From Yahoo Finance: 2025-05-29 08:04:00

Best Buy lowers annual outlook following profit decline and stagnant sales in Q1 due to economic worries and tariffs. Court ruling blocks Trump’s plan for massive import taxes. Best Buy CEO remains focused on customers amid volatile tariff climate. Company taking steps to offset tariff costs.

Best Buy reports net income of $202 million, or 95 cents per share, for Q1, down from $246 million, or $1.13 per share, a year ago. Adjusted earnings at $1.15 per share. Sales fell slightly to $8.77 billion. Comparable sales down 0.7%, with growth in computing and mobile devices.

Shares of Best Buy drop 9% in regular trading. Retailers like Walmart and Macy’s also feeling tariff impact. Best Buy now expects annual earnings per share in the range of $6.15 to $6.30, down from previous range. Analysts predicting $6.13 per share. Sales outlook also revised downward.

Read more: Best Buy cuts its annual profit and sales outlook as it wrestles with tariffs