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Best Buy shares falling after reporting mixed results for the first quarter and cutting guidance over the Trump administration's tariff policies. Here with the breakdown, we've got senior reporter Brooke DiPalma. Brooke, what do we know from these results?

Good morning to you both. Certainly, investors really focusing in on Best Buy cutting guidance here across the board. Now, taking into account the impact of those tariffs. If you take a closer look at the numbers, revenue now expected for the full fiscal 2025 year to come in between 41.1 billion to 41.9 billion. That's down from their previously projected range. Adjusted earnings per share also expected to come in lower, between the range of $6.15 to $6.30. Now, same store sales also expected to come in lower for the year, between down, uh, 1% to up 1% for the year. That's down from the previous range of flat to up 2%. Now, overall for the quarter, it did come in mixed. We did see a beat on adjusted earnings per share, but the company did miss on both revenue and same-store sales growth. Now, CEO Corie Barry did tell reporters this morning that shoppers are really looking for value here when it comes to items, especially around those those televisions. But key point here, they're willing to spend on new technology like computers and tablets. And moving into the second quarter, consumers still experiencing, still showcasing that same exact behavior, really deal seeking here.

I mean, you think about some of the responses that we had seen in consumer confidence as well within, I think it was the month of March into April, how they were pushing back on some of those major electronics appliance purchases. We only saw a rebound because some of the most severe reactions to the tariff policy had been abated by then. So, how is the CEO, how is the C-suite of this company reading through that?

Yeah, well, certainly what we heard this morning, especially after that court ruling here, was the CEO Corie Barry, she told reporters that this is a rapidly evolving environment that they're just responding to. And over the past three months, they've taken major actions. But in terms of specifically what consumers are concerned about, it's prices here. And what CEO Corie Barry did tell us on a call this morning was that this is not a static situation or a static conversation around prices. She went on to say, quote, "We have already made the pricing tweaks that we would expect up to this point, and we don't see a runway in front of us. But if everything stayed consistent right now, where there's more massively increases in front of us, well, that could change. But for right now, we feel like those prices have been passed on." She said that those price hikes were taken in mid-May. She also went on to say, uh, talk about inventory. Many consumers really concerned here about, will they have what they want back to school and in terms of the holiday season. She said they're very well situated situated right now. And over the last three months, Best Buy has been very busy. They lowered their exposure to products, cost of goods from China from roughly 50% down to 30%. Of course, they did things like diversify their supply chain, work with investors, you know, adjust their product assortment here. And so, they feel like they're well situated moving into the back half of the year, but customers, they need to get spending again and certain.

And they, and they also did acknowledge that they're going to potentially have to change things after that federal court ruling as well. Brooke, thank you so much.