Best Buy is Hoping for a Christmas Miracle Before Trump’s Tariffs Hit

When I was a kid, my parents forced me and my siblings to sit through Miracle on 34th Street—you know, the one where Santa saves Macy’s by sending customers to rival stores, and somehow everyone ends up weirdly happy. 

Well, Best Buy is out here praying for a similar Christmas miracle. Except their Santa has a to-do list longer than a CVS receipt: fix sagging sales, dodge Trump’s tariff grenades, and convince people to replace their perfectly fine electronics in an economy that feels shaky (to say the least).

Best Buy shares dropped 5% after they dropped earnings that scream “we need help” louder than my kids on Christmas morning. Comparable sales are own 2.9%. Revenue missed Wall Street’s expectations and their full-year sales forecast took a haircut, down 3%.

But wait, Trump’s talking tariffs again. He’s threatening a 10% tariff on Chinese goods, which for Best Buy is like getting punched right in the balls (or profit margins). Most of their inventory comes from—you guessed it—China. 

CEO Corie Barry, clearly channeling her inner Ebenezer Scrooge pleading with the Ghost of Christmas Future, said, “These are goods people need, and higher prices are not helpful.” As if that’s gonna do anything.

Now, some depressing numbers: Best Buy’s Q3 net income nudged up to $273 million from $263 million last year, but their revenue dropped to $9.45 billion from $9.76 billion. And same-store sales have been falling for twelve straight quarters. 

And yet, Barry remains hopeful, pinning her dreams on the holidays. Sales in the first three weeks of November were up 5% compared to last year, but let’s be real—that’s like finding $5 in your pants when your rent is overdue. And don’t forget, if these tariffs hit, Best Buy’s going to have to either eat the extra costs, pass them to customers (good luck with that), or come up with some financial Houdini moves.

Best Buy’s stock has taken quite the hit over the last 2 years, and the holiday season could make or break it. If they crush it on Black Friday and keep the momentum through Christmas, the stock might bounce back a smidge. But if tariffs hit and customers stay stingy, don’t be surprised if we see another Chapter 11 soon.

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Stock.News has positions in Macy’s and Best Buy mentioned in article.