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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Merck buys Peloton to expand its kidney cancer treatment portfolioU.S. drugmaker Merck & Co Inc on Tuesday agreed to buy Peloton Therapeutics Inc ...
Read more »
Merck to buy cancer drug developer Peloton for $1.05 billion in cashMerck & Co Inc said on Tuesday it would buy Peloton Therapeutics Inc for $1.05 b...
Read more »
T-Mobile-Sprint deal would boost prices, hurt poorest U.S. consumers, experts sayConcessions by T-Mobile US Inc to win U.S. government approval to buy Sprint Cor...
Read more »
Saudi Arabia to buy U.S. LNG from Sempra Energy: WSJSaudi Arabian Oil Co, known as Aramco, has agreed to buy U.S. liquefied natural ...
Read more »
Best Buy Rides Web to Lift SalesBest Buy's CEO said the retailer plans to press the Trump administration to limit the inclusion of consumer products on the next list of tariffs on Chinese imports
Read more »
Stocks making the biggest moves premarket: Best Buy, Hormel, T-Mobile, Sprint, L Brands & moreThese are the stocks posting the largest moves before the bell.
Read more »
2019 Disruptor 50: No. 33 AffirmMillennials scared of running up credit card debt in the face of crushing student loans now have another option: Affirm. Disruptor50
Read more »
JPMorgan's $500 million InstaMed buy could hint at its JV plansJPMorgan Chase snapped up Philadelphia-based healthcare payments tech firm InstaMed for over $500 million:
Read more »
Nascar to buy International Speedway in deal valued at $2 billion, at a 7% premium to original per-share bidInternational Speedway Corp. announced Wednesday a deal to be acquired by Nascar Holdings Inc. in a deal valued at $2.0 billion. Under terms of the deal,...
Read more »
11 of the weirdest things you can buy in international airportsFrom voodoo dolls to a ride on a 39-foot slide, there are some unique things for sale at airports around the world.
Read more »