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Electronics retailer Best Buy cuts annual forecasts on tariff uncertainty
Shares of the company were down 2% in premarket trading after it also posted a bigger drop in first-quarter sales than analysts had expected. Best Buy CFO Matt Bilunas said the forecast accounted for the impact from levies, assuming they stay at the current levels for the rest of the year, and "no material change in consumer behavior from the trends we have seen in recent quarters". The company is heavily reliant on imports from China, its biggest manufacturing hub, for products such as gaming consoles, audio equipment, cameras and drones, according to Telsey Advisory Group analyst Joe Feldman.
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finance.yahoo.com
Electronics retailer Best Buy cuts annual forecasts on tariff uncertainty
Shares of the company were down 2% in premarket trading after it also posted a bigger drop in first-quarter sales than analysts had expected. Best Buy CFO Matt Bilunas said the…
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huffpost.com
Best Buy Cuts Sales Outlook Amid Wrestle With Trump's Tariffs
Many retailers have been grappling with how to manage their business at a time when new tariff developments are happening almost every day.
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Costco misses quarterly revenue expectations amid reduced consumer spending
The membership-only retail chain has taken a hit as hefty tariffs have fueled fears of a potential recession and price increases, pushing people to rethink their spending…