Best Buy sales miss target, hurt by supply chain clogs
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 reported profits in line with Wall Street expectations. 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.
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.
Still, Best Buy CEO Corie Barry said that the company reached its fastest holiday delivery times ever.