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Best Buy raises full-year sales forecast on stimulus spending boost Best Buy Co Inc on Thursday raised its full-year comparable sales forecast, as fresh stimulus checks helped boost spending at its stores even as a reopening economy threatens to slow last year s pandemic-induced surge in demand.
FILE PHOTO: A sign marks a Best Buy store in Salem, New Hampshire, U.S., November 25, 2019. REUTERS/Brian Snyder
27 May 2021 07:20PM Share this content
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REUTERS: Best Buy Co Inc on Thursday raised its full-year comparable sales forecast, as fresh stimulus checks helped boost spending at its stores even as a reopening economy threatens to slow last year s pandemic-induced surge in demand.
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Nordstrom reports bigger-than-expected loss as markdowns hit margins
05/25/2021 21:56
(Reuters) -Nordstrom Inc posted a bigger-than-expected quarterly loss on Tuesday, hurt by price markdowns the department store chain had to initiate due to excess holiday inventory and increasing competition in the retail sector.
The retailer s shares, which have gained 17% this year, fell 7% in extended trading, as first-quarter sales declined 13% from 2019. In contrast, rival apparel retailer Urban Outfitters Inc reported a 7.3% rise in net sales for the same period.
The drop in sales showed Nordstrom was not recovering as quickly as rivals even as the roll out of vaccines and the arrival of stimulus checks in March boosted consumer spending confidence, analysts said.