百思買 (BBY) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's second quarter fiscal 2025 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加百思買 2025 財年第二季財報電話會議。 （操作員說明）

I'll 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早上的收益報告中找到，該報告可在我們的網站 Investors.bestbuy.com 上找到。

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

我們今天將發表的一些聲明被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。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-Q's for more information on these risks and uncertainties. The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. I will now turn the call over to Corie.

請參閱公司目前的獲利報告以及我們最近的 10-K 和隨後的 10-Q，以了解有關這些風險和不確定性的更多資訊。本公司不承擔更新或修改任何前瞻性陳述以反映本次電話會議之後可能發生的事件或情況的義務。我現在將把電話轉給科里。

Good morning, everyone, and thank you for joining us. Today, we are reporting better than expected results for the second quarter. Our comparable sales performance sequentially improved to a decline of 2.3% compared to our guidance of down 3% and last quarter's decline of 6.1%.

大家早安，感謝您加入我們。今天，我們報告的第二季業績優於預期。我們的可比銷售業績環比下降 2.3%，而我們的指導方針為下降 3%，上季度下降了 6.1%。

At the same time, we do delivered a non-GAAP operating income rate of 4.1%, which was higher than our guide of 3.5% due to lower than expected SG&A expense. On a year-over-year basis, our non-GAAP OI rate expanded 30 basis points, largely due to gross profit rate expansion in our membership and services offers.

同時，我們的非 GAAP 營業利潤率為 4.1%，高於我們的指導值 3.5%，因為 SG&A 費用低於預期。與去年同期相比，我們的非 GAAP OI 率擴大了 30 個基點，這主要是由於我們的會員資格和服務提供的毛利率擴大。

From a category perspective, we drove comparable sales growth in tablets, computing, and services. This growth was more than offset by declines in appliances, home theater and gaming. We delivered strong results in our domestic tablet and computing categories, which together posted comparable sales growth of 6% versus last year. With our market position, expert sales associates, and compelling merchandising, we capitalized on demand driven by our customers' desire to replace or upgrade their products combined with new innovations.

從品類角度來看，我們推動了平板電腦、運算和服務領域的可比銷售額成長。這一成長被家電、家庭劇院和遊戲領域的下降所抵消。我們在國內平板電腦和電腦領域取得了強勁的業績，與去年相比，這兩個領域的可比銷售額成長了 6%。憑藉我們的市場地位、專業的銷售人員和引人注目的推銷，我們充分利用了客戶更換或升級其產品的願望所驅動的需求，並結合了新的創新。

Overall, customers remained field focused and attracted to more predictable sales moments. With July 4, Black Friday in July, and the beginning of back-to-school sales events. July comps were the best of the quarter.

總體而言，客戶仍然關注現場並被更可預測的銷售時刻所吸引。隨著7月4日，7月的黑色星期五，以及返校銷售活動的開始。七月份的業績是本季最好的。

In this environment, many categories, including major appliances and TVs, continued to be very promotional in pursuit of stimulating interest and sales. We were targeted and thoughtful regarding where and when we made our promotional investments, strategically balancing profitability, and sales.

在這種環境下，包括大家電和電視在內的許多品類繼續大力促銷，以刺激興趣和銷售。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，從策略上平衡了盈利能力和銷售額。

Our omnichannel operations provided strong support for our Q2 online sales, which remained consistent at 32% of domestic revenue. Almost 60% of our packages are delivered or available for pickup within one day, and more than 40% of our digital sales are picked up in stores by our customers with more than 90% of these orders available with in just 30 minutes.

我們的全通路業務為我們第二季的線上銷售提供了強有力的支持，線上銷售佔國內收入的比例穩定在32%。我們近 60% 的包裹在一天內送達或可供提貨，超過 40% 的數位銷售由客戶在商店提貨，其中 90% 以上的訂單只需 30 分鐘即可提貨。

Our paid membership program continued to drive positive contributions to our results as we grew the base of members and the impacts from the changes we made program last year once again delivered better than expected profitability.

隨著我們的會員基礎不斷擴大，我們的付費會員計劃繼續為我們的業績做出積極貢獻，去年我們所做的計劃改變的影響再次帶來了好於預期的盈利能力。

As always, I am grateful for the hard work, dedication and drive our team members across the company show code to deliver these Q2 results. As we look to the back half of the year, we expect our industry to continue to show increasing stabilization.

一如既往，我感謝全公司團隊成員的辛勤工作、奉獻精神和推動，他們展示了代碼以交付這些第二季度的結果。展望今年下半年，我們預期產業將繼續表現出日益穩定的態勢。

Last quarter, we said we were likely trending toward the midpoint of our original comparable sales guidance of flat to down 3%. Today, we are updating our annual sales guidance to a decline in the range of 1.5% to 3%. At the same time, we are raising our earnings per share guidance range as we largely flow through better than expect results of the first half of the year.

上個季度，我們表示我們可能會趨向於我們最初的可比銷售指導的中點，即持平或下降 3%。今天，我們將年度銷售指引更新為下降 1.5% 至 3% 的範圍。同時，我們正在提高每股盈餘指引範圍，因為我們上半年的業績基本上好於預期。

From a major category standpoint, we continue to expect sales in our computing category and services to show growth for the year. While most other categories are expected to be down for the year, we expect ongoing improvement in their trends at the high end of our annual comp sales guidance.

從主要類別的角度來看，我們繼續預期今年計算類別和服務的銷售額將呈現成長。雖然大多數其他類別預計今年將下降，但我們預計其趨勢將在我們年度比較銷售指導的高端持續改善。

For the third quarter specifically, we expect comparable sales to be down approximately 1% versus last year. Based on our month to-date performance, we estimate August comparable sales will be approximately flat to last year.

具體來說，我們預計第三季的可比銷售額將比去年下降約 1%。根據我們本月迄今的表現，我們估計 8 月的可比銷售額將與去年大致持平。

We are encouraged by these results and continue to be very thoughtful about the time period between sales events as well as possible election related impact to demand in October. Our strategic plan and priorities for the year have been built to sharpen our customer experiences and industry positioning while also maintaining our profitability in this still uneven environment.

我們對這些結果感到鼓舞，並繼續認真考慮銷售活動之間的時間段以及與選舉相關的可能對 10 月份需求的影響。我們今年的策略計畫和優先事項旨在提高我們的客戶體驗和產業定位，同時在這個仍然不平衡的環境中保持我們的獲利能力。

At the beginning of the year, 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 pilot and drive incremental revenue streams.

今年年初，我們制定了 25 財年的優先事項。它們是，第一，激發和進步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 highlights of our progress. We have initiatives targeting customer experiences across our digital and store channels. We are encouraged by the material sequential and year-over-year improvement in our relationship and NPS, which tracks consumer's likelihood to recommend Best Buy. In our app, are increasingly personalized relevant and motivational content is driving increased engagement with our customers.

我想介紹一下我們取得的一些進展。我們制定了針對數位和商店通路客戶體驗的措施。我們對我們的關係和NPS（追蹤消費者推薦百思買的可能性）的實質連續和逐年改善感到鼓舞。在我們的應用程式中，越來越個人化的相關和激勵性內容正在推動與客戶的互動增加。

Testing has shown that customers receiving our personalized homepage or engaging and content, product, and tools in our app, almost 70% more than customers who didn't receive it. During the quarter, we completed the rollout of this personalization to all our app users.

測試表明，收到我們的個人化主頁或應用程式中的引人入勝的內容、產品和工具的客戶比沒有收到的客戶多了近 70%。在本季度，我們向所有應用程式使用者完成了這種個人化的推廣。

We also scaled other new app experiences, including a digital wallet that provides easy access to payment methods, coupons and offers and deal alerts that allow customers to be notified when their favorite products go on sale.

我們還擴展了其他新的應用程式體驗，包括數位錢包，可以輕鬆存取付款方式、優惠券和優惠以及交易提醒，讓客戶在他們最喜歡的產品打折時收到通知。

Outside of the app, we continue to focus on making the mobile shopping experience even better with faster browsing, more sophisticated search and enriched content. During the quarter, we launched a market-leading new experience for our in-home delivery and installation customers.

在應用程式之外，我們繼續致力於透過更快的瀏覽、更複雜的搜尋和更豐富的內容來打造更好的行動購物體驗。本季度，我們為上門送貨和安裝客戶推出了市場領先的新體驗。

On the day of their appointment, customers can now digitally track live to the minute ETA of their in-home delivery and installation. Already 60% of customers are engaging with the tracking and the feedback has been overwhelmingly positive.

在預約當天，客戶現在可以以數位方式即時追蹤上門送貨和安裝的預計到達時間。已經有 60% 的客戶參與了跟踪，並且反饋非常積極。

Not only is this a great experience for customers, but it should also lower costs by reducing calls to our customer service team. We are able to offer this new customer experience because of the work we did last year to more efficiently and effectively route all of our in-home delivery and installation trucks using AI technology.

這不僅對客戶來說是一種很好的體驗，而且還可以透過減少對我們客戶服務團隊的通話來降低成本。我們之所以能夠提供這種新的客戶體驗，是因為我們去年所做的工作是使用人工智慧技術更有效率地安排我們所有的上門送貨和安裝卡車的路線。

In our stores, we are refreshing the fleet to update merchandising presentations across multiple categories. We began in Q2 and will finish in Q3 ahead of the holiday season. Not every store will be touched in the same way, of course, but our plans include optimizing and refreshing mobile phones, headphones, smart home, and digital imaging and creating new experiences in tablets and gaming and computing monitors.

在我們的商店中，我們正在更新車隊，以更新多個類別的商品展示。我們從第二季開始，並將在假期前的第三季完成。當然，並非每家商店都會以同樣的方式進行接觸，但我們的計劃包括優化和更新手機、耳機、智慧家庭和數位成像，並在平板電腦、遊戲和計算顯示器方面創造新的體驗。

In the areas completed in Q2, we already can see related sales improvements, particularly in monitors and digital imaging. At the same time, we are updating or creating new branded in-store experiences with our vendor partners, including GoPro, Tesla, Lovesac, DreamWorks and StarLink.

在第二季完成的領域中，我們已經可以看到相關的銷售改善，特別是在顯示器和數位成像領域。同時，我們正在與 GoPro、Tesla、Lovesac、DreamWorks 和 StarLink 等供應商合作夥伴一起更新或創建新的品牌店內體驗。

We are adding a new merchandising solution in hundreds of stores. This is a modular experience that will transition more frequently to provide vendors the opportunity to create a branded stage for new technology solutions and innovations. And of course, we continue to update departments as new products come up.

我們正在數百家商店添加新的銷售解決方案。這是一種模組化的體驗，將更頻繁地轉變，為供應商提供為新技術解決方案和創新創建品牌舞台的機會。當然，隨著新產品的出現，我們會繼續更新部門。

For example, computing looks different than it did six months ago as we [risk] the department around copilot plus. To support the expected growth in customer demand, during the quarter, we added fully dedicated expert labor to our computing department in hundreds of stores. Toward the end of the quarter, we began the process to do the same in our home theater and major appliance department.

例如，計算看起來與六個月前有所不同，因為我們[冒著]圍繞copilot plus的部門的風險。為了支持客戶需求的預期成長，本季度，我們在數百家商店的計算部門中增加了專門的專家勞動力。到本季末，我們開始在家庭劇院和主要家電部門採取同樣的做法。

We have continued the focus on certifications and training for all store employees. Our certifications are earned by department. So if an associate is certified in home theater, for example, it validates his or her ability to effectively utilize the knowledge and skills necessary to deliver an outstanding customer experience. In place practice with their leader, each other or specialty coaches to role-play receive feedback and ultimately become certified.

我們繼續關注所有商店員工的認證和培訓。我們的認證是由部門獲得的。例如，如果員工獲得了家庭劇院認證，則可以證明他或她有能力有效利用提供卓越客戶體驗所需的知識和技能。與他們的領導者一起練習，彼此或專業教練進行角色扮演，接收回饋並最終獲得認證。

We continue to see our certified employees on average drive higher revenue per transaction and stronger overall customer experience ratings compared to non-certified employees. We are ahead of plan with more than 60% of our sales associates certified in at least two categories. Our training program provides continuous learning to keep employees updated on new products and technologies.

我們繼續看到，與非認證員工相比，經過認證的員工平均每筆交易收入更高，整體客戶體驗評級也更強。我們領先於計劃，超過 60% 的銷售人員獲得了至少兩個類別的認證。我們的培訓計畫提供持續學習，讓員工了解新產品和新技術。

For example, we trained 30,000 sales associates and Geek Squad agents on the new AI technology. Our vendor partnerships are also an important part of the expertise we provide customers in our stores. Last quarter, we announced an expansion of our vendor partnership with Samsung to include vendor provided expert labor in appliance departments across hundreds of stores. More recently, Verizon, AT&T, TCL, LG, and others have all increased their labor investments in Best Buy store locations.

例如，我們對 30,000 名銷售人員和極客小隊代理進行了新人工智慧技術的培訓。我們的供應商合作夥伴關係也是我們為商店客戶提供專業知識的重要組成部分。上季度，我們宣布擴大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專家勞動力。最近，Verizon、AT&T、TCL、LG 等都增加了對百思買店面的勞動投資。

Across our business, we are reinforcing our unique experiences to capitalize on demand. We expect for the confluence of replacement, upgrade, and innovation in the coming year. In Q2, we believe the growth in laptop sales continued to be largely driven by customers' desire to replace and upgrade their products.

在我們的整個業務中，我們正在強化我們獨特的經驗，以按需利用。我們期待來年的更替、升級和創新的融合。第二季度，我們認為筆記型電腦銷售的成長繼續主要受到客戶更換和升級產品的願望的推動。

The performance of copilot plus in the quarter was in line with our expectations. But at this early point, a small part of the total revenue. We believe we are just at the beginning of the impact of AI on tech innovation and customer demand.

Copilot Plus本季的表現符合我們的預期。但在這個早期階段，只佔總收入的一小部分。我們相信，人工智慧對技術創新和客戶需求的影響才剛開始。

For example, the June introduction of the copilot plus laptops was one of the first launches with an important AI capabilities still to be released. In addition, Apple intelligence has been announced with capabilities and features expected to be released over time that will be available across devices. We believe AI inspired capabilities and innovations will continue to spread across categories and devices over the next few years.

例如，六月推出的副駕駛+筆記型電腦是首批推出的產品之一，但重要的人工智慧功能仍有待發布。此外，Apple 還宣布了智慧功能，預計將隨著時間的推移發布跨裝置可用的功能和功能。我們相信，人工智慧啟發的功能和創新將在未來幾年繼續跨類別和設備傳播。

We also believe the role our customers want us to play in their lives has evolved. To bring this to life and to highlight our tech and our unique positioning, we recently kicked off our new branding as we entered back-to-school. The new branding is centered on creating customer experiences that inspire curiosity and enable discovery and includes asking our customers what if as well as a new tag line, Imagine that.

我們也相信，客戶希望我們在他們的生活中扮演的角色已經改變了。為了將這一點變為現實，並突出我們的技術和獨特的定位，我們最近在返校時啟動了我們的新品牌。新品牌的核心是創造激發好奇心和促進發現的客戶體驗，包括詢問客戶「假設」以及新的口號「想像一下」。

This branding reflects the role that Best Buy and our amazing associates play in our customers' research and purchase journey, and our training is also focused on bringing these experiences to life. Additionally, along with our new tag line, we're giving our brand, a modern look and feel with new colors and a new creative construct, which will be phased in over time.

這個品牌反映了百思買和我們出色的員工在客戶的研究和購買過程中所發揮的作用，我們的培訓也致力於將這些體驗變為現實。此外，除了我們的新口號外，我們還為我們的品牌賦予了現代的外觀和感覺、新的顏色和新的創意結構，這些結構將隨著時間的推移逐步實施。

We are making good progress on the second key priority of our fiscal '25 strategy, which is to drive operational effectiveness and efficiency. As is often the case, much of what we are doing to improve the effectiveness of our customer and employee experiences also generates efficiencies. The evolution of our store model is a great example.

我們在 25 財年策略的第二個關鍵優先事項上取得了良好進展，即提高營運效率和效率。正如通常的情況一樣，我們為提高客戶和員工體驗的有效性所做的許多努力也提高了效率。我們商店模式的演變就是一個很好的例子。

As you may recall, we decreased the store staff and labor hours during the pandemic, when we saw more of our revenue structurally shift to our digital channel. We have been iterating ever since to support the ever-changing customer, balancing our need to react to the sales environment with our desire to provide the experienced customers expect.

您可能還記得，在疫情期間，我們減少了商店員工和工作時間，當時我們看到更多的收入結構性地轉移到我們的數位管道。從那時起，我們一直在不斷迭代，以支持不斷變化的客戶，平衡我們對銷售環境做出反應的需求與我們提供經驗豐富的客戶期望的願望。

Last year, we took actions to streamline our leadership structure, which has allowed us to shift dollars into more customer-facing sales associate hours in our stores. More recently, during the second quarter, we made changes to our dedicated in-home sales team that helped fund the investments into our home theater and appliances store labor, while in-home consultations continue to be an important competitive advantage, the volumes are not at the level envisioned a few years ago when we expanded the dedicated in-house team.

去年，我們採取行動簡化了領導結構，這使我們能夠將資金轉移到商店中更多面向客戶的銷售人員工作時間。最近，在第二季度，我們對專門的家庭銷售團隊進行了調整，幫助為我們的家庭劇院和家電商店勞動力的投資提供資金，雖然家庭諮詢仍然是一個重要的競爭優勢，但數量並沒有增加。達到了幾年前我們擴大專業內部團隊時所設想的水平。

Therefore, we both reduce the overall number of employees and brought the home theater and appliances experts back into the stores to better balance field labor resources and make sure we are providing the optimal experience for customers where they want to shop.

因此，我們既減少了員工總數，又將家庭劇院和家電專家帶回門市，以更好地平衡現場勞動力資源，確保為顧客提供最佳的購物體驗。

We are continuing to enhance our labor strategy as some store customers prefer a self-service sales experience, while others want a more guided sales experience. We will continue to leverage the flexible workforce we established during the pandemic with associates that can work across the store, the checkout lanes, and the front door, for example.

我們正在繼續加強我們的勞動力策略，因為一些商店客戶更喜歡自助服務銷售體驗，而另一些客戶則希望獲得更具指導性的銷售體驗。我們將繼續利用我們在疫情期間建立的彈性勞動力，包括可以在商店、結帳通道和前門工作的員工。

These employees drive efficiencies by flexing where the customer is across categories and functions. Based on customer feedback, we know there is an appetite for even more expert labor, and that is why we are also focused on certifications and adding back zoned labor in key categories. These are just a few examples of how we are constantly driving customer experience improvements as well as effectiveness in our labor model. It is how we have kept our labor rate flat as a percent of sales through the last few years as we experienced revenue declines. And it is how we expect to hold that rate as revenue grows over time.

這些員工透過跨類別和職能靈活處理客戶的位置來提高效率。根據客戶的回饋，我們知道人們需要更多的專業勞動力，這就是為什麼我們也專注於認證並在關鍵類別中增加回劃勞動力。這些只是我們如何持續推動客戶體驗改善以及勞動力模式有效性的幾個例子。這就是我們在過去幾年收入下降的情況下保持勞動力佔銷售額百分比不變的方法。隨著收入隨著時間的推移而增長，我們期望保持這一速度。

We also continue to lean heavily on analytics and technology to achieve efficiencies. For example, in partnership with Google, this quarter, we rolled out enhanced self-service support that leverages 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 memberships.

我們也持續嚴重依賴分析和技術來提高效率。例如，本季度我們與 Google 合作，推出了增強的自助服務支持，利用 Gen AI 驅動的虛擬助手幫助我們的客戶快速解決產品問題，更改訂單交付和調度，甚至管理他們的軟體，極客小隊訂閱和會員資格。

We can now hold 60% of our chat users solely with this technology without the need for a live customer support process. We are in the early stages of rolling this capability to our IVR phone system. So customers can get their questions answered without having to wait for a live agent. We are, of course, closely observing feedback as we implement these capabilities to ensure we are maintaining a good customer experience.

現在，我們僅透過這項技術就可以留住 60% 的聊天用戶，而無需即時客戶支援流程。我們正處於將此功能推廣到 IVR 電話系統的早期階段。因此，客戶無需等待現場客服人員即可獲得問題解答。當然，我們在實施這些功能時會密切觀察回饋，以確保我們保持良好的客戶體驗。

As I take a step back, the technology enhancements and process improvements we have made in our customer service capability in the last three years have decreased our cost per customer contact by more than 20%, while improving the customer experience.

退一步來說，過去三年來我們在客戶服務能力方面所做的技術增強和流程改進使我們每次與客戶聯繫的成本降低了 20% 以上，同時改善了客戶體驗。

Within this work, we are very proud to have recently been named a recipient and Forrester's 2024 technology strategy Impact Award. This award recognizes our work to use AI to create better more human experiences for both our customers and employees.

在這項工作中，我們最近獲得了 Forrester 2024 年技術策略影響力獎，對此我們感到非常自豪。該獎項認可了我們利用人工智慧為客戶和員工創造更好、更人性化體驗的工作。

Our third key priority for the year is to continue our disciplined approach to capital allocation in this environment. We expect our enterprise capital expenditures for fiscal '25 will be about $50 million lower than last year at approximately $750 million. We are raising our expectation for share repurchases from $350 million to $500 million for the year.

我們今年的第三個關鍵優先事項是在這種環境下繼續採取嚴格的資本配置方法。我們預計 25 財年的企業資本支出將比去年減少約 5,000 萬美元，約 7.5 億美元。我們將今年股票回購的預期從 3.5 億美元提高到 5 億美元。

As we previously discussed, our fourth key priority for fiscal '25 is longer-term in nature. We will explore opportunities that leverage our scale and capabilities to drive incremental profitable revenue streams overseas. This includes our collaboration with Bell Canada to operate 167 small-format consumer electronics retail stores across Canada. These stores previously known as the source, which was a wholly owned subsidiary of Bell Canada, are being rebranded as Best Buy Express.

正如我們之前所討論的，我們 25 財年的第四個關鍵優先事項本質上是長期的。我們將探索利用我們的規模和能力來推動海外增量獲利收入流的機會。這包括我們與貝爾加拿大公司合作，在加拿大各地經營 167 家小型消費性電子零售店。這些商店以前被稱為 Source，是加拿大貝爾公司的全資子公司，現更名為百思買快遞 (Best Buy Express)。

We opened the first store in June and as of today, we have completed more than 70 implementations. We expect to roll out the rest of the stores by the end of the year. We are providing a curated CE assortment and Geek Squad services as well as supply chain, marketing, and e-commerce.

我們在 6 月開設了第一家商店，截至目前，我們已經完成了 70 多個實施。我們預計在今年年底前推出其餘商店。我們提供精選的 CE 分類和 Geek Squad 服務以及供應鏈、行銷和電子商務。

Bell is the exclusive telecommunications services provider and is also responsible for the store operating costs of the partnership. This collaboration allows us to expand our presence in malls and in smaller and mid-sized communities, reaching 61 brand new markets for Best Buy Canada. We are very encouraged by the results of the two pilot stores and proud of the rapid pace with which our teams are implementing locations.

貝爾是獨家電信服務供應商，也負責合作夥伴的商店營運成本。此次合作使我們能夠擴大在購物中心和中小型社區的業務，為百思買加拿大開拓 61 個全新市場。我們對這兩家試點商店的結果感到非常鼓舞，並對我們的團隊實施地點的快速步伐感到自豪。

Switching to the US, we have a team branded Best Buy business that is focused on providing tech products and solutions for businesses in specific industries, including education, health care and hospitality. This business generates more than $1 billion per year in sales and delivered low single digit growth in the first half of the year. We have a dedicated online website for business customers, leading to a 60% digital mix of revenue.

轉到美國，我們有一個名為百思買業務的團隊，專注於為特定行業的企業提供科技產品和解決方案，包括教育、醫療保健和酒店業。該業務每年產生超過 10 億美元的銷售額，並在今年上半年實現了較低的個位數成長。我們為企業客戶提供了專門的線上網站，帶來了 60% 的數位收入組合。

In addition, we expect to increasingly leverage our unique Geek Squad capabilities to provide services like device lifecycle management to other businesses on top of the meaningful growth we have already seen in the services part of this business.

此外，除了我們在該業務的服務部分中已經看到的有意義的成長之外，我們預計將越來越多地利用我們獨特的 Geek Squad 功能，為其他業務提供設備生命週期管理等服務。

In addition, we continue to partner with our vendors in ways that drive incremental revenue streams. We are growing our partner plus program, leveraging our supply chain and fulfillment capabilities, vendor partners can offer their own online customers, the option to conveniently pick up their products at a local Best Buy store, where we will ship the product to their customer's home.

此外，我們繼續與供應商合作，以推動增量收入流。我們正在發展我們的合作夥伴加計劃，利用我們的供應鏈和履行能力，供應商合作夥伴可以為他們自己的在線客戶提供在當地百思買商店方便地提貨的選項，我們將在那裡將產品運送到他們客戶的家中。

In addition to our current partners like Samsung, Lenovo, Therabody and Aura, we are adding incremental partners to further drive both units and profit growth. In another example, during the quarter, we expanded our multiyear agreement with Amazon to build Insignia and Toshiba branded televisions with the Fire TV operating system.

除了三星、聯想、Therabody 和 Aura 等現有合作夥伴之外，我們還將增加更多合作夥伴，以進一步推動銷售和利潤成長。另一個例子是，在本季度，我們擴大了與亞馬遜的多年協議，以使用 Fire TV 作業系統生產 Insignia 和東芝品牌的電視。

We're excited Fire TV will be available on all Insignia TVs ranging from the 24 inch model to our largest 85 inch model as well as new screen sizes in the future with more inventory availability across all price points, customers can also purchase these TVs from us on Amazon.com with the option to conveniently pick up their products at a local Best Buy store.

我們很高興 Fire TV 將在所有 Insignia 電視上提供，從 24 吋型號到我們最大的 85 吋型號，以及未來的新螢幕尺寸，所有價位的庫存都有更多，客戶還可以從我們在Amazon.com上購買我們的產品，可以選擇在當地的百思買商店方便地購買他們的產品。

We also have an agreement with Roku to sell their Roku branded TVs. With this agreement, advertisers can leverage our first-party audiences when buying Roku media with improved targeting and closed-loop reporting. This gives advertisers -- gives advertisers a unique opportunity to reach in-market consumers with greater precision within the leading streaming platform.

我們也與 Roku 達成協議，銷售其 Roku 品牌電視。透過這項協議，廣告主在購買具有改進的定位和閉環報告的 Roku 媒體時可以利用我們的第一方受眾。這為廣告主提供了一個獨特的機會，可以在領先的串流平台上更精確地接觸市場消費者。

Before I close and turn the call over to Matt, I want to take a moment to recognize our employees for their continued work to support the communities we serve. This summer, we welcomed more than 3,000 kids and 10s at Geek Squad Academy camps across the country. These camps provide the opportunity to learn skills on everything from coding, game design, digital music and more.

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為支持我們所服務的社區所做的持續努力。今年夏天，我們在全國各地的 Geek Squad Academy 營地迎來了 3,000 多名兒童和 10 多歲的孩子。這些訓練營提供了學習程式設計、遊戲設計、數位音樂等各種技能的機會。

The response within these communities has been incredible. And I continue to be inspired and amazed every summer by the work of our Geek Squad agents, employees, and volunteers to inspire young minds. We are proud to be named to the 2024 best places for high school graduates to start a career left. A first-of-a-kind ranking released by the American opportunity index. And I'm also proud to share that for the tenth consecutive year, Best Buy has been named a Best Place to Work for Disability Inclusion, earning a top score of 100% on the 2024 Disability Equality.

這些社區的反應令人難以置信。每年夏天，我們的極客小隊代理人、員工和志工為激發年輕人的思想所做的工作都會讓我受到啟發和驚訝。我們很榮幸被評為 2024 年高中畢業生開啟職業生涯的最佳場所。美國機會指數首次發布排名。我還很自豪地與大家分享，百思買連續第十年被評為“殘疾人包容性最佳工作場所”，在 2024 年殘疾人平等方面獲得了 100% 的最高分。

In summary, we executed well in the first half of the year. And the sequential improvement in sales supports our belief that this will be a year of increasing stabilization. As we all observe, the broader macro narrative can change often and sometimes quickly. We see a consumer who is seeking value and sales events and one who is also willing to spend on high price point products when they need to or when there is new compelling technology.

綜上所述，我們上半年的表現還是不錯的。銷售的連續改善支持了我們的信念，今年將是更加穩定的一年。正如我們所觀察到的，更廣泛的宏觀敘述可能經常發生變化，有時甚至很快。我們看到消費者正在尋求價值和銷售活動，並且在需要時或出現新的引人注目的技術時也願意花錢購買高價位產品。

We don't believe anything in our data signals that customer behavior has changed in a way that would make us increasingly cautious Thus, we are balancing our optimism in both the industry and our positioning with a pragmatic approach to likely uneven customer behavior going forward.

我們不相信我們的數據中的任何跡象表明客戶行為發生了會讓我們變得更加謹慎的變化。出現的不平衡的客戶行為。

As I said earlier, this year we are focused on continuing to sharpen our customer experiences and industry positioning while expanding our operating margin on a 52-week basis. We intend to strengthen our position in key categories like computing, home theater and major appliances through elevated experiences that capitalize on innovation, oriented marketing spend and sharper pricing.

正如我之前所說，今年我們的重點是繼續提升我們的客戶體驗和產業定位，同時在 52 週的基礎上擴大我們的營業利潤率。我們打算透過利用創新、定向行銷支出和更清晰的定價來提升體驗，從而加強我們在計算、家庭劇院和大型家電等關鍵類別中的地位。

We are the largest CE specialty retailer with unique range of product assortment and expert services help our customers discover how unexpected technology solutions can bring to life what matters to them. 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.

我們是最大的消費電子專業零售商，擁有獨特的產品種類和專家服務，幫助我們的客戶發現意想不到的技術解決方案如何將對他們重要的事情變成現實。我們相信，我們正在將自己置於 25 財年及以後的最佳位置。隨著我們的行業恢復成長，我們期望增加銷售額並擴大我們的營業收入。

I will now turn the call over to Matt for more details on Q2 financial performance and our outlook.

我現在將把電話轉給馬特，以了解有關第二季度財務業績和我們前景的更多詳細資訊。

Good, everyone. Let me start by sharing a few details on our second quarter results. Enterprise morning revenue of $9.3 billion, declined 2.3% on a comparable basis. Our non-GAAP operating income rate of 4.1% improved 30 basis points compared to last year, which was driven by improvement in our gross profit rate. Non-GAAP SG&A dollars were $53 million lower than last year and were flat as a percentage of revenue. Our non-GAAP diluted earnings per share increased 10% to $1.34.

好，大家。首先讓我分享我們第二季業績的一些細節。 Enterprise早盤營收為93億美元，年減2.3%。我們的非 GAAP 營業利潤率為 4.1%，比去年提高了 30 個基點，這是由於毛利率的改善所致。非 GAAP SG&A 美元比去年減少 5,300 萬美元，佔營收的百分比持平。我們的非 GAAP 攤薄每股收益成長 10% 至 1.34 美元。

By month, our comparable sales decreased 2% in May, and 4% in June, before improving to be approximately flat in July. As a reminder, our comparable sales are not -- are computed on a like-for-like fiscal weeks and are not shifted to more closely aligned calendar weeks following last year's 53 week year.

按月來看，我們的可比銷售額在 5 月下降了 2%，在 6 月下降了 4%，然後在 7 月基本持平。提醒一下，我們的可比銷售額不是以同類財政週計算的，也沒有轉移到繼去年 53 週之後更緊密一致的日曆週。

For the year, we estimate the impact to be immaterial. In the second quarter, the calendar shift benefited our reported comparable sales by approximately 90 basis points. The shift negatively impacted our first quarter comparable sales by approximately 30 basis points. We expect it to negatively impact our comparable sales by approximately 20 basis points in the third quarter and 60 basis points in the fourth quarter.

對於今年，我們估計影響並不重大。第二季度，日曆調整使我們報告的可比較銷售額提高了約 90 個基點。這一轉變對我們第一季的可比較銷售額產生了約 30 個基點的負面影響。我們預計這將對我們第三季的可比較銷售額產生約 20 個基點和第四季 60 個基點的負面影響。

Back to our Q2 results. Compared to the outlook we shared and during the quarter, our non-GAAP operating income rate of 4.1% was 60 basis points higher, was primarily driven by lower non-GAAP SG&A. The favorable SG&A was primarily due to lower employee benefit expense, which included medical claims, lower technology expense and a favorable legal settlement.

回到我們的第二季業績。與我們分享的預期和本季度的預期相比，我們的非 GAAP 營業利潤率為 4.1%，高出 60 個基點，這主要是由於非 GAAP SG&A 較低。有利的銷售及管理費用主要是由於員工福利費用降低，其中包括醫療索賠、技術費用降低以及有利的法律​​和解。

Our overall gross profit rate aligned very closely to our expectations with better than expected performance in our services category offering, offsetting -- better performance in our service category offsetting lower product margins. Next, I will walk through the details on our second quarter results compared to last year.

我們的整體毛利率與我們的預期非常接近，我們的服務類別產品的表現優於預期，抵消了我們服務類別的更好表現抵消了較低的產品利潤。接下來，我將詳細介紹我們第二季的業績與去年相比。

In our Domestic segment, revenue decreased 3% to $8.6 billion, driven by a comparable sales decline of 2.3%. The overall blended average selling price or ASPs of our products was higher than last year. The growth was primarily due to an increased mix of units coming from higher ticket items such as laptops, and a lower mix of units coming from lower ticket categories such as movies and gaming software.

在我們的國內部門，由於可比銷售額下降 2.3%，收入下降 3% 至 86 億美元。我們產品的整體混合平均售價高於去年。這一增長主要是由於來自筆記型電腦等高價商品的單位組合增加，以及來自電影和遊戲軟體等低票價類別的單位組合減少。

International revenue of $665 million decreased 4% driven by the negative impact of foreign exchange rates and a comparable sales decline of 1.8%. Our domestic gross profit rate increased 40 basis points to 23.5%. The higher gross profit rate was primarily driven by improvement within our services category, which includes our membership offerings. This was partially offset by lower product margin rates and lower credit card profit sharing revenue. Consistent with the past three quarters, approximately $20 million of our vendor funding qualified to be recognized as an offset to SG&A, which was a reduction to cost of sales in the first half of last year.

由於匯率的負面影響，國際收入為 6.65 億美元，下降 4%，可比銷售額下降 1.8%。我們的國內毛利率成長40個基點至23.5%。毛利率的提高主要是由於我們服務類別的改善，其中包括我們的會員服務。這被較低的產品利潤率和較低的信用卡利潤分享收入部分抵消。與過去三個季度一致，我們的供應商資金中約 2000 萬美元有資格被確認為 SG&A 的抵消，這是去年上半年銷售成本的減少。

We have now fully lapped the recognition change. Our international gross profit rate decreased 30 basis points to 23.9%. The lower gross profit rate was primarily due to lower product margin rates and higher supply chain costs, which were partially offset by growth in the higher margin services category.

我們現在已經完全接受了識別更改。我們的國際毛利率下降 30 個基點至 23.9%。毛利率較低主要是由於產品利潤率較低和供應鏈成本較高，但利潤率較高的服務類別的成長部分抵消了這一影響。

Moving to SG&A, our domestic non-GAAP SG&A decreased $46 million, which was driven by lower employee compensation expense and reduced expenses across multiple areas such as vehicle rental costs and credit card fees. These decreases were partially offset by higher advertising expense.

轉向SG&A，我們的國內非公認會計準則SG&A減少了4600萬美元，這是由於員工薪資費用減少以及車輛租賃費用和信用卡費用等多個領域的費用減少所致。這些下降被較高的廣告費用部分抵消。

Moving on to our updated full year fiscal '25 guidance for the enterprise, which is the following. Revenue in the range of $41.3 billion to $41.9 billion, comparable sales decline of 1.5% to 3%, non-GAAP operating income rate in the range of 4.1% to 4.2%, a non-GAAP effective income tax rate of approximately 24% and non-GAAP diluted earnings per share of $6.10 to $6.35.

接下來是我們更新的 25 財年全年企業指南，如下所示。營收在 413 億美元至 419 億美元之間，可比銷售額下降 1.5% 至 3%，非 GAAP 營業利潤率在 4.1% 至 4.2% 範圍內，非 GAAP 有效所得稅率約為 24%，非GAAP 稀釋後每股收益為6.10 美元至6.35 美元。

As Corie mentioned, we are raising our profitability outlook to largely flow through the favorable performance in the first half of the year. The overall drivers of our annual profitability outlook are consistent with our prior guidance. We believe our gross profit rate will expand approximately 35 basis points compared to last year, which aligns with our previous guidance of more than 20 basis points to 30 basis points of expansion.

正如 Corie 所提到的，我們正在提高獲利前景，以很大程度上反映上半年的良好業績。我們年度獲利前景的整體驅動因素與我們先前的指導一致。我們認為，與去年相比，我們的毛利率將擴大約 35 個基點，這與我們先前 20 多個基點至 30 個基點的擴張指引一致。

The main drivers are still the following. First, we expect profitability improvement from our services and membership offerings, which is primarily due to the following factors. Higher revenue from installation and delivery services, which were previously included benefits of paid membership, reduced cost to serve due to lower planned volumes for in-home installation and other related services, and higher standalone warranty revenue.

主要驅動因素仍如下。首先，我們預計我們的服務和會員服務的獲利能力將會改善，這主要是由於以下因素。安裝和交付服務的收入增加（之前包括付費會員的好處），由於家庭安裝和其他相關服務的計劃數量減少而降低了服務成本，以及更高的獨立保固收入。

Second, we expect lower product margin rates for the year, which is primarily driven by price investments and the $40 million vendor support geography item, the first half of the year that I previously mentioned. Third, we still expect approximately 20 basis points of pressure from a lower profit share on our credit card arrangement, which is unchanged since the start of the year.

其次，我們預計今年的產品利潤率會較低，這主要是由價格投資和我之前提到的上半年的 4000 萬美元供應商支持地理項目推動的。第三，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，這點自年初以來一直沒有變化。

We expect to see gross profit rate expansion in the second half of the year, but not as much as we saw in the first half of the year. This is largely because the benefit from our services and membership offerings will be smaller as we lap the major changes to the program at the end of June.

我們預計下半年毛利率將有所擴張，但幅度不會像上半年那麼大。這主要是因為隨著我們在 6 月底對計劃進行重大更改，我們的服務和會員服務所帶來的好處將會變小。

Next, I will share details on our annual SG&A expectations. The high end of our annual guidance now assumes non-GAAP SG&A dollars declined by approximately 2% compared to last year, which includes the following puts and takes.

接下來，我將詳細分享我們的年度 SG&A 預期。我們年度指導的上限現在假設非 GAAP SG&A 美元與去年相比下降約 2%，其中包括以下看跌期權和賣出期權。

The benefit of having one less week this fiscal year is estimated at $90 million. Store payroll expense is expected to be approximately flat to fiscal '24 as a percentage of sales, which results in lower SG&A dollars compared to last year. Vendor support geography lowers SG&A by approximately $40 million in the first half of this year. Incentive compensation is now expected to be very similar to fiscal '24 at the high end of our guidance range.

本財年減少一週的效益估計為 9,000 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，這導致 SG&A 美元與去年相比有所下降。今年上半年，供應商支持地理因素導致 SG&A 降低約 4,000 萬美元。目前預計激勵薪酬將與 24 財年非常相似，處於我們指導範圍的上限。

Partially offsetting the previous items, our advertising expense is still expected to increase by approximately $50 million versus last year, with increased weighted more in the second half of the year. The low end of our guidance reflects our plans to further reduce our variable expenses, which includes incentive compensation to align with sales trends.

部分抵銷了先前的項目，我們的廣告費用預計仍將比去年增加約 5,000 萬美元，下半年增加的比重更大。我們指導的低端反映了我們進一步減少可變費用的計劃，其中包括與銷售趨勢保持一致的激勵薪酬。

Before I close, let me share a couple of comments specific to the third quarter. We expect a modest sequential improvement in our comparable sales compared to the second quarter. With our Q3 comparable sales plan down approximately 1%. We expect our non-GAAP operating income rate to be approximately 3.7%.

在結束之前，讓我分享一些針對第三季的評論。我們預計與第二季相比，我們的可比銷售額將出現適度的環比改善。我們第三季的可比銷售計劃下降了約 1%。我們預計我們的非 GAAP 營業利潤率約為 3.7%。

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

我現在將把電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

Good morning, guys. Two quick ones, hopefully. First, can you remind us of the comparisons you faced for the balance of the quarter given your comments that you're running -- you ran around flat for August. And then secondly, can you help us better understand the mix that you're seeing in the laptops, obviously, kind of later quarter where you got to roll out a lot of the AI enabled chip devices. But just how quick are consumers kind of adopting to that? Thank you.

早安，夥計們。兩個快點，希望。首先，您能否提醒我們，鑑於您正在運行的評論，您在本季度剩餘時間中所面臨的比較——您在 8 月的運行情況持平。其次，您能否幫助我們更了解您在筆記型電腦中看到的組合，顯然，在稍後您必須推出許多支援人工智慧的晶片設備。但消費者接受這一點的速度有多快呢？謝謝。

Yeah. So in terms of the comparative, I think it was the first part of the question, last year, our August was down about -- I think we talked about this down 6%, September I think it was down around 7% and October was down about 8%. So pretty similar across the quarters last year.

是的。因此，就比較而言，我認為這是問題的第一部分，去年，我們的8 月下降了大約- 我想我們談到了下降6%，9 月我認為下降了7% 左右，10 月下降了7 % 左右。去年各季度的情況非常相似。

And the second part related to --

第二部分涉及——

Yeah. As it relates to the laptop mix, for the quarter, Copilot plus was still a relatively small percentage of the sales. And we've said it before, like most new and emerging technology, these are higher price points, ASPs, more fully featured devices. So that's why in the prepared comments, we kind of tried to make it clear. We continue to see people just want to replace and upgrade not dependent on just the Copilot plus computing, but just broadly, in general, continuing that trend we've been talking about basically since Q4 of last year where we started saying those laptop units were growing year-over-year. We continue to see that.

是的。就筆記型電腦組合而言，Copilot plus 在本季的銷售額中所佔比例仍然相對較小。我們之前已經說過，像大多數新興技術一樣，這些都是更高的價位、ASP、功能更齊全的設備。這就是為什麼在準備好的評論中，我們試圖澄清這一點。我們繼續看到人們只是想要更換和升級，而不僅僅是依賴副駕駛加計算，而是廣泛地，總的來說，繼續我們基本上自去年第四季度以來一直在談論的趨勢，當時我們開始說這些筆記型電腦設備是逐年成長。我們繼續看到這一點。

So while Copilot plus was a relatively small percentage, we like what we're seeing in terms of consumer behavior. The last thing that I would say is it's not just about Copilot plus per se. It creates a nice halo effect on the entire department, right? We've talked about adding in more expertise. We've talked about updating and upgrading the displays in the stores. We've put a lot into the kind of the discovery work that we're doing in our app and all of those things have a nice halo effect across the category.

因此，雖然 Copilot plus 的比例相對較小，但我們對消費者行為所看到的感到滿意。我要說的最後一件事是，這不僅僅是 Copilot plus 本身。它給整個部門創造了很好的光環效應，對嗎？我們已經討論過增加更多專業知識。我們已經討論過更新和升級商店中的展示。我們在應用程式中進行了大量的探索工作，所有這些工作都在整個類別中產生了良好的光環效應。

Got it. Thanks guys.

知道了。謝謝你們。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning. Thank you so much for taking my question. So the second quarter came in a little bit better than you were expecting. August is flat so far. You have easier comparisons in September and October, yet you took down the comp guidance for the rest of the year. So what motivated that change?

早安.非常感謝您回答我的問題。所以第二季的表現比你預期的好一些。八月到目前為止持平。你在九月和十月有更容易的比較，但你取消了今年剩餘時間的比較指導。那麼是什麼推動了這項改變呢？

I think -- well, good morning. I think in general, what we are acknowledging is, it is still an unpredictable and uneven consumer environment. And while we made it explicit to say we haven't seen anything so far this year that changes behavior. I think we're acknowledging there will be an election impact, and there always is, historically, no matter what kind of election we're entering into. So we know that, that is likely coming.

我想——好吧，早安。我認為總的來說，我們承認的是，這仍然是一個不可預測且不平衡的消費環境。儘管我們明確表示今年到目前為止我們還沒有看到任何改變行為的事情。我認為我們承認這會對選舉產生影響，而且從歷史上看，無論我們參加什麼樣的選舉，這種影響總是存在的。所以我們知道，這很可能會發生。

And you're entering into the holiday season, which often can also create some unpredictable consumer behaviors, probably consumers who might even wait for some of the more values that they -- I would guess, assume that they're going to see over holiday.

而且你正在進入假期，這通常也會產生一些不可預測的消費者行為，可能是消費者甚至可能會等待他們 - 我猜，假設他們會在假期中看到一些更多的價值。

And so I think we're looking at consumer indicators that continue to be uneven, resilient consumers so far but acknowledging into the back half, there especially at the tail end of Q3, there's probably an even greater risk that the consumer is a little bit unsettled.

因此，我認為我們正在關注的消費者指標迄今為止仍然不平衡，消費者有彈性，但承認到後半段，特別是在第三季末，消費者可能會面臨更大的風險。

Understood. My follow-up question is, so you're seeing signs of stabilization in the category. It would appear that your market share is also stabilizing. So A, is that a fair assessment on your market share? And, B, if we make the assumption that this continues into next year, ultimately resulting in positive sales growth in 2025, what are going to be the critical puts and takes in your profitability that are going to influence the incremental margins as you do experience an upturn in sales? Thank you very much.

明白了。我的後續問題是，所以你看到了該類別穩定的跡象。看來你們的市佔率也在穩定。那麼，這是對你們市場佔有率的公平評估嗎？ B，如果我們假設這種情況持續到明年，最終在 2025 年實現銷售正增長，那麼您的盈利能力中的關鍵投入和投入將會影響增量利潤，正如您所經歷的那樣銷量回升？非常感謝。

I will take part one and then hand it over to Matt for part two. So as it relates to share, I think the perception of rough stabilization feels right. Now let me start by saying, I like you talking about next year, share is a long game for us. It's not exactly a perfect science quarter-by-quarter. And we've been pretty clear to say this is a really hard industry to measure because there isn't a great source that's going to walk you through everything as it relates to share.

我將參加第一部分，然後將第二部分交給馬特。因此，就份額而言，我認為粗略穩定的感覺是正確的。現在讓我先說，我喜歡你談論明年，分享對我們來說是一場漫長的遊戲。這並不是一個逐季度完美的科學。我們已經非常明確地說，這是一個非常難以衡量的行業，因為沒有一個很好的資源可以引導您完成與共享相關的所有內容。

So we talked about in some categories, we absolutely feel like we've had a strong and good share gain position. Think about things like the computing conversation we were having or even year-to-date, what we've been seeing in gaming, I think we've had some really strong positioning. I think there are some other categories, we’re back to your point about stabilization, we're starting to see at least a little bit better stabilization.

因此，我們在某些​​類別中討論過，我們絕對感覺我們擁有強大且良好的份額增益地位。想想我們正在進行的計算對話，甚至今年迄今為止，我們在遊戲中看到的情況，我認為我們已經有了一些非常強大的定位。我認為還有一些其他類別，我們回到您對穩定性的觀點，我們開始看到至少更好的穩定性。

TVs is one that's been uneven depending on the quarter. But it feels like, I think the team has done a really nice job leaning into the spaces where we play best, our exclusive brands, our large, large, extra-large screens, think 92 inches plus, and I think that is helping.

電視的銷售情況因季度而異。但感覺上，我認為團隊在我們發揮得最好的領域做得非常好，我們的獨家品牌，我們的大螢幕，大螢幕，92英寸以上的螢幕，我認為這很有幫助。

I think there are still some spaces where, again, we saw maybe slightly sequentially better results, but still not where we want to be. And in that, I would talk about major appliances as an example, where we've been pretty transparent. That's an incredibly promotional category right now. It is also a category that is skewing almost 80% to direct sales right now based on the data that we can see, which is, again, not exactly the place where we tend to play best for a little bit more of a complete solutions and so the housing slowdown definitely disproportionately hurts us.

我認為仍然有一些空間，我們再次看到可能稍微好一點的結果，但仍然不是我們想要的地方。在此，我會以大型家電為例，我們在這方面一直都相當透明。目前這是一個令人難以置信的促銷類別。根據我們所看到的數據，目前該類別的直銷佔比近 80%，這又不完全是我們傾向於提供更完整的解決方案的最佳領域，因此，房地產市場放緩肯定對我們造成了不成比例的傷害。

So Michael, I think at the highest level, this idea of moderation feels right, but we're really targeting kind of at the category level where and how we want to play with a consumer who's very either value-oriented or innovation replacement-oriented.

所以邁克爾，我認為在最高層面上，這種適度的想法感覺是正確的，但我們真正的目標是在類別層面上，我們希望在哪裡以及如何與非常注重價值導向或創新替代導向的消費者一起玩。

Yeah. And so how it relates to next year, I think obviously, we're not going to provide long-term guidance today. But as we think about the next few years as that industry continues to grow as we expect it to and we continue to try to drive our market share with it, we would also expect to be able to expand our OI rate over that time as well.

是的。因此，我認為顯然，它與明年的關係如何，我們今天不會提供長期指導。但當我們考慮未來幾年，隨著該行業按照我們的預期繼續增長，並且我們繼續努力提高我們的市場份額時，我們也希望能夠在這段時間內擴大我們的 OI 率。

It's a little early to talk entirely about the puts and takes for next year. I think what we've been able to do is be very thoughtful about our cost reductions and efficiencies to drive improved profitability from that regard. And then there's a layering in of the other initiatives that we would hope to contribute also positively to the OI rate over time.

現在完全談論明年的看跌期權還為時過早。我認為我們能夠做到的是非常認真地考慮降低成本和提高效率，從而提高獲利能力。然後還有其他一些措施的分層，我們希望隨著時間的推移，這些舉措也能為 OI 率做出積極貢獻。

I think the other parts of the business, supply chain, at this point, as much as we can see somewhat neutral as it relates to a year-over-year perspective next year. But again, obviously, we'll know more as we get towards the end of this year and provide more updates.

我認為業務的其他部分，供應鏈，在這一點上，我們可以看到多少是中性的，因為它與明年的同比前景有關。但同樣，顯然，隨著今年年底的到來，我們將了解更多資訊並提供更多更新。

One last thing that I can't resist adding, Michael, on the share conversation, I just want to make it clear, we do tend to outperform when there's innovation and when we can leverage our competitive differentiation. And we absolutely, even though the Copilot plus side of things is small right now, it definitely underscores kind of that part of our thesis, that is the space where we tend to outperform.

最後一件事，我忍不住要補充一點，邁克爾，在分享談話中，我只是想澄清一下，當有創新並且我們可以利用我們的競爭優勢時，我們確實往往會表現出色。我們絕對，儘管現在副駕駛加方面的事情很小，但它肯定強調了我們論文的一部分，那就是我們往往表現出色的空間。

Thank you very much, and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Mike Baker, D.A. Davidson.

麥克貝克，D.A.戴維森。

Okay, thanks. Two questions for me. One, just -- so laptops, computers doing well even without the Copilot plus, and that feels like about the right timing in terms of product cycles, four years after everyone upgraded around COVID, and that's usually the product cycle for laptops. I guess, I'm interested in what's next. What's the next product cycle that you think starts to show an improvement for you?

好的，謝謝。有兩個問題問我。一，即使沒有 Copilot plus，筆記型電腦也能表現良好，就產品週期而言，這似乎是正確的時機，在每個人都圍繞新冠病毒進行升級四年之後，這通常是筆記型電腦的產品週期。我想，我對接下來的事情感興趣。您認為下一個產品週期會為您帶來哪些改進？

So I want to make sure that I clarify. Laptops were strong. We also made it a point to say tablets were strong and we're kind of looking at those things together because the newest lineups of tablets that we're seeing, particularly from Apple, are at the same processing power and same price points as some of the most premium laptops that we sell.

所以我想確保我澄清了。筆記型電腦很強大。我們也強調平板電腦很強大，我們會一起考慮這些事情，因為我們看到的最新平板電腦系列，特別是來自蘋果的平板電腦，與某些平板電腦具有相同的處理能力和相同的價格點我們銷售的最優質的筆記型電腦。

So I think that's -- the reason I bring that up is because both are lovely examples of not massive innovation, but enough innovation in terms of the strengths of these devices, the look and feel of the devices. We also talked just briefly in our comments about desktops, particularly gaming desktops have been incredibly strong.

所以我認為，我提出這一點的原因是因為這兩款產品都是可愛的例子，雖然不是大規模創新，但就這些設備的優勢、設備的外觀和感覺而言，它們是足夠的創新。我們也在有關桌上型電腦的評論中簡短地談到了桌上型電腦，尤其是遊戲桌上型電腦的強大程度令人難以置信。

Again, higher price point, innovation in terms of processing power, and kind of a new way to game even as the console side of the business has been a little bit softer. I can see us heading into based on what's out there and has been announced. Obviously, Apple will make larger announcements here in about a week and a half, but they have made it clear Apple Intelligence is important to them.

同樣，更高的價格、處理能力方面的創新，以及一種新的遊戲方式，儘管遊戲機方面的業務已經有點疲軟了。我可以根據現有情況和已宣布的情況看到我們正在進入。顯然，蘋果將在大約一周半後在這裡發布更大的公告，但他們已經明確表示蘋果智慧對他們很重要。

And again, that's important because it's not just about a phone launch, Apple Intelligence will stretch across devices, it will be on your tablet, it will be on your Mac, it's going to be on your phone. And so the way I characterize this is -- it's not so much a revolution, it's an evolution.

再說一遍，這很重要，因為這不僅僅是手機的發布，Apple Intelligence 將跨設備延伸，它將出現在你的平板電腦上，它將出現在你的Mac 上，也將出現在你的手機上。因此，我對此的描述是──與其說這是一場革命，不如說是一場演進。

And I think you're going to see AI capabilities bleed into my point of view, everything with a screen, I think the first realms will be computing, whether that's laptop, ultimately desktop, tablets, and phones, and in most of those cases you're going to want that higher processing power in those devices, obviously potentially proliferating further from there as you think about smart home capabilities or even televisions and the processing and smarts that you might need to stream effectively.

我認為你會看到人工智慧功能滲透到我的觀點中，所有有螢幕的東西，我認為第一個領域將是計算，無論是筆記型電腦，最終是桌上型電腦，平板電腦還是手機，在大多數情況下您將希望這些設備具有更高的處理能力，當您考慮智慧家庭功能甚至電視以及您可能需要有效串流的處理和智慧時，顯然可能會進一步擴展。

So I think that's why we think it's this longer cycle for us, and we've been really clear in saying we never expected everyone to be lined up at the door waiting for their AI devices. It's more that this continues to proliferate across screens.

所以我認為這就是為什麼我們認為這對我們來說是一個更長的周期，而且我們非常明確地說我們從未期望每個人都會在門口排隊等待他們的人工智慧設備。更重要的是，這種現像在螢幕上繼續擴散。

Yeah, okay. Fair enough. Appreciate that. If I could just ask one clarification question. The monthly trends, May, June, July, July being flat, how much of that was impacted by the calendar shift? In other words, so the way you talked about, July was the best month of the quarter. Was that because of the calendar shift or anyway to sort of quantify that impact?

是啊，好吧。很公平。很欣賞這一點。如果我能問一個澄清問題就好了。每月趨勢，五月、六月、七月、七月持平，其中有多少受到日曆變動的影響？換句話說，正如您所說，七月是本季最好的月份。這是因為日曆變化還是為了量化這種影響？

Yeah, we're not going to try to parse out the overall quarterly impact of the week shift by month. But in Q2, more, I would say generally more -- most of that impact was in May versus July. So July relatively not impacted by that week shift.

是的，我們不會嘗試逐月分析週班的整體季度影響。但在第二季度，更多，我想說的是總體上更多——大部分影響是在 5 月和 7 月。因此，7 月相對不受該週輪班的影響。

Got it. Perfect. Thank you.

知道了。完美的。謝謝。

Thank you.

謝謝。

Greg Melich, Evercore ISI.

格雷格·梅里奇，Evercore ISI。

Hi, thanks. I wanted to dig a little bit deeper into gross margin. I know that the membership program is getting more profitable. I'd love to hear an update on how the membership program is developing in and of itself and how those folks are behaving as consumers.

你好，謝謝。我想更深入地了解毛利率。我知道會員計劃的利潤越來越高。我很想了解會員計劃本身的發展以及這些人作為消費者的行為方式的最新情況。

Sure. So as I always will do, rewind the tape, and just talk first, what do we want our membership program to do? You have a membership program because consumers are less brand loyal than they've really ever been historically. And in our case, the goal of membership is to drive both customer engagement and increased share of wallet. So this idea that every time I want to buy CE, why would I go anywhere else? Because Best Buy is the place for me.

當然。因此，正如我一貫所做的那樣，倒帶，首先談談，我們希望我們的會員計劃做什麼？你有一個會員計劃，因為消費者的品牌忠誠度比歷史上任何時候都低。在我們的案例中，會員資格的目標是提高客戶參與度和增加錢包份額。所以每次想買CE時，為什麼要去其他地方？因為百思買是適合我的地方。

And we look at really three main areas of engagement. One is acquisition, the second is engagement, and the third is retention. So to your question about like how's it performing, well across those things what can we see? One, we continue to grow our new customers in Q2 compared to Q2 of last year, our new paid customers.

我們著眼於三個主要的參與領域。一是獲取，二是參與，三是保留。那麼，對於你的問題，例如它的表現如何，在這些方面我們可以看到什麼？第一，與去年第二季相比，我們第二季的新客戶持續成長，我們的新付費客戶。

Now, again, part of that is we have a new tier in the plus tier along with the total tier, but we like what we're seeing because the whole objective there was to make membership available to a broader population of people. And so we do see materially -- material growth in those numbers year-over-year for the quarter.

現在，部分原因是我們在附加級別和總級別中增加了一個新級別，但我們喜歡我們所看到的，因為整個目標是讓更廣泛的人群可以使用會員資格。因此，我們確實看到本季這些數字年增率出現實質成長。

The second thing we are seeing is, for sure our paid members consistently show higher levels of engagement and interaction with comparatively higher levels of spend at Best Buy. So again, back to that original thesis, when people do purchase a membership, it is doing what we want it to do. They're engaging more with us and they're spending more. So we like what we're seeing there.

我們看到的第二件事是，我們的付費會員在百思買的支出水準相對較高，因此始終表現出更高水準的參與度和互動。再次回到最初的論點，當人們購買會員資格時，它正在做我們希望它做的事情。他們與我們的互動越來越多，花費也越來越多。所以我們喜歡在那裡看到的東西。

It's still super early. We just lapped the launch of the new tiers and new construct in June. But at this point, our retention rates are also outperforming our expectations for both total and plus. So the early, early indicators, and again, this is, I know I always say this, but we need a little bit of time because our frequency is comparatively lower than other retailers, so it takes us a bit longer to understand our customer behaviors. But on the whole, we are very pleased with what we're seeing in our membership program. And you can imagine we will continue to think through how do we iterate or add potentially different offers into that mix as we go forward.

現在還超早。我們剛剛在六月推出了新等級和新構造。但目前，我們的保留率在總保留率和附加保留率方面都超出了我們的預期。所以早期、早期的指標，再說一遍，這是，我知道我總是這麼說，但我們需要一點時間，因為我們的頻率比其他零售商相對較低，所以我們需要更長的時間來了解我們的客戶行為。但總的來說，我們對會員計劃中所看到的情況感到非常滿意。您可以想像，隨著我們的前進，我們將繼續思考如何迭代或添加潛在的不同報價到該組合中。

Great. I'd love to follow up on that. I think you guys mentioned that some of the promotional environment was bad in appliances. In your guidance for the second half, do you expect that to get better or worse and maybe highlight any other categories where that could get better or worse?

偉大的。我很樂意跟進此事。我想你們提到過一些電器的促銷環境很糟糕。在您對下半年的指導中，您預計情況會變得更好還是更糟，並可能強調任何其他可能變得更好或更糟的類別？

Yeah, I think generally we probably expect the promotional -- promotionality we saw in both Q1 and Q2 to continue on for the rest of the year. It's quite promotional in many of our categories. Appliances we talked about, televisions is still pretty competitive and promotional with that trade of tearing down of purchasing. Computing is always promotional as you get in and so I think we're just -- and we've prepared our guidance reflect our need to be competitive as we look out to Q3 and Q4.

是的，我認為一般來說，我們可能會預期第一季和第二季的促銷活動將在今年剩餘時間內繼續下去。它在我們的許多類別中都具有相當的促銷作用。我們談到的電器、電視仍然具有相當大的競爭力和促銷性，並且透過拆解採購的方式進行促銷。當你進入時，計算總是促銷的，所以我認為我們只是 - 我們已經準備了我們的指導，反映了我們在展望第三季度和第四季度時保持競爭力的需要。

That's great. And then just one housekeeping. Did I hear something in SG&A, a legal settlement? Did I --

那太棒了。然後只需一項家事服務。我在 SG&A 中聽過法律和解嗎？我是不是——

Yeah, we had a one-time legal settlement within the credit card processing area. It should not recur. It was just a one-time benefit to SG&A in the second quarter.

是的，我們在信用卡處理領域進行了一次性法律解決。它不應該再次發生。這只是第二季SG&A 的一次性收益。

Could you quantify it?

你能量化一下嗎？

It's around $10 million.

大約是1000萬美元。

Got it. All right. Well, good luck and thanks, guys.

知道了。好的。好吧，祝你好運，謝謝，夥計們。

Thank you.

謝謝。

Steve Zaccone, Citi.

史蒂夫扎科內，花旗銀行。

Great. Good morning. Thanks for taking my question. I wanted to double click on the second half outlook. So with August flat, can you just help us understand how back-to-school is performing overall relative to plan? Presumably there'll be some more newness as we get into September.

偉大的。早安.感謝您提出我的問題。我想雙擊下半場展望。那麼，鑑於 8 月持平，您能否幫助我們了解返校活動相對於計劃的整體表現如何？進入九月，想必會有更多新鮮事。

And then can you just help us think through the implied outlook in the fourth quarter, just given the guidance reduction on same-store sales, maybe what can help you get to the high-end of the range versus the low-end of the range, specifically in that fourth quarter, since holiday is so important?

然後，您能否幫助我們思考第四季度的隱含前景，考慮到同店銷售額的指導減少，也許什麼可以幫助您達到該範圍的高端與該範圍的低端，特別是在第四季度，因為假期如此重要？

Good morning, Steve. As it relates to back-to-school performance, I would say it's performing basically in line with our expectations. Now to your point about September, what's a little tricky is over the last many years, we've actually seen back-to-school kind of push further into September. It almost seems like people are weighing what it is exactly they're going to need to go back to school with.

早安，史蒂夫。由於涉及返校表現，我想說它的表現基本上符合我們的預期。現在談談你關於九月的觀點，有點棘手的是在過去的許多年裡，我們實際上已經看到返校時間進一步推遲到了九月。人們似乎正在權衡他們到底需要帶什麼東西回到學校。

So we still have a chunk of the season in front of us. But so far, I would say it is playing to our expectations, which again, sits under our whole point of view that we're not seeing a lot right now in customer behavior that's saying they're behaving incredibly differently.

因此，本賽季我們還有很長一段路要走。但到目前為止，我想說這符合我們的期望，這再次符合我們的整體觀點，即我們目前在客戶行為中沒有看到太多，這表明他們的行為非常不同。

Yeah, as it relates to Q4, I think obviously our range reflects something that's anywhere from down 3% to up 2%. I think obviously we're planning for a lot of different outcomes. On the high end, I think we would expect, obviously computing and tablets to continue to be strong as we look at the back half of the year. I think generally there's an improvement in most of our categories, maybe not positive, but the declines would improve.

是的，就第四季度而言，我認為顯然我們的範圍反映了下降 3% 到上升 2% 的情況。我認為顯然我們正在計劃很多不同的結果。在高端領域，我認為我們預計，當我們展望今年下半年時，顯然計算和平板電腦將繼續強勁。我認為總的來說，我們的大多數類別都有所改善，也許不是積極的，但下降的情況會有所改善。

We are also cognizant of, we have continued price investments, increased marketing in the back half even more than the first half of the year, and dedicated labor will start to be actually more fulsome in the back half as we’re still ramping up the televisions and appliance areas.

我們也意識到，我們持續進行價格投資，下半年的行銷力道甚至比上半年還要多，而且下半年我們仍在加大力度，投入的勞動力實際上會變得更加充實。

So all those things should help us improve. I also know that TVs would be an area we would expect to improve as the quarters Q3 and Q4 progresses. In that area I think there's an expectation that the very large televisions, the 97 inches and above, are able to help us improve the trend of performance there, amongst other things.

所以所有這些事情都應該幫助我們改進。我還知道，隨著第三季和第四季的進展，電視將是我們期望改進的一個領域。在該領域，我認為人們期望 97 吋及以上的超大電視能夠幫助我們改善該領域的效能趨勢等。

So at the high end, those are the things that would support the top end. Obviously at the bottom end, we would expect in an industry and a performance that's more in line with where we saw comps in Q2, just a general non-improvement or just a more stagnant level within the industry than what we've been seeing more recently.

所以在高端，這些都是支撐高端的東西。顯然，在底部，我們期望行業和業績與我們在第二季度看到的比較更加一致，只是總體沒有改善，或者只是行業內比我們所看到的更停滯的水平最近。

Okay, thanks for that. The follow-up I had is just on the growth in tablets and computers, can you talk through how ASPs performed relative to units? And as we think about the path forward, where we go from replacement cycle to maybe more newness sprinkling into the assortment, is there potential for ASPs to increase as we get into next year, specifically in that category?

好的，謝謝。我的後續行動只是關於平板電腦和計算機的成長，您能談談 ASP 相對於單位的表現如何嗎？當我們思考未來的道路時，我們從更換週期到可能會有更多新產品進入品種，隨著我們進入明年，特別是在該類別中，平均售價是否有可能增加？

Yeah, generally, we're not going to go through organics in too much detail. It's not how we plan our business, but in Q2 when you look at mobile computing or the notebooks area, I would say ASPs were actually slightly flat to down a little bit within the notebook category. Tablets, they would be up with the new innovation.

是的，一般來說，我們不會詳細介紹有機物。這不是我們規劃業務的方式，但在第二季度，當你看到行動運算或筆記型電腦領域時，我想說，筆記型電腦類別中的平均售價實際上略有持平甚至略有下降。平板電腦，他們會跟上新的創新。

As you go forward, those mixes can change a little bit based on the -- with the notebooks you see, we'll see more AI enabled computers, which should generally probably drive the price points up a little bit. And so ASPs could potentially move up. Tablets could depend upon when you get into the holidays. It's also a very promotional idea. So you can see ASPs maybe come down a little bit. But generally, again, we don't really plan our business on those organics. We reflect more of like what are the launches and where are the categories at in their cycles.

隨著你的前進，這些組合可能會根據你看到的筆記型電腦而發生一些變化，我們將看到更多支援人工智慧的計算機，這通常可能會推動價格點上漲一點。因此平均售價可能會上升。平板電腦可能取決於您何時進入假期。這也是一個非常具有促銷性的想法。所以你可以看到 ASP 可能會下降一點。但總的來說，我們並沒有真正在這些有機物上規劃我們的業務。我們更多地反映了發布了什麼以及類別在周期中的位置。

In general, the concept that the proliferation of innovation across the category tends to drive in the early stages of the innovation, higher ASPs, that does tend to be the case. So I think the hypothesis that as we see innovation in these kinds of categories, you start to -- and as it gets large enough as a part of the category, it definitely can help support some of the greater ASPs.

一般來說，跨類別創新的擴散往往會在創新的早期階段推動更高的平均售價，事實往往確實如此。因此，我認為，當我們看到此類類別的創新時，您就會開始 - 隨著它作為該類別的一部分變得足夠大，它肯定可以幫助支援一些更大的 ASP。

That being said, I really want to underscore what Matt said, which is we are an environment that is highly promotional and price sensitive and a consumer who is as much as they're interested in the innovation, also looking for great deals and value. And so this for us, the objective is not ASP expansion. The objective is meeting the customer where they are across the full range of products that we have.

話雖這麼說，我真的想強調馬特所說的，那就是我們的環境對促銷和價格敏感，消費者對創新非常感興趣，也在尋找優惠和價值。所以對我們來說，目標不是 ASP 擴充。我們的目標是在我們擁有的全系列產品中滿足客戶的需求。

Understood. Best of luck in the second half.

明白了。祝下半場好運。

Thank you.

謝謝。

Thank you.

謝謝。

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

Good morning, Corie, Matt.

早安，科里，馬特。

Good morning.

早安.

I was hoping maybe we could explore how you were thinking about and/or planning for the potential of wallet cannibalization within the category. Sort of -- as you think about the impact of innovation, is it -- should we view it or do you view it as net incremental to wallet share spend or do you see the risk of cannibalization within the CE industry? Just trying to really gauge your overall confidence that the CE category as a whole, right, can get back to gaining share of total PCE spend.

我希望我們可以探討您如何思考和/或計劃該類別中錢包蠶食的潛力。當您考慮創新的影響時，我們是否應該將其視為錢包份額支出的淨增量，或者您是否認為消費性電子產業存在蠶食風險？只是想真正衡量一下您對消費電子類別作為一個整體是否能夠恢復在個人消費電子總支出中所佔份額的整體信心。

For the category, we've been pretty explicit that there is this stacked layer of pressures on the category, which to your point, have overarchingly for the industry, made it difficult for the industry to grow. And we've talked about kind of five things.

對於該類別，我們已經非常明確地表明，該類別面臨著層層壓力，就您而言，這對整個行業來說是首要的，使得該行業難以發展。我們已經討論了五件事。

One, inflation, not on our stuff, but on the basics. You're starting to see that ease a little bit, though housing still is a real concern there. And that's going to take a little bit longer to ease. You have spent on experiences. People are continuing to want to spend on experiences versus goods. That's kind of a broad statement, but it's been true and that has remained relatively sticky, although you're starting to see that pull back just a little bit in some of the early indicators. You got a stagnant housing market. You're just not seeing the turnover. That has continued, and I think it's going to take us a little bit of time to get out of that.

第一，通貨膨脹，不是我們的東西，而是基礎建設。儘管住房仍然是一個真正令人擔憂的問題，但你開始看到這種情況有所緩解。這需要更長的時間才能緩解。你已經把錢花在經驗上了。人們仍然願意花錢購買體驗而不是商品。這是一個廣泛的說法，但這是事實，而且仍然相對黏性，儘管你開始看到一些早期指標略有回落。房地產市場停滯不前。你就是看不到營業額。這種情況仍在繼續，我認為我們需要一些時間才能擺脫這種情況。

Then there were kind of two other specifics that are more about our industry. There was a very large pull forward in COVID, where people spent a lot on these categories. And then secondarily, we have not seen innovation within the category.

還有另外兩個更多關於我們行業的細節。新冠疫情帶來了巨大的推動，人們在這些類別上花費了大量資金。其次，我們還沒有看到該類別內的創新。

So what gives me some confidence going forward and why we've talked about moderation into the back half and why industry forecasts that tend to look at least a little bit positive for next year is particularly these last two things.

那麼，是什麼讓我對未來充滿信心，為什麼我們談到了下半年的適度調整，以及為什麼對明年至少看起來至少有點積極的行業預測尤其是最後兩件事。

Innovation proliferating throughout the categories and starting to lap, and we talked about it earlier, at 4.5 years out from the pandemic, starting to get into real replacement cycle timing where people are just going to want new devices. And that's why we keep our eyes on those indicators in particular. Because if you have those two indicators and you start to see a little bit of easing of inflation, in particular, that to us feels like you're starting to get the right combination of things for the total industry to your point about the share of the total, like, wallet with the big W.

創新在各個類別中激增並開始出現下滑，我們之前談到過這一點，距大流行 4.5 年，開始進入真正的更換週期時機，人們只是想要新設備。這就是為什麼我們特別關注這些指標。因為如果你有了這兩個指標，並且你開始看到通膨有所緩和，特別是對我們來說，你就開始為整個行業找到正確的組合，以達到你的觀點。有大W的錢包。

I think you start to see the total industry then rebound. So we'll keep our eye on those indicators. We'll continue to try to update you on what we're seeing. But I think what we've seen, even as we came out of Q1 and into Q2, is reinforcing our thesis on some of these things.

我認為你開始看到整個行業然後反彈。因此，我們將密切關注這些指標。我們將繼續努力向您通報我們所看到的最新情況。但我認為，即使我們從第一季進入第二季度，我們所看到的也正在強化我們關於其中一些事情的論點。

That's great to hear. And then just a quick follow-up. Tablets and computing up 6%. Any way to frame the percentage of the business today that those two categories represent, or maybe the percentage of the segment disclosure of computing mobile phones that those two categories represent?

很高興聽到這個消息。然後進行快速跟進。平板電腦和電腦成長 6%。有什麼方法可以確定這兩個類別所代表的當今業務的百分比，或者這兩個類別所代表的計算行動電話細分市場的百分比？

I'd say notebooks or computing, part of that equation is considerably higher than the tablet side although tablet is a fairly sizable category. We've definitely broken those two out but notebook still is the bigger part of those two within the 6% in terms of the weight of the dollars.

我想說的是筆記型電腦或計算機，儘管平板電腦是一個相當大的類別，但該等式的一部分比平板電腦要高得多。我們確實已經將這兩者分開，但就美元的權重而言，筆記型電腦仍然是這兩者中最大的一部分，在 6% 之內。

And the two are definitely the bigger part of the overarching category as we break it.

當我們打破它時，這兩者絕對是整體類別中更重要的部分。

Thank you.

謝謝。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, everyone, and nice job, managing the year so far. I wanted to ask, this was touched on, I wanted to get maybe some more texture, Matt, first on the gross margin between Q3, Q4, I know you talked about what you're planning in terms of promotion, but any texture between the two quarters and the back half of the year?

大家早安，今年到目前為止，幹得好。我想問，這被觸及了，我想得到更多的紋理，馬特，首先是第三季度和第四季度之間的毛利率，我知道你談到了你在促銷方面的計劃，但是之間的任何紋理兩個季度和下半年？

Generally speaking, the back half gross profit rate expansion for Q3 and Q4 are pretty similar. We do have the nuance that there is an extra week in Q4, which does have an impact on the gross profit rate a little bit. When you take that out, the two quarters are similar.

整體而言，第三季和第四季後半段毛利率擴張情況相當相似。我們確實有一個細微差別，即第四季度多了一周，這確實對毛利率產生了一點影響。當你去掉它時，兩個季度是相似的。

Now those two quarters are likely a bit lower than the first half of the year where we saw we were still lapping the membership program changes that we made. So the net of the year should be 35 basis points of expansion, probably a little bit lower in the back half, a little bit higher in the first half, the drivers are very similar. There's product margin rate, pressure as you get into each Q3 and Q4.

現在，這兩個季度可能會比上半年略低一些，我們看到我們仍在對會員計劃進行更改。因此，今年的淨成長應該是 35 個基點的擴張，可能是下半年低一點，上半年高一點，驅動因素非常相似。進入第三季和第四季時，會有產品利潤率和壓力。

And I would say credit card profit share is probably more of a little bit pressure in Q3 than it would be in Q4. Those are probably the biggest items. But again, the drivers are really dissimilar. It's just more of us lapping that program change after Q2.

我想說，信用卡利潤份額在第三季可能比第四季承受更大的壓力。這些可能是最大的物品。但話又說回來，驅動程式確實不同。只是我們中有更多人在第二季度之後接受了計劃的改變。

Okay. And then just a follow-up in the gross margin. This particular quarter, there was a benefit from higher services and then product margin was a little weaker. Can you quantify that and then thinking about product margin going forward, I guess as cycles come through, especially in mobile and computing.

好的。然後只是毛利率的跟進。在這個特定季度，服務水準提高帶來了好處，但產品利潤率略有下降。你能否量化這一點，然後考慮未來的產品利潤率，我想隨著週期的到來，尤其是在行動和運算領域。

Is there a premise that product margin can't be higher because of promotion or is promotion the biggest dictator of product margin going forward or should product margin start to lift as some of this new technology goes through the mix?

是否有一個前提，即產品利潤率不能因為促銷而提高，或者促銷是未來產品利潤率的最大決定因素，還是隨著某些新技術的混合使用，產品利潤率應該開始提升？

Yeah, I think in terms of the quantification, we haven't quantified it. I would say that the benefit from membership and services is significantly more than the overall expansion that we saw in Q1 and Q2. In terms of the broad dynamics of a promotion, I mean, for product margins you've got a number of items. You've got the promotionality level, so to the extent that the industry starts to stabilize and there's less promos needed to drive units, you could see that being a little bit of a relief or continued pressure depending on the environment we're sitting in.

是的，我認為在量化方面，我們還沒有量化它。我想說，會員資格和服務帶來的好處明顯超過我們在第一季和第二季看到的整體擴張。就促銷的廣泛動態而言，我的意思是，為了產品利潤，你有很多商品。你已經達到了促銷水平，因此，當行業開始穩定下來並且推動單位所需的促銷活動減少時，你可以看到，根據我們所處的環境，這會帶來一點緩解或持續的壓力。

You always have a level of mix of categories, so there's some categories that have a little bit higher gross profit rate and some that are a little bit lower and that can sometimes have an impact. Those are the biggest items in terms of product margin rates. Assuming you're managing inventory well and you don't see excessive write-off markdowns, which we have not seen, I think those are usually the biggest things to think about.

你總是有一定程度的類別混合，因此有些類別的毛利率較高，有些類別的毛利率較低，有時會產生影響。就產品利潤率而言，這些是最大的項目。假設您管理庫存良好，並且沒有看到過度的沖銷降價（我們還沒有看到過），我認為這些通常是最需要考慮的事情。

Okay, thanks. Well done. Good luck in the back half.

好的，謝謝。幹得好。祝後半程好運。

Thank you.

謝謝。

Thank you.

謝謝。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks, good morning. So a couple of nuts and bolts questions. On the quarter-to-date being approximately flat, is that like you disclosed in May, like, your estimate of what the shift is impacting, so it's X any maybe shift benefit from the back-to-school timing? And then as you think about the headwind, does that essentially occur in October as a net headwind to the quarter?

謝謝，早安。所以有幾個具體問題。就季度至今而言，大致持平，就像您在 5 月披露的那樣，您對班次影響的估計，因此返校時間可能會給班次帶來好處嗎？然後，當您考慮逆風時，這是否本質上發生在 10 月份，作為本季的淨逆風？

Yeah, as I said, we're not going to get into the specifics of weekly impacts by month. I think if I step all the way back and think about, July was about flat in terms of comp sales. August we’re estimating to be approximately flat. The two quarters combined are approximately flat, which is an improvement in trend from what we saw in Q1 and even from what we saw in Q2.

是的，正如我所說，我們不會按月詳細介紹每週影響。我想，如果我退一步想一想，7 月的銷售量基本上持平。我們預計 8 月的情況大致持平。這兩個季度加起來大致持平，這比我們在第一季甚至第二季看到的趨勢有所改善。

It's really difficult to estimate weekly shift impacts by month because it's not just the shift, you also have changes to the promotional calendar, you have different promotions in different weeks that can also impact it, so it's really difficult to break those down much beyond just a quarterly impact.

按月估計每週輪班的影響確實很困難，因為這不僅僅是輪班，促銷日曆也有變化，不同周有不同的促銷活動也會對其產生影響，因此很難將這些影響分解為不僅僅是輪班季度影響。

Got it. And then on the SG&A front, I know that you talked about adding back labor and you're adding back labor sort of at an increasing rate as you reset more departments. But then with the cost savings plan from the end of last year, I think the cost savings built over the year because not all the sort of strategies were put in place. So is that fair and does that make SG&A dollars in the second quarter the right level to build from? Thank you.

知道了。然後在SG&A方面，我知道您談到了增加返工，並且隨著您重置更多部門，您增加返工的速度會越來越快。但從去年年底開始的成本節約計畫來看，我認為這一年的成本節約是因為並非所有類型的策略都已到位。那麼，這公平嗎？謝謝。

Yeah, I think as it relates to SG&A, I think in the first half of the year, our SG&A was down about 4%. If you think about the back half of the year, the SG&A, when you remove the extra week, is anywhere from up 2% to flat on the low end for the second half.

是的，我認為與 SG&A 相關，我認為今年上半年，我們的 SG&A 下降了約 4%。如果你考慮今年下半年，當你去掉額外一周的時間後，SG&A 下半年的成長幅度從 2% 到持平。

And so I think the S&A favorability in the first half isn't necessarily going to translate to the favorability we see in the back half. And there are a number of reasons that are driving that. The first one is just, to your point, the store payroll. We saw a lot of favorability in store payroll in the first half of the year. We had yet to cycle those operating model changes, which we did in Q1 the last year. So that will drive some favorability in the first half, but not in the back half.

因此，我認為上半年的 S&A 好感度不一定會轉化為我們在後半段看到的好感度。造成這種情況的原因有很多。就您而言，第一個只是商店工資單。今年上半年，我們在商店薪資方面看到了很多優惠。我們還沒有循環這些營運模式的變化，這是我們去年第一季所做的。因此，這會在上半場帶來一些好感度，但不會在後半場帶來一些好感度。

We also have a better sales outlook in the back half of the year, so we're adding sales to support that as well. In the first half, we also had the $40 million of geography change for offsetting SG&A versus cost of sales. That does not occur in the back half of this year.

我們下半年的銷售前景也更好，因此我們也增加了銷售額來支持這一點。上半年，我們也進行了 4,000 萬美元的地理變更，以抵銷 SG&A 與銷售成本的影響。今年下半年不會發生這種情況。

And then also in the first half of the year we saw medical claims costs come in much lower than we saw the year before. So that was a favorability in the first half of the year. So there's a noticeable change in SG&A trajectory as you go from the first half to back half of the year for those very reasons. And those are largely included in many cases in how we already guided, so.

然後，在今年上半年，我們看到醫療索賠成本比前一年低得多。所以這是上半年的一個利好。因此，由於這些原因，從上半年到下半年，SG&A 軌跡發生了明顯的變化。在許多情況下，這些很大程度上都包含在我們已經指導的方式中，所以。

Got it. Thanks very much. Have a great rest of back-to-school.

知道了。非常感謝。返校後好好休息。

Thank you.

謝謝。

Thank you. And that is our last question. Thank you so much for taking the time to join us today and we look forward to speaking to you after Q3.

謝謝。這是我們的最後一個問題。非常感謝您今天抽出時間加入我們，我們期待在第三季之後與您交談。

This will conclude Best Buy's second quarter fiscal 2025 earnings call. Thank you for your participation. You may now disconnect.

百思買 2025 財年第二季財報電話會議至此結束。感謝您的參與。您現在可以斷開連線。