New York, NY, United States (AHN) – Best Buy, the world’s largest consumer electronics retailer, canceled some online orders just days before Christmas after it ran out of “hot” items.
In an email Friday, a spokesperson for the company said, “Overwhelming demand of hot product offerings on BestBuy.com led to cancelations.”
The canceled orders covered the weekend after Thanksgiving, when Best Buy ramped up discounts against rivals Amazon.com and Wal-Mart. Best Buy heavily promoted online buying, which led to higher traffic online and in brick and mortar stores.
Best Buy’s online revenue in the United States jumped 20 percent in the third quarter that ended Nov. 26, but increased discounts on big ticket items such as flat screen TV’s hurt third quarter profits.
In mid-morning trading Friday, shares of Best Buy were flat at $23.26, a far cry from its 52-week high of $36.33
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