Apple’s iPhone Pro devices will be hard to find in stores this holiday – Best Buy
Nov. 22 (Reuters) – Apple Inc (AAPL.O) There will be a shortage of high-end iPhones in stores this holiday season, Best Buy Co Inc’s (BBY.N) the CEO said on Tuesday, as the tech giant battles production issues at a virus-stricken factory in China.
Earlier this month, Apple warned of delays in shipments of its flagship product after a significant production cut at Foxconn. (2317.TW) Zhengzhou factory due to China’s no COVID-19 policy lowered its sales forecast for the busy year-end shopping season. Read more
Supply issues are expected to significantly affect Apple’s premium iPhone 14 Pro and iPhone 14 Pro Max models, which start at around $1,000.
Best Buy CEO Cory Barry said the electronics retail giant was seeing inventory shortages of premium iPhones and factored in the expected loss in sales in its forecast for the holiday quarter.
“One of the places we’re seeing a little bit of pressure (in stock) is in the iconic high-end iPhones,” Barry said on a media call.
iPhones and other products from Apple attract a lot of customers to Best Buy stores and often lead to purchases of other gadgets as well.
Wedbush analyst Dan Ives estimates that 8 million iPhone 14 units will be sold over the Black Friday weekend, about 2 million fewer than last year.
Ives said iPhone inventory was down about 25% from a year earlier at Apple’s own stores.
However, Best Buy on Tuesday forecast a smaller decline in annual sales than it previously forecast, saying it was confident that increased deals and discounts will bring in more inflation-exhausted customers during the holiday season. Read more
(Reporting by Uday Sampath in Bengaluru). Additional reporting by Subanta Mukherjee in Stockholm; Editing by Anil D’Silva
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