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InvestmentsBest Buy forecasts holiday-quarter sales below estimates, shares drop By Reuters

Best Buy forecasts holiday-quarter sales below estimates, shares drop By Reuters

© Reuters. FILE PHOTO: The Best Buy brand is seen at a retailer in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly

(Reuters) -Best Buy Co Inc forecast fourth-quarter comparable sales below analysts’ estimates on Tuesday, because the electronics retailer braces for a success from doubtless product shortages in the course of the essential vacation procuring season.

The firm’s shares fell 9.4% to $125 in premarket buying and selling.

Retailers are beneath large stress to maintain cabinets stocked for the vacation season as transport logjams, shuttered factories in Asia and a shortage of uncooked supplies rip by way of world provide chains and drive product shortages.

A scarcity of semiconductor chips utilized in digital gadgets has dented availability of some high-demand merchandise, together with the most recent gaming consoles from Sony Corp (T:), Nintendo Co Ltd (T:) and Microsoft Corp (NASDAQ:).

Best Buy forecast fourth-quarter comparable sales between a fall of two% and an increase of 1%, the mid level of which is below estimates of a 0.1% rise, in keeping with IBES knowledge from Refinitiv.

The firm’s comparable sales rose 1.6% within the third quarter, in contrast with estimates of a 0.3% dip.

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