Best Buy on Tuesday posted fiscal fourth-quarter earnings and revenue that topped expectations, but CEO Corie Barry projected that prices for U.S. consumers would rise as President Donald Trump’s tariffs on China and Mexico go into effect.
On Best Buy’s earnings call, Barry said China and Mexico are the company’s top two supply chain sources, with about 55% and 20% of its products sourced from those countries, respectively.
“Trade is critically important to our business and industry. The consumer electronic supply chain is highly global, technical and complex,” Barry said. “We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.”
Barry’s comments came as consumers and investors try to parse out how the new duties will affect household budgets, company sales and the U.S. economy. She spoke shortly after Target CEO Brian…
