Best Buy warns of higher prices for shoppers due to tariffs

Best Buy warns of higher prices for shoppers due to tariffs

2 photos
Save Story

Estimated read time: 2-3 minutes

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

NEW YORK (AP) — Best Buy's outgoing CEO warned Thursday that U.S. shoppers will likely see prices rise if the next round of tariffs on Chinese goods happens.

CEO Hubert Joly said the electronics chain has been able to avoid price hikes on most of its products with a few exceptions, like washing machines. Joly said that he is working directly with the Trump administration to minimize the impact new tariffs could have on U.S. shoppers, and plans to continue to do so when he steps down as CEO next month and becomes executive chairman of the company's board. His replacement, Corie Barry, will be Best Buy's first female CEO.

Joly said it's too early to know what products could see price hikes, since it's not yet known which goods will be on the next rounds of tariffs of Chinese goods. Other retailers, including Walmart and Target, have also warned of rising prices due to tariffs.

Shares of Best Buy Co. fell 5.5% Thursday, despite the company reporting better than expected earnings for the most recent quarter.

Best Buy reported net income of $265 million, or 98 cents per share, during the fiscal first quarter.

Adjusted earnings came to $1.02 per share, beating Wall Street expectations by 14 cents, according to Zacks Investment Research.

Revenue rose to $9.14 billion in the period, meeting Wall Street expectations.

For the current quarter ending in August, Best Buy said it expects its per-share earnings to range from 95 cents to $1.

It still expects full-year earnings in the range of $5.45 to $5.65 per share.

Shares of the Richfield, Minnesota-based company fell $3.80 to $65.37 midday Thursday.


Parts of this story were generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BBY at

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Most recent Business stories

Related topics

The Associated Press


    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast