Best Buy Co Inc blamed planned U.S. tariffs on Chinese imports and uncertainty a...
Best Buy said it expected its full-year same-store sales to rise 0.7% to 1.7%, narrowing the range from a prior forecast of 0.5% to 2.5% and below the 2% growth target analysts had expected.
Newly appointed Chief Executive Office Corie Barry said the company was still working out if and how to raise prices on products as it works with suppliers on new sourcing strategies. Barry estimated all the proposed and implemented tariffs affected about 60% of Best Buy’s cost of goods sold but said the company was working on lowering that to 40% next year.
Earnings per share excluding one-off items came at $1.08, beating analysts’ estimates of 99 cents per share and prompted Best Buy to raise its annual adjusted profit forecast to $5.60 to $5.75 per share from previous $5.45 to $5.65$.
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