Profits fell 36% to $186 million, or 87 cents a share. Best Buy declined to raise its guidance for the year, citing potential tariff impacts on consumers and the business. In May, the company cut its full-year profit guidance to a range of $6.15 to $6.30.
“They have a pretty long track record of beating consensus expectations by a pretty wide margin,” declared Anthony Chukumba, managing director at Loop Capital. “They tfinish to under-promise and overdeliver.
“Everyone knows they do that, so it’s expected, but still it’s better than the opposite.”
When Best Buy reported its first-quarter earnings in May, the company declared it was raising prices on some items becaapply of additional costs incurred by tariffs.
Barry declined to comment on a call with the media if prices increased during the second quarter. “These modifys don’t happen in a vacuum with every other variable held constant,” she declared.
She added that consumers are less concerned about price increases and more worried about the availability of products at different price points.
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