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Best Buy slumps after tariffs threaten to upend its return to same-store sales growth

That first round of tariffs on China would subtract about 1 percentage point from same-store sales, Best Buy estimates.

3/4/25 9:32AM

Best Buy fell 10% in early trading even after sales and earnings topped analysts’ estimates as the company’s recent return to same-store sales growth is being thrown into jeopardy by trade barriers.

The retailer reported $13.95 billion in fourth-quarter revenue before market open on Tuesday, marking a 4.8% fall from the year before and besting consensus estimates of $13.69 billion according to analysts polled by Bloomberg. Adjusted earnings per share of $2.58 also beat consensus estimates of $2.40.

Same-store sales, meanwhile, notched a surprise rise, up 0.5% to trounce analysts’ expectations for a 1.4% decrease and the company’s own forecast of a fall as big as 3%. The figure, led by particularly strong interest in Best Buy’s computing and consumer electronics, marks the retailer’s first rise in comparable sales in a dozen quarters as it has struggled to maintain a pandemic-era boom in home and appliance sales. The stock has suffered as a result, losing over a third of its value since an all-time high in 2021.

Looking forward, Best Buy forecast revenues between $41.4 billion and $42.2 billion this year, with comparable sales in a range of flat to 2% growth after a three-year streak of annual declines.

That nascent return to growth is threatened by trade barriers: CEO Corie Barry called international commerce “critically important” and flagged that China and Mexico are the top two sources for products Best Buy sells. However, the company’s forward-looking estimates don’t include tariff impacts. President Donald Trump imposed an extra 10% tariff on China starting today, adding to the 10% levy that took effect on February 4.

That first round of tariffs on China would subtract about 1 percentage point from same-store sales, Best Buy estimates, if sustained for the full year.

In the past year, shares have gained about 12%, trailing the S&P 500’s 14% gain over the same period.

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Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

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Best Buy slumps after tariffs threaten to upend its return to same-store sales growth

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