百思買 (BBY) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's Fourth Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) This call is being recorded for playback and will be available at approximately 1:00 p.m. Eastern Time today. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加百思買 2024 年第四季財報電話會議。 （操作員說明）此通話正在錄音以供回放，將於下午 1:00 左右播放。今天東部時間。 （操作員說明）

I will now turn the conference call over to Mollie O'Brien, Vice President of Investor Relations.

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.

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.

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。

I will now turn the call over to Corie.

我現在將把電話轉給科里。

Good morning, everyone, and thank you for joining us. I'm proud of the performance of our teams across the company as they showed resourcefulness, passion and unwavering focus on our customers this past year. Throughout fiscal '24, we demonstrated strong operational execution as we navigated a pressured CE sales environment. This allowed us to deliver annual profitability at the high end of our original guidance range even though sales came in below our original guidance range. Importantly, we grew our paid membership base and drove customer experience improvements in many areas of our business, particularly in services and delivery.

大家早安，感謝您加入我們。我對整個公司團隊的表現感到自豪，因為他們在過去的一年中表現出了足智多謀、熱情和對客戶堅定不移的關注。在整個 24 財年，我們在面臨壓力的消費性電子銷售環境中展現了強大的營運執行力。這使我們能夠在原始指導範圍的高端實現年度盈利能力，即使銷售額低於我們最初的指導範圍。重要的是，我們擴大了付費會員基礎，並推動了我們業務許多領域的客戶體驗改善，特別是在服務和交付方面。

For Q4 specifically, we are reporting profitability at the high end of our expectations, with revenue near the middle of our guidance range. Our comparable sales declined 4.8% in the quarter. At the same time, we expanded our gross profit rate 50 basis points from last year due to profitability improvements in our membership program as well as Best Buy Health.

具體來說，對於第四季度，我們報告的獲利能力處於我們預期的高端，收入接近我們指導範圍的中間。本季我們的可比銷售額下降了 4.8%。同時，由於會員計畫和百思買健康獲利能力的提高，我們的毛利率比去年提高了 50 個基點。

Excluding the impact of the extra week, we lowered our SG&A expense compared to last year as we tightly controlled expenses and adjusted our labor expense rate with sales fluctuations. As expected, customers were very deal-focused through the holiday season, and the promotional environment overall was in line with our expectations. While shopping patterns more closely resembled historical holiday periods and Black Friday and Cyber Week performances were in line with our expectations, the sales lull in December was even steeper than we had modeled. Then customer demand strengthened considerably and was higher than we expected during the 4 days before Christmas.

排除額外一周的影響，我們嚴格控制費用並根據銷售波動調整人工費用率，因此與去年相比降低了SG&A費用。正如預期的那樣，客戶在假期期間非常注重交易，促銷環境總體符合我們的預期。雖然購物模式更接近歷史節日期間，且黑色星期五和網路週的表現符合我們的預期，但 12 月的銷售平靜期甚至比我們預測的還要嚴重。隨後，聖誕節前 4 天的客戶需求大幅增強，高於我們的預期。

Our Q4 digital sales mix was flat to last year at 38% of total domestic sales. Customer in-store pickup of online orders was also consistent at 44%. We improved our delivery speeds, expanding the percent of ship-to-home online orders delivered in 2 days. We have been very focused on getting our app in the hands of customers. And I'm pleased to say that on Black Friday, it ranked #3 across shopping apps and #4 across all apps on Apple's App Store.

我們第四季的數位銷售組合與去年持平，佔國內總銷售額的 38%。線上訂單的顧客店內取貨比例也穩定在 44%。我們提高了配送速度，擴大了 2 天內配送到家的線上訂單的百分比。我們一直非常注重將我們的應用程式交到客戶手中。我很高興地說，在黑色星期五，它在購物應用程式中排名第 3，在 Apple App Store 上的所有應用程式中排名第 4。

We ended the quarter and year with 7 million members across our 2-tiered My Best Buy paid memberships. Paid members consistently showed higher levels of interaction with comparatively higher levels of spend at Best Buy and a shift of spend away from competitors. From a financial perspective, membership delivered another quarter of higher-than-expected operating income rate contribution. When you include the changes we made to the free tier and the impact of the midyear changes we made to the paid program benefits, our membership program contributed approximately 45 basis points of enterprise year-over-year operating income rate expansion for the full year.

在本季和本年度結束時，我們的兩級 My Best Buy 付費會員人數達到了 700 萬。付費會員始終表現出更高水準的互動，百思買的支出水準相對較高，並且支出從競爭對手手中轉移。從財務角度來看，會員資格又帶來了高於預期的四分之一的營業收入貢獻。當您將我們對免費套餐所做的更改以及我們對付費計劃福利所做的年中更改的影響納入考慮時，我們的會員計劃為企業全年營業收入同比增長貢獻了約 45 個基點。

And our Best Buy Health business achieved its operating income contribution target of 10 basis points for the year. In addition, we announced strategic partnerships with Advocate Health, Geisinger Health and Mass General Brigham, and our care at home platform is now being used in 8 of the top 20 health systems in the U.S.

我們的百思買健康業務實現了全年營業收入貢獻 10 個基點的目標。此外，我們還宣布與 Advocate Health、Geisinger Health 和 Mass General Brigham 建立策略合作夥伴關係，我們的家庭護理平台現已在美國排名前 20 的醫療系統中的 8 個使用。

Now I would like to look forward to fiscal '25. We expect this to be a year of increasing industry stabilization. Our strategy is to focus on sharpening our customer experiences and industry positioning while maintaining, if not expanding, our operating income rate on a 52-week basis.

現在我想展望 25 財年。我們預計今年將是業界更加穩定的一年。我們的策略是專注於提升我們的客戶體驗和產業定位，同時維持（如果不是擴大）我們 52 週的營業收入。

Therefore, our fiscal '25 priorities are as follows: one, invigorate and progress targeted customer experiences; two, drive operational effectiveness and efficiency; three, continue our disciplined approach to capital allocation; and four, explore, pilot and drive incremental revenue streams.

因此，我們 25 財年的優先事項如下：一是振興和進步有針對性的客戶體驗；二、推動營運效益和效率；第三，繼續嚴格的資本配置方式；第四，探索、試點和推動增量收入流。

There's a lot to unpack. I'll start with a discussion about the macro environment, the CE industry and our sales expectations. At the highest level, there have been and continue to be macro pressures impacting retail overall and CE more specifically.

有很多東西需要解壓縮。我將首先討論宏觀環境、消費性電子產業和我們的銷售預期。在最高層面上，宏觀壓力一直存在並將繼續影響整個零售業，更具體地說是消費性電子領域。

First, inflation has been slowing, but prices for the basics like food and lodging are still much higher and consumers have to prioritize and make trade-off spend decisions. Second, there is a consumer propensity to spend on services like concerts and vacations in lieu of goods, which has remained sticky even as the prices there too have inflated.

首先，通貨膨脹一直在放緩，但食品和住宿等基本生活用品的價格仍然高得多，消費者必須優先考慮並做出權衡支出決定。其次，消費者傾向於將錢花在音樂會和度假等服務上，而不是購買商品，即使這些服務的價格也上漲了，這種傾向仍然存在。

Third, we have a relatively stagnant housing market. Fourth, CE was a significant recipient of a pull forward of demand during the first 2 years of the pandemic. When consumers need to prioritize the basics that usually does not include the product purchases they recently pulled forward. And lastly, the level of CE product innovation has been lowered during the pandemic and supply chain challenged years.

第三，我們的房地產市場相對停滯。第四，在疫情爆發的頭兩年，CE 是需求拉動的重要接受者。當消費者需要優先考慮通常不包括他們最近購買的產品的基本商品。最後，消費性電子產品的創新水準在疫情期間和供應鏈面臨挑戰的年份有所降低。

It's not so much about each of these individually, but when you stack the five, it has been a heavy weight on the industry. On the positive side, experience tells us that these are all cyclical and transient in nature. And while they are ebbing and flowing, we are optimistic that several indicators will continue to show favorability this year. These include decreasing inflation leading to the lowering of interest rates, continued low unemployment, encouraging trends in consumer confidence and the beginnings of a housing market rebound.

這並不是單獨考慮其中的每一個，但當你將這五個因素疊加起來時，就會發現它對行業來說是一個沉重的負擔。從正面的一面來看，經驗告訴我們，這些本質上都是週期性和短暫的。雖然它們有起有落，但我們樂觀地認為，今年的一些指標將繼續表現出有利的一面。其中包括通膨下降導致利率下降、失業率持續走低、消費者信心出現令人鼓舞的趨勢以及房地產市場開始反彈。

We remain confident that our industry will grow again after 2 years of declines. This is simply a matter of the timing. Our underlying thesis is consistent. First, we believe that much of the growth during the pandemic was incremental, creating a larger installed base of technology products in consumers' homes.

我們仍然相信，我們的行業將在經歷兩年的下滑後再次成長。這只是時間問題。我們的基本論點是一致的。首先，我們認為，疫情期間的成長大部分是漸進式的，從而在消費者家庭中創造了更大的技術產品安裝基礎。

Second, we expect to see the benefit of the natural upgrade and replacement cycles for the tech bot early in the pandemic kick in this year and into the next few years. Third, we are returning to a more normalized pace of meaningful innovation after a pause during the pandemic.

其次，我們預計今年和未來幾年將在疫情爆發初期看到技術機器人自然升級和更換週期的好處。第三，在疫情期間暫停之後，我們正在回歸更正常的有意義的創新步伐。

Taking all these factors and considerations into account, we expect fiscal '25 comparable sales to be flat to last year on the high end of our guidance range, down in the first half and up in the second half of the year. The low end of our annual comp sales range is a decline of 3%, reflecting a scenario where the mix of the factors I just discussed results in lower customer demand.

考慮到所有這些因素和考慮因素，我們預計 25 財年可比銷售額將與去年持平，處於我們指導範圍的高端，上半年下降，下半年上升。我們的年度比較銷售範圍的下限是 3% 的下降，反映了我剛才討論的因素組合導致客戶需求下降的情況。

From a category standpoint, we expect sales in our computing category to improve through the year and show growth for the full year as early replacement and upgrade cycles gain momentum and new products featuring even more AI capabilities are released as we move through the year. We are already beginning to see the improvement as year-over-year comparable sales for laptops turned slightly positive in the fourth quarter and are trending positively so far this quarter.

從類別的角度來看，我們預計計算類別的銷售額將全年改善，並隨著早期更換和升級週期的成長勢頭以及具有更多人工智慧功能的新產品的發布而全年呈現成長。我們已經開始看到這種改善，筆記型電腦的同比可比銷售額在第四季度略有上升，並且本季度迄今為止一直呈積極趨勢。

At this point in time, we expect revenue for the rest of our product categories to stabilize through the year and be flattish to slightly down for the full year, partially offset by the continued growth of our services revenue.

目前，我們預計其餘產品類別的收入將全年穩定，全年將持平或略有下降，部分被服務收入的持續成長所抵消。

Even though overall, we are expecting flattish sales growth for the full year, there are many examples of innovation both already introduced and expected through the year that we believe will drive interest including the Samsung AI-enabled phone we are already seeing materially more demand than we expected, new emerging content for VR/AR devices, Ray-Ban smart glasses, Bose open year headphones, EV universal charging devices and a proliferation of 98-inch screen TVs, to name a few.

儘管總體而言，我們預計全年銷售成長將持平，但今年已經推出和預計的許多創新範例將引發人們的興趣，其中包括支援三星人工智慧的手機，我們已經看到需求大幅增加我們預計，VR /AR 設備、雷朋智慧眼鏡、Bose 開放年耳機、電動車通用充電設備以及98 吋螢幕電視的激增等都會出現新的內容。

Also, the level of exciting and cool new tech at the Consumer Electronics Show in January felt back to normal. Of course, some of that cool new tech hits the market over the following year while some of it is still a few years from consumer launch.

此外，一月份消費電子展上令人興奮和酷炫的新技術水平也恢復了正常。當然，有些很酷的新技術會在明年上市，有些則距離消費者推出還需要幾年時間。

Now I would like to provide more details on some of the key initiatives within each of our fiscal '25 priorities to capitalize on that industry stability. As I mentioned, our first priority is to invigorate and progress targeted customer experiences. Our first initiative is to materially elevate personalization. We are focused on providing increasingly personalized, highly relevant and motivational content for our known identified customers. We can attribute roughly 90% of our annual revenue to known customers.

現在，我想提供有關 25 財年每個優先事項中的一些關鍵舉措的更多詳細信息，以充分利用行業穩定性。正如我所提到的，我們的首要任務是激發和提升有針對性的客戶體驗。我們的首要措施是大幅提升個人化水準。我們致力於為我們的知名客戶提供日益個人化、高度相關和激勵性的內容。我們可以將約 90% 的年收入歸因於已知客戶。

Let's start with our efforts around our paid membership program. Here, we're creating seamless, tailored experiences for our members based on their unique preferences or context. Our app first member deals experience is a great example of this. Rather than bombarding our members with thousands of great member deals, we focus on the experience on the most relevant offers based on their preferences and observed member data.

讓我們從我們圍繞付費會員計劃所做的努力開始。在這裡，我們根據會員的獨特偏好或背景為他們打造無縫、量身訂製的體驗。我們的應用程式優先會員優惠體驗就是一個很好的例子。我們不會用數以千計的會員優惠轟炸我們的會員，而是根據他們的偏好和觀察到的會員數據，專注於最相關優惠的體驗。

Additionally, we're adding personalization across the membership journey, including in-store at POS, where later this year will include props to provide both sales associates and customers with relevant contextual information about their membership like their savings, rewards, protection plans and offers. We will also include personalized dynamic messaging in our communications to members about their upcoming program renewals. These efforts and more will serve to increase membership engagement and continue to improve retention.

此外，我們還在整個會員旅程中增加個性化，包括店內POS，今年晚些時候將包括道具，為銷售人員和客戶提供有關其會員資格的相關背景信息，例如他們的儲蓄、獎勵、保護計劃和優惠。我們還將在與會員就即將進行的計劃續訂進行的溝通中加入個人化的動態消息。這些努力和更多努力將有助於提高會員參與度並繼續提高會員保留率。

As we think about our broader known customer base, we are fortunate to have a tremendous amount of first-party customer data for our advanced analytics capabilities to leverage. While we are elevating personalization across our customer interactions, I'm particularly excited about the work we are doing with our app. We are currently testing a personalization-centric version of the app homepage with the stories and actions that matter most to customers, along with critical content and plan to launch to all customers during the second quarter.

當我們考慮更廣泛的已知客戶群時，我們很幸運能夠擁有大量第一方客戶數據，供我們的高級分析功能利用。雖然我們正在提升客戶互動的個人化水平，但我對我們在應用程式上所做的工作感到特別興奮。我們目前正在測試以個人化為中心的應用程式主頁版本，其中包含對客戶最重要的故事和操作以及關鍵內容，並計劃在第二季度向所有客戶推出。

The second initiative is to invest back into our store experience. Our stores are crucial assets that provide customers with differentiated experiences, services and convenient multichannel fulfillment. Customer shopping behavior has evolved in the last 4 years. And this year, we are particularly focused on ensuring we provide the experience that customers expect to have when they take the time to come into our stores.

第二項舉措是重新投資我們的商店體驗。我們的商店是為客戶提供差異化體驗、服務和便利的多通路履行的重要資產。過去四年來，顧客的購物行為改變了。今年，我們特別注重確保提供客戶在花時間進入我們商店時所期望的體驗。

As a result, our capital investments for fiscal '25 are concentrated more on existing store updates and refreshes and less on major remodels or store openings. We plan to touch every single store in the chain in some fashion, improving both our merchandising and ease of shopping for customers.

因此，我們 25 財年的資本投資更集中在現有商店的更新和更新上，而不是主要的改造或新店開業。我們計劃以某種方式接觸連鎖店中的每一家商店，從而改善我們的商品陳列和顧客購物的便利性。

This includes improving and livening the merchandising presentation given the shift to digital shopping and corresponding lower need to hold as much inventory on the sales floor. It also includes rightsizing a number of categories to ensure we're leveraging the space in the center of our stores in the most exciting, relevant and efficient way possible. For example, we will be removing physical media and updating our mobile digital imaging, computing, tablets and smart home departments.

這包括鑑於向數位購物的轉變以及相應地降低了在銷售場所保留盡可能多的庫存的需求，改進和活躍了商品展示。它還包括調整多個類別的規模，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。例如，我們將取消實體媒體並更新我們的行動數位成像、運算、平板電腦和智慧家庭部門。

We are also excited to partner even more with our vendors this year as it relates to their branded in-store merchandise experiences. The coming innovation, combined with our plan to refresh every store in our fleet, provides much more opportunity for vendor investments in our stores. A few examples I can share at this time include Tesla, LoveSac and Starlink.

我們也很高興今年能夠與我們的供應商進行更多合作，因為這關係到他們的品牌店內商品體驗。即將到來的創新，加上我們更新車隊中每家商店的計劃，為供應商在我們商店的投資提供了更多的機會。目前我可以分享的幾個例子包括 Tesla、LoveSac 和 Starlink。

Although we still see opportunities for additional large experienced store remodels, we believe we have a better opportunity to improve existing store experiences at scale in fiscal '25. At the same time, we are planning to open a few additional outlet centers and new formats to continue to test 2 important concepts.

儘管我們仍然看到了額外大型經驗商店改造的機會，但我們相信我們有更好的機會在 25 財年大規模改善現有商店體驗。同時，我們計劃開設一些額外的奧特萊斯中心和新業態，以繼續測試兩個重要的概念。

First, we will open small locations in a couple of out state markets where we have no prior physical presence and our omnichannel sales penetration is low to measure our ability to capture untapped share. Second, we will test our ability to close a large format store and open a small format store nearby, thereby maximizing physical store retention through convenience. These learnings will collectively continue to help us refine our forward-looking store strategy.

首先，我們將在幾個州外市場開設小型門市，這些市場我們之前沒有實體業務，而且我們的全通路銷售滲透率較低，以衡量我們獲取未開發份額的能力。其次，我們將測試關閉一家大型商店並在附近開設小型商店的能力，從而透過便利性最大限度地提高實體店的保留率。這些經驗教訓將共同繼續幫助我們完善前瞻性的商店策略。

In addition to a great physical experience, we want to ensure our customers receive the expert service interactions they want and Best Buy is known for when they come to our stores. During fiscal '25, we will continue to leverage our multiskilled store associates, but in hundreds of stores we will also add back fully dedicated expertise in key categories like major appliances, home theater and computing.

除了出色的實體體驗之外，我們還希望確保客戶在來到我們的商店時獲得他們想要的專家服務互動，而百思買也因此而聞名。在 25 財年期間，我們將繼續利用我們多技能的商店員工，但在數百家商店中，我們還將增加大型家電、家庭劇院和電腦等關鍵類別的完全專業的專業知識。

Our plan is to deploy some of our most skilled sellers against these categories and double down on category-specific training and certifications for these employees. We know that our selling certifications create a better experience for our customers as our certified employees on average drive nearly 15% higher revenue per transaction and garner higher Net Promoter Scores than a noncertified employee.

我們的計劃是針對這些類別部署一些最熟練的銷售人員，並增加對這些員工的特定類別培訓和認證。我們知道，我們的銷售認證為我們的客戶創造了更好的體驗，因為我們的認證員工平均每筆交易收入比非認證員工高出近 15%，並獲得更高的淨推薦值。

In fact, the third initiative under our drive targeted customer experiences priority is to make sure we are prepared to bring coming innovation to life for customers in ways no one else can. This means we need to be ready to leverage the unique strengths that make us the best place for customers to see new tech and the best partner for vendors to launch NewTek.

事實上，我們推動目標客戶體驗優先的第三項措施是確保我們準備好以其他人無法做到的方式為客戶帶來即將到來的創新。這意味著我們需要準備好利用獨特的優勢，使我們成為客戶了解新技術的最佳場所，並成為供應商推出 NewTek 的最佳合作夥伴。

This includes everything from expertly trained associates who can explain the new technology and what it can do for you, the best merchandising presentation both in-store and online, all the way to great trade-in values for customers who use technology. This will be particularly important later this year when more computing products featuring AI are expected to launch.

這包括一切內容，從經過專業培訓的員工可以向您解釋新技術及其能為您做什麼，在店內和網上提供最佳的商品展示，一直到為使用該技術的客戶提供巨大的以舊換新價值。這在今年稍後尤其重要，屆時預計將推出更多具有人工智慧功能的運算產品。

As a reminder, we hold 1/3 of the retail market share in both the U.S. computing and television industries, roughly 20% in gaming and well over 10% share in other categories like major appliances. We intend to strengthen our position in these key categories through the initiatives I just outlined as well as pointed marketing spend and sharp pricing.

需要提醒的是，我們在美國電腦和電視行業佔據了 1/3 的零售市場份額，在遊戲行業佔據了大約 20% 的份額，在大型家電等其他類別中佔據了超過 10% 的份額。我們打算透過我剛才概述的舉措以及有針對性的行銷支出和銳利的定價來加強我們在這些關鍵類別中的地位。

Our second key priority for the year is to drive operational effectiveness and efficiency. We have a longstanding commitment to identifying cost reductions and driving efficiencies to help offset inflationary pressures in our business and fund investment capacity for new and existing initiatives.

我們今年的第二個關鍵優先事項是提高營運效率和效率。我們長期致力於降低成本和提高效率，以幫助抵消我們業務中的通膨壓力，並為新的和現有的計劃提供資金投資能力。

Our fiscal '25 initiatives are focused on driving further efficiencies across forward and reverse supply chain, our Geek Squad repair operations and our customer care experience. We will continue to lean heavily on analytics and technology to achieve these efficiencies. This includes leveraging AI safely and effectively.

我們的 25 財年計畫的重點是進一步提高正向和反向供應鏈、極客小隊維修業務和客戶服務體驗的效率。我們將繼續嚴重依賴分析和技術來實現這些效率。這包括安全有效地利用人工智慧。

Let me provide a few specific examples of how we are leveraging it. One, we're using AI to route our in-home delivery and installation trucks to drive more efficient scheduling and a better customer experience. Two, we are leveraging AI to summarize the main points and follow-ups from each of our customer service calls. It also improves the accuracy of the interaction and data collection while reducing average engagement time by almost 5%.

讓我提供一些具體範例來說明我們如何利用它。第一，我們使用人工智慧來安排上門送貨和安裝卡車的路線，以提高調度效率並提供更好的客戶體驗。第二，我們利用人工智慧來總結每次客戶服務電話的要點和後續內容。它還提高了互動和數據收集的準確性，同時將平均參與時間減少了近 5%。

To help us enhance our overall tech development effectiveness we are leveraging gen AI code generation and shared resources for our engineers. We are also establishing a digital and technology hub in Bangalore, India, which will give us expanded, more economical access to talent and skills. The hub will open and begin the process of onboarding team members later this year.

為了幫助我們提高整體技術開發效率，我們正在利用 gen AI 程式碼產生和工程師共享資源。我們還在印度班加羅爾建立了一個數位和技術中心，這將使我們能夠更廣泛、更經濟地獲得人才和技能。該中心將於今年稍後開放並開始團隊成員的入職流程。

In addition, in fiscal '25, we are taking actions to, one, ensure our resources are directed at the right strategic areas; and two, to rightsize our model based on current operations. These actions will allow us to do the following: balance field labor resources to make sure we are providing the optimal experience for customers where they want to shop, redirect corporate resources to make sure we have the necessary assets dedicated to areas like AI and other elements of our strategy and rightsize parts of the business where we expect to see lower volume than we envisioned a few years ago. whether that is the result of lower industry sales or due to decisions we made like evolving our paid membership benefits.

此外，在 25 財年，我們正在採取行動，一是確保我們的資源用於正確的策略領域；第二，根據目前營運調整我們的模型。這些行動將使我們能夠做到以下幾點：平衡現場勞動力資源，以確保我們為客戶想要購物的地方提供最佳體驗，重新調整公司資源，以確保我們擁有專用於人工智慧和其他元素等領域的必要資產我們預期業務量將低於幾年前的預期，並調整我們的策略和業務規模。無論這是由於行業銷售額下降還是由於我們所做的決定（例如改善我們的付費會員福利）。

While we made these decisions during the fourth quarter, which resulted in a restructuring charge that Matt will discuss later, many of the actions will be implemented through the first half of fiscal '25 and we will provide more details as we move through the year.

雖然我們在第四季度做出了這些決定，這導致了馬特稍後將討論的重組費用，但許多行動將在 25 財年上半年實施，我們將在今年提供更多細節。

Our third key priority for the year is to continue our disciplined approach to capital allocation. This will include striking the appropriate balance of prioritizing areas that best position us for the future while prudently dealing with the near-term uncertainty in the CE industry. There are a few key points that I want to highlight.

我們今年的第三個關鍵優先事項是繼續採取嚴格的資本配置方法。這將包括在最有利於我們未來發展的優先領域之間取得適當的平衡，同時謹慎應對消費性電子產業的近期不確定性。我想強調幾個關鍵點。

First, as it relates to our capital allocation strategy, our overall approach isn't changing. We still plan to first fund operations and investments in areas necessary to grow our business, and next, return excess free cash flow to shareholders through dividends and share repurchases.

首先，由於這與我們的資本配置策略有關，因此我們的整體方法並沒有改變。我們仍計劃首先為業務成長所需領域的營運和投資提供資金，然後透過股息和股票回購將多餘的自由現金流返還給股東。

Second, while our enterprise capital expenditures for fiscal '25 are planned at a similar level to last year, our Domestic segment capital expenditures are expected to decline by approximately $50 million due to the store portfolio investment approach I discussed earlier and lower technology-related expense. This is offset by a year-over-year planned increase in CapEx in Canada to reflect investments for new stores and necessary supply chain automation projects.

其次，雖然我們 25 財年的企業資本支出計畫與去年相似，但由於我之前討論的商店組合投資方法以及技術相關費用的降低，我們的國內部門資本支出預計將減少約 5000 萬美元。這被加拿大資本支出計劃同比增長所抵消，以反映對新店和必要的供應鏈自動化項目的投資。

Third, and consistent with our practice over the past several years, we will continue to tightly manage our working capital. Our teams have done a tremendous job managing our inventory in a very uneven sales environment, keeping inventory aligned with our forward-looking sales projections while, at the same time, maintaining as much flexibility as possible. And lastly, this morning, we announced a 2% increase in our quarterly dividend. This represents the 11th straight year of dividend increases and puts our current dividend yield near 5%.

第三，按照我們過去幾年的做法，我們將繼續嚴格管理我們的營運資金。我們的團隊在非常不平衡的銷售環境中管理庫存方面做得非常出色，使庫存與我們的前瞻性銷售預測保持一致，同時保持盡可能多的靈活性。最後，今天早上，我們宣布將季度股息增加 2%。這代表股息連續第 11 年增加，使我們目前的股息殖利率接近 5%。

Our fourth key priority for fiscal '25 is longer term in focus. We will continue to explore opportunities that leverage our scale and capabilities to drive incremental profitable revenue streams over time. The most developed example of this is Best Buy Health, where we are leveraging our expertise and our Geek Squad agents to capitalize on the growing use of technology to help provide health care in the home.

我們 25 財年的第四個關鍵優先事項是長期關注。我們將繼續探索利用我們的規模和能力的機會，隨著時間的推移推動增量獲利收入流。最成熟的例子是百思買健康 (Best Buy Health)，我們利用我們的專業知識和極客小隊代理，利用科技的持續使用來幫助提供家庭醫療保健。

While still very small in relation to our core business, our fiscal '25 Best Buy Health sales are expected to grow faster than the core business, which, combined with cost synergies from fully integrating acquired companies, are expected to drive another 10 basis points of enterprise operating income rate expansion.

雖然與我們的核心業務相比仍然很小，但我們的 25 財年百思買健康銷售額預計將比核心業務增長更快，再加上完全整合收購公司的成本協同效應，預計將推動另外 10 個基點企業營業收入增幅擴大。

Another example is our recently announced collaboration with Bell Canada to operate 165 small-format consumer electronics retail stores across Canada. These stores, previously known as The Source, which was a wholly owned subsidiary of Bell Canada, will be rebranded as Best Buy Express. We will provide the CE assortment as well as supply chain, marketing and e-commerce.

另一個例子是我們最近宣布與加拿大貝爾公司合作，在加拿大各地經營 165 家小型消費性電子零售店。這些商店以前稱為 The Source，是加拿大貝爾公司的全資子公司，將更名為百思買快遞 (Best Buy Express)。我們將提供 CE 產品系列以及供應鏈、行銷和電子商務。

Bell will continue to be the exclusive telecommunication services provider and will also be responsible for the store operating costs and labor components of the partnership. This collaboration will allow us to expand our presence in malls and in smaller and midsized communities across Canada. Best Buy Express stores are expected to roll out during the second half of this year.

貝爾將繼續作為獨家電信服務提供商，並將負責合作夥伴關係中的商店營運成本和勞動力部分。此次合作將使我們能夠擴大在加拿大各地購物中心和中小型社區的業務。百思買快遞店預計今年下半年開幕。

Other examples of opportunities we are pursuing include continuing to build out our business case for Geek Squad as a service and adding vendors to our supply chain partner plus program.

我們正在尋求的機會的其他例子包括繼續為 Geek Squad 建立我們的業務案例作為服務，並將供應商添加到我們的供應鏈合作夥伴+計劃中。

Before I close and turn the call over to Matt, I wanted to touch on a few of the ways we are being recognized for the support we provide to our employees and communities. From an employee standpoint, I'm proud to share that we continue to maintain industry low turnover rates and our fiscal '24 employee turnover was down on a year-over-year basis.

在結束並將電話轉給馬特之前，我想談談我們為員工和社區提供的支持而獲得認可的一些方式。從員工的角度來看，我很自豪地告訴大家，我們繼續保持行業較低的流動率，並且我們 24 財年的員工流動率同比下降。

To that end, this is our second year as the #1 retailer on the Just Capital List, which evaluates and ranks the largest publicly traded companies in the U.S., in part on how a company invests in its workforce. This year will also mark the fifth anniversary of our caregiver pay benefit. During that time, we've supported 22,000 employees with almost 3 million hours of time away, so they could care for those who matter most.

為此，這是我們第二年成為 Just Capital 榜單上排名第一的零售商，該榜單對美國最大的上市公司進行評估和排名，部分依據的是公司如何投資於員工隊伍。今年也將是我們的護理人員薪資福利五週年。在此期間，我們為 22,000 名員工提供了近 300 萬小時的休假支持，以便他們可以照顧最重要的人。

We continue to be credited as a leader in sustainability. In Q4, for the 13th year, we were named to the annual Dow Jones Sustainability North America Index. We were also just named for the seventh consecutive year, to the CDP's prestigious Climate A List, which looks at how organizations demonstrate best practices associated with environmental leadership.

我們繼續被譽為永續發展領域的領導者。第四季度，我們連續第 13 年入選年度道瓊永續發展北美指數。我們也剛連續第七年入選 CDP 著名的氣候 A 名單，該名單著眼於組織如何展示與環境領導相關的最佳實踐。

In summary, we are focused and energized about delivering on our purpose to Enrich Lives through Technology in a vibrant, always changing industry. We don't assort tech products just for the sake of technology. We see technology and service of humans. And as the largest CE specialty retailer with our unique range of product assortment and expert services, we deliver that human experience to millions of customers.

總之，我們專注並充滿活力地在充滿活力、不斷變化的行業中實現透過科技豐富生活的目標。我們不會僅僅為了技術而對技術產品進行分類。我們看到人類的技術和服務。作為最大的消費性電子專業零售商，我們擁有獨特的產品類型和專家服務，為數百萬客戶提供人性化的體驗。

I want to reiterate our fiscal '25 strategy in what we expect to be a year of increasing industry stabilization we are focused on sharpening our customer experiences and industry positioning while maintaining, if not expanding our operating income rate on a 52-week basis. We are putting ourselves in the best position for fiscal '25 and beyond. As our industry returns to growth, we expect to grow our sales and expand our operating income rate.

我想重申我們的 25 財年策略，預期產業穩定性將進一步增強，我們的重點是提升客戶體驗和產業定位，同時維持（如果不是擴大）52 週的營業收入。我們正在將自己置於 25 財年及以後的最佳位置。隨著我們的產業恢復成長，我們預期銷售額將會成長，營業收入也會提高。

I will now turn the call over to Matt for more details on Q4 financial performance and our outlook.

我現在將把電話轉給馬特，以了解有關第四季度財務業績和我們前景的更多詳細資訊。

Good morning, everyone. Before getting into our quarterly results, let me start by sharing a few details on the extra week that occurred in the fourth quarter. We estimate that the extra week added approximately $735 million in enterprise revenue and approximately $0.30 in non-GAAP diluted earnings per share to the quarter. Also as a reminder, revenue from the extra week is excluded from our comparable sales calculation.

大家，早安。在討論我們的季度業績之前，讓我先分享一些關於第四季度額外一周的細節。我們估計，額外的一周為本季增加了約 7.35 億美元的企業收入，以及約 0.30 美元的非 GAAP 攤薄每股收益。另外提醒一下，額外一週的收入不包括在我們的可比較銷售額計算中。

Next, I will share details on the fourth quarter results including the extra week. Enterprise revenue of $14.6 billion declined 4.8% on a comparable basis. Our non-GAAP operating income rate of 5% improved 20 basis points compared to last year and included a 50 basis point improvement in our gross profit rate.

接下來，我將分享第四季度業績的詳細信息，包括額外的一周。企業營收為 146 億美元，年減 4.8%。我們的非 GAAP 營業利潤率為 5%，與去年相比提高了 20 個基點，其中毛利率提高了 50 個基點。

Non-GAAP SG&A dollars were $30 million higher than last year and increased approximately 30 basis points as a percentage of revenue. Compared to last year, our non-GAAP diluted earnings per share increased 4% to $2.72.

非 GAAP SG&A 美元比去年增加了 3,000 萬美元，佔收入的百分比增加了約 30 個基點。與去年相比，我們的非 GAAP 攤薄每股收益成長 4% 至 2.72 美元。

When viewing our performance compared to our expectations, revenue was near the midpoint of our guidance. As Corie mentioned, our comparable sales trends were not linear, with the more traditional holiday shopping days being our strongest from a growth perspective. Our comparable sales by month were November, down 5%; December, down 2%; and January, down 12%.

當將我們的業績與我們的預期進行比較時，收入接近我們指導的中點。正如科里所提到的，我們的可比銷售趨勢不是線性的，從成長的角度來看，更傳統的假期購物日是我們最強勁的。 11 月份的可比銷售額下降了 5%； 12月，下降2%； 1 月下降 12%。

Although our sales were near the midpoint of our guidance, our non-GAAP operating income rate of 5% was at the high end. Our gross profit rate was higher than we expected, primarily driven by a more favorable gross profit rate in our services category, which includes our membership offerings. Our non-GAAP SG&A expense was near the high end of our expectations due to additional incentive compensation.

儘管我們的銷售額接近指導值的中點，但我們 5% 的非 GAAP 營業利潤率仍處於高端。我們的毛利率高於我們的預期，主要是由於我們的服務類別（包括我們的會員服務）的毛利率更有利。由於額外的激勵補償，我們的非 GAAP SG&A 費用接近我們預期的上限。

Next, I will walk through the details of our fourth quarter results compared to last year. In our Domestic segment, revenue decreased 0.9% to $13.4 billion, driven by a comparable sales decline of 5.1% and was partially offset by approximately $675 million in revenue from the extra week. From a category standpoint, the largest contributors to comparable sales decline in the quarter were home theater, appliances, mobile phones and tablets, which were partially offset by growth in gaming.

接下來，我將詳細介紹我們第四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 5.1%，收入下降 0.9% 至 134 億美元，但多周收入約 6.75 億美元部分抵消了這一影響。從品類角度來看，本季可比銷售額下降的最大貢獻者是家庭劇院、家電、手機和平板電腦，但遊戲業務的成長部分抵消了這些下降。

From organic's perspective, the overall blended average selling price of our products was slightly higher than last year. The growth was primarily due to an increased mix of units coming from higher ticket items such as notebooks and TVs, even though the individual ASPs for both of those categories were down year-over-year.

從有機的角度來看，我們產品的整體混合平均售價略高於去年。成長主要是由於筆記型電腦和電視等高價商品的單位組合增加，儘管這兩個類別的單獨平均售價較去年同期下降。

International revenue of $1.2 billion increased 2.7%, primarily driven by approximately $60 million of revenue from the extra week, which was partially offset by a comparable sales decline of 1.4%. Our domestic gross profit rate increased 60 basis points to 20.4%. The higher gross profit rate was primarily driven by improvements from our membership offerings, which included a higher gross profit rate in our services category.

國際收入為 12 億美元，成長 2.7%，主要是由於額外一周收入約 6,000 萬美元，但可比銷售額下降 1.4% 部分抵消了這一收入。我們的國內毛利率成長60個基點至20.4%。毛利率的增加主要是由於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增加。

In addition, the higher gross profit rate from our Best Buy Health initiatives also contributed to the improved rate. The previous items were partially offset by lower product margin rates.

此外，百思買健康計畫帶來的較高毛利率也促進了毛利率的提高。之前的項目被較低的產品利潤率部分抵消。

Consistent with the third quarter, approximately $20 million of vendor funding qualified to be recognized as an offset to SG&A, which was a reduction to cost of sales last year. We anticipate a similar recognition of this funding in the first half of fiscal '25 or approximately $20 million a quarter.

與第三季一致，約 2000 萬美元的供應商資金有資格被確認為 SG&A 的抵消，即去年銷售成本的減少。我們預計 25 財年上半財年也會對這筆資金進行類似的認可，即每季約 2,000 萬美元。

Moving to SG&A. Our Domestic non-GAAP SG&A increased $17 million, which was primarily driven by the extra week and higher incentive compensation, which were partially offset by lower store payroll costs and reduced advertising expense. Our International non-GAAP SG&A increased $13 million, which was primarily driven by higher incentive compensation and the extra week.

轉向 SG&A。我們的國內非 GAAP SG&A 增加了 1700 萬美元，這主要是由於額外的一周和更高的激勵薪酬，但部分被商店工資成本的降低和廣告費用的減少所抵消。我們的國際非 GAAP SG&A 增加了 1300 萬美元，這主要是由於更高的激勵薪酬和額外的一周。

In the fourth quarter, as Corie alluded to, we incurred $169 million in restructuring costs. The related actions span multiple areas across our organization and include approximately $65 million for actions that won't be implemented until fiscal '26.

正如 Corie 所提到的，第四季我們發生了 1.69 億美元的重組成本。相關行動涵蓋我們組織的多個領域，其中包括約 6,500 萬美元的行動，這些行動要到 26 財年才會實施。

Moving to the balance sheet. We ended the year with $1.4 billion in cash. Our year-end inventory balance was approximately 4% lower than last year's comparable period, and we continue to feel good about our overall inventory position as well as the health of our inventory.

轉向資產負債表。年底我們擁有 14 億美元現金。我們的年末庫存餘額比去年同期低約 4%，我們對整體庫存狀況以及庫存健康狀況繼續感到良好。

During fiscal '24, our total capital expenditures were $795 million versus $930 million in fiscal '23. The largest drivers of the year-over-year decline was a reduction in store-related investments. We also returned $1.1 billion to shareholders through dividends and share repurchases.

在 24 財年，我們的總資本支出為 7.95 億美元，而在 23 財年為 9.3 億美元。年比下降的最大驅動因素是商店相關投資的減少。我們也透過股利和股票回購向股東返還 11 億美元。

Moving on to our full year fiscal '25 financial guidance, which is the following: Enterprise revenue in the range of $41.3 billion to $42.6 billion; Enterprise comparable sales of down 3% to flat; Enterprise non-GAAP operating income rate in the range of 3.9% to 4.1%, which compares to an estimated 4% non-GAAP operating income rate for fiscal '24 on a 52-week basis; a non-GAAP effective income tax rate of approximately 25%; non-GAAP diluted earnings per share of $5.75 to $6.20.

接下來是我們的 25 財年全年財務指導，具體如下： 企業收入在 413 億美元至 426 億美元之間；企業可比銷售額下降3%至持平；企業非 GAAP 營業利潤率介於 3.9% 至 4.1% 之間，而 24 財年 52 週的非 GAAP 營業利潤率估計為 4%；非公認會計原則有效所得稅率約為 25%；非 GAAP 稀釋後每股收益為 5.75 美元至 6.20 美元。

In addition, we expect capital expenditures of approximately $750 million to $800 million. And lastly, we expect to spend approximately $350 million on share repurchases, which is similar to our fiscal '24 spend.

此外，我們預計資本支出約為 7.5 億至 8 億美元。最後，我們預計將花費約 3.5 億美元用於股票回購，這與我們 24 財年的支出類似。

Next, I will cover some of the key working assumptions that support our guidance. As our ongoing practice, we will continue to close existing traditional stores during our rigorous review of stores as their leases come up for renewal. In fiscal '24, we closed 24 stores. And in fiscal '25, we expect to close 10 to 15 stores.

接下來，我將介紹一些支持我們指導的關鍵工作假設。作為我們持續的做法，我們將在對商店進行嚴格審查期間，在其租約到期時繼續關閉現有的傳統商店。在 24 財年，我們關閉了 24 家商店。在 25 財年，我們預計將關閉 10 至 15 家商店。

Earlier, Corie provided context on our fiscal '25 top line assumptions. Let me spend more time on the profitability outlook. We expect to drive gross profit rate expansion of 20 to 30 basis points compared to fiscal '24 due to the following actions and initiatives.

早些時候，Corie 提供了我們 25 財年營收假設的背景資訊。讓我花更多時間討論獲利前景。由於以下行動和舉措，我們預計與 24 財年相比，毛利率將增加 20 至 30 個基點。

First, continued profitability improvements of our services and membership offerings is expected to provide approximately 45 basis points of gross profit rate expansion. The achievement of this improvement essentially recoups the original investment of our previous Total Tech offering that was scaled nationally in October of 2021.

首先，我們的服務和會員服務的獲利能力持續改善預計將帶來約 45 個基點的毛利率擴張。這項改進的實現基本上收回了我們先前於 2021 年 10 月在全國範圍內推廣的 Total Tech 產品的原始投資。

The expected rate improvement is due to higher revenue from installation and delivery services, which were previously included benefits of paid membership and a lower cost to serve due to lower expected volume for in-home installation and other related services. The unit volume of these services is still expected to be above pre-pandemic levels but below the elevated levels we experienced when Total Tech members receive them as a benefit at no incremental cost. We also expect Best Buy Health to add a benefit of approximately 10 basis points to our enterprise profit -- gross profit rate on a year-over-year basis.

預期費率的提高是由於安裝和交付服務的收入增加（之前包括付費會員的好處）以及由於家庭安裝和其他相關服務的預期數量較低而導致的服務成本降低。這些服務的單位數量預計仍將高於大流行前的水平，但低於我們在 Total Tech 會員免費獲得這些服務時所經歷的較高水平。我們也預期百思買健康將為我們的企業利潤（毛利率）年比帶來約 10 個基點的收益。

Partially offsetting the previous items is approximately 20 basis points expected pressure from a lower profit share on a credit card arrangement. In fiscal '24, our profit share was approximately 1.4% of domestic revenue, consistent with fiscal '23. The expected pressure in fiscal '25 is primarily due to expected increases in net credit losses. This estimate does not include implications from any proposed changes to late fee regulation. We also expect that our product margin rates will experience slight pressure.

信用卡安排利潤份額降低帶來的約 20 個基點的預期壓力部分抵消了前面的項目。在 24 財年，我們的利潤份額約為國內收入的 1.4%，與 23 財年一致。 25 財年的預期壓力主要是由於淨信用損失的預期增加。這項估計不包括對滯納金監管的任何擬議變更的影響。我們也預計我們的產品利潤率將承受輕微壓力。

Now moving to our SG&A expectations. The high end of our guidance assumes SG&A dollars are similar to fiscal '24, which includes the following puts and takes. We expect higher incentive compensation as we reset our performance targets for the new year with the high end of our guidance assuming an increase of $40 million compared to fiscal '24. We expect advertising expense to increase by approximately $50 million.

現在轉向我們的 SG&A 預期。我們指導的高端假設 SG&A 美元與 24 財年類似，其中包括以下看跌期權和賣出期權。隨著我們重新設定新的一年的業績目標，我們預計會獲得更高的激勵薪酬，我們的指導上限假設與 24 財年相比增加 4000 萬美元。我們預計廣告費用將增加約 5,000 萬美元。

Partially offsetting previous items is the benefit of 1 less week, which is estimated at approximately $90 million. Store payroll expense is expected to be approximately flat to fiscal '24 as a percentage of sales. Lastly, the low end of our guidance reflects our plans to further reduce our variable expenses to align with sales trends.

減少 1 週的收益部分抵消了先前的項目，估計約為 9000 萬美元。預計到 2024 財年，商店薪資支出佔銷售額的百分比將大致持平。最後，我們指導的低端反映了我們進一步減少可變費用以適應銷售趨勢的計劃。

Before I close, let me share a couple of comments specific to the first quarter. We anticipate that our first quarter comparable sales will decline approximately 5%, which aligns with our estimated February performance. We expect our non-GAAP operating income rate to be approximately flat to fiscal '24 first quarter rate of 3.4%.

在結束之前，讓我分享一些針對第一季的評論。我們預計第一季可比銷售額將下降約 5%，這與我們預計的 2 月份業績相符。我們預計我們的非 GAAP 營業利潤率將與 2024 財年第一季 3.4% 大致持平。

We expect our gross profit rate to improve compared to last year, in line with the 20 to 30 basis point improvement we are expecting for the full year. SG&A dollars are expected to decline as a percentage in the low single-digit range with the decrease primarily due to lower store payroll expense.

我們預計毛利率將比去年有所改善，與我們預計全年毛利率提高 20 至 30 個基點一致。 SG&A 美元預計將下降至低個位數範圍，下降的主要原因是商店薪資支出下降。

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

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) First question is from the line of Scot Ciccarelli with Truist Securities.

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

This is probably difficult to answer but I'd be interested in any color you might have. When you kind of look at the comp performance and the comp decline, how would you segment it between, let's call it, broader pressures on discretionary spending versus, let's call it, the pull forward of demand that happened during the pandemic? Because we're kind of getting into that kind of 4-year period since the pandemic. Typical life cycle of a lot of your products is 3 to 5 years. Just how are you guys kind of thinking about that? Or is it at all possible to segment that?

這可能很難回答，但我對你可能擁有的任何顏色都感興趣。當您查看比較表現和比較下降時，您如何將其分為可自由支配支出的更廣泛壓力與大流行期間發生的需求拉動之間？因為我們正進入大流行以來的四年。許多產品的典型生命週期為 3 到 5 年。你們對此有何看法？或者是否有可能對其進行細分？

I wish there was an exact science to this one. That being said, we did try to give you in the prepared remarks a few indicators that we're seeing that say we might be starting to get into that replacement cycle. We talked specifically about laptop units returning to growth in Q4 and that trend continuing here as we head into Q1. That, to me, feels like an early indicator of at least some foray into that replacement cycle.

我希望這個問題有精確的科學根據。話雖這麼說，我們確實試圖在準備好的評論中向您提供一些我們看到的指標，表明我們可能開始進入更換週期。我們特別討論了筆記型電腦銷售在第四季度恢復成長的情況，隨著我們進入第一季度，這種趨勢仍在繼續。對我來說，這感覺像是至少進入更換週期的早期跡象。

Because honestly, really, right now, there isn't any massive current innovation that would spur you to go buy a new laptop. There's a little bit but we're expecting more as the year goes on. And then obviously, that -- the laptop category would be kind of earlier in the realm of replacement cycles that we've talked about.

因為說實話，目前還沒有任何大規模的創新能夠促使您購買新的筆記型電腦。雖然有一點，但隨著時間的推移，我們期待更多。顯然，筆記型電腦類別在我們討論的更換週期領域中屬於較早的類別。

So I think you're starting to see some goodness there, Scot, which makes me think a little bit more of the overhang that we're seeing is that kind of combo batter of 5 macro factors that I talked about that continue to weigh on the industry and haven't abated nearly to the pace that I think anyone thought from a macro perspective.

所以我認為你開始看到一些好處，斯科特，這讓我更多地想到我們所看到的懸而未決的問題是我談到的 5 個宏觀因素的組合，這些因素繼續造成壓力這個行業的發展速度並沒有像任何人從宏觀角度認為的那樣放緩。

That's helpful, Corie. And then one other quick one. Like, you guys talked a bit earlier in the script on personalization. I guess the question is for your kind of category, do you get enough frequency in terms of customer visits to really be able to little leverage that data and the personalization that you're targeting?

這很有幫助，科里。然後是另一個快速的。就像，你們在劇本中早些時候談到了個性化。我想問題是針對您所在的類別，您的客戶訪問頻率是否足夠高，以至於幾乎無法利用這些數據和您所瞄準的個人化服務？

I think what's important is to differentiate purchase frequency from the frequency of interacting with the brand. And we have the luxury because we do know -- like I said, 90% of our purchasing customers we can identify, we can actually see many behaviors. And people don't just come to us because they want to make a purchase.

我認為重要的是區分購買頻率和與品牌互動的頻率。我們擁有這種奢侈是因為我們確實知道——就像我說的，我們可以識別 90% 的購買客戶，我們實際上可以看到許多行為。人們來找我們不僅僅是因為他們想購物。

There's a lot of research done in the category. There are repairs done in the category. There are curiosity about upgrades done in the category. And so we do see enough frequency of visits and our ability to understand how the consumer is acting that do allow us to make those personalizations.

該類別已經進行了大量研究。該類別中已完成修復。人們對該類別中的升級感到好奇。因此，我們確實看到足夠的訪問頻率以及我們了解消費者行為方式的能力，這確實使我們能夠進行這些個人化服務。

And that's why one of the things that we mentioned and why we try to get really specific examples is in the app, having that personalized front page means we're not just targeting you for what you might purchase next. We're literally trying to figure out your next best action, and that action might just be discovery.

這就是為什麼我們提到的一件事以及為什麼我們嘗試在應用程式中獲取真正具體的範例，擁有個人化的首頁意味著我們不僅僅是針對您接下來可能購買的內容。我們實際上正在嘗試找出您的下一個最佳行動，而該行動可能只是發現。

You might just want to come and scroll through and take a look at what's new or what's coming and educate yourself. And we will gladly help you do that. And so I think the next realm of personalization -- I think personalization often gets lumped in with purchase. And it's for us, in particular, because we really deal with the full life cycle of how people use these products, it's a lot broader than that.

您可能只是想來瀏覽一下，看看有什麼新的或即將發生的事情，並進行自我教育。我們很樂意幫助您做到這一點。因此，我認為個人化的下一個領域是——我認為個人化通常與購買混在一起。這對我們來說尤其重要，因為我們真正處理的是人們如何使用這些產品的整個生命週期，而它的範圍比這要廣泛得多。

Your next question is from the line of Brian Nagel with Oppenheimer.

你的下一個問題來自布萊恩·內格爾和奧本海默的對話。

So I want to start, Corie, bigger picture. You mentioned in your prepared comments, I know we've been talking a while about this AI. We talked about some of the products and then how Best Buy's utilizing AI in its own business model. The question I have is as you're talking now to your vendor partners, maybe going back to CES or before, how much excitement is starting to really build around AI as -- in terms of products that we could see in the relative near term for Best Buy, from a consumer base standpoint?

所以我想開始，科里，更大的圖片。你在準備好的評論中提到，我知道我們已經談論這個人工智慧一段時間了。我們討論了一些產品，然後討論了百思買如何在自己的商業模式中利用人工智慧。我的問題是，當你現在與你的供應商合作夥伴交談時，也許回到 CES 或之前，圍繞人工智慧開始真正產生多少興奮——就我們在相對近期內可以看到的產品而言對於百思買來說，從消費者基礎的角度來看？

Yes. I will give you my very best qualitative answer here. I think if you followed what happened at the Consumer Electronics Show in January at all, it was, I would argue, the largest foray into how AI will impact our world going forward from here, particularly as it relates to consumer electronics.

是的。我將在這裡給你我最好的定性答案。我認為，如果你專注於一月份消費電子展上發生的事情，我認為這是人工智慧將如何影響我們的世界的最大嘗試，特別是與消費性電子產品相關的領域。

And I think in the coming year, there's enough noise out there that you can get this feel that you're going to start to see the computing side of this really start to take light and make it easier and more seamless for everyone to be able to use tools that will help them be more efficient and effective.

我認為在接下來的一年裡，會有足夠的噪音，你可以感覺到你將開始看到計算方面真正開始變得光明，並使每個人都能夠更容易、更無縫地使用可以幫助他們提高效率和效果的工具。

But the horizon question, and that's how I like to think about it, I like to think about it as the kind of innovation horizon, I think, is really vibrant right now in terms of what AI technology might be able to do. Because it's not just compute. It gets into like how smart can I make the things around me.

但是地平線問題，這就是我喜歡思考的方式，我喜歡將其視為一種創新地平線，我認為，就人工智慧技術可能能夠做的事情而言，現在確實充滿活力。因為這不僅僅是計算。它涉及到我能讓周圍的事物變得多聰明。

And one of the other things that's really interesting about AI is it actually makes consumer electronics products more human. And so there's this question of how do I make these CE products interact with me more seamlessly?

人工智慧真正有趣的另一件事是它實際上使消費性電子產品更加人性化。那麼問題來了，如何讓這些 CE 產品與我更無縫互動？

How are the robots that are in my house even smarter because they can triangulate faster and they just get smarter on their own? So my little robot vacuum gets smarter every single time that I use it, right?

我家裡的機器人為什麼會變得更聰明，因為它們可以更快地進行三角測量，而且它們自己會變得更聰明？所以每次使用我的小型掃地機器人都會變得更聰明，對嗎？

And so these aren't just innovations in the compute side of things. You're starting to see it in the phone side of things. You're starting to see it and how far can we kind of push the envelope on what consumer electronics can do for you in your home to just make your home life more seamless.

因此，這些不僅僅是計算方面的創新。你開始在手機方面看到它。您已經開始看到這一點，以及我們可以將消費性電子產品在您家中的用途推向極限，讓您的家庭生活更加無縫。

So I'm not saying it's going to be a revolution overnight, Brian, to be clear. But I do definitely see more excitement and kind of this unlock in how technology can fit even more seamlessly into your life.

所以我並不是說這將在一夜之間發生一場革命，布萊恩，澄清一下。但我確實看到了更多令人興奮的事情，以及科技如何更無縫地融入您的生活的解鎖。

That's very, very helpful. I appreciate that. And then just a follow-up, unrelated. With regard to the (technical difficulty) normalization within the CE category, you talked about through the holiday promotions being, I guess, normal. But the question I have is, are you seeing more nonspecific CE retailers come back to the category now as the overall consumer backdrop normalizes post pandemic?

這非常非常有幫助。我很感激。然後只是一個後續，無關的。關於 CE 類別內的（技術難度）正常化，您透過假期促銷談到，我認為這是正常的。但我的問題是，隨著疫情後整體消費者背景正常化，您是否會看到更多非特定消費性電子零售商重返該類別？

I wouldn't say there's more. I mean, I think when we were headed into holiday, we said this is typically a category that is promotional. It's typically a category that many different partners play in for the holiday because whether or not it blew the doors off, it is always a category that people look for as it relates to holiday. And so I think you always see some players come in and out of the space as it relates to gifting and CE as a gift. And I -- my personal point of view, didn't see more than we would have expected this holiday than any other.

我不會說還有更多。我的意思是，我認為當我們即將進入假期時，我們說這通常是一個促銷類別。它通常是許多不同的合作夥伴在假期中參與的類別，因為無論它是否大受歡迎，它始終是人們尋找與假期相關的類別。所以我認為你總是會看到一些玩家進出這個空間，因為這與禮物和 CE 作為禮物有關。從我個人的角度來看，這個假期並沒有比其他假期看到更多的東西。

Obviously, we're always watching the competitive landscape. But I think that's why we're really focused in the coming year on our unique positioning in the CE landscape and the both pre-purchase and then post-purchase offerings that we have that are pretty unique in the marketplace, no matter who enters it.

顯然，我們一直在關注競爭格局。但我認為這就是為什麼我們在未來一年真正專注於我們在消費性電子產品領域的獨特定位，以及我們擁有的預購和售後產品，這些產品在市場上非常獨特，無論誰進入市場。

Your next question is from the line of Michael Lasser with UBS.

您的下一個問題來自瑞銀集團的 Michael Lasser。

It's on market share trends. Best Buy has always been very dynamic with its strategy. It's one of the factors that has led to its success that it's been able to change with the market, but it does seem like in the last several years the pace of change with the strategy has increased significantly, whether it comes to membership, store format, the composition of store associates. How do you think this is having an impact on Best Buy's market share especially in light of the fact that if we look at Best Buy sales in the Domestic segment for this year, it's likely that the company is going to be on pace to have sales that are about $2 billion below where they were in 2019.

這是市場佔有率趨勢。百思買的策略一直非常活躍。它能夠隨著市場的變化而變化，這是其成功的因素之一，但在過去的幾年裡，策略變化的步伐似乎明顯加快，無論是會員資格、商店業態，店員的組成。您認為這對百思買的市場份額有何影響，特別是考慮到如果我們看看百思買今年在國內市場的銷售情況，該公司很可能會加快銷售速度比 2019 年的水平低約 20 億美元。

Yes. So let me start a little near term and then I'll work my way back to a little bit longer term. You're right, there have been a number of strategic pivots in the model. And to be clear, this is in service of bolstering our position in the market. That is why we are making the changes that we are, and it's also in service of a changing consumer who expects a different experience. So we've said it many times, Michael, and I know you're familiar. There isn't a great single source of share here for consumer electronics because nobody covers all the categories that we do.

是的。因此，讓我從近期開始，然後再回到長期。你是對的，該模型中有許多戰略支點。需要明確的是，這是為了鞏固我們在市場中的地位。這就是我們做出改變的原因，也是為了服務不斷變化的消費者，他們期望獲得不同的體驗。所以我們已經說過很多次了，邁克爾，我知道你很熟悉。對於消費性電子產品，這裡沒有一個很好的單一來源，因為沒有人涵蓋我們所做的所有類別。

But for the Circana track categories, which represent about 70% of our revenue, we held share in Q4 and for the full year, year-over-year. With the same caveats as I think about the last several years, and this is one we have to try to analyze multiple sources over a longer-term period. We believe we've actually largely held share in the key categories since the beginning of the pandemic.

但對於約占我們營收 70% 的 Circana 賽道類別，我們在第四季和全年都保持著份額，與去年同期相比。與我過去幾年的想法一樣，我們必須嘗試在較長時期內分析多個來源。我們相信，自疫情爆發以來，我們實際上在關鍵類別中佔據了很大份額。

Like I said, it is a difficult science because there are so many different sources. But you can imagine, as you started with the question, strategically, we are incredibly focused on those real key categories that are important and underline our strategy to really kind of own that home experience and that CE experience end-to-end for our consumers.

就像我說的，這是一門困難的科學，因為有很多不同的來源。但你可以想像，當你開始提出這個問題時，從戰略上講，我們非常專注於那些重要的真正關鍵類別，並強調我們的戰略，即真正為我們的消費者提供家庭體驗和端到端的消費電子體驗。

So we are tracking this carefully, and I can promise you that the changes to the model are not for the fun of it. The changes are definitely in service of different customer expectations and our commitment to hold position in this industry.

因此，我們正在仔細追蹤這一點，我可以向您保證，模型的更改並不是為了好玩。這些變化無疑是為了滿足不同客戶的期望以及我們在這個行業中保持地位的承諾。

Got it. My follow-up question is, as we look at our model and make an assessment of what the recovery in consumer electronics retail looks like over the next few years, what is the rule of thumb that we should be using in regards to Best Buy sales versus its operating margin and the amount of leverage that the model will produce in light of all the changes that have been made in the last few years? Is there a rule of thumb that you can give us to guide us on how we should be projecting over the next couple of years?

知道了。我的後續問題是，當我們審視我們的模型並評估未來幾年消費電子零售的復甦情況時，我們應該在百思買銷售方面使用什麼經驗法則鑑於過去幾年發生的所有變化，該模型將產生的營業利潤率和槓桿率？您可以給我們一條經驗法則來指導我們如何規劃未來幾年的計畫嗎？

Yes, Michael, I'll take that. I think if I look at just going forward in an ideal setting, when you get past the flat to slightly down year this year, we do expect when you look out into the next number of years that the industry will continue to grow and that we will grow along with it.

是的，邁克爾，我會接受的。我認為，如果我在理想的環境下繼續前進，當你今年的表現平平或略有下降時，我們確實預計，當你展望未來幾年時，該行業將繼續增長，並且我們會隨之成長。

I think it is our expectation that we will continue to grow sales. It's our expectation that we will continue to expand our operating profit rate as we do that. And to your point, part of that is we expect to be able to leverage on SG&A and take advantage of not just all the initiatives that are adding to our improvements over this last year, but also just a good focus on cost control and efficiency.

我認為我們的期望是我們將繼續增加銷售額。我們期望在此過程中我們將繼續擴大我們的營業利潤率。就您而言，部分原因是我們希望能夠利用銷售、管理和行政費用（SG&A），不僅利用去年所有有助於我們改進的舉措，而且還能夠很好地關注成本控制和效率。

And so I think by that center, I'm not going to give you a specific how much does rate improve by every point of comp. But it would be our expectation as we grow a few percentage points, we will be able to expand our rate.

因此，我認為透過該中心，我不會向您提供具體的每一點的比率提高了多少。但我們預計，當我們成長幾個百分點時，我們將能夠擴大我們的成長率。

And I think year-to-year, I think that takes on a little different color as you think about one given year and you move into next year with a different level of operating revenue with a consistent level of cost structure. You can imagine that it does help expand your rate a little bit more as you go from one year to the next.

我認為，逐年來看，當你考慮某一特定年份並進入明年時，它會呈現出一點不同的色彩，並且營業收入水平會有所不同，成本結構水平也會保持一致。您可以想像，隨著您從一年到下一年，它確實有助於提高您的費率。

Your next question is from the line of Seth Sigman with Barclays.

您的下一個問題來自巴克萊銀行的塞思·西格曼。

I wanted to follow up on the sales outlook. As you think about sales down in the first half, up in the second half, any more views on the role that housing and moving activity plays in that? I think some of our work has suggested that there is an impact, but obviously, it's not the only driver. Innovation and a lot of the other things you talked about makes sense. But I guess, how do you think about housing and what's embedded here in the outlook as you think about the opportunity for improvement?

我想跟進銷售前景。當您考慮上半年銷售下降、下半年銷售上升時，您對住房和搬家活動在其中所扮演的角色還有更多看法嗎？我認為我們的一些工作表明存在影響，但顯然，這不是唯一的驅動因素。創新和您談到的許多其他事情都是有道理的。但我想，當您考慮改善機會時，您如何看待住房以及前景中包含的內容？

You said it very well. It's not a perfect correlation with our business, the housing market, I mean. But there are definitely pieces of the business that tend to correlate more highly, particularly as you think about appliances, and then somewhat as you kind of creep into television. Those tend to be the areas that are most highly correlated. In the prepared remarks, I talked about that kind of stacked macro pressures on CE.

你說得很好。我的意思是，這與我們的業務、房地產市場並不完美相關。但肯定有一些業務的相關性往往更高，特別是當你想到電器時，然後在某種程度上當你涉足電視領域時。這些往往是相關性最高的領域。在準備好的發言中，我談到了CE面臨的這種疊加的宏觀壓力。

And then alluded to the fact that the high end of the range at a flat comp for the year, we're assuming that a few of these in particular start to abate. You're starting to see inflation pull back a bit, that one is important. And also, you are starting to at least see the -- what I'd like to call the green shoots of the housing market maybe start to turn in a bit more positive direction.

然後提到今年的高端範圍在平坦的情況下，我們假設其中一些特別開始減弱。你開始看到通膨有所回落，這一點很重要。而且，你至少開始看到——我稱之為房地產市場的綠芽，可能開始轉向更積極的方向。

So I would assume that in that -- again, at that top end of the guide that we were talking about, we continue to maybe see a bit of that slow progression of improvement.

因此，我認為，在我們正在討論的指南的頂端，我們可能會繼續看到一些緩慢的改進進展。

There is nothing that would say we expect changes overnight. There's nothing that would say we expect all of a sudden, it's all sunshine and roses in the housing market. But I think in general, we're starting to see enough of the green shoots that make you feel like, yes, there might be a bit of improvement there that helps buoy at least that part of the business.

沒有什麼可以說我們期望在一夜之間改變。沒有什麼可以說我們突然期待的，房地產市場充滿陽光和玫瑰。但我認為總的來說，我們開始看到足夠的萌芽，讓你覺得，是的，那裡可能會有一些改進，至少有助於提振這部分業務。

That being said, we also said on the downside scenario at a down 3% comp maybe don't see the level of recovery in any of those macro factors that we talked about. So I think that's why we're prudently trying to create a range that acknowledges we're early in the year and early in, trying to see some of the recovery in some of these more cyclical macro items.

話雖這麼說，我們也表示，在經濟下滑 3% 的下行情景中，我們討論的任何宏觀因素可能都看不到復甦水準。因此，我認為這就是為什麼我們要謹慎地嘗試創建一個範圍，承認我們正處於今年年初，試圖看到一些更具週期性的宏觀項目出現一些復甦。

Got it. Okay. That's really helpful. And then my follow-up, as you think about online sales growth seem to outpace store comps very slightly but for the first time since 2020. And I appreciate the role that stores and online both play in driving a seamless transaction. But I'm just curious, anything notable that you're seeing as it relates to consumer behavior across the channels? And how does that tie in with your store closure plans?

知道了。好的。這真的很有幫助。然後是我的後續行動，正如你所想到的，在線銷售增長似乎略微超過了商店銷售增長，但這是自2020 年以來的第一次。我很欣賞商店和在線商店在推動無縫交易方面所發揮的作用。但我只是好奇，您看到的與跨通路消費者行為相關的任何值得注意的事情？這與您的商店關閉計劃有何關聯？

I think we've had a pretty consistent view on the fact that we believe online penetration -- we kind of said we'll first stabilize because it went so high during the pandemic, we knew there'd be some level of pullback. And the last -- I'm going to call it like 18 months have been a little bit more around, where does it stabilize, particularly as a percent of our overall revenue.

我認為我們對線上滲透率的看法相當一致——我們說過我們會首先穩定下來，因為在大流行期間滲透率如此之高，我們知道會有一定程度的回調。最後一個——我將稱之為 18 個月了，它穩定在哪裡，特別是占我們總收入的百分比。

And that, for the last year, has been a little bit more stable year-over-year in terms of penetration of digital sales. But our forward-looking hypothesis has been that at a more normalized pace, we probably continue to see online penetration continues to increase.

去年，就數位銷售的滲透率而言，年比更加穩定。但我們的前瞻性假設是，以更正常化的速度，我們可能會繼續看到線上滲透率繼續增加。

Now you led in with what I want to remind everyone, which is this is not a channel that is taken alone in and of itself. The other interesting fact that we laid out in the prepared remarks is that 44% of what we sell online is still picked up in a store. And that number was consistent year-over-year, even though we're shipping faster and we talked about our ability to ship in 2 days even faster than the year before.

現在，我想提醒大家的是，這並不是一個單獨的管道。我們在準備好的評論中列出的另一個有趣的事實是，我們在線銷售的 44% 的商品仍然是在商店提貨的。儘管我們的發貨速度更快，並且我們談到我們有能力在 2 天內發貨，甚至比前一年更快，但這個數字與去年同期保持一致。

And so for our model, in particular, there is this really important interplay between the digital sales, even as they keep penetrating, and the convenience and the ability to ubiquitously search online but also go into the store, if I would like to, regardless of where I choose to make the purchase, which is why we are moving at a methodical pace, I would say, in terms of the evolution of our store footprint.

因此，對於我們的模式來說，特別是數位銷售之間存在著非常重要的相互作用，即使它們不斷滲透，與無處不在的在線搜索和進入商店的便利性和能力之間存在著非常重要的相互作用，如果我願意的話，無論如何我會選擇在哪裡購買，這就是為什麼我們在商店足蹟的演變方面有條不紊地前進。

And that's why I also believe this year, our focus is more on touching as many stores as we can and making sure that, that shopping experience feels good, carefully thinking about what the right portfolio looks like over the longer period. And I think Matt and the team have done a really nice job continuing to make sure we are in the right places at the right time and then testing our way into what we think the right footprint of the future is.

這就是為什麼我也相信今年，我們的重點更多是接觸盡可能多的商店，並確保購物體驗感覺良好，仔細思考長期來看正確的產品組合是什麼樣子。我認為馬特和他的團隊做得非常好，繼續確保我們在正確的時間處於正確的地點，然後測試我們認為未來正確的足跡。

Because it's just not as easy as, is it stores or is it online? It really is the interplay between the 2 uniquely, I would argue, for us as a consumer electronic specialty retailer.

因為它並不像商店或網路上那麼容易？我認為，對於我們作為消費電子專業零售商來說，這確實是兩者之間獨特的相互作用。

Your next question is from the line of Katharine McShane with Goldman Sachs.

您的下一個問題來自高盛的凱瑟琳麥克肖恩 (Katharine McShane)。

Just back to the comp range, I was wondering how we should think about traffic versus ticket when it comes to the down 3% to flat. It seems like there are some moving parts in ticket, and we just wanted to better understand the dynamic of maybe some pressure on prices versus mix.

回到補償範圍，我想知道當談到下降 3% 至持平時，我們應該如何考慮流量與門票。門票中似乎有一些變化的部分，我們只是想更好地了解價格與組合之間可能存在的一些壓力的動態。

Yes. Sure, Kate. When you think about it in the next year, I think what we've been seeing, if I look just back at last year, we saw our average selling prices be a little more pressured in the -- a little bit in the first part of the year and then it started to stabilize in Q3, and in Q4, in fact, our average selling price was up compared to last year. And some of that was this unit mix that we talked about. As well as we look to next year, we clearly are trying to see both -- some level of ASP stabilization, some unit growth, which is why we've seen such a promotional environment to kind of stimulate the unit side of this equation.

是的。當然，凱特。當你在明年考慮這個問題時，我認為我們所看到的，如果我回顧去年，我們會發現我們的平均售價在第一部分中受到了更大的壓力然後在第三季度開始穩定下來，而在第四季度，實際上我們的平均售價比去年有所上升。其中一些就是我們討論的這個單元組合。除了我們展望明年之外，我們顯然也在努力看到兩者兼而有之——平均售價穩定一定程度，單位數量有所增長，這就是為什麼我們看到這樣的促銷環境會刺激這個等式的單位方面。

And so I think it all kind of obviously depends by category. And I think the carriers are at somewhat different phases in their -- where is the right ASP to drive the right type of unit velocity. And so I think probably somewhat, I would guess, next year similar to what we've seen this year. There could be quarters where you see a little ASP pressure, a little bit more coming from units and vice versa. So hard to know exactly by quarter, but it's probably nothing too dissimilar from what we've seen in the last year.

所以我認為這顯然取決於類別。我認為營運商處於不同的階段——正確的 ASP 可以驅動正確類型的單位速度。因此，我認為明年的情況可能會與今年的情況類似。在某些季度，您可能會看到一點平均售價壓力，更多一點來自單位，反之亦然。很難準確地了解每個季度的情況，但可能與我們去年看到的情況沒有太大不同。

Okay. And our second question was just on the usage of your credit cards, if you're seeing anything different. Or did you see anything change in the fourth quarter in terms of frequency or size of transaction?

好的。我們的第二個問題是關於您信用卡的使用情況，如果您發現任何不同的情況。或者您認為第四季度交易頻率或規模有變化嗎？

No, nothing really different in terms of usage. It's still an amazing offering for us. We have about 25% of our sales transacted on our card, which has been pretty consistent for the past 5 years. Last year, it was still 1.4% of our domestic sales similar to FY '23. So nothing too different in terms of the usage. And in fact, we still see a continued level of our card being used for external purchases. That's been growing over the last number of years.

不，在使用上沒有什麼不同。這對我們來說仍然是一個了不起的產品。我們大約 25% 的銷售額是透過我們的卡片進行的，這一比例在過去 5 年中相當穩定。去年，它仍占我們國內銷售額的 1.4%，與 23 財年相似。所以在使用上沒有太大的不同。事實上，我們仍然看到我們的卡用於外部購買的持續水平。在過去的幾年裡，這一數字一直在增長。

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

您的下一個問題來自 Evercore ISI 的 Greg Melich。

I wanted to follow up on membership and services. Could you give us an update there in terms of either household or a number of members or what percentage of services revenues are there and what behavior you're seeing?

我想跟進會員資格和服務。您能否向我們介紹一下家庭或會員數量的最新情況，或服務收入的百分比是多少，以及您看到的行為是什麼？

Yes. We haven't explicitly broken out the percent of services, that is, membership. But we did say we now have 7 million members, and that is compared to 5.8 million at the start of the year. During Q4, we actually signed up 35% more paid members compared to the fourth quarter of last year. So remember that we have a new tier in there. So we have the My Total and the My Best Buy Plus. And so that has driven some growth. And I think it's important to remember, our goal here is to drive engagement and increased share of wallet.

是的。我們還沒有明確細分服務（即會員）的百分比。但我們確實說過我們現在有 700 萬會員，而年初的數字為 580 萬。在第四季度，與去年第四季度相比，我們簽約的付費會員實際上增加了 35%。所以請記住，我們在那裡有一個新的層級。因此，我們有“My Total”和“My Best Buy Plus”。這推動了一些成長。我認為重要的是要記住，我們的目標是提高參與度並增加錢包份額。

And what we do is we're doing that across 3 main aspects. You hit on acquisition. But there's also -- we talked on the call about engagement and retention. And I think we're happy because, right now, our paid members continue to interact with the brand more frequently compared to nonmembers.

我們所做的就是在三個主要方面做到這一點。你偶然發現了收購。但還有——我們在電話會議上討論了參與度和保留率。我認為我們很高興，因為目前，與非會員相比，我們的付費會員繼續更頻繁地與品牌互動。

And in addition, as we've been analyzing incremental spend that says -- based on data from Circana that indicates that our Total Tech members are shifting their share of wallet to us as well.

此外，我們一直在分析增量支出，根據 Circana 的數據，我們的 Total Tech 會員也將他們的錢包份額轉移給了我們。

So it's not just about how many of them are using services but it's also about how frequently are they interacting with the brand? And are we keeping them loyal to the Best Buy brand. And I think we're happy, again, with what we're seeing so far there and making good progress. We haven't yet lapped the new rollout. So we still have a little bit of time to understand just how well we're doing in that vein. But right now, we're really happy with our ability to acquire members.

因此，這不僅與他們中有多少人使用服務有關，還與他們與品牌互動的頻率有關？我們是否讓他們保持對百思買品牌的忠誠？我認為我們對迄今為止所看到的並取得良好進展再次感到高興。我們還沒有完成新的部署。因此，我們還有一點時間來了解我們在這方面做得如何。但現在，我們對獲得會員的能力感到非常滿意。

And maybe just for a little additional context, the services growth you see at 6% in Q4, that growth was driven more by increased revenue collected from our installation business. As Corie mentioned, we've shifted -- we've changed our membership program. So we're seeing more of that revenue growth now come off the installation revenue that we're now collecting because it's no longer part of the benefits of Total Tech.

也許只是為了一點額外的背景，您在第四季度看到的服務成長了 6%，這種成長更多是由我們的安裝業務收入增加所推動的。正如科里所提到的，我們已經改變了我們的會員計劃。因此，我們現在看到更多的收入成長來自我們現在收取的安裝收入，因為它不再是 Total Tech 收益的一部分。

And so although we're growing more members, the price point is changing a bit. So you see more growth coming from the insulation business from a dollar perspective than you would have seen in previous quarters.

因此，儘管我們的會員數量不斷增加，但價格點卻發生了一些變化。因此，從美元角度來看，隔熱業務的成長比前幾季要多。

Great. And then my follow-up is on that is really -- I think you mentioned that ad expense or marketing expense will be up $50 million this year. Could you just say what that's on? And I'm curious, are there any efforts to use all -- the data that you're getting, whether it's from your members or just customers in general, to maybe get some revenue from all that data and insight?

偉大的。然後我的後續行動是——我想你提到今年的廣告費用或行銷費用將增加 5000 萬美元。能簡單說一下那是什麼嗎？我很好奇，是否有任何努力來利用您獲得的所有數據，無論是來自您的會員還是一般客戶，也許可以從所有這些數據和洞察中獲得一些收入？

Sure. I'll start, and then Corie can jump on the last part of the question. I think overall, we're adding about $50 million of advertising expense this year. It's for a number of different things, and I'll give you a couple of items. First, we are expecting a brand relaunch in the back half of this year. So some of this money is used for some additional branding spend that we have. I would say also this is a very unique year in terms of we have things like the Olympics and presidential election. So the inflation on marketing actually comes up in these periods of time, which is part of that increase.

當然。我先開始，然後科里就可以跳到問題的最後部分。我認為總體而言，今年我們將增加約 5,000 萬美元的廣告費用。它有很多不同的用途，我會給你幾個項目。首先，我們預計品牌將在今年下半年重新推出。因此，其中一部分資金用於我們的一些額外的品牌支出。我還想說，今年是非常獨特的一年，因為我們有奧運和總統選舉等活動。因此，行銷通膨實際上是在這些時期出現的，這是成長的一部分。

We are also trying to ensure that we are positioned right across our key categories and making sure we have the right amount of low funnel marketing spend pointed at growing our categories when we need to. So I think it's a collection of those things that I would explain. It all adds up to that $50 million. So again, positioning ourselves for a great stabilization and growth in the future and making sure we're in the market in the right spots.

我們還努力確保我們在關鍵類別中定位正確，並確保我們有適量的低漏斗行銷支出，以在需要時擴大我們的類別。所以我認為這是我要解釋的這些事情的集合。所有這些加起來就是 5000 萬美元。再次強調，我們要為未來的穩定和成長做好準備，並確保我們處於市場的正確位置。

And I love the question about data. It's one of the most powerful tools we have in terms of how we reach our customers. And so we have a Best Buy Ads business. That continues to grow top line collections and profitability and it's been outpacing our core business, I think, as you would expect.

我喜歡關於數據的問題。就我們如何接觸客戶而言，它是我們擁有的最強大的工具之一。所以我們有百思買廣告業務。我認為，正如您所期望的那樣，頂線系列和盈利能力持續增長，並且已經超過了我們的核心業務。

And I think it's important to know, this isn't new for us. I mean, at Best Buy we've had very close partnerships with our vendors for a very long time in terms of our advertising. It has gotten more scientific. It has gotten a lot more personalized. And I think that first-party data that we have is much more powerful than it has ever been historically.

我認為重要的是要知道，這對我們來說並不新鮮。我的意思是，在百思買，我們在廣告方面與供應商長期以來一直保持著非常密切的合作關係。已經變得更科學了。它變得更加個性化。我認為我們擁有的第一方數據比歷史上任何時候都更強大。

And obviously, we can also leverage our strong share position in places like even smart TV where we do have established relationships and partnerships with both Amazon on Fire TV and Roku. And so we also have partnerships that allow us to partner on those leading streaming platforms, and we can grow that advertising business and deliver even more value to our vendor partners through some of the partnerships we have uniquely there. So you're right, the data that we have stretches, not only on our own platforms like the app, but stretches into how uniquely we can serve those customers.

顯然，我們還可以利用我們在智慧電視等領域的強大份額地位，我們在 Fire TV 和 Roku 上與亞馬遜建立了關係和合作夥伴關係。因此，我們也建立了合作夥伴關係，使我們能夠在那些領先的串流媒體平台上進行合作，我們可以發展廣告業務，並透過我們在當地擁有的一些獨特的合作夥伴關係，為我們的供應商合作夥伴提供更多價值。所以你是對的，我們擁有的數據不僅延伸到我們自己的平台（如應用程式），還延伸到我們為這些客戶提供的獨特服務。

Today's final question will come from the line of Joe Feldman with Telsey Advisory Group.

今天的最後一個問題將來自 Telsey Advisory Group 的 Joe Feldman。

I want to follow up, can you share a little more color on the store refreshes and what we should expect to see over the course of the year as you do touch up the stores and maybe make them a little more engaging from a merchandising standpoint?

我想跟進一下，您能否分享一下有關商店更新的更多信息，以及當您對商店進行修飾時我們在這一年中應該看到什麼，也許從營銷的角度來看它們會更具吸引力？

Yes, absolutely. Let me start with, to be clear, we're not remodeling every store in the fleet. So I have to be clear there. But what we are doing is taking, I would argue, kind of a stronger position than we ever have to ensure that the shopping experience reflects that kind of excitement and that sparkle that technology brings to life.

是的，一點沒錯。首先，需要明確的是，我們不會改造車隊中的每家商店。所以我必須澄清這一點。但我認為，我們正在採取比以往任何時候都更強的立場，以確保購物體驗反映出科技為生活帶來的興奮和火花。

So we've given examples before like some of the investments that we are making in our end caps and those vendor experiences that you see throughout the store, super important positions in the store because they tend to be the most customer facing. And so you're going to see us continue to bring those to life.

因此，我們之前已經給出了一些例子，例如我們在端蓋上進行的一些投資以及您在整個商店中看到的供應商體驗，商店中非常重要的位置，因為它們往往是最面向客戶的。因此，您將看到我們繼續將這些變為現實。

I think you're also going to see us rightsize a number of the categories and that's particular emphasis on that center of the store area because we want that excitement. We want that relevancy. We also want to be efficient for our associates. And so we're moving physical media, updating mobile, digital imaging, computing, tablets and smart home, things that allows us to make that center of the store really feel a bit more vibrant and exciting.

我想你也會看到我們調整了一些類別的規模，特別強調商店區域的中心，因為我們想要那種興奮感。我們想要這種相關性。我們也希望為我們的員工提供高效率的服務。因此，我們正在移動實體媒體，更新行動、數位成像、計算、平板電腦和智慧家居，這些使我們能夠使商店的中心真正感覺更加充滿活力和令人興奮。

And so the goal here is not that every single store is going to look like an experience store. The goal though is that every single one has a bit of a refreshed look and feel, has more of those vendor partnership opportunities and has a better ability for our associates to merchandise in a way that makes everything feel kind of full and exciting.

因此，這裡的目標並不是讓每家商店都看起來像體驗店。但我們的目標是，每個人都有一點煥然一新的外觀和感覺，擁有更多的供應商合作機會，並且讓我們的員工能夠更好地以一種讓一切都感覺充實和令人興奮的方式進行銷售。

And with that -- do you have a follow-up, Joe, sorry?

喬，抱歉，你有後續行動嗎？

No, no, no, that's good. We can end it there.

不不不，這樣就很好了。我們可以到此結束。

No, no problem. Thanks for the question. And with that, that was our last question. I want to thank everyone for joining us today during what I know is a very busy earnings season. We look forward to updating you on our results and progress during our next call in May. Have a great day.

不，沒問題。謝謝你的提問。這就是我們的最後一個問題。我要感謝大家今天加入我們，據我所知，這是一個非常忙碌的財報季節。我們期待在五月的下一次電話會議上向您通報我們的最新成果和進展。祝你有美好的一天。

Thank you all for joining today's conference call. You may now disconnect.

感謝大家參加今天的電話會議。您現在可以斷開連線。