百思買 (BBY) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 1:00 p.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 2024 財年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此通話以供播放，並將在美國東部時間下午 1:00 左右播放。今天東部時間。 （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。

Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; and Matthew Bilunas, our CFO.

謝謝大家，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 Matthew 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，以及對這些非 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，可在我們的投資者網站上獲取。百思買網站。

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.

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，並且是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的影響。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。

I will now turn the call over to Corie.

我現在將把電話轉給 Corie。

Good morning, everyone, and thank you for joining us. Today, we are reporting Q1 sales results that are right in line with the expectations we shared in March, and profitability that was better than expected, demonstrating our strong operational execution. We are appropriately balancing the need to adjust in response to the current industry sales trends with the need to invest so we can capitalize on opportunities as our industry moves through this downturn and returns to growth.

大家早上好，感謝您加入我們。今天，我們報告的第一季度銷售業績符合我們 3 月份的預期，盈利能力好於預期，表明我們強大的運營執行力。我們正在適當平衡為應對當前行業銷售趨勢而進行調整的需求與投資需求，以便我們可以在我們的行業度過這次低迷並恢復增長時利用機會。

In this environment, customers are clearly feeling cautious and making trade-off decisions as they continue to deal with high inflation and low consumer confidence due to a number of factors. At the same time, in Q1, we saw our purchasing customer behavior remain relatively consistent in terms of demographics and the percent of purchases categorized as premium.

在這種環境下，由於多種因素，客戶繼續應對高通脹和低迷的消費者信心，因此他們顯然感到謹慎並做出權衡決定。同時，在第一季度，我們發現我們的購買客戶行為在人口統計數據和被歸類為高級的購買百分比方面保持相對一致。

In addition, our focus on being there for our customers with expertise and support was highlighted by material improvements in satisfaction scores for our in-home services and delivery and record scores in remote support, in-home repair, store care and Best Buy Total Tech call center experiences, all key differentiators for us. We remain as confident as ever about our strong position in the industry despite reporting lower sales than last year. In Q1, our comparable sales were down 10.1% on a year-over-year basis.

此外，我們專注於為客戶提供專業知識和支持，這突出體現在我們的家庭服務和交付的滿意度得分顯著提高，以及遠程支持、家庭維修、商店護理和 Best Buy Total Tech 的得分記錄呼叫中心體驗，對我們來說都是關鍵差異化因素。儘管報告的銷售額低於去年，但我們仍然對我們在行業中的強勢地位充滿信心。第一季度，我們的可比銷售額同比下降 10.1%。

From a merchandising perspective, similar to the past few quarters, the largest impact to our domestic comparable sales decline came from computing, home theater and appliances. The promotional environment played out largely as expected. It was slightly more promotional than last year, and we believe we are now fully normalized to pre-pandemic levels from both the percent of products being promoted and the depth of promotions.

從銷售的角度來看，與過去幾個季度類似，對我們國內可比銷售額下降的最大影響來自計算、家庭影院和電器。促銷環境基本符合預期。它比去年的促銷活動略多，我們相信從促銷產品的百分比和促銷深度來看，我們現在已經完全正常化到大流行前的水平。

In some products and categories, the environment was more promotional than we had expected, and we saw promotional levels above fiscal '20.

在某些產品和類別中，促銷環境比我們預期的要好，我們看到促銷水平高於 20 財年。

We effectively managed through those situations in partnership with our vendors. On a blended basis, our overall average selling price, or ASP, was slightly down to last year due to the return of promotionality. While we're on the topic, I would like to take a step back and address what we believe is a common misperception about our industry, that all products we sell are perpetually deflationary. In fact, most of our categories have had price stability over time or even see increases. The price of a product may come down in the year after it launches, only to be replaced by the next generation of the product launched at the same or slightly higher price.

我們與供應商合作，有效地應對了這些情況。在混合的基礎上，由於促銷活動的回歸，我們的整體平均售價 (ASP) 略低於去年。當我們討論這個話題時，我想退後一步，解決我們認為對我們行業普遍存在的誤解，即我們銷售的所有產品都永遠處於通貨緊縮狀態。事實上，隨著時間的推移，我們的大多數類別的價格都保持穩定甚至上漲。一種產品的價格可能會在推出後的一年內下降，但會被以相同或略高價格推出的下一代產品所取代。

Innovation drives price stability and often drives consumers to adopt even higher ASP products based on new technology or additional features. For example, the 5-year compounded annual growth rate for average laptop prices is approximately 2%. For Best Buy specifically, we over-index in the newest innovation and next generation of products so we tend to carry a higher ASP than the overall industry.

創新推動價格穩定，並經常促使消費者採用基於新技術或附加功能的更高 ASP 產品。例如，筆記本電腦平均價格的 5 年復合年增長率約為 2%。具體來說，對於百思買，我們對最新的創新和下一代產品的指數過高，因此我們的平均售價往往高於整個行業。

Additionally, as a reminder, structurally, our overall ASPs have also increased over the last several years due to category mix with the growth of higher ASP appliances and large TVs, as well as more mix into premium products at higher price points.

此外，作為一個提醒，在結構上，我們的整體 ASP 在過去幾年中也有所增加，這是由於更高 ASP 電器和大型電視的增長以及更多以更高價格點混合到優質產品中的類別組合。

Now back to our Q1 results. Our inventory at the end of the quarter was down 17% compared to last year as we lapped last year's elevated levels. The team continues to manage inventory tightly, targeting approximately 60 forward days of supply. We expect that our inventory levels will continue to normalize and year-over-year variances will more closely match our sales performance as we move through the year.

現在回到我們的第一季度結果。我們在本季度末的庫存與去年相比下降了 17%，因為我們超越了去年的高水平。該團隊繼續嚴格管理庫存，目標是未來大約 60 天的供應量。我們預計我們的庫存水平將繼續正常化，並且隨著我們今年的推移，同比差異將更接近我們的銷售業績。

In the first quarter, digital sales comprised 31% of our domestic revenue, very similar to the last 2 years and twice as high as pre-pandemic. Our buy online, pickup in store, percent of sales was also very consistent at just over 40%. Considering the speed of our delivery, with almost 60% of packages delivered within 2 days, we believe the consistency of our high in-store pickup by our customers really underscores the importance and convenience of our stores.

第一季度，數字銷售額占我們國內收入的 31%，與過去兩年非常相似，是大流行前的兩倍。我們的在線購買、店內提貨、銷售額的百分比也非常穩定，剛好超過 40%。考慮到我們的交付速度，近 60% 的包裹在 2 天內交付，我們相信我們的客戶在店內取貨率很高的一致性確實凸顯了我們商店的重要性和便利性。

I continue to be proud of our team's execution and ability to navigate through this challenging environment, always keeping our customers and their experience as our top priority.

我繼續為我們團隊的執行力和在這個充滿挑戰的環境中航行的能力感到自豪，始終將我們的客戶和他們的體驗放在首位。

As we look to the rest of the year, we expect the macro environment to continue to pressure demand in our industry this year. However, our guide for the year implies that we expect year-over-year comp performance to improve as we move through the year, and relapse the comparable sales declines we experienced last year. Based on what we can see right now, we continue to believe that calendar 2023 will be the bottom for the decline in tech demand. Matt will provide more color on our expectations later in the call.

展望今年剩餘時間，我們預計今年宏觀環境將繼續對我們行業的需求構成壓力。然而，我們的年度指南暗示我們預計隨著今年的推移，同比業績將有所改善，並重現去年經歷的可比銷售額下降。根據我們目前所看到的情況，我們仍然認為 2023 年將是技術需求下降的底部。馬特將在稍後的電話會議中提供更多關於我們期望的顏色。

This year, we are focused on delivering great customer experiences, while running the business efficiently and strategically setting ourselves up to flourish when the industry returns to growth. This includes our efforts to expand our gross profit rate and to continue to prudently manage our SG&A expense.

今年，我們專注於提供卓越的客戶體驗，同時高效地運營業務，並在行業恢復增長時戰略性地讓我們自己蓬勃發展。這包括我們努力提高毛利率並繼續審慎管理我們的 SG&A 費用。

Now I'd like to update you on our membership program. The goal of membership is to drive increased customer engagement and increased share of wallet over time. As it relates to our paid membership program, our investment thesis remains very much intact. Our members are engaging more frequently with us, shifting their tech spending to Best Buy and buying more across categories than nonmembers.

現在我想向您介紹我們的會員計劃。會員資格的目標是隨著時間的推移推動增加客戶參與度和增加錢包份額。由於它與我們的付費會員計劃有關，我們的投資論點仍然完好無損。與非會員相比，我們的會員與我們的互動更加頻繁，將他們的技術支出轉移到 Best Buy 並且跨類別購買更多。

Additionally, members rate our experience is higher. Our Net Promoter Scores from total tech members remain considerably higher than from nonmembers. No membership program is static, and we have always stated that it was our intent to iterate over time as we learned more. We've learned a tremendous amount from our members over the last couple of years, particularly that different customers value very different benefits when it comes to their technology.

此外，會員對我們的體驗評價更高。我們來自技術會員總數的淨推薦值仍然大大高於非會員。沒有會員計劃是靜態的，我們一直表示，隨著我們了解更多，我們打算隨著時間的推移進行迭代。在過去的幾年裡，我們從我們的成員那裡學到了很多東西，特別是不同的客戶在他們的技術方面看重的利益是非常不同的。

Earlier this month, we announced changes to our membership program that align all our memberships and will give customers more freedom to choose a membership that fits their technology needs, budget and lifestyle.

本月早些時候，我們宣布更改我們的會員計劃，使我們所有的會員資格保持一致，並讓客戶更自由地選擇適合他們的技術需求、預算和生活方式的會員資格。

In addition, these changes will provide more flexibility and result in a lower cost to serve than our existing Totaltech program. Starting June 27, our membership program will offer 3 tiers: My Best Buy, My Best Buy Plus and My Best Buy Total. I'll spend a few minutes going a little deeper on each of the tiers.

此外，與我們現有的 Totaltech 計劃相比，這些變化將提供更大的靈活性並降低服務成本。從 6 月 27 日開始，我們的會員計劃將提供 3 個級別：My Best Buy、My Best Buy Plus 和 My Best Buy Total。我將花幾分鐘時間更深入地了解每一層。

My Best Buy will remain our free tier plan, built for customers who want convenience. It includes free shipping with no minimum purchase and other benefits associated with a member account like online access to purchase history, order tracking and fast checkout. As you may recall, My Best Buy had historically been a points-based loyalty program. This past February, we added the free shipping benefit.

My Best Buy 仍將是我們的免費套餐，專為需要便利的客戶打造。它包括無最低消費的免費送貨以及與會員帳戶相關的其他好處，例如在線訪問購買歷史記錄、訂單跟踪和快速結賬。您可能還記得，My Best Buy 歷來是一個基於積分的忠誠度計劃。今年 2 月，我們增加了免費送貨優惠。

At the same time, we transitioned the ability to earn points solely to purchases made on our co-branded credit cards. The customer and financial impacts we have seen thus far validate our decisions.

與此同時，我們將賺取積分的能力轉變為僅通過我們的聯名信用卡進行的購買。迄今為止，我們所看到的客戶和財務影響驗證了我們的決定。

For example, the online conversion rate for products under $35 has increased, and our customer enrollments have remained steady. In addition, the early financial impact has been better than we modeled. My Best Buy Plus is a new membership plan built for customers who want value and access. For $49.99 per year, customers get everything included with the My Best Buy offering as well as exclusive prices and access to highly anticipated product releases. They also get free 2-day shipping and an extended 60-day return and exchange window on most products.

例如，35 美元以下產品的在線轉化率有所提高，我們的客戶註冊量保持穩定。此外，早期的財務影響比我們模擬的要好。 My Best Buy Plus 是專為需要價值和訪問權限的客戶打造的新會員計劃。每年只需 49.99 美元，客戶即可獲得 My Best Buy 產品中包含的所有內容以及獨家價格和獲得備受期待的產品發布。他們還獲得大多數產品的免費 2 天送貨服務和延長的 60 天退貨和換貨窗口。

My Best Buy Total is a membership plan built for customers who want protection and support. This tier is an evolution of our current Totaltech offer and is $20 cheaper at $179.99 per year. It includes all the benefits from the Plus tier as well as Geek Squad 24/7 tech support via in-store, remote phone or chat on all your electronics no matter where you purchase them. It also continues to include up to 2 years of product protection, including AppleCare+ on most new Best Buy purchases. Instead of free in-home installation and Holloway services, members will receive promotional offers from time to time.

My Best Buy Total 是為需要保護和支持的客戶打造的會員計劃。這一層是我們當前 Totaltech 產品的演變，每年便宜 20 美元，價格為 179.99 美元。它包括來自 Plus 層的所有好處以及 Geek Squad 24/7 技術支持，無論您在哪裡購買，都可以通過店內、遠程電話或在所有電子產品上聊天。它還繼續提供長達 2 年的產品保護，包括大多數新購買的 Best Buy 產品的 AppleCare+。會員將不時收到促銷優惠，而不是免費的上門安裝和 Holloway 服務。

As we reflected on the goals of our membership programs, we made this change because we could see that many customers who became members primarily for free installation services did not stay with the program as long as other members and had significantly higher churn. From a financial perspective, we continue to expect our membership program to contribute approximately 25 basis points of enterprise year-over-year operating income rate expansion in fiscal '24.

當我們反思我們的會員計劃的目標時，我們做出了這一改變，因為我們可以看到許多主要是為了免費安裝服務而成為會員的客戶並沒有像其他會員那樣長期參與該計劃，並且流失率明顯更高。從財務角度來看，我們繼續預計我們的會員計劃將為 24 財年的企業同比營業收入率增長貢獻約 25 個基點。

We have already begun to deliver on this expectation as the changes we made to the free My Best Buy tier benefited our gross margin rate this quarter.

我們已經開始實現這一預期，因為我們對免費的 My Best Buy 等級所做的更改使我們本季度的毛利率受益。

Now I will shift topics to talk about our omnichannel operations. We are continuing to adapt our omnichannel capabilities to ensure we maintain a leading position in an increasingly digital age and evolving retail landscape. For example, our portfolio of stores needs to provide customers with differentiated experiences and multichannel fulfillment. At the same time, we need them to become more cost and capital efficient to operate while remaining a great place to work.

現在我將轉移話題來談談我們的全渠道運營。我們將繼續調整我們的全渠道能力，以確保我們在日益數字化的時代和不斷變化的零售環境中保持領先地位。例如，我們的商店組合需要為客戶提供差異化體驗和多渠道履行。與此同時，我們需要他們提高運營成本和資本效率，同時保持良好的工作場所。

We are on track to deliver the fiscal '24 store plans we announced this past March. These include closing 20 to 30 large format stores, implementing 8 experience store remodels and opening around 10 additional outlet stores. Consistent with the plans we shared entering the year and incorporated in our fiscal '24 guidance, during Q1, we advanced our operating model to align with the ongoing evolution of our business model and current trends.

我們正按計劃交付我們在今年 3 月宣布的財政年度 '24 門店計劃。其中包括關閉 20 至 30 家大型商店，實施 8 家體驗店改造，並開設約 10 家額外的直銷店。根據我們進入今年並納入我們的 24 財年指南的計劃，在第一季度，我們改進了我們的運營模式，以與我們的業務模式和當前趨勢的持續發展保持一致。

As I mentioned on our last call, over the past 3 years, our overall headcount has declined by approximately 25,000 people, or 20%, as we adapted to the shift in customer shopping behavior and in the effort to drive more flexibility. As a reminder, the vast majority of this headcount change came through the pandemic from attrition in our decisions not to backfill. Throughout these significant changes, we have been working hard to balance the amount of labor hours necessary to deliver the best experience possible for our employees, customers and shareholders. At the same time, we have been investing in tools and employee development programs that increase their flexibility within and across stores.

正如我在上次電話會議中提到的那樣，在過去 3 年中，我們的總員工人數減少了大約 25,000 人，即 20%，因為我們要適應客戶購物行為的轉變並努力提高靈活性。提醒一下，這種人員變動的絕大部分是由於我們決定不回填而造成的人員減員造成的。在這些重大變化中，我們一直在努力平衡為我們的員工、客戶和股東提供最佳體驗所需的工時。與此同時，我們一直在投資工具和員工發展計劃，以提高他們在店內和店間的靈活性。

We also know that not all roles and the associated hourly pay are the same, and strategic trade-off decisions are necessary to give us the ability to flex our labor spend appropriately, particularly customer-facing labor.

我們還知道，並非所有角色和相關的時薪都是相同的，戰略權衡決策對於使我們能夠適當調整勞動力支出，尤其是面向客戶的勞動力來說是必要的。

Based on all these factors, we have been, as we've previously said, making multiple changes to our labor models. One such example is the recent change to our consultation program. By lowering the overall number of in-store consultants and designers, we were able to add approximately 2 million more hours for customer-facing sales associates into our staffing plan for the year. Customers are already giving us higher marks for improved associate availability in recent customer surveys.

基於所有這些因素，正如我們之前所說，我們一直在對我們的勞動力模型進行多項更改。其中一個例子是最近對我們諮詢計劃的更改。通過減少店內顧問和設計師的總數，我們今年的人員配置計劃中為面向客戶的銷售人員增加了大約 200 萬小時。在最近的客戶調查中，客戶已經對我們改進的員工可用性給予了更高的評價。

It's also important to note that we are moving away from a one-size-fits-all approach to our stores and staffing to a market-based approach. And depending on the needs of each market, we're adding, removing, shifting or arranging the number of associates and roles needed to better and more efficiently serve those customers and to allow for more localized flexibility.

同樣重要的是要注意，我們正在從對我們的商店和人員配備一刀切的方法轉向基於市場的方法。根據每個市場的需求，我們正在添加、刪除、轉移或安排員工和角色的數量，以更好、更高效地為這些客戶提供服務，並實現更大的本地化靈活性。

Looking forward, we will continue to iterate our model to align with business trends, including initiatives such as membership and ensuring the span of control of our leaders is appropriate. As you would expect, we are also focused on leveraging existing and emerging technology to drive better customer and employee experiences across channels that also deliver efficiencies and better margins. I'd like to share a few examples around our customer care phone experience and our in-home sales team.

展望未來，我們將繼續迭代我們的模型以適應業務趨勢，包括成員資格和確保我們的領導者的控制範圍適當等舉措。正如您所期望的那樣，我們還專注於利用現有和新興技術來跨渠道推動更好的客戶和員工體驗，同時提高效率和利潤率。我想分享一些關於我們的客戶服務電話體驗和我們的家庭銷售團隊的例子。

Our customer care agents receive millions of customer phone calls every year. We recently launched a capability that uses generative AI to summarize the main points and follow-ups from each call. In the past, customer care agents manually took notes to capture interactions real time with customers. This new capability allows our agents to both fully focus on the customer during the call and reduces time between calls, lowering overall cost and improving agent satisfaction. In addition, this is providing us with valuable information about friction in our experiences, allowing us to continuously drive upstream improvements.

我們的客戶服務代理每年都會接到數百萬個客戶電話。我們最近推出了一項功能，該功能使用生成式 AI 來總結每次通話的要點和後續行動。過去，客戶服務代理手動做筆記以捕捉與客戶的實時交互。這項新功能使我們的座席在通話期間既可以完全專注於客戶，又可以縮短通話間隔時間，從而降低總體成本並提高座席滿意度。此外，這為我們提供了有關我們經驗中的摩擦的寶貴信息，使我們能夠不斷推動上游改進。

In another example, we're piloting a virtual reality training and simulation experience for our in-home consultants and designers. We expect this will decrease the cost to develop and certify in-home sales team, and elevate the specialized in-home selling skills of consultants and designers, especially those who are newer and less experienced. Additionally, these tools are always available for reference, whether a team member is in a customer's home or training in store.

在另一個例子中，我們正在為我們的家庭顧問和設計師試行虛擬現實培訓和模擬體驗。我們預計這將降低開發和認證室內銷售團隊的成本，並提升顧問和設計師的專業室內銷售技能，尤其是那些新手和經驗不足的人。此外，無論團隊成員是在客戶家中還是在店內接受培訓，這些工具始終可供參考。

Now I will take a few moments to share our thoughts on our broader industry backdrop. As I mentioned, we expect that next year, the consumer electronics industry will see stabilization and possibly growth following 2 down years. I believe it's worth repeating why we are confident our industry will return to growth.

現在我將花一些時間分享我們對更廣泛的行業背景的看法。正如我所提到的，我們預計明年消費電子行業將在經歷了 2 年的低迷後趨於穩定並可能出現增長。我相信值得重複為什麼我們有信心我們的行業將恢復增長。

First, we believe that much of the growth during the pandemic was incremental, creating a larger installed base of technology products in consumers' homes. On average, U.S. households now have twice as many connected devices as they did in just 2019.

首先，我們認為大流行期間的大部分增長是漸進的，從而在消費者家中創造了更大的技術產品安裝基礎。平均而言，美國家庭現在擁有的聯網設備數量是 2019 年的兩倍。

Second, we expect to begin to see the benefit of the natural upgrade and replacement cycles for the technology bought early in the pandemic. possibly later this year, depending on the macro environment, even more likely in calendar 2024 and 2025. Historically, customers upgrade or replace their tech every 3 to 7 years depending on the category, with mobile phones on the lower end, computing in the middle and home theater and large appliances toward the higher end of that range. We continue to see our lapsed customers returning at higher rates year-over-year, especially as customers we acquired early in the pandemic return for additional technology purchases.

其次，我們希望開始看到大流行早期購買的技術的自然升級和更換週期的好處。可能在今年晚些時候，這取決於宏觀環境，更有可能在 2024 年和 2025 年。從歷史上看，客戶每 3 到 7 年升級或更換一次技術，具體取決於類別，手機在低端，計算在中間家庭影院和大型家電則朝著該範圍的高端發展。我們繼續看到我們流失的客戶以比去年同期更高的速度返回，尤其是當我們在大流行早期獲得的客戶返回購買額外的技術時。

Third, this is not a static industry. Billions of dollars of R&D spend by some of the world's largest companies and likely some we haven't even heard of yet, means innovation is constant over the long term, driving interest, upgrades and experiments. We can see the customer demand for newness exemplified in the last few weeks by the record-breaking launch of the new Zelda software for Nintendo Switch and the stronger-than-expected preorders for the new ASUS handheld gaming device.

第三，這不是一個靜態的行業。一些世界上最大的公司（可能還有一些我們甚至還沒有聽說過）投入了數十億美元的研發支出，這意味著創新會長期持續，推動興趣、升級和實驗。我們可以看到過去幾週客戶對新奇事物的需求，例如用於 Nintendo Switch 的新 Zelda 軟件的創紀錄發布以及新 ASUS 掌上游戲設備的預購量超出預期。

We continue to believe the industry will get back to a more normalized pace of meaningful innovation toward the end of calendar 2023 and into 2024. Additionally, there are several macro trends that we believe should drive opportunities in our business over time, including cloud, augmented reality, generative AI and expansion of broadband access. While our existing product categories have slightly different timing nuances, in general, we believe they are poised for growth in the coming years.

我們仍然相信，到 2023 年年底和 2024 年，該行業將恢復到更正常的有意義創新的步伐。此外，我們認為隨著時間的推移，有幾個宏觀趨勢應該會為我們的業務帶來機遇，包括雲、增強現實、生成人工智能和寬帶接入的擴展。雖然我們現有的產品類別在時間上略有不同，但總的來說，我們相信它們將在未來幾年實現增長。

We are also furthering our expansion into newer categories like wellness technology, personal electric transportation, outdoor living and electric car charging. We carry multiple EV charging brands, and we were the first retailer to carry Tesla chargers. We also launched Starlink satellite Internet kits on our digital channels and will have it available in stores later this summer. In addition, we are partnering with our vendors in new ways that leverage our capabilities to create new opportunities. For example, we are partnering with Roku to make TV advertising more relevant and performance-driven.

我們還在進一步擴展到更新的類別，如健康技術、個人電動交通工具、戶外生活和電動汽車充電。我們擁有多個 EV 充電品牌，我們是第一家提供 Tesla 充電器的零售商。我們還在我們的數字頻道上推出了 Starlink 衛星互聯網套件，並將於今年夏天晚些時候在商店發售。此外，我們正在以新的方式與我們的供應商合作，利用我們的能力創造新的機會。例如，我們正在與 Roku 合作，使電視廣告更具相關性和績效驅動。

The first-ever TVs to be designed and made by Roku are available exclusively at our stores and on bestbuy.com, and brands will be able to work with us to target, optimize and measure their ads on Roku using Best Buy audience data. We also continue to build our Partner+ program that leverages our supply chain and fulfillment capabilities. We have several vendor partners, including Samsung, who are offering their online customers the option to conveniently pick up their products at their local Best Buy store.

由 Roku 設計和製造的首批電視在我們的商店和 bestbuy.com 獨家發售，品牌將能夠與我們合作，使用 Best Buy 受眾數據在 Roku 上定位、優化和衡量他們的廣告。我們還繼續構建我們的 Partner+ 計劃，以利用我們的供應鍊和履行能力。我們有幾個供應商合作夥伴，包括三星，他們正在為他們的在線客戶提供在當地百思買商店方便地取貨的選項。

The recent launch of Oura Smart Rings is an example of how we partner with some of our smaller emerging vendors in a very comprehensive and unique way to drive customer engagement. Oura is a smart ring that uses sensors to track a variety of metrics to provide continuous health monitoring to improve the user's health habits. We launched the products exclusively on bestbuy.com and in 850 stores.

最近推出的 Oura Smart Rings 是我們如何以非常全面和獨特的方式與一些較小的新興供應商合作以推動客戶參與的一個例子。 Oura 是一款智能戒指，它使用傳感器跟踪各種指標，以提供持續的健康監測，以改善用戶的健康習慣。我們在 bestbuy.com 和 850 家商店獨家推出了這些產品。

We have an interactive demo experience with the ability to try on the rings and order any configuration of style, color and size.

我們擁有交互式演示體驗，能夠試戴戒指並訂購任何款式、顏色和尺寸的配置。

We also incorporated the Best Buy store finder on Oura's website so customers can visit their closest store and see the products in person. I want to extend my heartfelt appreciation for all our associates across the company who continue to uniquely position us for the future through immense change. We continue to focus on providing competitive pay and benefits and leveraging flexible work models. And I'm pleased to report that we maintain industry load turnover rates, particularly in key leadership roles, the vast majority of which we hire internally.

我們還在 Oura 的網站上整合了 Best Buy 商店查找器，這樣客戶就可以訪問離他們最近的商店並親自查看產品。我想對公司所有員工表示衷心的感謝，他們通過巨大的變革繼續為我們的未來定位。我們繼續專注於提供有競爭力的薪酬和福利，並利用靈活的工作模式。我很高興地報告，我們保持行業負載周轉率，特別是在關鍵領導職位上，我們在內部聘用了絕大多數職位。

It's amazing to see so many of our key leaders choosing to build the future of retail with us. And I am proud of the many ways we were recognized during the quarter for our commitment to our people and the environment. We were included on DiversityInc.'s 2023 list of Top 50 companies for diversity and ranked 17th on DiversityInc.'s top companies for Board of Directors list, reflecting our ongoing work to ensure our leaders and our company reflect the communities we serve.

看到我們這麼多的主要領導者選擇與我們一起打造零售業的未來，真是太棒了。我為我們在本季度因對員工和環境的承諾而獲得認可的多種方式感到自豪。我們被列入 DiversityInc. 的 2023 年多元化公司 50 強名單，並在 DiversityInc. 的董事會最佳公司名單中排名第 17 位，這反映了我們為確保我們的領導者和我們的公司反映我們所服務的社區而進行的持續工作。

Just last week, we were listed on Parity.org's list of best companies for women to advance as well as their inaugural best companies for people of color to advance. We were one of fewer than 20 companies named to both lists this year. We were also recently named one of Barron's 100 most sustainable U.S. companies for the sixth year in a row. In fact, this year, we were the top-ranked retailer.

就在上週，我們被列入 Parity.org 的最適合女性晉升的公司以及他們首批最適合有色人種晉升的公司名單。我們是今年被列入這兩個名單的不到 20 家公司之一。我們最近還連續第六年被《巴倫周刊》評為 100 家最具可持續性的美國公司之一。事實上，今年我們是排名第一的零售商。

My summary is consistent with my comments last quarter. We believe the macro and industry backdrop will continue to be volatile this year. We have a proven track record of navigating well through dynamic and challenging environments, and we will continue to adjust as the macro evolves. At the same time, we remain incredibly excited about our future. We believe our differentiated abilities and ongoing investments in our business will drive compelling financial returns over time, and we are carefully balancing our reaction to the current environment, with a focus on our strategic initiatives and future. I will now turn the call over to Matt for more details on our first quarter financials and fiscal '24 outlook.

我的總結與我上個季度的評論一致。我們認為今年宏觀和行業背景將繼續波動。我們在動態和具有挑戰性的環境中擁有良好的導航記錄，我們將隨著宏觀的發展繼續調整。與此同時，我們仍然對我們的未來感到無比興奮。我們相信，隨著時間的推移，我們的差異化能力和對我們業務的持續投資將帶來可觀的財務回報，我們正在謹慎平衡我們對當前環境的反應，同時關注我們的戰略舉措和未來。我現在將電話轉給馬特，了解有關我們第一季度財務和 24 財年展望的更多細節。

Good morning, everyone. Let me start by sharing details on our first quarter results. Enterprise revenue of $9.5 billion declined 10.1% on a comparable basis. Our non-GAAP operating income rate of 3.4% declined 120 basis points compared to last year. Non-GAAP SG&A was $40 million lower than last year and increased approximately 180 basis points as a percentage of revenue.

大家，早安。讓我首先分享我們第一季度業績的詳細信息。企業收入 95 億美元，同比下降 10.1%。我們的非 GAAP 營業利潤率為 3.4%，與去年相比下降了 120 個基點。非 GAAP SG&A 比去年減少 4000 萬美元，佔收入的百分比增加了約 180 個基點。

Partially offsetting the higher SG&A rate was a 60-basis-point improvement in our gross profit rate. Compared to last year, our non-GAAP diluted earnings per share of $1.15 decreased 27%.

我們的毛利率提高了 60 個基點，部分抵消了較高的 SG&A 率。與去年相比，我們的非 GAAP 稀釋每股收益為 1.15 美元，下降了 27%。

While our revenue was down to last year, overall, our results, once again, align closely with our expectations entering the quarter. Our non-GAAP operating income exceeded our expectations due to both higher gross profit rate and lower SG&A. The better-than-expected gross profit rate included favorable supply chain costs and benefits associated with changes made last year for our free My Best Buy membership offering. The favorable SG&A was driven by a combination of several smaller items with store payroll expense being the largest driver.

雖然我們的收入低於去年，但總體而言，我們的業績再次與我們進入本季度的預期非常吻合。由於較高的毛利率和較低的 SG&A，我們的非 GAAP 營業收入超出了我們的預期。好於預期的毛利率包括有利的供應鏈成本和與去年為我們的免費 My Best Buy 會員服務所做的改變相關的收益。有利的 SG&A 是由幾個較小項目的組合推動的，其中商店工資支出是最大的驅動因素。

Next, I will walk through the details on our first quarter results compared to last year. In our Domestic segment, revenue decreased 11% to $8.8 billion, driven by a comparable sales decline of 10.4%. From a phasing perspective, February was our best performing month on a year-over-year basis with trends softening through the remainder of the quarter. From a category standpoint, the largest contributor to comparable sales decline in the quarter were computing, appliances, home theater and mobile phones, which were partially offset by growth in our gaming and service categories.

接下來，我將詳細介紹與去年相比的第一季度業績。在我們的國內業務部門，收入下降 11% 至 88 億美元，這是受可比銷售額下降 10.4% 的推動。從階段性的角度來看，2 月是我們同比表現最好的月份，本季度剩餘時間趨勢趨於緩和。從類別的角度來看，本季度可比銷售額下降的最大原因是計算、家電、家庭影院和手機，這部分被我們的遊戲和服務類別的增長所抵消。

In our International segment, revenue decreased 11.6% to $666 million. This decrease was driven by the negative impact of foreign exchange rates and a comparable sales decline of 5.5% in Canada. Our Domestic gross profit rate increased 70 basis points to 22.6%. The higher gross profit rate included the following: first, improvement from our membership offerings. This included a higher gross profit rate in our services category, which was primarily driven by the cumulative growth in total tech members. In addition, our rate benefited from the program changes we made last year to our free My Best Buy offering.

在我們的國際部門，收入下降 11.6% 至 6.66 億美元。這一下降是由外匯匯率的負面影響和加拿大可比銷售額下降 5.5% 推動的。我們的國內毛利率增長了 70 個基點，達到 22.6%。較高的毛利率包括以下內容：首先，我們的會員服務有所改善。這包括我們服務類別中更高的毛利率，這主要是由技術成員總數的累積增長推動的。此外，我們的費率還受益於我們去年對免費的“我的百思買”產品所做的計劃更改。

Second, product margin rates improved versus last year despite increased promotional activity. And third, the profit sharing revenue from our private label credit card arrangement was a benefit to our domestic gross profit rate. Overall, the results this quarter aligned with our commitment to improve our gross profit rate this year.

其次，儘管促銷活動有所增加，但產品利潤率與去年相比有所提高。第三，我們的私人標籤信用卡安排的利潤分享收入有利於我們的國內毛利率。總體而言，本季度的業績符合我們今年提高毛利率的承諾。

Our International non-GAAP gross profit rate of 23.7% decreased 60 basis points compared to last year, which added approximately 10 basis points of pressure to our enterprise results on a weighted basis. The lower international gross profit rate was primarily driven by a lower mix of revenue from the higher-margin rate services category.

我們的國際非美國通用會計準則毛利率為 23.7%，比去年下降了 60 個基點，這對我們的企業業績加權後增加了約 10 個基點的壓力。較低的國際毛利率主要是由於較高利潤率服務類別的收入組合較低所致。

Before moving on, I would like to give some additional context on the profit sharing revenue from our credit card arrangement, which we have now called out as a benefit to our gross profit rate for the last 8 quarters. In fiscal '23, the profit share was approximately 1.4% of domestic revenue, an increase of 50 basis points compared to fiscal '20. The growth was driven by the increased usage of our card both at and outside of Best Buy and a favorable credit environment. Our outlook for fiscal '24 assumes that profit share will have a slightly negative year-over-year impact on our gross profit rate for the remainder of the year.

在繼續之前，我想就我們的信用卡安排的利潤分享收入提供一些額外的背景信息，我們現在稱其為過去 8 個季度毛利率的一個好處。在 23 財年，利潤份額約為國內收入的 1.4%，比 20 財年增加了 50 個基點。這一增長是由百思買內外信用卡使用量的增加以及有利的信貸環境推動的。我們對 24 財年的展望假設利潤份額將對今年剩餘時間的毛利率產生輕微的同比負面影響。

Domestic non-GAAP SG&A declined $29 million with the primary drivers being lower store payroll costs and reduced advertising, which were partially offset by higher incentive compensation and depreciation.

國內非 GAAP SG&A 下降了 2900 萬美元，主要驅動因素是商店工資成本降低和廣告減少，這部分被更高的激勵補償和折舊所抵消。

Moving to the balance sheet. We ended the quarter with a little more than $1 billion in cash. Our year-end inventory balance was approximately 17% 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. During the quarter, we returned a total of $281 million to shareholders through dividends of $202 million and share repurchases of $79 million. Our quarterly dividend of $0.92 was an increase of 5% and marked the tenth straight year of dividend increases.

轉到資產負債表。本季度結束時，我們的現金略多於 10 億美元。我們的年末庫存餘額比去年同期低約 17%，我們對整體庫存狀況和庫存健康狀況仍然感到滿意。本季度，我們通過 2.02 億美元的股息和 7900 萬美元的股票回購向股東返還了 2.81 億美元。我們 0.92 美元的季度股息增加了 5%，標誌著股息連續第十年增加。

We expect to continue share repurchases throughout fiscal '24. However, we are not providing a target. We will continue to assess our overall working capital needs and provide updates as we progress through the year.

我們預計將在整個 24 財年繼續回購股票。但是，我們沒有提供目標。我們將繼續評估我們的整體營運資金需求，並隨著我們今年的進展提供更新。

Moving next to capital expenditures, where we still expect to spend approximately $850 million this year. This reflects a reduction of approximately $80 million compared to last year with lower store-related investments being the primary driver of the reduced spend.

接下來是資本支出，我們預計今年仍將支出約 8.5 億美元。這反映出與去年相比減少了約 8000 萬美元，與商店相關的投資減少是支出減少的主要原因。

Now I would like to discuss our fiscal '24 outlook. As a reminder, our original guide for this year assumes the consumer electronics industry would continue to feel the pressure of the broader macro environment and the high degree of uncertainty as it relates to the consumer.

現在我想討論一下我們的 24 財年展望。提醒一下，我們今年的原始指南假設消費電子行業將繼續感受到更廣泛宏觀環境的壓力以及與消費者相關的高度不確定性。

Our financial performance in the first quarter closely align with our expectations, and we are maintaining the full year guidance we provided this past March. Given the current environment, we are, of course, preparing for a number of scenarios within our guidance range. At this point, we believe our sales align closer to the midpoint of the annual comparable sales guidance. It is still early in the year so we will continue to watch the trends closely and adjust as necessary.

我們第一季度的財務業績與我們的預期非常吻合，我們維持了去年 3 月提供的全年指引。鑑於當前的環境，我們當然正在為我們指導範圍內的許多情景做準備。在這一點上，我們認為我們的銷售額更接近年度可比銷售額指導的中點。現在仍處於年初，因此我們將繼續密切關注趨勢並根據需要進行調整。

Let me provide more details on our guidance and working assumptions. Starting with revenue, we expect Enterprise revenue in the range of $43.8 million to $45.2 billion and Enterprise comparable sales decline of 3% to 6%. As a reminder, the fourth quarter of fiscal '24 contains an extra week. We expect the 53rd week to add approximately $700 million of revenue, and it is excluded from our comparable sales. Our guide implies comparable sales trends versus last year improve as we progress through the year.

讓我提供更多關於我們的指導和工作假設的細節。從收入開始，我們預計企業收入在 4380 萬美元至 452 億美元之間，企業可比銷售額下降 3% 至 6%。提醒一下，24 財年第四季度還有一周。我們預計第 53 週將增加約 7 億美元的收入，但不包括在我們的可比銷售額中。我們的指南暗示，隨著我們在這一年的進展，與去年相比可比的銷售趨勢有所改善。

Let me share context on that. Starting in Q1 of last year, our industry experienced the beginnings of macro pressure and the broader implications of normalizing consumer demand trends after 2 years of higher growth. This resulted in a 10% comparable sales decline for the full year. For the remainder of this year, we will continue to lap the industry pressure that only worsened from the first quarter of last year.

讓我分享一下這方面的背景。從去年第一季度開始，我們的行業經歷了宏觀壓力的開始，以及在經歷了 2 年的高速增長後消費者需求趨勢正常化的更廣泛影響。這導致全年可比銷售額下降 10%。在今年餘下的時間裡，我們將繼續應對去年第一季度才惡化的行業壓力。

Furthermore, when using fiscal '20 as a comparison, you will see that our guidance implies revenue trends will further soften in the second quarter. After removing the estimated revenue from the 53rd week, the midpoint of our revenue guidance reflects a scenario where our growth, compared to fiscal '20, is slightly negative in the second quarter and regresses slightly more in the second half of this year.

此外，當使用 20 財年作為比較時，您會發現我們的指導暗示收入趨勢將在第二季度進一步走軟。在去除第 53 週的估計收入後，我們收入指引的中點反映了這樣一種情況：與 20 財年相比，我們的增長在第二季度略有負數，並在今年下半年略微倒退。

This is clearly a continued slowdown in revenue growth compared to fiscal '20. For reference, our revenue growth compared to pre-pandemic fiscal '20 peaked at 27% in Q1 of fiscal '22 and generally has been slowing ever since, the last quarter at 4%.

與 20 財年相比，這顯然是收入增長持續放緩。作為參考，與大流行前的 20 財年相比，我們的收入增長在 22 財年第一季度達到 27% 的峰值，此後總體上一直在放緩，上一季度為 4%。

Moving on to full year profitability guidance, which is, Enterprise non-GAAP operating income rate in the range of 3.7% to 4.1%, and non-GAAP diluted earnings per share of $5.70 to $6.50. Our outlook remains unchanged for a non-GAAP effective income tax rate of approximately 24.5% and for interest income to exceed interest expense this year.

轉向全年盈利指導，即企業非 GAAP 營業利潤率在 3.7% 至 4.1% 之間，非 GAAP 攤薄後每股收益為 5.70 美元至 6.50 美元。我們對非 GAAP 有效所得稅率約為 24.5% 以及今年利息收入超過利息支出的展望保持不變。

As it relates to the extra week, we expect it to benefit our full year non-GAAP operating income rate by approximately 10 basis points. I will review the full year gross profit rate and SG&A working assumptions that we shared this past March. We expect to drive gross profit rate expansion of 40 to 70 basis points compared to fiscal '23 due to the following actions and initiatives. We expect to see benefits from optimization efforts across multiple areas, including reverse supply chain, large product fulfillment and our omnichannel operations.

由於它與額外的一周有關，我們預計它將使我們的全年非 GAAP 營業收入率受益約 10 個基點。我將回顧我們在去年 3 月分享的全年毛利率和 SG&A 工作假設。由於以下行動和舉措，我們預計與 23 財年相比，毛利率將擴大 40 至 70 個基點。我們希望從多個領域的優化工作中受益，包括逆向供應鏈、大型產品履行和我們的全渠道運營。

We also expect our membership program and our health initiative to improve our gross profit rate. Lastly, we expect the impacts from promotions, supply chain costs and the profit sharing from our private label credit card, we have a relatively neutral impact to our annual gross profit rate compared to this past year.

我們還期望我們的會員計劃和健康計劃能夠提高我們的毛利率。最後，我們預計促銷、供應鏈成本和我們私人標籤信用卡的利潤分享的影響，與去年相比，我們對我們的年度毛利率有相對中性的影響。

Now moving to SG&A expectations. We expect SG&A as a percentage of sales to increase by approximately 100 basis points compared to last year. We expect higher incentive compensation as we reset our performance targets for the new year, and the high end of our guidance assumes incentive compensation increases by approximately $225 million compared to fiscal '23.

現在轉向 SG&A 預期。我們預計 SG&A 佔銷售額的百分比與去年相比將增加約 100 個基點。隨著我們重新設定新的一年的績效目標，我們預計會有更高的激勵薪酬，並且我們的指導意見的高端假設激勵薪酬與 23 財年相比增加了約 2.25 億美元。

Depreciation expense is expected to increase by approximately $50 million and store payroll expense is expected to be approximately flat to fiscal '23 as a percentage of sales. As it relates specifically to the second quarter, we expect that comparable sales will decline in the range of 6% to 8%, which reflects a sequential year-over-year improvement compared to the first quarter. Our revenue growth trends during the first 3 weeks of the quarter improved from April and were within our Q2 guidance range.

折舊費用預計將增加約 5000 萬美元，商店工資費用預計將與 23 財年銷售額的百分比大致持平。由於與第二季度具體相關，我們預計可比銷售額將下降 6% 至 8%，這反映出與第一季度相比環比有所改善。我們本季度前 3 週的收入增長趨勢比 4 月份有所改善，並且在我們第二季度的指導範圍內。

On the profitability side, we anticipate our second quarter non-GAAP operating income rate to be approximately 3% or slightly higher. Lastly, we expect SG&A dollars to be approximately flat to last year, at the midpoint of our revenue range. I will now turn the call over to the operators for questions.

在盈利能力方面，我們預計第二季度非公認會計準則營業收入率約為 3% 或略高。最後，我們預計 SG&A 美元與去年大致持平，處於我們收入範圍的中點。我現在將把電話轉給接線員提問。

(Operator Instructions) And your first question comes from the line of Simeon Gutman from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Simeon Gutman。

Nice job navigating in this backdrop. My question -- my 1 question is on industry growth, this idea that maybe we bottom this year. If you look at the category, it's more than reverted, to your point, Matt, around sales trends. It looks like it's overshot in a way.

在這種背景下導航很不錯。我的問題——我的第一個問題是關於行業增長，這個想法可能會在今年觸底。如果你看一下這個類別，就你的觀點而言，它不僅僅是圍繞銷售趨勢回歸的，馬特。看起來它在某種程度上過火了。

And you could have made the case that this year, '23, could have -- should have been sort of the bottom and even the turn. So what gives you confidence in '24 because once you overshoot, it's hard to determine where that bottom is? Curious if you can provide some more color.

你本可以證明今年，'23，本可以 - 應該是底部甚至轉折點。那麼是什麼讓你對 24 年充滿信心，因為一旦你超調，就很難確定底部在哪裡？好奇您是否可以提供更多顏色。

Yes. Thank you, Simeon. Let me start with a little bit of the backdrop here. And I think we've been pretty consistent in saying we started really in Q2 of last year and saying the consumer is clearly making trade-off decisions in a very unique environment. So to your kind of original question on the reversion, I think what we would say is we've been seeing a consumer who is, whether or not you call it a recession, exhibiting some recessionary behaviors, depending on the different category that you're talking about. So it's absolutely unusual.

是的。謝謝你，西蒙。讓我從這裡的一些背景開始。而且我認為我們一直非常一致地說我們真的是從去年第二季度開始的，並且說消費者顯然是在一個非常獨特的環境中做出權衡決定。所以對於你關於回歸的原始問題，我想我們會說的是，我們一直在看到一個消費者，無論你是否稱之為衰退，都表現出一些衰退行為，這取決於你的不同類別'重新談論。所以這絕對不尋常。

I think as we look ahead, we start to feel like you see the turn in the business as you head out the back half of this year and into next year. And there are a few industry sources that we're using to help substantiate that. If you look at NPD, CTA, Forrester, a lot of those have the same kind of point of use.

我認為，當我們展望未來時，我們開始覺得您會在今年下半年和明年開始時看到業務的轉變。我們正在使用一些行業資源來幫助證實這一點。如果你看看 NPD、CTA、Forrester，其中很多都有相同的用途。

So first of all, we're just looking externally to say what do we see in the landscape. But I think we try to lay out even within the prepared remarks, there are some key tenets here that we believe underscore our thoughts for next year. One is, this idea of truly a larger installed base. Yes, absolutely, there was some pull forward in the pandemic, but some of that had to be incremental given you now have 2x as many connected devices in people's homes as you had versus just 2019. So you absolutely have this larger installed base of product. And these are not static products. These are products that we can already see our vendors working to upgrade and innovate and drive.

所以首先，我們只是從外部看，看看我們在景觀中看到了什麼。但我認為，即使在準備好的發言稿中，我們也試圖闡明，我們認為這裡有一些關鍵原則強調了我們對明年的想法。一是，這種真正擴大安裝基礎的想法。是的，當然，在大流行中有一些推動力，但其中一些必須是漸進的，因為現在人們家中連接的設備數量是 2019 年的 2 倍。所以你絕對擁有更大的產品安裝基礎.這些不是靜態產品。這些是我們已經可以看到我們的供應商正在努力升級、創新和推動的產品。

The second point that we made, which is replacement cycles, natural replacement cycle is 3 to 7 years, like we said, quicker on the mobile side, computing in the middle, appliances and TVs more on the high end. But these are pretty consistent replacement cycles that we see over time.

我們提出的第二點，就是更換週期，自然更換週期是3到7年，就像我們說的，移動端更快，中間是計算，高端是家電和電視。但隨著時間的推移，這些是我們看到的非常一致的更換週期。

If anything, we saw them maybe accelerate a bit during the pandemic, normalize a bit more now. But on the whole, you've got products that, because of their nature, you're going to want to upgrade. And then the third is the pace of vendor innovation. And you can -- despite we gave some specific examples in the prepared remarks, you can already start to see some of that innovation coming. I think the window that we have into our vendors would say it's more towards the back half of this year and into next year. I think we were clear in the prepared remarks to say this is all based on what we can see now, and we're going to continue to evaluate. But as of right now, it feels like the consumer's kind of made their choices about the industry that we're in. And you still feel really well set up as we start to head into the next calendar year.

如果有的話，我們看到它們在大流行期間可能會加速一點，現在再正常化一點。但總的來說，你有一些產品，由於它們的性質，你會想要升級。第三是供應商創新的步伐。你可以——儘管我們在準備好的評論中給出了一些具體的例子，但你已經可以開始看到一些創新的到來。我認為我們進入供應商的窗口會說它更接近今年下半年和明年。我想我們在準備好的評論中很清楚地說這一切都是基於我們現在所看到的，我們將繼續評估。但就目前而言，感覺就像消費者對我們所處的行業做出了選擇。當我們開始進入下一個日曆年時，你仍然感覺非常好。

Your next question comes from the line of Joe Feldman from Telsey Advisory Group.

你的下一個問題來自 Telsey Advisory Group 的 Joe Feldman。

I have a couple of quick follow-ups for you. With regard to the incentive comp for this year, can you help us out why it would go up as much as it is given it's such a challenging year? Not that you guys shouldn't get paid, but I just wanted to better understand.

我有幾個快速跟進給你。關於今年的激勵薪酬，你能幫我們解釋一下為什麼在這樣一個充滿挑戰的一年裡它會漲得這麼高嗎？並不是說你們不應該得到報酬，但我只是想更好地理解。

Yes, sure. First of all, I'll take you back to last year. Last year, we had about $455 million of favorability in incentive compensation. As you think about last year, by the end of last year, we had essentially not paid out any of our incentive comp based on our annual performance last year, a lot of which is driven by revenue and operating income expectations as you enter the year.

是的，當然。首先，我將帶您回到去年。去年，我們在激勵薪酬方面獲得了大約 4.55 億美元的好感。正如你對去年的看法，到去年年底，我們基本上沒有根據去年的年度業績支付任何激勵補償，其中很多是由你進入這一年時的收入和營業收入預期驅動的.

And so essentially reversed out all of that expense last year. And so as you set new targets for this year FY '24, you reset your tables and expectations for sales and operating performance. And so essentially just getting back from essentially almost a 0 payout to a 1.0 payout, we've added over -- about $225 million of expense at the top end of our guidance just simply reflect like a normal payout for this year because it's really more of a year-over-year impact of not paying out anything and then maybe starting the year with the expectation that we would pay out at a more normal midpoint.

因此，去年基本上扭轉了所有這些費用。因此，當您為今年的 FY '24 設定新目標時，您會重新設定銷售和經營業績的表格和預期。因此，基本上只是從基本上幾乎為 0 的支出恢復到 1.0 的支出，我們增加了 - 在我們指導的最高端大約 2.25 億美元的支出只是簡單地反映了今年的正常支出，因為它確實更多不支付任何費用的同比影響，然後可能以我們將在更正常的中點支付的期望開始新的一年。

Got it. That's helpful. And then a quick follow-up on the promotional side of things. I think, Corie, you had mentioned that there were some categories that were a little more promotional than expected. I was kind of curious as to what those were? And the sort of second part of promotions, are people responding when promotions do kick in?

知道了。這很有幫助。然後在促銷方面進行快速跟進。我想，Corie，你提到過有些類別的促銷活動比預期的要多一些。我很好奇那些是什麼？還有促銷活動的第二部分，當促銷活動開始時人們會做出反應嗎？

Sure. I think -- I'll start and Corie can jump in. There are a few categories that we saw a heightened level of promotionality, appliances is one of them, computing was one of them, headphones is another. There's a number that more promotional year-over-year and in some cases, even more promotional than they were pre-pandemic. And like any year, that's not just us who are incented to drive sales. Our vendors are incented to drive sales as well. and the outcome of that actually didn't lead to strengthen our product margins in totality. So the more heightened promotionality didn't necessarily manifest in profitability pressure on a year-over-year basis, but there were a number of categories that people are trying to stimulate and drive sales because of the environment we're in.

當然。我想 - 我會開始，Corie 可以加入。有幾個類別我們看到了更高水平的促銷，電器是其中之一，計算是其中之一，耳機是另一個。有一些比去年同期更多的促銷活動，在某些情況下，促銷活動甚至比大流行前還要多。和任何一年一樣，不僅僅是我們有動力推動銷售。我們的供應商也有動力推動銷售。結果實際上並沒有導致整體產品利潤率的提高。因此，更高的促銷力度不一定會在同比盈利壓力中體現出來，但由於我們所處的環境，人們正試圖刺激和推動銷售的許多類別。

From an elasticity perspective, Joe, I hate always feeling like I answer this way, it depends on the category a little bit. I think, to Matt's point about appliances, that definitely, right now, is a category that is a little bit more reflecting a duress customer or someone who needs to replace an appliance versus the more aspirational customer. In that world, you have a little bit less elasticity, you can imagine because you're not going to really respond to promotions as much.

從彈性的角度來看，喬，我討厭我總是這樣回答，這有點取決於類別。我認為，就 Matt 關於電器的觀點而言，現在肯定是一個更能反映脅迫客戶或需要更換電器的人與更有抱負的客戶的類別。在那個世界裡，你的彈性有點小，你可以想像，因為你不會真正對促銷做出那麼多的反應。

Some of the other parts of the business that Matt mentioned around particularly things like home theater, we're seeing response when there's more promotionality and more value. And I think, overarchingly, what I -- from a consumer perspective, this is absolutely a consumer who's looking for value and will respond to some extent, but it can depend a bit on the category that we're talking about and what their state of mind is in terms of how aspirational they want to be within that category.

馬特提到的業務的其他一些部分，特別是家庭影院等，當有更多的促銷活動和更多的價值時，我們看到了回應。而且我認為，總體而言，我 - 從消費者的角度來看，這絕對是一個正在尋找價值並會在某種程度上做出回應的消費者，但這可能在某種程度上取決於我們正在談論的類別以及他們的狀態心態取決於他們希望成為該類別中的人。

Your next question comes from the line of Anthony Chukumba from Loop Capital.

你的下一個問題來自 Loop Capital 的 Anthony Chukumba。

I was just wondering if you could just give a little bit more color on the Services business. You had a pretty strong comp increase in the Domestic business, but then in the International business, it was down. And I know part of that had to do with compares, but I was just wondering if you can just give us a little more color in terms of the divergence there.

我只是想知道你是否可以給服務業務多一點色彩。你在國內業務中有相當強勁的增長，但在國際業務中，它卻下降了。我知道其中一部分與比較有關，但我只是想知道你是否可以就那裡的分歧給我們更多的顏色。

Yes, sure, Anthony. The -- on the Domestic side, the services revenue growth is attributable to the growth in total tech members from this point to last year. And so as we continue to sign up members, we continue to have more revenue come through that. And that's essentially the growth in the services category on the Domestic side.

是的，當然，安東尼。 - 在國內方面，服務收入增長歸因於從此時到去年的技術成員總數的增長。因此，隨著我們繼續註冊會員，我們將繼續從中獲得更多收入。這本質上是國內服務類別的增長。

On the International side, we did say that there is some gross profit rate pressure on Services. They're doing similar membership changes in Canada, and that's simply a reflection of timing of those membership changes they made last year. This year, they start to cycle those changes they made earlier in their year after this Q1. So that is a reflection of some of the membership changes that they're also making, not the same, but similar to what the domestic side is doing.

在國際方面，我們確實說過服務業存在一定的毛利率壓力。他們在加拿大進行了類似的會員變更，這只是反映了他們去年進行的會員變更的時間安排。今年，他們開始循環他們在今年第一季度之後所做的更改。因此，這反映了他們也在進行的一些成員變更，與國內方面正在做的不一樣，但相似。

Your next question comes from the line of Mike Baker from D.A. Davidson.

你的下一個問題來自 D.A. 的 Mike Baker。戴維森。

I just wanted to follow up on a membership question. And so you're making some changes, which presumably is based on driving better profitability, yet the guidance for the profitability impact this year is unchanged, maybe that's just timing because it takes time to implement these changes. But what does this do to the long-term outlook in terms of the profitability on the membership business?

我只是想跟進一個會員問題。所以你正在做一些改變，這大概是基於提高盈利能力，但今年對盈利能力影響的指導沒有改變，也許這只是時機，因為實施這些改變需要時間。但這對會員業務盈利能力的長期前景有何影響？

Maybe I'll start and then Matt can add. We went into the year, Mike, knowing we were going to make changes to our membership program. We have the most clarity around My Best Buy, the free program, and those changes we actually put in place at the beginning of the fiscal year. But we also had an aspiration to make changes to the other side of the program. And this just gave us a little bit of time to -- before we announce the formal changes, but we had baked the assumption that we would get these changes into the guide for the year.

也許我會開始，然後 Matt 可以補充。邁克，我們進入了這一年，知道我們將對我們的會員計劃進行更改。我們對“我的百思買”、免費計劃以及我們在本財年開始時實際實施的那些變化最為清楚。但我們也有改變計劃另一面的願望。這只是給了我們一點時間 - 在我們宣布正式更改之前，但我們已經假設我們會將這些更改納入今年的指南。

Yes. So very specifically, we -- last quarter and this quarter, we've said that the gross profit rate, about 40 to 70 basis points of increase this year, one of those reasons is the changes to the membership program, part of which is the My Best Buy changes, as Corie mentioned, and then just expected changes on the other parts of the membership program.

是的。所以非常具體地，我們 - 上個季度和本季度，我們已經說過毛利率，今年增加了大約 40 到 70 個基點，其中一個原因是會員計劃的變化，其中一部分是正如 Corie 提到的那樣，My Best Buy 發生了變化，然後會員計劃的其他部分也發生了變化。

And to your last part of your question, we would expect to continue to iterate and update the membership financials and expect to see probably continued profit rate expansion as you look into next year. Obviously, as you -- we still have Totaltech members that still have 2 years of benefits, and we'll have to honor those for that 2 years. And then as you get into the back half of this year, we will we'll start to see the benefit of the changes more. And then get into next year, we would continue to iterate and have to see it more upside.

對於你問題的最後一部分，我們希望繼續迭代和更新會員財務，並希望在你展望明年時看到可能持續的利潤率擴張。顯然，就像你一樣——我們仍然有 Totaltech 成員，他們仍然有 2 年的福利，我們必須尊重那些 2 年的人。然後當你進入今年下半年時，我們將開始看到更多變化的好處。然後進入明年，我們將繼續迭代，並且必須看到它有更多的上漲空間。

Got it. Well, someone took advantage of the free installation, I'll miss that, but I'll take my $20 savings on the annual fee.

知道了。好吧，有人利用了免費安裝，我會想念的，但我會節省 20 美元的年費。

Well, we promised that there will still be great deals on installation. And we made clear that we're still going to pull some of those great deals. So you will still see those coming. Also, please don't get too upset yet. And the other thing I just want to add, Mike, before you go is absolutely part of the changes result in impact to profitability. The intent of the changes was to understand customer behavior and then adjust the membership program based on the customer behavior we were seeing.

好吧，我們承諾在安裝方面仍然會有很大的優惠。我們明確表示，我們仍將達成其中一些大交易。所以你仍然會看到那些來了。另外，請不要太難過。邁克，在你離開之前，我只想補充的另一件事絕對是對盈利能力產生影響的變化的一部分。更改的目的是了解客戶行為，然後根據我們看到的客戶行為調整會員計劃。

So in a world where you used to historically value points, but now things like free, reliable, fast shipping matter a lot more, you make that adjustment, not just because it has profitability impacts, but because you're actually learning about what your customers value and what accomplishes what you set out to do, which is to have more sticky customer relations relationships, increase that frequency and increase that share of wallet. So we're really trying to balance both sides of the equation as we're making these decisions.

因此，在過去您過去重視點數的世界中，但現在免費、可靠、快速送貨等事情變得更加重要，您做出這種調整，不僅是因為它會影響盈利能力，而且因為您實際上正在了解您的客戶的價值以及實現您的目標的方法，即建立更牢固的客戶關係，增加頻率並增加錢包份額。因此，在做出這些決定時，我們確實在努力平衡等式的兩邊。

Your next question comes from the line of Chris Horvers from JPMorgan.

你的下一個問題來自摩根大通的 Chris Horvers。

Two related questions. So you talked about the midpoint for the year on the sales side, but you didn't comment on the operating margin range. And you did just materially beat your sort of gross -- what you talked about for the gross margin in the first quarter here. So are you expecting some give back? Any comments on that range?

兩個相關的問題。所以你談到了銷售方面的年度中點，但你沒有評論營業利潤率範圍。而且你確實大大超過了你的毛利率——你在這裡談到的第一季度的毛利率。那麼你期待一些回饋嗎？對該範圍有何評論？

And then, Corie, you mentioned preparing for a number of different scenarios, I guess, what does that mean? You have cut a lot of expense out of the business on the labor side. That's your biggest cost. It's still inflationary, where you see the opportunity to sort of protect the bottom line if comps do come in worse than expected?

然後，Corie，你提到為許多不同的場景做準備，我猜，這是什麼意思？在勞動力方面，你們已經削減了企業的大量開支。這是你最大的成本。它仍然是通貨膨脹，如果 comps 確實比預期差，你在哪裡看到保護底線的機會？

Yes, I'll start, and Corie can jump in. Thanks, Chris. The -- in terms of the EBIT midpoint, we did not comment on that. I think there's more moving pieces within the EBIT level between gross margins and SG&A levers that we can pull depending on where the sales trends go. The largest factor in that equation is going to be gross profit rate. And we're obviously reflecting a range of 40 to 70 basis points. And so in terms of where we land, we have a little bit more drivers or levers we can pull to kind of maneuver through that range.

是的，我會開始，科里可以加入。謝謝，克里斯。 - 就息稅前利潤中點而言，我們沒有對此發表評論。我認為在毛利率和 SG&A 槓桿之間的 EBIT 水平內有更多移動部分，我們可以根據銷售趨勢的走向來調整。該等式中最大的因素將是毛利率。我們顯然反映了 40 到 70 個基點的範圍。因此，就我們著陸的位置而言，我們可以拉動更多的驅動程序或槓桿來通過該範圍進行機動。

I think, in terms of the flow-through, we didn't flow through the Q1 our EBIT. It's more a function of us giving us just a little bit of room to navigate the remainder of the year. We obviously have a wide range of outcomes for the year, and we want to just make sure we're being prudent with how we're making decisions as we get towards the more meaningful back half of the year.

我認為，就流通而言，我們沒有通過第一季度的息稅前利潤。這更像是我們的一個功能，給我們一點空間來度過今年餘下的時間。今年我們顯然取得了廣泛的成果，我們只是想確保在我們邁向更有意義的下半年時謹慎地做出決策。

Your next question comes from the line of Peter Keith from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Peter Keith。

I wanted to just talk about the sales trend from the last couple of months in the context of the overall retail landscape. So you did talk about a bit of a softening through the quarter, although I think February, of the last conference call, you were roughly down 10%. So it didn't seem like there was too much softening.

我只想談談過去幾個月在整體零售格局背景下的銷售趨勢。所以你確實談到了整個季度的一些疲軟，儘管我認為在上次電話會議的 2 月份，你大約下降了 10%。所以看起來並沒有軟化太多。

At the same time, retail has seen a significant weakness in big-ticket discretionary. You would think consumer electronics would be impacted by that. So your sales can be down, but not falling off a cliff. Maybe comment on what you're seeing within your business versus what you think is happening more broadly at retail?

與此同時，零售業在可自由支配的大件商品方面出現了明顯的疲軟。你會認為消費電子產品會受到影響。所以你的銷售額可能會下降，但不會一落千丈。也許評論一下您在您的業務中看到的情況與您認為零售業更廣泛發生的情況？

Sure. I can start talking about the cadence of the quarter and then Corie can jump in about broader retail. Similar to the retail industry, we did see our sales sequentially get worse as the quarter progressed. February was the best performing month that we come in a little bit better than our -- the guidance we gave as we started the quarter, but there are a few reasons for that.

當然。我可以開始談論本季度的節奏，然後 Corie 可以開始談論更廣泛的零售業。與零售業類似，我們確實看到我們的銷售額隨著季度的進展而連續惡化。 2 月是我們表現最好的一個月，比我們在本季度開始時給出的指導要好一些，但有幾個原因。

I mean we gave growth number, not a comp number, so there's a bit of difference between the growth number and the comp number. We always have a few closing the book entry. So comps in the quarter did sequentially get worse. We have, as we indicated, starting the quarter in line with the range that we gave for the first -- for the full quarter Q2, so therefore, improving from April into May in terms of comp. And so we feel good about that range we gave for Q2 at the moment.

我的意思是我們給出了增長數字，而不是補償數字，因此增長數字和補償數字之間存在一些差異。我們總是有一些關閉的書籍條目。因此，本季度的業績確實連續惡化。正如我們所指出的那樣，我們在本季度開始時與我們為第一個季度提供的範圍一致 - 對於整個第二季度，因此，從 4 月到 5 月，在 comp 方面有所改善。因此，我們對目前為第二季度給出的範圍感到滿意。

As it relates to the consumer, Peter, I think we've been pretty consistent since really starting in Q1 of last year, saying, we felt like, to your point exactly, in big ticket discretion and specifically in CE, given especially how much demand we saw through the pandemic, the consumer was going to make trade-off decisions. And it's a consumer that clearly, when they're faced with record high inflation versus 2020 in food, housing and fuel, that's going to drive those trade-off decisions.

關於消費者，彼得，我認為自從去年第一季度真正開始以來我們一直非常一致，說，我們覺得，對於你的觀點，在大票自由裁量權方面，特別是在 CE 方面，特別是考慮到多少我們通過大流行看到的需求，消費者將做出權衡決定。很明顯，當他們在食品、住房和燃料方面面臨與 2020 年相比創紀錄的高通脹時，消費者將做出這些權衡決定。

And I think what we've been anchored on is making sure we provide the best possible value and even altering and changing the membership program to make sure we're meeting that consumer where they are. And what we can see, I mean, we've always said, it's really hard to measure share in our business, right, because especially when it comes to services and new categories, it's very difficult.

而且我認為我們一直堅持的是確保我們提供最好的價值，甚至改變和改變會員計劃以確保我們在消費者所在的地方與他們會面。我們可以看到，我的意思是，我們總是說，很難衡量我們業務的份額，對吧，因為特別是在服務和新類別方面，這非常困難。

But what we believe is we're at least maintaining share in the industry. And so, to your point, it's an industry where the consumer is making decisions, but it's also an industry where everyone needs the stuff that we've got. It's not like these are just want-to-have products they're need-to-have products.

但我們相信我們至少在行業中保持著份額。因此，就您的觀點而言，這是一個由消費者做出決定的行業，但它也是一個每個人都需要我們擁有的東西的行業。這些並不是想要擁有的產品，而是需要擁有的產品。

And we -- especially as we look at those innovation cycles coming up, we can start to see this will stimulate a replacement and innovation cycle. So for right now, I feel really good about what we're trying to do to stay with the customer where they are given the trade-off decisions that they're making. And this industry is quite different than some of the others. And I think we've been pretty consistently trying to articulate what we're seeing in our consumers, and therefore, addressing their needs appropriately.

而且我們 - 特別是當我們看到那些即將到來的創新周期時，我們可以開始看到這將刺激更換和創新周期。因此，就目前而言，我對我們正在努力做的事情感到非常滿意，以便與客戶保持聯繫，讓他們做出權衡決定。這個行業與其他行業截然不同。而且我認為我們一直在努力闡明我們在消費者身上看到的東西，因此適當地滿足他們的需求。

Your next question comes from the line of Jonathan Matuszewski from Jefferies.

您的下一個問題來自 Jefferies 的 Jonathan Matuszewski。

Mine is on your B2B channel or Best Buy business, our checks would suggest you've had some pretty big wins on this side of the enterprise as of late. Curious if you could just update us on that channel, Corie.

我的是在你的 B2B 渠道或百思買業務上，我們的檢查表明你最近在企業的這一方面取得了一些相當大的勝利。好奇你是否可以在那個頻道上更新我們，Corie。

Where is it tracking in terms of sales penetration? Is recent progress reflective of maybe any investments you've been making on that side of the business? And how are you thinking about this business performing in 2023 and beyond?

它在哪裡跟踪銷售滲透率？最近的進展是否反映了您在該業務方面所做的任何投資？您如何看待這項業務在 2023 年及以後的表現？

I am incredibly proud of what our direct team has been able to accomplish, frankly, throughout the pandemic. And we haven't specifically released this as like a separate segment of the business or sized it, but it's material and its growth, in general, has been outpacing what we've been seeing in the core.

坦率地說，我為我們的直屬團隊在整個大流行期間所取得的成就感到無比自豪。而且我們沒有像業務的一個單獨部分那樣專門發布它或調整它的規模，但它是重要的，而且它的增長總體上已經超過了我們在核心業務中看到的。

And I think it's a really creative approach to everything from education, which relies highly on technology, to hospitality, which relies heavily on technology, to even agreements with sports teams and facilities where any of us know, as you walk around, there are a ton of technology experiences that are available. We continue to believe this is an interesting growth channel for us, and we even talked last time on the call a little bit about our appliance business and starting to work with homebuilders directly in a small pilot that we're doing.

我認為這是一種非常有創意的方法，從高度依賴技術的教育到高度依賴技術的酒店業，甚至與我們任何人都知道的運動隊和設施達成協議，當你四處走動時，大量可用的技術經驗。我們仍然相信這對我們來說是一個有趣的增長渠道，我們甚至在上次電話會議上談到了我們的家電業務，並開始在我們正在進行的小型試點中直接與住宅建築商合作。

So there's lots of different ways we're starting to and continuing. This has been a business for us for a long time. I think from an investment standpoint, I'm again very proud of the team has pivoted to even more of a digital experience. So if you go online and you're trying to buy at large quantity, we will basically move you into digitally the right channels to get you to the right people who can help you make more of those scaled purchases that you're looking for.

所以我們有很多不同的方式開始和繼續。長期以來，這一直是我們的業務。我認為從投資的角度來看，我再次為團隊轉向更多數字體驗感到自豪。因此，如果您上網並嘗試大量購買，我們基本上會將您帶入正確的數字渠道，讓您找到合適的人，他們可以幫助您進行更多您正在尋找的大規模購買。

So we're finding lots of digital ways to understand our customers, and therefore, target them more as potentially small business owners versus the kind of targeting we would do for a normal customer. And so I like -- the team is doing a very nice job creating all the capabilities a little bit behind the scenes, frankly, in serving these business customers, and I'm proud of the growth that we've seen in that part of the business.

因此，我們正在尋找許多數字方式來了解我們的客戶，因此，將他們更多地定位為潛在的小企業主，而不是我們為普通客戶做的那種定位。所以我喜歡 - 坦率地說，在為這些商業客戶服務的過程中，團隊在幕後創造了所有功能，做得非常好，我為我們在這方面看到的增長感到自豪這生意。

Your next question comes from the line of Brian Nagel from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Brian Nagel。

So my first question, I guess, is a bit of a follow-up to some of the questions. But clearly, you managed very, very well a difficult environment here in Q1, a challenged sales quarter. In response to other questions, you said that, I think I heard it correctly in the business, actually deteriorate as the quarter progressed. So as you look at the business now and the performance or the activity of your consumers, what gives you the greatest confidence that this is the bottom? And as we look towards '24, '25, that we'll begin -- we'll see this rebound to more normalized growth at Best Buy or within the sector.

所以我想我的第一個問題是對一些問題的跟進。但很明顯，在充滿挑戰的銷售季度的第一季度，您非常非常好地應對了艱難的環境。在回答其他問題時，你說，我認為我在業務中聽到的是正確的，實際上隨著季度的進展而惡化。因此，當您審視現在的業務以及消費者的表現或活動時，是什麼讓您最有信心認為這是底部？當我們展望 24 和 25 年時，我們將開始——我們將看到百思買或該行業內出現更正常化增長的反彈。

I think when we talk about the confidence we have, I think it is both relative to the backdrop of the performance we've seen, which was a pullback in demand last year and again projecting an ongoing pullback in demand this year. So a little bit different than some of the other industries. We started to see the change in consumer behavior much earlier than others. And as soon as -- as early as last year in Q1, we talked about it, we started to see that pullback in demand. So we're going to have now 2 consecutive years, as we talked about, of a consumer who's making some choices away from consumer electronics.

我認為，當我們談論我們擁有的信心時，我認為這與我們所看到的表現背景有關，去年需求回落，並再次預測今年需求將持續回落。所以與其他一些行業有點不同。我們比其他人更早地開始看到消費者行為的變化。早在去年第一季度，我們就談到了這一點，我們開始看到需求回落。因此，正如我們所談到的，我們現在將連續 2 年有一個消費者在消費電子產品之外做出一些選擇。

The nature of the industry is really what gives us the most confidence, and then obviously, our very stable position within it. The nature of the industry, this is an industry where technology is necessary, necessary to live our lives every think about the quantity of pieces of technology you touch in any given day, and that technology is not static. If you think about how quickly both the hardware and then if you think about what I will call air-clothes of software, things like generative AI or like VR and AR, how much that is changing, that will all drive form, feature changes in the product, which is part of what underlies our confidence at some point people want to. And we know this based on lots of history through recessions, through lots of different types of industry performance. People will upgrade and want to replace their equipment and their consumer electronics.

行業的本質確實給了我們最大的信心，然後顯然，我們在其中的地位非常穩定。這個行業的本質，這是一個技術必不可少的行業，生活中必不可少的每一天，想想你在任何一天接觸到的技術片段的數量，而且技術不是靜態的。如果你想想硬件有多快，然後想想我稱之為軟件的空氣衣，像生成人工智能或像 VR 和 AR 這樣的東西，變化有多大，這將推動形式、功能變化產品，這是人們在某些時候想要的信心的一部分。我們知道這一點是基於許多衰退的歷史，以及許多不同類型的行業表現。人們會升級並希望更換他們的設備和消費電子產品。

And so I think what gives us confidence is understanding that there is a very large vendor community out there that is very interested in continuing to stimulate demand, continuing to create really cool solutions for our customers. And that, over time, I don't see a world where we rely less on technology. And so that -- it is all those underpinnings that are giving us confidence as we head out of this year and into next year.

因此，我認為讓我們充滿信心的是了解到有一個非常大的供應商社區對繼續刺激需求非常感興趣，繼續為我們的客戶創造非常酷的解決方案。而且，隨著時間的推移，我看不到一個我們對技術的依賴程度降低的世界。因此，在我們走出今年和進入明年時，正是所有這些基礎給了我們信心。

Now we said that, and I'll repeat it, that is based on what we can today. It's based on the environment as we understand it today. So of course, we're going to continue to monitor and see how consumers navigate what is obviously a very volatile environment, but that underpinning of how different this industry is versus any others in terms of both need and constant innovation, that is the biggest part that underscores, and then obviously, our position within it and how confident we feel in our partnership with our vendors, that is what gives us the confidence as we head into next year.

現在我們說過，我會重複一遍，這是基於我們今天所能做到的。它基於我們今天所了解的環境。因此，當然，我們將繼續監控並了解消費者如何應對顯然非常不穩定的環境，但在需求和不斷創新方面，這個行業與其他行業有何不同的基礎是最大的強調的部分，然後很明顯，我們在其中的地位以及我們對與供應商的合作夥伴關係的信心，這使我們在進入明年時充滿信心。

That's very helpful, Corie. And then if I could just ask a quick follow-up on related. So a lot of talk about membership and some of the shifts you're making there with the program. So I guess as we step back, clearly, Best Buy, there's a revenue piece of the membership program. How do customers that are members of Best Buy, how do they perform versus nonmember customers from just from an overall sales perspective?

這很有幫助，科里。然後，如果我可以就相關問題進行快速跟進。因此，很多人都在談論會員資格以及您在該計劃中所做的一些轉變。所以我想當我們退後一步時，很明顯，百思買，會員計劃有一部分收入。從整體銷售的角度來看，百思買會員的客戶與非會員客戶相比表現如何？

Yes. We hit out a little bit in the prepared remarks, but they remain more engaged customers. They tend to spend more, they tend to shop across categories, they tend -- on the whole, so I'm just going to talk about this big kind of lump of members.

是的。我們在準備好的評論中打了一點，但他們仍然是更多參與的客戶。他們傾向於花更多的錢，他們傾向於跨類別購物，他們傾向於——總的來說，所以我只想談談這一大群會員。

They tend to be our most engaged customers. Now what a couple of years of paid membership has given us though is a lot of data around what is it customers distinctly value because there's really 3 things you're trying to do with any membership program. You're trying to acquire customers, you're trying to retain customers and you're constantly trying to engage customers. Acquisition, retention and engagement are the cornerstones of any membership program.

他們往往是我們參與度最高的客戶。現在，幾年的付費會員資格給了我們很多關於客戶明顯看重什麼的數據，因為你真的想通過任何會員計劃做三件事。您正在努力獲取客戶，您正在努力留住客戶，並且您一直在努力吸引客戶。獲取、保留和參與是任何會員計劃的基石。

And so, Brian, what we've been spending time on is not just who are we acquiring, but do they stay engaged with the program, are we retaining them? And so it's not just about kind of the full, here's what we see in our customers. They're for sure, more engaged and they're having better experiences. But now we can start to kind of bifurcate that large customer base into different need states. And we definitely see a customer who's really oriented around value and convenience. And we definitely see a customer who's really oriented around more fulsome service and support.

因此，布賴恩，我們一直在花時間研究的不僅僅是我們要招募的人，還有他們是否繼續參與該計劃，我們是否留住他們？因此，這不僅僅是一種完整，這是我們在客戶身上看到的。他們肯定會更加投入，並且他們擁有更好的體驗。但現在我們可以開始將龐大的客戶群分成不同的需求狀態。我們肯定會看到真正以價值和便利為導向的客戶。我們肯定會看到一個真正以更全面的服務和支持為導向的客戶。

And this gives us the opportunity, given all the now very rich customer data we have, to start to target each of those kind of populations of customers based on a more tailored offering that we believe will resonate with them.

鑑於我們現在擁有的所有非常豐富的客戶數據，這給了我們機會，根據我們認為會引起他們共鳴的更加量身定制的產品，開始針對每一類客戶群體。

And your next question comes from the line of Seth Basham from Wedbush Securities.

你的下一個問題來自 Wedbush Securities 的 Seth Basham。

My question is around store labor. You guys have made a lot of changes to the labor model over the last year and you're continuing to iterate, I'd like to get a sense from you as to what you think the status is of morale within the labor force? And then secondly, whether or not the lack of the specialized roles could impact customer service levels in a negative way?

我的問題是關於商店勞動力的。在過去的一年裡，你們對勞動力模型進行了很多改變，並且你們還在繼續迭代，我想從你們那裡了解一下你們認為勞動力中的士氣狀況如何？其次，缺少專業角色是否會對客戶服務水平產生負面影響？

Yes. I'm going to start with the second part of the question, I'll work my way backwards. There is still very specialized labor in our stores. And we are very proud of that, and we are working very hard to make sure that we retain and continue to develop that very specialized experience over time. I think what we're trying to do is make sure that we are most effectively matching our labor, some of which is specialized -- like any retailer, some of which is more kind of part-time and generalized in nature, that we are matching that specifically with how many and what type of people are coming into our stores and what it is that they need.

是的。我將從問題的第二部分開始，我會倒退。我們的商店中仍然有非常專業的勞動力。我們為此感到非常自豪，我們正在非常努力地工作，以確保我們隨著時間的推移保留並繼續發展這種非常專業的經驗。我認為我們正在努力做的是確保我們最有效地匹配我們的勞動力，其中一些是專業的 - 就像任何零售商一樣，其中一些更像是兼職和一般性的，我們是將其具體與進入我們商店的人數和類型以及他們需要什麼相匹配。

And so we have continued to obviously invest in wages. We were one of the first to go to a minimum $15. Our hourly wages are up more than 25% versus pre-pandemic. We're overarchingly investing hundreds of millions of dollars in benefits, and also, importantly, investing in career development and culture, and then really doing a lot of work to make sure we are bringing our employees along as we make these changes, involving them in the decisions and really trying to make sure that they feel like they also have a voice.

因此，我們顯然繼續投資於工資。我們是最早達到最低 15 美元的人之一。與大流行前相比，我們的時薪上漲了 25% 以上。我們總體上投資了數億美元用於福利，而且重要的是，投資於職業發展和文化，然後真正做了大量工作以確保我們在進行這些改變時讓我們的員工參與其中，讓他們參與進來在決策中，並真正努力確保他們覺得自己也有發言權。

And I think -- how do we measure that? Well, one way is obviously we're looking at turnover, and we're pretty constantly looking at turnover. And we believe our general approach is working. Our turnover remains very low versus retail averages. It's consistent year-over-year. It is incredibly low in some of the most key areas like our general managers, where our turnover is in the mid-single digits, even given everything that RGMs have gone through in the last 4 years in particular. And I think that is one of the indicators.

我認為——我們如何衡量這一點？好吧，一種方式顯然是我們正在關注營業額，而且我們一直在關注營業額。我們相信我們的一般方法正在奏效。與零售平均水平相比，我們的營業額仍然很低。年復一年是一致的。在一些最關鍵的領域，比如我們的總經理，我們的營業額非常低，即使考慮到 RGM 在過去 4 年中經歷的一切，我們的營業額也只有中個位數。我認為這是指標之一。

A second indicator, we continue to see a very high level of applications. Our applications have grown substantially year-over-year. So you're seeing people want to come into the business, which is a good sign because that means that GMs are pulling them into the business. And then third, you can imagine, we measure employee engagement. And we measure it very consistently. And not just at the high level, like here's the number. We're looking literally regionally, store-by-store, distribution center by distribution center how engaged are our employees and what can we do? How do we read those verbatims? How do we pull the themes?

第二個指標，我們繼續看到非常高水平的應用程序。我們的應用程序逐年大幅增長。所以你看到人們想進入這個行業，這是一個好兆頭，因為這意味著 GM 正在把他們拉進這個行業。第三，你可以想像，我們衡量員工敬業度。我們非常一致地衡量它。不僅僅是在高層，就像這裡的數字一樣。我們正在逐個區域、逐個商店、逐個配送中心查看我們的員工的參與度如何以及我們能做什麼？我們如何逐字閱讀這些文字？我們如何拉動主題？

So we are doing everything we can to create the most engaged workforce. So it is constant work. It is not easy for our employees to go through this level of constant change, and I am incredibly proud that so many are choosing to stay with us and continue to build this culture for the future.

因此，我們正在盡一切努力打造最敬業的員工隊伍。所以這是不斷的工作。對我們的員工來說，經歷這種不斷變化的水平並不容易，我為這麼多人選擇留在我們身邊並繼續為未來建立這種文化而感到無比自豪。

And your final question comes from the line of Steven Forbes from Guggenheim Securities.

你的最後一個問題來自古根海姆證券公司的史蒂文福布斯。

Maybe just a high-level question on ROIC. Curious if you could update us on your various initiatives, inclusive of space allocation utilization? And then where do you see ROIC stabilizing sort of as we work our way through this normalization period? I don't know if you could sort of reference a pre-COVID level, mid-20s? Any thoughts on where we sort of stabilize ROIC?

也許只是關於 ROIC 的高級問題。想知道您是否可以向我們介紹您的各種舉措，包括空間分配利用率？然後，在我們努力度過這個正常化時期的過程中，您在哪裡看到 ROIC 趨於穩定？我不知道你是否可以參考 COVID 前的水平，20 多歲？關於我們在哪裡穩定 ROIC 有什麼想法嗎？

Yes, sure. I think, at the highest level, our ROIC is impacted by the level of profitability that's flowing through that calculation. And I think where we're pointed is at continuing to make improvements in our operating model and our efficiency. As we've talked about, as we look into the next few years, we've said that we expect and want to continue to grow our operating income rate, at the same time, the industry will begin, we believe, turnaround, and we'll continue to grow in sales and our OI rate will continue to improve as we look forward or expected to.

是的，當然。我認為，在最高層面上，我們的 ROIC 受到計算中盈利水平的影響。我認為我們的重點是繼續改進我們的運營模式和效率。正如我們所談到的，當我們展望未來幾年時，我們已經說過我們期望並希望繼續提高我們的營業收入率，與此同時，我們相信該行業將開始轉機，並且我們的銷售額將繼續增長，我們的 OI 率將繼續提高，正如我們期待或預期的那樣。

With that happening, we'll be able to drive a better profitability and that ROIC will start to climb probably back up closer to where we were, but again, that's through a combination of the industry improving, our initiatives continuing to improve and creating efficiencies and optimization through our business.

有了這種情況，我們將能夠提高盈利能力，並且 ROIC 將開始攀升，可能會回到更接近我們之前的水平，但同樣，這是通過行業改善、我們的舉措不斷改善和創造效率的結合並通過我們的業務進行優化。

I think we have a great history, I would argue, in optimizing ROIC and making those educated bets. I would use even our store footprint as an example, things like our experience stores or outlets. There's a reason that we are pursuing those with vigor. And you can imagine what we're seeing in terms of return on those investments is giving us a lot of confidence into the future. There're other places where we're still testing and trying to make sure we feel like that ROIC is in line.

我認為我們在優化 ROIC 和進行有根據的賭注方面擁有偉大的歷史。我什至會用我們的商店足跡作為例子，比如我們的體驗店或奧特萊斯。我們積極追求那些人是有原因的。你可以想像我們在這些投資回報方面所看到的讓我們對未來充滿信心。在其他地方，我們仍在測試並試圖確保我們覺得 ROIC 符合要求。

So I think we're pointing to that continuing to drive that return for our investors. And with that, I think that was our last question. So thank you for joining us today. I hope that many of the investors for listening today will be able to join us for our Annual Shareholder Meeting, which will be held virtually on June 14. So thank you, and have a great day.

所以我認為我們指的是繼續為我們的投資者帶來回報。有了這個，我認為這是我們的最後一個問題。感謝您今天加入我們。我希望今天聆聽的許多投資者能夠參加我們將於 6 月 14 日虛擬舉行的年度股東大會。謝謝大家，祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。