Walmart’s (WMT) tariff warning on Thursday could be a red flag to the fate of other retailers.

“More retailers than Walmart faces may face a blurry outlook,” CFRA analyst Arun Sundaram told Yahoo Finance. “Given the fluency of the tariff situation, we may even see some of these retailers attracting guidance completely.”

The largest U.S. retailer reported mixed numbers in its first quarter report on Thursday and said tariffs have caused prices to rise in April and May. It reiterated its financial year guidance and said it expects net sales to rise by 3.5% to 4.5% in the second quarter. However, it does not provide guidance for adjusted revenue or operating revenue in the second quarter.

CFO John David Rainey told Yahoo Finance (video above): "A lot of the prices we talked about with the tariffs have not yet taken effect. As we enter the second half of May, we will start to see some of these prices...and then in June in a more obvious way." He said the most affected categories include electronics, toys, vacuums, baby strollers and car seats.

Read more: What Trump’s tariffs mean to the economy and your wallet

Walmart warned Wall Street that “the full impact of tariffs may not have really flowed through the economy,” Morningstar analyst Noah Rohr told Yahoo Finance.

The Trump administration’s recent pullback is not enough to mitigate the impact. China's tariffs have been reduced from 145% to 30%, while the so-called reciprocity tariffs have been suspended due to the universal duty of 10%, but interest rates are still much higher than historically.

This could mean that 2025, especially the back-to-school season, may not be as strong as retailers would expect, especially for chains like Best Buy (BBY). About 55% of Best Buy’s sale is from Chinese sources, and another 20% comes from Mexico. Its stock has fallen 15% this year.

Entering 2025, many on the street are optimistic that with AI as featured, replacement cycles will increase in replacement cycles around laptops, laptops and phones, while consumers upgrade after the 2020 pandemic spending.

"Suppose the prices of these electronics and devices may rise and potentially delay the replacement cycle ... at least in the short term," Roll said.

Best Buy CEO Corie Barry said at a 20% tariff in early March that the company's earnings call for "negative effects in a 1-point comparable sale" if the 10% tariff initially valid for China would remain in effect. She said the results from the second to fourth quarter will be the first to bear the brunt of the impact.