NEW YORK (AP) — Best Buy raised its sales outlook for the year after breezing past Wall Street expectations in the second quarter. The nation’s largest consumer…
NEW YORK (AP) — 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. That pace, according to the numbers from Best Buy’s most recent quarter, has continued. Now the company is readying itself for potentially permanent changes in consumer behavior even as millions of people get vaccinated and plan a return to the office.
