(Company corrects to say Best Buy has not run out of PS4 at all stores, headline, paragraph 1)

By Dhanya Skariachan

NEW YORK, Nov 21 (Reuters) - Best Buy Co Inc has seen high demand for the Sony PS4 gaming console and at one New York City location it had sold out, the retailer's chief executive said on Thursday.

Sony Corp's new $399 PlayStation 4 console sold 1 million units in the first 24 hours after its Nov. 15 release in the United States and Canada.

"We will get new inventory next week," Best Buy CEO Hubert Joly said in an interview ahead of the holiday season. "It's a great launch, there is no doubt about that."

Microsoft Corp's competing Xbox One console goes on sale Nov. 22 with a price tag of $499.

The PlayStation 3 debuted in 2006 and Sony later unveiled a more powerful version of the same machine. Sony sold 3.6 million of the predecessor PS3 in the four and a half months after its launch in November 2006. (Reporting by Dhanya Skariachan; additional reporting by Lisa Baertlein; Editing by Bob Burgdorfer)