Overview

• Adjusted earnings were $1.28 per share on revenue of $9.44 billion, topping estimates, while net income fell to $186 million, or 87 cents per share, from a year ago.
• Comparable sales rose 1.6%, with U.S. comps up 1.1% and online sales up 5.1% to roughly one-third of U.S. revenue, led by mobile, gaming and computing.
• Best Buy kept its full-year outlook unchanged at $41.1 billion to $41.9 billion in sales, adjusted EPS of $6.15 to $6.30, and comparable sales between down 1% and up 1%.
• Executives cited uncertainty over potential tariff effects on costs and consumer demand, noting some price increases on select items as a last resort.
• Suppliers shifting production reduced China’s share of product costs to about 30%–35% from ~55%; shares fell 2%–4% after the report, and a new third-party marketplace launched to expand assortment.