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Best Buy forecasts bigger sales drop as inflation dents demand
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Best Buy Stock Drops as CEO Announces Store Closings, Layoffs
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(Reuters) - Best Buy Co Inc signaled a slowdown in the coronavirus crisis-driven demand for remote-work computer equipment on Thursday as it missed holiday-quarter sales estimates, sending its shares down 8%.
The rise of home offices and a shift to remote learning by schools raised demand for laptops, webcams, and other computer equipment last year, making Best Buy one of the bigger retail winners of the COVID-19 pandemic.
However, the consumer electronics retailer is unsure how the rollout of vaccines would affect consumer demand and shopping patterns, Chief Financial Officer Matt Bilunas said.
“There is a high level of uncertainty related to the impacts of the COVID-19 pandemic that makes it difficult to predict how sustainable these trends will be,” he said.
Market movers: Stocks that saw action on Thursday - and why Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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A roundup of some of the North American equities making moves in both directions
On the rise
Canadian Imperial Bank of Commerce (CM-T) finished narrowly higher in the wake of reporting higher first-quarter profit helped by lively capital markets and strong performance from its U.S. operations.
As with four other major banks that reported earnings earlier this week, CIBC’s results also received a significant boost from a sharp drop in provisions for credit losses, which are the funds banks set aside to cover loans that may default. CIBC’s provisions fell 44 per cent year over year, to $147-million.