Pandemic Trends Boost Best Buy Amid Chip Shortage
The sustained role of technology and pandemic shifts caused Best Buy same-store sales gains for fiscal Q1 ended May 2, said CEO Corie Barry on a Thursday call. They grew 37% from a year earlier. But product availability constraints continued…
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for computing, gaming and other categories, said Barry. Since the beginning of the COVID-19 pandemic, Best Buy has had “at least some spotty inventory shortages,” said Barry. “Pockets” of shortages should persist through the year, she said. She cited factors including chip shortages, which Qualcomm also is experiencing (see 2105270007). Barry called the move to hybrid work and learning models “permanent structural shifts,” along with streaming entertainment and a “sustained focus on the home.”