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Tags: Coronavirus | Financial Markets | Infrastructure | Money | Vaccines | Best Buy | retail industry

Best Buy Forecasts Holiday-Quarter Sales Below Estimates; Shares Drop

Best Buy
(Dreamstime)

Tuesday, 23 November 2021 07:24 AM

Best Buy Co Inc forecast fourth-quarter comparable sales below analysts' estimates on Tuesday, as the electronics retailer braces for a hit from likely product shortages during the crucial holiday shopping season.

The company's shares fell 9.4% to $125 in premarket trading.

Pressure on Retailers

Retailers are under tremendous pressure to keep shelves stocked for the holiday season as shipping logjams, shuttered factories in Asia and a scarcity of raw materials rip through global supply chains and drive product shortages.

A shortage of semiconductor chips used in electronic items has dented availability of some high-demand products, including the latest gaming consoles from Sony Corp, Nintendo Co Ltd and Microsoft Corp.

Best Buy forecast fourth-quarter comparable sales between a fall of 2% and a rise of 1%, the mid point of which is below estimates of a 0.1% rise, according to IBES data from Refinitiv.

The company's comparable sales rose 1.6% in the third quarter, compared with estimates of a 0.3% dip.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Best Buy Co Inc forecast fourth-quarter comparable sales below analysts' estimates on Tuesday, as the electronics retailer braces for a hit from likely product shortages during the crucial holiday shopping season.
Best Buy, retail industry, semiconductor computer chip, holiday sales
160
2021-24-23
Tuesday, 23 November 2021 07:24 AM
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