百思買 (BBY) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Best Buy's you first quarter fiscal 2025 earnings conference call. (Operator Instructions) I'll now turn the conference call over to Mollie O'Brien, Head of Investor Relations. You may now begin.

女士們、先生們，感謝你們的支持，歡迎參加百思買 2025 財年第一季財報電話會議。 （操作員指示）我現在將電話會議轉給投資者關係主管 Mollie O'Brien。你現在可以開始了。

Thank you and good morning to everyone. Joining me on the call today are Corie Barry, our CEO; and Matt Bilunas as 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)；馬特·比盧納斯 (Matt Bilunas) 擔任我們的財務長。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早上的收益報告中找到，該報告可在我們的網站 Investors.bestbuy 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, investment and expected performance of the company and are subject to risks and uncertainties that could cause actual results of to differ materially from such forward-looking statements. Please refer to the company's current earnings release and our most recent 10-K and subsequent 10-Q for 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.

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。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。有關這些風險和不確定性的信息，請參閱公司當前的盈利報告以及我們最近的 10-K 和隨後的 10-Q 報告。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 today. We are reporting better than expected Q1 profitability. Through strong execution we continue to manage our profitability while at the same time preparing for future growth. We progressed again since our fiscal '25 priorities, grew our paid membership base, implemented various restructuring actions and drove improvements in our relationship Net Promoter Score and in our operational metrics for most of our prioritized customer experiences.

大家早安，感謝您今天加入我們。我們報告的第一季獲利能力優於預期。透過強有力的執行力，我們繼續管理我們的獲利能力，同時為未來的成長做好準備。自 25 財年優先事項以來，我們再次取得了進展，擴大了付費會員基礎，實施了各種重組行動，並推動了我們的關係淨推薦值以及大多數優先客戶體驗的營運指標的改進。

The mix of macro factors continue to create a challenging sales environment for our category during the quarter and our sales were slightly softer than our expectations. Our Q1 comparable sales decreased 6.1% compared to last year, with the largest impacts coming from appliances, home theater, gaming, and phones, services and laptops were areas of growth for the quarter. The Q1 digital sales mix was 31% of domestic sales similar to last year.

本季，多種宏觀因素持續為我們的品類創造充滿挑戰的銷售環境，我們的銷售略低於我們的預期。我們第一季的可比銷售額與去年相比下降了 6.1%，其中影響最大的是家電、家庭劇院、遊戲，而手機、服務和筆記型電腦是本季的成長領域。第一季數位銷售額佔國內銷售額的 31%，與去年相似。

Our omnichannel fulfillment experience continues to improve, with almost 60% of our packages delivered or available for pickup within one day and 40% of our digital sales are picked up in stores by our customers with more than 90% of these orders available within just 30 minutes. From a profitability standpoint, our non-GAAP operating income rate of 3.8% expanded 40 basis points compared to last year. This was above our expectations due largely to gross profit rate improvement in our membership and services offers.

我們的全通路履行體驗持續改善，近 60% 的包裹可在一天內送達或提貨，40% 的數位銷售由客戶在商店提貨，其中 90% 以上的訂單可在短短 30 天內提貨分鐘。從獲利能力的角度來看，我們的非 GAAP 營業利潤率為 3.8%，比去年增長了 40 個基點。這超出了我們的預期，這主要是由於我們的會員資格和服務提供的毛利率有所提高。

Customers remained very deal focused and attracted to more predictable sales moments. Our Q1 product margins were relatively stable, even though the environment overall was more promotional than our expectations in terms of both breadth and depth of promotions. We did see variability by category. For example, the major appliances category was materially more promotional in pursuit of stimulating interest and sales. As has been our practice, we were targeted and thoughtful regarding where and when we made our promotional investments. Throughout the quarter, our teams were driven and diligent, and I continue to be proud of their performance.

客戶仍然非常關注交易，並被更可預測的銷售時刻所吸引。儘管整體環境在促銷廣度和深度方面都比我們的預期更加促銷，但我們第一季的產品利潤率相對穩定。我們確實看到了按類別的差異。例如，為了刺激興趣和銷售，主要家電類別進行了實質的促銷。正如我們的做法一樣，我們對促銷投資的地點和時間進行了針對性和周到的考慮。整個季度，我們的團隊都充滿動力和勤奮，我仍然為他們的表現感到自豪。

I believe it is a testament to our strong culture that our people remain engaged, motivated, and passionate about technology and serving our customers while navigating what has been an extended period of dampened demand. Our Q1 retail turnover trended down versus last year and remains lower than industry averages. And our recent employee engagement survey shows our people have strong levels of connection, engagement, and belonging that are at or above global benchmark.

我相信，我們的員工在應對長期需求低迷的情況下，仍然對技術和服務客戶保持敬業、積極和熱情，這證明了我們強大的文化。我們第一季的零售營業額與去年相比呈下降趨勢，仍低於行業平均水平。我們最近的員工敬業度調查顯示，我們的員工擁有強大的連結、敬業度和歸屬感，達到或高於全球基準。

As we look to the rest of the year, we are focused on our strategic plan and priorities while being mindful about the state of the consumer. In February, we said we expect 2024 to be a year of increasing industry stabilization, and we continue to believe that. That being said, clearly, macro factors continue to fluctuate and put pressure on consumer spending.

展望今年剩餘時間，我們將專注於策略計畫和優先事項，同時專注於消費者的狀況。 2 月份，我們表示預計 2024 年將是業界更加穩定的一年，並且我們仍然相信這一點。話雖如此，宏觀因素顯然持續波動，對消費者支出造成壓力。

Three months ago, there were several indicators showing some favorability, including decreasing inflation, continued low unemployment, encouraging trends and consumer confidence and the beginnings of a housing market rebound. Since then, inflation is still high, mortgage rates are high and consumer confidence scores are trending lower. Consumers continue to make tough choices with their budgets trading down in some areas while still prioritizing spend and others like services and experiences like travel.

三個月前，多項指標顯示出一些利多因素，包括通膨下降、失業率持續走低、趨勢和消費者信心令人鼓舞以及房地產市場開始反彈。此後，通貨膨脹率仍然很高，抵押貸款利率很高，消費者信心指數呈下降趨勢。消費者繼續做出艱難的選擇，他們的預算在某些領域有所下降，但仍優先考慮支出和其他服務和體驗（例如旅行）。

This in combination with the pull forward of tech purchases into the early years of the pandemic and lower levels of material innovation has led to continued lower demand for higher tech consumer electronics and a focus on value and deals for current purchasers. We are not changing our original full year guidance as it is early in the year. The first quarter is a relatively quiet quarter and we have yet to see the impact of innovation. However, at this point in time, it is likely we are trending toward the midpoint of our original comparable sales guidance of flat to down 3%.

再加上科技採購提前到了大流行初期，以及材料創新水平較低，導致對高科技消費電子產品的需求持續下降，以及對當前購買者的價值和交易的關注。我們不會改變原來的全年指引，因為現在還處於年初。第一季是一個相對平靜的季度，我們還沒有看到創新的影響。然而，目前，我們很可能正趨向於我們最初的可比較銷售指導值的中點，即持平或下降 3%。

We are strategically operating our business balancing our response to the pressured sales environment. Therefore, even at the midpoint of the comparable sales guidance, we expect to deliver profitability toward the high end of our non-GAAP operating income rate guidance. At the same time, we are taking action and investing to sharpen our customer experiences and industry positioning. We know more of our key categories will return to growth and historically, we outperform when there is more technology innovation, and we leverage our competitive differentiation to provide the best experience for customers.

我們正在策略性地經營我們的業務，平衡我們對壓力銷售環境的反應。因此，即使在可比較銷售指引的中點，我們也預期獲利能力將達到非公認會計原則營業收入指引的高端。同時，我們正在採取行動和投資來提升我們的客戶體驗和行業定位。我們知道更多的關鍵類別將恢復成長，從歷史上看，當有更多技術創新時，我們的表現會更好，並且我們利用我們的競爭優勢為客戶提供最佳體驗。

From a major category standpoint, we continue to expect sales in our computing category to show growth for the full year. We expect revenue for the rest of our product categories as a whole to be down partially offset by growth of our services revenue. As we plan for the next three quarters, we expect our comparable sales performance to sequentially improve. For the second quarter specifically, we expect comparable sales to decline approximately 3% compared to the 6% decline we saw in Q1.

從主要類別的角度來看，我們繼續預期全年計算類別的銷售將呈現成長。我們預期其餘產品類別的整體營收下降將被服務收入的成長部分抵銷。在我們對未來三個季度的計劃中，我們預計可比銷售業績將連續改善。具體來說，我們預計第二季的可比銷售額將比第一季下降 6% 下降約 3%。

Based on month to date sales and results are estimated comparable sales for May are expected to be better than our Q2 guidance. We are encouraged by these results. But from a timing perspective, we don't fully lap last year's Memorial Day sales until our June fiscal week one and we continue to be very thoughtful about the time periods between sales events.

根據本月迄今的銷售額和業績，預計 5 月份的可比銷售額預計將好於我們第二季的指導。我們對這些結果感到鼓舞。但從時間角度來看，直到六月第一財週我們才完全完成去年陣亡將士紀念日的銷售，並且我們繼續對銷售活動之間的時間段進行深思熟慮。

Let's talk about computing and the exciting things happening there. We expect the category to benefit as early replacement and upgrade cycles gain momentum and new products featuring even more AI capabilities are at least as we move through the year. We have seen early signs of improvement as a year-over-year comparable sales for laptops turned slightly positive in the fourth quarter and that trend continued in Q1.

讓我們來談談計算以及那裡發生的令人興奮的事情。我們預計，隨著早期更換和升級週期的勢頭增強，以及至少在這一年中具有更多人工智慧功能的新產品的出現，該類別將從中受益。我們已經看到了改善的早期跡象，筆記型電腦的同比可比銷售額在第四季度略有上升，而這一趨勢在第一季得到了延續。

Last week, Microsoft announced copilot plus and laptops from Microsoft, Dell, HP, Lenovo and Samsung are available for preorder on our website right now and will be available until June 18. These devices have faster speed, better battery life, greater efficiency. They are much cooler and baseline copilot features like summarization that can quickly recap pages of documents are linked to the e-mail threads. They also have exciting new use cases. For example, there is a recall function that makes it very easy to find signed documents based on visual cues or help users easily navigate back to a website to find a specific item they shopped for three weeks ago.

上週，微軟宣布copilot plus 以及來自微軟、戴爾、惠普、聯想和三星的筆記型電腦現已在我們的網站上接受預訂，並將持續到6 月18 日。的電池壽命和更高的效率。它們是更酷的基線副駕駛功能，例如可以快速回顧連結到電子郵件線程的文件頁面的摘要。他們還有令人興奮的新用例。例如，有一個回憶功能，可以輕鬆根據視覺提示找到簽署的文檔，或者幫助用戶輕鬆導航回網站以查找他們三週前購買的特定商品。

They also have a live language translation functions that works real time on videos without requiring a connection to the Internet. And the CoCreate capability can take your rough sketches and turn them into works part to support these launches. We have built a comprehensive go-to-market plan. At roughly 40 skews in total, we expect to have the largest assortment at launch with more than 40% of the assortment retail exclusive to Best Buy. Working in coordination with our vendor partners we will have inspirational merchandising and demos of the products in our stores and unique educational and interconnected digital shopping journey.

它們還具有即時語言翻譯功能，可以即時處理視頻，無需連接到互聯網。 CoCreate 功能可以將您的草圖轉換為工作部件以支援這些發布。我們制定了全面的上市計劃。總共大約有 40 種偏斜，我們預計在推出時將擁有最大的品種，其中超過 40% 的零售品種是百思買獨有的。與我們的供應商合作夥伴合作，我們將在我們的商店中提供鼓舞人心的商品推銷和產品演示，以及獨特的教育和互聯數位購物之旅。

And of course, we have an extensive training program to ensure we leverage our sales associates and Geek Squad agents to ensure Best Buy as the destination for unbiased advice and inspiration around how this new tech can enrich their lives. There is additional innovation to drive excitement and interest, including the recently launched Apple iPads featuring their M4 chips that are already contributing to improved sales trends this quarter.

當然，我們有廣泛的培訓計劃，以確保我們利用我們的銷售人員和極客小隊代理，確保百思買成為關於這項新技術如何豐富他們的生活的公正建議和靈感的目的地。還有其他創新可以激發人們的興奮和興趣，包括最近推出的配備 M4 晶片的 Apple iPad，這些創新已經為本季的銷售趨勢帶來了改善。

Additionally, we have the new both open your headphones and [photos] has just announced. They are entering the headphone space as well. All these launches are coming just in time for back-to-school, and we expect this drive time to be an important part of the computing story. From July through mid-September, we will have a series of sales events focused on students and their parents that will feature our new brand positioning. We also plan to offer specific deals to our members to drive acquisition and engagement.

此外，我們剛剛宣布了新的開放式耳機和[照片]。他們也正在進入耳機領域。所有這些發布都正好趕上返校，我們預計這段開車時間將成為計算故事的重要組成部分。從七月到九月中旬，我們將舉辦一系列針對學生及其家長的銷售活動，這些活動將反映我們的新品牌定位。我們還計劃向我們的會員提供特定優惠，以推動會員獲取和參與。

As I mentioned earlier, we are taking action to sharpen our customer experiences and industry positioning while also maintaining our profitability in this environment. Last quarter, we laid out our fiscal '25 priorities. They are, one, invigorate and progress targeted customer experiences. Two, drive operational effectiveness and efficiency. Three, continue our disciplined approach to capital allocation. And four, explore a pilot and drive incremental revenue stream.

正如我之前提到的，我們正在採取行動來提升我們的客戶體驗和行業定位，同時保持我們在這種環境下的獲利能力。上個季度，我們列出了 25 財年的優先事項。第一，它們能夠激發和提升有針對性的客戶體驗。二是推動營運效能和效率。第三，繼續實施嚴格的資本配置方法。第四，探索試點並推動增量收入流。

I would like to provide some updates on our progress. We are focused on providing increasingly personalized, highly relevant and motivational content as we can attribute roughly 90% of our annual revenue to known customers. I'm particularly excited about the work we are doing with our app as we grow the number of users. Customers who use our app spend more than non app users. During Q1, we went live with a personalized home screen powered by AI that has now rolled out to 50% of our app users.

我想提供一些有關我們進展的最新情況。我們專注於提供日益個人化、高度相關和激勵性的內容，因為我們大約 90% 的年收入來自已知客戶。隨著用戶數量的增加，我對我們在應用程式上所做的工作感到特別興奮。使用我們應用程式的客戶比非應用程式用戶花費更多。在第一季度，我們推出了由 AI 驅動的個人化主螢幕，現已向 50% 的應用程式用戶推出。

Each of these users, home screens look different based on their personal preferences and a number of other factors like current locations, shopping history, membership status and what we know they care about the most based on their activity. This could include the newest and hottest deals, latest gadgets from favorite brands recommendations on products, services, or accessories, or even a prompt to shop with one of our experts to help them save time.

每個用戶的主螢幕看起來都不同，取決於他們的個人喜好和許多其他因素，例如當前位置、購物歷史、會員狀態以及我們根據他們的活動知道他們最關心的內容。這可能包括最新和最熱門的交易、來自喜愛品牌的最新小玩意、有關產品、服務或配件的推薦，甚至提示與我們的專家一起購物以幫助他們節省時間。

Thus far, customer to receive our personalized homepage are engaging at higher rates than we expected. We are excited to roll the new features to all app users this summer. Over the past year, we've also been focused on driving speed improvement on the product pages and in checkout in the mobile experience to drive customer experience and sales performance. For example, since starting this work in February, we have driven a 50% reduction in mobile product detail page load times. Of course, we are also focused on the customer experience in our stores.

到目前為止，接收我們個人化主頁的客戶的參與率比我們預期的要高。我們很高興今年夏天向所有應用程式用戶推出新功能。在過去的一年裡，我們也致力於提高產品頁面和行動體驗結帳的速度，以提高客戶體驗和銷售表現。例如，自 2 月開始這項工作以來，我們已將行動產品詳細資訊頁面載入時間縮短了 50%。當然，我們也非常注重門市的顧客體驗。

From a physical standpoint, we plan to touch every store in the chain in some fashion throughout Q2 and Q3, improving both our merchandising and ease of shopping for customers. This includes improving and [lighting] 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 are leveraging the space in the center of our stores in the most exciting, relevant and efficient way possible.

從實體角度來看，我們計劃在第二季和第三季以某種方式接觸連鎖店中的每家商店，從而改善我們的商品陳列和顧客購物的便利性。這包括改進和[照亮]商品展示，考慮到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庫存的需求。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。

For example, we will be removing physical media and updating our mobile digital imaging computing, tablets and smart home departments. We are excited to partner even more with our vendors to this year as it relates to their branded in-store merchandise experiences. Of course, we will see updates in the computing department as we already discussed. We will also so see new and enhanced in-store experiences for others, including GoPro, Tesla, Lovesac, and StarLink.

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。我們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。當然，正如我們已經討論過的，我們將看到計算部門的更新。我們還將看到其他公司的新的和增強的店內體驗，包括 GoPro、Tesla、Lovesac 和 StarLink。

As we mentioned on our last call, we plan to close 10 to 15 stores for our ongoing review process while opening a few new stores to test concept. For example, in Kansas City, we are replacing a large store with a small format store close by to maximize store retention through convenience. Also later this year to capture untapped share we are opening a store in and out state area where we have no prior physical presence and our omnichannel sales penetration is currently low.

正如我們在上次電話會議中提到的，我們計劃關閉 10 到 15 家商店以進行持續的審查過程，同時開設一些新商店來測試概念。例如，在堪薩斯城，我們正在用附近的小型商店取代大型商店，以透過便利性最大限度地提高商店保留率。同樣在今年晚些時候，為了獲得未開發的份額，我們將在州內外開設一家商店，我們之前沒有實體店，而且目前我們的全通路銷售滲透率很低。

We want to ensure our customers receive the [experts] service interactions they want and Best Buy is known for when they come to our stores. Extensive training is imperative to that experience. For example, as we prepare for the new launches and computing, we have and will continue to partner with our vendors to train and certify thousands of computing experts and Geek Squad AI pros. In addition, this month, we added fully dedicated labor expertise doors plan to add back fully dedicated expertise in major appliances and home theater departments in stores this summer.

我們希望確保我們的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。要獲得這種經驗，廣泛的訓練是必不可少的。例如，當我們準備新的發布和計算時，我們已經並將繼續與我們的供應商合作，培訓和認證數千名計算專家和 Geek Squad AI 專業人員。此外，本月我們還增加了完全專門的勞動力專業知識門計劃，今年夏天將在商店的主要家電和家庭劇院部門重新增加完全專門的專業知識。

These changes are in addition to the actions taken throughout the past year to streamline our leadership model, allowing us to invest in materially more customer facing sales associate hours in our stores compared to last year. We also continue to partner with our vendors around expert labor. In fact, we have just expanded our vendor partnership with Samsung to include vendor provided expert labor in appliances departments across hundreds of stores.

這些變化是對過去一年中為簡化我們的領導模式而採取的行動的補充，使我們能夠比去年在商店中投入更多的面向客戶的銷售人員時間。我們也繼續與供應商圍繞專家勞動力進行合作。事實上，我們剛剛擴大了與三星的供應商合作夥伴關係，包括供應商為數百家商店的電器部門提供的專家勞動力。

This appliance labor will be incremental to our own existing labor plan. We are making good progress against our second key priority to drive operational effectiveness and efficiency. Our long-standing commitment to identifying cost reductions and driving efficiencies is paramount to help offset inflationary pressures in our business and fund investment capacity. 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.

這些設備勞動力將是我們現有勞動力計劃的增量。我們在第二個關鍵優先事項（提高營運效率和效率）方面正在取得良好進展。我們對降低成本和提高效率的長期承諾對於幫助抵消我們業務和基金投資能力的通膨壓力至關重要。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。

For example, in supply chain, you made enhancements to our systems and process guidelines that reduced [PV] damage in Q1, and we expect the savings to build throughout the year. We also developed a statistical model to identify high return rate products that we leveraged with our major vendors to reduce open box products in the quarter. We will continue to lean heavily on analytics and technology to achieve these efficiencies. We have already shared how we are leveraging AI to route 95% of our in-home delivery and installation and trucks to drive more efficient scheduling and a better customer experience, and how we have begun using AI tools to improve the accuracy and efficiency of our customer service calls.

例如，在供應鏈中，您對我們的系統和流程指南進行了改進，減少了第一季的 [PV] 損壞，我們預計全年都會節省。我們還開發了一個統計模型來識別高退貨率產品，我們與主要供應商一起利用該模型來減少本季的開箱產品。我們將繼續嚴重依賴分析和技術來實現這些效率。我們已經分享了我們如何利用人工智慧來安排95% 的上門送貨和安裝以及卡車路線，以推動更有效率的調度和更好的客戶體驗，以及我們如何開始使用人工智慧工具來提高我們的送貨和安裝的準確性和效率。

During Q1, we announced a partnership with Google Cloud and Accenture to help us further improve the customer and employee experiences in a seamless and human way. Expected to launch late this summer our enhanced self-service support, we will leverage a Gen AI powered virtual assistant to help our customers quickly troubleshoot product issues make changes to their order delivery and scheduling and even manage their software, Geek Squad subscriptions and membership.

在第一季度，我們宣布與 Google Cloud 和埃森哲建立合作關係，以幫助我們以無縫且人性化的方式進一步改善客戶和員工體驗。預計在今年夏末推出我們增強的自助服務支持，我們將利用Gen AI 支持的虛擬助理來幫助我們的客戶快速解決產品問題，更改他們的訂單交付和日程安排，甚至管理他們的軟體、Geek Squad 訂閱和會員資格。

This year, we are also taking larger actions to one ensure our resources are directed at the right strategic areas and to right-size our model based on current operations. While we made most of these decisions and book the associated restructuring charge in the fourth quarter, we are implementing most of the actions in the first half of the year with some not being implemented until fiscal '26. These actions will allow us to do the following.

今年，我們也將採取更大規模的行動，以確保我們的資源用於正確的策略領域，並根據目前的營運調整我們的模型規模。雖然我們在第四季度做出了大部分決定並記入了相關重組費用，但我們將在今年上半年實施大部分行動，其中一些行動要到 26 財年才實施。這些行動將使我們能夠執行以下操作。

Balanced 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 right-sized 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 are due to decisions we made like evolving our paid membership benefits.

平衡現場勞動力資源，確保我們在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等領域和我們策略的其他要素的必要資產；以及業務規模適當的部分，我們預計銷售量將低於幾年前的預期，這是否是行業銷售額下降的結果，是否是由於我們所做的決策（例如發展付費會員福利）所致。

For example, last year, we made the decision to remove free installation services from our membership program. This as expected, led to reduced services fulfillment volume. As a result, during the first quarter, we reduced the number of Geek Squad team members to align our headcount to our forecasted demand.

例如，去年，我們決定從會員計畫中刪除免費安裝服務。正如預期的那樣，這導致服務履行量減少。因此，在第一季度，我們減少了 Geek Squad 團隊成員的數量，以使我們的人數與我們的預測需求保持一致。

This will improve the experience for our remaining employees ways and allow them to rely on a more consistent schedule and pay. Our third key priority for the year is to continue our disciplined approach to capital allocation. In this environment, we now expect our enterprise capital expenditures for fiscal '25 to be approximately $750 million, $50 million lower than last year. This decline is largely due to our decision to concentrate our store capital investments more on existing store updates and refreshes unless some major remodels.

這將改善我們剩餘員工的體驗，並使他們能夠依賴更一致的時間表和薪酬。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。在這種環境下，我們現在預計 25 財年的企業資本支出約為 7.5 億美元，比去年減少 5,000 萬美元。這種下降主要是由於我們決定將商店資本投資更多地集中在現有商店的更新和刷新上，除非進行一些重大改造。

Our share repurchases are expected to be similar to last year at approximately $350 million. Our annual dividend expense is expected to be approximately $800 million with our current dividend yield over 5%. As mentioned last quarter, our fourth key priority for fiscal 25, longer-term and focus, we will continue to explore opportunities that leverage our scale and capabilities to drive incremental profitable revenue streams over time.

我們的股票回購預計與去年持平，約 3.5 億美元。我們的年度股利支出預計約為 8 億美元，目前股息率超過 5%。如上季所提到的，我們 25 財年的第四個關鍵優先事項，即長期和重點，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。

This includes endeavors like our Best Buy health business, our collaboration with Bell Canada to operate 165 small format consumer electronics retail stores across Canada, our Geek Squad as a service pilots and our supply chain partner plus program. It also includes continuing to build out our Best Buy ads capabilities. We have had a robust retail media network business for a long time and ship with our vendors. And we are expanding our available ad products and improving the advertiser user experience.

這包括我們的百思買健康業務、我們與貝爾加拿大合作在加拿大各地經營 165 家小型消費電子零售店、我們的極客小隊服務試點以及我們的供應鏈合作夥伴+計劃等努力。它還包括繼續增強我們的百思買廣告能力。長期以來，我們擁有強大的零售媒體網路業務，並與我們的供應商合作。我們正在擴展可用的廣告產品並改善廣告商的用戶體驗。

For example, we recently announced a collaboration with [See Net] share inventory across both ad platforms, editing reach and frequency for our brand advertisers, along with closed loop reporting. In addition, customers will see curated content and editorial advice from seen that's experts across various Best Buy channels and compassion. We have a variety of product reviews and expert picks that align with their shopping experiences. We also rolled out new self-service reporting capabilities to all vendor ad partners. This will make it even easier for add customers to engage with us and will provide valuable closed loop insights on the effectiveness of on-site ad product.

例如，我們最近宣布與 [See Net] 合作，在兩個廣告平台上共享庫存，為我們的品牌廣告商編輯覆蓋範圍和頻率，以及閉環報告。此外，客戶還將看到百思買各個管道的專家精心策劃的內容和編輯建議以及同情。我們有各種符合他們購物體驗的產品評論和專家精選。我們也向所有供應商廣告合作夥伴推出了新的自助報告功能。這將使更多客戶更容易與我們互動，並將提供有關現場廣告產品成效的寶貴閉環見解。

Before I close and turn the call over to Matt, I want to take a moment to recognize our employees for their content continued work to support the communities we serve. I'm proud to share that we recently opened up two new Best Buy Teen Tech Centers in Los Angeles and St. Cloud, Minnesota, and have several more set to open later this year. These centers during the Best Buy foundations, growing network of use centered community hubs where teams have access to the latest technology, learn real world career skills, and interact with supportive mentors.

在結束並將電話轉給馬特之前，我想花一點時間來表彰我們的員工，他們為支持我們所服務的社區而持續努力。我很自豪地告訴大家，我們最近在洛杉磯和明尼蘇達州聖克勞德開設了兩個新的百思買青少年科技中心，並且還將在今年稍後開設更多的幾個。這些中心是百思買基金會的一部分，是不斷發展的以使用為中心的社區中心網絡，團隊可以在其中訪問最新技術，學習現實世界的職業技能，並與支持性導師互動。

We continue to be recognized as an industry leader in sustainability. For the 11th year in a row, we were named as Energy Star Partner of the Year. This award reflects our ongoing commitment to help our customers reduce their carbon emissions from energy star products. And during this [month], we partnered with Microsoft and junket tour to help raise awareness about the importance of responsibly recycling old tech.

我們繼續被公認為可持續發展領域的行業領導者。我們連續 11 年被評為年度能源之星合作夥伴。該獎項反映了我們對幫助客戶減少能源之星產品的碳排放的持續承諾。在本月，我們與微軟和 junkettour 合作，幫助提高人們對負責任地回收舊技術重要性的認識。

In summary, we executed well in the first quarter and remain focused on our fiscal '25 priorities. The stickiness of certain macro factors and the ensuing impact on consumer demand for our category has been uneven, but we remain undeterred. We will continue to navigate the environment as we have the last few years, while remaining focused and energized about our purpose to enrich lives through technology.

總之，我們在第一季表現良好，並繼續專注於 25 財年的優先事項。某些宏觀因素的黏性以及隨之而來對我們品類的消費者需求的影響並不均衡，但我們仍然沒有被嚇倒。我們將繼續像過去幾年一樣應對環境問題，同時繼續專注並充滿活力地實現透過科技豐富生活的目標。

There are a lot of time left of the year with exciting new innovations. We hold roughly one-third of the US retail sales market share in both computing and televisions, and we intend to strengthen our position in key categories like computing, home theater, and major appliances through elevated experiences, pointed marketing spend, and sharp pricing. We're the largest [sees] specialty retailer with the unique range of product assortment and expert services to help humanize tech for every stage of our customers' lives.

今年還有很多時間可以進行令人興奮的新創新。我們在電腦和電視領域佔據了美國約三分之一的零售市場份額，我們打算透過提升體驗、有針對性的行銷支出和合理的定價來加強我們在電腦、家庭劇院和大型家電等關鍵類別中的地位。我們是最大的專業零售商，擁有獨特的產品類型和專家服務，幫助客戶在生活的每個階段實現科技的人性化。

We believe 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. I will now turn the call over to Matt for more details on Q1 financial performance and our outlook.

我們相信，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，營業收入也會增加。我現在將把電話轉給馬特，以了解有關第一季財務業績和我們前景的更多詳細資訊。

Good morning, everyone. Let me start by sharing a few details or first quarter results. Enterprise revenue of $8.8 billion declined 6.1% on a comparable basis. Our non-GAAP operating income rate of 3.8% improved 40 basis points compared to last year and included a 60 basis point improvement in our gross profit rate. Non-GAAP SG&A dollars were $97 million lower than last year and increased approximately 30 basis points as a percentage of revenue.

大家，早安。讓我先分享一些細節或第一季的業績。企業營收為 88 億美元，年減 6.1%。我們的非 GAAP 營業利潤率為 3.8%，比去年提高了 40 個基點，其中毛利率提高了 60 個基點。非 GAAP SG&A 美元比去年減少 9,700 萬美元，佔收入的百分比增加了約 30 個基點。

Non-GAAP diluted earnings per share increased 4% to $1.20. Our comparable sales decreased 4.5% in February and decreased approximately 7% in both March and April. As a reminder, our comparable sales are computed on a like for like fiscal weeks and are not shifted to more closely align calendar weeks following last year's 53rd year -- for 53rd week year.

非 GAAP 攤薄每股收益成長 4% 至 1.20 美元。 2 月可比銷售額下降 4.5%，3 月和 4 月均下降約 7%。提醒一下，我們的可比銷售額是根據類似財週的銷售額計算的，並且不會根據去年第 53 年（第 53 週）的日曆週進行更緊密的調整。

Although our sales were softer than we had planned for non-GAAP operating income rate of 3.8% was 40 basis points higher than expected. Our gross profit rate was higher than expected primarily due to a more favorable gross profit rate in our services category, which includes our membership offerings. Our non-GAAP SG&A expense was also favorable to our expectations, which was driven by lower store payroll and advertising expense.

儘管我們的銷售比我們計劃的要疲軟，但非 GAAP 營業利潤率為 3.8%，比預期高出 40 個基點。我們的毛利率高於預期，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。我們的非 GAAP SG&A 費用也符合我們的預期，這是由於商店工資和廣告費用下降所致。

So next, I will walk through the details on our first quarter results compared to last year. In our domestic segment, revenue decreased 6.8% to $8.2 billion, driven by a comparable sales decline of 6.3%. From an organic perspective, the overall blended average selling price or ASPs of our products was higher than last year. The growth was entirely due to an increase nice mix of units from higher ticket items such as laptops and TVs. Even though the individual ASPs for both categories were down to last year, international revenue of $644 million decreased 3.3% of our domestic gross profit rate increased 80 basis points to 23.4%.

接下來，我將詳細介紹我們第一季的業績與去年相比。在我們的國內部門，由於可比銷售額下降 6.3%，收入下降 6.8% 至 82 億美元。從有機角度來看，我們產品的整體混合平均售價或平均售價高於去年。這一增長完全是由於筆記型電腦和電視等高價商品的單元組合的增加。儘管這兩個類別的單獨平均售價較去年有所下降，但國際收入為 6.44 億美元，下降了 3.3%，而我們的國內毛利率則上升了 80 個基點，達到 23.4%。

The higher gross profit rate was primarily driven by improvements within our misses category, which includes our membership offerings. This was partially offset by lower product margin rates and lower credit card profit sharing revenue. Consistent with previous two quarters, 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 similar recognition of this funding in the second quarter of approximately $20 million and beginning in the third quarter of this year, we fully lap the recognition change.

較高的毛利率主要是由於我們的失誤類別（包括我們的會員服務）的改善所致。這被較低的產品利潤率和較低的信用卡利潤分成收入部分抵消。與前兩個季度一致，大約 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。我們預計第二季將對這筆資金進行類似的約 2,000 萬美元的確認，從今年第三季開始，我們將完全接受確認的變更。

Our international gross profit rate decreased 90 basis points to 22.8%. Lower gross profit rate was primarily driven by lower product margin rates. Moving to SG&A, our Domestic non-GAAP SG&A decreased $98 million, which was driven by, one, lower employee compensation expense, which was primarily store payroll, two, reduce vehicle rental costs, and three, lower expenses across multiple other areas such as advertising and credit card fees. These decreases were partially offset by higher technology expense.

我們的國際毛利率下降 90 個基點至 22.8%。毛利率下降主要是因為產品利潤率下降。轉向 SG&A，我們的國內非 GAAP SG&A 減少了 9800 萬美元，原因如下：一是員工薪酬費用降低（主要是商店工資），二是車輛租賃成本降低，三是其他多個領域的費用降低，例如廣告費和信用卡費。這些下降被較高的技術費用部分抵消。

During the first quarter, we returned $250 million to shareholders through dividends and share repurchases. Moving on to our full year of fiscal '25 financial guidance, which remains unchanged from the start of the year and is the following. Enterprise revenue of 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 I have 3.9% to 4.1%, and non-GAAP effective income tax rate of approximately 25%. Non-GAAP diluted earnings per share of $5.75 $6.20.

第一季度，我們透過股利和股票回購向股東返還 2.5 億美元。接下來是我們的 25 財年全年財務指導，該指導與年初保持不變，如下所示。企業營收介於 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 營業利潤率在 3.9% 至 4.1% 範圍內，非 GAAP 有效所得稅率約為25%。非 GAAP 稀釋後每股收益為 5.75 美元 6.20 美元。

As Corie mentioned, we now believe revenue is trending more towards the midpoint of our annual guidance range, whereas profitability more closely aligns with the high end of our non-GAAP operating income rate guidance. This is due to our expectation for further gross profit rate improvement. We now believe our gross profit rate compared to fiscal '24 will slightly exceed our original outlook of 20 to 30 basis points of expansion. There are two key areas that have changed since the start of the year, which are the following.

正如科里所提到的，我們現在認為收入更趨向於我們年度指導範圍的中點，而盈利能力更接近於我們的非公認會計準則營業利潤率指導的高端。這是由於我們對毛利率進一步改善的預期。我們現在相信，與 24 財年相比，我們的毛利率將略高於我們最初預期的 20 至 30 個基點的擴張。自今年年初以來，有兩個關鍵領域發生了變化，如下所示。

First, the continued profitability improvement of our services membership offering is now expected to provide more than 45 basis points of gross profit rate expansion we expected at the beginning of the year. This is primarily due to a lower cost to serve to lower expected volume for in-home installation and other related services. Second, we now are expecting additional pressure on our product margin rate for the year, which was primarily driven by pricing investments. As I mentioned, that the net impact of these two items is expected to result in gross profit rate improvement compared to our original guidance.

首先，我們會員服務的獲利能力持續改善，預計將使我們年初預期的毛利率成長超過 45 個基點。這主要是由於家庭安裝和其他相關服務的預期數量較低，服務成本較低。其次，我們現在預計今年的產品利潤率將面臨額外壓力，這主要是由定價投資所驅動的。正如我所提到的，與我們最初的指導相比，這兩項的淨影響預計將導致毛利率提高。

The other gross profit rate drivers of our annual guidance remote remain unchanged from last quarter and they are the following. We still expect Best Buy health to add a benefit of approximately 10 basis points to our enterprise gross profit rate. On a year-over-year basis, we still expect approximately 20 basis points of pressure from a lower profit share on our credit card arrangements. The expected pressure in fiscal '25 is primarily due to an expected increase in net credit losses. Estimate does not include the potential implications from the proposed late fee regulation changes.

我們的年度指導遠端的其他毛利率驅動因素與上季相比保持不變，如下所示。我們仍預期百思買健康將為我們的企業毛利率帶來約10個基點的收益。與去年同期相比，我們仍預期信用卡安排的利潤份額下降將帶來約 20 個基點的壓力。 25 財年的預期壓力主要是由於淨信用損失的預期增加。估算不包括擬議的滯納金監管變化的潛在影響。

Now moving to our annual SG&A expectations, which remain unchanged from the start of the year. 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 a high end of our guidance, assuming an increase of $40 million compared to fiscal '24 weeks. Still expect advertising expense to increase by approximately $50 million. Partially offsetting the previous items, the benefit of one less week, which is estimated at $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 expense line.

現在轉向我們的年度 SG&A 預期，自年初以來保持不變。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。隨著我們以指導上限重新設定新一年的業績目標（假設與財年 24 週相比增加 4000 萬美元），我們預計會獲得更高的激勵薪酬。仍預計廣告費用將增加約 5,000 萬美元。減少一周的收益估計為 9000 萬美元，部分抵消了先前的項目。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線的計劃。

Before I close, let me share a couple of comments specific to the second quarter. As Corie mentioned, we anticipate better second quarter comparable sales will decline by approximately [3%]. We expect our non-GAAP operating income rate to be approximately 3.5% or 30 basis points lower than the prior year comparable period. The lower year-over-year operating income rate is driven by SG&A deleverage as SG&A dollars are expected to be very similar to fiscal '24 second quarter.

在結束之前，讓我分享一些針對第二季的評論。正如 Corie 所提到的，我們預計第二季可比銷售額將下降約 [3%]。我們預計我們的非 GAAP 營業利潤率將比去年同期低約 3.5% 或 30 個基點。營業利潤率同比下降是由 SG&A 去槓桿化推動的，因為 SG&A 美元預計與 24 財年第二季度非常相似。

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) Steven Forbes, Guggenheim Securities.

（操作員指令）史蒂文·福布斯，古根漢證券。

Good morning. This is [Huey Markeznon] for Steven Forbes. (technical difficulty) maybe we could get a little bit more detail on product roadmap post Labor Day? I mean, if you could maybe remind us of annual revenues that come from some of these new products. And a quick follow-up on [clients'] market share. Any insights you can give and where are the -- was there [a market share] and how your performance relative to that and if you see any visibility of that flipping? Thank you.

早安.我是史蒂文·福布斯的[Huey Markeznon]。 （技術難度）也許我們可以在勞動節後獲得有關產品路線圖的更多詳細資訊？我的意思是，您是否可以提醒我們一些新產品的年收入。以及對[客戶]市場份額的快速跟進。您可以提供任何見解嗎？謝謝。

Maybe I'll start on some of that product roadmap side of things, and then Matt can maybe move into some of the market share. The product road maps, we've got a few things right now that are happening. We had a new suite of iPads that came out in about the middle of May here, and those are available for purchase now. And we're already starting to see some of that new innovation contributed to what's been a bit of a change in trajectory on the growth rate even as we have been in May here.

也許我會從產品路線圖方面開始，然後馬特可能會進入一些市場份額。產品路線圖，我們現在有一些正在發生的事情。我們在五月中旬左右推出了一套新的 iPad，現在就可以購買了。我們已經開始看到一些新的創新對成長率軌蹟的一些變化做出了貢獻，即使我們在五月也是如此。

And then obviously, as we noted in the prepared remarks, Microsoft has announced a full line of pilot plus product. As we said, that 40 SKUs, about 40% of which are exclusive to Best Buy. Those are available for preorder but don't actually get delivered until June 18. And then we talked about a few of the others that have been announced that well at various stages within the next call it one month be ready for purchase, which are some of the new open your headphones for both and some of the new Google Chromecast notebooks that we're also seeing that have some AI enabled features that well.

顯然，正如我們在準備好的演講中指出的那樣，微軟已經宣布了全系列的 Pilot Plus 產品。正如我們所說，這 40 個 SKU，其中大約 40% 是百思買獨家的。這些產品可以預訂，但實際上要到6 月18 日才能交付。有些我們也看到，新的開放式耳機以及一些新的 Google Chromecast 筆記型電腦都具有一些支援人工智慧的功能。

So all of these kind of -- those that we can see right now on the road map. Likely some other products coming out as we continue into the back-to-school kind of timeframe. Most of that you're going to see flow through and all of it, you're going to flow through that kind of computing area for us. One thing that I would note actually as well as that at the iPads that came out in the pro side are incredibly powerful and are actually really close to the laptop side of the business as well.

所有這些我們現在都可以在路線圖上看到。隨著我們繼續進入返校時間範圍，可能還會出現一些其他產品。您將看到其中大部分內容的流動，所有這些內容，您將為我們流動通過這種計算區域。我實際上要指出的一件事是，在專業版中推出的 iPad 非常強大，而且實際上也非常接近筆記型電腦版。

So we're watching customers can choose between all those things as they think about how they want to maximize their productivity go forward. So you're going to see a lot of that hit here in the kind of middle of Q2 and really becomes relevant, I think, mostly as we head into back-to-school. And like I said, as part of that larger computing category that you can see us breakout.

因此，我們正在觀察客戶在考慮如何最大限度地提高未來生產力時可以在所有這些事情之間進行選擇。因此，你會在第二季度中期看到很多這樣的熱門內容，我認為，主要是在我們回到學校時才真正變得相關。就像我說的，作為更大的計算類別的一部分，你可以看到我們的突破。

Sure. In terms of appliances, I think I just step back, appliances is the great category for us, Q1 specifically. You saw appliance category that was materially more promotional in pursuit of stimulating interest and sales within the industry. It has been our practice, we are very targeted thought about when and where to make our promotional investments. So in Q1, I think if we looked at it, we probably did lose share in Q1. It was a very promotional category in Q1. Q1 is somewhat quiet quarter for us. April is the smallest quarter in the month. I think the industry is also shifting towards a [rest] type of purchase -- of a single item purchased non-premium package purchases, which has historically been our biggest part of the category.

當然。就家電而言，我想我只是退一步，家電對我們來說是一個很棒的類別，特別是第一季。您看到，為了刺激產業內的興趣和銷售，家電類別的促銷力道更大。這是我們的做法，我們非常有針對性地考慮何時何地進行促銷投資。因此，在第一季度，我認為如果我們觀察一下，我們可能確實在第一季失去了份額。這是第一季非常促銷的類別。第一季對我們來說有些安靜。四月是一個月中最小的季度。我認為該行業也在轉向[休息]類型的購買——購買單件商品的非高級套餐購買，這在歷史上一直是我們該類別中最大的部分。

So still feel really good about the category in total. I think where you'll also see us do is we look into Q2, Q3 and Q4, you're seeing in our comments that we are now investing in pricing and marketing and labor in the future to help support that category, which seems more appropriate for the rest of this year versus what we saw happening in Q1. So still feel great about the appliance category in total and our position as well as we look out to the remaining part of the year.

所以整體來說還是對這個類別感覺很好。我認為您還會看到我們所做的就是我們研究第二季度、第三季度和第四季度，您在我們的評論中看到，我們現在正在投資於未來的定價、行銷和勞動力，以幫助支持該類別，這似乎更多與我們在第一季度看到的情況相比，適合今年剩餘時間。因此，我們仍然對整個家電類別和我們的地位感到滿意，並展望今年剩餘時間。

And the last thing I would say just to add on, I think we're very targeted in the drive times and we talked about that trend in May and proving and a part of what drove some of that trend improvement was an improvement in this particular part of the business where we made some targeted moves as it relates to the bigger drivetime of Memorial Day.

我想說的最後一件事只是補充一下，我認為我們在駕駛時間方面非常有針對性，我們在五月份討論了這一趨勢，並證明推動趨勢改善的部分原因是這一特定方面的改進在業務的一部分，我們採取了一些有針對性的舉措，因為這與陣亡將士紀念日更長的行駛時間有關。

Great. Thank you.

偉大的。謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hey, good morning, everyone. Connected to appliances, you mentioned I think Corie is quoted in the press release talking about the strengthening your positioning in certain places and you mentioned pricing on appliances. So can you talk about where the position or -- I don't know if it's market share has weakened. Can you talk about why? And then you mentioned pricing in terms of appliances. Are you using pricing any place else? And is it because the industry got more promotional? And then I guess how far do you have to move on price? I guess it's all back to the guidance, but what's the risk with this pricing keeps getting -- I guess more promotional as the year goes on?

嘿，大家早安。關於電器，您提到我認為新聞稿中引用了 Corie 的話，談到了加強您在某些地方的定位，並且您提到了電器的定價。那麼你能談談這個地位嗎？能談談為什麼嗎？然後你提到了電器的定價。您在其他地方使用定價嗎？是因為這個行業得到了更多的宣傳嗎？然後我猜你在價格上要走多遠？我想這一切都回到了指導方針，但是這個定價不斷增加的風險是什麼——我想隨著時間的推移會有更多的促銷活動？

I think if you we think about the promotional environment -- and I said it in the prepared remarks, it's definitely higher in aggregates than what we saw last year and even with our own expectations. And that's both breadth and depth. And I think that reflects the consumer who we've said is very value oriented. You said it yourself, I wouldn't reinforce. Implied in the guide is our planned investments to continue to strengthen our positioning in key areas. And we're going to do it in our own way, right? We're going to do this partially with some of the specialized labor, partially with some vendors special [size] labor that we talked about, partially with marketing.

我認為，如果我們考慮促銷環境——我在準備好的發言中說過，它的總量肯定高於我們去年看到的情況，甚至高於我們自己的預期。這既是廣度也是深度。我認為這反映了我們所說的非常注重價值的消費者。你自己都說了，我就不強調了。指南中暗示我們計劃進行投資，以繼續加強我們在關鍵領域的定位。我們將以自己的方式去做，對嗎？我們將部分利用一些專業勞動力來完成這項工作，部分利用我們談到的一些供應商的特殊[規模]勞動力，部分利用行銷。

And we had talked a little bit more about spending more in marketing year over year that was included in the guide and then, of course, partially in pricing. But I think what you've seen us do and there were a lot of questions out there, I've seen in various calls where people are asking, is it about the revenue or is it about the profit? And my team hates me because I only use one word, and that is [and].

我們也詳細討論了指南中包含的逐年增加行銷支出的內容，當然還有部分定價方面的支出。但我認為你看到我們做了什麼，並且存在很多問題，我在各種電話中看到人們在問，是關於收入還是關於利潤？我的團隊討厭我，因為我只用一個詞，那就是[和]。

And so I think that the team is constantly navigating, when in the right time is can we get the best eyeballs, those bigger drive times that's not going to be in a month like April. That's going to be in places like Memorial Day or the Fourth of July. And then how do we use that suite of assets that we have a Best Buy, including installation and delivery and membership to help deliver the best value in a way that balances the outcomes as best we can.

因此，我認為團隊正在不斷探索，在正確的時間我們可以獲得最好的眼球，那些更大的駕駛時間不會在四月這樣的月份出現。這將發生在陣亡將士紀念日或國慶日等地方。然後，我們如何使用百思買擁有的這套資產，包括安裝、交付和會員資格，以盡可能平衡結果的方式幫助提供最佳價值。

Fair enough. Can I ask maybe one follow-up to exactly the word you said the and? The business is being moved incredibly well. It's very efficient right now. And you said it yourself, you're going to be adding some expenses back in the second half of the industry turns. Thinking about the operating leverage on the turn, is there a scenario where you get both the -- and you get the typical Best Buy operating leverage when the cycle turns? Or do you have to spend back into given how efficient the businesses today?

很公平。我可以問一下您所說的「和」這個字的後續內容嗎？業務進展得非常順利。現在效率非常高。您自己也說過，您將在行業下半年的轉變中增加一些費用。考慮一下轉折點的營運槓桿，是否存在這樣一種情況：當週期轉折時，您既獲得了典型的百思買營運槓桿，又獲得了典型的百思買營運槓桿？或者考慮到當今企業的效率，您是否必須重新投入資金？

Yes. I mean, I think without guiding next year, I think as we start to see our business improves, see the industry improve and our sales grow along with the industry growth as well, we would expect, along with that growth, we would be able to manage our business in a way to continue to get operating rate expansion as we look forward. Now, exactly what quarter and it doesn't show up exactly?

是的。我的意思是，我認為如果沒有明年的指導，我認為當我們開始看到我們的業務改善，看到行業改善，我們的銷售額也隨著行業的增長而增長時，我們預計，隨著這種成長，我們將能夠以一種能夠繼續實現我們預期的開工率擴張的方式來管理我們的業務。現在，具體是哪個季度，但沒有準確顯示？

Perfectly I think overall, we're seeing we're going to manage our business to increasingly improve our efficiency as well as grow our sales. And we will do that through the means of making the right investments in our business, still continuing to drive efficiency in our business where we see it and also making sure that our initiatives are progressing in the way that also help bolster our profitability as we look forward.

我認為總的來說，我們將透過管理業務來不斷提高效率並增加銷售額。我們將透過對我們的業務進行正確的投資來做到這一點，仍然繼續提高我們認為的業務效率，並確保我們的舉措的進展也有助於提高我們的盈利能力向前。

Thank you. Okay. Good luck.

謝謝。好的。祝你好運。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Thanks. Good morning. I want to ask about the AI enabled laptop. Certainly seems kind of exciting. What's the preorder interest right now? And also, Corie, what you think about the $1,000 plus price points? Do you think that's a little high right now to drive mass adoption?

謝謝。早安.我想問一下關於人工智慧筆記型電腦的問題。當然看起來有點令人興奮。現在預購利息是多少？另外，Corie，您對 1,000 美元以上的價位有何看法？您認為現在對於推動大規模採用有點高嗎？

So in terms of preorders, let me start by saying, to your point, exactly this price point does not usually represent a huge amount of preorders. It tends to be something people want to come in and see or want to spend a little bit of time researching. That being said already the preorders are outpacing I'd call at, our early expectations. Just a bit, not massively, but just a bit. So that's good.

因此，就預訂而言，首先我要說的是，就您的觀點而言，這個價格點通常並不代表大量的預訂。它往往是人們想要進來看看或想要花一點時間研究的東西。話雖這麼說，預訂量已經超出了我所說的我們早期的預期。只是一點點，不是很大，但只是一點點。所以這樣很好。

What we're looking for here is early indicators that there is at least interest in learning more. And I think where we're really working hard, as I talked about, all the investments we're making is really helping the consumer understand what is the value there I get here, and that's why we started with some of the distributors like longer battery life -- materially longer battery life, or it just runs cooler and your fans are not going all the time. Like these are actually consumer attributes that people find interesting.

我們在這裡尋找的是至少有興趣了解更多的早期跡象。我認為我們真正努力工作的地方，正如我所說，我們所做的所有投資確實幫助消費者了解我在這裡獲得的價值，這就是為什麼我們開始與一些經銷商合作，例如更長的時間電池壽命——電池壽命顯著延長，或只是運轉溫度較低，風扇不會一直運轉。這些實際上是人們感興趣的消費者屬性。

You're right, it is more premium computing at this point, as are the new iPads and iPad Pros that just came out in the middle of the month, which we saw pretty much immediately stimulate some really interesting demand, Peter. So I wouldn't call that, and we've been pretty clear on this from day one. This is not -- everyone is lined up at the front door, waiting to run in and grab the new computer.

你是對的，目前是更高端的計算，就像本月中旬剛推出的新 iPad 和 iPad Pro 一樣，我們看到它們立即刺激了一些非常有趣的需求，Peter。所以我不會這樣稱呼，我們從第一天起就非常清楚這一點。這不是——每個人都在前門排隊，等待跑進去拿新電腦。

But it is enough at -- like most things in [CE] where it starts a little bit more premium, has some of the attributes, drive some of the interest and allows us the chance to partner with our vendors to really thinking differently about how we go to market with a new generation of computing. And then again in a timeframe that's, let's call it about 4.5 years post pandemic and should be a very ripe timeframe for replacing almost a generation of computing that probably is nearing its end of its lifecycle.

但它已經足夠了——就像[CE]中的大多數東西一樣，它的起始價格更高一點，具有一些屬性，引起一些興趣，並讓我們有機會與我們的供應商合作，真正以不同的方式思考如何我們將新一代運算推向市場。然後，我們將其稱為大流行後約 4.5 年的時間範圍，這應該是一個非常成熟的時間範圍，可以替換幾乎一代可能已接近其生命週期終點的計算。

Okay, sounds good. Certainly some innovations better than what we've done that. Maybe just sticking on the AI theme as you're incorporating AI capabilities into your own business, it sounds like it's more focused on the customer support experience. The heart of the question is, do you think that drives both a better experience in cost savings? Or where do you prioritize one versus the other through our cost saving and is there any way to kind of frame that up for us?

好的聽起來不錯。當然，有些創新比我們所做的更好。也許當你將人工智慧功能融入自己的業務時，只是堅持人工智慧主題，聽起來更專注於客戶支援體驗。問題的核心是，您認為這是否會在節省成本方面帶來更好的體驗？或者，透過我們的成本節約，您將其中一項與另一項的優先順序放在哪裡？

This is another and topic. We highlighted one example. It's hard because we can't highlight every single example in the script. But I really think about -- there's kind of four buckets as we think about using AI in our business. One is more what I would call on the strategic offense. That is more about how do we -- we talked about knowing 90% of our customers when they come to us that personalized. Home page in the app is an exceptional example of how we're using AI in a way that is all geared around the customer experience. And we can easily see in the data. There are customers who are engaging with us substantially more when they have that personalized experience.

這是另一個話題。我們重點介紹了一個例子。這很困難，因為我們無法突出顯示腳本中的每個範例。但我確實想到了——當我們考慮在我們的業務中使用人工智慧時，有四種類型。一是我所說的戰略進攻。這更多的是關於我們如何——我們談到了在 90% 的客戶來找我們時了解他們的個人化。應用程式的主頁是一個特殊的例子，展示了我們如何以完全圍繞客戶體驗的方式使用人工智慧。我們可以從數據中輕鬆看出。有些客戶在獲得個人化體驗後會更與我們互動。

One other simple example, if you go out right now and you look at our customer reviews, you will see themes of customer reviews and then you can refine those reviews based on a thing you want to learn more about. Meaning, someone may complain because the battery life isn't long enough and then filter quickly to see all of the reviews based on that. That is all AI enabled and that is all about customer experience. And we know when people interact with reviews, they're much more likely to follow that transaction all the way through.

另一個簡單的例子，如果您現在出去查看我們的客戶評論，您將看到客戶評論的主題，然後您可以根據您想了解更多資訊來細化這些評論。這意味著，有人可能會抱怨電池壽命不夠長，然後快速過濾以查看基於此的所有評論。這就是人工智慧的全部啟用，這一切都與客戶體驗有關。我們知道，當人們與評論互動時，他們更有可能全程追蹤該交易。

So there is a lot that is on just flat-out customer experience side of things that will drive incremental engagement and ultimately revenue. Then yes, we also highlighted the expense reduction side of thing, things. But you asked about -- I love how you ask the question. Because it started with -- and I will use our call center example. It started with an experience that we felt was suboptimal for both customers and employees. And it started with a complete journey and we can show you that the entire journey we're trying to create for our customers that will vastly improve their experience.

因此，在客戶體驗方面有很多事情將推動增量參與並最終增加收入。是的，我們也強調了減少費用的一面。但你問了——我喜歡你問這個問題的方式。因為它始於——我將使用我們的呼叫中心範例。它始於我們認為對客戶和員工來說都不是最佳的體驗。它從一個完整的旅程開始，我們可以向您展示我們正在努力為客戶創造的整個旅程，這將極大地改善他們的體驗。

And then AI and generative AI is a tool that we are plugging into that experience in certain places so that it can be more efficient. An example there is that -- we've talked about this before -- our agents don't need to summarize calls now. Those calls are automatically summarized, which means the agent can concentrate a lot more on the person there talking to. It's also quicker transaction. And it helps with that end to end customer experience all the way through.

然後，人工智慧和生成式人工智慧是一種工具，我們將其插入某些地方的體驗中，以便提高效率。一個例子是——我們之前已經討論過這一點——我們的客服人員現在不需要總結通話。這些通話會自動匯總，這意味著座席可以將更多精力集中在正在通話的人身上。這也是更快的交易。它始終有助於端到端的客戶體驗。

And yes, at the end of the day, that is allowing us to be more efficient and double down on using the agents' time most effectively, which was with a customer who wants a problem solved. And then finally, we're also working on making sure we're doing this in a responsible way and that we are very clear about our customers' data. And then all of us just are continuing our kind of usage here of these tools. So we're trying to highlight different examples and all of it in service of a customer and employee strategy.

是的，歸根結底，這使我們能夠提高效率，並加倍最有效地利用代理商的時間，即與希望解決問題的客戶在一起。最後，我們還在努力確保我們以負責任的方式做到這一點，並且我們非常清楚客戶的數據。然後我們所有人都只是繼續使用這些工具。因此，我們試圖強調不同的例子，所有這些都是為客戶和員工策略服務的。

Okay. Thank you very much and good luck.

好的。非常感謝，祝你好運。

Robert Ohmes, Bank of America.

羅伯特·歐姆斯，美國銀行。

Oh hey, Corie. Actually two questions. One is just I wanted to get a clarification on the made-a-date comps, can you just remind us what -- explain the impact of the Memorial Day shift? Are you running above the [minus three] view exclude the benefit of Memorial Day May to date or -- just wanted to clarify them. And then I had a follow-up question.

哦嘿，科里。其實是兩個問題。一是我想澄清一下最新的比較，你能提醒我們什麼——解釋一下陣亡將士紀念日輪班的影響嗎？您是否在[減三]觀點上排除了迄今為止五月陣亡將士紀念日的好處，或者只是想澄清一下。然後我有一個後續問題。

Yes, I'll start with that. So what we said precisely is based on the month-to-date results, the estimated comparable sales for May right now are better than the Q2 guide. And that doesn't include a full lab of Memorial. It's tricky because with the Memorial, we can follow like half in May fiscal and have in June fiscal. So it includes a chunk of it, not quite all of it. All that being said, it's still -- even if we tried to do all the adjustments all put together, you're still, if not right in line with the guide, maybe just a little bit better. So you're right in there, even with the jets, as best I can tell. So couch that.

是的，我將從這個開始。因此，我們所說的正是基於本月迄今的結果，目前預計 5 月的可比銷售額將優於第二季的指導值。這還不包括紀念館的完整實驗室。這很棘手，因為有了紀念活動，我們可以追蹤五月財報的一半和六月財報的一半。所以它包含了其中的一部分，而不是全部。話雖如此，即使我們嘗試將所有調整全部放在一起，你仍然會（即使不符合指南），也許只是好一點。所以據我所知，即使有噴射機，你也在那裡。所以沙發。

I would want to say, though, just since we're on the topic, we're also thoughtful about those periods between those main drive time. So that's a bit of why we gave you the guide for the quarter. They'll be some puts and takes in there. But we're liking at least what we're seeing in some of the drive time and in some of the innovation. Because where the trend really change changed from what we were seeing in April is two main players.

不過，我想說，既然我們正在討論這個話題，我們也會考慮主要駕駛時間之間的那些時段。這就是我們為您提供本季指南的部分原因。他們將在那裡進行一些投入和投入。但我們至少喜歡我們在一些駕駛時間和一些創新中所看到的。因為與我們四月看到的趨勢相比，真正改變的是兩個主要參與者。

One, we saw a trend change in tablets. So as we saw both the new launches, the Pro and the new Air as well as some of the deals on the older generations -- because I think sometimes people forget is sometimes when you get the new innovation that allows you to cycle through some of the older reps or product as well as we get that broad set of price points that makes it accessible for everyone. Tablets in general is better. And then the second back to our point that we made about using these key drive times, both major appliances and TVs started seeing some initial positive impact from some of the intentionality that we're putting into those categories. So what we like it that even as we continue to go through the lapping question, the overall change in trajectory and underscores the thesis that we've been talking about now for some time.

第一，我們看到平板電腦的趨勢改變了。因此，當我們看到新推出的 Pro 和新 Air 以及老一代的一些優惠時，因為我認為有時人們會忘記有時當你獲得新的創新時，可以讓你循環瀏覽一些老代表或產品以及我們獲得了廣泛的價格點，使每個人都可以使用它。整體來說平板電腦比較好。然後第二個回到我們關於使用這些關鍵驅動時間的觀點，主要家電和電視都開始看到我們放入這些類別的一些意向性帶來的一些初步積極影響。因此，我們喜歡的是，即使我們繼續解決研磨問題，軌蹟的整體變化也強調了我們現在已經討論了一段時間的論點。

Thank you. That's helpful. And then just quick follow-up, can you remind under speed advantages of you're doing more refreshes versus store remodels?

謝謝。這很有幫助。然後快速跟進，你能提醒一下，在速度優勢下，你正在做更多的更新而不是商店改造嗎？

Yes, there are a few. So you think about a full on remodel, typically there are you're going to take one store and top-to-bottom, you're going to move the ball to all the things. It is a capital intensive process. It does definitely result at the end of the day and held luckily store experience. But you are more limited in the quantity of stores you can do because it requires obviously a little bit more capital intensive process.

是的，有一些。因此，您考慮進行全面改造，通常您會選擇一家商店，從上到下，將球轉移到所有東西上。這是一個資本密集的過程。它最終確實會產生結果，並且幸運地擁有商店體驗。但你可以開的商店數量受到更多限制，因為它顯然需要更多的資本密集流程。

On the way we're looking at it this year is the store updates allow us -- and refreshes allows to touch every single store in the chain. So instead of remodeling 30, we get the chance to go touch 900. And we gave some examples within the script where we're going to rightsize some of the categories. We're going to make sure the center of the store is exciting relevant, and we're going to make sure that for some of these new product launches are going to see really interesting displays.

今年我們關注的方式是商店更新允許我們——並且刷新允許觸及連鎖店中的每一個商店。因此，我們沒有重新建構 30，而是有機會接觸 900。我們將確保商店的中心具有令人興奮的相關性，並且我們將確保其中一些新產品的發布將看到真正有趣的展示。

But importantly, it also gives us a more scaled chance to work with our vendors on their experiences in our stores. Because we're going to go out and touch all the stores anyway, we get the chance then to partner with our vendors on where they might also want to update some of their store experience. So you almost get out little bit more reach, not because it's not just us doing it. We get the chance to go into those stores and maybe refresh our experiences as well as some of those vendor experiences. And so I think the advantage as you get a chance more at scale to be able to kind of do a refresh and in tandem with some of the innovation that we're talking about.

但重要的是，它也為我們提供了更大規模的機會，與我們的供應商合作，了解他們在我們商店的體驗。因為無論如何我們都會出去接觸所有商店，所以我們有機會與我們的供應商合作，了解他們可能還想更新一些商店體驗的地方。所以你幾乎可以得到更多的影響力，這並不是因為不只是我們在這樣做。我們有機會進入這些商店，也許可以刷新我們的體驗以及一些供應商的體驗。因此，我認為優勢在於，你有機會更大規模地進行更新，並與我們正在討論的一些創新相結合。

Got a really helpful. Thank you.

得到了一個非常有幫助的。謝謝。

Chris Horvers from JPMorgan.

摩根大通的克里斯霍弗斯。

Thanks and thanks and thanks for putting me back in some tech problems from JPMorgan. So my first question is, can you talk about the unit trend momentum sequentially from the fourth quarter to the first quarter in computing and TVs? And presumably you have a good view of what ASPs could look like in those categories this as you think about the rest of the year and acknowledging the prior question, you talked about some high price points, but was there any deterioration in new trends and should be ASPs actually just net-net accelerated not dampen that unit demand?

感謝、感謝、感謝摩根大通讓我重新解決一些技術問題。所以我的第一個問題是，您能依次談談計算和電視領域從第四季度到第一季的單位趨勢動量嗎？想必您對這些類別中的 ASP 可能會是什麼樣子有一個很好的了解，當您思考今年剩餘時間並承認之前的問題時，您談到了一些高價格點，但新趨勢是否有任何惡化，應該ASP 其實只是淨淨加速而不是抑制單位需求？

Yes. And overall, I think we've been seeing a similar type of units as we progress through to Q4 to Q1 and you get into Q2, I think probably nothing too dissimilar there. I think we are seeing the potential for ASPD improvements as you look towards the back half of the year with the innovation that's coming in typically with processing -- when you transition your product from the old to the new you carry on a higher ASP. Then if you're higher than the old product the old products down in price and then out of it is either the same, if not typically higher.

是的。總的來說，我認為當我們從第四季度到第一季以及進入第二季度時，我們已經看到了類似類型的單位，我認為那裡可能沒有什麼太不同的。我認為，當您展望今年下半年時，隨著通常在加工過程中出現的創新，我們看到了ASPD 改進的潛力- 當您將產品從舊產品過渡到新產品時，您將獲得更高的ASP 。然後，如果您的價格高於舊產品，則舊產品的價格會下降，然後出爐的價格要么相同，要么通常更高。

I think the way our capabilities are going to probably drive a level of innovation and excitement in product features that are going to continue to probably push ASPs a little bit. Now again It's only in part of our computing category. We're talking about laptops right now. AI hasn't necessarily filtered its way into desktops and some other areas. So still potential as you look beyond this year.

我認為我們的能力可能會推動產品功能的創新和興奮，這可能會繼續推動 ASP 的發展。現在再說一遍，它只是我們計算類別的一部分。我們現在談論的是筆記型電腦。人工智慧不一定會滲透到桌面和其他一些領域。因此，當你展望今年之後，仍然有潛力。

And then just to clarify that and then I guess on a home theater side, [we're] TV units positive. And then my follow-up question, this is really on the services growth. I mean, I believe it caused by 9% a year in the first quarter. So I guess how much of that is -- what's changing there? Or is it renewal rates? Is it attach rates? Is it changes that you made to the program that's driving that growth? Any detail there would be great. Thanks very much.

然後只是為了澄清這一點，然後我想在家庭劇院方面，[我們]電視單位是積極的。然後我的後續問題，這實際上與服務成長有關。我的意思是，我相信這是由第一季每年 9% 造成的。所以我猜想其中有多少——那裡發生了什麼變化？還是是續訂率？是附加費率嗎？您對計劃所做的改變是否推動了這種成長？任何細節都會很棒。非常感謝。

Sure. On the TV side, you had both units and ASPs were both down. So I'm not saying that the unit growth there on the TV side, again. [Very] TVs is a very low price point, low tier type of environment. And so we're obviously navigating the overall part of that industry.

當然。在電視方面，兩台設備的售價均有所下降。所以我並不是說電視方面的單位成長。 [非常]電視是一種價格非常低、低端類型的環境。因此，我們顯然正在探索該行業的整體部分。

The second part of the question was? Services. Services growth was driven by some charging for installation services that were previously part of the membership programs. So back in June of last year, we removed installations part of the free membership offering and started charging for that service going forward. And so that's what's driving most of that services revenue growth. There's also a little bit of growth coming from standalone warranty that's improved this year compared to last year.

問題的第二部分是？服務。服務增長是由一些安裝服務收費推動的，這些收費以前是會員計劃的一部分。因此，早在去年 6 月，我們就取消了免費會員服務中的安裝部分，並開始對服務收費。這就是推動大部分服務收入成長的原因。與去年相比，今年的獨立保固也有所成長。

Got it. Thanks very much.

知道了。非常感謝。

Anthony Chukumba, Loop Capital.

安東尼·楚昆巴，Loop Capital。

Good morning and thanks for taking my question. Pretty quick one. In terms of the reef store refreshes, two-part question. I guess how quickly can you execute those? And then what's the -- I know it's built into your some of the $50 million CapEx guidance, but what's the sort of rough cost on them? I know there are obviously a lot cheaper than a full refresh, but we'll just look good for some perspective on that. Thanks.

早安，感謝您提出我的問題。相當快的一個。就珊瑚礁商店刷新而言，分為兩部分的問題。我猜你能多快執行這些？然後是什麼——我知道它已納入你們 5000 萬美元資本支出指導中的一部分，但它們的大致成本是多少？我知道顯然比全面刷新便宜很多，但我們只是看看對此的一些看法。謝謝。

Absolutely. I can start with the [how] fast question. We said in the prepared remarks, we're going to be doing this throughout Q2 and Q3. So you're going to see us pretty quickly here start to move and obviously, a piece that needs to go right away is that computing presentation and how we're making some updates to the computing at the store. So you're going to see these roll throughout Q2 and Q3 with the objective being asset as possible as we head into holiday. The team does a really nice job being able to move. Though there's probably one other advantage of doing more refresh model is you can do these overnight. You can get a refresh and get out, get it ready.

絕對地。我可以從[如何]快的問題開始。我們在準備好的發言中表示，我們將在整個第二季和第三季這樣做。因此，您很快就會看到我們在這裡開始行動，顯然，需要立即進行的一項工作是計算演示以及我們如何對商店的計算進行一些更新。因此，您將在第二季和第三季看到這些滾動，目標是在我們進入假期時盡可能增加資產。該團隊在能夠移動方面做得非常好。儘管進行更多刷新模型的另一個優點可能是您可以在一夜之間完成這些工作。你可以恢復精神，然後出去，做好準備。

From a cost perspective, we never really given the total -- I mean from a remodel you're talking -- sometimes of $1 million in some cases. If you look at a refreshing ranges, depending on what you want to do, it can be $50,000 up to a few hundred thousand dollars. I would add that our partners also participated in some of these remodels because we're changing some of their own -- their presentation, which they like to see, their product presentation change that when we make these changes. So it really depends on store and what you're changing in terms of the scope of any individual store. But it's significantly less than a new store build.

從成本角度來看，我們從未真正給出過總成本——我的意思是從你所說的改造來看——有時在某些情況下為 100 萬美元。如果你看看令人耳目一新的範圍，根據你想要做什麼，它可以是 50,000 美元到幾十萬美元。我想補充一點，我們的合作夥伴也參與了其中一些改造，因為我們正在改變他們自己的一些改造——他們的演示，他們喜歡看到的，他們的產品演示隨著我們做出這些改變而改變。因此，這實際上取決於商店以及您對任何單一商店的範圍所做的更改。但這比新建商店要少得多。

And Andy, just to refine it just a little bit. There's a bunch of things that kind of work in concert here over the next couple of quarters. Innovation, that kind of drives us to want to highlight both vendor spaces and our own spaces in our stores. So you get the store refreshes, you're going to see us do a brand refresh here. At Best Buy we'll yield some of that new branding as we head into back-to-school. That also brings through a little bit of refresh us from a store perspective.

安迪，只是稍微改進一下。在接下來的幾個季度裡，有很多事情會協同工作。創新，這促使我們想要在商店中突出供應商空間和我們自己的空間。所以你會看到商店更新，你會看到我們在這裡進行品牌更新。在百思買，我們將在返校時推出一些新品牌。從商店的角度來看，這也為我們帶來了一些刷新。

We've talked about the dedicated labor zones that we're bringing into hundreds of stores, the dedicated labor in appliances and home theater and computing, and we're augmenting that with incremental vendor labor that's new in a couple of spots. We used at this Samsung appliance example explicitly, and then we wrap around that some of them are personalized approaches to trade in or to membership. I think as you look into Q2 and Q3 we're kind of trying to bring all of this together are in a way that both physically and digitally and shows up as being kind of new and exciting for our call customers and our employees.

我們已經討論了我們正在為數百家商店引入的專用勞動力區，以及電器、家庭劇院和計算領域的專用勞動力，並且我們正在透過在幾個地方新增的增量供應商勞動力來增強這一點。我們在三星設備範例中明確使用了這些方法，然後我們總結其中一些是個人化的交易或會員資格方法。我認為，當您研究第二季和第三季時，我們正在嘗試以實體和數位方式將所有這些結合在一起，並且對我們的電話客戶和員工來說是一種新的、令人興奮的方式。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Seth Basham, Wedbush Securities.

塞思‧巴沙姆 (Seth Basham)，韋德布希證券公司。

Thanks a lot. My question is on the membership program. Can you provide some more insight into how that's growing on a paid basis and the key drivers of your [very] expected margin performance from it? That would be helpful.

多謝。我的問題是關於會員計劃的。您能否提供更多關於付費基礎上的成長方式以及您[非常]預期的利潤表現的關鍵驅動因素？那會有幫助的。

I'll start maybe on that topic on acquisition, and Matt can talk a little bit about some of the drivers. We're not going to update our overall acquisition numbers every quarter. But as a reminder, we ended fiscal '24 was 7 million members across the two tiers of paid membership, and that was compared to 5.8 million members at the store part of the year. And if I take a big step back, our whole goal here is to drive customer engagement and increased share of wallet. All the more important in a world where people are a little less brand loyal than they were certainly at pre-pandemic.

我可能會從有關收購的主題開始，馬特可以談談一些驅動因素。我們不會每季更新我們的整體收購數量。但提醒一下，我們在 24 財年結束時，兩級付費會員的會員數為 700 萬，而今年商店的會員數為 580 萬。如果我退一步說，我們的整體目標是提高客戶參與度並增加錢包份額。更重要的是，在這個世界上，人們的品牌忠誠度比疫情前還要低。

And so there's like three things we're always watching. You hit on acquisition, but we're also always watching engagement, and we're watching retention and all of those that factor into kind of the financial outcomes that Matt will talk about. So we continue to grow our new customers in Q1 and add more to both tiers of membership. We still are seeing that paid members consistently are showing higher levels of interaction and comparatively higher levels of spend at Best Buy and a shift away from competitors.

所以我們一直在關註三件事。你偶然發現了收購，但我們也一直在關注參與度、保留率以及所有影響馬特將談論的財務結果的因素。因此，我們在第一季繼續增加新客戶，並為兩級會員增加更多會員。我們仍然看到，付費會員在百思買始終表現出更高水平的互動和相對更高的支出水平，並遠離競爭對手。

And it still is really early. I don't lap the rollout of particularly plus, but even the new revamp of total until June, but even on the early renewals for total, retention rates are performing some of our expectations. So I give the team a great deal of (technical difficulty) both for kind of tweaking these offers in a way that resonates more with customers, but also for continuing to refine the way we reach out to those customers to make sure we optimize their interactions and that resulting financial.

現在還很早。我不喜歡特別加的推出，但即使是到六月的新改造，但即使是早期續約，保留率也達到了我們的一些預期。因此，我給了團隊很大的（技術難度），一方面是為了以更能與客戶產生共鳴的方式調整這些優惠，另一方面是為了繼續改進我們接觸這些客戶的方式，以確保我們優化他們的互動以及由此產生的財務。

Sure and it's just a reminder, as we started the year, we expect to have membership and services to improve our gross profit rate by 45 basis points. And now what we're saying, it's more than 40 -- is a little bit more than 45 basis points. And so what we're seeing a little bit better is essentially a little bit lower cost to serve come through in Q1, which we would expect to continue as the year progresses. That's what's driving it. Those are just lower volumes coming through. Some of our categories is driving some improved profit rate. We're also actually seeing a little bit more stable and warranty sales, which is helping our overall membership flat services gross profit rate for the year as well.

當然，這只是一個提醒，在今年伊始，我們希望透過會員資格和服務將我們的毛利率提高 45 個基點。現在我們所說的，已經超過 40 個基點——略高於 45 個基點。因此，我們看到的好一點的情況本質上是第一季的服務成本稍微降低了一點，我們預計隨著今年的進展，這種情況會持續下去。這就是推動它的因素。這些只是較低的數量。我們的一些類別正在推動利潤率的提高。實際上，我們也看到了更穩定的保固銷售，這也有助於我們今年的整體會員固定服務毛利率。

Thank you very much.

非常感謝。

Jonathan Matuszewski from Jefferies.

來自 Jefferies 的 Jonathan Matuszewski。

Great. Thanks for taking my question. So on spend across demographics, I imagine the initial debut of AIPC may resonate with certain demographics until it becomes more mainstream, maybe a little bit higher income will be a little bit younger in age, perhaps. So are the spending trends for those customer cohorts outperforming that broader customer base?

偉大的。感謝您提出我的問題。因此，就跨人群的支出而言，我認為 AIPC 的首次亮相可能會與某些人群產生共鳴，直到它變得更加主流，也許收入更高一點，年齡可能會更年輕一點。那麼，這些客戶群的消費趨勢是否優於更廣大的客戶群呢？

Well, just to be explicit, we haven't launched the new AIPCs yet. They don't actually start shipping and getting out there until June 18. So everything has been announced and there are preorders available, but we haven't had a chance yet to see what the impact will be. I think in general the interesting part about this is because we're seeing innovation across both computing and tablets, I think it's going to create broad opportunity because we had on this just a little bit in one of the earlier questions, it's not just about the newest generation of product, which [SharePoint] might resonate to a certain cohort.

嗯，明確地說，我們還沒有推出新的 AIPC。他們直到 6 月 18 日才真正開始發貨。我認為總的來說，有趣的部分是因為我們看到了計算和平板電腦的創新，我認為這將創造廣泛的機會，因為我們在之前的一個問題中對此做了一點點介紹，這不僅僅是關於最新一代的產品，[SharePoint] 可能會引起特定人群的共鳴。

It also sometimes makes the older generations of product to more approachable because those tend to be at a different price point because now you have the new innovations. And as Matt talked about, that's what kind of props up some of the higher ASPs. So typically, it's not just about this will only resonate with one demographic. It is actually a question of how do you create that kind of good, better, best assortment that we're always creating, which then can make -- it might not be only the new stuff that someone gravitates to, but it might give them a better entry point and more value-based entry point to that new refreshed product, at least for them versus what they had for the last four or five years.

有時它也會使老一代的產品變得更平易近人，因為這些產品往往處於不同的價格點，因為現在你有了新的創新。正如馬特所說，這就是支撐一些較高平均售價的原因。因此，通常情況下，這不僅會引起某一人群的共鳴。這實際上是一個問題，如何創造出我們一直在創造的那種好的、更好的、最好的品種，然後才能製造出來——它可能不僅是人們所吸引的新東西，而且可能會給他們帶來好處對於新的更新產品來說，這是一個更好的切入點和更基於價值的切入點，至少對他們來說與過去四到五年的產品相比是如此。

That's helpful. And my second question just on discounting. So it sounds like promos were materially deeper in appliances. So just to be clear, I guess the midpoint of the 2024 comp guide, does that assume the promo activity in that category stays stable as the year moves on? Does that embed any improvement or deterioration in discounting levels? Any more color there would be great. Thanks.

這很有幫助。我的第二個問題是關於折扣。因此，聽起來促銷活動在家電方面的內容其實更加深入。因此，需要澄清的是，我猜 2024 年比較指南的中點是否假設該類別的促銷活動隨著時間的推移保持穩定？這是否意味著折扣水準有所改善或惡化？任何更多的顏色都會很棒。謝謝。

Yes, I think of what our guide assumes is that there's actually more promotion having for the remaining part of the year. Our prepared remarks, we talked about how we're product [margin] rates will be slightly lower than our expectations as we started the year. That was driven by the expectation that we'll be more pricing investments because of the promotionality as the year progresses. Although that was included in our guidance, still included in the fact that we still feel like the profit rate is trending towards the higher end of the original guide that we gave. But I'd say it's beyond just the major appliances that is certainly a category has been very promotional. I would say there's also increased promotionality across other categories as well, notably TVs or the other place where it would go up.

是的，我認為我們的指南假設今年剩餘時間實際上會有更多促銷活動。在我們準備好的評論中，我們討論了我們的產品[利潤]率將略低於我們年初的預期。這是由於我們預計隨著今年的促銷活動，我們將進行更多的定價投資。儘管這已包含在我們的指導中，但仍然包含在這樣的事實中：我們仍然認為利潤率正趨向於我們給出的原始指南的較高端。但我想說的是，這不僅僅是大家電，這肯定是一個非常促銷的類別。我想說的是，其他類別的促銷活動也有所增加，特別是電視或其他可能增加的地方。

And I think that is our last question. Thank you all for joining us today. And I hope that many of our investors who might be listening today will be able to join us at our Annual Shareholder Meeting, which will be held virtually on June 12. Thank you all and have a wonderful day.

我認為這是我們的最後一個問題。感謝大家今天加入我們。我希望今天可能會聆聽的許多投資者能夠參加我們的年度股東大會，該大會將於 6 月 12 日以虛擬方式舉行。

Thank you for attending today's call. We hope you have a wonderful day. You may now disconnect.

感謝您參加今天的電話會議。我們希望您度過愉快的一天。您現在可以斷開連線。