國內部門,同店銷售額下降 12.7%,營收下降 13.1%,至 96 億美元。從品類的角度來看,本季同店銷售額因電腦和家庭影院而下降。
國際部門,營收下降 9.3%,至 7.6 億。由於加拿大的同店銷售額下降了 4.2%,以及不利匯率下降了 420 個基點,對營收造成負面影響。
毛利率 22.1%,國內毛利率下降 170 個基點,主要因為服務利潤率下降,包含來自 Totaltech 的壓力。Totaltech 會員有所增加,且提高了交付速度,一天內交付近 1/3 的線上訂單。Q2 加入的新成員中,有近一半是新客戶或流失客戶。
本季度產生了 3400 萬的重組成本,其中大部分用於解僱福利。
庫存餘額年減約 6%,比疫情前的 FY2020 增長 16%。由於促銷活動增加,產品利潤率低於公司的預期。較低的消費者需求,加上行業較高的庫存水平,兩者導致大多數類別的折扣比預期的更多。目前總體而言,促銷水平已恢復到疫情前的水平。
客戶購物行為發生了變化,降價促銷是考慮因素,尤其是低收入家庭,但也有客戶願意爲品牌商品支付更多費用,例如手機和遊戲機。線上銷售額佔國內營收 31%,是疫情前的兩倍。返校季銷售略高於公司預期,但因為今年與過去兩年為完全不同的學年制度,消費期延長。另外,疫情已經過兩年半,當初的電子設備也開始出現升級週期的需求。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Best Buy's Second Fiscal Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 11:00 a.m. Eastern Time today. (Operator Instructions) I will now turn the conference call over to Mollie O'Brien, Vice President of Investor Relations.
女士們,先生們,謝謝你們的支持。歡迎參加百思買 2023 財年第二季度收益電話會議。 (操作員說明)作為提醒,此電話正在錄音以供播放,並將在東部時間今天上午 11:00 左右可用。 (操作員說明)我現在將電話會議轉交給投資者關係副總裁 Mollie O'Brien。
Mollie O'Brien - VP of IR
Mollie O'Brien - VP of IR
Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; and Matt Bilunas, our CFO.
謝謝大家,大家早上好。今天和我一起參加電話會議的是我們的首席執行官 Corie Barry;和我們的首席財務官 Matt Bilunas。
During the call today, we will be discussing both GAAP and non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and an explanation of why these non-GAAP financial measures are useful can be found in this morning's earnings release, which is available on our website, investors.bestbuy.com.
在今天的電話會議中,我們將討論 GAAP 和非 GAAP 財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬,以及這些非 GAAP 財務指標為何有用的解釋,可以在我們的網站 Investors.bestbuy 上的今天上午的收益發布中找到。 com。
Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's current earnings release and our most recent 10-K and subsequent 10-Qs for more information on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.
我們今天將發表的一些陳述被認為是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述可能涉及公司的財務狀況、業務計劃、增長計劃、投資和預期業績,並受可能導致實際結果與此類前瞻性陳述產生重大差異的風險和不確定性。有關這些風險和不確定性的更多信息,請參閱公司當前的收益發布和我們最近的 10-K 和隨後的 10-Q。公司不承擔更新或修改任何前瞻性陳述以反映本次電話會議後可能出現的事件或情況的義務。
I will now turn the call over to Corie.
我現在將把電話轉給 Corie。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Good morning, everyone, and thank you for joining us. I am incredibly proud of our teams as they continue to rise to the challenges over the past few years. With so much going on that is beyond their control, I remain impressed at their ability to manage the rapidly shifting business environment and priorities. As we said in March, we expected our financial results would be softer this year as we lapped record sales volumes. However, the macro environment has been more challenged and uneven than expected due to several factors. And that has put more pressure on our industry, changing the trajectory of our business versus our original plan.
大家早上好,感謝您加入我們。我為我們的團隊感到無比自豪,因為他們在過去幾年繼續迎接挑戰。由於他們無法控制如此多的事情,我仍然對他們管理快速變化的商業環境和優先事項的能力印象深刻。正如我們在 3 月份所說,我們預計今年的財務業績將會疲軟,因為我們的銷量創下歷史新高。然而,由於多種因素,宏觀環境比預期更具挑戰和不平衡。這給我們的行業帶來了更大的壓力,改變了我們的業務軌跡,而不是我們原來的計劃。
We are focused on balancing our near-term response to difficult conditions and managing well what is in our control, while also delivering on our strategic initiatives and what will be important for our long-term growth. Our strategy and our confidence in it remains unchanged. We have exciting opportunities ahead of us in a world that is more reliant on technology than ever. We are a financially strong company with a resilient world-class team that will successfully navigate the current environment.
我們專注於平衡我們對困難條件的近期反應和管理好我們控制的事情,同時還實施我們的戰略舉措以及對我們的長期增長很重要的事情。我們的戰略和對它的信心保持不變。在一個比以往任何時候都更加依賴技術的世界裡,我們面臨著令人興奮的機遇。我們是一家財務實力雄厚的公司,擁有一支堅韌的世界級團隊,將成功應對當前環境。
Now on to the second quarter results we reported this morning. Our comparable sales were down 12.1% as we lapped strong Q2 comparable sales last year of almost 20%. This represents 8.3% sales growth over the second quarter of pre-pandemic fiscal '20. Our non-GAAP operating income rate declined compared to last year on the SG&A deleverage from the lower revenue, the investments in our growth initiatives and the increased promotional environment for consumer electronics. Our non-GAAP earnings per share was up 43% versus pre-pandemic fiscal '20.
現在到我們今天早上報告的第二季度業績。我們的可比銷售額下降了 12.1%,因為我們去年第二季度的可比銷售額強勁增長了近 20%。這比大流行前 20 財年第二季度的銷售額增長了 8.3%。與去年相比,我們的非 GAAP 營業收入率下降,原因是收入下降、對我們的增長計劃的投資以及消費電子產品促銷環境的增加,導致 SG&A 去槓桿化。與大流行前的 20 財年相比,我們的非公認會計原則每股收益增長了 43%。
We are clearly operating in a volatile consumer electronics industry. We assume the CE industry would be lower following 2 years of elevated growth, driven by unusually strong demand for technology products and services and fueled partly by stimulus dollars. In addition, we expected to see some impact to our business as customers broadly shifted their wallet spend back into experience areas, such as travel and entertainment. We did not expect and compounding these impacts as a changing macro environment where consumers are dealing with sustained and record high levels of inflation in some of the most fundamental parts of their daily lives, like food.
我們顯然在一個動蕩的消費電子行業運營。我們假設消費電子行業在經歷了兩年的高速增長後將會走低,這是由於對技術產品和服務的異常強勁的需求以及部分刺激資金的推動。此外,隨著客戶將錢包支出廣泛轉移回旅遊和娛樂等體驗領域,我們預計會對我們的業務產生一些影響。我們沒有預料到這些影響並加劇了這些影響,因為宏觀環境不斷變化,消費者在日常生活中一些最基本的部分(如食品)面臨持續且創紀錄的高通脹水平。
While these factors have led to an uneven sales environment, they have not deterred us from continuing to make progress on our initiatives. During the quarter, we drove broad customer NPS improvements even compared to pre-pandemic levels, particularly in installation and repair. We signed up new Best Buy Totaltech members and increased our delivery speed, delivering almost 1/3 of customer online orders in one day. We also completed store remodels, opened new outlet stores and began implementing newly signed deals with health care companies.
雖然這些因素導致了不平衡的銷售環境,但它們並沒有阻止我們繼續在我們的計劃上取得進展。在本季度,即使與大流行前的水平相比,我們也推動了廣泛的客戶 NPS 改進,特別是在安裝和維修方面。我們簽約了新的百思買 Totaltech 會員並提高了我們的交付速度,在一天內交付了近 1/3 的客戶在線訂單。我們還完成了門店改造,開設了新的直銷店,並開始執行與醫療保健公司新簽署的協議。
From a top line perspective, we saw year-over-year sales declines across most product categories, with the largest impacts to comparable sales coming from computing and home theater. Although down from last year's strong sales compared to Q2 of fiscal '20, our computing revenue has grown more than 20%. Our Domestic appliance business comparable sales declined slightly as it laps more than 30% growth in the second quarter of last year, and revenue is up more than 45% compared to fiscal '20.
從收入的角度來看,我們看到大多數產品類別的銷售額同比下降,對可比銷售額的最大影響來自計算和家庭影院。儘管與 20 財年第二季度相比,去年的強勁銷售有所下降,但我們的計算收入增長了 20% 以上。我們的家用電器業務可比銷售額略有下降,因為它在去年第二季度增長了 30% 以上,與 20 財年相比,收入增長了 45% 以上。
Our data would tell us that customers are making some decisions to trade down, particularly those in lower income households. This is not across all categories. But for example, in the television category, customers are moving more into our lower price point exclusive brands products. We're also seeing more interest in sales events, such as Prime Day, tax-free events and other events geared at exceptional value. I applaud our team's proactive management of our inventory during the quarter as we saw the sales trajectory changing.
我們的數據會告訴我們,客戶正在做出一些降價交易的決定,尤其是低收入家庭的客戶。這並不適用於所有類別。但例如,在電視類別中,客戶更多地轉向我們的低價位獨家品牌產品。我們還看到對促銷活動的興趣越來越大,例如 Prime 會員日、免稅活動和其他價值非凡的活動。當我們看到銷售軌跡發生變化時,我讚賞我們的團隊在本季度對庫存的積極管理。
Our inventory at the end of Q2 was down 6% from the second quarter of last year and up approximately 16% from pre-pandemic fiscal '20. Overall, our inventory is healthy and reflects an evolving mix of product in our network, including more high ASP appliances and larger-screen televisions, which also have longer lead times and a slower inventory turn. While we took more inventory markdowns than last year, the level reflected a normalization to pre-pandemic activity.
我們在第二季度末的庫存比去年第二季度下降了 6%,比大流行前的 20 財年增長了約 16%。總體而言,我們的庫存是健康的,反映了我們網絡中不斷變化的產品組合,包括更高平均售價的電器和大屏幕電視,它們也有更長的交貨時間和更慢的庫存周轉。雖然我們比去年進行了更多的庫存降價,但該水平反映了大流行前活動的正常化。
Within our inventory numbers, there are categories where we have ample inventory supply and still pockets where we are constrained. In our industry, it's not as simple as we have inventory or we don't. It can be incredibly variable by product and even brands within a particular product. For example, we are also still experiencing inventory constraints in key models and brands across computing and gaming.
在我們的庫存數量中,有些類別我們有充足的庫存供應,但仍有一些我們受到限制的口袋。在我們的行業中,這並不像我們有庫存或沒有庫存那麼簡單。它可能因產品甚至特定產品中的品牌而異。例如,我們仍然在計算和遊戲領域的關鍵型號和品牌中遇到庫存限制。
As we move into the back half of the year, we are planning inventory thoughtfully, yet investing strategically for holiday. While it is important to manage inventory against current demand, we also want to ensure we are well positioned to react to the ever-changing consumer needs. The promotional environment was more intense than last year and even more than we expected entering the quarter as sales demand softened. Some areas were quite aggressive from a promotional standpoint, especially where inventory was ample or in excess. Overall, we feel the level of promotionality has returned to pre-pandemic levels.
隨著我們進入下半年,我們正在深思熟慮地規劃庫存,同時為假期進行戰略投資。雖然根據當前需求管理庫存很重要,但我們也希望確保我們能夠很好地應對不斷變化的消費者需求。由於銷售需求疲軟,促銷環境比去年更加激烈,甚至超出了我們進入本季度的預期。從促銷的角度來看,有些地區非常激進,尤其是在庫存充足或過剩的情況下。總體而言,我們認為促銷水平已恢復到大流行前的水平。
Over the past few years, we have seen gross profit pressure from higher supply chain costs, which, of course, includes increased parcel costs from our higher mix of online sale. In addition, we estimate that roughly half of the increased supply chain cost this quarter versus the comparable period in fiscal '20 is being driven by cost increases or inflationary pressures. Conditions across the global supply chain continue to evolve. On a year-over-year basis, we saw higher costs in Q2 and expect that to continue through the remainder of the year. However, we are starting to see some signs that the market is stabilizing and moderating.
在過去的幾年裡,我們看到了供應鏈成本上升帶來的毛利潤壓力,其中當然包括我們更高的在線銷售組合導致的包裹成本增加。此外,我們估計,與 20 財年同期相比,本季度供應鏈成本增加的大約一半是由成本增加或通脹壓力驅動的。全球供應鏈的狀況不斷發展。與去年同期相比,我們在第二季度看到了更高的成本,並預計這種情況將持續到今年剩餘時間。然而,我們開始看到一些跡象表明市場正在企穩和緩和。
During the pandemic, the capacity and rate pressure started in International and works their way to Domestic logistics. Now we are experiencing some relief in International first and early signs of loosening markets domestically. For example, in Ocean Logistics, we are taking advantage of some rate opportunities, but continue to be mindful of ILWU labor discussions and overall U.S. port congestion as we move into the peak shipping season. As it relates to inbound Domestic transportation, while we are starting to see a more balanced capacity market, we continue to see inflationary pressures from higher fuel and labor costs and rail yard and general supply chain network congestion.
在大流行期間,運力和費率壓力從國際開始,並逐漸影響到國內物流。現在,我們正在經歷國際上的一些緩解,以及國內市場鬆動的早期跡象。例如,在海運物流中,我們正在利用一些費率機會,但隨著我們進入航運旺季,我們將繼續關注 ILWU 勞工討論和整體美國港口擁堵情況。由於它與入境國內運輸有關,雖然我們開始看到一個更加平衡的運力市場,但我們繼續看到燃料和勞動力成本上升以及鐵路站場和總體供應鍊網絡擁堵帶來的通脹壓力。
I would like to provide an update on Totaltech, our unique membership program designed to provide customers with complete confidence in their technology, with benefits that include member pricing discounts, product protection, free delivery, and standard installation and 24/7 tech support. Considering the macro environment and decline in our product sales, we are encouraged with the pace at which we are acquiring new members. In Q2, nearly half of the new members joining the program were either new or lapsed customers, reinforcing how the value of this program resonates beyond our existing loyal customers.
我想提供有關 Totaltech 的最新信息,這是我們獨特的會員計劃,旨在讓客戶對他們的技術充滿信心,其好處包括會員價格折扣、產品保護、免費送貨、標準安裝和 24/7 技術支持。考慮到宏觀環境和我們產品銷售的下滑,我們對我們獲得新成員的速度感到鼓舞。在第二季度,加入該計劃的新成員中有近一半是新客戶或失效客戶,這加強了該計劃的價值如何在我們現有的忠實客戶之外產生共鳴。
Our associates continue to embrace the program as the fulsome nature of the offering not only simplifies the sales interaction, it also is a program our team members can confidently stand behind as they believe in the value it provides to every single customer. In July, we enhanced our in-store point-of-sale tools to better assist our team in showcasing the value of Totaltech to potential new members, and their early results have been positive. At this point in the national launch, we continue to be encouraged by the higher engagement, customer satisfaction and increased revenue we're seeing from customers who have signed up to become members.
我們的員工繼續接受該計劃,因為該產品的豐富性不僅簡化了銷售互動,而且我們的團隊成員也可以自信地支持該計劃,因為他們相信它為每一位客戶提供的價值。 7 月,我們增強了店內銷售點工具,以更好地幫助我們的團隊向潛在的新成員展示 Totaltech 的價值,他們的早期結果是積極的。在全國發布的這一點上,我們繼續受到來自已註冊成為會員的客戶的更高參與度、客戶滿意度和收入增加的鼓舞。
As we have previously shared, from a financial perspective, Totaltech is a near-term investment to drive longer-term benefits. Over time, we expect the incremental spend we garner from members will lead to higher operating income dollars. As I've just covered, there are several things we are seeing with the program that give us confidence that customers value the membership and that our thesis in general is playing out. At the same time, consumer electronics is a low-frequency category. And we are in a unique macro environment, meaning it will take time for us to truly assess the performance. As you would expect, we will continue to monitor the program and iterate on the offering as we learn more.
正如我們之前所分享的,從財務角度來看,Totaltech 是一項旨在推動長期利益的短期投資。隨著時間的推移,我們預計我們從會員那裡獲得的增量支出將帶來更高的營業收入。正如我剛剛介紹的那樣,我們在該計劃中看到的幾件事讓我們相信客戶重視會員資格,並且我們的論點總體上正在發揮作用。同時,消費類電子產品屬於低頻品類。而且我們處於一個獨特的宏觀環境中,這意味著我們需要時間才能真正評估績效。正如您所期望的那樣,隨著我們了解更多信息,我們將繼續監控該計劃並迭代產品。
In addition to Totaltech, our Best Buy branded credit card continues to drive a valuable and sticky relationship with our customers. We continue to see growth in cardholders. More than 25% of our revenue is transacted on our Best Buy branded card. And cardholders have been increasing the use of their card outside Best Buy stores as well. These customers tend to be more engaged with Best Buy over time, with higher frequency and spend than non-cardholders. Combined with our partners' largest lease-to-own portfolio and our buy now, pay later test, this means we can offer our customers a variety of ways they can shop confidently with us. And we can leverage those relationships into our future.
除了 Totaltech,我們的百思買品牌信用卡繼續與我們的客戶建立有價值和粘性的關係。我們繼續看到持卡人的增長。我們超過 25% 的收入通過我們的百思買品牌卡進行交易。持卡人也越來越多地在百思買商店外使用他們的卡。隨著時間的推移,這些客戶往往會更多地參與百思買,比非持卡人更頻繁地使用和消費。結合我們合作夥伴最大的先租后買產品組合和我們的“先買後付”測試,這意味著我們可以為客戶提供多種方式,讓他們可以放心地與我們一起購物。我們可以利用這些關係進入我們的未來。
As we emerge from the pandemic, it is clear that our customer shopping behavior has changed. Our online sales as a percentage of Domestic revenue in Q2 was 31%, nearly twice as high as pre-pandemic. Virtual revenue via video, phone and chat is growing rapidly as well, as sales for the first 6 months of the year are already almost equal to the virtual revenue we generated for all of last year. While still small overall, sales in our virtual store are ramping quickly. And we recently expanded categories to include appliances and home theater. In addition, our high NPS in-home interactions continue to increase rapidly. In fact, in-home installations have seen double-digit growth versus the prior year in 5 of the last 6 quarters and year-to-date in-home sales consultations are up more than 30% over last year and pre-pandemic.
隨著我們擺脫大流行,很明顯我們的客戶購物行為發生了變化。我們第二季度的在線銷售額佔國內收入的百分比為 31%,幾乎是大流行前的兩倍。通過視頻、電話和聊天獲得的虛擬收入也在快速增長,因為今年前 6 個月的銷售額已經幾乎等於我們去年全年產生的虛擬收入。雖然總體上仍然很小,但我們虛擬商店的銷售額正在迅速增長。我們最近擴大了類別,包括電器和家庭影院。此外,我們的高 NPS 家庭互動繼續迅速增加。事實上,在過去 6 個季度中,有 5 個季度的家庭安裝量與去年同期相比實現了兩位數的增長,今年迄今為止的家庭銷售諮詢量比去年和大流行前增長了 30% 以上。
Of course, our stores remain incredibly important for customers to see and touch products and get advice. In addition, they're crucial to our fulfillment strategy. In the second quarter, customers representing 42% of our online sales chose to pick up their products at our stores and an additional 18% of online sales were shipped out of our store to customer homes. These in-store pickup and ship from store numbers have remained incredibly consistent for the last several years, even as shipping speed and options have dramatically increased. It is imperative that we evaluate how we operate and service of these evolving customer needs and make the necessary adjustments to ensure we come out of this not just a vital company, but a vibrant one.
當然,我們的商店對於客戶查看和触摸產品並獲得建議仍然非常重要。此外,它們對我們的履行戰略至關重要。在第二季度,占我們在線銷售額 42% 的客戶選擇在我們的商店取貨,另外 18% 的在線銷售額從我們的商店運到客戶家中。在過去的幾年裡,這些店內取貨和從商店發貨的數量一直保持驚人的一致,即使運輸速度和選項已大幅增加。我們必須評估我們如何運營和服務這些不斷變化的客戶需求,並進行必要的調整,以確保我們走出這不僅是一家重要的公司,而且是一家充滿活力的公司。
We tested new field operating models in 4 markets over the past year to help us better understand how to deploy leadership resources in a more digital world. As a result of these tests, earlier this month, we made structural changes to our operating model that resulted in some store roles being eliminated. We hope to retain as many of these talented associates as possible. This is one component of our enterprise-wide restructuring initiative that commenced this quarter. With these changes, we are able to reinvest back into frontline customer-facing sales associates.
過去一年,我們在 4 個市場測試了新的現場運營模式,以幫助我們更好地了解如何在更加數字化的世界中部署領導資源。作為這些測試的結果,本月早些時候,我們對我們的運營模式進行了結構性更改,從而取消了一些商店角色。我們希望盡可能多地保留這些才華橫溢的員工。這是我們本季度開始的企業範圍重組計劃的一個組成部分。通過這些變化,我們能夠重新投資於面向客戶的一線銷售人員。
We are continuing to reimagine our physical presence in ways that cater to our customers' changing shopping patterns as well. As part of our Charlotte holistic market approach pilot, we are testing a new 5,000 square foot store with a unique digital-first approach. Just opened last month, the store includes a 7-foot tall digital display that customers will see as they enter the store that explains what's new and how customers can shop. The store includes curated assortments across our product categories, except for major appliances and other large products. The majority of products will primarily be on display to touch and try.
我們將繼續以迎合客戶不斷變化的購物模式的方式重新構想我們的實體店面。作為夏洛特整體市場方法試點的一部分,我們正在測試一家新的 5,000 平方英尺商店,採用獨特的數字優先方法。上個月剛剛開業,這家商店包括一個 7 英尺高的數字顯示器,顧客在進入商店時會看到它,它解釋了新產品以及顧客如何購物。該商店包括我們產品類別的精選分類,但主要電器和其他大型產品除外。大多數產品將主要展示給觸摸和試用。
To purchase, customers can scan the QR code on any product price tag using their phone. This immediately sends a notification to a Best Buy employee to pick up the product from the store's backroom and bring it to the register for checkout. Of course, customers who want to will be able to consult with sales associates, in-home consultants and Geek Squad agents, who always have access to our complete assortment online using our increasingly rapid shipping. From an online sales fulfillment perspective, the store offers both in-store pickup and convenient lockers.
要購買,客戶可以使用手機掃描任何產品價格標籤上的二維碼。這會立即向百思買員工發送通知,讓他們從商店的後台提取產品並將其帶到收銀台進行結賬。當然,有需要的客戶可以諮詢銷售人員、家庭顧問和 Geek Squad 代理,他們始終可以使用我們越來越快速的運輸在線訪問我們的完整分類。從在線銷售履行的角度來看,該商店提供店內取貨和便利的儲物櫃。
The Charlotte market pilot also includes a traditional core store that we converted to an outlet store. The outlet has an expanded assortment of product categories, a dedicated team of employees and agents that rapidly quality check and repair all product for resale, a new services repair hub and spoke model, and an Autotech mega hub for car tech installation. This outlet is performing extremely well and is frankly on track to deliver revenue on par to the pre-converted conventional store, with a considerably lower operating cost and greater productivity. Those results give us confidence in our outlet strategy.
夏洛特市場試點還包括我們將其轉換為直銷店的傳統核心商店。該店擁有更豐富的產品類別、一支由員工和代理商組成的專門團隊,可快速檢查和維修所有轉售產品,新的服務維修中心和輻條模型,以及汽車技術安裝的 Autotech 大型中心。這家門店的表現非常好,坦率地說,它有望實現與改造前的傳統商店相當的收入,同時運營成本顯著降低,生產力也提高了。這些結果使我們對我們的出口戰略充滿信心。
During the quarter, we opened 2 new outlet stores in Virginia and Phoenix and just opened a location in Chicago earlier this month, bringing us to 19 locations. We see twice the recovery rate of our COGS when we sell open box, clearance and end-of-life inventory at our outlets versus alternative channels. With assortment expanded to include major appliances, large TVs, computing, gaming and mobile phones, we believe now is an opportune time to appeal to our existing Best Buy customers as well as an increasingly deal-seeking consumer overall.
本季度,我們在弗吉尼亞州和鳳凰城開設了 2 家新的直銷店,本月早些時候剛剛在芝加哥開設了一家門店,將我們帶到了 19 個門店。當我們在網點銷售開箱、清倉和報廢庫存時,我們看到 COGS 的回收率是替代渠道的兩倍。隨著產品種類擴大到包括主要電器、大型電視、計算機、遊戲和手機,我們相信現在是吸引我們現有的百思買客戶以及整體上越來越尋求交易的消費者的好時機。
Our outlet store assortment is also available for purchase online, with many products eligible for national ship-to-home fulfillment as well as local store pickup. This capability unlocks a very productive way to refurbish inventory, giving it a new life, while also serving a deal-seeking customer. We still plan to double the number of outlets to approximately 30, although some may not open until fiscal '24. So far this year, we have invested in and completed 7 experienced store concept remodels. The results we are seeing in the existing 2 pilot remodels, including higher NPS and higher customer spend, continue to make us confident in and excited about this part of our strategy. We expect to complete a total of approximately 40 experienced store remodels this year.
我們的直銷店分類也可在線購買,許多產品符合國家送貨到家配送和本地商店取貨條件。這種能力開啟了一種非常有效的方式來翻新庫存,賦予它新的生命,同時也為尋求交易的客戶提供服務。我們仍計劃將網點數量增加一倍至約 30 家,儘管有些可能要到 24 財年才能開業。今年到目前為止,我們已經投資並完成了7個經驗豐富的門店概念改造。我們在現有的 2 次試點改造中看到的結果,包括更高的 NPS 和更高的客戶支出,繼續讓我們對我們戰略的這一部分充滿信心和興奮。我們預計今年將完成大約 40 次經驗豐富的門店改造。
I am very proud of how much work the team has done to test and iterate multiple store and operating model concepts over the past few years in response to the dramatic pivot in customer behavior. We introduced a great deal of change into the field, not always perfectly. And we have learned and accelerated some initiatives while stopping others. On top of that, of course, the macro backdrop has shifted and the trajectory of the business has changed significantly in an incredibly short time.
我為團隊在過去幾年中為測試和迭代多個商店和運營模型概念所做的工作而感到自豪,以應對客戶行為的巨大轉變。我們在該領域引入了大量的變化,但並不總是完美的。我們已經學習並加速了一些舉措,同時阻止了其他舉措。當然,最重要的是,宏觀背景發生了變化,業務發展軌跡在極短的時間內發生了顯著變化。
We continue to invest in our people and our stores, with an eye toward the best possible customer experience, leveraging our unique differentiators. Through all the changes, overarching store NPS is substantially higher than pre-pandemic, including more stores than we have ever seen at what we consider to be best-in-class level. This is entirely due to our amazing store associates' hard work and dedication to always being there for our customers. We have consistently invested in our employees over the past 3 years, including raising hourly wages more than 20% versus pre-pandemic and adding additional benefits, such as paid caregiver leave, financial hardship assistance and paid time off for part-time employees.
我們繼續投資於我們的員工和我們的商店,著眼於盡可能最好的客戶體驗,利用我們獨特的差異化優勢。通過所有的變化,總體商店 NPS 大大高於大流行前,包括我們認為是一流水平的商店比我們所見過的要多。這完全歸功於我們出色的商店員工的辛勤工作和始終為我們的客戶服務的奉獻精神。在過去的 3 年中,我們一直在對員工進行投資,包括將小時工資比大流行前提高 20% 以上,並增加額外的福利,例如帶薪看護假、經濟困難援助和兼職員工的帶薪休假。
Now I would like to touch on Best Buy Health. Our consumer health business, where we curate health and wellness products online and in our stores, is largely experiencing similar revenue trends as our core category. We are excited about the new FDA ruling that allows the sale of over-the-counter hearing aid. We just announced an expanded collection of hearing devices, an in-store experience in more than 300 stores and a new online hearing assessment tool, making it more convenient than ever for the millions of Americans with mild-to-moderate hearing loss to get the products and support they need.
現在我想談談百思買健康。我們的消費者健康業務,我們在網上和我們的商店策劃健康和保健產品,在很大程度上經歷了與我們的核心類別相似的收入趨勢。我們對 FDA 允許銷售非處方助聽器的新裁決感到興奮。我們剛剛宣布擴大聽力設備系列、在 300 多家商店提供店內體驗以及新的在線聽力評估工具,讓數百萬患有輕度至中度聽力損失的美國人比以往任何時候都更方便地獲得他們需要的產品和支持。
During the second quarter, we continued to see strong growth in new sign-ups for our active aging business that offers health and safety solutions to enable adults to live and thrive at home. Revenue for this business was slightly up in the quarter compared to last year.
在第二季度,我們的積極老齡化業務的新註冊用戶繼續強勁增長,該業務提供健康和安全解決方案,使成年人能夠在家中生活和茁壯成長。該業務的收入在本季度與去年相比略有增長。
We are encouraged by the momentum we have built in the virtual care business in the first half of the year. We are very focused on successfully implementing the large U.S. health system accounts that have been won recently, including NYU Langone Health for hospital at home and Mount Sinai Health Systems for chronic disease management. And we are also making progress leveraging our Best Buy capabilities in this space. Our Geek Squad team successfully completed additional health training in Q2 and launched a new Geek Squad pilot service with Geisinger Health. As a reminder, the revenue contribution from virtual care is currently very small and will take time to ramp as health industry has a longer return on investment.
我們對今年上半年在虛擬護理業務中建立的勢頭感到鼓舞。我們非常專注於成功實施最近贏得的大型美國衛生系統客戶,包括用於家庭醫院的 NYU Langone Health 和用於慢性病管理的西奈山衛生系統。我們也在利用我們在這一領域的百思買能力取得進展。我們的 Geek Squad 團隊在第二季度成功完成了額外的健康培訓,並與 Geisinger Health 一起推出了新的 Geek Squad 試點服務。提醒一下,虛擬醫療的收入貢獻目前非常小,隨著醫療行業的投資回報期較長,需要時間才能增加。
We just published our 17th annual ESG report, which outlines how we are working across the company to make a positive impact on our planet, employees, customers and communities. We continue to focus on ESG initiatives that drive sustainable long-term value creation. Last year, we made significant progress toward our goals to reduce our carbon footprint, attain our 2025 hiring commitments and expand our Best Buy Teen Tech Center program. We recently hit a milestone with the Best Buy Foundation Teen Tech Centers when we opened one earlier this month in Gary, Indiana, marking our 50th Teen Tech Center. These centers provide teens from disinvested communities with guidance, training and tech access to help successfully prepare them for the future.
我們剛剛發布了第 17 份年度 ESG 報告,其中概述了我們如何在整個公司範圍內努力對我們的星球、員工、客戶和社區產生積極影響。我們繼續專注於推動可持續長期價值創造的 ESG 舉措。去年,我們在減少碳足跡、實現 2025 年招聘承諾和擴大百思買青少年技術中心計劃的目標方面取得了重大進展。本月早些時候,我們在印第安納州加里開設了一家百思買基金會青少年技術中心,這標誌著我們的第 50 家青少年技術中心在最近達到了一個里程碑。這些中心為來自缺乏投資社區的青少年提供指導、培訓和技術訪問,幫助他們成功地為未來做好準備。
In terms of the environment, we continue to drive forward the circular economy, a system in which nothing is wasted. Since 2009, we have reduced our carbon emissions 62% through investments in renewable energy and operational improvements. We are on track to reduce our carbon emissions 75% by 2030. And last year, we became a founding member of the Breakthroughs 2030 Retail Campaign, which aims to accelerate climate action within our industry.
在環境方面,我們繼續推動循環經濟,這是一個不浪費的系統。自 2009 年以來,我們通過投資可再生能源和運營改進將碳排放量減少了 62%。我們有望在 2030 年前將我們的碳排放量減少 75%。去年,我們成為了 Breakthroughs 2030 零售運動的創始成員,該運動旨在加速我們行業內的氣候行動。
We continue to operate the most comprehensive consumer electronics and appliances take-back program in the U.S., collecting more than 2.5 billion pounds since 2009. We also made significant progress toward our fiscal '25 hiring commitment to help ensure we build an inclusive, diverse and thriving workforce. In fiscal '22, we filled 37% of new salaried corporate positions with black, indigenous and people of color employees, ahead of our goal to fill 1 in 3 position. And we filled 26% of new salaried field positions with women employees, marking progress on our goal to fill 1 of 3 positions. We're proud that 60% of our most senior leaders, including our Board of Directors and Executive team, is made up of women and people of color. We encourage you to review our full ESG report available on our corporate website.
我們繼續在美國運營最全面的消費電子產品和電器回收計劃,自 2009 年以來收集了超過 25 億英鎊。我們還在實現 25 財年的招聘承諾方面取得了重大進展,以幫助確保我們建立一個包容、多樣化和蓬勃發展的勞動力。在 22 財年,我們用黑人、土著和有色人種員工填補了 37% 的新受薪公司職位,超過了我們填補三分之一職位的目標。我們用女性員工填補了 26% 的新受薪領域職位,這標誌著我們在填補 3 個職位中的 1 個職位的目標方面取得了進展。我們感到自豪的是,我們 60% 的最高級領導者,包括我們的董事會和執行團隊,都是由女性和有色人種組成的。我們鼓勵您查看我們公司網站上提供的完整 ESG 報告。
In summary, the first half of the year has been difficult from a sales perspective. And our employees have executed well in the evolving environment, in many cases, making hard decisions to run the business effectively and prioritize our customers.
綜上所述,從銷售的角度來看,上半年一直很艱難。我們的員工在不斷變化的環境中表現出色,在許多情況下,他們做出艱難的決定以有效地經營業務並優先考慮我們的客戶。
I just want to take a moment to address the fiscal '25 financial goals we introduced in March. We remain confident in the strategic premise covered in March. However, the current macro backdrop has changed in ways that we and many others were not expecting. As such, we are removing these targets. And we'll share more context on our midterm financial expectations once we begin to experience a more stable operating environment.
我只想花一點時間來解決我們在 3 月份推出的 25 財年財務目標。我們對 3 月份涵蓋的戰略前提仍然充滿信心。然而,當前的宏觀背景發生了我們和許多其他人沒有預料到的變化。因此,我們正在刪除這些目標。一旦我們開始體驗更穩定的運營環境,我們將分享更多關於中期財務預期的背景信息。
As I said at the beginning of my remarks, we are managing thoughtfully and carefully, while still investing in our future. This includes actively assessing further actions to evolve our operating model, manage profitability and iterate on our growth initiatives. We fundamentally believe that technology is more important than ever in our everyday lives. And as a result of the past few years, consumers have even more technology devices in their homes that will need to be updated, upgraded and supported over time. As our vendor partners continue to innovate and the world becomes increasingly more digital in all aspects, we will be there to uniquely help customers in our stores, online, virtually and directly in their homes.
正如我在發言開始時所說,我們在進行周到和謹慎的管理,同時仍在投資於我們的未來。這包括積極評估進一步的行動,以發展我們的運營模式、管理盈利能力和迭代我們的增長計劃。我們從根本上相信技術在我們的日常生活中比以往任何時候都更加重要。由於過去幾年,消費者家中有更多的技術設備需要隨著時間的推移進行更新、升級和支持。隨著我們的供應商合作夥伴不斷創新,世界在各個方面都變得越來越數字化,我們將在我們的商店、在線、虛擬和直接在家中為客戶提供獨特的幫助。
This company has navigated monumental change, riding incredible highs and managing difficult lows since our founding 56 years ago. As we have done throughout our history, we will use this moment to lead and double down on our purpose, making it clear that we continue to uniquely support customers in ways literally no one else can.
自 56 年前成立以來,這家公司經歷了巨大的變革,經歷了令人難以置信的高點並管理了艱難的低點。正如我們在整個歷史中所做的那樣,我們將利用這一刻來領導並加倍努力實現我們的目標,明確表示我們將繼續以其他人無法做到的方式為客戶提供獨特的支持。
Now I would like to turn the call over to Matt for additional details on our second quarter results and outlook for the remainder of the year.
現在,我想將電話轉給馬特,以獲取有關我們第二季度業績和今年剩餘時間展望的更多詳細信息。
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Good morning, everyone. Hopefully, you were able to view our press release this morning with our detailed financial results. I will walk through details on our Q2 results before providing insight into how we are thinking about the back half of the year.
大家,早安。希望您今天早上能夠查看我們的新聞稿以及我們詳細的財務業績。在深入了解我們對下半年的看法之前,我將詳細介紹我們的第二季度業績。
Enterprise revenue of $10.3 billion declined 12% on a comparable basis as we lapped very strong 20% comparable sales growth last year. Our non-GAAP operating income rate of 4.1% compared to 6.9% last year. As expected and similar to last quarter, our investment in Totaltech membership added approximately 100 basis points of operating income rate pressure this quarter compared to last year. Our non-GAAP SG&A expenses were $129 million lower than last year, but were 120 basis points unfavorable as a percentage of revenue. Compared to last year, our non-GAAP diluted earnings per share of $1.54 decreased $1.44 or 48%. A lower share count resulted in a $0.16 per share benefit on a year-over-year basis. However, it was offset by a higher non-GAAP tax rate.
103 億美元的企業收入在可比基礎上下降了 12%,因為我們去年實現了非常強勁的 20% 可比銷售額增長。我們的非美國通用會計準則營業利潤率為 4.1%,而去年為 6.9%。正如預期的那樣,與上一季度類似,我們對 Totaltech 會員的投資與去年相比,本季度的營業收入率壓力增加了約 100 個基點。我們的非 GAAP SG&A 費用比去年減少了 1.29 億美元,但佔收入的百分比下降了 120 個基點。與去年相比,我們的非公認會計原則攤薄後每股收益為 1.54 美元,下降了 1.44 美元或 48%。較低的股票數量導致每股收益同比增長 0.16 美元。然而,它被更高的非公認會計原則稅率所抵消。
In our Domestic segment, revenue decreased 13.1% to $9.6 billion, driven by a comparable sales decline of 12.7%. From a monthly phasing standpoint, fiscal June's comparable sales decline of 16% was the largest decline, whereas fiscal July was our best performing month during the quarter compared to both last year and to the pre-pandemic fiscal '20 comparable period. As Corie noted, from a category standpoint, the largest contributors to the comparable sales decline in the quarter were computing and home theater.
在我們的國內部門,由於可比銷售額下降 12.7%,收入下降 13.1% 至 96 億美元。從月度階段的角度來看,6 財年的可比銷售額下降 16% 是最大的降幅,而 7 財年是我們在本季度中表現最好的月份,與去年和大流行前的 20 財年可比期間相比。正如科里指出的那樣,從品類的角度來看,本季度可比銷售額下降的最大貢獻者是計算機和家庭影院。
In our International segment, revenue decreased 9.3% to $760 million. This decrease was driven by a comparable sales decline of 4.2% in Canada and the negative impact of 420 basis points from unfavorable foreign currency exchange rates. This marks the first quarter where Mexico was fully removed from the prior year comparison.
在我們的國際部門,收入下降 9.3% 至 7.6 億美元。這一下降是由於加拿大的可比銷售額下降了 4.2%,以及不利的外匯匯率下降了 420 個基點的負面影響。這標誌著墨西哥從上一年的比較中完全剔除的第一季度。
Turning now to gross profit. Our enterprise rate declined 160 basis points to 22.1%. The Domestic gross profit rate declined 170 basis points, which was primarily driven by the lower services margin rates, including pressure from Totaltech. In addition, lower product margin rates and the impact of higher supply chain costs also negatively impacted our rate during the quarter. These items were partially offset by higher profit-sharing revenue from the company's credit card arrangement.
現在轉向毛利潤。我們的企業利率下降 160 個基點至 22.1%。國內毛利率下降 170 個基點,這主要是由於服務利潤率下降,包括來自 Totaltech 的壓力。此外,較低的產品利潤率和較高的供應鏈成本的影響也對我們本季度的利潤率產生了負面影響。這些項目被公司信用卡安排帶來的更高利潤分成收入部分抵消。
As a reminder, the approximately 100 basis points of gross profit rate pressure from Totaltech primarily relates to the incremental customer benefits and the associated costs compared to our previous Totaltech support offer. Our product margin rates were lower than our expectations in Q2, driven by higher levels of promotionality. Generally, lower consumer demand has combined with the higher levels of inventory across the CE industry, which has resulted in more discounting across most of our categories. As Corie mentioned, overall, the level of promotionality has returned to pre-pandemic levels, which is slightly ahead of our expectations earlier in the year.
提醒一下,與我們之前的 Totaltech 支持服務相比,來自 Totaltech 的大約 100 個基點的毛利率壓力主要與增加的客戶利益和相關成本有關。由於更高水平的促銷活動,我們的產品利潤率低於我們在第二季度的預期。一般來說,較低的消費者需求與整個 CE 行業較高的庫存水平相結合,這導致我們大多數類別的折扣更多。正如科里所說,總體而言,促銷水平已恢復到大流行前的水平,略高於我們今年早些時候的預期。
Moving next to SG&A. As I mentioned earlier, our enterprise non-GAAP SG&A decreased $129 million, while increasing 120 basis points as a percentage of sales. Within the Domestic segment, the primary driver of the reduced SG&A was lower incentive compensation of approximately $135 million.
搬到SG&A旁邊。正如我之前提到的,我們的企業非 GAAP SG&A 減少了 1.29 億美元,同時增加了 120 個基點作為銷售額的百分比。在國內部門,SG&A 減少的主要驅動因素是激勵薪酬降低,約為 1.35 億美元。
Let me add some additional details on the incentive compensation expense, which year-to-date is approximately $265 million lower than last year through the second quarter. Based on our current outlook for this year, we are expecting to be below the required financial thresholds for short-term incentive performance metrics. This compares to last year when payouts were near the maximum levels. As a result, we anticipate additional incentive compensation favorability in the second half of the year. On a non-GAAP basis, our effective tax rate was 16.7% versus 8.4% last year. For the full year, we now expect our non-GAAP effective tax rate to be approximately 23% versus our previous guidance of approximately 24%.
讓我補充一些關於激勵補償費用的額外細節,截至第二季度,今年迄今比去年減少了約 2.65 億美元。根據我們對今年的當前展望,我們預計短期激勵績效指標將低於要求的財務門檻。相比之下,去年的支出接近最高水平。因此,我們預計下半年會有更多的激勵薪酬優惠。按非公認會計原則計算,我們的有效稅率為 16.7%,而去年為 8.4%。對於全年,我們現在預計我們的非公認會計原則有效稅率約為 23%,而我們之前的指導約為 24%。
Moving to the balance sheet. We ended the quarter with $840 million in cash. As Corie mentioned, at the end of Q2, our inventory balance was approximately 6% lower than last year's comparable period. And we continue to feel good about our overall inventory position as well as the health of our inventory. Year-to-date, we have returned a total of $862 million to shareholders through share repurchases of $465 million and dividends of $397 million. We paused share repurchases during the second quarter, spending only $10 million. Looking forward, we will continue to assess the appropriate timing for resuming share repurchases.
轉移到資產負債表。我們以 8.4 億美元的現金結束了本季度。正如科里所說,在第二季度末,我們的庫存餘額比去年同期低了約 6%。我們繼續對我們的整體庫存狀況以及庫存的健康狀況感到滿意。年初至今,我們通過 4.65 億美元的股票回購和 3.97 億美元的股息向股東返還了總計 8.62 億美元。我們在第二季度暫停了股票回購,只花費了 1000 萬美元。展望未來,我們將繼續評估恢復股票回購的適當時機。
We are committed to being a premium dividend payer. Based on our current planning assumptions for fiscal '23, our quarterly dividend of $0.88 per share will fall outside of our stated payout ratio target of 35% to 45% of our non-GAAP net income. We viewed this target as a long-term in nature and do not plan to reduce the dividend should it fall outside of the range in any one year.
我們致力於成為溢價股息支付者。根據我們目前對 23 財年的計劃假設,我們每股 0.88 美元的季度股息將超出我們規定的非 GAAP 淨收入的 35% 至 45% 的派息率目標。我們認為這個目標是一個長期的目標,如果它在任何一年超出該範圍,我們不打算減少股息。
From a capital expenditure standpoint, we now expect to spend approximately $1 billion during the year. This is slightly lower than our previous outlook of approximately $1.1 billion. However, it exceeds the level of investment we have been making over the past few years. The largest driver of the increased spend this year compared to prior trends is store-related investments. This includes both our 40 experiential store remodels, as Corie mentioned, as well as general improvements in a number of our other locations after delaying the work the past couple of years during the pandemic.
從資本支出的角度來看,我們現在預計今年將花費約 10 億美元。這略低於我們之前約 11 億美元的預期。然而,它超過了我們過去幾年的投資水平。與之前的趨勢相比,今年支出增加的最大驅動因素是與商店相關的投資。正如科里所說,這包括我們對 40 家體驗店的改造,以及在過去幾年在大流行期間推遲工作後對我們其他一些地點的總體改進。
Let me next share more color on our guidance for the full year, starting with our revenue assumptions. As I mentioned at the start of my comments, we are assuming comparable sales for the year to decline in the range of around 11%, which represents a comparable sales decline for the remainder of the year and is similar to what we just reported for Q2. In addition, this reflects an assumption that our revenue growth versus fiscal '20 will continue to slow and that revenue in the second half of the year will be very similar to comparable pre-pandemic fiscal '20 time period. This is due to a belief that the current macro environment trends could be even more challenging and have a larger impact for the remainder of the year.
接下來,讓我從我們的收入假設開始,分享我們對全年指導的更多色彩。正如我在評論開頭提到的那樣,我們假設今年的可比銷售額將下降 11% 左右,這代表今年剩餘時間的可比銷售額下降,與我們剛剛報告的第二季度相似.此外,這反映了一個假設,即我們的收入增長與 20 財年相比將繼續放緩,並且下半年的收入將與大流行前 20 財年的可比時期非常相似。這是因為人們相信當前的宏觀環境趨勢可能更具挑戰性,並對今年剩餘時間產生更大的影響。
This aligns with the trends we are seeing so far this quarter as August revenue declined approximately 10% versus last year. When comparing to fiscal '20, August revenue increased in the low single-digit range, which is a sequential decline from the second quarter trends. Our outlook for a non-GAAP operating income rate of approximately 4% for the year is anchored to our negative 11% comparable sales assumption. This represents a decrease of 200 basis points to last year, with roughly half of the decline from lower gross profit rate and half from higher SG&A rate.
這與我們本季度迄今為止看到的趨勢一致,因為 8 月份的收入與去年相比下降了約 10%。與 20 財年相比,8 月份的收入在低個位數範圍內增長,與第二季度的趨勢相比連續下降。我們對本年度非公認會計原則營業利潤率約為 4% 的展望基於我們負 11% 的可比銷售額假設。這比去年減少了 200 個基點,其中大約一半是由於毛利率下降,一半是由於 SG&A 率上升。
As you may recall, our original guidance entering the year included a non-GAAP operating income rate decline of approximately 60 basis points, which was expected to come almost entirely from the gross profit rate, with Totaltech being the primary driver. The pressure we are expecting from Totaltech continues to align with our original expectations, while the additional gross profit rate pressure in our revised outlook is largely due to higher promotional activity in the consumer electronics industry.
您可能還記得,我們進入今年的最初指導包括非公認會計準則營業收入率下降約 60 個基點,預計這幾乎完全來自毛利率,而 Totaltech 是主要驅動力。我們對 Totaltech 的預期壓力繼續與我們最初的預期一致,而我們修訂後的展望中額外的毛利率壓力主要是由於消費電子行業的促銷活動增加。
From an SG&A standpoint, we have continued to lower our forecasted SG&A spend as the year has progressed, but not at the same pace as our lowered sales expectations. As I shared earlier, our outlook for the year assumes incentive compensation to be significantly below prior year levels. Compared to last year in our original outlook, we are planning for lower store payroll expenses and other variable expenses. We've also reduced spend in discretionary areas by increasing the rigor around backfilling corporate roles, capital expenditures and travel. Partially offsetting these items are increased investments compared to last year in Best Buy Health, technology and our store remodel work.
從 SG&A 的角度來看,隨著時間的推移,我們繼續降低我們的預測 SG&A 支出,但與我們降低銷售預期的速度不同。正如我之前分享的那樣,我們對今年的展望假設激勵薪酬大大低於去年的水平。與我們最初展望的去年相比,我們計劃降低商店工資支出和其他可變支出。我們還通過增加公司角色、資本支出和差旅的嚴格性來減少可自由支配領域的支出。與去年相比,百思買健康、技術和我們的商店改造工作增加了投資,部分抵消了這些項目。
Next, let me spend a few moments on restructuring. In light of the ongoing changes in business trends, during Q2, we commenced an enterprise-wide restructuring initiative to better align our spending to critical strategies and operations as well as to optimize our cost structure. We incurred $34 million of such restructuring costs in the second quarter, primarily related to termination benefits. We currently expect to incur additional charges to the remainder of fiscal 2023 for this initiative. Consistent with prior practice, restructuring costs are excluded from our non-GAAP results.
接下來,讓我花點時間進行重組。鑑於業務趨勢的持續變化,在第二季度,我們開始了一項企業範圍的重組計劃,以更好地使我們的支出與關鍵戰略和運營保持一致,並優化我們的成本結構。我們在第二季度產生了 3400 萬美元的此類重組成本,主要與解僱福利有關。我們目前預計該計劃將在 2023 財年剩餘時間內產生額外費用。與先前的做法一致,重組成本不包括在我們的非公認會計原則結果中。
Lastly, let me share a couple of comments specific to the third quarter. We anticipate that our third quarter comparable sales declined slightly more than the negative 12% we reported for the second quarter. We anticipate the year-over-year decline in our non-GAAP operating income rate will be similar to or slightly higher than our second quarter results. This includes a little less gross profit rate pressure as we lap the last year's national rollout of Totaltech during the quarter. However, we expect a little more SG&A rate deleverage in Q3 from the larger sales decline.
最後,讓我分享一些針對第三季度的評論。我們預計我們第三季度的可比銷售額下降幅度略高於我們報告的第二季度的負 12%。我們預計我們的非公認會計原則營業收入率的同比下降將與我們的第二季度業績相似或略高。這包括毛利率壓力有所減少,因為我們在本季度完成了去年在全國推出的 Totaltech。然而,我們預計第三季度的 SG&A 利率會因銷售下滑幅度更大而去槓桿化。
I will now turn the call over to the operators for questions.
我現在將把電話轉給接線員提問。
Operator
Operator
(Operator Instructions) The first question comes from the line of Greg Melich from Evercore ISI.
(操作員說明)第一個問題來自 Evercore ISI 的 Greg Melich。
Gregory Scott Melich - Senior MD
Gregory Scott Melich - Senior MD
I'd love to finish where you -- or start where you finished, which was the third quarter guidance on margin decline and what it implies for the fourth quarter. I want to make sure that, that OI decline that would be in basis points versus the second quarter down to 60. And does that imply that in the fourth quarter, EBIT margin should only be down maybe 50 bps and would be well above 4% in the fourth quarter? And then I have a follow-up.
我很想在你完成的地方完成——或者從你完成的地方開始,這是第三季度關於利潤率下降的指導以及它對第四季度的含義。我想確保,與第二季度相比,OI 下降的基點將降至 60。這是否意味著在第四季度,息稅前利潤率應該只下降 50 個基點,並且遠高於 4%在第四季度?然後我有一個跟進。
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes. I think based on the implied comments for Q3, what we said is a similar OI rate decline as Q2, if not slightly higher, which is about 280 basis points on the math. It would imply that Q4 does improve from an EBIT rate perspective, the gross margin rate pressure in Q4 will abate a bit compared to the previous quarters as we've lapped the Totaltech. And we're beginning to lap some of the product margin rate pressures we experienced last year as promotionality started to return. But you're starting to see more SG&A to leverage in Q4 considering where sales are trending in comparison to the prior quarters.
是的。我認為根據第三季度的隱含評論,我們所說的是與第二季度類似的 OI 率下降,如果不是略高的話,在數學上約為 280 個基點。這意味著從息稅前利潤的角度來看,第四季度確實有所改善,與前幾個季度相比,第四季度的毛利率壓力將有所緩解,因為我們已經超越了 Totaltech。隨著促銷活動開始回歸,我們開始承受去年經歷的一些產品利潤率壓力。但考慮到與前幾個季度相比的銷售趨勢,您開始在第四季度看到更多的 SG&A 可以利用。
Gregory Scott Melich - Senior MD
Gregory Scott Melich - Senior MD
Got it. And my follow-up was more on the top line on the consumer. I think, Corie, you mentioned seeing some trade down in some categories. Could you talk about which categories you're not seeing it in and where there seems to be a good sell-through and whatever you can get?
知道了。我的後續行動更多地關註消費者。我想,Corie,你提到在某些類別中看到一些交易下降。您能否談談您沒有在哪些類別中看到它,哪些類別似乎有很好的銷售以及您能得到什麼?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes. I mean there's -- there are categories where the price points and decisions around the type of product matter. Large TVs is the example we use. There are other categories like let's take mobile phones where it's not as much a decision between trading up or trading down. You want a certain brand. You want a certain type of phone. And so -- or even some of what we're seeing in gaming, where as much of the kind of gaming hardware as we can get our hands on, the consumer is looking to purchase. So that's why it isn't perfectly even throughout the categories in our business, in particular, because sometimes, you're very brand-specific. And then sometimes, you're more brand-agnostic and you're just looking for the right experience.
是的。我的意思是——有些類別的價格點和圍繞產品類型的決定很重要。大電視就是我們使用的例子。還有其他類別,比如讓我們拿手機來說,在交易向上或向下交易之間並沒有那麼大的決定權。你想要一個特定的品牌。你想要某種類型的手機。所以——或者甚至是我們在遊戲中看到的一些東西,我們可以得到盡可能多的遊戲硬件,消費者正在尋求購買。所以這就是為什麼它在我們業務的所有類別中都不是完美的,特別是因為有時,你是非常特定於品牌的。然後有時,您會更加與品牌無關,而您只是在尋找正確的體驗。
Operator
Operator
We'll now take our next question from Simeon Gutman from Morgan Stanley.
我們現在將向摩根士丹利的西蒙·古特曼提出下一個問題。
Simeon Ari Gutman - Executive Director
Simeon Ari Gutman - Executive Director
I wanted to ask about just the high-level backdrop. Realized a year ago, things felt different in terms of sales and promotions. I wanted to ask you, Corie, is it getting easier to predict the business, is the visibility getting better? Meaning, are we bottoming in certain categories in terms of units? And then as you look around the corner to whether it's -- I don't know if it's promotions creating the deflation or it's consumers trading down. But do you see a flattening that the current environment we're in is starting to stabilize?
我只想問高層背景。一年前意識到,在銷售和促銷方面情況有所不同。我想問你,Corie,預測業務是否變得越來越容易,可見性是否越來越好?意思是,我們在單位方面是否在某些類別中觸底?然後,當您環顧四周時,我不知道是促銷造成了通貨緊縮還是消費者交易減少了。但是,您是否看到我們目前所處的環境開始趨於穩定?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
I wouldn't say it's become phenomenally easier to exactly see around the corner. Simeon, I give our teams a great deal of credit for working hard to catch trends quickly. I think what makes the current environment the most volatile that I've seen is the quantity of inventory at other retailers and the promotional activity correspondingly the markdowns with some of those heavier inventory levels. I think that's the part that right now makes the business a little more volatile. I think as some of those inventory levels normalize a little bit more, then I do think you're perhaps in a more normalized environment. And Matt even hit on it when he was talking about the Q4 EBIT rate. You start to lap some of those promos that we actually started to see in consumer electronics a more promotional environment in Q4 of last year.
我不會說準確地看到拐角處變得非常容易。 Simeon,我非常感謝我們的團隊努力快速捕捉趨勢。我認為使當前環境最不穩定的原因是其他零售商的庫存數量以及相應的促銷活動以及一些庫存水平較高的降價促銷活動。我認為這就是現在使業務更加不穩定的部分。我認為隨著其中一些庫存水平更加正常化,那麼我確實認為您可能處於更加正常化的環境中。馬特甚至在談到第四季度息稅前利潤時也提到了這一點。您開始了解我們實際上在去年第四季度開始在消費電子產品中看到的促銷環境中的一些促銷活動。
So I think as you work through the back half of this year, Simeon, my point of view is it starts to stabilize a little bit. But I hedge that just because there's so much inventory that's in the marketplace right now, A. And B, it is still a really volatile macro environment. And I think you've got a very uneven consumer who is making corresponding choices depending on how long inflation lasts, and like I said in my prepared remarks, especially in those core categories like food, rent, housing. So I'd love to say it's perfectly stabilizing, and we can predict it, but I still think you have a lot of factors at play that are influencing consumer behavior.
所以我認為當你在今年下半年工作時,Simeon,我的觀點是它開始有點穩定。但我對沖這一點只是因為現在市場上有這麼多庫存,A. 和 B,它仍然是一個非常不穩定的宏觀環境。而且我認為你有一個非常不平衡的消費者,他們根據通貨膨脹持續多長時間做出相應的選擇,就像我在準備好的評論中所說的那樣,特別是在食品、租金、住房等核心類別中。所以我想說它非常穩定,我們可以預測它,但我仍然認為你有很多因素在影響消費者的行為。
Simeon Ari Gutman - Executive Director
Simeon Ari Gutman - Executive Director
And maybe the follow-up, is the promotions creating year-over-year price deflation in the categories, or is it the lack of innovation where you're already starting at "year-over-year" deflationary price point and then promotions are compounding that? And I guess the promotionality is the piece that resolves it or is there innovation around the corner where you -- where the industry moves back to some type of inflation?
也許後續,是促銷在類別中造成同比價格通縮,或者是缺乏創新,你已經從“同比”通縮價格點開始,然後促銷是複合?而且我想促銷是解決它的部分,還是在您的拐角處有創新 - 行業回到某種類型的通貨膨脹?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
So 2 pieces. One, right now, I believe the impact is mainly promotionality, because you've had really a sustained period here of a couple of years where it was disproportionately low promotionality because there was such high demand and such low inventory levels. And so right now, it really is a function of those promotions coming back.
所以2塊。一,現在,我認為影響主要是促銷,因為你已經有幾年的持續時間,因為需求如此之高,庫存水平如此之低,促銷率非常低。所以現在,這真的是那些促銷活動回來的一個功能。
To your second point, this is a really important part of the thesis and what I think is important about Best Buy. Our vendors who are sure are going to continue to innovate, looking for that kind of next cool product, that will continue to drive demand. And so I think my hypothesis is, it's been a little harder to have all your innovation engines flexing here in the last 2 years when you're trying so hard to produce at the levels that we've needed. So every ounce of energy has kind of been focused on production. And I think that in the future here, as especially these inventory levels normalize, I think you've got a number of vendors who are really interested in.
對於您的第二點,這是論文中非常重要的部分,也是我認為對百思買很重要的部分。我們的供應商肯定會繼續創新,尋找下一個很酷的產品,這將繼續推動需求。所以我認為我的假設是,在過去 2 年裡,當你努力以我們需要的水平生產時,讓你所有的創新引擎在這裡發揮作用有點困難。所以每一盎司的能量都集中在生產上。而且我認為,在未來,尤其是這些庫存水平正常化,我認為您有許多真正感興趣的供應商。
Now that you have this much larger installed base of connected devices in people's homes, they're also going to be very interested in how do you upgrade those devices, how do you connect those devices, how do you help a customer live in their homes, which still increasingly people are spending more time in. So I think that's the next phase, Simeon, that I believe we'll see from here, which is more of that innovation engine. And it's always been true in CE. And the hardest part is I cannot always tell you exactly what the next innovation is going to be. But we definitely know that behind the scenes, you continue to see innovations in spaces like what you just talked about hearing, in spaces like computing, with hybrid work models clearly becoming the future and some of the replacement cycles there even speeding up a bit. So I think that will be the next level. But for right now, you're really just kind of course correcting for 2 years that were very, very low in terms of promotionality.
既然您已經在人們家中安裝了更多的連接設備,他們也會對如何升級這些設備、如何連接這些設備、如何幫助客戶住在他們家中非常感興趣,仍然越來越多的人花更多的時間在其中。所以我認為這是下一階段,西蒙,我相信我們將從這裡看到,這更多的是創新引擎。在 CE 中一直如此。最困難的部分是我不能總是準確地告訴你下一個創新會是什麼。但我們肯定知道,在幕後,你會繼續看到你剛才談到的聽覺領域的創新,在計算等領域,混合工作模式顯然會成為未來,而且那裡的一些更換週期甚至會加快一點。所以我認為這將是下一個層次。但是就目前而言,您實際上只是在糾正兩年的促銷活動非常非常低的情況。
Operator
Operator
The next question comes from Anthony Chukumba from Loop Capital Markets.
下一個問題來自 Loop Capital Markets 的 Anthony Chukumba。
Anthony Chinonye Chukumba - MD
Anthony Chinonye Chukumba - MD
I guess my question was on the back-to-school selling season. Now you talked about the fact that August was down. August comps were down about 10%. And I guess, what does that say about how back-to-school performed? And is there any read through for back-to-school for holiday? I know they're different. But I don't know if that gives you any indication or any thoughts about the upcoming holiday selling season.
我想我的問題是關於返校銷售季節。現在你談到了八月下降的事實。 8 月份的股價下跌了約 10%。我想,這說明返校表現如何?是否有任何關於假期返校的通讀?我知道他們是不同的。但我不知道這是否會給你任何暗示或任何關於即將到來的假日銷售季節的想法。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes. Thanks, Anthony. For us, the back-to-school sales are actually slightly ahead of our, what I'll call, kind of tempered expectations. And it's following a trend that was really more pertinent prior to the pandemic, which is people were shopping later and later. And not super surprising given that this is a very different school year than we've seen for the past 2 years. And you probably got parents and kids who are just kind of really trying to figure out, how do I gear up for a year that at least is starting out much more in person and especially at the collegiate level much more on-campus. So if anything, it's been a little bit better than we had thought and it's following that same trajectory.
是的。謝謝,安東尼。對我們來說,返校銷售實際上略高於我們的,我稱之為緩和的預期。而且它遵循的趨勢在大流行之前確實更加相關,即人們購物的時間越來越晚。這並不奇怪,因為這是一個與過去 2 年完全不同的學年。而且你可能有父母和孩子,他們只是真的想弄清楚,我如何為一年做好準備,至少要親自開始,尤其是在大學階段,更多的是在校園裡。因此,如果有的話,它比我們想像的要好一點,並且它遵循相同的軌跡。
In terms of implications for the holiday, I think it's less about what does back-to-school portend. I think it's more about kind of broadly what we're seeing. So we mentioned we're seeing a customer who's more value-oriented, who is definitely moving more towards some of those sale events. And so I think our hypothesis is you're going to see a holiday that starts to look a little bit more like what we saw pre-pandemic. Maybe comes a little bit later, it's probably promotional in our space. That's part of what is embedded in the guide that Matt talked about.
就假期的影響而言,我認為這與返校預示著什麼無關。我認為這更多的是關於我們所看到的。所以我們提到我們看到了一個更注重價值的客戶,他們肯定會更多地參與其中的一些銷售活動。所以我認為我們的假設是,你會看到一個開始看起來有點像我們在大流行前看到的假期。也許會晚一點,這可能是我們空間的促銷活動。這是馬特談到的指南中嵌入的內容的一部分。
And I think it's going to be, my personal point of view, a little harder to pull those sales into October when there's not -- remember, for 2 years, in October, we were yelling at the consumer, make sure that you get your inventory because there isn't enough. Obviously, the backdrop looks a little different there. And so I think you might have a consumer who's willing to wait, look for the deals and really look for those great values. And again, like I said, I'm not sure back-to-school is the indicator of that. I think that's just more broadly what we're seeing in the macro and in the consumer.
而且我認為,就我個人的觀點而言,將這些銷售拉到 10 月份會更困難一些——記住,兩年來,在 10 月份,我們一直在對消費者大喊大叫,確保你得到你的因為庫存不夠。顯然,那裡的背景看起來有點不同。所以我認為你可能有一個願意等待、尋找交易並真正尋找那些偉大價值的消費者。再說一次,就像我說的那樣,我不確定返校是否是這方面的指標。我認為這只是我們在宏觀和消費者中看到的更廣泛的情況。
Operator
Operator
Chris Horvers from JPMorgan.
摩根大通的克里斯·霍弗斯。
Christopher Michael Horvers - Senior Analyst
Christopher Michael Horvers - Senior Analyst
So I'll follow up on the prior question initially. So as you think about the minus 10% sales in August to date and a later arriving back to school, that would suggest you still have a few weeks ahead of you. But then the October's compare much harder. So are you basically taking the 3-year comp trend and degrading it into the rest of the quarter?
因此,我將首先跟進前面的問題。因此,當您考慮到 8 月份迄今為止的負 10% 銷售額以及稍後返校的情況時,這表明您還有幾週的時間。但隨後 10 月的比較要困難得多。那麼,您是否基本上採用了 3 年的競爭趨勢並將其降級到本季度的剩餘時間?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes. That's what the -- Chris, that's what the numbers would imply. I think 10% in August, if you think about the sequential stack of Q3 on a 3-year basis, with a comp that's slightly below a 12% that we saw in Q2, would imply that it's in the low single-digit area of comp performance for the entirety of the quarter. So yes, that's what assumes a sequential declining as the year progresses, and especially into Q3 and Q4.
是的。這就是——克里斯,這就是數字所暗示的。我認為 8 月份的 10%,如果你考慮 3 年的第三季度的連續堆棧,並且略低於我們在第二季度看到的 12%,這意味著它處於低個位數的區域整個季度的業績。所以是的,這就是假設隨著時間的推移連續下降的原因,尤其是在第三季度和第四季度。
Christopher Michael Horvers - Senior Analyst
Christopher Michael Horvers - Senior Analyst
Got it. And then have you -- I'm curious what -- how you're thinking about sort of unit pull forward versus dollar volume? Because obviously, to your point, Corie, dollar volumes are being exaggerated right now because of the level of inventory in the market. So how are you thinking about like the everlasting question of pull forward around the pandemic and share of wallet on the unit side within the computing and TV category?
知道了。然後你 - 我很好奇 - 你是如何考慮單位拉動與美元交易量的關係?因為顯然,就您的觀點而言,科里,由於市場庫存水平,美元交易量現在被誇大了。那麼,您如何考慮在計算和電視類別中圍繞大流行和單位方面的錢包份額這一永恆的問題?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Maybe I'll start and then Matt can add on. I think we are watching both sides of the equation carefully, both the kind of ASP side of things and also the unit side of things. Broadly, on the whole, we're seeing a stabilization of ASPs year-over-year. And so you can imply in that, obviously, you're seeing a bit of unit decline. And I think what's interesting right now is you've still got a consumer who is spending on the whole quite a bit. I think they're being choosier, and it's uneven as to where they're spending. And so I think it makes it a little hard to answer the question exactly how much is pulled forward because you're against a very different backdrop than you were even 6 months ago.
也許我會開始,然後馬特可以補充。我認為我們正在仔細觀察等式的兩面,既是 ASP 方面的事情,也是單位方面的事情。總的來說,我們看到 ASP 同比穩定。所以你可以暗示,很明顯,你看到了一些單位下降。而且我認為現在有趣的是你仍然有一個總體上花費相當多的消費者。我認為他們變得更加挑剔,而且他們在哪裡消費並不均衡。因此,我認為要準確回答這個問題有點困難,因為你所處的背景與 6 個月前完全不同。
I think what is -- again, and I'll go back to it, what for us is most compelling is that no matter what, you have a massively higher installed base that is in people's homes and people are spending more time in their homes than ever. And in a category like computing, we can already see that some of those upgrade cycles are happening a little bit faster than they were before. So that would imply, more than anything, it was more incremental purchases, and then you'll see that upgrade over time. And again, I mean, now it's been 2.5 years since some of the original computing devices were purchased at the very beginning of the pandemic. So you're going to have some compelling use case changes here over the next year or 2.
我認為什麼是 - 再次,我會回到它,對我們來說最引人注目的是,無論如何,您在人們的家中擁有大量更高的安裝基礎,人們在家中花費更多時間比以往任何時候。在計算等類別中,我們已經可以看到其中一些升級週期的發生速度比以前快了一點。所以這意味著,最重要的是,它是更多的增量購買,然後你會隨著時間的推移看到升級。再說一次,我的意思是,距離在大流行開始時購買一些原始計算設備已有 2.5 年了。因此,在接下來的一兩年內,您將在這裡進行一些引人注目的用例更改。
So it's a long way of saying, I think it's difficult against the current macro backdrop to make a precise indication of how many units were pulled forward and how much was incremental. I think instead, we remain focused on making sure we have the right inventory there for our customers and being ready as they're more ready to upgrade their devices.
因此,說來話長,我認為在當前的宏觀背景下,很難準確地表明有多少單位被拉動,多少是增量的。我認為相反,我們仍然專注於確保我們為客戶提供合適的庫存,並在他們更準備好升級他們的設備時做好準備。
Operator
Operator
The next question comes from Liz Suzuki from Bank of America.
下一個問題來自美國銀行的 Liz Suzuki。
Elizabeth Lane Suzuki - VP
Elizabeth Lane Suzuki - VP
So regarding the pulling of the fiscal '25 targets that were originally communicated in March, what do you think is the biggest change that's occurred in the last 5 to 6 months? And is it more of the top line growth expectations that have become less attainable or the longer-term margin target?
那麼關於取消最初在 3 月份傳達的 25 財年目標,您認為過去 5 到 6 個月發生的最大變化是什麼?是更難以實現的收入增長預期還是長期利潤率目標?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes, I'll start and Corie can jump in. Yes, I think if you look at where we planned the year to be, at the beginning of the year, we planned comps in the minus 1% to minus 4% range. And now what we're seeing is it's around a minus 11% comp for the year. It's a pretty significant sales decline, again, more around the macro environment worsening. We expected the year to come down from an industry perspective as we cycle some of the very large growth over the last couple of years. So that change of the macro and the consumer has really caused the sales to be much lower this year. So I would say that's probably the biggest impact as you think about our FY '25 targets going forward because some of the targets that also need scale to drive some of the benefits of the bottom line as well. So that's what we need time to assess.
是的,我會開始,Corie 可以加入。是的,我想如果你看看我們計劃今年的情況,在年初,我們計劃在負 1% 到負 4% 的範圍內進行補償。而現在我們看到的是,它今年的收入約為負 11%。這是一個相當顯著的銷售下降,再次,更多的是宏觀環境惡化。從行業的角度來看,我們預計這一年將會下降,因為我們在過去幾年中循環了一些非常大的增長。因此,宏觀和消費者的變化確實導致今年的銷售額低得多。所以我想說這可能是您考慮我們 25 財年目標的最大影響,因為一些目標也需要規模來推動一些底線的好處。所以這就是我們需要時間來評估的。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
The only thing I would add is that, and I said in the prepared remarks, but it bears repeating, strategically, what we laid out, we still have incredible confidence in. And that's why we want to make sure we're getting updates on some of those strategic investments that we're making. I think the baseline of where we're starting from, to Matt's point, is quite different than what we originally assumed.
我唯一要補充的是,我在準備好的評論中說過,但它需要從戰略上重複,我們仍然對我們制定的內容充滿信心。這就是為什麼我們要確保我們得到更新我們正在進行的一些戰略投資。我認為在馬特看來,我們從哪裡開始的基線與我們最初假設的完全不同。
Elizabeth Lane Suzuki - VP
Elizabeth Lane Suzuki - VP
Got it. Okay. So I mean, in theory, we could think about some of those targets as just being still achievable, but a little further down the line than what you originally thought given where the year is going to shake out.
知道了。好的。所以我的意思是,從理論上講,我們可以認為其中一些目標仍然可以實現,但比你最初想像的要遠一些,因為今年將在哪裡發生變化。
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
I think the premise of us continue to grow our business and drive more efficiency and profitability in the business over time is absolutely what we intend to do as we think about once the business stabilizes and operationally, the strategies are all very sound, and we're very pleased with how they're progressing. It's just that the backdrop as much than it was.
我認為我們的前提是繼續發展我們的業務並隨著時間的推移提高業務的效率和盈利能力,這絕對是我們打算做的事情,因為我們認為一旦業務穩定和運營,戰略都非常合理,而且我們對他們的進展感到非常滿意。只是背景比以前多。
Operator
Operator
Michael Lasser, UBS.
瑞銀的邁克爾·拉塞爾。
Michael Lasser - MD and Equity Research Analyst of Consumer Hardlines
Michael Lasser - MD and Equity Research Analyst of Consumer Hardlines
Putting aside the next quarter or 2, as you look towards next year, given some of the changes that you've made, like the restructuring, the rollout of the outlet locations and other streamlining, could your operating margin be flat to up on a flat to down sales number?
撇開下一季度或第二季度不談,展望明年,考慮到您所做的一些改變,如重組、門店位置的推出和其他精簡,您的營業利潤率是否會持平或上升銷量持平到下降?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes, maybe. I mean I think what we're trying to do is assess what this year looks like. We're trying to, as you can imagine, fortify our business a bit and understand how do we point resources and work towards the strategically relevant important things as we -- as well as the operations. And I think what we're trying to do is continue to assess the top line environment, the macro environment to understand where sales will go next year, all the while knowing that the sales growth, the CAGR leading up to the pandemic through FY '20, the last 3 years, was over 3%. So we believe the industry, we believe Best Buy will return to growth at some point as we navigate some of these choppier waters. At the same time, we're taking the right steps forward to optimize our business and set ourselves up structurally as we look forward into next year and the years after that and drive our strategy at the same time.
也許吧。我的意思是我認為我們正在嘗試做的是評估今年的情況。正如您可以想像的那樣,我們正在努力加強我們的業務,並了解我們如何將資源和工作用於與我們一樣具有戰略意義的重要事情 - 以及運營。我認為我們正在努力做的是繼續評估頂線環境,宏觀環境,以了解明年的銷售情況,同時知道銷售增長,導致整個財年大流行的複合年增長率20,過去 3 年,超過 3%。因此,我們相信這個行業,我們相信百思買將在某個時候恢復增長,因為我們在其中一些波濤洶湧的水域中航行。與此同時,我們正在採取正確的步驟來優化我們的業務並在結構上建立自己,因為我們展望明年和之後的幾年,同時推動我們的戰略。
Michael Lasser - MD and Equity Research Analyst of Consumer Hardlines
Michael Lasser - MD and Equity Research Analyst of Consumer Hardlines
My follow-up question is on Totaltech support. You now will be lapping the full rollout this quarter. Given some of the longer tenure of the original members, are you seeing the sales lift from those folks that would justify the return on investment? And would you expect that the behavior of those newer members will be different? And if not or if it is, would you think about potentially rolling back Totaltech support if it wasn't meeting your return hurdles?
我的後續問題是關於 Totaltech 支持的。您現在將在本季度全面推出。鑑於原始成員的任期較長,您是否看到那些可以證明投資回報合理的銷售增長?您是否期望這些新成員的行為會有所不同?如果不是或者如果是的話,如果 Totaltech 沒有滿足您的回報障礙,您是否會考慮可能回滾 Totaltech 支持?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
So we chatted a bit in the prepared remarks and said we still like what we were seeing in terms of -- for right now, and again, we haven't even lapped a year, in terms of the engagement and the spend of the existing cohort of Totaltech support members. We also said, just like you would with any membership program, we are going to keep looking at the benefits that are included, what customers value, what keeps customers sticky to Best Buy, and we will continue to iterate on the offer. So I don't think it's as simple as a light switch, like is it on or is it off? I think there's a lot about the offer and behaviors that we're seeing that is really compelling.
所以我們在準備好的評論中聊了一會兒,並說我們仍然喜歡我們所看到的——因為現在,再一次,我們甚至還沒有過去一年,就現有的參與度和支出而言Totaltech 支持成員的隊列。我們還說,就像您對任何會員計劃所做的那樣,我們將繼續關注其中包含的好處、客戶看重的東西、讓客戶堅持百思買的原因,我們將繼續迭代提供。所以我認為它不像電燈開關那麼簡單,比如它是打開還是關閉?我認為我們看到的報價和行為有很多令人信服的地方。
And at the same time, we want to make sure that the offer is used and is engaging for customers and is over time keeping them sticky to the brand. And we said it in the remarks, it is difficult because frequency is lower in our category, so it takes us more time, especially against the macro backdrop that has changed as dramatically as this one has. It's going to take us more time to assess. Over the long term, is this doing what we want it to do? And so for right now, we like what we're seeing in the cohort of customers. It's still early. It's against an uneven backdrop. And we're going to continue to iterate on the offer to make sure, at the end of the day, what's most important is that it keeps customers engaged with the brand.
同時,我們希望確保該優惠被使用並吸引客戶,並且隨著時間的推移使他們對品牌保持粘性。我們在評論中說過,這很困難,因為在我們的類別中頻率較低,因此需要更多時間,尤其是在宏觀背景發生瞭如此巨大變化的情況下。這將需要我們更多的時間來評估。從長遠來看,這是否在做我們希望它做的事情?所以現在,我們喜歡我們在客戶群中看到的東西。現在還早。這是在一個不均勻的背景下。我們將繼續迭代報價,以確保在一天結束時,最重要的是讓客戶與品牌保持互動。
Operator
Operator
Brian Nagel, Oppenheimer.
布賴恩·內格爾,奧本海默。
Brian William Nagel - MD & Senior Analyst
Brian William Nagel - MD & Senior Analyst
So I have 2 questions. Maybe I'll just merge them together. I mean, first off, with regard to sales, are you seeing any increased variability across geographically or otherwise that would maybe tie this more together with either inflationary pressures or some of the lasting effects of the pandemic?
所以我有2個問題。也許我會把它們合併在一起。我的意思是,首先,就銷售而言,您是否看到地理或其他方面的差異性增加,這可能會將其與通貨膨脹壓力或大流行的一些持久影響聯繫在一起?
And then my second question, I guess just stepping back, thinking about the different drivers of sales. From a manufacturing standpoint, your manufacturing partners, has there been a pullback on -- through the pandemic, through the supply chain constraint, it's pull back on sort of say, driving innovation that may be changing now as some of these [constraint keys] that could ultimately become a better sales driver?
然後我的第二個問題,我想只是退後一步,考慮不同的銷售驅動因素。從製造的角度來看,您的製造合作夥伴是否出現了回落——通過大流行,通過供應鏈限制,它在某種意義上說是回落了,推動創新現在可能正在改變,因為其中一些[限制鍵]這最終會成為更好的銷售驅動力嗎?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes, sure. I'll start and then Corie can add on. Brian, I think from a sales perspective, from a geography base, I think nothing we would necessarily call out. I would say though that in some of our test markets, we are seeing good results in terms of how we're looking at our store portfolio. And in fact so, we are seeing a bit of improvement on some of our experiential stores that we've rolled out. And we've rolled out 2, we're rolling out more, and we've seen a good lift in some of those locations. And so some of the tests are yielding some positive results from a store portfolio. But that wouldn't necessarily mean it's due to inflation being different across the country.
是的,當然。我會開始,然後 Corie 可以添加。布賴恩,我認為從銷售的角度來看,從地理基礎來看,我認為我們沒有必要大聲疾呼。我想說的是,儘管在我們的一些測試市場中,就我們如何看待我們的商店組合而言,我們看到了良好的結果。事實上,我們看到我們推出的一些體驗店有了一些改進。我們已經推出了 2 個,我們正在推出更多,我們已經在其中一些地方看到了良好的提升。因此,一些測試從商店組合中產生了一些積極的結果。但這並不一定意味著這是由於全國各地的通貨膨脹不同。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes. We hit on this a little bit earlier, Brian. But I do think our manufacturing partners have been doing everything they can to produce as much product as possible over the last 2 years. So kind of writ large, if you think about the industry broadly. And a hypothesis would be that does make it a little bit more difficult to innovate at the pace that you would like because you're just working so hard to produce what you need to for the demand that's in front of you.
是的。布賴恩,我們早點談到了這一點。但我確實認為我們的製造合作夥伴在過去 2 年中一直在竭盡全力生產盡可能多的產品。如果您從廣義上考慮這個行業,那麼就有點大了。一個假設是,這確實會使以您想要的速度進行創新變得更加困難,因為您只是在努力工作以生產您需要滿足您面前的需求的產品。
And so I think as hopefully, you start to see a more -- a little bit more normalized demand environment, that absolutely -- I can't imagine a world where the manufacturers that we work with aren't working morning, noon and night to try to think through how to innovate on the products that we have today to drive more of that replacement, more of that consumption going forward. And so I don't have an exact measurement to tell you how much are they innovating last year versus next year. But I absolutely fundamentally believe, you've got a manufacturer set that is looking to capitalize on an increasingly digital consumer who is more and more willing to use these products in their home.
所以我認為,希望你開始看到更多——更規範化的需求環境,這絕對是——我無法想像與我們合作的製造商早上、中午和晚上都沒有工作的世界嘗試思考如何對我們今天擁有的產品進行創新,以推動更多的替代品,更多的消費。所以我沒有準確的衡量標準來告訴你他們去年和明年的創新程度。但我絕對從根本上相信,你有一套製造商正在尋求利用日益數字化的消費者,他們越來越願意在家中使用這些產品。
Operator
Operator
Kate McShane from Goldman Sachs.
高盛的凱特麥克肖恩。
Katharine Amanda McShane - Equity Analyst
Katharine Amanda McShane - Equity Analyst
I just wondered if you could help us think through the Totaltech support, not to beat a dead horse with regards to Totaltech support. But just with regards to its impact to gross margins. I know you're lapping the launch. But is it a bigger headwind sequentially? Just thinking through that maybe more people are going to come through the store for back-to-school and holiday versus maybe the first half.
我只是想知道您是否可以幫助我們思考 Totaltech 支持,而不是在 Totaltech 支持方面打死馬。但就其對毛利率的影響而言。我知道你正在準備發射。但這是一個更大的逆風嗎?只是想一想,與上半年相比,可能會有更多的人通過商店來返校和度假。
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
No. I'll start and Corie can add if she like. Kate, it's not a -- it doesn't -- the pressure does not increase as we get into the back half of the year. In fact, it abates a bit as you get into Q3 as we lap the launch. And so even with the higher volumes expected coming through in Q3 or Q4 from a holiday perspective doesn't necessarily create more pressure effectively on a year-over-year basis. It mitigates as the quarters progress. At the beginning of the year, we talked about how the pressure this year was between 60 and 80 basis points, and that's about what we are seeing right now for the year. On a pre-pandemic basis, it would represent about 100 basis points of pressure from where we were before. But again, as we -- as we scale that offer and we sign up more people, the pressure subsides as you scale on those sales over time when you drive more incremental product sales.
不,我會開始,如果她願意,Corie 可以添加。凱特,這不是 - 它沒有 - 隨著我們進入下半年,壓力並沒有增加。事實上,當你進入第三季度時,它會有所減弱,因為我們會推出新產品。因此,即使從假期的角度來看,第三季度或第四季度的銷量預計會增加,但這並不一定會在同比基礎上有效地產生更大的壓力。它隨著季度的進展而減輕。今年年初,我們談到了今年的壓力在 60 到 80 個基點之間,這就是我們今年看到的情況。在大流行前的基礎上,這將代表我們之前的壓力大約 100 個基點。但同樣,隨著我們擴大服務規模並註冊更多人,隨著時間的推移,當您推動更多增量產品銷售時,隨著您擴大這些銷售額,壓力就會消退。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
I think the key here is that the goal of the program is ultimately to create an offer that has further reach and has a broad appeal. And that, over time, we drive frequency and greater share of wallet with our customers. Obviously, that's going to take time. And to Matt's point, it's not that it's any more impactful. Actually, as we start to get scale, it is helpful on the Total business because you are in theory growing that frequency and growing that share of wallet. It just takes us time to get there.
我認為這裡的關鍵是該計劃的目標最終是創建一個具有更廣泛影響力和廣泛吸引力的報價。而且,隨著時間的推移,我們會提高客戶錢包的頻率和更大的份額。顯然,這需要時間。在馬特看來,並不是說它更有影響力。實際上,隨著我們開始擴大規模,這對 Total 業務很有幫助,因為理論上你正在增加頻率並增加錢包份額。我們只是需要時間才能到達那裡。
Katharine Amanda McShane - Equity Analyst
Katharine Amanda McShane - Equity Analyst
Okay. And my follow-up question is, aside from some of the labor adjustment that you made, just where you're focused on reducing costs and better -- to better align costs with demand?
好的。我的後續問題是,除了您所做的一些勞動力調整之外,您還專注於降低成本和更好地 - 以更好地使成本與需求保持一致?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Sure. I think we have probably a whole lot more to say. As you can imagine, we're still working through those plans, and we would want to share internally as well before. I think the $34 million termination is basically termination benefits that we took in Q2. The 2 aspects of that are the voluntary early retirements and then the workforce optimization. Those are what we've done so far. We'll continue to evaluate other actions. But broadly speaking, we're looking to understand how our business has changed over the last number of years with a digital business that's now double what it used to be in a very different looking consumer to understand where do we need to point our resources and efforts strategically and operationally to make sure we're prepared for how our customers want to shop and providing the best experience for them. And so that will ultimately provide some -- also some efficiency opportunities as we look forward, but also just strategically position us better as we navigate through some of the difficult macro environments that we're seeing right now.
當然。我想我們可能還有很多話要說。您可以想像,我們仍在製定這些計劃,並且我們希望之前也能在內部分享。我認為 3400 萬美元的終止合同基本上是我們在第二季度獲得的終止福利。這兩個方面是自願提前退休,然後是勞動力優化。這些是我們迄今為止所做的。我們將繼續評估其他行動。但從廣義上講,我們希望了解我們的業務在過去幾年中發生了怎樣的變化,數字業務現在是過去在外觀截然不同的消費者中的兩倍,以了解我們需要將資源和在戰略和運營上努力確保我們為客戶的購物方式做好準備,並為他們提供最佳體驗。因此,這最終將提供一些 - 以及我們期待的一些效率機會,而且在我們通過我們現在看到的一些困難的宏觀環境時,也只是在戰略上更好地定位我們。
Operator
Operator
We'll now take our -- we have time for one last question today from Mike Baker from DA Davidson.
我們現在將接受我們的 - 今天我們有時間回答來自 DA Davidson 的 Mike Baker 的最後一個問題。
Michael Allen Baker - MD & Senior Research Analyst
Michael Allen Baker - MD & Senior Research Analyst
Okay. I wanted to ask about the promotions and inventories a little bit, just to follow up on that. What areas are you more or less promotional in? And it sounds like the issue to me -- it sounds like -- it looks like your inventory is pretty clean. It's down 6%, but competitors are still heavy. Do you expect that to be a situation to be rectified by the holidays?
好的。我想稍微詢問一下促銷和庫存,只是為了跟進。您或多或少在哪些領域進行宣傳?對我來說這聽起來像是問題 - 聽起來 - 看起來你的庫存很乾淨。它下降了 6%,但競爭對手仍然很重。你認為這種情況會在假期得到糾正嗎?
And then one last question, if I could squeeze it in. Any comments particularly on what you're seeing in terms of gaming trends within the entertainment category, which was down about 9%, a little bit better than the Total? How did gaming perform within that?
最後一個問題,如果我能擠進去的話。有什麼評論,特別是關於你在娛樂類別中看到的遊戲趨勢方面的評論,下降了大約 9%,比總體好一點?遊戲在其中表現如何?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Sure. Overall, as we said, promotionality is a bit higher than in Q2 than we expected, and we built those expectations into the remaining part of the year. What we're seeing is generally more -- most of our categories are returning to pre-pandemic levels. So there really isn't -- there's always a few areas that may not be quite back there yet. But generally, we're back to where our levels of promotionality were before the pandemic started. And that has more to do with the general amount of inventory in the channel right now that, as the consumer demand wanes and inventory increases, there's just generally the dynamic of having more promotionality. It's less around needing to mark down our inventory more because it's not in a healthy position. It is a very healthy position. It's simply just normalizing to where we were pre-pandemic. And so that marketplace competitive dynamic is what's driving a little bit of that promotionality. Again, maybe not as much as others because we started the year expecting promotionality return to pre-pandemic at some point. It's just happening a little bit faster.
當然。總體而言,正如我們所說,第二季度的促銷活動比我們預期的要高一些,我們將這些預期納入了今年剩餘的時間。我們所看到的通常更多——我們的大多數類別都恢復到大流行前的水平。所以真的沒有——總有一些領域可能還沒有完全回到那裡。但總的來說,我們回到了大流行開始之前的促銷水平。這與目前渠道中的一般庫存量有更多關係,隨著消費者需求的減弱和庫存的增加,通常會有更多促銷活動的動態。不需要更多地減少我們的庫存,因為它的位置不健康。這是一個非常健康的姿勢。這只是正常化到大流行前的狀態。因此,市場競爭動態是推動這種促銷活動的原因。同樣,可能沒有其他人那麼多,因為我們在今年開始時期望促銷活動在某個時候恢復到大流行前。它只是發生得更快一點。
In terms of gaming, it still continues to be an area where if we had more inventory, we would be able to sell it. The demand outpaces the supply as well. I think we're seeing actually some -- the gaming console side of the business is relatively flat to last year. We're seeing a little bit more pressure year-over-year from a software perspective and a peripheral perspective. But if you think about where gaming, if you took all of gaming, not just the console cycles, you took in PC gaming and you brought in VR and all the things related to a gaming area, it's actually up over 50% in Q2 versus the pre-pandemic level. So it's seeing a lot of growth over the last couple of years, although like most categories, Total is coming down a little bit on a year-over-year basis.
在遊戲方面,如果我們有更多庫存,它仍然是一個可以出售的領域。需求也超過了供應。我認為我們實際上看到了一些 - 業務的遊戲機方面與去年相比相對持平。從軟件角度和外圍角度來看,我們看到的壓力逐年增加。但是,如果您考慮遊戲領域,如果您參與了所有遊戲,而不僅僅是遊戲機週期,您參與了 PC 遊戲,並帶來了 VR 以及與遊戲領域相關的所有事物,那麼與第二季度相比,它實際上增長了 50% 以上大流行前的水平。因此,它在過去幾年中看到了很大的增長,儘管與大多數類別一樣,道達爾的同比下降了一點。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Mike, the last thing that I would add on the inventory question is it is a -- I'm very proud of the work that the teams have done. I'm proud to head into holiday in a good healthy inventory position. And we said it in the prepared remarks, that allows us a little bit more demand. So I think it is a really good situation to be in.
邁克,我要在庫存問題上添加的最後一件事是——我為團隊所做的工作感到非常自豪。我很自豪能夠以良好的健康庫存狀況進入假期。我們在準備好的評論中說,這讓我們有更多的需求。所以我認為這是一個非常好的情況。
And with that, I think yours was the last question. Thank you all so much for joining us today. And we look forward to updating you on our results and our progress during our next call in November.
有了這個,我認為你的問題是最後一個問題。非常感謝大家今天加入我們。我們期待在 11 月的下一次電話會議上向您介紹我們的結果和進展。
Operator
Operator
Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.
謝謝你。今天的電話會議到此結束。感謝您的參與,女士們,先生們。您現在可以斷開連接。