Best Buy reported a 0.2% year-over-year increase in U.S. comparable sales during the 2024 holiday season, ending a streak of 12 quarters of declines, according to The Street. However, operating income fell 61% in the fourth quarter. CEO Corie Barry credited Black Friday and Doorbuster deals for strong customer turnout but warned that sales growth in 2025 may be limited to 2% or remain flat due to inflation and tightened consumer spending. Barry also cautioned that President Trump’s March 4th tariff hikes will likely lead to higher prices for electronics in the coming months. While only 2%–3% of Best Buy’s assortment is directly imported, Barry said vendors across the supply chain are expected to pass on costs to retailers, gradually raising consumer prices from the second quarter onward. Best Buy aims to remain price-competitive despite expected cost pressures and will continue closing underperforming stores, projecting five to ten closures in 2025.
