Best Buy (NYSE: BBY) reported disappointing third-quarter results, citing weak consumer spending and macroeconomic uncertainty ahead of the U.S. presidential election. Revenue decreased to US$9.45 billion, below analysts’ expectations of US$9.63 billion, and adjusted earnings per share (EPS) came in at US$1.26, below expectations of US$1.29.

Same-store sales decreased 2.9% year-on-year, marking the 12th consecutive quarter of negative growth in same-store sales. The consumer electronics and entertainment categories saw significant declines of 14.7% and 18.8%, respectively, which were well below expectations. Sales of consumer electronics decreased by 5.8%. However, computing and mobile phones rose 3.8% and services revenue rose 6%, slightly above expectations.

CEO Corey Barry blamed the poor performance on “continued macro uncertainty, customers waiting to trade, and election disruption, particularly in the non-essential category.” said. Despite these challenges, he said same-store sales are expected to be flat to down 3% in the fourth quarter, with early results expected from holiday promotions and Black Friday sales.

Best Buy revised its full-year forecast after the weak quarter. Revenue is expected to be between $41.1 billion and $41.5 billion, down from the previous range of $41.3 billion to $41.9 billion. Comparable sales are expected to decline by 2.5% to 3.5%, more than the previously expected decline of 1.5% to 3%.

The company also faces potential cost pressures from President-elect Donald Trump’s proposals for imports from China and Mexico, which could raise the price of electronics. Barry emphasized the impact on consumers, saying, “Higher prices don’t help…These are products that people need.”

Best Buy stock fell 7% following the earnings release, but is still up 26.57% over the past year.