The company said it has seen weaker demand for consumer electronics due to inflation.
Following the announcement, shares dropped more than 10%.
Same-store sales are expected to decline in the second quarter. It said in May that it would be in line with the first quarter when it fell 8%.
In May, Best Buy predicted a drop of between 3% and 6% in same-store sales for the fiscal year.
In response to the current sales environment the company will continue to assess further actions to manage profitability.
The economic backdrop has become more challenging and the company expected sales to slow as it laps a period of high demand.
As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened, leading to Q2 financial results below the expectations we shared in May.
She emphasized the company's strong position even in a turbulent time by saying that its sales are higher than before.
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