That said, the retailer posted first-quarter results on Tuesday that beat Wall Street's expectations.
"While the first quarter is generally a less important one for Best Buy—representing only around 15 percent of annual revenues—these results show some signs of progress following the very disappointing final quarter which was dragged down by weak holiday sales," Neil Saunders, CEO of The Columino Team, said in a Tuesday note to clients.
"Even though the total revenue decline is far less steep than the last reporting period, this number is actually diminished by the closure of 13 large stores and 24 smaller Best Buy Mobile Stores. The strong dollar also eroded growth from the international segment by some 690 basis points," he said. "Given these factors, underlying performance is somewhat better than the headline figure suggests. This can be seen from domestic comparable sales which, over last year, were down by less than 1 percent."
Best Buy shares are up just 0.33 percent for 2016, and have fallen more than 11 percent over the past year.
BBY 12-month chartSource: FactSet
— Reuters contributed to this report.