Best Buy — May 29, 2025 release

“Against this backdrop, we executed well in Q1 and delivered in-line revenue and better-than-expected adjusted operating income.”  Barry continued, “We remain focused on our FY26 strategic priorities, which include the following: 1) drive omni-channel experience improvements that resonate with our customers; 2) launch and scale incremental profit streams, including Best Buy Marketplace and Best Buy Ads; and 3) drive operational effectiveness and efficiency to fund strategic investments and offset pressures.”    “Today we are updating our full year guidance to incorporate the impact of tariffs,” said Matt Bilunas, Best Buy CFO. “We expect annual comparable sales growth to be in the range of down 1% to up 1%, and our adjusted operating income rate to be similar to last year at approximately 4.2%. Our underlying working assumptions are that tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters. As you can imagine, and based on our history, we will continue to scenario-plan and adjust with agility as the situation evolves.”              Bilunas continued, “For Q2 FY26, we expect comparable sales to be slightly down to last year and our adjusted operating income rate to be approximately 3. 6 %.”  FY26 Financial Guidance  Best Buy’s updated Enterprise guidance for FY26 is the following:  · Revenue of $41.1 billion to $41.9 billion, which compares to prior guidance of $41.4 billion to $42.2 billion · Comparable sales 1 of (1.0%) to 1.0%, which compares to prior guidance of 0.0% to 2.0% · Adjusted operating income rate 2 of approximately 4.2%, which compares to prior guidance of 4.2% to 4.4% · Adjusted effective income tax rate 2 of approximately 25.0