00:00It's Benzinga bringing Wall Street to Main Street.
00:02Best Buy reported a 0.2% year-over-year increase in U.S. comparable sales during the 2024 holiday
00:08season, adding a streak of 12 quarters of declines, according to The Street.
00:12However, operating income fell 61% in the fourth quarter.
00:15CEO Corey Berry credited Black Friday and doorbuster deals for strong customer turnout,
00:20but warned that sales growth in 2025 may be limited to 2% or remain flat due to inflation
00:25and tightened consumer spending.
00:26Berry also cautioned that President Trump's March 4th tariff hikes will likely lead to
00:31higher prices for electronics in the coming months.
00:34Only 2% to 3% of Best Buy's assortment is directly important.
00:38Berry said vendors across the supply chain are expected to pass on costs to retailers,
00:42gradually raising consumer prices in the second quarter onward.
00:46Best Buy aims to remain price competitive despite expected cost pressures and will continue
00:50closing underperformance stores, projecting 5 to 10 closures in 2025.
00:54For all things money, visit Benzinga.com slash GSTV.
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