Best Buy posts sales and profit gains despite tariffs
May 23, 2019
Best Buy outperformed Wall Street’s expectations during the first quarter despite higher prices on some products due to tariffs on Chinese imports. The consumer electronics retailer posted a same-store sales gain of 1.1 percent. Online sales for the chain were up 14.5 percent during the quarter, rising to 15.4 percent of Best Buy’s total sales. The retailer’s shares were up two percent in premarket trading.
Recent News
Tesla Recalls Cybertruck Due to Stuck Accelerator Pedal
Tesla is recalling almost 4,000 Cybertrucks due to a sticking accelerator pedal. The problem stems from an unauthorized lubricant used during assembly, which reduces the pad’s grip on the pedal.
Trader Joe’s Recalls Organic Basil Product Linked to Salmonella Outbreak
The company’s Infinite Herbs Organic Basil product is recalled due to a possible salmonella contamination.
Procter & Gamble Reports Mixed Results After Price Hikes
Procter & Gamble’s recent quarterly results showed a mix of gains and setbacks. Despite facing challenges in attracting shoppers due to increased prices over the past two years, the company managed to exceed earnings expectations.
JetBlue and Southwest Airlines Collision Narrowly Avoided at Reagan National Airport
An air traffic controller instructed one plane to cross the runway at the same time a second plane was taking off.