Retail

Best Buy braces for rivals to slash prices as pandemic-fueled demand fades

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Employees bring a television to Steve Steward’s car at a Best Buy store on Black Friday, traditionally one of the busiest shopping days of the year. Crowds are smaller this year due to the increasing popularity of on-line shopping amid concerns about the COVID-19 pandemic.

Paul Hennessy | SOPA Images | LightRocket | Getty Images

Best Buy said Thursday that it’s bracing for a challenging dynamic in the next few months: Rivals slashing prices to try to keep up sales momentum as pandemic tailwinds fade.

Chief Financial Officer Matt Bilunas said the company expects elevated sales in the first quarter but said profits could be weighed down. Like Best Buy, he said, some other retailers will be…



Source cnbc.com

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