Best Buy's annual sales forecasts do not include estimates as rates are set by Reuters

(Reuters) – Best buy Co Inc. (N 🙂 forecasts comparable annual sales comparable to those of analysts on Thursday, citing new US tariffs that should be imposed on Chinese imports, such as phones, video game consoles and other electronic products.

The shares of Best Buy, which have lost about 10% of their value so far this month, have dropped 5.4% to $ 65.30, the largest electronics retailers The public also expressed concerns about consumers' buying behavior related to uncertainty during the second half of the year.

The company reduced its same-store sales forecast for the full year to 0.7% to 1.7%, from 0.5% to 2.5%. Analysts were expecting a 2% increase.

President Donald Trump said last week that US tariffs on Chinese imports rising to $ 250 billion would increase to 30% from the current 25% as of October 1st.

While Best Buy stated that these tariffs only affected about 7% of the cost of the products sold, an expected 15% tax on an additional $ 300 billion worth of Chinese products would affect most of the top-selling products, such as than mobile phones and laptops. .

Trump announced an increase of 15% to 15% last Friday, with the first tranche of more than $ 125 billion of targeted goods, including smart watches, Bluetooth headphones and flat screen TVs, expected to come into effect on September 1st.

Tariffs on the rest of the $ 300 billion list, which includes cell phones, laptops, toys and clothing, will come into effect on December 15, according to the US Trade Representative's office.

Best Buy's overall same store sales increased 1.6% in the second quarter ended Aug. 3, missing analysts' estimates of a 2.15% increase, according to Refinitiv's IBES data.

Revenues increased from $ 9.38 billion to $ 9.54 billion, below expectations of $ 9.56 billion.

Excluding non-recurring items, the company posted earnings of $ 1.08 per share in the second quarter, exceeding analyst estimates of 99 cents per share.