NEW YORK (AP) — Best Buy reported a shortfall in sales for the holiday quarter as the nation's largest electronics chain struggled with limited supplies of holiday products and was forced to reduce store hours because of a shortage of workers due to omicron. The chain, based in Minneapolis, also announced on Thursday profits in line with Wall Street expectations. READ MORE: Best Buy’s Q1 Results Fall Short Of Wall Street Expectations, Show Inflation’s Bite Shares rose nearly 5% in premarket trading based on an upbeat long-term outlook. Like many retailers, Best Buy struggled with rising costs for everything from labor to shipping as supply chain backups hit companies worldwide during the holidays. The electronics chain also had to navigate global chip shortages. This past holiday quarter also offered an extra challenge: a contagious new variant, omicron, that forced many workers to take sick leave and pushed some companies to cut hours. However, several other major retailers like Walmart and Target were able to push through the supply chain challenges and report strong sales. In a statement, Best Buy CEO Corie Barry acknowledged that constrained inventory of hot holiday items hurt sales, but she also said that the company reached… Read full this story
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