Apple’s Pro iPhones will be harder to find in stores this holiday season – Best Buy

Apple Inc.’s high-end iPhones will be in short supply in stores this holiday season, the chief executive of Best Buy Co Inc. said Tuesday.

Earlier this month, Apple warned that shipments of its flagship products would be delayed after China’s zero COVID-19 policy led to significant production cuts at Foxconn’s Zhengzhou factory, dampening sales prospects during the busy year-end shopping season. rice field.

Supply issues are expected to have the greatest impact on Apple’s premium iPhone 14 Pro and iPhone 14 Pro Max models, which start at nearly $1,000.

Best Buy CEO Corie Barry said the electronics retail giant is aware it’s running out of premium iPhone inventory and has factored the expected sales losses into its forecasts for the holiday season. said there is.

“One place where we see a little bit of[inventory]pressure is on the high-end iconic iPhone device,” Barry said in a conference call with the media.

Apple’s iPhones and other products draw large numbers of customers to Best Buy stores, often triggering impulse purchases of other gadgets.

Wedbush analyst Dan Ives predicts that 8 million iPhone 14s will be sold over the Black Friday weekend, about 2 million less than a year ago.

According to Ives, iPhone inventory in Apple retail stores is down about 25% year-over-year.

Still, Best Buy on Tuesday predicted a smaller decline in annual sales than earlier estimates, and said it was confident it would have more inflation-sick customers due to increased deals and discounts during the holiday season. rice field.