BEST BUY RAISES 2021 COMPARABLE STORE SALES EXPECTATIONS

Three months after saying that comparable-store sales may actually fall in 2021, Best Buy on Thursday released a much more optimistic outlook after reporting booming sales in the first quarter.

Though government stimulus played a roll in the most recent quarter, the Richfield, Minnesota, company believes sales and services will continue to thrive.

“Customer demand for technology products and services during the quarter was extraordinarily high,” said CEO Corie Barry in a prepared statement. “This demand is being driven by continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertaining, redecorating and remodeling.”

Best Buy was not broadsided during the pandemic like many other retailers because Americans stuck at home stepped up spending on webcams, laptops and other technology used to get them through lockdowns and working, learning from home.

Still, the chain is readying itself for potentially permanent changes in consumer behavior even as millions of people get vaccinated and return to stores.