended July 31. Adjusted for one-time gains or losses, per-share earnings were $2.98, easily eclipsing per-share projections of $1.91 from Wall Street, according to Zacks Investment Research.

Read more from the Associated Press.