Best Buy raises annual sales forecast as electronics demand holds strong By Reuters

© Reuters. A sign marks a Best Buy store in Boston, Massachusetts, U.S., May 26, 2021. REUTERS/Brian Snyder

(Reuters) -Best Buy Co Inc raised its full-year comparable sales forecast on Tuesday, as the electronics retailer expects demand to be resilient compared to analysts’ fears of a drop in growth from a pandemic-induced sale surge last year.

The retailer’s shares, which have gained 12.4% this year, rose 6% in premarket trading.

The consumer electronics retailer’s sales have surged over the last year as stuck-at-home Americans splurged on laptops, webcams and other computer accessories for their home offices and remote learning setups.

The demand held strong in the second quarter, with Best Buy reporting a 20% jump in comparable sales, beating analysts’ average estimate of a 17.2% increase, according to IBES data from Refinitiv.

Best Buy said it expects full-year comparable sales to rise 9% to 11%, compared to its previous forecast of an increase of 3% to 6%.

The company said it expects third-quarter comparable sales to fall 1% to 3%, compared with analysts’ average estimate of a 9.1% drop, according to IBES data from Refinitiv.

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