Best Buy becomes latest U.S. company to warn of higher prices due to tariffs
- Best Buy Co Inc on Thursday stuck to its full-year forecast due to the impact of the latest U.S. tariffs on Chinese imports and warned any new levies would increase prices for U.S. shoppers, sending its shares down as much as 5.4%.
“The impact of tariffs at 25% will result in price increases and will be felt by U.S. consumers,” outgoing Chief Executive Officer Huber Joly said in a conference call with analysts. The proposed new tariffs on another $300 billion worth of goods from China includes higher levies on imports like smartphones and laptops and would likely result in higher retail prices.“In a maturing category like smartphones, which lacks a compelling reason for consumers to upgrade in the near-term, we expect to see volumes decline in response to higher prices,” said Jason Benowitz, fund manager at Roosevelt Investment Group.Gross profit margins expanded 40 basis points in the quarter to 23.
Domestic comparable online sales rose 14.5% to $1.31 billion, making up for 15.4% of total revenue in the quarter.
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