Introduction

Our weekly Earnings Insights reports look at key commentary and qualitative insights from major US retailers and brand owners on their recent performance, in terms of revenues and comps, and the impact of the Covid-19 pandemic on third-quarter 2021 performance (ended September 30, 2021, for most companies). Companies featured are those within our Coresight 100 coverage list, and in this report, we focus on those that reported in the week ended November 28, 2021. For most retail companies covered in this series, the quarter under review will be the third quarter of fiscal 2021 (3Q21), although some companies may have different year ends. In July 2021, US retail sales grew by a strong 9.6% year over year and by 21.4% when compared to 2019 values. Similarly, in August 2021, US retail sales grew by a very strong 12.0% year over year and by 19.7% from the corresponding quarter of 2019 values, demonstrating consumers’ willingness to spend and a strong back-to-school season. September 2021 saw year-over-year retail sales growth decelerate to a still-strong 11.1% and rose by 25.8% on a two-year basis (compared to the corresponding quarter in 2019). Overall, in September 2021, the demand for goods remained solid even as consumer spending is shifting back to services and the number of workers heading back to the office. In October, US retail sales continued to witness a double-digit year-over-year increase, fueled by strong growth in several sectors, and sales increased by 23.2% on a two-year basis. US retail traffic saw robust growth of 31.4% year over year, driven by early holiday shopping. We assess the recent performance of selected retailers and brand owners below.

Apparel and Footwear Brand Owners

Overall, apparel and footwear brand owners are witnessing a substantial recovery: Guess? Inc. reported double-digit revenue growth year over year, and low-single-digit growth on a two-year basis. In the week ended November 7, Hanesbrands and Under Armour reported double-digit revenue growth on a two-year basis, while Ralph Lauren witnessed a double-digit revenue decline. Levi’s reported low-single-digit revenue growth on a two-year basis, while VF Corporation reported a low-single-digit revenue decline, in the week ended October 31.

	Guess? Inc. (NYSE: GES) 3Q22
Commentary	Guess? reported revenues of $643 million, an increase of 13% year over year and up 4% on a two-year basis, driven by strength in the European Wholesale, Americas Retail and Licensing businesses. Adjusted EPS increased by around 7% year over year and by around 94% on a two-year basis. Operating margin increased by 2.4 PPTs year over year. E-commerce business continues to grow, with sales in North America and Europe in the third quarter up 15% year over year. The company is seeing strength in its denim, Marciano brand, handbags, dresses and outerwear categories. The company believes that the casualization trend is here to stay, which will help fuel continued growth in categories such as denim. The company now has a diversified denim offering, with silhouettes including skinny, straight leg, mom jean and mini flare; Guess? sees this as a key opportunity for future growth. At the same time, the company is seeing consumers returning to social activities and fashion-oriented products, which supports other key areas of the company’s business, such as dresses and Marciano. In terms of its store fleet, Guess? has opened 55 new stores to date in 2021, including pop-ups and new Guess? and factory stores. Regarding the supply chain, the company maintains a globally diversified sourcing strategy, which has helped limit impacts when areas experienced disruptions. Guess? is also moving roughly 10% of its apparel sourcing to locations that are closer to final distribution to cut down transit times and costs, as well as exploring alternative shipping methods (such as trains) to move products faster between China and Europe.
Outlook	Guess? raised its revenue and operating margin outlook for the fourth quarter and the full fiscal year 2022. The company expects revenues in the fourth quarter to be down by mid-single digits on a two-year basis, up from prior guidance of slightly negative to flat revenue growth on a two-year basis, as the impact of permanent store closures and an unfavorable shift of European wholesale shipments from the fourth quarter of this year into the first quarter of next year are partially offset by continued momentum in the company’s global e-commerce business. The company expects its operating margin for the fourth quarter to be about 100 basis points (bps) higher than the corresponding period in 2020. For fiscal 2022, Guess? expects revenues to be down by low-single digits on a two-year basis, up from prior guidance of down by mid-single digits. It expects operating margin to reach around 11.0% for the year (up from prior guidance of around 10.0%) versus 5.6% in fiscal 2020.

Apparel Specialty Retailers

	American Eagle Outfitters (NYSE: AEO) 3Q21
Commentary	Total revenues increased by 23.5% year over year, or by 19.5% on a two-year basis. By banner, Aerie’s sales grew 28% year over year on top of 34% growth in 3Q20; and American Eagle’s (AE) sales increased by 21%, following an 11% decline last year. The company’s digital revenues increased by 10% year over year. On a two-year basis, digital revenues increased by 42%. American Eagle’s gross margin expanded by 410 bps year over year to 44.3%, mainly driven by strong product demand, higher full-priced sales, inventory optimization and lower promotions. Operating margin stood at 16.5%, the highest rate since 2007. By banner, Aerie’s operating margin expanded by 200 bps year over year to 16.5% and AE’s operating margin expanded by 780 bps to 27.8%. The company continued to expand its Aerie banner by opening 29 new stores in the quarter, bringing total year-to-date new store openings to 52. Management said that the company saw double-digit year-over-year growth across all product categories, including its new activewear brand, OFFLINE by Aerie. President and Executive Creative Director Jennifer Foyle said, “Customers are transacting more frequently and across more categories. This is driving higher spend per customer as Aerie becomes the go-to for intimates, activewear and cozy apparel.”
Outlook	The company did not provide financial guidance. For 2021, the company reiterated capital expenditures to be at the low end of its prior guidance of $250–275 million, reflecting cost savings on its planned projects.
	Dick’s Sporting Goods (NYSE: DKS) 3Q21
Commentary	Total revenues increased by 13.9% year over year or by 40.0% on a two-year basis. Total comps grew 12.2% year over year compared to 23.2% comp growth in 3Q20 and 6.0% growth in 3Q19. E-commerce sales increased by 1% year over year or increased by 97% on a two-year basis. E-commerce penetration stood at 19%, compared to 21% in 3Q20 and 13% in 3Q19. The company’s adjusted EPS grew by 59% year over year, driven by strong sales and gross margin expansion. CFO Navdeep Gupta said, “Our strong comps were driven by growth across each of our three primary categories of hardlines, apparel and footwear, as well as an 8.5% increase in transaction and a 3.7% increase in average ticket.” Management commented that the company has gained notable market share in key categories, led by enhanced service, product access and omnichannel capabilities. CEO Lauren Hobart said, “Looking ahead, we are well positioned to continue gaining share, and we remain optimistic about the long-term demand trends in our most important categories like athletic apparel, footwear, team sports and golf.”
Outlook	For the full year, the company now expects sales to be $12.1–12.2 billion, versus prior guidance of $11.5–11.7 billion. The mid-point of the new guidance represents growth of 27% versus 2020 and 39% versus 2019. Dick’s now expects comparable sales growth of 24%–25%, versus prior guidance of 18%–20% growth. For 2021, the company expects adjusted EPS of $14.60–$14.80, with the mid-point being 140% above 2020 levels and 298% above 2019 levels. Dick’s reiterated its capital expenditure guidance of $370–395 million.
	Foot Locker (NYSE: FL) 3Q21
Commentary	Total revenues increased by 3.9% year over year and 13.3% on a two-year basis. Comparable sales increased by 2.2% year over year. The company’s digital sales declined by 4.6% year over year as it lapped growth of around 50% in 3Q20. Digital penetration stood at 19.8%, down 160 bps year over year. The company’s gross margin increased by 380 bps year over year to 34.7%, driven by strong demand, full-priced sales and inventory optimization. Chief Commercial Officer Andrew Gray said, “Our footwear business decreased by low single digits, while our apparel and accessory businesses were both up by double digits. While our total men’s business was down slightly, we saw an acceleration in women’s and positive momentum in kids’ driven by our success at drawing in more consumers and the expansion of our sneaker community.” During the quarter, the company completed strategic acquisitions of two footwear chains, Atmos and WSS, for a total of $1.1 billion. During the third quarter, Foot Locker opened 32 new stores, relocated or remodeled 29 stores and closed 80 stores. As of October 30, 2021, the company operated 2,956 stores in 27 countries in Asia, Australia, Europe, New Zealand and North America.
Outlook	For fiscal 2021, Foot Locker expects sales growth to be in the high teens and comp growth to be in the mid-teens in percentage terms. The company forecasts the gross margin rate to be up by 540–550 bps year over year. Foot Locker noted that global supply chain constraints, including port congestion and factory shutdowns, will remain a headwind through the fourth quarter and into 2022.
	Gap Inc. (NYSE: GPS) 3Q21
Commentary	Total revenues declined by 1.3% year over year, or by 1.4% on a two-year basis. Comparable sales increased by 5% year over year. By brand, Athleta’s sales increased by 48% on a two-year basis; Banana Republic’s sales declined by 18%; Gap’s sales declined by 10%; and Old Navy’s sales rose by 8%. In terms of comps, Athleta reported a 48% increase versus 2019; Banana Republic reported a 10% decline; Gap saw an increase of 3%; and Old Navy reported a 6% increase. Digital sales were up 48% on a two-year basis and represented 38% of the total business. The company’s adjusted operating margin stood at 4.3%, down 320 bps from 2019 levels. CEO Sonia Syngal said, “Our strong Active and Fleece business and our Denim business are expected to generate revenue of $4 billion and $2 billion, respectively, this year, and our kids and baby business owns 9% market share across Old Navy, Gap and Athleta. Even as occasions and wear-to-work categories have strengthened, it is clear that comfort and style will sustain. We’re extending our customer reach across every age, body and occasion from value to premium, through category expansion and new addressable markets.”
Outlook	The company has revised down its fiscal 2021 sales growth and adjusted operating margin guidance. Gap now expects sales growth to be about 20% year over year, down from its prior guidance of 30% growth. The company issued adjusted operating margin guidance of 5.0%, down from prior guidance of about 7.5%; however, management said that Gap is on track to attain its goal of achieving a 10% operating margin by the end of 2023. The company reiterated its 2021 capital expenditure guidance of about $800 million. CFO Katrina Connell said, “We’ve taken some near-term actions to proactively improve supply for holiday, and we’re using the learnings from acute supply crisis to accelerate new capabilities for 2022. In addition to an estimated $100 million of air costs incurred in Q3, we’ve also invested approximately $350 million in Q4 airfreight to further expedite holiday deliveries. While we aspire to improve our on-time deliveries for holiday by adding air capacity and utilizing alternate ports, the supply chain situation continues to be volatile.”
	Urban Outfitters (NYSE: URBN) 3Q21
Commentary	Urban Outfitters reported a revenue increase of 16.7% year over year. On a two-year basis, the company’s sales increased by 14.6%. Comparable sales increased by 14% on a two-year basis. By brand, Free People led the way with comps of 55% on a two-year basis, followed by Anthropologie and Urban Outfitters, which posted comp growth of 9% and 7%, respectively. By segment, retail saw growth of 16.0% from 2019 levels, while wholesale’s net sales declined by 15.0%. The company’s gross profit margin increased by 202 bps on a two-year basis to 34.5%, primarily driven by low merchandise markdown rates in the retail segment and the leveraging of in-store occupancy expenses. The company reported an overall net income of $89 million, up from $77 million a year ago and $56 million in 2019.
Outlook	The company did not provide financial guidance, but management remains optimistic for the remainder of the year. CFO Melanie Marein-Efron said, “We believe the fourth quarter could continue to show healthy sales improvement versus fiscal 2020. We believe our Retail segment comp sales growth could land in the mid-teens range while Wholesale segment sales could decrease at a rate similar to the third quarter. Together, this would result in total company sales growth in the mid-teens range. Based on the current sales performance forecast, we believe our gross profit margin for the fourth quarter could show approximately 100 bps of improvement to fiscal 2020. We believe favorable markdowns could offset lower initial markups and deleverage in delivery and logistics expenses.”

Department Stores

Major department stores are seeing strong recoveries from the Covid-19 crisis. This week, Nordstrom posted strong double-digit year-over-year sales growth but a low-single-digit sales decline on a two-year basis. Last week, Macy’s reported mid-single-digit sales growth on a two-year basis while Kohl’s reported sales at a level almost flat with 2019.

	Nordstrom (NYSE: JWN) 2Q21
Commentary	Total revenues increased by 17.7% year over year but declined by 1% on a two-year basis. Digital sales declined by 12% year over year but increased by 20% on a two-year basis and represented 40% of total revenues during the quarter. By banner, Nordstrom banner sales increased by 3.2% on a two-year basis while Nordstrom Rack sales declined by 8.1% as inventory procurement and flow challenges negatively impacted performance. Geographically, Nordstrom comparable store sales in the Southern regions, including Southern California, grew 8% on a two-year basis and outperformed the Northern regions. Comparable sales in suburban stores continued to be stronger; they outperformed urban stores by 1,300 bps as urban areas were impacted by the pandemic. Sales in the home, active, designer and beauty categories had the strongest growth compared with the third quarter of 2019. Gross margin increased by 230 bps year over year. Rack’s top 50 brands represented approximately 50% of sales in 2019; year to date, these brands represented only 42% of sales, highlighting the outsized gap in merchandise availability. Nordstrom is executing a plan to grow its top coveted brands as well as source from new vendors. To minimize supply gaps, the company is increasing the opportunistic use of pack-and-hold inventory to allow for larger quantities of relevant items when available, then hold a portion of it to deploy in periods with high demand, tight supply or system constraints.
Outlook	Nordstrom reaffirmed guidance for fiscal 2021, expecting revenue growth of more than 35% versus fiscal 2020. For the fourth quarter, Nordstrom is forecasting significant gross margin improvement versus the fourth quarter of 2019, reflecting the benefits of lower promotional activity and higher regular price sell-through this year. Management forecasts significant gross margin improvement versus the fourth quarter of 2019 and expects that SG&A (selling, general and administrative expenses) pressures primarily related to fulfillment and labor costs will continue in the fourth quarter.

Discount Stores

	Dollar Tree (NasdaqGS: DLTR) 3Q21
Commentary	Dollar Tree reported a revenue increase of 3.9% year over year, and an increase of 11.6% on a two-year basis. Comparable sales for Dollar Tree increased by 0.6% year over year and by 4.6% on a two-year basis. Family Dollar same-store sales increased by 2.7% year over year and by 9.1% on a two-year basis. Dollar Tree’s gross margin stood at 27.5% compared to 31.2% in the year-ago quarter, impacted by merchandise cost, including freight. Operating margin stood at 4.8% compared to 7.5% in the year-ago quarter. The company’s inventory increased by 15.2% year over year. Comp store inventories declined by 6.4% year over year. Dollar Tree opened 125 new stores, expanded or relocated 34 stores, and closed 23 stores. Additionally, the company completed 450 renovations to the Family Dollar H2 or Combo Store formats. Retail selling square footage at quarter-end was approximately 127.9 million square feet. In the third quarter, Dollar Tree announced it will raise prices from $1.00 to $1.25 on the majority of its products by the first quarter of 2022. The change is a sign of the pressures that low-cost retailers face holding down prices during a period of rising inflation. Raising prices will give Dollar Tree more flexibility to reintroduce those items that were previously discontinued due to the constraints of the $1.00 price point, expand its selection and bring new products and sizes to its stores. Dollar Tree also said that hiking prices will help the company increase its profit margins by mitigating historically high merchandise cost increases, including freight and distribution costs, as well as wages.
Outlook	For 4Q21, Dollar Tree expects sales of $7.02–7.18 billion, up from its prior guidance of $6.40–$6.52 billion based on a low-single-digit increase in comparable sales, representing 9.7%–10.1% sales growth. The company estimates EPS in the range of $1.69–$1.79, up from prior guidance of $0.88–$0.98, representing a growth of 82%–92%. For full-year fiscal 2021, the company expects sales to be $26.25–26.41 billion, up from the prior guidance range of $26.19–26.44 billion based on a low single-digit increase in comparable sales. Dollar Tree estimates EPS in the range of $5.48–$5.58, up from prior guidance of $5.40–$5.60. The company estimates freight costs for fiscal 2021 to be $2 higher than in fiscal 2020.

Electronics Retailers

	Best Buy (NYSE: BBY) 3Q22
Commentary	Total revenues increased by 0.5% year over year and by around 22% on a two-year basis. Adjusted EPS increased by 1% year over year and by 84% on a two-year basis. Comparable sales increased by 1.6% year over year, with domestic comps growing by 2%; however, international comps declined by 3%. In terms of product categories, Best Buy generated strong comparable sales growth across several categories, with the largest contributors being appliances, home theater and mobile phones. Company management stated that while customers are returning to stores, digital sales were still more than double pre-pandemic levels, and phone, chat and in-home sales continued to grow. Online sales were 31% of domestic revenue compared to 16% in 3Q20. The company’s operating income was 5.8% of total revenue, representing a decrease of 30 bps year over year due to its investment in the newly launched “totaltech” membership program, which offers members product discounts and periodic access to hard-to-get inventory, free delivery and installation, free technical support, free product protection and many other benefits. On a two-year basis, operating income increased by 160 bps.
Outlook	For the fourth quarter, Best Buy expects comparable sales growth to be in the range of (2)%–1% year over year and adjusted gross margin to decline by about 30 bps due to the estimated impact of the company’s new “totaltech” offer. For fiscal 2022, Best Buy has raised its revenue guidance to $51.8–52.3 billion compared to the prior guidance range of $51–52.0 billion, registering growth of 0.6%–1.6%. The company expects comp sales growth in the range of 10.5%–11.5% compared to prior guidance of 9.0%–11.0%.

Home and Home-Improvement Retailers

Home and home-improvement retailers sustained their growth momentum, with Williams-Sonoma reporting more than 40% sales growth on a two-year basis. Last week, we saw Home Depot and Lowe’s report more than 30% sales growth on a two-year basis. In the week ended November 7, Wayfair reported more than 30% sales growth on a two-year basis. Similarly, Tractor Supply Company reported over 50% sales growth in the week ended October 31.

	Williams-Sonoma (NYSE: WSM) 3Q21
Commentary	Williams-Sonoma’s total revenues increased by 16% year over year and by 42.4% on a two-year basis.  Adjusted EPS increased by 30% year over year and by more than 200% on a two-year basis. The company’s comps grew 16.9% year over year, with all brands reporting strong growth: 22.5% at West Elm, 15.9% at Pottery Barn, 16.9% at Pottery Barn Kids and Teen, and 7.6% at Williams Sonoma, driven by product innovation, edited and relevant assortments and high demand for Thanksgiving and holiday product, according to Williams-Sonoma. Management said that e-commerce continued to drive strong sales growth, comprising over 67% of the company’s total revenues in the quarter and recording the highest two-year comp ever, at 64%. Merchandise inventories increased by 13% year over year. Inventory on hand and available for sale was up 3% year over year. However, management added that the company’s inventory levels are still not aligned with demand and are below optimal levels, but Williams-Sonoma expects to return to more normalized inventory levels by mid-2022. The company’s gross margin expanded by 370 bps year over year to 43.7%, driven by higher merchandise margins and occupancy cost leverage of about 90 bps, resulting from higher sales and low occupancy dollar growth. In the third quarter, the company opened its first franchise store in India and rolled out e-commerce capabilities across the country.
Outlook	For fiscal 2021, Williams-Sonoma raised its revenue growth guidance. The company now expects revenue growth to be between 22% and 23%, up from prior guidance of high teens to low 20s in percentage terms. The company estimates an adjusted operating margin of 16.9%–17.1%, up from prior guidance of 16.0%–17.0%. For the long term, the company continues to forecast comp sales growth in the mid-to high single digits as it aspires to reach $10 billion in revenues by 2024.

Off-Price Retailers

Off-price retailers are witnessing a robust recovery, with Burlington Stores posting sales growth of around 30% on a two-year basis. Last week, we saw both Ross Stores and The TJX Companies witness sales growth of about 20% on a two-year basis.

	Burlington Stores (NYSE: BURL) 3Q21
Commentary	Total revenues increased by 38.1% year over year and increased by around 30% on a two-year basis. Adjusted EPS increased by over 300% year over year, but declined by 11.1% on a two-year basis. Comparable sales increased by 16% on a two-year basis. Management attributed its results to its value proposition, reporting that in an inflationary environment, consumers are attracted to value as prices are rising. Freight and supply chain headwinds pressured margins; the company expects these expenses to moderate over time. In-store inventories were down 24% in the quarter. Reserve inventory was 30% of total inventory versus 21% in 2019 as the company built its reserve with opportunistic buys. Management reported that its new smaller-format stores are performing very well. In 2021, Burlington opened 101 new stores—77 net new stores after closures and relocations. The coming months will be a very favorable buying environment for Burlington as other retailers cancel late deliveries. Gross margin stood at 41.4%, a decrease of 100 bps compared to 42.4% in 3Q19 due to an increase in trade expenses.
Outlook	The company did not provide sales guidance for fiscal 2021 owing to the continued uncertainty of the current environment; however, the company is projecting comp sales growth 4Q21 to be in the low double digits in percentage terms. For the full fiscal year, Burlington expects operating margin to be flat versus 2019. Management expects the extraordinary freight and supply chain headwinds to continue through the fourth quarter. In fiscal 2022, Burlington expects to open 120 new stores, which, after closures and relocations, should yield about 90 net new stores. Beyond 2022, the company expects to open 130 to 150 new stores each year.

Looking Forward

In a strong-demand, higher-cost environment, we are seeing gross margin expansion at a number of full-price discretionary retailers, such as Foot Locker, Nordstrom, Urban Outfitters and Williams-Sonoma, but margin compression in some discount formats such as Dollar Tree and Burlington. Management at Urban Outfitters noted “record low third-quarter merchandise markdown rates” while Nordstrom pointed to fewer markdowns, too. Given the apparent strength of consumer demand being sustained into the holiday season, lower promotional activity is likely to carry elevated gross margins through the next quarter for many retailers with a less-price-sensitive customer. Apparel specialty retailers reported another robust quarter, with American Eagle Outfitters, Dick’s Sporting Goods, Foot Locker and Urban Outfitters posting double-digit sales growth on a two-year basis. Gap registered a low-single-digit sales decline on a two-year basis. Based on encouraging results in the current quarter, Dick’s has raised its full-year comp growth guidance to 24%–25% year over year. Similarly, Foot Locker expects comp growth to be in the mid-teens in percentage terms in fiscal 2021. For the next quarter, Urban Outfitters expects sales growth to be in the mid-teens range. On the other hand, Gap has revised down its fiscal 2021 sales growth guidance and now expects sales growth to be about 20% year over year, versus prior sales growth guidance of around 30%. Gap’s management noted that growth in casual wear and comfort wear will continue despite strengthening demand for workwear and occasion wear. All the covered retailers noted that supply chain disruptions and higher freight costs remain key headwinds. Overall, apparel and footwear brand owners are witnessing a substantial recovery, with Guess? reporting positive sales growth on a two-year basis. Like apparel specialist Gap, Guess? believes that the casualization trend is here to stay, which will help fuel continued growth in categories such as denim. In the week ended November 7, 2021, Hanesbrands, Under Armour and Ralph Lauren reported that they have revised up their full-year sales guidance and expect strong double-digit year-over-year revenue growth. Similarly, in the week ended October 31, Levi’s reported that it expects sales growth in the high teens year over year in 4Q21, and VF Corporation reported that it forecasts year-over-year sales growth of around 30% for fiscal 2022. Off-price retailers reported another solid quarter, with Burlington Stores posting double-digit sales growth on a two-year basis. For the fourth quarter, the company expects comp sales growth to be in the low double digits in percentage terms. As we reported last week, for the fourth quarter, Ross Stores expects comparable-store sales growth to be in the high-single-digit percentage range versus 2019 levels. While TJX did not provide financial guidance, it expects overall open-only comp store sales growth in mid-teens on a two-year basis for the fourth quarter. All covered off-price retailers noted supply chain pressures and higher freight costs as key headwinds. Major department stores are seeing strong recoveries from the crisis, and they remain optimistic about the rest of 2021. Nordstrom reiterated its full-year 2021 guidance; it expects to deliver revenue growth of more than 35% versus fiscal 2020. The company is seeing strong trends in the home, active, designer and beauty categories. As we reported last week, both Kohl’s and Macy’s have raised their full-year sales and EPS guidance. These retailers expect a strong holiday season and believe they are well positioned to meet holiday demand in terms of inventory. In the home and home-improvement retail sector, Williams-Sonoma raised its sales growth guidance for fiscal 2021 to 22%–23%, up from prior guidance of high-teens to low-20s. As we reported last week, Lowe’s expects comps of around 33% on a two-year basis in fiscal 2021 and slightly raised its 2021 operating margin’s guidance to 12.4% from 12.2%. Management at Home Depot sees healthy demand for home-improvement categories over the coming years and noted that during the first two weeks of the fourth quarter, same-store sales growth was slightly higher than third-quarter levels. In the week ended November 7, Wayfair reported that it expects fourth-quarter net revenue to be above third-quarter levels. Similarly, in the week ended October 31, Tractor Supply Company raised its comp growth guidance for fiscal 2021 to approximately 16%. Electronics retailer Best Buy has raised its comps guidance for fiscal 2022. The company now expects comp growth of 10.5%–11.5%, up from prior guidance of 9.0%–11.0% growth. Discount store Dollar Tree expects comp growth to be in the low-single-digit range in percentage terms for both the fourth quarter and full-year 2021.