From CNBC: 2025-05-29 14:38:00

Best Buy missed revenue expectations and lowered full-year guidance due to higher tariffs on consumer electronics. Q1 net income dropped 18% to $202 million. Comparable sales fell 0.7% YoY, with weaker sales in home theaters and appliances. The retailer has adjusted prices and diversified its import sources to manage tariffs.

CEO Corie Barry highlighted Best Buy’s efforts to adjust to tariffs, emphasizing the need to stay nimble in the face of changing trade policies. The company is focusing on improving customer experience, launching new products, and driving efficiency to offset financial pressures. Smartphone and Nintendo Switch 2 console sales are driving growth.

Best Buy is navigating the impact of tariffs by diversifying import sources and negotiating lower costs with vendors. The company remains focused on enhancing the customer experience, launching new products, and driving efficiency to manage financial pressures. Smartphone and console sales are key growth drivers amidst challenging market conditions.



Read more at CNBC: Best Buy (BBY) Q1 2026 earnings