美國的零售巨頭相繼發佈最新一季的財務表現,其中 Walmart 營運表現強勁,但 Target(目標百貨)上週公布的獲利表現較去年同期衰退許多,拖累同業股票在同日一起下跌。因此,投資人關注本週 Best Buy 百思買的財報表現,同時希望檢視公司對於即將到來的購物旺季的預期與看法。
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
Hello, and welcome to the Best Buy Q3 Full Year 2023 Earnings Call. My name is Laura, and I will be your coordinator for today's event. Please note, this call is being recorded. (Operator Instructions)
大家好,歡迎來到百思買 2023 年第三季度財報電話會議。我叫勞拉,我將擔任今天活動的協調員。請注意,此通話正在錄音中。 (操作員說明)
I will now hand you over to your host, Mollie O'Brien, to begin today's conference. Thank you.
現在我將把你們交給你們的主持人 Mollie O'Brien,開始今天的會議。謝謝你。
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. 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.
謝謝大家,早上好。今天和我一起參加電話會議的有我們的首席執行官 Corie Barry 和我們的首席財務官 Matt Bilunas。在今天的電話會議中,我們將討論 GAAP 和非 GAAP 財務措施。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,可在今天上午的收益發布中找到,可在我們的網站 investors.bestbuy 上獲取.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.
根據 1995 年《私人證券訴訟改革法案》,我們今天將發表的一些聲明被認為是前瞻性的。這些聲明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存在重大差異的風險和不確定性。
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. I will now turn the call over to Corie.
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以及我們最近的 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日期後可能發生的事件或情況的義務。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 proud of our team's execution and their relentless focus on providing amazing service to our customers during what is clearly a challenged environment for our industry. Customers have high expectations regarding service, and we were pleased to see NPS improvements across many areas of our business as we continue to focus on creating differentiated experiences that customers will love into the future.
大家早上好,感謝您加入我們。我為我們團隊的執行力和他們在我們行業顯然充滿挑戰的環境中不懈地專注於為我們的客戶提供出色服務而感到自豪。客戶對服務抱有很高的期望,我們很高興看到 NPS 在我們業務的許多領域都有所改善,因為我們將繼續專注於創造客戶未來喜愛的差異化體驗。
Today, we are reporting Q3 financial results that are ahead of our expectations. Throughout the quarter, we were committed to balancing our near-term response to current conditions and managing well what is in our control while also advancing our strategic initiatives and investing in areas important for our long-term growth. Our comparable sales were down 10.4% on a year-over-year basis. This represents 8% revenue growth over the third quarter of pre-pandemic fiscal '20, which was consistent with the growth compared to fiscal '20 that we saw last quarter.
今天,我們報告的第三季度財務業績超出了我們的預期。在整個季度中,我們致力於平衡我們對當前狀況的近期反應和妥善管理我們控制的事物,同時推進我們的戰略計劃並投資於對我們的長期增長很重要的領域。我們的可比銷售額同比下降 10.4%。這比大流行前 20 財年第三季度的收入增長了 8%,這與我們上個季度看到的與 20 財年相比的增長一致。
As expected, our non-GAAP operating income rate declined compared to last year due to the increased promotional environment for consumer electronics, the investments in our growth initiatives and SG&A deleverage from the lower revenue. Our non-GAAP earnings per share was up 22% versus pre-pandemic fiscal '20. We continue to manage our inventory effectively. Our inventory at the end of Q3 was down almost 15% from the third quarter of last year. This is more than our Q3 sales decline and projected Q4 sales due to a few factors. First, from a timing perspective, some receipts came in a few days later than expected and arrived just after the quarter closed.
正如預期的那樣,我們的非 GAAP 營業收入率與去年相比有所下降,原因是消費電子產品的促銷環境有所增加、對我們的增長計劃進行投資以及 SG&A 因收入下降而去槓桿化。我們的非 GAAP 每股收益比大流行前的 20 財年增長了 22%。我們繼續有效地管理庫存。我們在第三季度末的庫存比去年第三季度下降了近 15%。由於一些因素,這超過了我們第三季度的銷售額下降和預計的第四季度銷售額。首先,從時間的角度來看,一些收據比預期晚了幾天,在季度結束後才收到。
Additionally, due to supply constraints last year, we focused on bringing inventory in earlier to secure it for holiday. So October of last year ended with an unusually high level of inventory. For additional context, this year's $600 million in receipts moved from October into the first 2 weeks of November. This shift equates to about 8% of our inventory.
此外,由於去年的供應限制,我們專注於提前引入庫存以確保假期。因此,去年 10 月以異常高的庫存水平結束。此外,今年 6 億美元的收入從 10 月轉移到 11 月的前兩週。這種轉變相當於我們庫存的 8% 左右。
The promotional environment continues to be considerably more intense than last year. Like Q2, the level of promotionality in Q3 was similar to pre-pandemic levels and in some areas was even more promotional as the industry works through excess inventory in the channel as well as response to softer customer demand.
促銷環境繼續比去年更加激烈。與第二季度一樣,第三季度的促銷水平與大流行前的水平相似,並且在某些地區甚至更具促銷性,因為該行業正在應對渠道中的過剩庫存以及對疲軟的客戶需求的反應。
From a merchandising perspective, we saw year-over-year sales declines across most product categories. Consistent with the first half of the year, the largest impact to our enterprise comparable sales came from computing and home theater. Compared to Q3 of fiscal '20, our computing revenue remains 23% higher and our appliances revenue remains 37% higher. Our blended average selling price, or ASP, in Q3 was down slightly on a year-over-year basis.
從銷售的角度來看,我們看到大多數產品類別的銷售額同比下降。與上半年一致,對我們企業可比銷售額的最大影響來自計算和家庭影院。與 20 財年第三季度相比,我們的計算收入仍然高出 23%,我們的家電收入仍然高出 37%。我們在第三季度的混合平均售價 (ASP) 同比略有下降。
ASPs will likely continue to be lower on a year-over-year basis as promotional activity that was largely absent during much of the pandemic has returned. Compared to fiscal '20 ASPs continue to be higher, and we believe they will likely remain higher going forward. This is due to 2 factors that have been driving ASPs higher for years and accelerated during the pandemic.
由於在大流行的大部分時間里基本上沒有的促銷活動又回來了,因此平均售價可能會繼續同比下降。與 20 財年的 ASP 相比,ASP 繼續走高,我們相信它們未來可能會繼續走高。這是由於兩個因素多年來一直在推動平均售價上漲,並在大流行期間加速上漲。
First, category mix. We have driven material growth and mixed more into products like large appliances and large TVs, which carry high ASPs. Second, within categories, customers have mixed into premium products at higher price points. I would like to pause here for a moment and talk about what we are seeing as it relates to consumer behavior.
第一,品類組合。我們推動了材料增長,並更多地混入了具有高平均售價的大型家電和大型電視等產品。其次,在類別中,客戶已經混入了價格更高的優質產品。我想在這裡暫停一下,談談我們所看到的與消費者行為相關的情況。
As I step back at the highest macro level across retail, each customer is making trade-offs, especially with the significant impact of inflation on the basics like food, fuel and lodging. This disproportionately impacts lower-income consumers as a much larger proportion of their spend is on those basics. Across consumers, we can also see that savings are being drawn down and credit usage is going up. And value clearly matters to everyone.
當我回到零售業的最高宏觀層面時,每個客戶都在做出權衡,尤其是在通貨膨脹對食品、燃料和住宿等基本要素產生重大影響的情況下。這對低收入消費者的影響尤為嚴重,因為他們的大部分支出都花在了這些基礎知識上。在消費者中,我們還可以看到儲蓄正在減少,信貸使用量正在上升。價值顯然對每個人都很重要。
During Q3, we continue to see more interest in sales events geared at exceptional value. As a result, there is no one way to describe all customers, and we have repeatedly referred to the impacts of the current macro environment on consumers as uneven and unsettled. As it relates to our results as a specialty CE retailer, we saw relatively consistent behavior from our purchasing customers in Q3.
在第三季度,我們繼續看到人們對以超值價格為目標的銷售活動越來越感興趣。因此,沒有一種方法可以描述所有客戶,我們多次提到當前宏觀環境對消費者的影響是不平衡和不穩定的。由於這與我們作為專業 CE 零售商的業績有關,我們在第三季度看到我們的採購客戶的行為相對一致。
Our demographic mix is basically steady versus last year and pre-pandemic. Our blended mix of premium product is higher, both units and dollars than last year and pre-pandemic. Within some specific categories, we can see some cohorts of customers trading down but it is not aggregating into an overall impact.
與去年和大流行前相比,我們的人口結構基本穩定。我們的優質產品混合組合,無論是單位還是美元,都高於去年和大流行前。在某些特定類別中,我們可以看到一些客戶群體的交易量下降,但並沒有匯總到整體影響中。
While sales are down in our signature categories as we lap the strong growth of the pandemic years, our initiative to expand our presence in adjacent categories is driving sales growth. While still small overall, we are driving sales growth in e-bikes and outdoor living categories as we expand to more stores in addition to our online assortment. Outdoor furniture, in particular, is demonstrating strong growth driven by new showrooms for our Yardbird assortment, including in our Best Buy stores and new stand-alone showrooms.
儘管隨著大流行年的強勁增長,我們的標誌性類別的銷售額有所下降,但我們擴大在相鄰類別中的影響力的舉措正在推動銷售額增長。儘管總體規模仍然很小,但隨著我們在在線商品之外擴展到更多商店,我們正在推動電動自行車和戶外生活類別的銷售增長。尤其是戶外家具,在我們的 Yardbird 系列新陳列室的推動下表現出強勁的增長,包括我們的百思買商店和新的獨立陳列室。
From health and wellness perspective, we launched over-the-counter hearing aids last month in almost 300 stores and online, including a new online hearing assessment tool. Volume is still relatively low, but the Q3 sales growth rate exceeded our expectations and demonstrates that customers see Best Buy as a relevant provider of these products.
從健康和保健的角度來看,我們上個月在近 300 家商店和網上推出了非處方助聽器,包括一個新的在線聽力評估工具。銷量仍然相對較低,但第三季度的銷售增長率超出了我們的預期,表明客戶將百思買視為這些產品的相關供應商。
As you have all likely noticed, the holiday shopping season has begun, and now more than ever, our customer are looking to bring joy back into their holiday celebration. Like we said in our last earnings call, we expect shopping patterns will look more similar to historical holiday periods than what we have seen in the last 2 years. Specifically, we expect there will be more customer shopping activity concentrated on Black Friday week, Cyber Monday, and the 2 weeks leading up to December 25.
正如你們都可能注意到的那樣,假日購物季已經開始,現在我們的客戶比以往任何時候都更希望將歡樂帶回他們的節日慶祝活動中。正如我們在上次財報電話會議上所說,我們預計購物模式將比我們在過去兩年中看到的更類似於歷史假期。具體來說,我們預計會有更多的顧客購物活動集中在黑色星期五、網絡星期一和 12 月 25 日之前的兩週。
Our results so far in October and the first 2 weeks of November have come in largely as expected and support this view thus far. From an inventory perspective, we have approached holiday strategically, placing bets in areas that require a longer lead time and taking a more flexible approach in other areas.
到目前為止,我們在 10 月和 11 月前兩週的結果基本符合預期,支持了這一觀點。從庫存的角度來看,我們已經戰略性地接近假期,在需要更長交貨時間的領域下注,並在其他領域採取更靈活的方法。
We believe this gives us more room to invest and partner with vendors so changes in demand provide additional sales opportunities. I would also stress that while November typically represents the largest influx of inventory in Q4, we will continue to receive inventory every week throughout the holiday season to replenish inventory levels. While aligning inventory levels with uncertain and evolving customer demand is always challenging, we are well positioned and feel confident we will be able to react quickly to changes we may see in customer demand.
我們相信這給了我們更多的空間來投資和與供應商合作,因此需求的變化提供了額外的銷售機會。我還要強調的是,雖然 11 月通常代表第四季度最大的庫存湧入,但我們將在整個假期期間每周繼續接收庫存以補充庫存水平。雖然使庫存水平與不確定和不斷變化的客戶需求保持一致總是具有挑戰性,但我們處於有利地位,並且有信心能夠對我們可能在客戶需求中看到的變化做出快速反應。
From a labor standpoint, we have seen a strong pool of applicants for seasonal associates to supplement our store team. This, combined with our investments in wages over the past few years and comparably low turnover that remains close to pre-pandemic levels, means we are ready to provide our customers the great service they expect to find in our stores.
從勞動力的角度來看,我們看到大量申請季節性員工來補充我們的商店團隊。這一點,再加上我們過去幾年在工資方面的投資,以及仍然接近大流行前水平的相對較低的營業額,意味著我們已準備好為客戶提供他們期望在我們商店中找到的優質服務。
We are excited about the promotions and deals we have planned for all our customers, including special promotions available to Totaltech and My Best Buy members. We have curated gift list with inspiration for all from family members to foodies and content creators to gamers. For [additives] of shopping and peace of mind, we have extended both our store hours and our product return policy for the holiday season.
我們對為所有客戶計劃的促銷和交易感到興奮,包括為 Totaltech 和 My Best Buy 會員提供的特別促銷。從家庭成員到美食家,從內容創作者到遊戲玩家,我們精心策劃了一份禮品清單,為所有人提供靈感。為了購物和安心的[添加劑],我們延長了我們的商店營業時間和假期的產品退貨政策。
We're also offering free next-day delivery on thousands of items in addition to our convenient store and curbside pickup options. We feel confident heading into what could be an uneven holiday season, and we have tailored our offerings to delight our customers whatever their budget.
除了我們的便利商店和路邊取貨選項外,我們還提供數千種商品的免費次日送達服務。我們有信心進入可能不平衡的假日季節,並且我們定制了我們的產品以滿足客戶的需求,無論他們的預算是多少。
Strategically, as we look ahead, we are positioning ourselves to lead the way in the future of retailing. This is a future where the customer is in control and expect seamless experiences across all touch points. It is becoming more evident every quarter that the pandemic-induced shopping behavior changes are sticky and that our digital penetration of domestic sales will likely remain above 30%.
在戰略上,展望未來,我們將自己定位為引領零售業的未來。這是一個由客戶掌控並期望跨所有接觸點的無縫體驗的未來。每個季度越來越明顯的是,大流行引起的購物行為變化具有粘性,我們在國內銷售中的數字化滲透率可能會保持在 30% 以上。
For the first 9 months of the year, our online sales as a percentage of domestic revenue were 31%, nearly twice as high as pre-pandemic. We expect that penetration rate to begin to increase again over time as it did pre-pandemic. Additionally, customer demand for other virtual interactions has remained elevated, and we have seen strong and sustained sales growth from out investments in chat, phone and video sales experiences this year.
今年前 9 個月,我們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。我們預計滲透率將隨著時間的推移再次開始增加,就像大流行前那樣。此外,客戶對其他虛擬交互的需求一直居高不下,今年我們在聊天、電話和視頻銷售體驗方面的投資帶來了強勁而持續的銷售增長。
Of course, that also means that almost 70% of customers are shopping in our stores and customers representing 42% of our online sales pick up their products at our stores. As such, it is imperative we continue to invest in our stores and elevate our unique experiences. One way we are doing that is with our 35,000 square foot experience store remodel. We remain excited about these as we continue to see positive results from our longer running Houston and Charlotte remodels, including stronger sales, increased customer penetration and higher Net Promoter Scores.
當然,這也意味著近 70% 的顧客在我們的商店購物,占我們在線銷售額的 42% 的顧客在我們的商店提貨。因此,我們必須繼續投資於我們的商店並提升我們獨特的體驗。我們這樣做的一種方式是對 35,000 平方英尺的體驗店進行改造。我們仍然對這些感到興奮,因為我們繼續看到我們長期運行的休斯頓和夏洛特改造的積極成果,包括更強勁的銷售、更高的客戶滲透率和更高的淨推薦值。
These stores highlight broader assortment, including the opportunity to showcase the new categories I referenced earlier and really bring them to life. The remodels also include premium home theater and premium appliances, more space for consultations and services and expanded fulfillment capabilities like larger warehouses, in-store and curbside pickup and 24/7 lockers.
這些商店突出了更廣泛的分類,包括展示我之前提到的新類別並真正使它們栩栩如生的機會。改造還包括高級家庭影院和高級電器、更多的諮詢和服務空間以及更大的倉庫、店內和路邊取貨以及 24/7 儲物櫃等擴展的履行能力。
Additionally, as you would expect, they all include the very best, most up-to-date vendor experiences, showcasing premium merchandising and specialized labor. While market conditions have created a tough environment for delivering remodels, our incredible and dedicated team was able to deliver 42 of them by Black Friday.
此外,正如您所期望的那樣,它們都包括最好、最新的供應商體驗,展示優質商品和專業勞動力。雖然市場條件為交付改造創造了艱難的環境,但我們令人難以置信的敬業團隊能夠在黑色星期五之前交付其中的 42 套。
We plan to provide a broader update on our store portfolio refresh strategy at year-end. We are also leveraging technology in our stores more than ever to continue to elevate our customer and employee experiences in more cost-effective ways. For example, we have introduced a new app for our associates called Solution Sidekick that provides a guided selling experience consistent across departments, channels and location.
我們計劃在年底對我們的商店組合更新策略進行更廣泛的更新。我們還比以往任何時候都更多地在我們的商店中利用技術,以更具成本效益的方式繼續提升我們的客戶和員工體驗。例如,我們為我們的員工推出了一款名為 Solution Sidekick 的新應用程序,它提供了跨部門、跨渠道和跨地點的一致銷售指導體驗。
With the app, associates interacting with the customer can see the customers' profile in the moment, including historical purchases and active memberships. As the associate starts an order with product recommendations, the app automatically calculates total tax savings for existing and prospective members and recommends additional product solution.
通過該應用程序,與客戶互動的員工可以即時查看客戶的個人資料,包括歷史購買記錄和活躍會員資格。當員工開始使用產品推薦下訂單時,該應用程序會自動計算現有和潛在會員的總節稅額,並推薦其他產品解決方案。
Importantly, if a customer isn't ready to buy in the moment, associates can send the product recommendations and a recap of the conversation to the customer via e-mail, text or QR code so they can purchase later at their convenience. It is early, but we are very encouraged by the ramping employee adoption of the app and the higher revenue per transaction we are seeing when associates leverage Solution Sidekick.
重要的是,如果客戶暫時還沒有準備好購買,員工可以通過電子郵件、短信或二維碼向客戶發送產品推薦和對話回顧,以便他們以後可以在方便時購買。現在還為時過早,但我們對應用程序的員工採用率上升以及員工利用 Solution Sidekick 時每筆交易的更高收入感到非常鼓舞。
We are also leveraging our investment in electronic sign labels to provide a better and more efficient experience for customers who want to buy a product that is locked up or not readily available on the shelf. We've added new functionality that allows a customer to scan the QR code with their phone's camera and push a button notifying they are ready to purchase. This sends the store associate an instant and prioritized notification to pick the product and have it ready at pickup.
我們還利用我們在電子標誌標籤方面的投資,為想要購買鎖定或貨架上不易買到的產品的客戶提供更好、更高效的體驗。我們添加了新功能,允許客戶使用手機攝像頭掃描二維碼並按下按鈕,通知他們已準備好購買。這會向店員發送即時且優先的通知,讓他們挑選產品並在取貨時做好準備。
We also took a much more digital approach when building out the experience for our 5,000 square foot store pilot we opened in Charlotte over this summer, highly leveraging these digital tools. Similar to the U.S., we are evolving our model in Canada as well and continue to see better-than-expected financial results there. We have been piloting initiatives there, including technology subscription, online marketplace, a market-focused test and small store formats.
在為我們今年夏天在夏洛特開設的 5,000 平方英尺的試點商店構建體驗時,我們還採用了更加數字化的方法,高度利用了這些數字化工具。與美國類似,我們也在加拿大改進我們的模式,並繼續看到那裡的財務業績好於預期。我們一直在那裡進行試點,包括技術訂閱、在線市場、以市場為中心的測試和小型商店模式。
This expands our testing and innovation capabilities and provides opportunities to learn from their experiences when they are able to iterate faster and are further along in their pilots. We are excited to be able to innovate and leverage learnings on both sides of the border.
這擴展了我們的測試和創新能力,並提供了從他們的經驗中學習的機會,因為他們能夠更快地迭代並在他們的試點中走得更遠。我們很高興能夠在邊界兩邊進行創新並利用所學知識。
Turning to membership, our Best Buy Totaltech offering is a very important initiative to drive deeper relationships with our customers. Last month, we passed the 1-year anniversary of our national launch, and we are pleased to report that Totaltech is driving the member behavior we envision. Members are engaging more frequently with us and shifting their share of wallet to Best Buy.
談到會員資格,我們的 Best Buy Totaltech 產品是一項非常重要的舉措,可以推動與客戶建立更深層次的關係。上個月,我們迎來了在全國推出 1 週年,我們很高興地報告 Totaltech 正在推動我們設想的會員行為。會員更頻繁地與我們互動,並將他們的錢包份額轉移到百思買。
Additionally, members continue to rate our experiences higher. Our Net Promoter Score from Totaltech members remain considerably higher than nonmembers. Nearly half of the new members joined in the program in the past year were either new or lapsed customers, reinforcing that the value of Totaltech resonates beyond our existing loyal customers. Very early retention data shows renewal rates running largely in line with our original expectations.
此外,會員繼續對我們的體驗給予更高的評價。我們來自 Totaltech 會員的淨推薦值仍然大大高於非會員。過去一年加入該計劃的新成員中有近一半是新客戶或已流失客戶,這進一步證明了 Totaltech 的價值在我們現有的忠實客戶之外引起了共鳴。非常早的保留數據顯示續訂率基本符合我們最初的預期。
Totaltech is a comprehensive membership with wide appeal across demographics. For example, younger generations and those with children utilize more of our newer warranty and member pricing benefits, and older generations utilize more of our enhanced services and support benefit. Our associates continue to love the program since it clearly provides value to every single customer and simplifies the sales interaction.
Totaltech 是一個全面的會員,對不同人群具有廣泛的吸引力。例如,年輕一代和有孩子的人更多地利用我們較新的保修和會員定價優惠,而老一輩則更多地利用我們增強的服務和支持優惠。我們的員工繼續喜歡該計劃,因為它顯然為每一位客戶提供了價值並簡化了銷售互動。
While we are encouraged by the results in the first full year, we will continue to iterate based on the macro environment and what is most relevant to our customers. As we said last quarter, we have been encouraged with the pace at which we have been acquiring new customers, considering the uniqueness of the offer, the macro environment and the decline in our product sales.
雖然我們對第一年的結果感到鼓舞,但我們將繼續根據宏觀環境和與客戶最相關的內容進行迭代。正如我們上個季度所說,考慮到產品的獨特性、宏觀環境和產品銷量的下降,我們對獲得新客戶的速度感到鼓舞。
Nevertheless, these factors have resulted in a lower member count than our original expectations. Last quarter, 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 the early results continue to be positive. We are also activating on ways to continue to improve acquisition through our digital channel.
然而,這些因素導致會員數量低於我們最初的預期。上個季度,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新成員展示 Totaltech 的價值。早期的結果仍然是積極的。我們還在積極尋找方法,繼續通過我們的數字渠道改善收購。
From an optimization perspective, we will evolve the program in ways that also reduce our cost to serve. We have now lapped the financial pressure from the initial investment impact and anticipate the program to have a neutral impact on Q4 from a year-over-year perspective. Over time, we expect the program to contribute to operating income rate expansion as the program continues to build and we iterate on the offering.
從優化的角度來看,我們將以降低服務成本的方式改進程序。我們現在已經解決了最初投資影響帶來的財務壓力,並預計該計劃將從同比角度來看對第四季度產生中性影響。隨著時間的推移,我們預計隨著該計劃的繼續建設和我們對產品的迭代,該計劃將有助於擴大營業收入率。
In the current economic environment, many consumers are facing increasing financial constraints. We believe we are well positioned to meet customers' needs in this environment. In addition to creating key promotional moments, offering competitive prices, repairing and supporting existing products and scaling our Best Buy outlets, we offer multiple financing options to improve affordability. These include our co-branded Citibank credit card, lease-to-own program, buy now pay later option and most recently, our exclusive Upgrade+ program for Apple MacBooks. Upgrade+ powered by Citizens Pay is a brand-new program that allows customers to acquire Mac laptops and related accessories for a low monthly fee.
在當前的經濟環境下,許多消費者面臨越來越多的財務限制。我們相信我們有能力在這種環境下滿足客戶的需求。除了創造關鍵促銷時刻、提供有競爭力的價格、維修和支持現有產品以及擴大我們的 Best Buy 網點外,我們還提供多種融資選擇以提高負擔能力。其中包括我們的聯名花旗銀行信用卡、先租后買計劃、先買後付選項,以及最近我們專為 Apple MacBook 推出的獨家 Upgrade+ 計劃。由 Citizens Pay 提供支持的 Upgrade+ 是一項全新的計劃,允許客戶以較低的月費購買 Mac 筆記本電腦和相關配件。
After 3 years, they can easily turn in their old laptop and upgrade to the latest tech while they continue paying a low monthly fee. We can then refurbish this old laptop and offer it to a new customer through our outlet stores or digital platforms. This partnership with Apple is a great example of how we work with our vendors in unique ways to commercialize and showcase their technology innovation while also offering unique value and confidence to our customers.
3 年後,他們可以輕鬆交回舊筆記本電腦併升級到最新技術,同時繼續支付低廉的月費。然後,我們可以翻新這台舊筆記本電腦,並通過我們的直銷店或數字平台將其提供給新客戶。與 Apple 的這種合作關係是一個很好的例子,說明我們如何以獨特的方式與我們的供應商合作,將他們的技術創新商業化和展示,同時為我們的客戶提供獨特的價值和信心。
In a different example of a unique vendor partnership, we have started a pilot in the homebuilder space through a collaboration with Whirlpool and one of the top homebuilders in the U.S. to provide and install everything from connected doorbells and thermostats to large appliances. Though early, we've delivered 5 of the roughly 45 markets for the homebuilder, which is giving us great insight for how we may be able to expand the pilot.
在獨特的供應商合作夥伴關係的另一個例子中,我們通過與 Whirlpool 和美國頂級住宅建築商之一的合作,開始在住宅建築商領域進行試點,以提供和安裝從連接的門鈴和恆溫器到大型電器的一切。雖然還早,但我們已經為住宅建築商提供了大約 45 個市場中的 5 個,這讓我們對如何擴大試點有了深刻的了解。
Based on what we've learned, we see this model as an opportunity to partner with numerous other homebuilders to provide them similar or expanded solutions based on our capability. Before closing and turning the call over to Matt, I would like to provide a few updates on our commitment to our employees and the communities we serve.
根據我們所了解的情況,我們將此模型視為與眾多其他住宅建築商合作的機會,以根據我們的能力為他們提供類似或擴展的解決方案。在結束電話並將電話轉給 Matt 之前,我想就我們對員工和我們所服務的社區的承諾提供一些最新信息。
The Best Buy Foundation's Teen Tech Centers are providing access, inspiration and opportunity for young people in the communities that need it most. We continue to expand the program with 52 Teen Tech Centers open across the country, including opening our ninth Teen Tech Center in the Twin Cities, our hometown.
百思買基金會的青少年技術中心正在為社區中最需要的年輕人提供訪問、靈感和機會。我們繼續擴大該計劃,在全國開設了 52 家青少年科技中心,包括在我們的家鄉雙子城開設了第九家青少年科技中心。
We also remain committed to creating an environment where all employees feel engaged and have access to specialized benefits and resources. We're proud to have women leaders at the highest levels of our company and believe it reflects our commitment to support our employees and their [loved ones]. This year, we are honored to rank #15 on Forbes 2022 list of the world's top female-friendly company, which recognizes companies that support women professionally and personally.
我們還致力於創造一個讓所有員工都感到投入並能夠獲得專門福利和資源的環境。我們為公司最高級別的女性領導者感到自豪,並相信這反映了我們支持員工及其 [親人] 的承諾。今年,我們很榮幸在福布斯 2022 年全球最佳女性友好公司榜單中排名第 15 位,該榜單表彰在專業和個人方面為女性提供支持的公司。
Similarly, we were honored to be named as 1 of Forbes 2022 America's Best Employers for veterans, our first time on that list. In summary, I am proud of our nimble execution this quarter and this year. Our teams have been navigating well through an incredibly dynamic environment, and I want to thank them for their ingenuity, drive and commitment to our customers.
同樣,我們很榮幸被福布斯評為 2022 年美國退伍軍人最佳雇主之一,這是我們第一次上榜。總之,我為我們本季度和今年的靈活執行感到自豪。我們的團隊一直在一個令人難以置信的動態環境中順利航行,我要感謝他們的聰明才智、幹勁和對客戶的承諾。
There is, of course, ongoing macro uncertainty. And as we head through the holiday and into next year, we believe it will continue to be an uneven backdrop. Indicators remain unusually varied. The job market remains strong, consumer spending continues, and inflation appears to be slowing a bit, but savings are starting to erode. Consumer confidence is low. The housing market is cooling and inflation remains a particular concern on the basics like food, fuel and lodging, all of which have a profound and sustained impact.
當然,存在持續的宏觀不確定性。當我們度過假期並進入明年時,我們相信這將繼續是一個不平衡的背景。指標仍然異常變化。就業市場依然強勁,消費者支出仍在繼續,通脹似乎有所放緩,但儲蓄開始減少。消費者信心低下。住房市場正在降溫,通貨膨脹仍然是食品、燃料和住宿等基礎設施的一個特別令人擔憂的問題,所有這些都會產生深遠而持久的影響。
As you would expect, we are planning for multiple scenarios given the very unsettled and uneven consumer response to these varied indicators. We are adjusting our cost structure as we respond to current and potential future conditions. We are also making strategic decisions and trade-offs to continue to advance our initiatives. We are doubling down on our ability to lead the future of omnichannel retail and capitalize on opportunities as the industry moves through this downturn and eventually returns to growth again.
如您所料,鑑於消費者對這些不同指標的反應非常不穩定和不均衡,我們正在計劃多種情況。我們正在調整我們的成本結構,以應對當前和潛在的未來狀況。我們也在做出戰略決策和權衡,以繼續推進我們的舉措。我們正在加倍努力引領全渠道零售業的未來,並在該行業度過這次低迷期並最終恢復增長時抓住機遇。
We are as confident and excited about our future as ever. Technology demand over the past few years has resulted in a larger install base, and customers will want and need to replace and upgrade their tech devices, particularly as we near the 3-year mark since the start of the pandemic. At the same time, our technology vendor partners will continue to innovate and drive excitement and demand. We are the leading technology solutions provider for the home, a home increasingly dependent on all this technology working together and evolving over time.
我們一如既往地對未來充滿信心和興奮。過去幾年的技術需求導致了更大的安裝基礎,客戶將希望並且需要更換和升級他們的技術設備,尤其是當我們接近大流行開始以來的 3 年大關時。與此同時,我們的技術供應商合作夥伴將繼續創新並推動興奮和需求。我們是領先的家庭技術解決方案提供商,家庭越來越依賴於所有這些技術的協同工作並隨著時間的推移而發展。
We are uniquely positioned to inspire and help customers with all aspects of their technology from deciding what to purchase, to installing it and getting the most out of it, all the way to helping when it's not working. We leverage our specialized Geek Squad agents, our expert sales associates and consultants, experienced merchants and sophisticated supply chain to deliver experiences no one else can in customers' homes, virtually, digitally and in our stores.
我們具有獨特的優勢,可以在技術的各個方面激發和幫助客戶,從決定購買什麼,到安裝它並充分利用它,一直到在它不工作時提供幫助。我們利用我們專業的 Geek Squad 代理、我們的專業銷售助理和顧問、經驗豐富的商家和成熟的供應鏈,在客戶家中以虛擬方式、數字方式和我們的商店提供其他人無法提供的體驗。
I will now turn the call over to Matt for more details on our third quarter financials and fourth quarter outlook.
我現在將電話轉給馬特,了解有關我們第三季度財務和第四季度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're able to view our press release this morning with our detailed financial results. Before I get into the details specific to our third quarter, I would like to step back and provide some context on how our financials have evolved since the start of the pandemic. As you are all aware, the past couple of years have come with varying levels of financial performance related to the pandemic impacts. There have been quarters where our stores were closed, when promotions were nearly nonexistent and quarters with higher and lower incentive compensation, just to name a few.
大家,早安。希望您能夠在今天早上查看我們的新聞稿以及我們詳細的財務結果。在詳細介紹我們第三季度的具體細節之前,我想退後一步,提供一些背景信息,說明自大流行開始以來我們的財務狀況是如何演變的。眾所周知,在過去的幾年裡,與大流行影響相關的財務業績水平各不相同。有幾個季度我們的商店關門了,促銷活動幾乎不存在,還有一些季度激勵薪酬越來越低,僅舉幾例。
We also saw record levels of demand as people were spending more time in their homes and receiving government stimulus benefits. And now we are living through the pressures as we lap those periods. However, what has remained consistent over the past few years is the increased penetration of digital sales, which, as Corie mentioned, has nearly doubled since the start of the pandemic. As a result, over the past couple of years, we have modified our store operating model, highlighted new store formats and rolled out a new membership offering.
我們還看到了創紀錄的需求水平,因為人們在家中度過的時間越來越多,並獲得了政府的刺激福利。現在,當我們度過那些時期時,我們正承受著壓力。然而,在過去幾年中始終如一的是數字銷售的滲透率不斷提高,正如科里所說,自大流行開始以來,數字銷售滲透率幾乎翻了一番。因此,在過去的幾年裡,我們修改了我們的商店運營模式,突出了新的商店模式並推出了新的會員服務。
To better understand the financial impacts of all this change, I want to briefly give context on the decline in this year's non-GAAP operating rate outlook compared to pre-pandemic fiscal '20 full year rate of 4.9% The First, our core domestic non-GAAP operating income rate has slightly improved as we have made structural changes in support of our increased digital sales mix, the reductions we have made in store payroll expenses largely offset increased parcel and inflationary supply chain costs as well as our increased technology investments that are designed to support a more digital shopping experience.
為了更好地理解所有這些變化的財務影響,我想簡要介紹一下與大流行前 20 財年全年 4.9% 的非美國通用會計準則開工率前景相比下降的背景。首先,我們的核心國內非-GAAP 營業收入率略有提高,因為我們進行了結構性調整以支持我們增加的數字銷售組合,我們在商店工資支出方面的減少在很大程度上抵消了包裹和通貨膨脹供應鏈成本的增加以及我們增加的技術投資旨在支持更加數字化的購物體驗。
Over the same time horizon, our core product margin rates have remained relatively unchanged. In addition, we have also improved the profitability of our International segment, which included the exit of our operations in Mexico. Second, the investments we've made in Totaltech, Best Buy Health and our retail store remodels represents approximately 130 basis points of non-GAAP operating income rate contraction.
在同一時期內,我們的核心產品利潤率保持相對不變。此外,我們還提高了國際部門的盈利能力,其中包括我們在墨西哥的業務退出。其次,我們在 Totaltech、Best Buy Health 和我們的零售店改造方面的投資代表了非 GAAP 營業收入率收縮約 130 個基點。
As we have shared in the past, these initiatives come with near-term pressure, but we expect they will improve our profitability in the future. Third, this year's financial performance has benefited from lower incentive compensation when compared to fiscal '20. As we reset performance targets at the start of next year, this is not a structural benefit. This highlights how we have been adjusting our cost structure to navigate the dramatic changes in our business while balancing the need to invest in our initiatives.
正如我們過去所分享的那樣,這些舉措帶來了短期壓力,但我們預計它們將在未來提高我們的盈利能力。第三,與 20 財年相比,今年的財務業績受益於較低的激勵薪酬。當我們在明年年初重新設定績效目標時,這不是結構性好處。這凸顯了我們如何調整成本結構以應對業務的巨大變化,同時平衡對我們計劃的投資需求。
Let me now transition to third quarter results. Enterprise revenue of $10.6 billion declined 10.4% on a comparable basis and our non-GAAP operating income rate of 3.9% compared to 5.8% last year. Our gross profit rate decline of approximately 150 basis points was the primary driver of the lower operating income rate. Our non-GAAP SG&A expenses were $188 million lower than last year, but were 40 basis points unfavorable as a percentage of revenue.
現在讓我過渡到第三季度的結果。企業收入 106 億美元,同比下降 10.4%,我們的非 GAAP 營業利潤率為 3.9%,而去年為 5.8%。我們的毛利率下降約 150 個基點是營業收入率下降的主要原因。我們的非 GAAP SG&A 費用比去年減少了 1.88 億美元,但佔收入的百分比降低了 40 個基點。
Compared to last year, our non-GAAP diluted earnings per share of $1.38 compared to $2.08 last year. A lower share count resulted in a $0.13 per share benefit on a year-over-year basis. While our results were down to last year, our performance was ahead of our expectations we shared in our last earnings call. From a profitability standpoint, better-than-expected results were largely driven by disciplined expense management that resulted in favorable SG&A expense, both from a dollar and rate perspective.
與去年相比,我們的非 GAAP 攤薄後每股收益為 1.38 美元,而去年為 2.08 美元。較低的股份數量導致每股收益為 0.13 美元,同比增長。雖然我們的業績低於去年,但我們的表現超出了我們在上次財報電話會議上分享的預期。從盈利能力的角度來看,好於預期的結果在很大程度上是由嚴格的費用管理推動的,這些費用管理導致了有利的 SG&A 費用,無論是從美元還是費率的角度來看。
The favorable SG&A was partially offset by slightly lower gross profit rate which was primarily the result of more promotional environment than we expected. Next, I will walk through the details of our third quarter results compared to last year before providing insights into how we are thinking about the fourth quarter. In our Domestic segment, revenue decreased 10.8% to $9.8 billion, driven by a comparable sales decline of 10.5%. From a monthly phasing standpoint, October's year-over-year comparable sales decline of 15% was the largest decline while September was our best-performing month. Conversely, when comparing to the pre-pandemic fiscal '20 comparable period, October had the most growth, while Holiday Shopping was more prevalent this October compared to pre-pandemic fiscal '20, it was lower than last year, when there was more of an urgency for consumers to get products early due to supply chain fears.
有利的 SG&A 部分被略低的毛利率所抵消,這主要是由於促銷環境比我們預期的要好。接下來,我將詳細介紹與去年相比的第三季度業績,然後再提供我們對第四季度的看法。在我們的國內業務部門,收入下降 10.8% 至 98 億美元,這是受可比銷售額下降 10.5% 的推動。從每月階段的角度來看,10 月份的可比銷售額同比下降 15%,降幅最大,而 9 月份是我們表現最好的月份。相反,與大流行前的 20 財年同期相比,10 月份增長最快,而今年 10 月的假日購物比大流行前的 20 財年更為普遍,但低於去年,當時有更多由於對供應鏈的擔憂,消費者急需儘早獲得產品。
In our International segment, revenue decreased 14.9% to $787 million. This decrease was driven by a comparable sales decline of 9.3% in Canada and a negative impact of 480 basis points from unfavorable foreign currency exchange rates. Turning now to gross profit. our enterprise rate declined 150 basis points to 22%. Our domestic gross profit rate also declined 150 basis points, with the primary drivers consistent with expectations as well as the past 2 quarters.
在我們的國際部門,收入下降 14.9% 至 7.87 億美元。這一下降是由於加拿大可比銷售額下降 9.3% 以及不利的外幣匯率造成 480 個基點的負面影響。現在轉向毛利。我們的企業利率下降 150 個基點至 22%。我們的國內毛利率也下降了 150 個基點,主要驅動因素與預期以及過去兩個季度一致。
These drivers include: one, lower product margins, which were primarily due to increased promotions; two, lower services margins rates, including pressure from Totaltech; and three, the impact of higher supply chain costs. These items were partially offset by higher profit sharing revenue from the company's credit card arrangement. As a reminder, the gross profit rate pressure from Totaltech primarily relates to the incremental customer benefits and the associated costs compared to our previous Totaltech support offer. As Corie shared, we fully lapped last year's national rollout in October. As a result, the approximately 60 basis points headwind to last year from lower services margin rates was a sequential improvement from the past 2 quarters.
這些驅動因素包括:一是產品利潤率下降,這主要是由於促銷活動增加;二、較低的服務利潤率,包括來自 Totaltech 的壓力;三是供應鏈成本上升的影響。這些項目部分被公司信用卡安排帶來的更高的利潤分享收入所抵消。提醒一下,與我們之前的 Totaltech 支持服務相比,Totaltech 的毛利率壓力主要與增加的客戶利益和相關成本有關。正如 Corie 分享的那樣,我們完全完成了去年 10 月份在全國推出的活動。因此,與去年相比,較低的服務利潤率帶來的約 60 個基點逆風是過去兩個季度的連續改善。
Moving next to SG&A. As I stated earlier, our enterprise non-GAAP SG&A decreased $188 million while increasing 40 basis points as a percentage of sales. Within the Domestic segment, the primary drivers were lower incentive compensation and reduced store payroll costs. Incentive compensation was favorable to last year by approximately $100 million this quarter and $365 million year-to-date. Our store payroll expense, which excludes the impact from incentive compensation, was favorable to last year, both in dollars and as a percentage of sales.
搬到 SG&A 旁邊。正如我之前所說,我們的企業非 GAAP SG&A 減少了 1.88 億美元,同時增加了 40 個基點作為銷售額的百分比。在國內細分市場中,主要驅動因素是較低的激勵薪酬和降低的商店工資成本。本季度的激勵薪酬比去年高出約 1 億美元,今年迄今為 3.65 億美元。我們的商店工資支出(不包括激勵補償的影響)在美元和占銷售額的百分比方面都比去年有利。
International SG&A was $150 million, decreased $21 million while increasing 60 basis points as a percentage of sales. The decrease was primarily driven by lower incentive compensation expense and the favorable impact of foreign exchange rates. On a non-GAAP basis, our effective tax rate was 23.8% versus 25% last year. For the full year, we now expect our non-GAAP effective tax rate to be approximately 21% versus our previous guidance of approximately 23%.
國際 SG&A 為 1.5 億美元,減少了 2100 萬美元,但佔銷售額的百分比增加了 60 個基點。減少的主要原因是較低的激勵補償費用和匯率的有利影響。在非 GAAP 基礎上,我們的有效稅率為 23.8%,而去年為 25%。對於全年,我們現在預計我們的非 GAAP 有效稅率約為 21%,而我們之前的指導約為 23%。
The lower outlook for the full year is primarily due to discrete tax matters in the fourth quarter. Year-to-date, we have returned over $1 billion to shareholders through dividends of $595 million and share repurchases of $465 million. We paused share repurchases during the second quarter and recently resumed repurchasing shares in early November.
全年前景較低主要是由於第四季度的離散稅務問題。年初至今,我們已通過 5.95 億美元的股息和 4.65 億美元的股票回購向股東返還超過 10 億美元。我們在第二季度暫停了股票回購,最近在 11 月初恢復了股票回購。
We now expect to spend a total of approximately $1 billion in share repurchases this fiscal year. 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 non-GAAP net income.
我們現在預計本財年將花費總計約 10 億美元用於股票回購。根據我們目前對 23 財年的規劃假設,我們致力於成為優質股息支付者,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。
We view the target as a long term in nature and do not plan to reduce the dividend should it fall outside the range in any 1 year. From a capital expenditure standpoint, we still expect to spend approximately $1 billion during the year. As we shared last quarter, the makeup of our capital expenditures looks a little different than last year with store-related investments representing a larger portion of our overall spending. Technology and digital capital are planned similar in terms of dollars versus last year, but its mix of overall capital spending is closer to 55% versus 75% last year.
我們將目標視為長期目標,如果任何 1 年超出該範圍,我們不打算減少股息。從資本支出的角度來看,我們仍預計年內支出約 10 億美元。正如我們上個季度分享的那樣,我們的資本支出構成與去年略有不同,與商店相關的投資占我們總支出的較大部分。技術和數字資本在美元方面的計劃與去年相似,但其總資本支出的組合接近 55%,而去年為 75%。
Next, let me spend a few moments on restructuring. In light of the ongoing changes in our business, during Q2, we commenced an enterprise-wide restructuring initiative to better align our spending with critical strategies and operations as well as to optimize our cost structure. We incurred $26 million of such restructuring costs in the third quarter and $61 million year-to-date, which primarily related to employee termination benefits.
接下來,讓我花點時間談談重組。鑑於我們業務的持續變化,在第二季度,我們啟動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。我們在第三季度產生了 2600 萬美元的此類重組成本,年初至今產生了 6100 萬美元,主要與員工解僱福利有關。
We currently expect to incur additional charges to the fourth quarter for this initiative. Consistent with prior practice, restructuring costs are excluded from our non-GAAP results. Let me next share more color on our outlook for the full year and the fourth quarter, starting with our topline expectations.
我們目前預計第四季度將為此計劃產生額外費用。與以往的做法一致,重組成本不包括在我們的非 GAAP 業績中。接下來讓我分享更多關於我們全年和第四季度前景的顏色,從我們的收入預期開始。
We are planning for comparable sales to decline approximately 10% for both the full year and the fourth quarter. The improved outlook for the full year is entirely driven by our third quarter results as our expectations remain unchanged for the fourth quarter. We continue to believe that the current macro environment trends will remain challenging for the remainder of the year. Although the year-over-year sales decline in Q4 is expected to be similar to sales decline we just reported for Q3. Our outlook implies a larger deceleration versus the pre-pandemic fiscal '20.
我們計劃全年和第四季度的可比銷售額下降約 10%。全年前景的改善完全是由我們第三季度的業績推動的,因為我們對第四季度的預期保持不變。我們仍然相信,當前的宏觀環境趨勢在今年餘下時間仍將充滿挑戰。儘管第四季度的同比銷售額下降預計與我們剛剛報告的第三季度的銷售額下降相似。我們的前景意味著與大流行前的 20 財年相比會有更大的減速。
As expected, the year-over-year sales decline for the first 3 weeks of November is similar to the decline we saw in October. Moving next to profitability. We expect our full year non-GAAP operating income rate to be slightly higher than our previous guidance of approximately 4%. Similar to our topline expectations, this improvement is driven by our third quarter performance.
正如預期的那樣,11 月前 3 週的同比銷售額下降與我們在 10 月看到的下降相似。接下來是盈利能力。我們預計我們的全年非 GAAP 營業收入率將略高於我們之前約 4% 的指導。與我們的收入預期類似,這一改善是由我們第三季度的業績推動的。
Relative to our previous expectations, we now expect SG&A to be a little more favorable, whereas we are factoring in a little more gross profit rate pressure due to increased promotional activity. For the fourth quarter specifically, but we still expect a majority of the year-over-year operating income rate decline to be driven by lower gross profit rate. There is less pressure than prior quarters as we lap Totaltech and some of the supply chain inflationary impacts.
相對於我們之前的預期,我們現在預計 SG&A 會更有利一些,而由於促銷活動的增加,我們正在考慮更多的毛利率壓力。具體到第四季度,但我們仍然預計營業收入同比下降的主要原因是毛利率下降。由於我們超越了 Totaltech 和一些供應鏈通脹影響,壓力比前幾個季度要小。
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) We'll now take our first question from Zack Fadem at Wells Fargo.
(操作員說明)我們現在將接受 Wells Fargo 的 Zack Fadem 的第一個問題。
Richard Samuel Reid - Associate Equity Analyst
Richard Samuel Reid - Associate Equity Analyst
This is Sam Reid pitching in for Zack here. You guys gave a lot of good color around the Q4 outlook. But I guess I wanted to just unpack things a bit more there because Q3 really did come in nicely, ahead of plan, yet you're keeping things through the balance of the year unchanged. Could you just give us a bit more detail there around your thinking? And can we interpret some of this as conservatism on your part? Or is there a possibility that there might be some differences in sequencing around holiday sales this year versus last year that might be driving your decision to kind of Q4 unchanged?
我是 Sam Reid 在這里為 Zack 做準備。你們對第四季度的前景給出了很多很好的色彩。但我想我只是想在那裡多拆開一些東西,因為第三季度確實比計劃提前了,但你在今年餘下的時間裡保持不變。您能否就您的想法向我們提供更多細節?我們可以將其中的一些解釋為您的保守主義嗎?或者是否有可能今年與去年的假期銷售順序存在一些差異,這可能會促使您決定保持第 4 季度不變?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Sure. I'll start here. This is Matt. I think when you look at the Q4, similar to the whole year, it's been a bit difficult to properly reflect forecast in this environment. I think we're trying to plan appropriately with everything that we see. Q4 comp sales are expected to decline about 10%. This is a deceleration from FY '20 growth perspective as you think about the quarters as they progress this year.
當然。我將從這裡開始。這是馬特。我認為當你看第四季度時,與全年類似,在這種環境下正確反映預測有點困難。我認為我們正在嘗試對我們所看到的一切進行適當的計劃。預計第四季度的銷售額將下降約 10%。從 20 財年增長的角度來看,這是一個減速,因為您考慮了今年這些季度的進展。
The holiday, we do expect to look a little different than last year. So probably more around the sales events, so less early shopping as we saw last year, but a more early shopping than we saw in fiscal '20. So from what we can see as we exited Q3 with October sales down around 15%. We're seeing November's sales start around that same amount. So we're at this point in line with our expectations. Holiday is obviously quite different than it has been over the prior quarters. So I think we're appropriately planned for where we see the consumer in front of us.
這個假期,我們確實希望看起來與去年略有不同。所以可能更多的是圍繞銷售活動,所以不像我們去年看到的那樣提早購物,但比我們在 20 財年看到的提早購物更多。因此,從我們退出第三季度時可以看到的情況來看,10 月份的銷售額下降了 15% 左右。我們看到 11 月的銷售額大約是這個數量。所以我們在這一點上符合我們的預期。假期顯然與前幾個季度大不相同。因此,我認為我們已針對擺在我們面前的消費者進行了適當的計劃。
Operator
Operator
We'll now take our next question from Peter Keith at Piper Sandler.
我們現在將接受來自 Piper Sandler 的 Peter Keith 的下一個問題。
Peter Jacob Keith - MD & Senior Research Analyst
Peter Jacob Keith - MD & Senior Research Analyst
Nice results. Just sticking on the Q4 theme, we know the macro stuff, but let's just talk about products. What are some of the product categories looking at this holiday season, you guys are most excited about and putting in front of your customers?
不錯的結果。堅持第四季度的主題,我們知道宏觀的東西,但我們只談談產品。在這個假期裡,有哪些產品類別是你們最感興趣並展示在客戶面前的?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes, I think I'd start with a holiday where -- and I said it in the script that I mean it. I think people are really just looking for some joy in their holiday and what feels like a little bit more normal, I'd say that in air quotes, holiday versus the last couple of years, Peter. So I think what we see as exciting are those things families can do together. So things like televisions. And that's, again, not just the TV that's about streaming so much more content than people were before.
是的,我想我會從一個假期開始——我在劇本中說的是我的意思。我認為人們真的只是在他們的假期中尋找一些快樂,感覺更正常一點,我會說在航空報價中,假期與過去幾年相比,彼得。所以我認為我們認為令人興奮的是家庭可以一起做的事情。所以電視之類的東西。再一次,這不僅僅是關於流式傳輸比人們以前更多的內容的電視。
Things like VR that take you to new places and allow you new experiences and are increasingly having more and more content availability, gaming continues to be exciting for people. And that is a place where we're getting as much as we humanly can, but there still is some constraint, and we all know that drives a little bit of excitement.
像 VR 這樣的東西可以帶你去新的地方,讓你有新的體驗,而且越來越多的內容可用,遊戲繼續讓人們興奮。這是我們盡可能多地獲得人類所能獲得的地方,但仍然存在一些限制,我們都知道這會帶來一點興奮。
Health and wearables, people really taking charge of their own health. We continue to see people very interested in taking control of health and fitness and their own abilities there. And then still computing and tablets and this kind of productivity question. I mentioned it in the script. This is after almost 3 years now at the pandemic. You've got a cohort of people now who are looking for that latest and greatest in that ability to upgrade, stay on the go, keep their life in the kind of hybrid way that everyone is living.
健康和可穿戴設備,人們真正為自己的健康負責。我們繼續看到人們對控制那裡的健康和健身以及他們自己的能力非常感興趣。然後還有計算和平板電腦以及這種生產力問題。我在劇本中提到了它。這是在大流行將近 3 年之後。你現在有一群人正在尋找最新和最強大的升級能力,繼續前進,讓他們的生活保持在每個人都在生活的那種混合方式中。
So the cool part -- an then there's all the like fun little stuff that we sell that I think people forget, the great gifts that are in things like small appliances and indoor garden, a connected coffee cup that keeps your coffee warm. There's just this incredible array of really interesting products that technology continues to push the envelope on and evolve. And I think what we love most is these are gifts that change every single year. So for the great gift giver, I think we have a lot to offer.
所以很酷的部分 - 然後是我們出售的所有有趣的小東西,我認為人們忘記了,小家電和室內花園等東西中的很棒的禮物,一個連接的咖啡杯可以讓你的咖啡保持溫暖。正是這些令人難以置信的真正有趣的產品系列,技術不斷推動和發展。我認為我們最喜歡的是這些禮物每年都在變化。因此,對於偉大的送禮者,我認為我們可以提供很多。
Peter Jacob Keith - MD & Senior Research Analyst
Peter Jacob Keith - MD & Senior Research Analyst
Okay. That's very helpful. And then just taking a little bit of a longer-term question around Totaltech. So you gave a lot of good information now that you've anniversaried the rollout. When we just think about that EBIT margin accretion, is that something that we should now start to see going forward in the next 12 months? Or if you're running a little bit lower on memberships than you thought, is it maybe 1 year out before it starts to become margin accretive?
好的。這很有幫助。然後只是圍繞 Totaltech 提出一些長期問題。既然你們已經推出了 anniversaried,那麼你們提供了很多有用的信息。當我們只考慮息稅前利潤率的增長時,我們現在應該開始看到未來 12 個月的增長嗎?或者,如果您的會員資格比您想像的要低一點,是否可能需要 1 年的時間才能開始增加利潤?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes. I think consistent with our -- what we talked about at the March Investor Day, I think we expect the backbone for our initiatives to help improve our rate as we look towards FY '25. So Obviously, the world is much different than it was back then, and the program has continued to evolve, and we'll continue to iterate.
是的。我認為與我們在 3 月投資者日討論的內容一致,我認為我們希望我們的舉措的支柱能夠幫助我們在展望 25 財年時提高我們的利率。所以很明顯,這個世界與過去大不相同,程序也在不斷發展,我們將繼續迭代。
But I think we would expect the Totaltech to help provide a bit of rate improvement year-over-year as we look into next year, but probably more so even as we look into FY '25. Clearly, there's -- we're learning a lot around the program and looking to make tweaks to the offer as we progress this next year from all the learnings we're having. So it would be our expectation that over time, it would help improve our rate from a pressure year-over-year.
但我認為,在我們展望明年時,我們希望 Totaltech 能夠幫助提供比去年同期略有提高的利率,但即使我們展望 25 財年,也可能更是如此。顯然,我們正在圍繞該計劃學習很多東西,並希望隨著我們明年從我們所擁有的所有知識中取得進展,對報價進行調整。因此,我們預計隨著時間的推移,這將有助於提高我們的利率,避免同比壓力。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
And Peter, I just want to make sure I reemphasize something that I said in the script here, which is the good news is it is doing what we want it to do. This is a program that's geared at those stickier, longer-term relationships with customers, being high consideration for customers and, therefore, driving up that frequency and that greater share of wallet. So I think those early indicators for us are very positive.
彼得,我只是想確保我再次強調我在此處的腳本中所說的話,這是個好消息,它正在做我們想要它做的事情。該計劃旨在與客戶建立更牢固、更長期的關係,高度重視客戶,因此提高了頻率和更大的錢包份額。所以我認為這些早期指標對我們來說是非常積極的。
Operator
Operator
We'll now take our next question from Scot Ciccarelli at Truist.
我們現在將接受來自 Truist 的 Scot Ciccarelli 的下一個問題。
Scot Ciccarelli - MD
Scot Ciccarelli - MD
Scot Ciccarelli. So the additional deceleration you've seen in October and so far in November, is that driven primarily from transactions? Or is that more ASP pressures from the heightened promotional environment? And then related to that, any feel for whether those declines are kind of across the board? Or is it more concentrated in specific customer cohorts?
蘇格蘭奇卡雷利。因此,您在 10 月和 11 月到目前為止看到的額外減速主要是由交易驅動的嗎?還是促銷環境的提升帶來了更多的 ASP 壓力?然後與此相關的是,這些下降是否是全面的?還是更集中於特定的客戶群體?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes. Consistent with what we've seen this year, most of that contraction is coming from transactions. ASPs have been a bit down, as we mentioned, and we expect them to probably come down a little bit in Q4. It's more of the transactions that are causing that topline deceleration on a year-over-year basis.
是的。與我們今年看到的情況一致,大部分收縮來自交易。正如我們所提到的,平均售價有所下降,我們預計它們可能會在第四季度有所下降。更多的交易導致收入同比下降。
But importantly, too, what we said is if you think about where we sit against FY '20 in Q3 and as we start our growth for this holiday season will likely come a little different than it did last year and more of those sale events driving more sales later into Q4 out of Q3. So for most of that organic is coming from transactions versus ASPs.
但同樣重要的是,我們所說的是,如果你考慮一下我們在第三季度與 20 財年相比的位置,並且隨著我們開始這個假期的增長,可能會與去年略有不同,而且更多的銷售活動推動從第三季度到第四季度的更多銷售。因此,大部分有機產品來自交易與 ASP。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
To your question about customer cohort. We don't -- I mean, it varies a little bit week to week to week. But in general, what we've been seeing is a pretty consistent customer mix, both versus last year and versus pre-pandemic. And when I say customer mix, I mean, kind of demographically, we actually are seeing a pretty constant mix of customers. Like I said, it can vary a little bit week to week depending on sales, profiles and the values we're offering. But at the highest level, we're actually seeing pretty consistent behavior amongst our customer cohorts.
關於您關於客戶群的問題。我們不——我的意思是,它每週都會有所不同。但總的來說,與去年和大流行前相比,我們看到的是相當一致的客戶組合。當我說客戶組合時,我的意思是,從人口統計角度來看,我們實際上看到了相當穩定的客戶組合。就像我說的那樣,它每周可能會有所不同,具體取決於銷售情況、概況和我們提供的價值。但在最高層次上,我們實際上看到我們的客戶群中的行為非常一致。
Operator
Operator
We'll now move on to our next question from Chris Horvers at JPMorgan.
我們現在將繼續摩根大通的克里斯霍弗斯的下一個問題。
Christopher Michael Horvers - Senior Analyst
Christopher Michael Horvers - Senior Analyst
You mentioned some comments on 2023. Can you take us through the building blocks of margins next year? Is the basic math that we add back all the incentive comp savings this year and saying a hypothetically low single-digit positive comp environment, it just becomes a leverage story? Or are there still structural SG&A savings and any comments on gross margin as well?
你提到了一些關於 2023 年的評論。你能帶我們了解一下明年利潤率的構成要素嗎?我們今年加回所有激勵補償儲蓄的基本數學,並說一個假設的低個位數積極補償環境,它只是變成了一個槓桿故事嗎?或者是否仍有結構性 SG&A 節省以及對毛利率的任何評論?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Yes. There's probably a number of scenarios we're planning for next year, and we aren't going to provide guidance. But we try to lay out some puts and takes around what's happening in business now to provide some context. We just talked about it here. The largest drivers of our decline year-over-year versus pre-pandemic have been those investments we're making. And as we talked about, Totaltech, it also applies to health that we would expect some of those -- some of the contraction to kind of a abate a bit as we get into next year. But importantly, even as you look into FY '24.
是的。明年我們可能會計劃多種方案,但我們不會提供指導。但是我們嘗試列出一些看跌期權,並圍繞當前業務中發生的事情進行分析,以提供一些背景信息。我們剛剛在這裡談到了它。與大流行前相比,我們同比下降的最大驅動因素是我們正在進行的投資。正如我們所談到的,Totaltech,它也適用於健康,我們期望其中一些——隨著我們進入明年,一些收縮會有所減弱。但重要的是,即使您查看 FY '24。
So we would expect some of those initiatives, the pressure from coming from would lessen a little bit as we get into next year, but more so even later into '25 -- FY '25. I think from a short-term incentive perspective, you're right, we will reset our performance tables next year, and we'll likely have to add back anywhere from $200 million to $250 million of [SDI] expense when we reset those tables and start next year's plan.
因此,我們預計其中一些舉措,隨著我們進入明年,來自的壓力會有所減輕,但甚至在進入 25 財年 - 25 財年時更是如此。我認為從短期激勵的角度來看,你是對的,我們明年將重新設置我們的績效表,當我們重新設置這些表時,我們可能不得不增加 2 億至 2.5 億美元的 [SDI] 費用並開始明年的計劃。
So that will obviously be a pressure we're managing through. At this point, we don't necessarily see a lot of change to the product margin rates from next -- from this year into next year. But obviously, we're early in our planning process. And lastly, you're right, most importantly, where our OI rate might -- is going to be impacted by the level of sales that happened and we're still in the middle of trying to understand what type of sales environment will happen next year, but it is a large impact to how we plan what the overall rate will be.
因此,這顯然是我們正在應對的壓力。在這一點上,我們不一定會看到明年 - 從今年到明年的產品利潤率有很大變化。但顯然,我們還處於規劃過程的早期階段。最後,你是對的,最重要的是,我們的 OI 率可能會受到發生的銷售水平的影響,我們仍在努力了解接下來會發生什麼類型的銷售環境年,但這對我們如何規劃總體利率有很大影響。
Christopher Michael Horvers - Senior Analyst
Christopher Michael Horvers - Senior Analyst
Got it. And then in terms of the promotional environment, you mentioned certain categories being more promotional than expected. Is that home theater, in computing or another category? And then as you think about what you're seeing in the market right now, some of the big retailers, other retailers have started their Black Friday promotions already, most have already. So how are you seeing sort of the inventory in the market and what categories in particular are you elevating your promotional expectations in the fourth quarter?
知道了。然後就促銷環境而言,您提到某些類別的促銷活動比預期的要多。那是家庭影院,在計算領域還是其他領域?然後當你想想你現在在市場上看到的東西時,一些大型零售商,其他零售商已經開始了他們的黑色星期五促銷活動,大多數已經開始了。那麼,您如何看待市場上的庫存種類,以及您特別提高了第四季度促銷預期的哪些類別?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
I think the Black Friday promotions started the day after Halloween for everyone. There is definitely a lot out there. I think if you rewind the clock for a second here, I actually was rummaging back through last year, and we actually said last year heading into Q4, we expected CE to be more promotional.
我認為黑色星期五促銷活動在萬聖節後的第二天就開始了。那里肯定有很多。我想如果你在這裡倒轉一秒鐘,我實際上是在翻找去年,我們實際上說去年進入第四季度,我們預計 CE 會有更多的促銷活動。
And coming out of it, we said there were actually some categories last year that were as promotional as pre-pandemic. And as we headed into this year that we're in now, we said we expected the CE environment to get back to those pre-pandemic levels. I think it happened a little earlier than we thought.
從中得出,我們說去年實際上有一些類別與大流行前一樣具有促銷性。當我們進入今年時,我們說我們預計 CE 環境會回到大流行前的水平。我認為它發生的時間比我們想像的要早一點。
But in general, this is kind of how we expected that the year would play that by now we'd be back to those pre-pandemic levels. And obviously, with some of the demand softening and customers targeting value, I think that's happening at even a more exacerbated rate.
但總的來說,這就是我們對這一年的預期,到現在我們將回到大流行前的水平。顯然,隨著一些需求疲軟和客戶以價值為目標,我認為這種情況正在以更加加劇的速度發生。
I think -- and so there's that. We're even seeing some of this promotional intensity in the secondary channels as well because it's been well reported, there is a great deal of inventory out there in the channel. So it's broad-based promotionality, which is a little bit different than a historical holiday where we really, really targeted against some of the certain product drive times.
我想——就是這樣。我們甚至在二級渠道中也看到了一些這種促銷強度,因為它得到了很好的報導,渠道中有大量庫存。所以這是廣泛的促銷活動,這與歷史假期有點不同,在歷史假期中,我們真的非常針對某些產品的銷售時間。
To your specific question about what areas we're seeing it in, we're seeing it across the board, honestly, but really mainly seeing it in some of the iconic traffic driving products, think about like headphones and wearables. And then you can imagine anywhere where the supply is really ample, we're also seeing some of that promotional activity in those spaces.
對於您關於我們在哪些領域看到它的具體問題,老實說,我們正在全面看到它,但實際上主要是在一些標誌性的交通驅動產品中看到它,想想耳機和可穿戴設備。然後你可以想像在供應真正充足的任何地方,我們也在這些空間看到一些促銷活動。
And I think back to the question on like the Q4 guide and how we're thinking about it, I think that's part of what we see in the background and part of what we're trying to take into account as we look at a competitive environment going forward.
我回想一下關於第四季度指南的問題以及我們是如何考慮的,我認為這是我們在背景中看到的部分內容,也是我們在考慮競爭時試圖考慮的部分內容前進的環境。
Operator
Operator
We'll now move on to our next question from Liz Suzuki at Bank of America.
我們現在將繼續美國銀行的 Liz Suzuki 提出的下一個問題。
Elizabeth Lane Suzuki - VP
Elizabeth Lane Suzuki - VP
Just on your last comment kind of talking about how some of the retailers have had this excess inventory. You've been fairly nimble in managing your inventory levels well. A lot of your peers were kind of caught off guard where this change in demand landscape. So I guess just given that this quarter sales came in a little better than what you expected, and I know there's some timing in terms of when holiday is really expected to kind of peak. But -- and do you expect to restock in particular categories? And what are you looking to have more of at this point?
就您的最後一條評論而言,有些零售商是如何擁有這種過剩庫存的。您在管理庫存水平方面相當靈活。對於這種需求格局的變化,您的許多同行都有些措手不及。所以我想只是考慮到本季度的銷售額比您預期的要好一些,而且我知道假期真正預計會達到頂峰的時間是有一些的。但是 - 您是否希望在特定類別中重新進貨?在這一點上你想要更多的是什麼?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes. First, I just want to say, I give our teams a great deal of credit for navigating to your point, what has been an incredibly volatile backdrop. I think the experience and analytics of our teams really shines in moments like this. So we talked a bit in the prepared comments about -- some of this is just a shift in timing.
是的。首先,我只想說,我非常感謝我們的團隊在一個極其動蕩的背景下導航到你的觀點。我認為我們團隊的經驗和分析在這樣的時刻真正閃耀。所以我們在準備好的評論中談了一些——其中一些只是時間上的轉變。
Last year, recall, inventory levels were really challenged. And so everyone was trying to bring in inventory really early, and there was lots of customer demand really early because people were worried about not being able to get the products throughout the holiday. This year, as we said, we expected the holiday to shape a little bit more traditionally like pre-pandemic, and therefore, our inventory flows are moving more in that direction. And we specifically said, in places where we have longer lead time categories, we placed some of those bets earlier and then allowed ourselves a little bit more ability to maneuver on those items that don't take quite as much long lead time.
去年,回想一下,庫存水平確實受到了挑戰。所以每個人都試圖儘早引入庫存,而且很早就有很多客戶需求,因為人們擔心無法在整個假期期間獲得產品。正如我們所說,今年我們預計假期會像大流行前那樣更傳統一些,因此,我們的庫存流動更多地朝著這個方向發展。我們特別說過,在我們有較長交貨時間類別的地方,我們提前下了一些賭注,然後讓我們自己有更多的能力來處理那些不需要那麼長交貨時間的項目。
There are always some spotty places where we wish we had more inventory. This is almost always true in consumer electronics. I mentioned gaming consoles, that's commonly a place. And I think there has been some conversation about some of the more iconic phones and the production there and availability there. So that's not anything that's new. That's kind of typical as we head into holiday. But those will really be some of the spaces where we wish we add more. And -- what I like is that we have a lot of room to maneuver throughout the holiday in partnership with our vendors.
總有一些參差不齊的地方,我們希望我們有更多的存貨。在消費電子產品中幾乎總是如此。我提到了遊戲機,這是一個常見的地方。而且我認為已經有一些關於一些更具標誌性的手機以及那裡的生產和可用性的討論。所以這不是什麼新鮮事。當我們進入假期時,這很典型。但這些確實是我們希望添加更多內容的一些空間。而且 - 我喜歡的是我們在整個假期與我們的供應商合作時有很大的迴旋餘地。
As we think about where the demand profiles might ebb and flow, we can bring that inventory in, and we said it. We bring in the majority in November, but we replenish the whole holiday season, and this allows us the room to bring in really what's resonating with customers.
當我們考慮需求概況可能在哪裡起伏時,我們可以把庫存帶進來,我們說過了。我們在 11 月引入了大部分產品,但我們會在整個假日季節補充產品,這讓我們有空間引入真正能引起客戶共鳴的產品。
Elizabeth Lane Suzuki - VP
Elizabeth Lane Suzuki - VP
Great and just on your comment earlier about online penetration being likely to grow as it did prior to the pandemic. Are you agnostic to online versus in-person shopping or is online an inherently lower operating margin business than brick-and-mortar?
很好,只是關於你之前關於在線滲透率可能像大流行之前那樣增長的評論。您是否對在線購物與面對面購物不可知,或者在線購物本質上是一種營業利潤率低於實體店的業務嗎?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
I'll start a bit and then Matt can add in. What I actually believe that this combination of omnichannel is our strength. And not only are we agnostic, we love it when customers are using the multitude of channels that we have and that includes consultations at home, that includes our virtual channels like chat and phone, that includes online and that includes stores.
我會開始一點,然後 Matt 可以添加。我實際上相信這種全渠道組合是我們的優勢。我們不僅是不可知論者,而且我們喜歡客戶使用我們擁有的多種渠道,包括在家諮詢,包括聊天和電話等虛擬渠道,包括在線渠道和商店。
And so I -- instead of just even saying agnostic, I actually would say we want to double down on a customer who wants to shop at across all those channels. Matt, maybe you can provide some of the profitability color.
所以我 - 而不是僅僅說不可知論者,我實際上會說我們想加倍關注想要在所有這些渠道購物的客戶。馬特,也許你可以提供一些盈利能力的顏色。
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Sure. I think over the last number of years, the team has done an amazing job adjusting for a very different way of delivering to the customers. In my prepared remarks, we talked about how the core of our rate is actually slightly up compared to where it was pre-pandemic. And that's adjusting for a nearly doubling of the online mix in addition to absorbing all of the inflationary costs that we've seen over the last couple of years.
當然。我認為在過去的幾年裡,團隊在調整以一種非常不同的方式向客戶提供服務方面做得非常出色。在我準備好的發言中,我們談到了與大流行前相比,我們的核心利率實際上略有上升。除了吸收我們在過去幾年中看到的所有通貨膨脹成本之外,這還調整了在線組合的近一倍。
So that gives a little evidence to financially, we're able to actually do quite well in an environment where our dot-com business can reach those levels of penetration. So we are absolutely -- and on top of it, we just want to do what's right for the customer. The customers are going to lead us to where we need to be, and our model can absorb that in any type of environment.
因此,這在財務上提供了一點證據,在我們的網絡業務可以達到這些滲透水平的環境中,我們實際上能夠做得很好。所以我們絕對 - 最重要的是,我們只想為客戶做正確的事。客戶會將我們帶到我們需要去的地方,而我們的模型可以在任何類型的環境中吸收這一點。
Operator
Operator
We'll now move on to our next question from Steve Forbes of Guggenheim Partners.
我們現在將繼續討論古根海姆合作夥伴公司的史蒂夫福布斯的下一個問題。
Steven Paul Forbes - Analyst
Steven Paul Forbes - Analyst
I wanted to focus on computing and home theater trends during the third quarter. I think you called out in the release, the weakness in those categories on a year-over-year basis, but it looks for the category detail in the press release that the trends improved on a 3-year basis. So curious if you could just expand on what drove that reacceleration? And then as my follow-up question, is this reacceleration part of the reason to restart the share repurchase program? Or any color on what gives you the confidence to do so?
我想在第三季度專注於計算和家庭影院趨勢。我想你在新聞稿中指出,這些類別的弱點與去年同期相比,但它在新聞稿中尋找類別細節,趨勢在 3 年的基礎上有所改善。很好奇您是否可以擴展推動重新加速的因素?然後作為我的後續問題,這種重新加速是重啟股票回購計劃的部分原因嗎?或者是什麼讓你有信心這樣做?
Matthew M. Bilunas - Executive VP & CFO
Matthew M. Bilunas - Executive VP & CFO
Sure. Yes, computing, start with that. I think it was actually a large driver of a sales decline in Q3. But compared to FY '20, it was up 23%. So we're still seeing very strong growth from the pre-pandemic period. We've seen a very large growth in the install base over the past couple of years.
當然。是的,計算,從那開始。我認為這實際上是第三季度銷售額下降的一個重要驅動因素。但與 20 財年相比,增長了 23%。因此,我們仍然看到大流行前時期的強勁增長。在過去的幾年裡,我們看到了安裝基礎的巨大增長。
Clearly, it's now being impacted by a level of the normalization if you go from the spend. We're actually seeing a good start to our Apple+ program. We're actually seeing some customers mix towards some of the latest products versus opening price points. So it's still relatively small and new, but that's a good start.
顯然,如果您不考慮支出,它現在會受到一定程度的標準化影響。實際上,我們看到了 Apple+ 計劃的良好開端。我們實際上看到一些客戶混合使用一些最新產品而不是開盤價。所以它仍然相對較小且較新,但這是一個好的開始。
Gaming continues to be a strong growth area compared to pre-pandemic in the computing, in the space. So so much of the gaming world is now kind of blending between gaming consoles and the computing arena and innovation continues on, and we expect that to continue.
與計算領域大流行前相比,遊戲仍然是一個強勁的增長領域。因此,遊戲世界的大部分內容現在都在遊戲機和計算領域之間融合,創新仍在繼續,我們希望這種情況會繼續下去。
So still down year-over-year, but still good strength and a great opportunity ahead of us. TVs, as you expect home theater did have negative comps as well. TVs, our promotions are up on a year-over-year basis significantly. A lot more stronger inventory positions from our customers. And so we're still very confident about TVs going forward. Holiday is always a great environment for TV.
所以仍然同比下降,但仍然有很好的實力和一個很好的機會擺在我們面前。正如您所期望的家庭影院一樣,電視也有負面影響。電視,我們的促銷活動同比大幅增加。我們客戶的庫存狀況要好得多。因此,我們仍然對電視的發展充滿信心。假期總是看電視的好環境。
ASP is down a little bit year-over-year. But again, we're seeing good mix into higher television sizes and premium products over the last couple of years. So still really encouraged by what the business could offer. I think to the confidence of the share repurchase question, I think we -- I think appropriately just took some time to understand the environment ahead of us on last year's -- in last quarter, just to make sure we were appropriately planning for the holiday period, giving ourself enough space on inventory investment and where we need to sit from a working capital perspective and feel confident about our position in Q4 and where our inventory sits. And it is an establishment of confidence on where we sit financially and as we head into next year or so.
ASP 同比略有下降。但是,在過去的幾年裡,我們再次看到更大尺寸的電視和優質產品的良好組合。所以仍然對企業可以提供的東西感到非常鼓舞。我認為對於股票回購問題的信心,我認為我們 - 我認為適當地花了一些時間來了解我們在去年的環境 - 在上個季度,只是為了確保我們適當地計劃假期在此期間,給我們自己足夠的庫存投資空間,以及我們需要從營運資本的角度來定位,並對我們在第四季度的位置和庫存所在的位置充滿信心。這是對我們的財務狀況以及我們進入明年左右的信心的建立。
Operator
Operator
(Operator Instructions) We will now move on to our next question from Seth Basham at Wedbush Securities.
(操作員說明)我們現在將繼續討論來自 Wedbush Securities 的 Seth Basham 的下一個問題。
Seth Mckain Basham - MD of Equity Research
Seth Mckain Basham - MD of Equity Research
My question is on Totaltech. You mentioned that members are tracking a little bit lower than your expectations. Did (inaudible) parse that out between the slower sales and demand environment versus attributes of the program?
我的問題是關於 Totaltech。您提到會員的跟踪率略低於您的預期。 (聽不清)是否在較慢的銷售和需求環境與程序的屬性之間進行了分析?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Not right now, we're not going to kind of give the exact numbers and some of the science behind it. I think it's fair to say as we head into next year, we'll probably give a little bit more color on what we're seeing there. And as you can imagine, it's very hard to parse out the 2 pieces there. I think what we are remaining focused on is striking the balance between what really resonates with our customers and accomplishes what we want in terms of share of wallet and frequency.
不是現在,我們不會給出確切的數字和它背後的一些科學依據。我認為可以公平地說,當我們進入明年時,我們可能會為我們在那裡看到的東西添加更多色彩。正如您可以想像的那樣,很難解析出那裡的 2 個部分。我認為我們仍然關注的是在真正引起客戶共鳴和實現我們想要的錢包份額和頻率之間取得平衡。
And the cost of the program and ensuring that when we're investing in the program, it makes sense, and it's in those pieces that really resonate over the long term, again, with our customers. And I think -- I'm not trying to skirt the question. It is going to take us a little bit of time to parse those things because the frequency that we have with our customers is a little bit different than some other retailers. And so as we're assessing just whether or not this program is doing what we want and to your specific question, why people are choosing to or not to enroll, it's going to take us a little bit of time to pull those pieces apart.
以及該計劃的成本,並確保當我們對該計劃進行投資時,它是有意義的,而且從長遠來看,這些部分真正引起了我們客戶的共鳴。我想——我並不是想迴避這個問題。我們需要一些時間來解析這些東西,因為我們與客戶的聯繫頻率與其他一些零售商略有不同。因此,當我們正在評估該計劃是否正在做我們想要的事情以及您的具體問題時,為什麼人們選擇註冊或不註冊,我們需要一點時間來將這些部分分開。
Seth Mckain Basham - MD of Equity Research
Seth Mckain Basham - MD of Equity Research
Got it. Fair enough. And my follow-up question is on your store model and refresh program. I think you said you have 42 stores done now. What's your plan over the next year? And any more color you can provide in terms of the average sales or margin dollars lift from those stores that have been remodeled relative to the core?
知道了。很公平。我的後續問題是關於您的商店模型和更新程序。我想你說你現在已經完成了 42 家商店。明年你有什麼計劃?就那些相對於核心改造後的商店的平均銷售額或利潤美元提升而言,您還能提供更多顏色嗎?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes. We haven't really given the quantity of stores yet that we want to do into next year. And we actually mentioned in the prepared remarks, we're planning to give an update as we head into next year on our kind of experience refresh plan. I think it's important to note that everything that we're doing, we're trying to root in this really incredibly elevated shopping experience with this broader assortment, expanded fulfillment, best vendor experiences.
是的。我們還沒有真正給出我們想要進入明年的商店數量。我們實際上在準備好的評論中提到,我們計劃在進入明年時就我們的體驗更新計劃進行更新。我認為重要的是要注意我們正在做的一切,我們試圖通過更廣泛的分類、擴展的履行和最佳的供應商體驗來植根於這種真正令人難以置信的提升的購物體驗。
And while we haven't given specific numbers, we have said we continue to see really good and improved sales results out of at least the 2 that have been opened more than 2 years now, and NPS results consistently in those as well. So we continue to remain bullish on them now. We just opened a bunch of that (inaudible) 42 here recently. So we're going to read on how they're performing out of the gate. But like I said, we'll give you more of an update on our future plans as we head into next year.
雖然我們沒有給出具體數字,但我們已經說過,至少在已經開業 2 年以上的 2 家門店中,我們繼續看到非常好的銷售業績,並且 NPS 的結果也始終如一。因此,我們現在繼續看好它們。我們最近剛剛在這裡開了一堆(聽不清)42。因此,我們將了解他們的表現如何。但就像我說的那樣,在我們進入明年時,我們會給你更多關於我們未來計劃的更新。
Operator
Operator
We'll now move on to our next question from Brad Thomas of KeyBanc Capital Markets.
我們現在將繼續討論來自 KeyBanc Capital Markets 的 Brad Thomas 的下一個問題。
Bradley Bingham Thomas - Director & Equity Research Analyst
Bradley Bingham Thomas - Director & Equity Research Analyst
I wanted to ask another just about the state of the consumer. Obviously, nice to see the sequential improvement in trends which I think is somewhat a function of the comparisons from stimulus and the pandemic getting behind us. I was wondering if you could talk a little bit more about what you're seeing in terms of mix and trade up and trade down and comments on perhaps the trends in the appliance category where we've seen a little bit of slowdown.
我想問另一個關於消費者狀況的問題。顯然,很高興看到趨勢的連續改善,我認為這在某種程度上是刺激措施和大流行病在我們身後進行比較的結果。我想知道你是否可以多談談你在混合、向上和向下交易方面所看到的情況,以及對我們已經看到一點點放緩的家電類別的趨勢發表評論。
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
Yes, absolutely. If I take a really large step back, I think Matt did a nice job in his prepared remarks saying quarter-to-quarter, it is really difficult to sort through all the laps to what you said on stimulus on stores open, store close, promotionality, all of those things. And so instead, I think at the sequentials all get difficult.
是的,一點沒錯。如果我後退一大步,我認為馬特在他準備好的發言中做得很好,說每季度,真的很難把所有的圈子都整理成你所說的關於開店、關店的刺激措施,促銷,所有這些東西。因此,相反,我認為連續劇都變得困難。
At the end of the day, we're trying to take the biggest step back and look at a consumer that we know is really facing trade-off decisions. Obviously, especially when you have inflation on the basics, like food, fuel and lodging, and we know this definitely impacts lower income consumers to a greater extent. I mean almost 70% of spend in the lowest income earners are on those kind of basics versus more like 55% for the higher income earners.
歸根結底,我們正試圖退後一步,看看我們知道真正面臨權衡決定的消費者。顯然,尤其是當食品、燃料和住宿等基礎設施出現通貨膨脹時,我們知道這肯定會在更大程度上影響低收入消費者。我的意思是,最低收入者近 70% 的支出都花在了這些基礎知識上,而高收入者的這一比例更接近 55%。
So you've got a large proportion of your spend going there. And so we know that people are looking for value across all of those cohorts, and there's no easy one way to describe the consumer. It's very uneven depending on how you came out of the pandemic, and it's very unsettled. You can see that even just in some of the confidence numbers while people are trying to sort their way.
所以你有很大一部分支出都花在了那裡。所以我們知道人們正在尋找所有這些群體的價值,並且沒有一種簡單的方法來描述消費者。這非常不平衡,這取決於你如何從大流行中走出來,而且非常不穩定。您甚至可以在人們試圖對他們的方式進行排序時看到一些置信度數字。
I think as it relates to us specifically, and again, specialty CE retailer, we're actually seeing relatively consistent behavior, and we mentioned this in the prepared remarks. Our demographic mix is essentially steady versus both last year and pre-pandemic. If anything, it's moved just a touch more into the lower income brackets.
我認為,因為它特別與我們有關,而且,專業 CE 零售商,我們實際上看到了相對一致的行為,我們在準備好的評論中提到了這一點。與去年和大流行前相比,我們的人口結構基本穩定。如果說有什麼不同的話,那就是它向低收入階層轉移了一點點。
And our blended mix of premium product is higher, both in units and dollars than both last year and pre-pandemic. And we did that on a very specific like price point, SKU kind of level to look at where people were really opting into those more premium. Now obviously, within some specific categories, we are seeing some cohorts of customers trading down, but it's not aggregating at this point into an overall impact that we're seeing consistently across every single category.
我們的優質產品混合組合在數量和美元方面都高於去年和大流行前。我們在一個非常具體的價格點、SKU 級別上做到了這一點,以了解人們真正選擇那些更優質的產品的地方。現在很明顯,在某些特定類別中,我們看到一些客戶群正在減少交易,但此時並沒有匯總到我們在每個類別中始終看到的整體影響。
So it can depend like you might see different behaviors in back-to-school that you might see as we're heading into holiday here. But at the highest level, we're actually seeing the consumer behaves relatively similarly as we did even pre-pandemic, I think more so, it's the overarching decisions about how they're going to make those trade-off decisions between things like services and restaurants and vacations and goods and those base needs that they have.
因此,這可能取決於您可能會在返校時看到不同的行為,而當我們在這裡進入假期時您可能會看到不同的行為。但在最高層面上,我們實際上看到消費者的行為與我們在大流行前的行為相對相似,我認為更是如此,這是關於他們將如何在服務等事物之間做出權衡決策的總體決策和餐館、假期和商品以及他們擁有的那些基本需求。
Operator
Operator
And we'll now take our last question from Brian Nagel at Oppenheimer.
現在我們將接受來自奧本海默的 Brian Nagel 的最後一個問題。
Brian William Nagel - MD & Senior Analyst
Brian William Nagel - MD & Senior Analyst
So the question I have, just with respect to holiday promotions. Yes, and you recognize I know Best Buy want to keep this plans close to the vest. But as you think about this holiday and maybe what you're seeing already just given the cross currents from spending out there and some of the inventory positions, is Best Buy looking to take more leading promotions or you prepare more to react, what others do in the market? And to what extent are you working closely with your supplier partners to both stimulate demand, but also start to alleviate some of these excess inventories in the channel?
所以我的問題是關於假日促銷。是的,你知道我知道百思買希望將這個計劃保密。但是,當你想到這個假期時,也許你已經看到的只是考慮到那裡的支出和一些庫存頭寸的交叉流,百思買是在尋求更多的領先促銷活動,還是你準備更多的反應,其他人所做的在市場上?您在多大程度上與您的供應商合作夥伴密切合作以刺激需求,同時也開始緩解渠道中的一些過剩庫存?
Corie Sue Barry - CEO & Director
Corie Sue Barry - CEO & Director
I would almost go back to how we talked about holiday pre-pandemic. And holiday is always a very different time of the year. This is about really making targeted decisions about when, how and where any retailer wants to be promotional. And we have, I would argue, a good long history of deciding where and how within the holiday, we want to be promotional. That doesn't mean you go toe to toe on exactly the same items, exactly the same days with every other retailer. It means you create a pretty foundational holiday plan and then you stick to that pivoting as you see where the customer might have more interest.
我幾乎要回到我們談論大流行前假期的方式。假期總是一年中截然不同的時間。這是關於真正針對任何零售商希望進行促銷的時間、方式和地點做出有針對性的決定。我認為,我們在決定在假期的何處以及如何進行促銷方面有著悠久的歷史。這並不意味著您在完全相同的商品上從頭到腳,在與其他所有零售商完全相同的日子裡。這意味著您制定了一個非常基礎的假期計劃,然後在您看到客戶可能更感興趣的地方時堅持該計劃。
To your point, that means you're partnering with vendors way upstream prior to holiday to really think through what we think is both going to resonate with the customer but also hit those promotional price points if that make sense. Obviously, we are committed to being competitive on price and our own data would actually say we've improved our price competitiveness, both compared to last year and compared to pre-pandemic. So not only are we baseline, I think, more competitive, we are then obviously picking those targeted -- and I talked about it a lot in the prepared remarks, places where we can offer value. And for us, that's across the spectrum of price points, especially when we're still seeing consumers bear towards those more premium products, we're really going to try to offer any budget, that sense of value and we're going to, in a targeted way, decide where and how we want to play throughout the holiday. And I think that is really the foundation of how Matt and the team have tried to forecast what we expect in Q4.
就您的觀點而言,這意味著您要在假期前與上游供應商合作,以真正考慮我們認為既能引起客戶共鳴又能達到促銷價格點(如果有意義的話)的東西。顯然,我們致力於在價格上具有競爭力,而我們自己的數據實際上表明,與去年和大流行前相比,我們已經提高了價格競爭力。因此,我認為,我們不僅是基線,更具競爭力,而且我們顯然會選擇那些目標——我在準備好的評論中談了很多,我們可以提供價值的地方。對我們來說,這是跨越價格點的範圍,特別是當我們仍然看到消費者對那些更優質的產品有興趣時,我們真的會嘗試提供任何預算,那種價值感,我們會,有針對性地決定整個假期我們想去哪裡玩,怎麼玩。我認為這確實是 Matt 和團隊如何嘗試預測我們對第四季度的預期的基礎。
And with that, I think that's our last question. I want to thank you all so much for joining us today. I hope you all have a wonderful holiday season, and we look forward to updating you on our results and progress during our next call in February. Thank you.
有了這個,我認為這是我們的最後一個問題。我非常感謝大家今天加入我們。我希望你們都有一個美好的假期,我們期待在 2 月的下一次電話會議上向你們通報我們的結果和進展。謝謝你。
Operator
Operator
Thank you. Ladies and gentlemen, this concludes today's call. Thank you for your participation. Stay safe. You may now disconnect.
謝謝你。女士們,先生們,今天的電話會議到此結束。感謝您的參與。注意安全。您現在可以斷開連接。