Best Buy (BBY) investors are disappointed on Thursday morning as the retailer reported mixed earnings and cut guidance over the Trump administration's tariffs.

Same-store sales fell 0.7% year over year, more than the 0.57% Wall Street expected. Revenue fell 0.9% to $8.77 billion, missing estimates of $8.80 billion. Adjusted earnings per share slid 4% to $1.15, beating estimates of $1.09.

In the earnings call, Best Buy CEO Corie Barry noted shoppers are looking for value when it comes to items like televisions, but are still "willing to spend" on new technology like computers and tablets.

The company cut its 2025 sales and earnings guidance.

It now expects revenue of $41.1 billion to $41.9 billion, down from the previous projection of $41.4 billion to $42.2 billion. Adjusted EPS is expected to be $6.15 to $6.30, lower than the prior forecast of $6.20 to $6.60. The updated guidance now incorporates the "impact of tariffs," CFO Matt Bilunas said in the release.

Same-store sales are expected to be down 1% to up 1% for the year, versus the previous range of flat to up 2%.

The guidance assumes "tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters," per Bilunas.

Shares were down 7% at market open and down more than 22% year to date, compared to the S&P 500 (^GSPC) remaining flat.

Here's what Best Buy posted in the first quarter, compared to Bloomberg estimates:

Adjusted earnings per share: $1.15 versus $1.09

Net sales: $8.77 billion versus $8.80 billion

Same-store sales growth overall: -0.70% versus -0.57%

Total US same-store sales growth: -0.70% versus -0.62%

Sales growth for:

• Appliances: -8.10% versus -7.07%

• Entertainment: -13.30% versus -5.64%

• Consumer electronics: -5.20% versus -2.20%

• Computing and mobile phones: +5.80% versus +3.17%

• Services: 0.9% versus +4.00%

International: -0.70% versus -0.09%

The vast majority of Best Buy's products are from brands like Apple (AAPL) that are highly reliant on Chinese and other foreign manufacturing.

Most recently, the US temporarily dropped tariffs on Chinese imports from 145% to 30% for 90 days, while so-called reciprocal tariffs were suspended for a 10% universal duty. Then, on Wednesday night, a US trade court blocked President Trump's tariffs.

The uncertainty lingers.

Barry said on the call that China makes up 35% of its product cost, compared to the 55% it shared back in March. The US and Mexico make up roughly 25% of its cost.