百思買 (BBY) 2024 Q3 法說會逐字稿

ladies and gentlemen, thank you for standing by. Welcome to the Best Buy's Third Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available for 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 財年第三季財報電話會議。 （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。 （操作員說明）。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 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，大家早安。今天和我一起參加電話會議的是我們的執行長科里·巴里 (Corie Barry)；和我們的財務長 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較的 GAAP 財務指標的對帳以及這些財務指標為何有用的解釋可以在今天早上的收益報告中找到，該報告可在我們的網站 Investors.bestbuy.com 上找到。

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.

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有重大差異的風險和不確定性。

Please refer to the company's current earnings release and our most recent 10-K and subsequent 10-Qs for more information on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. I will now turn the call over to Corie.

請參閱公司目前的獲利報告以及我們最近的 10-K 和隨後的 10-Q，以了解有關這些風險和不確定性的更多資訊。本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 for joining us. For the third quarter, we are reporting better-than-expected profitability on slightly softer-than-expected revenue. Specifically, we are reporting a comparable sales decline of 6.9%, which is slightly below our outlook for the quarter as consumer demand softened through the quarter.

大家早安，感謝您加入我們。對於第三季度，我們報告的獲利能力優於預期，但收入略低於預期。具體來說，我們報告的可比銷售額下降了 6.9%，略低於我們對本季的預期，因為本季消費者需求疲軟。

At the same time, we expanded our Q3 gross profit rate 90 basis points from last year due to profitability improvements in our membership program and better product margins. We also lowered our SG&A expense compared to last year as we tightly controlled expenses and adjusted our labor expense rate with sales fluctuations.

同時，由於會員計畫獲利能力的提高和產品利潤率的提高，我們第三季的毛利率比去年提高了 90 個基點。與去年相比，我們還降低了銷售管理費用，因為我們嚴格控制費用並根據銷售波動調整人工費用率。

During the quarter, we grew our paid membership base and drove meaningful improvements in customer satisfaction scores across many of our service offerings, including in-home delivery, in-store services and remote support.

本季度，我們擴大了付費會員基礎，並推動了我們許多服務產品的客戶滿意度得分的顯著提高，包括送貨上門、店內服務和遠端支援。

Our Q3 results demonstrate our ongoing strong operational execution as we navigate through the sales pressure our industry has been experiencing for the past several quarters. The sales pressure is due to many factors, including the pandemic pull forward of tech purchases, the shift back into services outside the home, like travel and entertainment; and inflation.

我們第三季的業績證明了我們在應對過去幾季產業所經歷的銷售壓力時持續強勁的營運執行力。銷售壓力是由多種因素造成的，包括疫情導致科技產品採購提前、人們重新轉向旅行和娛樂等戶外服務；和通貨膨脹。

In the more recent macro environment, consumer demand has been even more uneven and difficult to predict. Based on the sales trends in Q3 and so far in November, we believe it is prudent to lower our revenue outlook for Q4. But despite the lower sales outlook, the midpoint of our annual EPS guidance is now slightly higher than the midpoint of our original guidance as we entered the year.

在最近的宏觀環境下，消費者需求更加不平衡且難以預測。根據第三季和 11 月迄今的銷售趨勢，我們認為下調第四季的營收預期是謹慎的做法。但儘管銷售前景較低，我們的年度每股收益指引中點現在略高於我們進入今年時最初指引的中點。

I want to thank our associates for their resilience and relentless focus on our customers. I continue to be so very proud of the way our teams are managing the business today and preparing for our future.

我要感謝我們的員工的韌性和對客戶的不懈關注。我仍然對我們團隊今天管理業務和為未來做準備的方式感到非常自豪。

Now I would like to provide more color on our Q3 performance and holiday plans before passing the call off to Matt for the financial details on the quarter and our outlook. We continue to strategically manage our promotional plan, and we're price competitive in an environment where consumers are very deal focused and making spend trade-offs right for their budget.

現在，我想對我們第三季度的業績和假期計劃提供更多信息，然後再將電話轉給馬特，了解本季度的財務細節和我們的前景。我們繼續策略性地管理我們的促銷計劃，並且在消費者非常注重交易並根據他們的預算進行支出權衡的環境中，我們具有價格競爭力。

Consumers are looking for value and from an industry themes perspective, we are seeing some trade down in the television category, but not as much trade down in other categories. As a result and as expected, the level of industry promotions and discounts were above last year and pre-pandemic fiscal '20.

消費者正在尋找價值，從行業主題的角度來看，我們看到電視類別出現了一些降價，但其他類別的降價幅度沒有那麼大。結果，正如預期的那樣，行業促銷和折扣的水平高於去年和大流行前的 20 財年。

Similar to the first half of the year, during Q3, our purchasing customers were relatively consistent in terms of demographics versus last year. As a reminder, we over-indexed with higher income consumers compared to the general population, and we saw the percent of revenue categorized as premium and the percent of purchases over $1,000 remain constant versus last year.

與上半年類似，第三季度，我們的採購客戶在人口統計上與去年相對一致。提醒一下，與普通人群相比，我們對高收入消費者進行了過度指數化，並且我們看到歸類為溢價的收入百分比以及超過 1,000 美元的購買百分比與去年相比保持不變。

We have largely maintained our year-to-date industry share in our Circana, formerly NPD tracked categories. Against this backdrop, our focus on deepening relationships with customers remains crucial.

迄今為止，我們在 Circana（以前是 NPD 追蹤的類別）中基本上保持了我們的行業份額。在此背景下，我們對深化與客戶關係的關注仍然至關重要。

Our membership program delivered another quarter of growth and improved profitability versus last year. The Q3 contribution to the enterprise operating income rate was larger than expected due to the combination of a lower cost to serve and higher paid in-home installation services.

與去年相比，我們的會員計劃又實現了一個季度的成長並提高了獲利能力。由於較低的服務成本和較高的上門安裝服務費用，第三季對企業營業收入的貢獻大於預期。

For the full year of fiscal '24, we now expect our 3-tiered membership program to contribute approximately 35 basis points of enterprise year-over-year operating income rate expansion. It is still early since we introduced material changes in June, but there are a number of insights I would like to share.

對於 24 財年全年，我們現在預計我們的三級會員計畫將為企業年比營業利潤率擴張貢獻約 35 個基點。自從我們在 6 月推出重大變更以來，現在還為時過早，但我想分享一些見解。

One, we continue to increase our paid membership base and now have 6.6 million members. This compares to 5.8 million at the start of the year.

第一，我們不斷擴大付費會員基礎，目前會員數已達 660 萬人。相比之下，今年年初的數字為 580 萬。

During the third quarter, we signed up approximately 35% more new paid members compared to the third quarter of last year, driven by the addition of the new tier and buoyed by back-to-school and October's member month events.

與去年第三季相比，第三季我們簽約的新付費會員數量增加了約 35%，這得益於新會員等級的增加以及返校季和 1​​0 月會員月活動的推動。

Two, our paid members continue to interact with the brand and shop more frequently compared to nonmembers, which is the goal of any membership program.

第二，與非會員相比，我們的付費會員繼續與品牌互動並更頻繁地購物，這是任何會員計劃的目標。

Three, and though it is early and we have not yet lapped the new programs, retention rates are outperforming expectations. Four, My Best Buy Total, which is the evolution of our prior Total tech offer, continues to resonate more strongly in our physical store setting.

第三，雖然現在還為時過早，而且我們還沒有完成新計劃，但保留率超出了預期。第四，My Best Buy Total 是我們先前 Total 科技產品的演變，繼續在我們的實體店環境中產生更強烈的共鳴。

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 up to 2 years of product protection, including AppleCare Plus on most new Best Buy purchases and includes all the benefits of My Best Buy Plus.

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，都可以透過店內、遠端、電話或聊天方式對您的所有電子產品提供支援。它還包括長達 2 年的產品保護，包括大多數新百思買購買的 AppleCare Plus 服務，以及 My Best Buy Plus 的所有好處。

And five, our My Best Buy Plus is resonating more with the digital customers and appeals to a broader set of customer segments. This is the new tier for customers who want value and access. For $49.99 per year, customers get exclusive prices and access to highly anticipated product releases.

第五，我們的 My Best Buy Plus 與數位客戶產生了更多共鳴，並吸引了更廣泛的客戶群。對於想要價值和存取權的客戶來說，這是一個新的層次。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。

They also get free 2-day shipping and an extended 60-day return and exchange window on most products. We are still early in the process and are testing different promotional offers to determine what resonates most with consumers as well as continuously improving digital experience to make it even easier to find deals and benefits.

對於大多數產品，他們還可以獲得 2 天免費送貨服務以及延長的 60 天退貨和換貨窗口。我們仍處於這個過程的早期階段，正在測試不同的促銷優惠，以確定最能引起消費者共鳴的優惠，並不斷改進數位體驗，以便更輕鬆地找到優惠和福利。

Of course, we also have a free membership tier that enables free shipping for everyone, a great differentiator, especially in the holiday season. During the quarter, we continued to evolve our omnichannel capabilities to support our strategy and make it easy and enjoyable for consumers to get the best tech and premier expert consultation and service when they want it through our online store and in-home experiences.

當然，我們也提供免費會員資格，為每個人提供免費送貨服務，這是一個很大的差異化優勢，尤其是在假期季節。在本季度，我們繼續發展我們的全通路能力，以支持我們的策略，並讓消費者在需要時透過我們的線上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諮詢和服務。

Last month, we introduced Best Buy Drops, which is a new experience only available through the Best Buy app. It gives customers the opportunity to access product releases, limited edition items, launches and deals from a variety of categories. There are multiple drops nearly every week, and they're only available in limited quantities. We are encouraged by the early results as Best Buy Drops is driving both incremental customer app downloads and higher frequency of app visits.

上個月，我們推出了 Best Buy Drops，這是一種只能透過 Best Buy 應用程式獲得的新體驗。它使客戶有機會訪問各種類別的產品發布、限量版商品、發布和優惠。幾乎每週都會有多次掉落，而且數量有限。我們對早期結果感到鼓舞，因為 Best Buy Drops 正在推動客戶應用程式下載的增量和應用程式存取頻率的提高。

We have also seen growth in sales from customers who are getting help from our virtual sales associates. These interactions, which can be via phone, chat or our virtual store, drive much higher conversion rates and average order values than our general dot.com levels. This quarter, we had 140,000 customer interactions by a video chat with associates, specifically out of our virtual store locations.

我們也看到，從我們的虛擬銷售人員那裡獲得幫助的客戶的銷售額有所成長。這些互動可以透過電話、聊天或我們的虛擬商店進行，可帶來比我們一般 .com 水準更高的轉換率和平均訂單價值。本季度，我們透過視訊與員工進行了 140,000 次客戶互動，特別是在我們的虛擬商店地點。

As a reminder, this is a physical store in one of our distribution centers with merchandising and products that are staffed with dedicated associates and no physical customers. We also teamed up with live shopping platform Talk Shop Live, to test a series of online shopping events this month, starring our virtual sales associates.

提醒一下，這是我們配送中心之一的實體店，銷售商品和產品，配有專職員工，但沒有實體顧客。我們還與即時購物平台 Talk Shop Live 合作，測試了本月由我們的虛擬銷售人員主演的一系列線上購物活動。

These events feature products from some of our newer categories like beauty and wellness as well as new tech and unique products. Our physical store portfolio is one of our key assets, and the role of our stores is to provide customers with differentiated experiences, services and multichannel fulfillment.

這些活動展示了我們一些新類別的產品，例如美容和健康，以及新技術和獨特產品。我們的實體店組合是我們的關鍵資產之一，我們商店的角色是為客戶提供差異化的體驗、服務和多通路履行。

At the same time, we need some stores to be more cost and capital efficient to operate. As a reminder, while almost 1/3 of our domestic sales are online, 43% of those sales were picked up in one of our stores by customers in Q3. And and most customers shop us in multiple channels.

同時，我們需要一些商店以更高的成本和資本效率來運作。提醒一下，雖然我們近 1/3 的國內銷售是在線銷售，但其中 43% 的銷售額是在第三季度由客戶在我們的一家商店購買的。大多數客戶透過多種管道向我們購買產品。

Consistent with our normal cadence, we have largely completed the changes to our store portfolio for the year, so we can focus on the holiday season with minimal disruption to our physical stores.

按照我們的正常節奏，我們已經基本完成了今年商店組合的調整，因此我們可以專注於假期季節，同時將對實體店的干擾降至最低。

As we think about next year with the current economic backdrop, we plan to spend more of our capital expenditures, refreshing a greater number of our stores and less on large-scale remodels. As such, we have 3 priorities for our U.S. store fleet in the near term.

在當前經濟背景下考慮明年，我們計劃花費更多的資本支出，更新更多數量的商店，減少大規模改造。因此，我們的美國門市近期有 3 個優先事項。

Number one, we are refreshing our stores with a particular focus on improving enlivening the merchandising presentation given the shift to digital shopping and corresponding lower need to hold as much inventory on the shopping floor. For example, this year, in all our stores, we installed new premium end caps in partnership with key vendors that improve the merchandising in the center of the store.

第一，鑑於向數位購物的轉變以及相應地降低了在購物場所保留盡可能多庫存的需求，我們正在更新我們的商店，特別注重改善商品展示的活力。例如，今年，我們在所有商店中與主要供應商合作安裝了新的優質端蓋，以改善商店中心的商品陳列。

This year, we installed up to 10 of these new end caps per store or roughly 1/3 of our end caps per store and plan to add more next year as we work to upgrade these crucial locations in our stores.

今年，我們在每家商店安裝了多達10 個這樣的新端蓋，或者大約是每家商店端蓋的1/3，併計劃明年在我們努力升級商店中這些關鍵位置的同時添加更多端蓋。

In addition, this year, we rightsized our traditional gaming spaces in roughly half of our stores to allow for the expansion of growing categories like PC gaming and newer offerings such as Greenworks cordless power tools, wellness products like the Oura ring, Epson short throw projectors, e-bikes and scooters and Lovesac home furnishing products.

此外，今年，我們對大約一半商店的傳統遊戲空間進行了調整，以擴展不斷增長的類別，例如電腦遊戲和 Greenworks 無線電動工具、Oura 環等健康產品、愛普生短焦投影機等新產品、電動自行車和踏板車以及Lovesac 家居產品。

While small, we are seeing promising results in some of these new categories with meaningful market share growth. And as always, we continue to work closely with our vendor partners to add experiences to our stores. For example, LEGO and Therabody invested in new shop-in-shops in all our 35,000 square foot experience stores.

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，市佔率顯著成長。一如既往，我們繼續與供應商合作夥伴密切合作，為我們的商店增添體驗。例如，樂高和 Therabody 在我們所有 35,000 平方英尺的體驗店中投資了新的店中店。

In addition, and as you would expect, many of our premium partners are continuously updating their in-store spaces to reflect their latest innovations. We will continue this work next year in all our stores, rightsizing a number of categories to ensure we are leveraging the space in the center of our stores in the most exciting, relevant and efficient way possible.

此外，正如您所期望的那樣，我們的許多優質合作夥伴正在不斷更新他們的店內空間，以反映他們的最新創新。明年我們將在所有商店繼續這項工作，調整一些類別的規模，以確保我們以最令人興奮、最相關和最高效的方式利用商店中心的空間。

Our second priority is to keep investing in formats we know drive returns. This year, we implemented 8 large format 35,000 square foot experienced store remodels for a total of 54 and will end the year with 23 outlet stores. At this point in time, we plan to implement a minimal number of remodels and outlets next year.

我們的第二要務是繼續投資於我們知道能帶來回報的模式。今年，我們實施了 8 次大型體驗店改造，面積達 35,000 平方英尺，總計 54 家，年底將擁有 23 家直營店。目前，我們計劃明年實施最少數量的改造和門市。

And the third priority is to open a few smaller footprint stores to keep learning and testing our hypothesis at physical points of presence matter, and we need less selling square footage and more fulfillment and inventory holding space.

第三個優先事項是開設一些佔地面積較小的商店，以繼續學習和測試我們在實體存在點的假設，我們需要更少的銷售面積和更多的履行和庫存持有空間。

In addition, we plan to open a few smaller stores in outstate markets to test the impact of adding new locations and geographies where we have no prior physical presence and our omnichannel sales penetration is low.

此外，我們計劃在外州市場開設一些較小的商店，以測試增加新地點和地區的影響，在這些地區和地區我們之前沒有實體店，而且我們的全通路銷售滲透率較低。

At the same time, we also continue to close existing traditional stores as a result of our rigorous review of stores as their leases come up for renewal. This year, we have closed 24 stores. Over the past 5 years, we have closed approximately 100 Best Buy stores, which is a 10% decline in store count during that time frame. And we expect to close roughly 15 to 20 stores per year in the near term.

同時，我們也繼續關閉現有的傳統商店，因為我們對商店的租約即將續約進行了嚴格審查。今年，我們關閉了 24 家門市。在過去 5 年裡，我們關閉了大約 100 家百思買商店，在此期間商店數量減少了 10%。我們預計短期內每年將關閉約 15 至 20 家商店。

We have been enhancing our supply chain network to support these footprint changes and deliver speed, predictability and choice to our customers. For example, we have worked to optimize our ship-from-store hub footprint to maintain substantial coverage for faster offers and take shipping volume pressure off the majority of the stores to allow them to focus on in-store and pickup experiences.

我們一直在增強我們的供應鏈網絡，以支援這些足跡變化，並為我們的客戶提供速度、可預測性和選擇。例如，我們一直致力於優化店內發貨中心的佔地面積，以維持更大的覆蓋範圍，以實現更快的報價，並減輕大多數商店的運輸量壓力，使他們能夠專注於店內和提貨體驗。

Additionally, we are optimizing our shipping locations to enhance our efficiency and effectiveness while still delivering with speed. And as a result, in Q3, we had the lowest ship from store volume as a percent of total since well before the pandemic, with approximately 62% of e-commerce small packages delivered to customers from automated distribution centers.

此外，我們正在優化我們的運輸地點，以提高我們的效率和效益，同時仍能快速交付。因此，在第三季度，我們的商店出貨量佔總量的百分比是自疫情爆發前以來最低的，大約 62% 的電子商務小包裹是從自動化配送中心交付給客戶的。

We also continue to augment our own supply chain through other partners and launched Best Buy on DoorDash marketplace, offering our second scheduled parcel delivery option in addition to Instacart Marketplace.

我們也繼續透過其他合作夥伴擴大我們自己的供應鏈，並在 DoorDash 市場上推出百思買 (Best Buy)，提供除 Instacart Marketplace 之外的第二個定期包裹遞送選項。

As we have discussed previously, we have made strategic structural changes to our store operating model over the past few years to adjust to the shifts we have seen in customer shopping behavior and our corresponding operational needs. These changes provide more flexibility and have allowed us to flex labor hours with the fluctuations in customer sales, shopping preferences like curbside and traffic.

正如我們之前所討論的，過去幾年我們對商店營運模式進行了策略性結構性變革，以適應客戶購物行為和相應營運需求的變化。這些變化提供了更大的靈活性，使我們能夠根據客戶銷售、路邊和交通等購物偏好的波動來靈活調整工作時間。

As a result, we kept our labor rates steady as a percent of revenue, even as our sales have declined over the past several quarters. As you can imagine, there is a delicate balance to maintain while we adjust our store operating model as the expert service our associates provide customers is a core competitive advantage.

因此，儘管我們的銷售額在過去幾季有所下降，但我們的勞動成本佔收入的百分比保持穩定。正如您可以想像的那樣，在我們調整商店營運模式時需要保持微妙的平衡，因為我們的員工為客戶提供的專業服務是核心競爭優勢。

We keep a very close watch on our customer satisfaction trends to make sure we are not negatively impacting the customer experience. Broadly, I am proud that the team is doing this work while driving higher purchasing customer NPS for associate availability, product availability and pricing.

我們密切關注客戶滿意度趨勢，以確保我們不會對客戶體驗產生負面影響。總的來說，我很自豪團隊正在進行這項工作，同時推動更高的採購客戶淨推薦值 (NPS)，以實現員工可用性、產品可用性和定價。

We are also committed, of course, to providing a great employee experience through training opportunities and benefits. As we mentioned last quarter, we have now led thousands of our sales associates through a certification process focused on our foundational retail excellence.

當然，我們也致力於透過培訓機會和福利提供良好的員工體驗。正如我們上季度所提到的，我們現在已經帶領數千名銷售人員通過了專注於我們基礎零售卓越性的認證流程。

We are also leveraging technology in our stores more than ever to continue to elevate our customer and employee experiences in more cost-effective ways. A great example is our app built for employees called Solution Sidekick, that provides a guided selling experience consistent across departments, channels and locations. Our employees have embraced solution Sidekick and we can see higher customer NPS when our employees are utilizing the app in their interactions with customers.

我們也比以往任何時候都更常利用商店中的技術，以更具成本效益的方式繼續提升我們的客戶和員工體驗。一個很好的例子是我們為員工建立的名為 Solution Sidekick 的應用程序，它提供了跨部門、管道和地點一致的指導銷售體驗。我們的員工已經接受了 Sidekick 解決方案，當我們的員工在與客戶互動時使用應用程式時，我們可以看到更高的客戶 NPS。

We are gratified that our employee retention rates continue to outperform the retail industry, particularly in key leadership roles, the vast majority of which we hire internally. Our average tenure, excluding our seasonal workforce, for field employees is just under 5 years, and our general manager tenure is almost 16 years. This is crucial as we can directly tie tenured experience and training certifications to NPS improvement over time.

我們很高興我們的員工留任率持續優於零售業，特別是在關鍵領導職位上，其中絕大多數是我們內部聘用的。不包括季節性員工在內，我們現場員工的平均任期不到 5 年，而總經理的任期則接近 16 年。這一點至關重要，因為我們可以將終身經驗和培訓認證與隨著時間的推移 NPS 的改進直接聯繫起來。

We have also seen a strong pool of applicants for new associates to supplement our store teams this holiday season. As you all have likely noticed, the holiday shopping season has begun. Since we are preparing for a customer who is very deal focused, we expect shopping patterns will look even more similar to historical holiday periods than they did last year with customer shopping activity concentrated on Black Friday week, Cyber Monday and the last 2 weeks of December.

我們也看到大量申請新員工的申請，以補充我們這個假期的商店團隊。正如大家可能已經注意到的那樣，假期購物季已經開始。由於我們正在為非常注重交易的客戶做準備，因此我們預計購物模式將比去年更加類似於歷史假期期間，客戶購物活動集中在黑色星期五週、網絡星期一和 12 月的最後兩週。

From an inventory perspective, we expect to have strong product availability across categories this year. We will continue to manage inventory strategically to maximize our ability to flex with customer demand.

從庫存角度來看，我們預期今年各品類的產品供應量都會強勁。我們將繼續策略性地管理庫存，以最大限度地提高我們滿足客戶需求的能力。

We are excited about the promotions and deals we have planned for all customers and budgets, including special promotions and early access to deals for our My Best Buy Plus and My Best Buy Total members. We have curated gift list to help everyone find the perfect gift. We also introduced a new resource on bestbuy.com and the Best Buy app called Yes, Best Buy Sells That where customers can find the latest in tech and gifting, like pet tech, baby tech or electric vehicle chargers, all the way to unique products, some shoppers may not know we sell like skin treatments, toys for all ages and electric outdoor power equipment.

我們對所有客戶和預算計劃的促銷和優惠感到興奮，包括為 My Best Buy Plus 和 My Best Buy Total 會員提供特別促銷和提前享受優惠。我們精心策劃了禮物清單，以幫助每個人找到完美的禮物。我們還在bestbuy.com 和百思買應用程式上推出了名為Yes, Best Buy Sells 的新資源，客戶可以在其中找到最新的技術和禮品，例如寵物技術、嬰兒技術或電動車充電器，一直到獨特的產品一些購物者可能不知道我們銷售皮膚護理產品、適合所有年齡層的玩具和戶外電動設備。

For added ease of shopping and peace of mind, we've extended both our store hours and our product return policy for the holiday season. And this year, for the first time, we also extended that our shoppers can connect directly with one of our virtual sales experts to get help with their holiday shopping.

為了讓購物更方便、更安心，我們延長了假期期間的商店營業時間和產品退貨政策。今年，我們也首次擴展了購物者可以直接與我們的虛擬銷售專家聯繫的方式，以獲得假日購物方面的幫助。

We're also offering free next-day delivery on thousands of items in addition to convenience store and curbside pickup options. Most orders placed on bestbuy.com or through the Best Buy app are ready for store pickup within 1 hour. Same-day delivery is also available on most products for a small fee.

除了便利商店和路邊取貨選項外，我們還提供數千種商品的免費隔日送達服務。大多數在 bestbuy.com 或透過百思買應用程式下的訂單都可以在 1 小時內到店取貨。大多數產品還可以提供當日送達服務，只需支付少量費用。

From a merchandising perspective, we're excited for shoppers to see new innovation in a variety of categories, including AI-powered devices like Microsoft CoPilot and Windows 11 computers, the latest in virtual and mixed reality with Meta Class III or Ray-Ban Meta Smart Glasses, immersive audio with Bose QuietComfort ultra-headphones and more.

從商品推銷的角度來看，我們很高興購物者能夠看到各種類別的新創新，包括 Microsoft CoPilot 和 Windows 11 電腦等 AI 驅動的設備、Meta Class III 或 Ray-Ban Meta 的最新虛擬和混合現實智慧眼鏡、Bose QuietComfort 超級耳機的沉浸式音訊等等。

And we can help our holiday shoppers take advantage of this new innovation through our trade-in program, which gives the customer value for their old technology.

我們可以透過我們的以舊換新計劃幫助我們的假期購物者利用這項新的創新，從而為客戶的舊技術帶來價值。

In addition to great deals for our flagship categories like computing, home theater and gaming, that feature our unique ability to showcase higher-end technologies at great value, we also have an expanded assortment of new and growing categories, including e-transportation, health and wellness and outdoor living.

除了計算、家庭劇院和遊戲等旗艦類別的超值優惠外，我們還擁有以超值展示高端技術的獨特能力，此外，我們還提供更多新類別和不斷增長的類別，包括電子交通、健康以及健康和戶外生活。

Our e-transportation assortment has more options for people of all ages and skill levels. We have twice as many outdoor cooking brands compared to last year and more than 5,000 health and wellness products, including a lineup of fitness, recovery, beauty, skin care, baby tech and more.

我們的電動交通品種為各個年齡層和技能水平的人們提供了更多選擇。與去年相比，我們的戶外烹飪品牌數量增加了一倍，健康和保健產品超過 5,000 種，包括健身、恢復、美容、護膚、嬰兒科技等一系列產品。

As you can likely hear, we are very excited to provide customers an amazing experience this holiday season. Of course, the macro environment remains uncertain with some tailwinds and increasingly more headwinds, all contributing uneven impacts on consumers.

正如您可能聽到的那樣，我們非常高興能夠在這個假期為客戶提供令人驚嘆的體驗。當然，宏觀環境仍然存在不確定性，一些順風因素和越來越多的逆風因素，都對消費者產生了不平衡的影響。

The job market remains strong and upper income and older demographics, in particular, continue to benefit from excess savings. Overarchingly, the consumer is still spending. But as we have said before, they are making careful choices and trade-offs right for their households. Given the sustained inflationary pressure on the basics, like food, fuel and lodging and the ongoing preference towards services spending, like restaurants, concert tickets indications.

就業市場依然強勁，高收入群體和老年人口繼續受益於過剩儲蓄。整體而言，消費者仍在消費。但正如我們之前所說，他們正在為自己的家庭做出謹慎的選擇和權衡。鑑於食品、燃料和住宿等基本生活用品面臨持續的通膨壓力，以及對餐廳、音樂會門票等服務支出的持續偏好。

Additional indicators have continued to soften, including declining consumer confidence increasing debt and waning savings, and we saw sales trends soften as we move through the quarter. This environment continues to make it challenging to predict shopping behavior even during the most exciting time of the year.

其他指標持續疲軟，包括消費者信心下降、債務增加和儲蓄減少，隨著本季的進展，我們看到銷售趨勢疲軟。即使在一年中最令人興奮的時刻，這種環境仍然使預測購物行為變得充滿挑戰。

While we are lowering our Q4 sales outlook, we have a wide range to allow for a number of scenarios and the mid-to-high end of the range reflects sequential improvement. As we discussed on our last call, there are several factors supporting our belief that our Q4 year-over-year comparable sales can improve.

雖然我們降低了第四季度的銷售預期，但我們有一個廣泛的範圍來考慮多種情況，並且範圍的中高端反映了連續的改善。正如我們在上次電話會議中討論的那樣，有幾個因素支持我們的信念，即我們第四季度的同比可比銷售額可以改善。

We expect home theater year-over-year performance to improve as we expect to be better positioned with inventory across all price points and budgets than last year. We are starting to see signs of stabilization in our TV units as they grew in Q2 and Q3 and are expected to grow in Q4.

我們預計家庭劇院的同比表現將有所改善，因為我們預計所有價位和預算的庫存都比去年更好。我們開始看到電視業務穩定的跡象，因為它們在第二季和第三季有所成長，預計第四季也會成長。

We expect performance in our computing category to improve as we build on our position of strength in the premium assortment. Notebook units were flat compared to last year in Q2, down as expected in Q3 and expected to be up slightly in Q4. And we expect to see continued growth in the gaming category as inventory is more readily available and there are strong new software titles.

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，我們的運算類別的效能將會提高。第二季筆電銷售量與去年持平，第三季符合預期下降，第四季預計略有成長。我們預計遊戲類別將持續成長，因為庫存更容易獲得並且有強大的新軟體產品。

In summary, while the macro and industry backdrop continues to drive volatility, 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 confident about our future opportunities.

總而言之，雖然宏觀和產業背景繼續推動波動，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充滿信心。

After 2 years of declines, we believe the consumer electronics industry should see more stabilization next year and possibly growth in the back half of the year. While our existing product categories have slightly different timing nuances, we believe they are poised for growth in the coming years, benefiting from a materially larger installed base and the ongoing desire and need to replace technology as it ages.

經過兩年的下滑，我們認為消費性電子產業明年應該會更加穩定，下半年可能會成長。雖然我們現有的產品類別在時間上略有不同，但我們相信，受益於更大的安裝基礎以及隨著技術老化而不斷更換技術的願望和需求，它們將在未來幾年實現成長。

Much of this replacement is spurred by innovation, and 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.

這種替代很大程度上是由創新推動的，此外，我們繼續看到一些宏觀趨勢，這些趨勢應該隨著時間的推移為我們的業務帶來機遇，包括雲端、擴增實境、寬頻存取的擴展，當然還有生成式人工智慧，我們在這些趨勢中了解我們的供應商合作夥伴正在幕後努力創造可優化這種材料技術進步的消費產品。

Our purpose to enrich lives through technology is more relevant today than ever. We're the largest CE specialty retailer. We continue to hold 1/3 of the market share in both the U.S. computing and television industries and we can commercialize new technology for customers like no one else.

我們透過科技豐富生活的目標在今天比以往任何時候都更加重要。我們是最大的消費性電子專業零售商。我們繼續佔據美國電腦和電視行業 1/3 的市場份額，並且我們可以像其他人一樣為客戶將新技術商業化。

With that, I would like to turn the call over to Matt for more details on our third quarter results our fiscal '24 outlook.

因此，我想將電話轉給馬特，以了解有關我們第三季業績和 24 財年展望的更多詳細資訊。

Good morning, everyone. Let me start by sharing details on our third quarter results. Enterprise revenue of $9.8 billion declined 6.9% on a comparable basis. Our non-GAAP operating income rate of 3.8% declined 10 basis points compared to last year. Non-GAAP SG&A dollars were $57 million lower than last year, and it increased approximately 100 basis points as a percentage of revenue. Partially offsetting the higher SG&A rate was a 90 basis point improvement in our gross profit rate. Compared to last year, our non-GAAP diluted earnings per share decreased 6.5% to $1.29.

大家，早安。讓我先分享我們第三季業績的詳細資訊。企業營收為 98 億美元，年減 6.9%。我們的非 GAAP 營業利潤率為 3.8%，與去年相比下降了 10 個基點。非 GAAP SG&A 美元比去年減少了 5,700 萬美元，但佔收入的百分比增加了約 100 個基點。我們的毛利率提高了 90 個基點，部分抵消了較高的 SG&A 率。與去年相比，我們的非 GAAP 攤薄每股收益下降 6.5% 至 1.29 美元。

When viewing our performance compared to our expectations, we did not see the sequential improvement versus the second quarter that our third quarter outlook assumed. From an enterprise comparable sales phasing perspective, August decline of approximately 6% was our best performing month, with September down 7% and October, down 8%.

當我們的業績與我們的預期進行比較時，我們沒有看到我們第三季展望所假設的與第二季相比的連續改善。從企業可比銷售額階段性角度來看，8 月下降約 6% 是我們表現最好的月份，9 月下降 7%，10 月下降 8%。

Although our sales were below plan, our non-GAAP operating income rate exceeded our outlook by approximately 40 basis points, which was driven by lower SG&A. The lower-than-expected SG&A was largely driven by tighter expense management in areas such as store payroll and advertising expense as we adjusted plans to account for sales trends.

儘管我們的銷售額低於計劃，但由於 SG&A 下降，我們的非 GAAP 營業利潤超出了我們的預期約 40 個基點。 SG&A 低於預期主要是由於我們根據銷售趨勢調整了計劃，導致商店工資和廣告費用等領域的費用管理更加嚴格。

Our gross profit rate was essentially flat to our expectations. Lastly, approximately $20 million of vendor funding qualified to be recognized as an offset to SG&A while our outlook assumed it would have been a reduction of cost of sales. We anticipate similar recognition of this funding in Q4 in the range of $15 million to $20 million.

我們的毛利率與我們的預期基本持平。最後，大約 2000 萬美元的供應商資金有資格被視為 SG&A 的抵消，而我們的前景假設這將是銷售成本的降低。我們預計第四季這筆資金也會得到類似的認可，金額在 1,500 萬美元至 2,000 萬美元之間。

Next, I will walk through the details of our third quarter results compared to last year. In our Domestic segment, revenue decreased 8.2% to $9 billion, driven by a comparable sales decline of 7.3%.

接下來，我將詳細介紹我們第三季業績與去年相比的情況。在國內業務部門，由於可比銷售額下降 7.3%，收入下降 8.2% 至 90 億美元。

From a category standpoint, the largest contributors to the comparable sales decline in the quarter were appliances, computing, home theater and mobile phones, which were partially offset by growth in gaming.

從類別角度來看，本季可比銷售額下降的最大貢獻者是家電、電腦、家庭劇院和手機，但遊戲業務的成長部分抵消了這些下降。

From an organic perspective, the overall blended average selling price of our products was essentially flat to last year, which is a slight improvement relative to the past few quarters. In our International segment, revenue decreased 3.4% to $760 million. This decrease was driven by a comparable sales decline of 1.9% and a negative impact of foreign exchange rates.

從有機角度來看，我們產品的整體混合平均售價與去年基本持平，相對於過去幾季略有改善。在我們的國際部門，營收下降 3.4% 至 7.6 億美元。這一下降是由於可比銷售額下降 1.9% 以及外匯匯率的負面影響造成的。

Our Domestic gross profit rate increased to 100 basis points to 22.9%. The higher gross profit rate was driven by the following: first, improvement from our membership offerings, which included a higher gross profit rate in our services category; second, our product margin rates improved versus last year, including a higher level of vendor-supported promotions and the benefit from optimization efforts across multiple areas; and third, lower supply chain costs.

我們的國內毛利率成長100個基點至22.9%。毛利率上升的原因如下：首先，會員服務的改善，其中包括服務類別毛利率的提高；其次，我們的產品利潤率比去年有所提高，包括更高水準的供應商支援的促銷活動以及跨多個領域的優化工作的收益；第三，降低供應鏈成本。

Before moving on, I would like to give some additional context on the profit sharing revenue from our credit card arrangement, which performed better than we expected in the third quarter. On a year-over-year basis, the profit share has been approximately flat from a dollar perspective over the course of the year, which has resulted in a slightly positive impact to our gross profit rate. In the fourth quarter, we expect the profit share to come in better than we had expected and once again be very similar to last year from a dollar perspective.

在繼續之前，我想先介紹一下我們信用卡安排的利潤分享收入的一些額外背景，該安排在第三季的表現好於我們的預期。與去年同期相比，從美元角度來看，這一年的利潤份額大致持平，這對我們的毛利率產生了輕微的正面影響。在第四季度，我們預計利潤份額將好於我們的預期，並且從美元角度來看，再次與去年非常相似。

As we look to next year, we expect the credit card profit share to be a pressure to our gross profit rate. At this point in time, we expect this pressure to be offset by continued financial improvement from our membership offerings.

展望明年，我們預計信用卡利潤份額將對我們的毛利率構成壓力。目前，我們預計這種壓力將透過會員服務的持續財務改善來抵銷。

Moving to SG&A. Our Domestic non-GAAP SG&A declined $58 million with the primary drivers being lower store payroll costs and reduced advertising, which were partially offset by higher incentive compensation.

轉向 SG&A。我們的國內非 GAAP SG&A 下降了 5800 萬美元，主要驅動因素是商店工資成本降低和廣告減少，但部分被更高的激勵薪酬所抵消。

Next, let me touch on our inventory balance. Similar to last year at this time, we continue to feel good about our overall inventory position as well as the health of our inventory.

接下來，讓我談談我們的庫存餘額。與去年同期類似，我們對整體庫存狀況以及庫存健康狀況持續感到滿意。

Our quarter end inventory balance was approximately 4% higher than last year's comparable period. As we noted during last year's third quarter earnings call, approximately $600 million of inventory receipts came in a few days later than we had expected, moving from October into November. Adjusting for that timing shift, this year's ending inventory balance would have been approximately 4% lower than last year's targeted ending balance.

我們的季末庫存餘額比去年同期高出約 4%。正如我們在去年第三季財報電話會議上指出的那樣，從 10 月到 11 月，大約 6 億美元的庫存收貨比我們預期晚了幾天。根據這項時間變化進行調整，今年的期末庫存餘額將比去年的目標期末餘額低約 4%。

Year-to-date, we've returned a total of $873 million to shareholders through dividends of $603 million and share repurchases of $270 million. We now expect share repurchases of approximately $350 million for the year.

今年迄今為止，我們已透過 6.03 億美元的股利和 2.7 億美元的股票回購向股東總共返還 8.73 億美元。我們目前預計今年的股票回購金額約為 3.5 億美元。

Let me next share more color on our outlook for the year, starting with our thoughts on the fourth quarter. From a top line perspective, we now expect our fourth quarter comparable sales to be down in the range of 3% to 7%. Our Enterprise comparable sales through the first 3 weeks of November are near the low end of the fourth quarter range.

接下來讓我從我們對第四季的想法開始，分享更多關於我們今年的展望。從營收角度來看，我們現在預計第四季可比銷售額將下降 3% 至 7%。截至 11 月前 3 週，我們的企業可比銷售額接近第四季範圍的低端。

On the profitability side, we expect our fourth quarter non-GAAP operating income rate to be in the range of 4.7% to 5%, which compares to a rate of 4.8% last year. Our fourth quarter gross profit rate is expected to improve versus last year by approximately 30 basis points. Although favorable to last year, the year-over-year improvement is less than the 90 basis points of expansion we reported for the third quarter.

在獲利能力方面，我們預計第四季非 GAAP 營業利潤率將在 4.7% 至 5% 之間，而去年為 4.8%。我們第四季的毛利率預計將比去年提高約 30 個基點。儘管對去年有利，但同比改善仍低於我們報告的第三季 90 個基點的擴張。

From a sequential standpoint, there are 3 main items I would highlight that are expected to reduce the rate expansion in the fourth quarter relative to the third quarter. First, although it is still a benefit compared to last year, the changes to our membership offering are less impactful in the larger holiday quarter.

從順序來看，我要強調的三個主要項目預計將減少第四季相對於第三季的利率擴張。首先，儘管與去年相比仍然是一項福利，但我們的會員服務的變化在較大的假期季度中影響較小。

Second, product margin rates are expected to be closer to flat to last year in the fourth quarter compared to a benefit in the third quarter. And third, we expect supply chain cost to be a slight pressure in the fourth quarter versus a benefit in the third quarter.

其次，與第三季的收益相比，第四季的產品利潤率預計將與去年持平。第三，我們預期第四季供應鏈成本將構成輕微壓力，而第三季將帶來好處。

From an SG&A standpoint, when comparing to last year, we expect our fourth quarter SG&A as a percentage of sales to be more favorable than our year-to-date trends, which is due in part to the impact of the extra week this year. The range of SG&A implied in the fourth quarter incorporates our normal course of actions to adjust variable expenses under the different revenue scenarios as well as adjustments to incentive compensation align with our expected financial outcomes.

從SG&A的角度來看，與去年相比，我們預計第四季度的SG&A佔銷售額的百分比將比今年迄今的趨勢更有利，部分原因是今年額外一周的影響。第四季度的SG&A範圍包含了我們在不同收入情況下調整可變費用的正常行動方針，以及根據我們預期的財務結果調整激勵薪酬的措施。

As a reminder, we expect the extra week to add approximately $700 million of revenue, which is excluded from our comparable sales and $100 million in SG&A we still expect it to benefit our full year non-GAAP operating income rate by approximately 10 basis points.

提醒一下，我們預計額外的一周將增加約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SG&A 費用中，我們仍然預計這將使我們全年的非GAAP 營業利潤率提高約10 個基點。

Let me provide more details on our full year guidance, which incorporates the color I just shared on the fourth quarter. We now expect the following: Enterprise revenue in the range of $43.1 billion to $43.7 billion, Enterprise comparable sales to decline 6% to 7.5%, Enterprise non-GAAP operating income rate in the range of 4% to 4.1%.

讓我提供有關我們全年指導的更多詳細信息，其中包含我剛剛分享的第四季度的顏色。我們現在的預期如下：企業收入在 431 億美元至 437 億美元之間，企業可比銷售額下降 6% 至 7.5%，企業非 GAAP 營業利潤率在 4% 至 4.1% 之間。

Non-GAAP diluted earnings per share of $6 to $6.30, non-GAAP effective income tax rate of approximately 24%, and lastly, our interest income is still expected to exceed interest expense this year. Our full year gross profit and SG&A working assumptions remain very similar to what we shared last quarter.

非 GAAP 攤薄每股收益為 6 美元至 6.30 美元，非 GAAP 有效所得稅率約為 24%，最後，我們今年的利息收入預計仍將超過利息支出。我們的全年毛利和銷售、一般行政費用工作假設與我們上季度分享的非常相似。

And some of the key callouts are the following: we still expect our gross profit rate to improve by approximately 60 basis points compared to fiscal '23. A large driver of the gross profit rate improvement is expected to come from our membership offerings, which includes a higher gross profit rate in our services category.

一些關鍵的說明如下：我們仍然預計我們的毛利率將比 23 財年提高約 60 個基點。毛利率改善的主要動力預計來自我們的會員服務，其中包括服務類別較高的毛利率。

Our membership offerings are now expected to provide approximately 35 basis points of improvement. At the midpoint of our guidance, we expect SG&A as a percentage of sales to increase by approximately 95 basis points compared to last year. We expect higher incentive compensation as we lapped up very low levels last year. The high end of our guidance now assumes incentive compensation increases by approximately $140 million compared to fiscal '23.

我們的會員服務現在預計將提供約 35 個基點的改進。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 95 個基點。我們預計更高的激勵薪酬，因為我們去年的水平非常低。現在，我們的指導上限假設激勵薪酬與 23 財年相比增加約 1.4 億美元。

And I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員詢問問題。

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

（操作員說明）您的第一個問題來自摩根士丹利的 Simeon Gutman。

I wanted to ask a question as we get into the fourth quarter, it looks like we'll have negative comps, and it will be the third year in a row. As we step back, I think there's logic to this massive pull forward and there is a larger installed base. There should be a replacement cycle. But I wanted to kind of question that. And if it throws any water on this, if there's something else happening here, maybe there is a lack of newness.

當我們進入第四季度時，我想問一個問題，看起來我們將出現負競爭，這將是連續第三年。當我們退後一步時，我認為這種大規模的推動是有邏輯的，並且有更大的安裝基礎。應該有一個更換週期。但我想對此提出質疑。如果它潑了水，如果這裡發生了其他事情，也許缺乏新鮮感。

You mentioned that you didn't lose much share, but thinking about market share as well, but thinking about the cycles and whether we're not -- whether we could be in just a negative industry cycle for a little bit longer.

你提到你並沒有失去太多份額，但也考慮了市場份額，但考慮了週期以及我們是否不會——我們是否可以在一個負面的行業週期中停留更長的時間。

Thanks for the question, Simeon. I think we have a few things going on to your point. So if you think about the comments that I had in the macro section, you've got a variety of stacked issues happening. One is absolutely you had pull forward throughout the pandemic.

謝謝你的提問，西蒙。我認為我們有一些事情符合你的觀點。因此，如果您考慮一下我在宏觀部分中的評論，您會發現各種各樣的問題正在發生。一是你在整個大流行期間絕對取得了進展。

Two is you also have this kind of sustained inflation. And again, it's sustained inflation on the basics that we've been talking about food, fuel and lodging and so that's pulling people. We also talked about the fact that a lot of spend right now is geared towards the more service type of things like concerts, like trips. Everywhere you look, people are taking more and more vacations.

二是也存在這種持續的通貨膨脹。再說一次，我們一直在談論食品、燃料和住宿等基礎設施，這是持續的通貨膨脹，所以這正在吸引人們。我們也談到了這樣一個事實，即現在的大量支出都用於更多服務類型的事情，例如音樂會、旅行等。放眼望去，人們休假的時間越來越長。

And so you have all of this kind of shift of spend that's happening. I think secondarily, as it relates specifically to the holiday time frame, the other interesting thing is people have also been buying CE a little bit more steadily throughout the year.

因此，所有這些支出的轉變正在發生。我認為其次，因為它與假期時間框架具體相關，另一件有趣的事情是人們在全年中購買 CE 的速度也更加穩定。

If you think about CE as more of a need-based item, not just that kind of giftable item, and so I think there's also just been a little bit of a shift in where people are spending. But I think broadly, what we're seeing reflected right now is the kind of culmination of not just pull forward, but all of these other factors that we're seeing from the consumer as they make those trade-offs.

如果你認為消費性電子產品更像是一種基於需求的物品，而不僅僅是那種可贈送的物品，那麼我認為人們的消費方式也發生了一些變化。但我認為，從廣義上講，我們現在看到的反映不僅僅是向前推進，而是我們在消費者做出這些權衡時從消費者那裡看到的所有其他因素的最終結果。

And we've been using the words uneven for probably 6 quarters now, and I think that is what you're seeing in the variety of results from consumers and where they're choosing to spend their dollars.

我們使用「不平衡」這個詞大概已經有六個季度了，我認為這就是你在消費者的各種結果中看到的以及他們選擇花錢的地方。

Maybe the quick follow-up is the Q4, I guess, you're running at the low end. Does it get better because the comparison gets better? Or you're hopeful around how the big holiday sales end up playing out?

也許快速跟進的是第四季度，我猜，你正在低端運行。是否因為比較變得更好而變得更好？或者您對節日大促銷的最終結果抱有希望嗎？

Yes. I think the comparison certainly gets better. As you think about last year, we were about 3% lower than FY '20 levels. This year, we're lower again FY '20, but the sequential is better in Q4. I think there's still a lot of optimism for holiday. I think there's a lot of great holiday promotions and events.

是的。我認為比較肯定會變得更好。正如您去年所想，我們的水平比 20 財年的水平低了約 3%。今年，20 財年我們的業績再次走低，但第四季的環比情況更好。我認為假期仍然充滿樂觀情緒。我認為有很多很棒的節日促銷和活動。

And I think we're trying to temper any expectation on holiday just with the pragmatic view of where the consumer is at right now. And I think you commented on the share. I think we actually -- we say largely held share because it's really hard to actually get a good meaningful number on share, but we feel good about our share position as we go into the holiday period.

我認為我們正試圖透過對消費者目前狀況的務實看法來調節對假期的任何期望。我想你對這個分享發表了評論。我認為我們實際上——我們說大部分持有股票，因為實際上很難獲得有意義的股票數量，但隨著假期的到來，我們對我們的股票狀況感覺良好。

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

你的下一個問題來自摩根大通的克里斯霍弗斯。

Thanks for the commentary around the credit card headwind that you're thinking about next year being offset by the membership. Can you talk about implicitly what you're assuming as a headwind in that comment, there's a lot of speculation. There's a lot of numbers getting thrown around in the market.

感謝您對信用卡逆風的評論，您正在考慮明年透過會員資格來抵消信用卡逆風。您能否隱含地談談您在該評論中所認為的逆風是什麼，有很多猜測。市場上有很多數字。

And so I just want to try to understand what you're implicitly assuming? And then -- in addition, what are the other big puts and takes in gross margin as you think about 2024, as you think about initiative spending as well as your health efforts?

所以我只是想試著理解你隱含的假設是什麼？然後，此外，當您考慮 2024 年時，當您考慮主動支出以及健康方面的努力時，毛利率方面還有哪些其他重大看跌期權和毛利率？

Sure. Thanks for the question. For credit card next year, I mean, obviously, there's a number of scenarios we're trying to understand as you think about next year.

當然。謝謝你的提問。對於明年的信用卡，我的意思是，顯然，當您考慮明年時，我們正在嘗試了解許多場景。

So we're not really guiding next year now. But when we think about the credit card that pressure that we expect to see, we believe, will largely be offset by benefits we might see from the membership program and services category expanding a bit more from a gross property perspective.

所以我們現在並沒有真正指導明年。但當我們考慮信用卡時，我們預計會看到的壓力將在很大程度上被會員計劃和服務類別帶來的好處所抵消，從總資產的角度來看，會員計劃和服務類別的擴張會更大一些。

The factors within the credit card, one of the biggest things we're trying to understand is just where do net credit losses go. They're -- at the moment, they're pretty close to where they were pre-pandemic. They were very low levels during the pandemic. And so we've been seeing them grow a little bit.

信用卡內部的因素，我們試圖了解的最重要的事情之一是淨信用損失去向。目前，它們非常接近大流行前的水平。在大流行期間，它們的水平非常低。所以我們看到它們有所成長。

And so the question would be how high did those grow if they do grow into next year and what sort of pressure. The other factor to consider is that, generally speaking, our receivable balance is higher than it used to be over the last several years. And so a higher receivable balance and interest income obviously, you can offset some of those pressures as well.

因此，問題是，如果它們確實增長到明年，它們會增長多高，以及會面臨什麼樣的壓力。另一個需要考慮的因素是，整體而言，我們的應收帳款餘額高於過去幾年。因此，較高的應收帳款餘額和利息收入顯然也可以抵銷其中一些壓力。

So those are a couple of the bigger things we're trying to understand as we think about the credit card specifically. And as you mentioned, again, for next year, the other puts and takes. Again, we're not guiding next year, but that credit card pressure and the membership benefit is one of the bigger factors we're trying to understand.

因此，當我們具體考慮信用卡時，這些是我們試圖理解的一些更重要的事情。正如你再次提到的，明年，其他的投入和拿取。同樣，我們不會為明年提供指導，但信用卡壓力和會員福利是我們試圖了解的更大因素之一。

Another one that I would call out would be -- we know that we're going to likely have to add STI expense back in as we're -- we've lowered the expense this year as we reset STI in the coming year to roughly $85 million that we would likely add back.

我要指出的另一個問題是——我們知道我們可能不得不重新添加 STI 費用——我們已經降低了今年的費用，因為我們在來年將 STI 重置為我們可能會加回大約 8500 萬美元。

Clearly, where the industry is at -- is a question as well to the extent that sales are flat or up, it helps relieve some of the pressure of some fixed costs. Clearly, the level of pressure matters quite a bit next year. If it's a small increase, small decline, it's less significant than is a bigger decline. So those are some of the bigger factors we're trying to think through as we go into next year.

顯然，行業所處的位置也是一個問題，銷售額是否持平或上升，是否有助於緩解某些固定成本的壓力。顯然，明年的壓力水平相當重要。如果是小幅成長、小幅下降，那麼其影響就沒有較大下降那麼顯著。這些是我們在進入明年時試圖考慮的一些更大因素。

So that's a perfect segue. On the SG&A side, Corie, I know you talked about your NPS scores with purchasing customers and what you're seeing in the store, you've caught what feels like a lot of labor over the past few years or past couple of years.

所以這是一個完美的segue。在 SG&A 方面，Corie，我知道您與採購客戶談論了您的 NPS 分數以及您在商店中看到的情況，您已經感受到過去幾年或過去幾年需要大量勞動力的感覺。

Are there any metrics that you're seeing, whether it's nonpurchasing customers, like close rates versus people walking indoor that are concerning to you? And then as you think about '24, given that you've gone negatively for this sustained period, is there just less flexibility to manage the labor component?

您是否看到了任何與您相關的指標，無論是非購買客戶，例如接近率與在室內行走的人數？然後，當你想到 24 世紀時，考慮到你在這段持續時間內一直處於消極狀態，管理勞動力部分的靈活性是否會降低？

So I alluded to NPS being one of the factors that we -- you can imagine, there is a broad array of both operational and then more survey-based metrics that we're looking at, everything from how fast can we do an in-store pick, how good is the curbside experience. We specifically talked about and we can see meaningful improvements year-over-year in product availability, in associate availability, in a variety of products and pricing, and those have continuously improved even as this year has gone on.

因此，我提到 NPS 是我們的因素之一——你可以想像，我們正在研究一系列廣泛的營運指標和更多基於調查的指標，從我們能多快完成內部調查到的一切，商店挑選，路邊體驗有多好。我們特別談到，我們可以看到產品可用性、員工可用性、各種產品和定價逐年有意義的改進，即使今年已經過去，這些改進仍在不斷改進。

And actually, we can also see some level of improvement in some of those through nonpurchasers as well. So we're watching both sides of this and that sequential improvement is happening across both purchasers and non-purchasers. And yes, we're watching close rate too, and the team is doing a really nice job measuring themselves and doing some progress against their close rate expectations as well.

事實上，我們也可以透過非購買者看到其中一些方面的某種程度的改善。因此，我們正在關注這兩個方面，購買者和非購買者都在不斷改善。是的，我們也在觀察成交率，團隊在衡量自己方面做得非常好，並且在成交率預期方面也取得了一些進展。

So we are -- literally, we have the almost Rubik's cube of operational and customer survey-based metrics so we can assess. I think what the team has done a really amazing job at is your point around flexibility. You talked about do you have less. Interestingly, now we have associates who can opt into and get certified in not just multiple areas of expertise within the store, but they can also get certified for operations roles and sales roles, and they can actually move between stores within their markets.

所以，從字面上看，我們擁有幾乎魔方般的營運和基於客戶調查的指標，以便我們進行評估。我認為團隊在靈活性方面做得非常出色。你說你的東西少嗎？有趣的是，現在我們的員工不僅可以選擇加入商店內多個專業領域並獲得認證，還可以獲得營運角色和銷售角色的認證，並且實際上可以在其市場內的商店之間流動。

And so we can flex not just against what's the consumer demand at the highest level, we can actually flex within a market depending on how and where people are choosing to shop. So I can even use an example like in the last week, we've seen a lot more people opting into in-store pickup and curbside and needing a bit more ship from store, and we can quickly then shift some of that labor into those areas, while still trying to strike the balance.

因此，我們不僅可以根據最高層級的消費者需求進行調整，而且實際上可以根據人們選擇購物的方式和地點在市場內進行調整。因此，我甚至可以使用上週的例子，我們看到越來越多的人選擇店內提貨和路邊提貨，並且需要更多的商店發貨，然後我們可以迅速將部分勞動力轉移到這些方面領域，同時仍在努力取得平衡。

We also talked about even moving some of the ship from store out of stores using those automated facilities so that when we do have labor in the stores, it's more customer-facing. It's facing more some of these key areas where we're trying to deliver these experiences.

我們還討論了甚至使用這些自動化設施將一些船隻從商店移出商店，這樣當我們在商店裡有勞動力時，就可以更面向客戶。它面臨著更多我們試圖提供這些體驗的關鍵領域。

So not perfect and certainly not going to be perfect every single day at every single location, but we really are working hard, and I give the team a great deal of credit for every day, monitoring both the experiences and the operational metrics that will tell us whether or not we're delivering.

所以並不完美，當然也不會在每個地點每一天都完美，但我們確實在努力工作，我每天都給予團隊很大的信任，監控經驗和營運指標無論我們是否交付。

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

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

Nice to see the membership program changes coming a bit more accretive than initially guided. Could you help us unpack that a little bit in terms of the drivers, if it's just removing the free installation or maybe that middle tier is trending a little more profitable than you thought, maybe curious on what the uptick is from?

很高興看到會員計劃的變化比最初指導的更具增值性。您能否幫助我們在驅動程式方面稍微解開一下，如果只是刪除免費安裝，或者中間層的利潤可能比您想像的要高一些，也許好奇增長來自何處？

Sure. The main drivers of the improvement from a rate perspective are -- there's basically 4 main areas. The first is the points change to the My Best Buy program. The second would be just the growth in paid members over time and the recognition of those annual fees.

當然。從費率角度來看，改善的主要驅動力基本上有 4 個主要領域。首先是「我的百思買」計畫的積分變化。第二個就是付費會員隨著時間的推移而增長以及這些年費的認可。

The changes we made to the total tech program, moving it to Total, mainly came through with lowering the cost to fulfill as we removed the free installation that also was part of the 35 basis points, and then again the resumption of appliance at home theater installation, paid installation is the other part of the number.

我們對整體技術計劃進行的更改（將其轉移到 Total）主要是透過降低實現成本來實現的，因為我們取消了免費安裝（這也是 35 個基點的一部分），然後再次恢復了家庭劇院的設備安裝，付費安裝是數量的另一部分。

The main drivers of it coming in better than our expectations are around higher-than-expected paid installation volumes and then also lower-than-expected Best Buy claims and lower Apple premiums than we had expected.

其表現優於我們預期的主要驅動因素是付費安裝量高於預期，百思買索賠低於預期以及蘋果保費低於我們預期。

Okay. That's helpful, Matt. And then in Corie, I guess everyone is very curious on product innovation and understanding we're kind of in this air pocket with very little innovation. But I'm curious are there any little green shoots that you're seeing in stores, maybe smaller products that we're not thinking about that give us some optimism that newness can drive sales.

好的。這很有幫助，馬特。然後在 Corie，我想每個人都對產品創新非常好奇，並且理解我們處於這個幾乎沒有創新的氣穴中。但我很好奇你在商店裡是否看到了一些新的萌芽，也許是我們沒有考慮到的較小產品，這讓我們對新奇可以推動銷售感到樂觀。

Yes. I actually -- I mean, I might be biased, but I think there's a lot of green shoots that are out there. And you're right, back to the -- one of the first questions, definitely what has also caused the pullback in CE, and I didn't hit it, to begin with, I'll hit it now, is just a bit of a lack of innovation when everyone was trying so hard to produce as much as possible or pull back as hard as possible, we just haven't seen it.

是的。事實上，我的意思是，我可能有偏見，但我認為那裡有很多萌芽。你是對的，回到第一個問題，肯定是什麼也導致了CE的回調，我沒有擊中它，首先，我現在要擊中它，只是一點點當每個人都在努力生產盡可能多的產品或盡可能減少生產時，缺乏創新，我們只是沒有看到它。

Now we are starting to see a little bit of that turn toward innovation. What we can see, even in TVs, we can see there's a lot more interest in those large screen sizes. We can see growth in the like 77-inch plus kind of categories where people want to get that newness. We actually have doubled the amount of SKUs in the 97-inch and above TV category, which I know sounds insane, but those are really interesting things to people from a true entertaining at home perspective.

現在我們開始看到一點點轉向創新。我們可以看到，即使在電視中，我們也可以看到人們對大螢幕尺寸的興趣更大。我們可以看到人們想要獲得新鮮感的 77 英寸以上類別的增長。實際上，我們將 97 吋及以上電視類別的 SKU 數量增加了一倍，我知道這聽起來很瘋狂，但從真正的家庭娛樂角度來看，這些對人們來說確實很有趣。

In majors, there's a brand-new washer/dryer combo unit from GE, so you can both do the washing and the drying in 1 unit, which is a really interesting innovation for people like me who might want to do 2 loads at once, full time and get through it all. In gaming, you can see there's really good availability of consoles, but some really interesting new titles that are driving some demand, some handheld gaming from ASUS and Lenovo.

在專業領域，GE 推出了全新的洗衣機/烘乾機組合裝置，因此您可以在一台裝置中同時進行洗滌和烘乾，這對於像我這樣可能想同時處理2 件衣物的人來說是一個非常有趣的創新，全職並完成這一切。在遊戲方面，您可以看到遊戲機的可用性非常好，但一些非常有趣的新遊戲正在推動一些需求，例如華碩和聯想的一些手持遊戲。

Those are great. And then there's kind of some smaller just interesting things. We talked about the Meta Quest 3, the Meta Rayban sunglasses and not only can you capture pictures but has audio built in. And then I think there's lots of just really small fun giftable things, right?

那些都很棒。然後還有一些較小但有趣的事情。我們討論了 Meta Quest 3、Meta Rayban 太陽眼鏡，它不僅可以拍攝照片，還內建音訊。然後我認為有很多非常小的有趣的禮物，對吧？

There's everything from the automated bird feeder to the automated litter box and everything in between. So what's cool and the reason a little tongue in cheek, we mentioned the Best Buy sells that is there are actually a ton of really interesting fun consumer technology devices. And to your point, they're kind of small, but they're starting to lead the way into what I think will be more meaningful cycles as we head into the back half of next year.

從自動餵鳥器到自動垃圾箱以及介於兩者之間的一切，應有盡有。那麼，很酷的一點是，我們提到百思買銷售的原因是，實際上有大量非常有趣的消費性科技設備。就你的觀點而言，它們有點小，但當我們進入明年下半年時，它們開始引領進入我認為更有意義的周期。

As you think about, we mentioned generative AI and products and importantly, chips that geared toward running those kind of large language processing models. And you can imagine that will extend not just into computing, but into other areas. And we can't always talk about everything that we can see on the horizon, but we definitely can see some interesting products as our vendors, as you all know, are just as incented to stimulate demand as we are.

正如您所想，我們提到了生成式人工智慧和產品，更重要的是，提到了用於運行此類大型語言處理模型的晶片。你可以想像這不僅會擴展到計算領域，還會擴展到其他領域。我們不能總是談論我們可以看到的一切，但我們肯定可以看到一些有趣的產品，因為我們的供應商，正如你們所知，和我們一樣有動力刺激需求。

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

你的下一個問題來自 D.A. 的 Mike Baker。戴維森。

Okay. Great. And this was sort of touched on, but the promotional activity, I think you said it's up. Where is it versus plan? Do you expect it to get more promotional as we get through the holiday season? And you said this year, it will be more traditional, i.e., Black Friday, Cyber Monday, the last two weeks, et cetera. Can you remind us how the holiday played out last year?

好的。偉大的。這有點被觸及，但是促銷活動，我想你已經說過了。它與計劃相比在哪裡？當我們度過假期時，您預計它會得到更多促銷嗎？你說今年會比較傳統，也就是黑色星期五、網路星期一、最後兩週等等。您能提醒我們去年的假期過得怎麼樣嗎？

Sure. Strategically, I think we've been done a really good job in managing our promotional plan overall. I think the promotions in terms of the discounts and mix of promotions are up versus last year, and in many cases, up compared to where they were pre-pandemic. Again, it hasn't necessarily manifested in our pressure on our product margin rates because we're still receiving a good amount of funding from our vendors to help stimulate the sales that you would expect us to want to do.

當然。從策略上講，我認為我們在管理整體促銷計劃方面做得非常好。我認為，折扣和促銷組合方面的促銷活動比去年有所增加，而且在許多情況下，與大流行前相比有所增加。同樣，這並不一定體現在我們對產品利潤率的壓力上，因為我們仍然從供應商那裡獲得了大量資金，以幫助刺激您期望我們想要做的銷售。

I think as you look about the holiday season, I think we are expecting the holiday to be a very sales-driven event. Consumers are looking for deals, and they're looking for value. And because of that, we believe it will look probably more closely to like it was pre-pandemic, where people are gravitating towards the big sale events around Thanksgiving and Cyber Monday and a couple of weeks before Christmas.

我認為當你審視假期時，我認為我們預計假期將是一個非常受銷售驅動的活動。消費者正在尋找優惠，他們正在尋找價值。正因為如此，我們相信它看起來可能會更接近大流行前的情況，人們會被感恩節和網路星期一以及聖誕節前幾週的大型促銷活動所吸引。

So a pretty similar cadence to what we saw in FY '20, although in FY '20, we did -- didn't have as much pull forward into October as we likely still have in this current year. So a more similar cadence to promotional events. I would expect holiday always to be promotional, and we are well positioned to be promotional and still maintain a great profitable story for our investors. So overall, I think we're in a great spot.

因此，與我們在 20 財年看到的節奏非常相似，儘管在 20 財年，我們沒有像今年那樣提前到 10 月。因此，節奏與促銷活動更加相似。我希望假期總是有促銷活動，而且我們處於促銷的有利位置，並且仍然為我們的投資者保持良好的盈利故事。總的來說，我認為我們處於一個很好的位置。

And just to be explicit, what we actually had said the promo environment was as expected. It was in line with our expectations in Q3. And you can imagine we're kind of taking -- what we're seeing and pushing that into Q4, but it hasn't been wildly outside our expectations.

明確地說，我們實際上所說的促銷環境符合預期。這符合我們第三季的預期。你可以想像我們正在採取我們所看到的並將其推入第四季度，但這並沒有大大超出我們的預期。

Got it. Okay. If I could ask one more, and maybe you can't answer this, but you did talk a lot about some crowding out in that kind of dynamic with the higher inflation. Well, now all of a sudden, the inflation concern is turning to deflation concern. Asking you to look into your crystal ball, how that could impact your sales results next year if the inflation goes away and we're more in a deflationary environment?

知道了。好的。如果我能再問一個問題，也許你無法回答這個問題，但你確實談到了在通貨膨脹較高的情況下出現的一些擠出現象。嗯，現在突然間，通膨擔憂轉向了通貨緊縮擔憂。請您仔細觀察您的水晶球，如果通貨膨脹消失並且我們更多地處於通縮環境中，這會對您明年的銷售業績產生什麼影響？

Yes. I mean we've been pretty consistent as we've talked about the effects of inflation, we've been pretty consistent in saying, where it's putting pressure on the consumer is because it's in those key basic areas of need: fuel, food, lodging, consumables like the stuff you just kind of need every single day.

是的。我的意思是，當我們談論通膨的影響時，我們一直非常一致地表示，通膨給消費者帶來的壓力是因為它存在於那些關鍵的基本需求領域：燃料、食物、住宿，消耗品，例如你每天都需要的東西。

And that's what's been eating into a lot of that pent-up savings, especially for some of the lower income demographics. And so if you start to get into a world where you see more disinflation in some of those areas, then as you would expect, you start to free up some of that share of wallet for potentially getting back into goods or some of the kind of higher ticket purchases.

這就是大量被壓抑的儲蓄的原因，特別是對於一些低收入者來說。因此，如果你開始進入一個在某些領域看到更多通貨緊縮的世界，那麼正如你所期望的那樣，你開始釋放部分錢包，用於可能重新購買商品或某些類型的商品。更高的門票購買量。

And so we're watching that carefully. Right now, still very elevated versus especially pre-pandemic, slowing down, and to your point, people start to talk about it, which over time, I think, could present some opportunity for people to move back into the goods space. Also, of course, depending on how elevated that spend remains around services and things like vacations and spending outside the home.

所以我們正在仔細觀察。目前，與大流行前相比，仍然非常高，放緩，就你的觀點而言，人們開始談論它，我認為，隨著時間的推移，這可能會為人們提供一些重返商品領域的機會。當然，這也取決於服務以及假期和戶外支出等支出的成長程度。

Your next question comes from the line of Steven Zaccone of Citi.

你的下一個問題來自花旗銀行的 Steven Zaccone。

I wanted to ask a question on average selling prices. So it sounds like it was flat, slight improvement. What drove that improvement on a sequential basis by category? And then as you think about the fourth quarter, can you talk about your outlook for units versus ASPs?

我想問一個關於平均售價的問題。所以聽起來好像很平淡，略有改善。是什麼推動了按類別的連續改善？然後，當您思考第四季時，您能談談您對單位與平均售價的展望嗎？

Yes. I we'll get into the -- by category improvement to ASPs. Generally speaking, we are starting to, I would say, lap some of the ASP reduction. We've been seeing ASPs slowly get lower, also the last number of quarters. I think we're starting to lap some of that deflation in that average selling price, if you will.

是的。我們將按類別討論 ASP 的改進。總的來說，我想說，我們正開始減少 ASP 的一部分。我們看到平均售價慢慢下降，最近幾季也是如此。我認為，如果你願意的話，我們將開始將部分通貨緊縮納入平均售價。

So I think it's probably as much as that as people are gravitating to in some cases, we mentioned that TV is an area of trade down that we are actually seeing. And so those do tend to lower your ASPs because it's a big ticket item. And as we start to lap that, I think you're starting to see some relief on the ASP sequentially.

因此，我認為這可能與人們在某些情況下所吸引的一樣多，我們提到電視是我們實際看到的貿易下降領域。因此，這些確實會降低你的平均售價，因為它是一個大項目。當我們開始關注這一點時，我想您會開始看到 ASP 逐漸有所緩解。

Again, I think in certain areas, so in terms of like Q4, clearly, we've been seeing unit pressure overall, but there are some areas where some of our bigger categories we are expecting the units to improve. We're expecting TV units to increase. We're expecting to see improvements in notebook units as well. So it's a little bit varied, but those are some of the bigger ones.

同樣，我認為在某些領域，就第四季度而言，顯然，我們整體上看到了單位壓力，但在某些領域，我們的一些較大類別的單位預計會有所改善。我們預計電視數量將會增加。我們也期望看到筆記型電腦的改進。所以它有點不同，但這些都是一些較大的。

Okay. Great. And then Corie, I had a question. Just thinking about next year, I think you alluded to more stabilization and the potential for growth in the back half, I guess I was curious, how do you see the recovery playing out?

好的。偉大的。然後科里，我有一個問題。想想明年，我想你提到了下半年的更穩定和成長潛力，我想我很好奇，你如何看待復甦的結果？

We're waiting for the tech refresh cycle. But if the overall promotional environment stays challenging, how do you think about the recovery from market share position or maybe if the consumer is willing to trade down, how are you positioned to outpace the industry overall?

我們正在等待技術更新周期。但如果整體促銷環境仍然充滿挑戰，您如何看待市場份額地位的恢復，或者如果消費者願意降價，您如何定位以超越整個行業？

So if I think about how the last year has played out, this industry has largely been in a very promotional stance for over the last year. We've been pretty consistent in saying promos are back to, if not greater, than FY '20 levels. So this is not a new phenomenon for us. So even as we head into next year, we're lapping that. And even in that environment where you've seen that level of promotionality, as Matt said, we've sustained our share position.

因此，如果我考慮去年的表現，就會發現這個行業在過去的一年基本上處於非常促銷的立場。我們一直非常一致地表示，促銷活動已回到（如果不是更高）20 財年的水平。所以這對我們來說並不是一個新現象。因此，即使我們即將進入明年，我們也會對此表示歡迎。正如馬特所說，即使在那種促銷水平的環境下，我們也維持了我們的市場份額。

So I think the team has done a beautiful job positioning us well in a very promotional environment. And I wouldn't be surprised to see that environment continue into the first part of next year. And again, we're lapping that kind of similar environment last year. So it's not a huge change in trajectory for us. I think what starts to make the back half, in our view, potentially more interesting next year is really a function of the innovation cycles.

所以我認為團隊在一個非常促銷的環境中很好地定位了我們。如果這種環境持續到明年上半年，我不會感到驚訝。我們又經歷了去年類似的環境。所以這對我們來說並不是一個巨大的軌跡變化。我認為，在我們看來，明年下半年可能會變得更有趣的因素實際上是創新週期的函數。

And we can start to see a line of sight toward even read a little bit about, especially on some of the computing and processing side, devices that might start to feed into that as we head into the back half of next year. And back to Peter's earlier question, we can start to see on the horizon, some of that newness and innovation really on the docket as you head into the back half and into holiday for next year as everyone again, it's pretty incented to want to bring some vitality back to the industry.

我們可以開始看到一些視線，尤其是在一些計算和處理方面，當我們進入明年下半年時，這些設備可能會開始融入其中。回到彼得之前的問題，我們可以開始看到即將到來的事情，當你進入下半年並進入明年的假期時，一些新鮮事和創新確實已經提上議程，因為每個人都會再次想要帶來行業又恢復了一些活力。

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

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

First one is on the competitive landscape. So you held market share in 3Q, and that's consistent with your comments in the first half. Obviously, you guys have superior customer service and assortment. So what's driving the success among competitors in the industry who you're tracking who are taking share? Is it purely a function of price? And how is that informing your pricing strategy over the next couple of quarters?

第一個是競爭格局。所以你在第三季度佔據了市場份額，這與你在上半年的評論是一致的。顯然，你們擁有優質的客戶服務和品種。那麼，是什麼推動了您所追蹤的行業內競爭對手的成功，並搶佔了市場份額呢？它純粹是價格的函數嗎？這對您未來幾季的定價策略有何影響？

Again, I'm probably biased, but I don't think it's purely a function of price. I think we've been very clear, we have to be price competitive, and that is one of the base tent poles of our strategy. And that said, we also, I think, have a team that has a proven track record of very adept promotional planning around key drive times, whether that's some of the secondary holidays or whether it's the main holiday that we're headed into.

再說一次，我可能有偏見，但我不認為這純粹是價格的函數。我認為我們已經非常清楚，我們必須具有價格競爭力，這是我們策略的基礎支柱之一。也就是說，我認為我們還有一支團隊，他們在關鍵駕駛時間方面擁有非常熟練的促銷計劃，無論是一些次要假期還是我們即將進入的主要假期，都有著良好的記錄。

So I kind of think of price as the like primary tent pool. But in order to differentiate, I think what we're doubling down on is what we do, that is different than anyone else just given who we are. We are agnostic to the customer. So we don't care what the operating system is or who makes the hardware.

所以我認為價格就像主要的帳篷池一樣。但為了與眾不同，我認為我們要加倍努力的是我們所做的事情，這與其他人不同，因為我們是誰。我們對客戶不可知。所以我們不關心作業系統是什麼或硬體是誰製造的。

We're there for the customer to help them to build on that. We have what we like to call human-enabled services. So we can help you in the store. We can consult for you in your home. We can repair. We can take back. We can trade in. You can buy open box. You can go to an outlet. Like we just have the huge end-to-end variety of solutions all the way from inspire to support, so that's the kind of second differentiator for us.

我們隨時為客戶提供協助，幫助他們在此基礎上繼續發展。我們擁有所謂的「人性化服務」。所以我們可以在商店為您提供幫助。我們可以上門為您諮詢。我們可以修理。我們可以收回。我們可以以舊換新。您可以購買開箱。你可以去專賣店。就像我們擁有從激勵到支援的各種端到端解決方案一樣，這就是我們的第二個差異化因素。

And then third, I think we're building on those things with a unique membership program with unique offers that reach out to our members with a membership program that's based on the things that we uniquely do well.

第三，我認為我們正在以獨特的會員計劃為基礎，提供獨特的優惠，透過基於我們獨特擅長的事情的會員計劃來接觸我們的會員。

And then fourth, I have to give major credit to our vendor partners as well, even though we're in a little bit of a slower innovation cycle, they remain clearly committed to our success, which means we do have everything from the most new beautiful 98-inch TV that's out on the floor, all the way to those opening price point -- Chrome books or opening price point televisions that might be right for you at a value play.

第四，我也必須高度讚揚我們的供應商合作夥伴，儘管我們的創新周期有點慢，但他們仍然明確致力於我們的成功，這意味著我們確實擁有來自最新產品的一切漂亮的98 英寸電視已經上市，一直到那些開放價位——Chrome 書或開放價位電視，可能適合您，物超所值。

And I think our ability to showcase those high and new experience as well as all the way through the rest of the assortment really is that last differentiating piece for us.

我認為我們展示這些高端和新體驗以及貫穿其他產品的能力確實是我們最後的差異化部分。

That's great color. And then a quick follow-up on Best Buy Health. You've had some exciting announcements on that side of the business in terms of partnerships in the industry. At the Investor Day, I think you called out expectations for that to grow at a CAGR of an impressive 40% over the next couple of years. Is that business at scale to switch from kind of dilution to accretion in terms of the overall enterprise next year? Any thoughts there would be helpful.

那顏色真棒。然後是百思買健康的快速跟進。在行業合作夥伴關係方面，您在業務方面發布了一些令人興奮的公告。在投資者日，我認為您提出了未來幾年複合年增長率令人印象深刻的 40% 的預期。就明年整個企業而言，該業務的規模是否會從稀釋轉向成長？任何想法都會有幫助。

Yes. So we remain really excited about the health business, and we were pretty clear that we had pulled the FY '25 targets on the whole or as the macro backdrop has changed. And so we are, of course, working behind the scenes to really fortify that business for the future.

是的。因此，我們對健康業務仍然感到非常興奮，而且我們非常清楚，我們已經整體取消了 25 財年的目標，或隨著宏觀背景的變化。當然，我們正在幕後努力，真正加強這項業務的未來。

And I know someone had asked earlier as we think about the puts and takes for next year, we would continue to expect Health to become more accretive, and we laid that out as kind of our structural thesis at our Investor Day. And that part of the thesis remains true for us. And while it still is relatively small at this point, we are seeing some nice uptick, particularly in that kind of care-at-home side of things, where we've announced partnerships with Geisinger and with Atrium Health as we think about how we can use our unique e-Quad assets as a unique product assortment that we have help deliver care at home.

我知道，當我們考慮明年的看漲期權時，有人早些時候問過，我們將繼續期望健康業務變得更加增值，我們在投資者日將其作為我們的結構性論文提出。論文的這一部分對我們來說仍然是正確的。雖然目前它仍然相對較小，但我們看到了一些不錯的上升，特別是在家庭護理方面，我們宣布與 Geisinger 和 Atrium Health 建立合作夥伴關係，因為我們考慮如何我們可以使用我們獨特的e-Quad 資產作為獨特的產品組合，幫助提供家庭護理。

So again, relatively small, but the team is doing a nice job continuing to ensure that, that part of the business is accretive and grows over time.

同樣，規模相對較小，但團隊做得很好，繼續確保這部分業務隨著時間的推移而不斷增長。

Your next question comes from the line of Steven Forbes of Guggenheim.

你的下一個問題來自古根漢的史蒂文福布斯。

Matt, you briefly mentioned 15 to 20 basis points of vendor funding being recorded in expenses. Curious if you can maybe give us a little more color there? And then any sort of different way of thinking about how vendor funding maybe supports the margin outlook for 2024? Or are you changing the 2024 margin color of being able to hold margin in a flat sales environment, any update there?

馬特，您簡要提到了 15 到 20 個基點的供應商資金記錄在費用中。好奇能否給我們更多的色彩？那麼，對於供應商融資如何支持 2024 年的利潤前景，有什麼不同的思考方式嗎？或者您正在更改 2024 年的保證金顏色，以便能夠在平坦的銷售環境中保持保證金，有任何更新嗎？

Sure. Yes. So first of all, it was $15 million to $20 million of impact on net basis points, just to make sure I'm clear. And that would carry on as you get into next quarter Q4 and the first part of next year. And this is strictly a geography. There is no change to the overall financial statements, if you will, just moving as a cost -- offsetting a cost of sales to offsetting SG&A.

當然。是的。首先，這對淨基點產生了 1500 萬至 2000 萬美元的影響，只是為了確保我說得清楚。當你進入下個季度的第四季和明年上半年時，這種情況將會持續下去。這嚴格來說是一個地理問題。如果您願意的話，整體財務報表不會發生變化，只是作為成本進行調整——抵消銷售成本以抵消 SG&A。

Essentially, being any number of types of vendor funding for a number of different things in one week and actually be more specific with the funding, matching and offsetting the specific cost, we then record that as an offset to SG&A versus offsetting cost of sales. So that's specifically what's happened. And it's just -- it's part of the funding that we get not all of it, obviously.

本質上，供應商在一周內為許多不同的事情提供任何類型的資金，並且實際上更具體地提供資金，匹配和抵消特定成本，然後我們將其記錄為 SG&A 與抵消銷售成本的抵消。這就是具體發生的事情。顯然，這只是我們獲得的資金的一部分，而不是全部。

And so we would expect that to continue. To your second question, as you look at next year, at this point, we're not guiding next year, but we would expect product margins to be somewhat of a neutral impact to next year. Overall, we don't, at this point, see a lot of material changes either way. We have a very strong relationship with our vendors, and they are obviously as interested in us in stimulating sales and showcasing their products and innovations that they have. So at this point, we don't see any change to that as we look into next year.

因此我們預計這種情況會持續下去。關於你的第二個問題，當你展望明年時，目前我們不會對明年進行指導，但我們預計產品利潤率將對明年產生一定程度的中性影響。總體而言，目前我們還沒有看到任何實質變化。我們與供應商有著非常牢固的關係，他們顯然對我們刺激銷售和展示他們的產品和創新也很感興趣。因此，在這一點上，我們認為明年的情況不會有任何變化。

Matt hit on this, but I want to underscore the way in which our vendors participate with us varies as you would expect, depending on what we're seeing in the macro. Sometimes that shows up as more promotional partnership. But a lot of times, that shows up in very different ways it can be in how we think about specialized labor, it can be in store experiences like we mentioned on the call. It can be in our Best Buy ads business or in supply chain fulfillment or in services. .

馬特談到了這一點，但我想強調，我們的供應商參與我們的方式如您所期望的那樣有所不同，具體取決於我們在宏觀中看到的情況。有時這表現為更多的促銷合作關係。但很多時候，這會以非常不同的方式表現出來，它可以體現在我們對專業勞動力的看法中，也可以體現在我們在電話中提到的商店體驗中。它可以在我們的百思買廣告業務中，也可以在供應鏈履行或服務中。 。

And I think what's important is our overall level of invested support has grown in the aggregate even as we compare it to pre-pandemic levels. And I think that is the part that for us as important is how can we be the very best partner to our vendors as we collectively want to bring, especially some of this newer innovation to market.

我認為重要的是，即使我們將其與大流行前的水平進行比較，我們的整體投資支援水平仍然有所增長。我認為這對我們來說同樣重要的是，我們如何成為供應商的最佳合作夥伴，因為我們共同希望將這些創新推向市場。

Maybe just a quick follow-up for you, Corie. Any updated thoughts on maybe some of your newer growth initiatives such as device life cycle management, really just trying to think through whether the current sort of operating performance or challenges that are out there are impacting the investments you plan to put behind some of these initiatives? Or whether that's still sort of a growth sort of plan for next year?

也許只是對你進行快速跟進，科里。關於您的一些新增長計劃（例如設備生命週期管理）的任何最新想法，實際上只是想思考當前的營運績效或存在的挑戰是否會影響您計劃在其中一些計劃背後進行的投資？或者這仍然是明年的成長計劃？

Yes. As it relates you hit on specifically device life cycle management, I'm maybe going to take it up one level and that, as we've talked about it as a Service, because it can be everything from device cycle management, which is newer side of this, but also just providing service on behalf of vendors as you think about being an Apple authorized service provider or some of our Best Buy business offerings where we actually use our service profile to go out and do installations writ large.

是的。由於它與您涉及的特定設備生命週期管理有關，我可能會將其提升一個級別，正如我們將其作為服務討論的那樣，因為它可以是設備週期管理中的所有內容，這是較新的除此之外，也只是代表供應商提供服務，就像您考慮成為Apple 授權服務提供者或我們的一些百思買業務產品一樣，我們實際上使用我們的服務設定檔進行大規模安裝。

What's nice about an initiative like this, is it doesn't require, especially in the earlier stages, much incremental investment. We already have Geek Squad City, which is a very large facility, well staffed, with trained experts who we can leverage some of their capacity in order to deliver on something like device life cycle management.

這樣的舉措的優點在於，它不需要大量增量投資，尤其是在早期階段。我們已經有了 Geek Squad City，這是一個非常大的設施，人員配備齊全，擁有訓練有素的專家，我們可以利用他們的一些能力來提供設備生命週期管理之類的服務。

Now then we can make decisions as something like that ramps. We didn't mention it this quarter because in Q4, honestly, it's not the biggest front and center area of focus. But you can also imagine behind the scenes, if there are other ways for us to leverage our existing expertise and capacity.

現在我們可以根據類似的情況做出決定。我們本季沒有提及它，因為老實說，它不是第四季最大的焦點。但您也可以想像在幕後，我們是否有其他方法可以利用我們現有的專業知識和能力。

Those are very interesting strategic initiatives for us. And we remain excited about this one. We remain excited about the pipeline that we're seeing in this one. And obviously, I think you can expect that we will update you with more clarity as it develops.

這些對我們來說是非常有趣的策略舉措。我們對此仍然感到興奮。我們對在這一項目中看到的管道仍然感到興奮。顯然，我認為您可以期待我們會隨著它的發展向您提供更清晰的更新。

So with that, I think that is our last question, and I want to thank you all for joining us today. Thank you for the nice wishes. I hope you all also have a wonderful holiday, and we look forward to updating you all on our results and progress during our next call in February. Thank you, and have a great day.

因此，我認為這是我們的最後一個問題，我要感謝大家今天加入我們。謝謝你的美好祝福。我希望你們也度過了一個愉快的假期，我們期待在二月份的下一次電話會議上向你們通報我們的最新成果和進展。謝謝您，祝您有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。