Tariffs Hit Best Buy Revenues As Retailer Reduces Chinese Imports
1. Best Buy missed revenue expectations, cutting full-year guidance to $41.1-$41.9 billion. 2. Shares dropped about 8% post-update and 24% year-to-date due to tariffs. 3. Comparable sales fell 0.7%, with declines in home theaters but growth in smartphones. 4. Best Buy reduced reliance on Chinese goods from 55% to 30-35% amid tariffs. 5. New product launches, including Nintendo Switch 2, aim to boost sales amidst challenges.