(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.
(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)
