Source: Sharecast
The New York-listed firm now expects revenues to come in between $41.1bn and $41.9bn this year, down on its previous forecast for between $41.4bn and $42.2bn.
Comparable sales were also forecast to be weaker, with growth in the range of -1% to 1%. Previous guidance was for flat to 2% growth.
Adjusted diluted earnings per share forecasts were also trimmed, to between $6.15 and $6.30.
Best Buy is the latest in a growing number of US retailers, including Walmart and Target, to flag the impact of tariffs, including potential price rises.
Best Buy in particular is heavily reliant on imports from China, its biggest manufacturing hub.
In addition, American consumers are increasingly wary about spending on big-ticket items, faced with higher costs and heightened economic uncertainty.
Matt Bilunas, chief financial officer, confirmed the guidance had been updated "to incorporate the impact of tariffs".
He continued: "Our underlying working assumptions are that tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behaviour from the trends we have seen in recent quarters."
First-quarter revenues also disappointed. They came in at $8.77bn, down on last year’s $8.85bn and missing expectations for $8.81bn.
Adjusted EPS were, however, better-than-forecast at $1.15. Wall Street had been anticipating $1.09.
As at 1330 BST, Best Buy was down 3% in pre-market trading.
Corrie Barry, chief executive, said the retailer was navigating "dynamic macroeconomic conditions".
He continued: "Against this backdrop, we executed well in the first quarter.
"We remain focused on our strategic priorities, which include…[driving] operating effectiveness and efficiency to fund strategic investments and offset pressures."
On Wednesday, the US Court of International Trade said Trump had exceeded his authority in imposing tariffs on countries worldwide, and gave the administration ten days to dismantle the regime. The White House, however, is appealing.