Best Buy Misses Earnings Targets as Consumer Spending Weakens

The electronics retailer reports declining sales and lowers its annual forecast, citing economic uncertainty and potential tariff impacts.

Best Buy's Q3 revenue fell to $9.45 billion, missing analysts' expectations of $9.63 billion, with comparable sales dropping 2.9%.
Earnings per share came in at $1.26, below the anticipated $1.30, marking the end of a nine-quarter streak of beating forecasts.
Sales of appliances and entertainment products saw sharp declines of 14.7% and 18.8%, respectively, while computing and mobile phone sales rose 3.8%.
CEO Corie Barry attributed the weaker performance to economic uncertainty, election-related distractions, and consumers delaying purchases for deals.
The company faces additional challenges from proposed tariffs on Chinese, Mexican, and Canadian imports, which could raise electronics prices further.