百思買 (BBY) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Best Buy Second 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，感謝你們的支持。歡迎參加百思買 2024 財年第二季度收益電話會議。 （操作員說明）謹此提醒，此通話正在錄音以供回放，並將在下午 1:00 左右播放。今天東部時間。 （操作員指示）我現在將電話會議轉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 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，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科里·巴里 (Corie Barry)；和我們的首席財務官馬特·比盧納斯 (Matt Bilunas)。在今天的電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬以及這些非 GAAP 財務指標為何有用的解釋可以在今天上午的收益報告中找到，該報告可在我們的網站 Investors.bestbuy 上找到。 com .

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's current earnings release and our most current 10-K and subsequent 10-Qs for more information on these risks and uncertainties.

我們今天將發表的一些聲明被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。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，並受到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。請參閱公司當前的盈利報告以及我們最新的 10-K 和後續 10-Q，了解有關這些風險和不確定性的更多信息。

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.

該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之後可能發生的事件或情況的義務。我現在將把電話轉給科里。

Good morning, everyone, and thank you so much for joining us. Today, we are reporting better-than-expected Q2 financial results. Our comparable sales came in at the high end of our guidance and profitability was better than expected. These results continue to demonstrate our strong operational execution as we balance our reaction to the current industry sales pressure with our ongoing strategic investments. As expected, our year-over-year comparable sales performance improved from the 10% decline we reported last quarter. For the second quarter, comparable sales were down 6.2%.

大家早上好，非常感謝您加入我們。今天，我們報告了好於預期的第二季度財務業績。我們的可比銷售額達到了指導值的上限，盈利能力也好於預期。這些結果繼續證明了我們強大的運營執行力，因為我們平衡了對當前行業銷售壓力的反應與持續的戰略投資。正如預期的那樣，我們的同比可比銷售業績較上季度報告的 10% 下降有所改善。第二季度可比銷售額下降 6.2%。

We expanded our Q2 gross profit rate 110 basis points from last year due to better product margins and profitability improvements in our membership program. We kept our SG&A expenses flat, while absorbing higher incentive compensation expenses than we recorded last year. Our industry continues to experience lower consumer demand due to the pandemic pull forward of tech purchases and the shift back into services spend outside the home, like travel and entertainment.

由於產品利潤率的提高和會員計劃盈利能力的提高，我們第二季度的毛利率比去年提高了 110 個基點。我們的銷售管理及行政費用保持不變，同時吸收了比去年更高的激勵補償費用。由於大流行拉動了科技購買以及旅行和娛樂等戶外服務支出的轉移，我們行業的消費者需求繼續下降。

In addition, of course, persistent inflation has impacted spending decisions for a substantial part of the population. I continue to be incredibly proud of the way our teams are managing the business today and preparing for our future in light of the industry pressure and ongoing uncertain macro conditions. We strategically managed our promotional plan and we're price competitive in an environment where consumers are very deal-focused, and the level of industry promotions and discounts were above last year and often and above pre-pandemic fiscal '20.

此外，當然，持續的通貨膨脹也影響了很大一部分人口的支出決策。鑑於行業壓力和持續不確定的宏觀環境，我仍然對我們的團隊管理當今業務並為未來做好準備的方式感到無比自豪。我們戰略性地管理我們的促銷計劃，在消費者非常注重交易的環境中，我們具有價格競爭力，而且行業促銷和折扣的水平高於去年，並且經常高於大流行前的 20 財年。

In the first half of the year, our purchasing customer behavior has remained relatively consistent in terms of demographics, and the percent of purchases categorized as premium. Our inventory at the end of the quarter was down compared to last year, in line with our sales decline as the team continues to manage inventory strategically targeting approximately 60 days of forward supply. Our customer satisfaction with product availability has been improving over the past few years and is now the highest it has been since the start of the pandemic. I would note that while we were not at perfect inventory levels last year, we were more rightsized than many and are not lapping the kind of clearance pressure that other retailers experienced.

今年上半年，我們的購買客戶行為在人口統計和高端購買比例方面保持相對一致。由於團隊繼續戰略性地管理庫存，目標是大約 60 天的遠期供應，因此本季度末我們的庫存比去年有所下降，與我們的銷售額下降一致。過去幾年，我們的客戶對產品可用性的滿意度一直在提高，目前已達到疫情爆發以來的最高水平。我要指出的是，雖然我們去年的庫存水平並不完美，但我們比許多零售商都進行了更合理的規模調整，並且沒有像其他零售商那樣承受清倉壓力。

We continue to make it easy and enjoyable for consumers to get the best tech and premier expert service when they want it through our online store and in-home experiences. Almost 1/3 of our domestic revenue came from our digital assets, including our mobile app. We have made considerable improvements to our app customer experience, and the percent of our online sales coming through the app has doubled in just the last 3 years to more than 20% of our online revenue. We are pleased to see higher app usage overall as our app customers engage 3x more often than customers engaging with us on other digital platforms.

我們繼續讓消費者在需要時通過我們的在線商店和家庭體驗輕鬆愉快地獲得最好的技術和一流的專家服務。我們國內收入的近 1/3 來自我們的數字資產，包括我們的移動應用程序。我們對應用程序客戶體驗進行了相當大的改進，通過該應用程序實現的在線銷售額百分比在過去 3 年裡翻了一番，達到在線收入的 20% 以上。我們很高興看到應用程序總體使用率更高，因為我們的應用程序客戶的互動頻率是其他數字平台上客戶與我們互動的三倍。

Our buy online, pickup in store percent of online sales continues to be 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 rate of in-store pickup by our customers truly underscores the importance of the combination of our digital and physical locations. In addition, our focus on providing customers with expertise and support continues to be highlighted by material improvements in satisfaction scores for our in-store and in-home tech services as well as our home delivery experience.

我們的在線購買、店內提貨佔在線銷售額的比例仍然略高於 40%。考慮到我們的配送速度（近 60% 的包裹在 2 天內送達），我們相信客戶店內提貨率高的一致性確實凸顯了我們數字和實體位置相結合的重要性。此外，我們對店內和家庭技術服務以及送貨上門體驗的滿意度評分的實質性改善繼續凸顯了我們為客戶提供專業知識和支持的重點。

In fact, our remote support services, where we have the ability to remotely access and fix your computer while you're at home, has the highest NPS of all our experiences and continues to increase. These are all services we can provide at scale that no one else can. Our tech services play a material role in our unique membership program that is driving increased customer engagement and increased share of wallet. As we would expect, paid members also report much higher customer satisfaction than non-member customers. During the quarter, we successfully launched significant changes to our program designed to give customers more freedom to choose a membership that fits their technology needs, budget and lifestyle.

事實上，我們的遠程支持服務讓您在家時能夠遠程訪問和修復您的計算機，該服務的 NPS 是我們所有體驗中最高的，並且還在持續增加。這些都是我們可以提供其他人無法提供的大規模服務。我們的技術服務在我們獨特的會員計劃中發揮著重要作用，該計劃正在推動客戶參與度的提高和錢包份額的增加。正如我們所期望的那樣，付費會員的客戶滿意度也比非會員客戶高得多。在本季度，我們成功地對我們的計劃進行了重大改變，旨在讓客戶更自由地選擇適合其技術需求、預算和生活方式的會員資格。

In addition, we wanted to build in more flexibility and drive a lower cost to serve than our previous total tech program. We now offer 3 tiers: My Best Buy, My Best Buy Plus and My Best Buy Total. It is, of course, very early as we only launched the new programs on June 27, but we are seeing indicators that the program changes are driving many of the results we expected, including an uptick in year-over-year growth of overall paid membership sign-ups.

此外，我們希望比之前的總體技術計劃更具靈活性並降低服務成本。我們現在提供 3 個級別：My Best Buy、My Best Buy Plus 和 My Best Buy Total。當然，現在還為時過早，因為我們在 6 月 27 日才推出了新計劃，但我們看到有跡象表明，計劃的變化正在推動我們預期的許多結果，包括總體付費同比增長的上升。會員註冊。

For example, My Best Buy Total, which is the evolution of our prior total tech offer continues to resonate more strongly in our physical store setting. As a reminder, this tier is $179.99 per year and includes 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 includes 2 years of product protection, including AppleCare Plus on most new Best Buy purchases.

例如，My Best Buy Total，這是我們之前的整體技術產品的演變，繼續在我們的實體店環境中產生更強烈的共鳴。提醒一下，該套餐的價格為每年 179.99 美元，包括 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、電話或聊天方式對您的所有電子產品提供支持。它還包括 2 年產品保護，包括大多數新百思買購買的 AppleCare Plus。

In addition, it includes all the benefits included in My Best Buy Plus. And as a reminder, My Best Buy Plus, is a new membership tier built for customers, who want value and access. For $49.99 per year, customers get exclusive prices and access to highly anticipated product releases. They also get free 2-day shipping and an extended 60-day return in exchange window on most products. In the first several weeks since launch, this plan is resonating more with digital customers, and appeals to a broader set of customer segments across more product categories than My Best Buy Total and its predecessor, Total Tech. We are still very early in the process and are testing different promotional offers to determine what resonates most with consumers and continuously improving the digital experience to make it even easier to find deals and benefits.

此外，它還包括 My Best Buy Plus 中包含的所有優惠。提醒一下，My Best Buy Plus 是一個新的會員級別，專為想要價值和訪問權限的客戶而設計。每年只需 49.99 美元，客戶即可獲得獨家價格並獲得備受期待的產品發布。對於大多數產品，他們還可以獲得 2 天免費送貨和 60 天延長換貨期限。在推出後的最初幾週內，該計劃在數字客戶中引起了更多共鳴，並吸引了比 My Best Buy Total 及其前身 Total Tech 更廣泛的產品類別的更廣泛的客戶群體。我們仍處於這一過程的早期階段，正在測試不同的促銷優惠，以確定哪些優惠最能引起消費者的共鳴，並不斷改進數字體驗，以便更輕鬆地找到優惠和福利。

Lastly, our My Best Buy Tier remains our free 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. At the beginning of the year, we added the free shipping benefit and phased out the points-based rewards benefit for non-credit card holders.

最後，我們的“我的百思買套餐”仍然是為想要便利的客戶構建的免費計劃。它包括免費送貨、無最低購買量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、訂單跟踪和快速結帳。今年年初，我們增加了免費送貨優惠，並逐步取消了非信用卡持有者的積分獎勵優惠。

As a reminder, our credit card holders still have the option to earn 5% back in rewards or those chose 12 months, 18 months or even 24 months of 0% interest rate financing depending on the product category. The customer metrics continue to validate our decisions to change our free tier and our customer enrollments have remained steady. In addition, the financial impact has been better than we originally modeled.

提醒一下，我們的信用卡持卡人仍然可以選擇賺取 5% 的獎勵，或者根據產品類別選擇 12 個月、18 個月甚至 24 個月的 0% 利率融資。客戶指標繼續驗證我們更改免費套餐的決定，並且我們的客戶註冊量保持穩定。此外，財務影響比我們最初模型的要好。

For fiscal '24, we now expect our 3-tiered membership program to contribute at least 25 basis points of enterprise year-over-year operating income rate expansion, which is consistent with what we have seen in the first half of the year. During the quarter, we continued to make progress on our journey to evolve our omnichannel capability. We want to ensure we maintain a leading position in an increasingly digital age and evolving retail landscape. This means our portfolio of stores needs to provide customers with differentiated experiences and multichannel fulfillment. At the same time, we need them to be more cost and capital efficient to operate, while remaining a great place to work.

對於24財年，我們現在預計我們的三級會員計劃將為企業同比營業利潤率擴張貢獻至少25個基點，這與我們在今年上半年看到的情況一致。本季度，我們在發展全渠道能力的道路上繼續取得進展。我們希望確保我們在日益數字化的時代和不斷變化的零售格局中保持領先地位。這意味著我們的商店組合需要為客戶提供差異化​​的體驗和多渠道履行。與此同時，我們需要它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 physical store plans we announced at the beginning of the year. These include closing 20 to 30 stores, implementing 8 large format 35,000 square foot experience store remodels and expanding our outlet stores from 19 to around 25. In addition, of course, we are continuing to refresh our stores. For fiscal '24, we are particularly focused on improving the merchandising presentation given the shift to digital shopping and corresponding lower need to hold as much inventory on the shopping floor.

我們有望實現年初宣布的 24 財年實體店計劃。其中包括關閉 20 至 30 家商店、實施 8 個 35,000 平方英尺的大型體驗店改造以及將我們的直銷店從 19 家擴大到約 25 家。當然，此外，我們還在繼續更新我們的商店。對於 24 財年，鑑於向數字購物的轉變以及相應降低了在購物場所保留盡可能多庫存的需求，我們特別關注改進商品展示。

For example, in all our stores, we are installing new premium end caps in partnership with key vendors, that will improve the merchandising in the center of the store. These new end caps have that product and vendor story on the front with the inventory tucked in on the side. Importantly, it allows us to have a great demo or presentation even if we are displaying potentially less in-store inventory than we historically have. This also allows for a much better merchandising experience for products that we have deemed more at risk for shrink and have decided to hold inventory in a more secure location off the sales floor.

例如，在我們所有的商店中，我們正在與主要供應商合作安裝新的優質端蓋，這將改善商店中心的商品陳列。這些新的端蓋正面有產品和供應商故事，側面有庫存。重要的是，即使我們展示的店內庫存可能比歷史上少，它也能讓我們進行精彩的演示或演示。這也為我們認為更有收縮風險的產品提供了更好的銷售體驗，並決定將庫存存放在遠離銷售樓層的更安全的位置。

We invested in digital tools that allow the customer to quickly scan and pick up this inventory in a matter of minutes through our prioritized pick process. This minimizes shrink, prioritizes the customer experience and drives a much more efficient employee process.

我們投資了數字工具，使客戶能夠通過我們的優先提貨流程在幾分鐘內快速掃描和提貨庫存。這可以最大限度地減少縮減，優先考慮客戶體驗並推動員工流程更加高效。

In addition, in about half our stores, we are rightsizing our traditional gaming and digital imaging spaces to allow for expansion of growing categories like PC gaming, and newer offerings such as GreenWorks cordless power tools, wellness products like the Ouraring, Epson, short-throw projectors, e-bikes and scooters and Lovesac home furnishing products. While small, we are seeing promising results in some of these new categories with meaningful market share growth.

此外，在我們大約一半的商店中，我們正在調整傳統遊戲和數字成像空間的規模，以允許擴展不斷增長的類別，例如PC 遊戲，以及GreenWorks 無繩電動工具、Ouraring、Epson 等健康產品、短期產品等新產品。投擲投影儀、電動自行車和踏板車以及 Lovesac 家居產品。雖然規模較小，但我們看到其中一些新類別取得了可喜的成果，市場份額顯著增長。

As it relates to the operating model in our stores, we are continuing to drive our evolution based on 2 overarching goals. First, we needed to more efficiently allocate our labor cost, considering the higher online sales have resulted in a decline in physical store traffic and sales. Our customers and their expectations and behaviors have changed dramatically and incredibly quickly. We have been working hard to balance the amount of labor hours necessary to deliver the best experience possible for our customers and employees.

由於它與我們商店的運營模式相關，因此我們將根據兩個總體目標繼續推動我們的發展。首先，考慮到在線銷售額的增加導致實體店客流量和銷售額的下降，我們需要更有效地分配勞動力成本。我們的客戶以及他們的期望和行為發生了巨大且快速的變化。我們一直在努力平衡所需的勞動時間，以便為我們的客戶和員工提供最佳體驗。

Not all roles and the associated hourly pay are the same. And we have had to make some difficult, but strategic decisions to give us the ability to flex our labor spend appropriately. As we mentioned last quarter, with our most recent changes, we were able to add approximately 2 million additional hours for customer-facing sales associates into our staffing plan for the year. And we saw improvement in our associate availability NPS metric in the second quarter as a result. Because of these structural changes, we have driven more than 100 basis points of rate improvement in domestic store labor expense as a percent of revenue compared to fiscal '20. Additionally, we've been successful in keeping our labor rates steady as a percent of revenue, even as our sales have declined over the past several quarters.

並非所有角色和相關的小時工資都是相同的。我們必須做出一些困難但具有戰略意義的決策，以使我們能夠適當地調整勞動力支出。正如我們上季度提到的，通過最近的變化，我們能夠在今年的人員配置計劃中為面向客戶的銷售人員增加約 200 萬小時的工作時間。結果，我們看到第二季度員工可用性 NPS 指標有所改善。由於這些結構性變化，與 20 財年相比，我們已將國內商店勞動力支出佔收入的百分比提高了 100 個基點以上。此外，儘管我們的銷售額在過去幾個季度有所下降，但我們仍成功地保持了勞動力佔收入的比例穩定。

Second, we need to provide our employees flexibility, predictability and opportunities to gain more skills. We have been investing in tools and employee development programs that increase their flexibility within and across stores. As you would expect, we are also focused on leveraging existing and emerging technology to drive better customer and employee experiences across channels. We are gratified that our employee retention rates continue to outperform the retail industry, particularly in key leadership role, the vast majority of which we hire internally.

其次，我們需要為員工提供靈活性、可預測性和獲得更多技能的機會。我們一直在投資工具和員工發展計劃，以提高商店內部和商店之間的靈活性。正如您所期望的那樣，我們還致力於利用現有和新興技術來推動跨渠道更好的客戶和員工體驗。我們很高興我們的員工保留率繼續優於零售行業，特別是在關鍵領導職位上，其中絕大多數是我們內部僱用的。

Our retail workforce has led through significant change over the past 4 years. I could not be more proud of how our teams have adapted to the changing environment. But all that change, while necessary, and be hard and disruptive for any team. We are pleased to be headed into a period of stability from an operating model perspective, and we are now laser-focused on ensuring foundational retail excellence. As such, during Q2, we led thousands of employees, including more than 80% of our sales associates through a certification process focused on our baseline expectations for interacting with customers, our selling model and product category proficiency.

過去 4 年裡，我們的零售員工隊伍經歷了重大變革。我對我們的團隊如何適應不斷變化的環境感到無比自豪。但所有這些變化雖然是必要的，但對任何團隊來說都是困難和破壞性的。從運營模式的角度來看，我們很高興進入一個穩定時期，現在我們專注於確保基礎零售的卓越性。因此，在第二季度，我們帶領數千名員工（包括超過 80% 的銷售人員）通過了認證流程，重點關注我們與客戶互動的基線期望、我們的銷售模式和產品類別熟練程度。

This is just Phase 1, and we will continue to invest in training hours for subsequent phases of the program to make sure we are driving the interactions and outcomes we believe are the best for our customers and our business. As I mentioned earlier, we are working hard to balance our response to current industry conditions with our need to invest in our future. It has long been part of our cultural DNA to drive cost efficiencies and expense reductions in order to offset pressures and fund investments, and this year is no different.

這只是第一階段，我們將繼續在該計劃的後續階段投入培訓時間，以確保我們推動我們認為對客戶和業務最有利的互動和結果。正如我之前提到的，我們正在努力平衡對當前行業狀況的反應和對未來投資的需要。長期以來，推動成本效率和降低開支以抵消壓力和資助投資一直是我們文化基因的一部分，今年也不例外。

In fiscal '24, we are driving benefits from optimization efforts across multiple areas, including reverse supply chain, large product fulfillment and our omnichannel operations. This includes leveraging technology and rapidly evolving AI. For example, in customer care, our virtual agents are now answering 40% of customer questions via chat without a human agent and with high satisfaction level. We are continuing to add capabilities and are creating additional employee and customer-facing virtual agents that will simplify our most complex interactions like technology support services, while also delivering key insights from our customer care centers back into the enterprise.

在 24 財年，我們正在通過多個領域的優化工作來提高效益，包括逆向供應鏈、大型產品履行和全渠道運營。這包括利用技術和快速發展的人工智能。例如，在客戶服務方面，我們的虛擬代理現在可以通過聊天回答 40% 的客戶問題，無需人工代理，滿意度很高。我們正在繼續增加功能，並創建更多的員工和麵向客戶的虛擬代理，這將簡化我們最複雜的交互，例如技術支持服務，同時還將我們的客戶服務中心的關鍵見解傳遞回企業。

We are also testing new state-of-the-art routing capabilities to optimize our in-home operations, reducing cost of service and improving the availability and wait time of delivery and installation appointments for our customers. As we think about our growth strategies, we believe we can leverage our scale and capabilities to drive incremental profitable revenue streams. In this vein, we are exploring Geek Squad as a service opportunities with several large companies, including Accenture, KingEL and Lenovo, as we have created differentiated B2C and B2B services capability.

我們還在測試新的最先進的路由功能，以優化我們的家庭運營，降低服務成本，並改善客戶的交付和安裝預約的可用性和等待時間。當我們考慮我們的增長戰略時，我們相信我們可以利用我們的規模和能力來推動增量盈利收入流。在這方面，我們正在探索極客小隊作為與埃森哲、KingEL、聯想等多家大公司的服務機會，因為我們已經建立了差異化的B2C和B2B服務能力。

Device life cycle management is a specific example of the service we can provide others, a necessity for all companies, device life cycle management refers to the process of providing tech devices like phones and laptops to employees. This is not a core competency for most companies and the recent hybridization of work has made it even more complicated. We are already supporting a number of firms as their sole device life cycle management partner, providing end-to-end support of these company-provided devices, including procurement, provisioning, deployment, repair and end of life.

設備生命週期管理是我們可以為他人提供服務的一個具體示例，是所有公司的必需品，設備生命週期管理是指向員工提供手機和筆記本電腦等技術設備的過程。對於大多數公司來說，這並不是核心能力，而且最近的工作混合化使其變得更加複雜。我們已經作為許多公司唯一的設備生命週期管理合作夥伴為他們提供支持，為這些公司提供的設備提供端到端支持，包括採購、配置、部署、維修和生命週期結束。

This is just one example of our ability to leverage our data and assets and adds to the growth we are already seeing in areas like Best Buy Ads and Partner Plus. Before my closing remarks, I also want to take a moment to recognize our Geek Squad teams for their work with our communities. For more than 15 years, they have been sharing and teaching their tech expertise and skills to prepare the next generation for the future workforce.

這只是我們利用數據和資產的能力的一個例子，並增加了我們在百思買廣告和 Partner Plus 等領域已經看到的增長。在我致閉幕詞之前，我還想花一點時間來表彰我們的極客小隊團隊與我們社區的合作。 15 年多來，他們一直在分享和傳授他們的技術專業知識和技能，為下一代成為未來的勞動力做好準備。

This summer, we welcomed more than 2,000 kids and teens at nearly 40 Geek Squad Academy camps across the country. These camps give participants the opportunity to learn skills on everything from coding, game design, digital music and more. More importantly, they help young people build self-confidence, spark creativity and discover how technology can benefit them in their educational pursuits and future careers. I'm incredibly proud of all our Geek Squad agents and volunteers for their work this summer, inspiring thousands of young minds through tech.

今年夏天，我們在全國近 40 個 Geek Squad Academy 營地迎來了 2,000 多名兒童和青少年。這些訓練營讓參與者有機會學習編碼、遊戲設計、數字音樂等各方面的技能。更重要的是，它們幫助年輕人建立自信，激發創造力，並發現技術如何使他們在教育追求和未來職業生涯中受益。我為我們所有的極客小隊特工和志願者今年夏天的工作感到無比自豪，他們通過科技激勵了成千上萬的年輕人。

As we enter the second half of the year and look forward to the holiday season, we are both pragmatic and optimistic. Of course, the macro environment remains uncertain with a number of tailwinds and headwinds, soon including the October resumption of student loan payment, all of which results in uneven impacts on consumers. Overarchingly, we believe that the consumer is in a good place. But as we have said, they are making careful choices and trade-offs right for their households.

進入下半年，展望假期，我們既務實又樂觀。當然，宏觀環境仍存在不確定性，存在諸多有利因素和不利因素，包括即將於 10 月份恢復支付學生貸款，所有這些都會對消費者產生不平衡的影響。總體而言，我們相信消費者處於有利地位。但正如我們所說，他們正在為自己的家庭做出謹慎的選擇和權衡。

During last quarter's conference call, we noted that we were preparing for a number of scenarios within our annual guidance range, and we believed our sales were aligning closer to the midpoint of the annual comparable sales guidance. We knew it would be a challenging year for the industry, and we are halfway through the year and narrowing our outlook largely as expected. As Matt will discuss in more detail, we are updating our comparable sales guidance accordingly.

在上季度的電話會議上，我們注意到我們正在為年度指導範圍內的多種情況做準備，我們相信我們的銷售額正在接近年度可比銷售指導的中點。我們知道這對於該行業來說將是充滿挑戰的一年，而且今年已過半，我們基本上按照預期縮小了我們的前景。正如馬特將更詳細討論的那樣，我們正在相應地更新我們的可比銷售指南。

We now expect comparable sales to decline in the range of 4.5% to 6%. This compares to our previous range of down 3% to down 6%. At the same time, we are narrowing our profitability ranges effectively raising the midpoint of our previous annual guidance for non-GAAP operating income rate and earnings per share. We continue to expect that this year will be the low point in tech demand after 2 years of sales declined. Tech is a bigger part of all our lives, both in our homes and in our businesses than ever.

我們現在預計可比銷售額將下降 4.5% 至 6%。相比之下，我們之前的下降幅度為 3% 至 6%。與此同時，我們正在縮小盈利範圍，有效提高了我們之前非公認會計原則營業利潤率和每股收益年度指導的中點。我們仍然預計，在經歷了兩年銷售下滑之後，今年將是科技需求的低點。無論是在我們的家庭還是在我們的企業中，科技比以往任何時候都在我們生活中佔據更重要的部分。

And we believe next year, the consumer electronics industry should see stabilization and possibly growth driven by the natural upgrade and replacement cycles for the tech brought early in the pandemic and the normalization of tech innovation. Let me say a few words about the fourth quarter specifically. For context, we reported a comparable sales decline of 10% for fiscal '23 and roughly 8% for the first half of this year. We are guiding a Q3 year-over-year comparable sales decline that is similar to or a little better than the 6.2% decline we just reported for Q2.

我們相信，明年消費電子行業應該會看到穩定，並可能在疫情初期帶來的技術自然升級和更換週期以及技術創新正常化的推動下實現增長。我具體說一下第四季度的情況。就背景而言，我們報告 23 財年的可比銷售額下降了 10%，今年上半年的可比銷售額下降了約 8%。我們預計第三季度的可比銷售額同比下降幅度與我們剛剛報告的第二季度 6.2% 的下降幅度相似或略好一些。

Our full year guidance implies a wide range for Q4 comparable sales of down 3% to slightly positive. There are a number of factors supporting our belief that our Q4 year-over-year comparable sales will improve and could potentially turn positive. We expect growth in home theater as we expect to be better positioned with inventory across all price points and budget spend last year.

我們的全年指導意味著第四季度可比銷售額的範圍很廣，從下降 3% 到小幅增長。有許多因素支持我們的信念，即我們第四季度的同比可比銷售額將有所改善，並有可能轉為正值。我們預計家庭影院將出現增長，因為我們預計去年所有價位的庫存和預算支出都將處於更好的位置。

We are starting to see signs of stabilization in our home theater business. For example, TV sales trends improved in Q2 and units returned to growth. We expect performance in our computing category to improve as we build on our position of strength in the premium assortment. While not exactly linear, we are also starting to see signs of stabilization in this category as Q2 laptop sales trends improved materially and units were flat to last year. We expect to see continued growth in the gaming category as inventory is more readily available and there is a promising slate of new software titles expected to be released in the back half of the year.

我們開始看到家庭影院業務穩定的跡象。例如，第二季度電視銷售趨勢有所改善，銷量恢復增長。我們預計，隨著我們在高端產品類別中的優勢地位不斷鞏固，我們的計算類別的性能將會提高。雖然不完全是線性的，但我們也開始看到該類別穩定的跡象，因為第二季度筆記本電腦銷售趨勢大幅改善，且銷量與去年持平。我們預計遊戲類別將持續增長，因為庫存更加容易獲得，並且預計將在今年下半年發布大量新軟件。

We are planning for potential growth in the mobile phone category as we expect inventory to be less constrained than last year and expect to drive growth in our unlocked phones business. Our hypothesis regarding the holiday season is that the consumer largely returns to pre-pandemic behavior. By this, we mean that they will be looking for great deals and convenience and traffic will be weighted toward promotional events. We have an excellent team and strong omnichannel assets that thrive in such an environment.

我們正在規劃手機類別的潛在增長，因為我們預計庫存將比去年少，並預計將推動我們的解鎖手機業務的增長。我們關於假期的假設是，消費者很大程度上會恢復到大流行前的行為。我們的意思是，他們將尋求優惠和便利，並且流量將偏重於促銷活動。我們擁有優秀的團隊和強大的全渠道資產，能夠在這樣的環境中蓬勃發展。

In summary, while the macro and industry backdrop continue to drive volatility as we move through the year, we have a proven track record of navigating well through dynamic and challenging environments, and we will continue to adjust as the macro conditions evolve. And we remain incredibly excited about our future opportunities.

總之，儘管宏觀和行業背景在這一年中繼續推動波動，但我們在應對動態和充滿挑戰的環境方面擁有良好的記錄，並且我們將隨著宏觀條件的變化繼續進行調整。我們對未來的機會仍然感到非常興奮。

While our existing product categories have slightly different timing nuances, in general, we believe they are poised for growth in the coming years. In addition, we continue to see several macro trends that should drive opportunities in our business over time, including cloud, augmented reality, expansion of broadband access and of course, generative AI, where we know our vendor partners are working behind the scenes to create consumer products that optimize this material technology advancement.

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。此外，我們繼續看到一些宏觀趨勢，這些趨勢將隨著時間的推移為我們的業務帶來機遇，包括雲、增強現實、寬帶接入的擴展，當然還有生成式人工智能，我們知道我們的供應商合作夥伴正在幕後努力創造優化這種材料技術進步的消費產品。

As the largest CE specialty retailer with 1/3 of the U.S. computing and television market share, we can commercialize new technology for customers like no one else can. And with that, I would like to turn the call over to Matt for some more details on our second quarter results and our fiscal '24 outlook.

作為擁有美國 1/3 計算和電視市場份額的最大消費電子專業零售商，我們可以像其他人一樣為客戶將新技術商業化。因此，我想將電話轉給 Matt，了解有關我們第二季度業績和 24 財年展望的更多詳細信息。

Good morning, everyone. Let me start by sharing details on our second quarter results. Enterprise revenue of $9.6 billion declined 6.2% on a comparable basis. Our non-GAAP operating income rate of 3.8% declined 30 basis points compared to last year. Non-GAAP SG&A dollars were essentially flat to last year and increased approximately 140 basis points as a percentage of revenue. Partially offsetting the higher SG&A rate was a 110 basis point improvement in our gross profit rate. Compared to last year, our non-GAAP diluted earnings per share of $1.22 decreased $0.32 or 21%, with approximately half of the decrease due to a higher effective tax rate.

大家，早安。首先讓我分享我們第二季度業績的詳細信息。企業收入為 96 億美元，同比下降 6.2%。我們的非 GAAP 營業利潤率為 3.8%，與去年相比下降了 30 個基點。非 GAAP SG&A 美元與去年基本持平，佔收入的百分比增加了約 140 個基點。我們的毛利率提高了 110 個基點，部分抵消了較高的 SG&A 率。與去年相比，我們的非 GAAP 攤薄每股收益為 1.22 美元，下降了 0.32 美元，即 21%，其中大約一半的下降歸因於較高的有效稅率。

When viewing our performance versus our expectations entering the quarter, our revenue was at the high end of the range we provided. Our non-GAAP operating income exceeded our expectations due to a higher gross profit rate driven by a number of areas, including lower cost to serve for our membership offerings, higher profit sharing revenue from our private label credit card arrangement and lower supply chain costs.

當查看我們的業績與進入本季度的預期時，我們的收入處於我們提供的範圍的高端。我們的非公認會計準則營業收入超出了我們的預期，這是由於多個領域推動了更高的毛利率，包括會員服務的服務成本降低、自有品牌信用卡安排帶來的更高的利潤分享收入以及更低的供應鏈成本。

Next, I will walk through the details on our second quarter results compared to last year. From an enterprise comparable sales phasing perspective, June's decline of approximately 5% was our best performing month on a year-over-year basis, with May and July, both down approximately 7%. As we have started Q3, our estimated comparable sales decline in the first 4 weeks of August was approximately 6%. In our Domestic segment, revenue decreased 7.1% to $8.9 million, driven by a comparable sales decline of 6.3%. From a category standpoint, the largest contributors to the comparable sales decline in the quarter were appliances, home theater, computing and mobile phones, which were partially offset by growth in gaming.

接下來，我將詳細介紹我們第二季度的業績與去年相比。從企業可比銷售額階段性角度來看，6 月下降約 5% 是我們同比表現最好的月份，5 月和 7 月均下降約 7%。隨著第三季度的開始，我們預計 8 月前 4 週的可比銷售額下降約為 6%。在國內業務部門，由於可比銷售額下降 6.3%，收入下降 7.1% 至 890 萬美元。從品類角度來看，本季度可比銷售額下降的最大貢獻者是家電、家庭影院、計算機和手機，但遊戲業務的增長部分抵消了這些下降。

From an organic perspective, consistent with the past several quarters, our overall blended average selling price declined in the low single digits as a percentage versus last year. In our International segment, revenue decreased 8.8% to $693 million. This decrease was driven by a comparable sales decline of 5.4% and a negative impact of foreign exchange rates.

從有機角度來看，與過去幾個季度一致，我們的整體混合平均售價與去年相比下降了較低的個位數百分比。在我們的國際部門，收入下降 8.8% 至 6.93 億美元。這一下降是由於可比銷售額下降 5.4% 以及外匯匯率的負面影響造成的。

Our Domestic gross profit rate increased 110 basis points to 23.1%. A higher gross profit rate was driven by the following: first, our product margin rates improved versus last year. The better product margin rates included a higher level of vendor-supported promotions and the benefits from optimization efforts across multiple areas. Second, improvement from our membership offerings, which included a higher gross profit rate in our services category. And third, an improved gross profit rate from our health initiatives.

我們的國內毛利率增長110個基點至23.1%。毛利率上升的原因如下：首先，我們的產品利潤率較去年有所提高。更好的產品利潤率包括更高水平的供應商支持的促銷活動以及跨多個領域的優化工作帶來的好處。其次，我們的會員服務有所改善，其中包括服務類別毛利率的提高。第三，我們的健康舉措提高了毛利率。

Domestic non-GAAP SG&A dollars were flat to last year as higher incentive compensation was largely offset by reduced store payroll costs. Moving next to capital expenditures, where we still expect to spend approximately $850 million this year. This reflects a reduction of $80 million compared to the last year, with lower store-related investments being the primary driver of the reduced spend. Year-to-date, we have returned a total of $560 million to shareholders through dividends of $402 million and share repurchases of $158 million. We expect to continue share repurchases throughout fiscal '24 with the level of share repurchases being slightly higher in the second half of the year compared to the first half.

國內非 GAAP SG&A 美元與去年持平，因為較高的激勵薪酬在很大程度上被商店工資成本的減少所抵消。接下來是資本支出，我們仍預計今年將支出約 8.5 億美元。這反映出與去年相比減少了 8000 萬美元，商店相關投資的減少是支出減少的主要原因。年初至今，我們已通過 4.02 億美元的股息和 1.58 億美元的股票回購向股東返還了總計 5.6 億美元的資金。我們預計整個 24 財年將繼續進行股票回購，下半年的股票回購水平將略高於上半年。

As I referenced earlier, our non-GAAP effective tax rate of 26.6% was higher than a 16.7% rate last year. The lower effective tax rate last year was primarily due to the resolution of certain discrete tax matters.

正如我之前提到的，我們的非 GAAP 有效稅率為 26.6%，高於去年的 16.7%。去年有效稅率較低主要是由於某些離散稅務問題的解決。

Now I would like to discuss our fiscal '24 outlook. As Corie mentioned, we are lowering the high end of our full year revenue outlook to our previous midpoint while keeping the low end of our revenue guidance unchanged. At the same time, we are narrowing our non-GAAP OI rate and EPS ranges in a way that raises the midpoint of our previous annual guidance for those items.

現在我想討論一下我們的 24 財年展望。正如科里提到的，我們將全年收入預期的上限下調至之前的中點，同時保持收入指導的下限不變。與此同時，我們正在縮小非 GAAP OI 率和 EPS 範圍，從而提高我們之前對這些項目的年度指導的中點。

Let me provide more details on our guidance and working assumptions, starting with the revenue. We expect enterprise revenue in the range of $43.8 billion to $44.5 billion. The Enterprise comparable sales decline of 4.5% to 6%. Moving on to our full year profitability guidance, which is Enterprise non-GAAP operating income rate in the range of 3.9% to 4.1%, and non-GAAP diluted earnings per share of $6.40.

讓我從收入開始提供有關我們的指導和工作假設的更多詳細信息。我們預計企業收入在 438 億美元至 445 億美元之間。企業可比銷售額下降4.5%至6%。接下來是我們的全年盈利指引，即 Enterprise 非 GAAP 營業利潤率為 3.9% 至 4.1%，非 GAAP 攤薄每股收益為 6.40 美元。

Our outlook remains unchanged for a non-GAAP effective income tax of approximately 24.5% and for interest and income to exceed interest expense this year. As a reminder, the fourth quarter of fiscal '24 contains an extra week. We expect this extra week to add approximately $700 million of revenue, which is excluded from our comparable sales and a $100 million of SG&A. We still expect it to benefit our full year non-GAAP operating income rate by approximately 10 basis points.

我們對非 GAAP 有效所得稅約為 24.5% 以及今年利息和收入超過利息支出的展望保持不變。提醒一下，24 財年第四季度多了一周。我們預計這週將增加約 7 億美元的收入，這不包括在我們的可比銷售額和 1 億美元的銷售管理費用中。我們仍然預計它將使我們全年非 GAAP 營業利潤率提高約 10 個基點。

Next, I will review our full year gross profit and SG&A working assumptions. We now expect our full year gross profit rate to improve by approximately 60 basis points compared to fiscal '23, which compares to our prior outlook of 40 to 70 basis points of expansion.

接下來，我將回顧我們的全年毛利潤和 SG&A 工作假設。我們現在預計我們的全年毛利率將比 23 財年提高約 60 個基點，而我們之前的擴張預期為 40 至 70 個基點。

The primary drivers of the rate expansion include the following: first, improvement from our membership offerings, which includes a higher gross profit rate in our services category, our membership offerings are now expected to provide at least 25 basis points of improvement; second, higher product margin rates, which includes the benefits from our optimization efforts across multiple areas, and a higher level of vendor-supported promotions; and third, our health initiatives is also expected to improve our gross profit rate. Lastly, we expect the profit sharing from our private label credit card to have a relatively neutral impact to our annual gross profit rate comparing to last year. The profit sharing has provided a slight benefit to our gross profit rate in the first half of the year, which is expected to turn to a slight pressure in the second half of the year.

費率擴張的主要驅動因素包括：首先，我們的會員服務的改善，其中包括我們的服務類別毛利率的提高，我們的會員服務現在預計將提供至少25個基點的改善；第二，更高的產品利潤率，包括我們在多個領域的優化努力以及更高水平的供應商支持的促銷活動帶來的好處；第三，我們的健康舉措也有望提高我們的毛利率。最後，與去年相比，我們預計自有品牌信用卡的利潤分享將對我們的年度毛利率產生相對中性的影響。利潤分成對我們上半年的毛利率帶來了小幅利好，預計下半年毛利率將轉為小幅壓力。

Now moving to our SG&A expectations. At the midpoint of our guidance, we expect SG&A as a percentage of sales to increase approximately 100 basis points comparing to last year. We expect higher incentive compensation as we lap the very low levels last year. The high end of our guidance now assumes incentive compensation increases by approximately $185 million comparing to fiscal '23. We continue to expect store payroll and advertising expenses to be approximately flat to fiscal '23 as a percentage of sales. As it relates specifically to the third quarter, we expect our comparable sales to be slightly better than the negative 6.2% we reported for the second quarter.

現在轉向我們的 SG&A 預期。在我們指導的中點，我們預計 SG&A 佔銷售額的百分比將比去年增加約 100 個基點。由於我們去年的水平非常低，因此我們預計會有更高的激勵薪酬。現在，我們的指導上限假設激勵薪酬與 23 財年相比增加約 1.85 億美元。我們繼續預計商店工資和廣告費用佔銷售額的百分比將與 23 財年大致持平。由於它與第三季度具體相關，我們預計我們的可比銷售額將略好於我們報告的第二季度 6.2% 的負增長。

On the profitability side, we expect our non-GAAP operating income rate to be approximately 3.4%. This would represent a decline of approximately 50 basis points versus last year, with the contributions from SG&A and gross profit pretty similar to what we saw in the second quarter.

在盈利能力方面，我們預計非 GAAP 營業利潤率約為 3.4%。這意味著與去年相比下降了約 50 個基點，SG&A 和毛利潤的貢獻與我們在第二季度看到的非常相似。

Lastly, I will share some color on what our guidance implies for the fourth quarter. As Corie discussed, we are planning for multiple revenue scenarios that range from a comparable sales decline of approximately 3% to slightly positive. Our Q4 gross profit rate is expected to improve versus last year, but not at the same level as we are expecting for the full year. SG&A as a percentage of sales is expected to be more favorable than our full year outlook, which is primarily due to the extra week and the more favorable revenue outlook.

最後，我將分享一些關於我們的指導對第四季度的影響的信息。正如 Corie 所討論的，我們正在規劃多種收入情景，範圍從可比銷售額下降約 3% 到略有增長。我們第四季度的毛利率預計將比去年有所改善，但不會達到我們全年預期的水平。 SG&A 佔銷售額的百分比預計將比我們的全年預期更有利，這主要是由於額外的一周和更有利的收入前景。

I will now turn the call over to the operators for questions.

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) And your first question comes from the line of Scot Ciccarelli from Truist.

（操作員說明）您的第一個問題來自 Truist 的 Scot Ciccarelli。

Corie, you mentioned some of the newer technology kind of waiting in the wings with AI and stuff. Can you give the group any kind of flavor for some of the technologies, like generically that you guys are thinking about that could potentially drive improvement in sales trends?

Corie，你提到了一些新技術，比如人工智能等。您能否為團隊提供一些技術的風味，例如你們認為可能會推動銷售趨勢改善的一般技術？

Yes. Maybe in this, we were talking about computing specifically, and maybe I'll give just a little bit more color there. I mean, I think what we're seeing broadly is that computing innovations and the refresh cycles are getting shorter and they're accelerating. And we continue to see people using all of their devices more often and far more like computing processing intensive. And these are really specific activities. And you can see it both whether you're using it at home and you're seeing a lot more streaming or whether using it at work and you're starting to want to leverage some of these more advanced technologies.

是的。也許在這裡，我們專門討論了計算，也許我會在那裡提供更多的色彩。我的意思是，我認為我們廣泛看到的是計算創新和更新周期正在變得越來越短並且正在加速。我們繼續看到人們更頻繁地使用他們的所有設備，並且更像是計算處理密集型設備。這些都是非常具體的活動。無論您是在家裡使用它並且看到更多的流媒體，還是在工作中使用它並且您開始想要利用其中一些更先進的技術，您都可以看到它。

Obviously, like for an example, Microsoft pre-pandemic focused on dual screen, and that was kind of something we had talked about for a while, but they quickly pivoted some of their developments within their Windows OS to address consumer productivity. As all of us were kind of struggling to make sure we are as productive as possible on multiple devices, a lot of that enhancement went into productivity. And I think the emergence of AI is at the heart of many of these innovations. I think in this case, in this example, it centers around the Windows Copilot on Windows 11, which brings ChatGPT and AI innovations into cloud applications within that Windows Office suite within PowerPoint, Outlook, Excel.

顯然，舉個例子，微軟在大流行前專注於雙屏，這是我們已經討論了一段時間的事情，但他們很快將一些開發轉移到了 Windows 操作系統中，以解決消費者的生產力問題。由於我們所有人都在努力確保我們在多種設備上盡可能高效地工作，因此很多改進都投入到了生產力方面。我認為人工智能的出現是許多創新的核心。我認為在這種情況下，在這個例子中，它以 Windows 11 上的 Windows Copilot 為中心，它將 ChatGPT 和 AI 創新帶入了 PowerPoint、Outlook、Excel 中 Windows Office 套件中的雲應用程序。

And I think what we're expecting will happen, and I alluded to it on the call is, obviously, we're going to have a likely at some point here, different generation of technology that's going to more intensively leverage the capabilities that are necessary to run these AI models. So that's 1 example. We talk about this often, Scot. It's hard for us always to know exactly what that new horizon of technology is going to be. But this is one that probably has some of the broadest implications for all of our collective productivity.

我認為我們期望會發生什麼，我在電話會議中提到的顯然，我們可能會在某個時候擁有不同一代的技術，這些技術將更集中地利用現有的功能運行這些人工智能模型所必需的。這就是 1 個例子。我們經常談論這個，斯科特。我們總是很難準確地知道技術的新視野將會是什麼。但這可能對我們所有的集體生產力產生最廣泛的影響。

Yes, understood. And then the second question is the expectation for slight improvement in comp despite a little bit more difficult comparison. Is that really driven by you have more events in the third quarter than the second quarter as we revert to pre-pandemic behavior?

是的，明白了。然後第二個問題是儘管比較有點困難，但對競爭略有改善的期望。這真的是因為隨著我們恢復到大流行前的行為，第三季度發生的事件比第二季度更多嗎？

No. I think for Q4 specifically, I think as we think about improvement of trends for Q3 and then in Q4, I think we are obviously encouraged by -- a little bit by back-to-school. Back-to-school has been slightly better than we expected as we get into Q3. When you think about Q3 compared to FY '20, it actually is slightly higher growth than what we saw in -- expecting slightly higher growth in Q3 compared to Q2.

不。我認為具體到第四季度，我認為當我們考慮第三季度和第四季度趨勢的改善時，我認為我們顯然受到了返校的一點鼓勵。進入第三季度，返校情況略好於我們的預期。當您考慮與 20 財年相比的第三季度時，它實際上比我們看到的增長略高——預計第三季度的增長略高於第二季度。

Q3 compared to '20 has a little bit more holiday sales pulled in. So we are expecting that to continue compared to where pre-pandemic was, but maybe not to the same extent of pull forward that we've seen in the last few years. So I think we're encouraged by the trends as we leave Q2. If you think about what happened in Q2, we actually saw some stabilization in our business. We saw actually laptop units turned to flat in Q2 in terms of that business in TV units were flat. And so I think there's optimism around how -- what we might expect for the back half, more specifically Q4. But Q3 we're likely still seeing similar levels to what we saw in Q2.

與 20 年相比，第三季度的假日銷售有所增加。因此，與大流行前相比，我們預計這種情況將持續下去，但可能不會達到我們過去幾年看到的同樣程度。所以我認為，當我們離開第二季度時，我們對這些趨勢感到鼓舞。如果你想想第二季度發生的事情，我們實際上看到我們的業務有所穩定。我們實際上看到筆記本電腦銷量在第二季度持平，因為電視業務表現平平。因此，我認為我們對後半段的預期持樂觀態度，更具體地說是第四季度。但第三季度我們可能仍會看到與第二季度相似的水平。

Your next question comes from the line of Greg Melich from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Greg Melich。

I wanted to start on the top line that's sort of improvement in trend and love an update on what credit is it a penetration. And also, you mentioned that, that was a tailwind becoming a headwind. Could you frame that a little bit more as to what percentage of gross profit it is or something like that?

我想從趨勢的改善開始，並喜歡更新它的滲透率。而且，你也提到過，這是順風變成了逆風。您能否詳細說明一下它佔毛利潤的百分比或類似的內容？

Yes. I think for the -- on the credit side, specifically first, we've talked about the credit card portfolio is 1.4% of our domestic sales, 1.4%. So it's pretty similar to what we had said last time. I think overall, what we've been seeing for the last number of years is a tailwind for the credit card portfolio, a profit share. It certainly -- it came in a little better than we expected in Q2. We are seeing net credit losses normalize to where they were pre-pandemic. I think the thing we're watching for which is based on the state of the consumer, do those net credit losses actually turned to higher than they used to be, which would create pressure on the profit share.

是的。我認為，在信貸方面，特別是首先，我們談到信用卡組合占我們國內銷售額的 1.4%，1.4%。所以這與我們上次所說的非常相似。我認為總體而言，過去幾年我們所看到的是信用卡投資組合的順風車，即利潤分成。當然，第二季度的表現比我們的預期要好一些。我們看到淨信貸損失正常化至大流行前的水平。我認為我們正在關注的事情是基於消費者的狀況，這些淨信貸損失是否實際上變得比以前更高，這會給利潤份額帶來壓力。

And in the back half of this year, we are expecting it to be a slight pressure compared to the first part of the year being a benefit for us, but neutral for the year. So it's really that net credit loss. This is one aspect we're watching, especially as we get into next year and we think about what the state of the consumer does look like as you get into next year and increasing levels of debt. So still an amazing book and partnership for us in terms of what it does for our consumers and offering a great way to pay for product. It actually also is a very loyal consumer. So we're really happy with the -- probably just a reality of what we've been trying to normalize a bit, if you will, from the last few years.

今年下半年，我們預計與今年上半年相比，這將是一個輕微的壓力，這對我們來說是有利的，但對今年來說是中性的。所以這實際上是淨信用損失。這是我們正在關注的一個方面，特別是當我們進入明年時，我們會考慮進入明年時消費者的狀況以及債務水平的增加。因此，對於我們來說，這仍然是一本令人驚嘆的書和合作夥伴關係，因為它為我們的消費者做了什麼，並提供了一種很好的產品支付方式。它實際上也是一個非常忠實的消費者。因此，我們真的很高興——如果你願意的話，過去幾年來，這可能只是我們一直在努力實現正常化的現實。

I think to the improving trends, I think Q3, we're expecting to be a pretty similar, maybe slightly better comp than we saw in Q2. Like I said earlier, back-to-school is that little better than we expected, but it's running a little longer, and little later into the season. And then if you look to Q4, while we are expecting the year-over-year comps to improve to at the bottom of the range, minus 3 or the top slightly positive, and it still does represent the fact that against FY '20, you're anywhere from down 7% to down 3% on the high end. So yes, we believe the year-over-year trend should improve based on a number of the things that Corie mentioned. It still does represent a more stabilization of our consumers as you look into the back half of the year, when you think about a more normalized volume that we had pre-pandemic.

我認為，就趨勢的改善而言，我認為第三季度我們預計會比第二季度的情況非常相似，甚至可能略好一些。就像我之前說的，返校的情況比我們預期的要好一點，但持續的時間更長一些，而且進入賽季的時間也稍晚一些。然後，如果你看看第四季度，雖然我們預計同比比較將改善至該範圍的底部，負 3 或頂部略有正值，但它仍然代表了一個事實，即相對於 20 財年，高端的價格從下降7% 到下降3% 不等。所以，是的，我們相信基於科里提到的一些事情，同比趨勢應該會有所改善。當你回顧今年下半年時，當你考慮到我們在大流行前的更加正常化的銷量時，它仍然確實代表了我們的消費者更加穩定。

Got it. And then a follow-up is on SG&A specifically. I know you expect it to delever for the year. You mentioned the incentive comp up $185 million. Was that for the full year or in the back half? That would be for the full year?

知道了。然後是專門針對 SG&A 的後續行動。我知道您預計今年會去槓桿化。您提到了 1.85 億美元的激勵補償。是全年的還是下半年的？那是全年的嗎？

Yes, that's for the full year.

是的，這是全年的。

And is that -- that's more back-half weighted presumably?

那是不是——大概是後半部加重了？

It's pretty even throughout the year.

全年都非常均勻。

Okay. And then the -- in terms of leveraging payroll, that 100 bps was in the second quarter. Was there something about the second quarter that gave you an unusual amounts of hourly payroll leverage? Or should we expect that going forward?

好的。然後，就工資槓桿而言，100 個基點發生在第二季度。第二季度是否有什麼事情給你帶來了不尋常的小時工資槓桿？或者我們應該期待這種情況的發生嗎？

No. I think for the year, we expect store payroll to be relatively flat on a percentage of sales basis for the whole year. It's been pretty consistent across the -- has been pretty consistent across the quarters, and we would expect it to be pretty consistent in the back half of the year as well.

不會。我認為今年，我們預計商店薪資佔全年銷售額的百分比將相對持平。各個季度的情況都非常一致，我們預計今年下半年也將非常一致。

And Greg, just to make sure we're clear that 100 basis points is versus FY '20. So that's more the like structural change that we've seen over the last 4-ish years.

Greg，只是為了確保我們清楚 100 個基點是相對於 20 財年而言的。所以這更像是我們在過去四年裡看到的結構性變化。

Your next question comes from the line of Seth Sigman from Barclays.

您的下一個問題來自巴克萊銀行的塞思·西格曼。

I just wanted to follow-up on that credit point. So neutral for the year, negative in the second half of the year slightly. Can you just size up for us what normal means if that continues into next year? I think your disclosure is that it's up 50 basis points or so since fiscal 2020. So does normal mean that fully reverses? How do we think about that?

我只是想跟進這個信用點。因此今年表現中性，下半年略有負面。您能否為我們估量一下，如果這種情況持續到明年，正常情況意味著什麼？我認為你的披露是自 2020 財年以來上漲了 50 個基點左右。那麼正常是否意味著情況完全逆轉？我們對此有何看法？

Yes. I think my reference to normal, thanks for the question, is more related to net credit losses as a percentage to the book. So we haven't given that number, and I won't give it today, but what we're seeing now is a more normal rate compared to FY '20. What we're watching for is does that rate increase compared to where it used to be. And certainly, it's already higher than it has been the last few years, when the net credit losses were very low rate.

是的。我認為我對正常的引用，謝謝你的問題，更多地與淨信用損失佔賬面的百分比有關。所以我們還沒有給出這個數字，今天我也不會給出這個數字，但與 20 財年相比，我們現在看到的是一個更正常的比率。我們正在關注的是，與以前相比，這一比率是否有所增加。當然，它已經高於過去幾年的水平，當時淨信貸損失率非常低。

And that is just more to do with just the state of the consumer. So right now, we still see a relatively good consumer to the extent that they're still continuing to make trade-off decision weighing a little bit more pressure on their personal finances. That net loss could go up into next year. That's the consideration we watch. Certainly, as we think about next year, we're not guiding next year, but as you think about next year, that could be one of the pressures we face as we think about ROI rate just in terms of where does the net credit losses go.

這更多地與消費者的狀態有關。因此，目前，我們仍然看到相對良好的消費者，他們仍在繼續做出權衡決定，對個人財務施加更大的壓力。該淨虧損可能會持續到明年。這就是我們所關注的考慮因素。當然，當我們考慮明年時，我們不會指導明年，但當你考慮明年時，這可能是我們面臨的壓力之一，因為我們僅根據淨信貸損失來考慮投資回報率去。

Okay. Just any other perspective on credit availability today, if that's impacting demand in any way? And maybe just put that in context of some of the trends that you may be seeing across consumer cohorts or markets. Obviously, you talked about some of the bright spots you've seen in recent months here and what you're expecting for the rest of the year. I'm just trying to think about some of the incremental consumer headwinds ahead, whether that's student loans or credit availability. Just any other context around some of the consumer behavior you may be seeing where that's coming from?

好的。關於當今信貸可用性的任何其他觀點，是否會以任何方式影響需求？也許只是將其放在您可能在消費者群體或市場中看到的一些趨勢的背景下。顯然，您談到了最近幾個月在這裡看到的一些亮點以及您對今年剩餘時間的期望。我只是想思考未來消費者面臨的一些增量阻力，無論是學生貸款還是信貸可用性。您可能看到的一些消費者行為的其他背景來自哪裡？

Right now, as it relates specifically to the card, we aren't seeing massive change in credit availability. We're continuing to see -- and we've said before, about 25% of our business is done on the card. We're continuing to see those trends. And one of the nice things about our card is, and I mentioned it in the prepared remarks, but I want to emphasize it, you can either choose points or you can choose 0% financing.

目前，由於它與信用卡具體相關，因此我們沒有看到信貸可用性發生巨大變化。我們正在繼續觀察——我們之前說過，我們大約 25% 的業務是通過該卡完成的。我們將繼續看到這些趨勢。我們卡的好處之一是，我在準備好的備註中提到過，但我想強調一點，你可以選擇積分，也可以選擇0%融資。

And so it's actually -- it's an offering that is widely accepted and appreciated, especially against the backdrop, so the consumer can decide what's more relevant for them. So like Matt said, we're seeing more of a normalization in some of those key metrics. But in general, it remains an incredibly efficient asset for us in partnership, obviously, in the profit share structure that we have.

事實上，這是一種被廣泛接受和讚賞的產品，尤其是在這樣的背景下，因此消費者可以決定什麼與他們更相關。正如馬特所說，我們看到其中一些關鍵指標更加正常化。但總的來說，對於我們的合作夥伴來說，它仍然是一項非常有效的資產，顯然，在我們擁有的利潤分享結構中。

Your next question comes from the line of Liz Suzuki from Bank of America.

您的下一個問題來自美國銀行的 Liz Suzuki。

So just a question on appliances, which looks like they were particularly weak this quarter. And some other big box retailers that sell appliances have talked about an increase in vendor-funded incentives and promotions. Have you seen the same behavior from your vendor partners as they try to respond the slower demand? And did vendor funding -- funded promotions have an impact on margins this quarter?

這是關於家電的問題，看起來本季度它們特別疲軟。其他一些銷售電器的大型零售商也談到了增加供應商資助的激勵和促銷活動。當您的供應商合作夥伴試圖響應較慢的需求時，您是否看到過同樣的行為？供應商資助的促銷活動對本季度的利潤率有影響嗎？

Yes. Broadly speaking, we are seeing an increase in vendor-funded promotions across all of our categories, and I think appliances would be part of that. I think as you -- as we've noted in our gross profit rate improvement in Q2, a lot of that was coming from our product margin rates being better year-over-year. Part of that is we're seeing an uptick in the vendor-supported promotions that we are running. So yes, it is a more promotional environment year-over-year and in some cases, it's certainly more than it was in FY '20, but it hasn't manifested in lower product margins for us because we are seeing both -- not just us, our vendors wanting to engage in promotional activity to drive and stimulate demand.

是的。從廣義上講，我們看到所有類別的供應商資助的促銷活動都有所增加，我認為電器將是其中的一部分。我認為，正如我們在第二季度的毛利率改善中所指出的那樣，其中很大一部分來自我們的產品利潤率同比更好。部分原因是我們看到我們正在進行的供應商支持的促銷活動有所增加。所以，是的，這是一個同比更加促銷的環境，在某些情況下，它肯定比 20 財年更多，但它並沒有體現在我們的產品利潤率下降，因為我們看到了兩者 - 不是只有我們，我們的供應商希望參與促銷活動來推動和刺激需求。

Great. And just on the flip side of some of the categories that were particularly strong. Can you just go into a little more detail on what was successful in like the entertainment and services categories? And where you see that going in the next couple of quarters?

偉大的。而就在一些特別強大的類別的另一面。您能否更詳細地介紹一下娛樂和服務類別等方面的成功因素？您認為未來幾個季度會發生什麼情況？

Well, on the entertainment side of things, that really is reflective of gaming, and particularly gaming hardware, which had a much more stable supply this year than what we saw last year. So we feel like that's a nice indicator as we're heading into the back half of the year. We mentioned that. And on the services side, that really is made reflective of our membership offering and now starting to kind of annualize this higher larger cohorts of members.

嗯，在娛樂方面，這確實反映了遊戲，尤其是遊戲硬件，今年的供應比我們去年看到的要穩定得多。因此，我們覺得這是一個很好的指標，因為我們即將進入今年下半年。我們提到過這一點。在服務方面，這確實反映了我們的會員服務，現在開始對這一更大的會員群體進行年度統計。

Your next question comes from the line of Michael Lasser from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的邁克爾·拉瑟 (Michael Lasser)。

Matt, you alluded to operating margin pressure in the next fiscal year. So on a similar level of revenue for Best Buy, call it 2024 versus where it was in 2019, what would be the company's operating margin rate in light of the pressure that it's experienced from investments in health care and some of the impact of the rise in e-commerce penetration for the business and all the actions that the company has taken to try and preserve the profitability in light of those pressures? And what levers can be pulled from here in order to improve the operating margin rate over time, especially as things like credit income continue to decline.

馬特，您提到了下一財年的營業利潤率壓力。因此，在百思買的類似收入水平（即 2024 年與 2019 年相比）的情況下，考慮到醫療保健投資帶來的壓力以及增長的一些影響，該公司的營業利潤率是多少鑑於這些壓力，公司為保持盈利能力而採取的所有行動？隨著時間的推移，特別是在信貸收入等因素持續下降的情況下，可以從這里拉動哪些槓桿來提高營業利潤率。

Thanks for the question, Michael. What I just to clarify what I was referring to specifically was potential pressure on the credit card profit share as we look into next year. What I was trying to characterize was like overall OI pressure for next year. But to get to your broad question there, I think as you can appreciate, we're not going to guide next year. But that being said, if, for example, our sales were flat next year as some of the indicators would suggest, it would be our expectation or goal to at least hold OI rate flat, if not drive a little bit of expansion.

謝謝你的提問，邁克爾。我只是想澄清我具體指的是，當我們展望明年時，信用卡利潤份額可能面臨壓力。我試圖描述的是明年的整體 OI 壓力。但為了回答你的廣泛問題，我想你可以理解，我們明年不會提供指導。但話雖這麼說，例如，如果我們明年的銷售額如某些指標所顯示的那樣持平，那麼我們的預期或目標是，即使不推動一點點擴張，至少也能保持 OI 率持平。

Like I said, there are a few factors here. The first being that credit card, it's been a tailwind for us. And like I said, it could turn to some pressure. The second more tactical one is, as we enter into next year, we always reset incentive compensation this year. We have a certain amount to spent next year. But we reset the one that does sometimes create a little bit of rate pressure. But broadly speaking, if you think about next year and the years outward, a lot of the other drivers are going to be -- the things like, the level of industry growth to the extent that the industry can grow and does grow, we expect to grow with it. And that does create SG&A leverage as our cost structure today is probably more indicative of a sales number that's higher than where we sit.

正如我所說，這裡有幾個因素。第一個是信用卡，它對我們來說是一個順風車。就像我說的，這可能會變成一些壓力。第二個更具戰術性的是，當我們進入明年時，我們總是重置今年的激勵薪酬。明年我們還有一定的支出。但我們重置了有時確實會產生一點利率壓力的利率。但從廣義上講，如果你考慮明年和未來幾年，許多其他驅動因素將是——我們預計，行業增長水平達到行業能夠增長並且確實增長的程度與它一起成長。這確實創造了銷售、管理和行政費用槓桿，因為我們今天的成本結構可能更能表明銷售數字高於我們的水平。

We've talked about this year being a benefit for us, both the membership and the health initiatives the rate has been improving. So similar to our Investor Day a while back, we would expect those initiatives to continue to improve in terms of rates as we look forward from here on out, so into next year and in the years after both membership and health would continue to help drive a year-over-year improvement. We also obviously always trying to have cost takeout initiatives to help mitigate pressures that we face, and just help us invest in the right places.

我們已經談到今年對我們來說是一個福利，無論是會員資格還是健康舉措，比率都在提高。與不久前的投資者日類似，我們預計這些舉措在費率方面將繼續改善，從現在開始，因此到明年以及之後的幾年裡，會員資格和健康將繼續幫助推動同比改善。顯然，我們也一直在嘗試採取成本削減舉措來幫助減輕我們面臨的壓力，並幫助我們在正確的地方進行投資。

But again, like I said, the profit share could become a pressure from NCL. The other thing to note in terms of the profit share is there's potential regulatory changes around late fees now. It's too early to know whether those do or don't come, but that's another item to note. And lastly, I think, I'd mention is just we're still in a consumer environment, where it's a little uneven, unsteady. And so I think as we think about going forward, a lot of it will depend -- the industry growth will depend upon that consumer and where they choose to spend their money. But I think, like I said, our goal would be to at least maintain a flat rate, if not grow a little bit if we have flat sales, for example.

但正如我所說，利潤分成可能會成為 NCL 的壓力。在利潤分成方面需要注意的另一件事是，目前有關滯納金的監管可能會發生變化。現在知道這些是否會到來還為時過早，但這是另一個需要注意的事項。最後，我想我要提到的是，我們仍然處於消費環境中，這個環境有點不平衡、不穩定。因此，我認為，當我們考慮未來時，很大程度上取決於行業的增長將取決於消費者以及他們選擇花錢的地方。但我認為，就像我說的那樣，我們的目標至少是保持固定利率，如果我們的銷售額持平的話，即使不增長一點點。

My follow-up question is there's an interesting dynamic that you're referring to on your call, which is the promotional environment, in some cases, it's higher or more intense than it was in 2019, but you're getting more vendor funding than you were getting at least relative to last year. So, a, how much is your vendor funding up or down relative to 2019? And b, what is this overall promotional environment suggests about the profit pool for selling consumer electronics in the United States invest by share of that overall profit pool.

我的後續問題是，您在電話中提到了一個有趣的動態，即促銷環境，在某些情況下，比 2019 年更高或更激烈，但您獲得的供應商資金比 2019 年更多。至少與去年相比，你有所進步。那麼，a，相對於 2019 年，您的供應商融資增加或減少了多少？ b，這種整體促銷環境表明了在美國銷售消費電子產品的利潤池（按整體利潤池的份額）。

So question one, overall vendor funding upgrade. We're not going to say total amounts of vendor funding. But you can imagine, at any given point in time, our vendors like us are trying to think in a very omni-channel way how best can we both stimulate demand and complete excellent customer experiences. When we kind of like look all in at everything our vendors do with us, we feel confident that we have at least as much, if not more, like total funding in partnership with our vendors.

所以問題一，整體供應商資金升級。我們不會透露供應商資金總額。但你可以想像，在任何給定的時間點，像我們這樣的供應商都在嘗試以全渠道的方式思考如何才能最好地刺激需求並完成卓越的客戶體驗。當我們全面審視供應商與我們所做的一切時，我們相信我們至少擁有與供應商合作的總資金，如果不是更多的話。

But of course, they're going to use different pockets depending on the environment that we sit in. I think on your profit pool question, Michael, what's interesting is our vendors -- and we've said this for a long time. Our vendors are as interested as we are in stimulating consumer demand. Sometimes, that means they lean highly into innovation and trying to drive replacement cycles and trying to drive that incremental demand through innovation. Sometimes, that means we partner closely together in how we show up in stores, whether that's physically or in labor. And then sometimes that means we will partner together in highly promotional or value-oriented periods to make sure collectively, we are putting our best foot forward.

但當然，他們會根據我們所處的環境使用不同的口袋。我認為關於你的利潤池問題，邁克爾，有趣的是我們的供應商 - 我們已經說過很長時間了。我們的供應商和我們一樣對刺激消費者需求感興趣。有時，這意味著他們高度依賴創新，試圖推動更換週期，並試圖通過創新來推動增量需求。有時，這意味著我們在商店的展示方式上緊密合作，無論是身體上還是勞動上。有時，這意味著我們將在高度促銷或以價值為導向的時期合作，以確保我們共同邁出最好的一步。

And it goes back to some of what I ended my comments with, there is a larger installed base of consumer electronics out there. And this is not static equipment we all have. This is equipment that whether or not you want to upgrade it, sometimes just wears out and breaks. And this is our unique place in this consumer electronics industry in partnership with our vendors, we are arguably the best at commercializing that new technology or bringing kind of this total story agnostic, just caring about the customer to life. And I think what you're seeing is -- this in this period right now, our ability to help drive value in partnership with our customers is really highlighted.

這可以追溯到我結束評論時所說的，消費電子產品的安裝基礎更大。這不是我們都有的靜態設備。無論您是否想要升級，這些設備有時都會磨損和損壞。這是我們與供應商合作在消費電子行業中的獨特地位，我們可以說是最擅長將新技術商業化或將這種不可知論的整個故事帶入生活的人，只關心客戶的生活。我認為你所看到的是——在這個時期，我們與客戶合作幫助推動價值的能力確實得到了凸顯。

Your next question comes from the line of Kate McShane from Goldman Sachs.

您的下一個問題來自高盛的 Kate McShane。

We wanted to ask a little bit more about the membership strategy, which is now in the 3 tiers. Can you talk about how the profitability differs when compared to your previous program of total tech support? And does this profitability improve as the program scales and ramps?

我們想詢問更多關於會員策略的問題，目前會員策略分為 3 層。您能否談談與之前的全面技術支持計劃相比，盈利能力有何不同？隨著項目規模的擴大和規模的擴大，這種盈利能力是否會提高？

Sure. Yes. I think the changes we've made to the membership program have had a positive impact on our OI rate this year. I think we've talked about it being at least 25 basis points for the year. It's coming from a few different areas. The first area I would say is the changes we made to the My Best Buy program, the free membership where we move points away from that program, which is solely on the credit card, that helps drive some improvement in rate.

當然。是的。我認為我們對會員計劃所做的改變對我們今年的 OI 率產生了積極的影響。我認為我們已經討論過今年至少 25 個基點。它來自幾個不同的地區。我要說的第一個方面是我們對“我的百思買”計劃所做的改變，即我們將免費會員資格從該計劃中轉移出來，僅在信用卡上使用，這有助於推動費率的一些提高。

The cumulative growth in the members is also a place, where it actually helps improve our margin rates as well. So the growth in the annual membership fees does drive some of the improvement as well. Lastly, the changes we've made to the total tech program and turned into My Best Buy Total does lower the cost to fulfill and it helps drive an improved gross margin rate as well. So those are the collection that drive the at least 25 basis points. And then Corie, can speak to any sort of strategic things around the membership team.

會員的累積增長也是一個實際上有助於提高我們的保證金率的地方。因此，每年會員費的增長確實也推動了一些改進。最後，我們對總體技術計劃進行的更改並轉變為“我的百思買總計”確實降低了履行成本，並且也有助於提高毛利率。這些是推動至少 25 個基點的集合。然後，科里可以談論會員團隊的任何戰略問題。

I think what's most important is that at any given point in time, what the team -- I would argue, has done a magnificent job doing is balancing acquisition, retention and engagement. And while, to Matt's point, cost to serve is part of our consideration, what we want are not just to acquire a bunch of members, but to make sure they are incredibly engaged and to make sure we retain them over time.

我認為最重要的是，在任何給定的時間點，團隊——我認為——在平衡獲取、保留和參與方面都做得非常出色。在馬特看來，雖然服務成本是我們考​​慮的一部分，但我們想要的不僅僅是獲得一群會員，而是確保他們非常積極地參與，並確保我們隨著時間的推移留住他們。

And so while the profitability impact is part of what we're looking at, the bigger question we are actually looking at is what is that combination of acquisition, retention and engagement that drives what we talked about, which is more sticky customers that bring a larger share of wallet and help keep Best Buy relevant over time.

因此，雖然盈利能力影響是我們所關注的一部分，但我們實際上關注的更大問題是，驅動我們所討論內容的獲取、保留和參與的組合是什麼，即更具粘性的客戶帶來了更大的錢包份額，並有助於隨著時間的推移保持百思買的相關性。

And then our follow-up question was just around market share. We wondered if you've been seeing any kind of meaningful change here, whether it would be sequentially or just in any specific categories?

然後我們的後續問題就圍繞市場份額。我們想知道您是否在這裡看到了任何有意義的變化，無論是順序變化還是僅在任何特定類別中？

Well the good news is, overall, we feel very strongly about our position in the industry, and we talked about it already a bit. We are confident in our relationship with our vendors and grateful for their partnership. And I think we continue to be excited to keep investing in our strategy from a position of strength. We've said before, there is not a great single source for market share, both because we have a large portfolio of services also because we are always evolving new categories.

好消息是，總的來說，我們對我們在行業中的地位有非常強烈的感覺，我們已經對此進行了一些討論。我們對與供應商的關係充滿信心，並感謝他們的合作夥伴關係。我認為我們仍然很高興能夠從優勢地位繼續投資於我們的戰略。我們之前說過，市場份額並不存在單一的來源，這既是因為我們擁有大量的服務組合，也因為我們總是在開發新的類別。

But from what we can see in some of the more established categories, we have at least held our share in Q2, and we believe that's been through really in the first half of the year. So no major trajectory change. We feel like we're positioned well. And obviously, the team will continue to work with our vendor partners and ensure that we have that great valuable assortment for our customers.

但從我們在一些更成熟的類別中看到的情況來看，我們至少在第二季度保持了我們的份額，而且我們相信這一點在今年上半年就已經真正完成了。所以沒有重大的軌跡變化。我們感覺我們的定位很好。顯然，該團隊將繼續與我們的供應商合作夥伴合作，確保我們為客戶提供有價值的產品。

Your next question comes from the line of Brad Thomas from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Brad Thomas。

I was hoping we could talk a little bit more about kind of the inflation, deflation, and what you've been seeing of late and how you're thinking about that in the back half of the year, particularly given the inflationary world that we've all been living in, but this backdrop of consumer electronics that historically have been deflationary?

我希望我們能多談談通貨膨脹、通貨緊縮的情況，以及您最近所看到的情況以及您在今年下半年如何看待這一問題，特別是考慮到我們所面臨的通貨膨脹世界。大家都生活在消費電子產品歷史上通貨緊縮的背景下嗎？

Sure. I think broadly speaking, I'll start with the categories. I think what we said from a product perspective, we've certainly seen a little bit of inflation over the years. But what we're now seeing actually is more promotionality on a year-over-year basis, in some cases, compared to FY '20. So from a category product perspective, I think we're kind of beyond past the inflation aspects that there isn't some cost of good increase. But generally speaking, the prices have gone up. So I think that hasn't changed too much outside of like the sometimes more promotionality is dropping that price on an year-over-year basis.

當然。我認為從廣義上講，我將從類別開始。我認為我們從產品的角度來看，這些年來我們確實看到了一點通貨膨脹。但我們現在看到的實際上是，在某些情況下，與 20 財年相比，促銷活動逐年增加。因此，從類別產品的角度來看，我認為我們已經超越了通貨膨脹方面，沒有任何良好增長的成本。但總體來說，價格上漲了。因此，我認為除了有時更多的促銷活動導致價格逐年下降之外，情況並沒有太大變化。

I think for inflation in other areas in terms of cost, there are things that historically have always had a little bit of inflation, that probably will continue to go up. Wages in an area where we always expect to have a little inflation. Marketing also is a place where you see some pretty consistent inflation over the years. Supply chain is the more notable one, but I think where we've seen a lot of inflation over the years, and now it's starting to subside a little bit. Supply chain has a number of different areas, one of them being the ocean side of supply chain. That's the smallest cost that we have. And that's an area where inflation actually has come down.

我認為，就成本而言，其他領域的通貨膨脹，歷史上一直有一點通貨膨脹，可能會繼續上升。我們總是預計會有一點通貨膨脹的地區的工資。多年來，營銷也是一個你會看到相當一致的通貨膨脹的地方。供應鍊是更值得注意的一個，但我認為多年來我們已經看到了很多通貨膨脹，現在它開始稍微消退。供應鏈有許多不同的領域，其中之一就是供應鏈的海洋一側。這是我們的最小成本。這是通貨膨脹實際上已經下降的領域。

Ground transportation or the domestic transportation actually is an area where we are still seeing a higher level of inflation based on the wages that have -- the wage pressures and just that the volume that's increased. The warehousing side of supply chain is also where we've seen inflation, and we'd probably expect to continue to see some. We also have wage inflation on the warehousing side, but also just we've expanded our footprint because our large products have grown in terms of the mix of our categories that we needed to add space. So broadly speaking, there are some areas where we'll probably continue to see inflation, in some areas that will abate a little bit as you get into next year and years out.

地面交通或國內交通實際上是一個我們仍然看到較高通脹水平的領域，其基礎是工資——工資壓力以及增加的交通量。供應鏈的倉儲方面也是我們看到通貨膨脹的地方，而且我們可能預計會繼續看到一些通貨膨脹。我們的倉儲方面也存在工資上漲，但我們也只是擴大了我們的足跡，因為我們的大型產品在我們需要增加空間的類別組合方面有所增長。從廣義上講，在某些領域，我們可能會繼續看到通貨膨脹，在某些領域，隨著明年和未來幾年的發展，通貨膨脹會略有減弱。

Brad, explicitly, I want to highlight, we started talking about this category becoming promotional again in the fall of 2021. And so this is a category very different than some of what you're hearing, and I'll just use an example like lumber, where you're starting to see that pull back. That is not the case here. But structurally, we have seen ASPs increase. So to your point about this is generally seen as a deflationary category. We spent some time talking on the last call about the fact that actually, over time, it is not necessarily deflationary because every single new rev of product carries with it a new and different price take.

Brad，我想明確強調的是，我們開始討論該類別將在 2021 年秋季再次促銷。因此，這是一個與您聽到的一些類別非常不同的類別，我將僅使用如下示例木材，你開始看到這種回落。這裡情況不同。但從結構上看，我們看到平均售價有所上升。因此，就您而言，這通常被視為通貨緊縮類別。我們在最後一次電話會議上花了一些時間討論這樣一個事實：實際上，隨著時間的推移，這並不一定會導致通貨緊縮，因為每一個新的產品版本都會帶來新的、不同的價格。

So actually, over the longer period, when we look back to FY '20, we have seen structural increases in ASP, but that is due more to our premium mix, and it's due more to having more high ASP products like appliances and home theater. And so I just want to make sure I'm explicit in saying this is a bit of a different category and the pricing side of things. Matt did an exceptional job on some of the costing side of things, but we're in a different place than many other industries and categories.

因此，實際上，從較長時期來看，當我們回顧20 財年時，我們看到了ASP 的結構性增長，但這更多是由於我們的高端產品組合，而且更多是由於擁有更多高ASP 產品，如家電和家庭影院。因此，我只是想確保我明確表示這是一個不同的類別和定價方面。馬特在某些成本核算方面做得非常出色，但我們所處的位置與許多其他行業和類別不同。

That's really helpful. And if I could squeeze in one follow-up here around the topic of shrink. Corie, you mentioned some of the new displays you have that have been helpful. But can you just help to put into context the success that you're seeing in this tough environment, given that there are so many retailers calling out challenges on shrink right now?

這真的很有幫助。如果我能在這裡擠進一篇關於收縮主題的後續報導。 Corie，您提到了一些很有幫助的新顯示器。但是，考慮到目前有如此多的零售商呼籲減少庫存方面的挑戰，您能否幫助我們介紹一下您在這個艱難的環境中所看到的成功？

Yes. I will start with our #1 priority is and always has been the safety of our customers and our employees. And I need to be clear that in certain parts of the country and in certain stores, the attempts at whether it's breaking in or whether it's larger scale, just grabbing and running out, that -- those are real, and we are definitely seeing an increase. However, we did not call out material impacts to the business as a result of shrink pressure.

是的。首先，我們的第一要務始終是客戶和員工的安全。我需要澄清的是，在該國的某些地區和某些商店，無論是闖入還是規模更大，只是搶奪和跑出，這些嘗試都是真實的，我們肯定會看到增加。然而，我們並未指出收縮壓力對業務造成的重大影響。

And as we think about -- the way we think about shrink is overarching everything we call shrink as a percent of revenue, right, because you're kind of trying to gauge it versus the volume. And in total, our shrink as a percent of our revenue is within 10 basis points of pre-pandemic fiscal '20. Now I give our teams all the credit in the world around this. And one of the things that's a little bit different here at Best Buy is given that the high-ticket nature of what we sell, we've been addressing shrink aggressively for, honestly, many, many years. It's really embedded in the culture.

正如我們所思考的那樣，我們對收縮的看法是我們所說的收縮佔收入的百分比，對吧，因為你試圖將其與銷量進行衡量。總的來說，我們佔收入的百分比比大流行前的 20 財年下降了 10 個基點以內。現在，我將這一切歸功於我們的團隊。百思買的一個有點不同的地方是，考慮到我們銷售的產品的高價性質，老實說，我們多年來一直在積極解決縮水問題。它確實根植於文化中。

And think about some of the things that are different for us. We have front door asset protection in our stores, and likely often more floor coverage as well because we just have more employees in our stores, and they just do an exceptional job of watching out over our stores. We usually just have 1 entrance in our stores. We tend to have less self-checkout. We have a very high digital penetration at 33%. So that's a little bit different. We also have to spend a lot of time on online fraud, which is a different kind of definition of shrink.

並思考一些對我們來說不同的事情。我們的商店有前門資產保護，而且通常也有更多的地板覆蓋範圍，因為我們商店裡有更多的員工，他們在看管我們的商店方面做得非常出色。我們的商店通常只有 1 個入口。我們傾向於較少自助結賬。我們的數字滲透率非常高，達到 33%。所以這有點不同。我們還必須花費大量時間來應對網絡欺詐，這是對收縮的另一種定義。

So we just have structurally, I think, a little bit different, and honestly, have been investing really heavily in this space over time, and trying to really harden our buildings, protect our employees and assets. And then as I mentioned, now going into the next realm of technology solutions that are trying to protect the customer experience and make it still seamless for the customers to get everything they want and at the same time, creates the safest possible environment.

所以我認為，我們只是在結構上有點不同，老實說，隨著時間的推移，我們一直在這個領域進行了大量投資，並試圖真正加固我們的建築，保護我們的員工和資產。然後，正如我提到的，現在進入技術解決方案的下一個領域，這些解決方案試圖保護客戶體驗，並使客戶仍然無縫地獲得他們想要的一切，同時創造最安全的環境。

And your final question comes from the line of Brian Nagel from Oppenheimer.

你的最後一個問題來自奧本海默的布賴恩·內格爾（Brian Nagel）。

My first question, I think it's a bit of a follow-up to Keith's question, just with respect to membership. So Corie, you spent a lot of time on the call today just talking about the ongoing enhancements of membership. And you've given some of the nearer-term financial targets. But I guess the question I want to ask is, as we step back, clearly, this is a big focus for Best Buy. In your minds, what do we play? What's -- I don't want to say necessarily say dream a dream, but the intermediate longer-term opportunity with membership, either from a financial standpoint, more quantifiable or just from an overall consumer engagement standpoint.

我的第一個問題，我認為這是基思問題的後續問題，只是關於會員資格。 Corie，您今天在電話會議上花了很多時間談論會員資格的持續增強。您還給出了一些近期財務目標。但我想我想問的問題是，當我們退後一步時，顯然，這是百思買的一大焦點。在你看來，我們玩什麼？我不想說一定是夢想，而是會員資格的中期長期機會，無論是從更可量化的財務角度來看，還是從整體消費者參與的角度來看。

Yes, I'm going to talk from a consumer engagement lens. The thesis of membership has been consistent since the beginning. It is to drive customer engagement an increased share of wallet in consumer electronics. That is the end game that we're trying to accomplish, all the more important in an environment, where we have plenty of data that says consumers are a little less brand loyal than they've ever been. And so it becomes even more important for us to both create and then maintain this deep relationship with our customers.

是的，我將從消費者參與的角度來談談。成員資格的論點從一開始就是一致的。它是為了推動客戶參與，增加消費電子產品中的錢包份額。這就是我們正在努力實現的最終目標，在我們有大量數據表明消費者的品牌忠誠度比以往任何時候都低一些的環境中，這一點更為重要。因此，與客戶建立並維持這種深厚的關係對我們來說變得更加重要。

What we've learned across, and I said it before, but may hit again, across acquisition, retention and engagement. What we've learned is different customers value and different cohorts of customers value different qualities in our membership program. And so that's why the tiers of Free, Plus and Total they will appeal to either in the free case, someone who just really wants the convenience of free shipping on everything. On the Total -- or on the Plus aspect, excuse me, that's someone who loves convenience at a great value, right? They're going to get the promotions. They're going to get the early access. And we get 60-day return windows. And then on the Total, I want all of that Plus, I really value the support aspect of what we do.

我之前說過，但我們在獲取、保留和參與方面學到的東西可能會再次受到影響。我們了解到，不同的客戶看重我們的會員計劃中的不同品質，不同的客戶群體也看重不同的品質。這就是為什麼他們會吸引那些真正想要享受免費送貨便利的人。就總體而言——或者就附加方面而言，對不起，這是一個非常重視便利的人，對嗎？他們將獲得晉升。他們將獲得早期訪問權。我們有 60 天的退貨期限。然後在總體上，我想要所有這些，另外，我真的很重視我們所做工作的支持方面。

And the most important output of all of those at the end of the day is that we can see customers who both stay engaged with us, and we can see that repeat business. And we can see that increase in share of wallet, meaning every time they think about making a purchase in consumer electronics, they just come to us because it's so easy. Why would you go anywhere else. So that structurally is what you're trying to build. So over time, you both want the program itself to be efficient. You want it to be a reasonable cost of acquisition. But over time, you also want a customer who is shopping with more frequency and ultimately spending more with Best Buy.

最終，所有這些中最重要的輸出是我們可以看到與我們保持互動的客戶，並且我們可以看到回頭客。我們可以看到錢包份額的增加，這意味著每次他們考慮購買消費電子產品時，他們都會來找我們，因為這很容易。你為什麼要去別的地方。所以從結構上來說這就是你想要構建的。因此，隨著時間的推移，你們都希望程序本身高效。您希望它是合理的購置成本。但隨著時間的推移，您還希望客戶購物頻率更高，並最終在百思買上花費更多。

No, that's very helpful. I appreciate that. And then my follow-up question, different topic. We talked about the sale, the expected sales trajectory through the balance of the fiscal year with the expectation that sales will continue to solidify improve, maybe work towards that flatline. But you also did call out, I think it was in the prepared comments, the risk of it, if you will, is the challenge of this resumption of student loan payment. So it's obvious topic is starting to get more air time. The question I have is, to what extent you look closely at this? And how are you sizing and if you are sizing that potential risk to your sales trajectory here in the near term?

不，這非常有幫助。我很感激。然後是我的後續問題，不同的主題。我們討論了銷售、整個財年剩餘時間的預期銷售軌跡，以及銷售將繼續鞏固改善的預期，也許會朝著持平的方向努力。但你也確實指出，我認為這是在準備好的評論中，如果你願意的話，它的風險是恢復學生貸款支付的挑戰。所以很明顯的話題是開始獲得更多的播出時間。我的問題是，您在多大程度上對此進行了仔細研究？您如何評估規模？您是否正在評估近期銷售軌蹟的潛在風險？

Yes. I think it's clearly something we're trying to assess. And what we effectively believe we've tried to size that in our guide for the back half of the year. So it's clearly -- there are a number of different factors influencing the consumer right now, their shift to spend, their services, their increasing use of credit card, but they're still spending money. So I think it's certainly an impact for us. I think if you look at our demographics, we potentially could be more slightly exposed. But at the same time, we have a demographic that actually is a higher income, who can more afford increase in the number of student debt payments. So it's something we've certainly tried to factor into the back half for sure, but it's not the only factor that's happening.

是的。我認為這顯然是我們正在嘗試評估的事情。我們實際上相信，我們已經嘗試在今年下半年的指南中確定其規模。很明顯，目前有許多不同的因素影響著消費者，他們的消費方式、服務、信用卡使用的增加，但他們仍然在花錢。所以我認為這對我們肯定有影響。我認為，如果你看看我們的人口統計數據，我們可能會受到更輕微的影響。但與此同時，我們的人口實際上收入較高，他們更有能力承擔學生債務償還數量的增加。因此，我們確實試圖將這一因素納入後半部分，但這並不是唯一發生的因素。

You bet. Thank you, Brian. We appreciate the questions. And overarchingly, thank you to everyone who took the time to be with us today. And before we close the call, I want to make sure we acknowledge the wildfires in Maui, but also the wildfires we've seen in Canada and those bracing for a hurricane in Florida. Our hearts genuinely go out to those impacted. And we are doing all we can to support our employees in all of those impacted areas. Thank you so much for joining us today.

你打賭。謝謝你，布萊恩。我們感謝您提出的問題。最重要的是，感謝今天抽出時間與我們在一起的所有人。在我們結束通話之前，我想確保我們承認毛伊島的野火，以及我們在加拿大看到的野火以及佛羅里達州即將發生的颶風。我們真誠地同情那些受到影響的人。我們正在盡一切努力為所有受影響地區的員工提供支持。非常感謝您今天加入我們。

That concludes today's Best Buy Second Quarter fiscal 2024 Earnings Conference Call. Thank you all for joining, and I hope everyone has a great day.

今天的百思買 2024 財年第二季度收益電話會議到此結束。感謝大家的加入，希望大家都有愉快的一天。