Best Buy Lowers Profit Outlook, Commits to Mitigating Tariff Effect on Consumers
Best Buy Inc. has lowered its annual outlook due to the effects of tariffs on the retailer's operations and customers. However, the company said on May 29 that it has already adjusted its supply chain and vendor relations to mitigate any impact on retail prices.
Ahead of the opening bell in New York, Best Buy CEO Corie Barry told Wall Street analysts during its earnings conference call that she was proud of the work the Minneapolis-based retailer has done to lower its dependence on sourced products from China, Mexico, and other countries, noting that the 'international supply chain is highly global, technical and complex.'
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