百思買 (BBY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's third quarter fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 1:00 PM Eastern time today. If you need assistance on the call at any time, please press star zero and an operator will assist you.

女士們先生們，謝謝你們的支持。歡迎參加百思買 2025 財年第三季財報電話會議。 （操作員說明）謹此提醒，此通話正在錄音以供回放，並將在東部時間今天下午 1:00 左右播放。如果您隨時需要通話協助，請按星號零，接線員將為您提供協助。

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

我現在將會議交給投資者關係主管 Mollie O'Brien。

Thank you and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our CFO; and Jason Bonfig, our Senior Executive Vice President of Customer Offerings and Fulfillment in Canada.

謝謝大家，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)； Matt Bilunas，我們的財務長； Jason Bonfig，我們加拿大客戶服務和履行的高級執行副總裁。

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.

在今天的電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。這些非GAAP 財務指標與最直接可比較的GAAP 財務指標的對帳以及這些非GAAP 財務指標為何有用的解釋可以在今天上午的收益報告中找到，該報告可在我們的網站Investors.bestbuy.com 上找到。

Some of the statements we will make today are considered forward-looking within the meeting 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 statement.

我們今天將發表的一些聲明在 1995 年《私人證券訴訟改革法案》的會議上被認為是前瞻性的。 這些聲明可能涉及公司的財務狀況、業務計劃、增長計劃、投資和預期業績，並受到可能導致實際結果與此類前瞻性陳述有重大差異的風險和不確定性。

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

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

I will now turn the call over to Corie.

我現在將把電話轉給科里。

Good morning, everyone, and thank you for joining us. Today, we are reporting an in line operating income rate for the third quarter on softer-than-expected sales. We are proud of our continued ability to maintain our profitability even if sales are slightly lower than expected.

大家早安，感謝您加入我們。今天，我們報告第三季營業利潤率與預期相符，原因是銷售疲軟。即使銷售額略低於預期，我們仍能持續保持獲利能力，對此我們感到自豪。

On revenue of $9.4 billion, we delivered a non-GAAP operating income rate of 3.7%. We drove strong year-over-year gross margin rate expansion of 60 basis points, largely due to improvement in our membership and services offers. Our SG&A spend was in line with our expectations.

我們的營收為 94 億美元，非 GAAP 營業利潤率為 3.7%。我們的毛利率年增了 60 個基點，這主要歸功於我們會員資格和服務品質的改善。我們的 SG&A 支出符合我們的預期。

Our comparable sales declined 2.9% compared to our guidance of down approximately 1%. Our sales performance was impacted by overall softer-than-forecasted customer demand during September and October. We attribute this to a combination of overall ongoing macro uncertainty, customers waiting for deals and sales, and distraction during the run-up to the election, particularly in non-essential categories.

我們的可比銷售額下降了 2.9%，而我們的指導則下降了約 1%。我們的銷售業績受到 9 月和 10 月整體客戶需求弱於預期的影響。我們將此歸因於整體持續的宏觀不確定性、客戶等待交易和銷售以及選舉前夕的注意力分散（特別是在非必需品類別）。

The expected lower demand between sales events, but the impact was even steeper than we estimated. In the last few weeks, as the holiday sales begun and the election is behind us, we have seen customer demand increase again.

預期銷售活動之間的需求會降低，但影響比我們估計的還要嚴重。在過去的幾周里，隨著假期銷售的開始和選舉的結束，我們看到客戶需求再次增加。

From a category perspective, we drove comparable sales growth in computing, tablets and services. This growth was more than offset by declines in appliances, home theater and gaming. We again delivered strong results in our domestic computing and tablet categories, which together posted comparable sales growth of [5.2%] over last year.

從品類角度來看，我們推動了運算、平板電腦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。我們在國內計算和平板電腦類別中再次取得了強勁的業績，與去年相比，這些類別的可比銷售額增長了 [5.2%]。

The year-over-year growth rate for laptops specifically increased to 7% in the third quarter. With our market position, expert sales associates and compelling merchandising, we continue the capitalize on demand driven by customers' desire to replace or upgrade their products combined with new innovation.

特別是第三季筆記型電腦的年成長率增至7%。憑藉我們的市場地位、專業的銷售人員和引人注目的推銷，我們繼續利用客戶更換或升級其產品的願望所驅動的需求以及新的創新。

As we expected, customers remain deal focused and attracted to more predictable sales moments. Similar to prior quarters in this environment, many categories including major appliances (technical difficulty) were very promotional in pursuit of stimulating interest and sales.

正如我們預期的那樣，客戶仍然以交易為中心，並被更可預測的銷售時刻所吸引。與前幾季類似，在這種環境下，包括大型家電（技術難度）在內的許多品類都非常促銷，以刺激興趣和銷售。

We continue to be targeted and thoughtful regarding where and when we made our promotional investments, strategically balancing profitability and sales. Our omni-channel operation cited strong support for our Q3 online sales of $2.7 billion, which comprised 31% of domestic revenue.

我們繼續有針對性、深思熟慮地選擇在何時何地進行促銷投資，從策略上平衡獲利能力和銷售額。我們的全通路營運為第三季線上銷售額 27 億美元（佔國內收入的 31%）提供了強有力的支援。

Almost 60% of our packages are delivered or available for pickup within one day. [The percent] of digital sales picked up by customers has been increasing steadily over the past few years and is now approximately 45% of domestic digital sales with more than 90% of these orders available within just 30 minutes.

我們近 60% 的包裹在一天內送達或可供取貨。過去幾年，客戶購買的數位銷售額的[百分比]一直在穩步增長，目前約佔國內數位銷售額的 45%，其中 90% 以上的訂單在短短 30 分鐘內即可完成。

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 to the program last year once again drove strong gross profit rate expansion.

隨著會員基礎的擴大，我們的付費會員計劃繼續為我們的業績做出積極貢獻，去年我們對該計劃所做的改變的影響再次推動了毛利率的強勁增長。

Overall, we are managing well what we can control in what remains a volatile environment. I am grateful to hard work and dedication to our customers that our team members across the company show every day.

總體而言，在仍然動盪的環境中，我們能夠很好地管理我們可以控制的事情。我很感謝我們整個公司的團隊成員每天所展現的辛勤工作和對客戶的奉獻。

I am proud of the culture we have built at Best Buy, and I'm pleased to report that our turnover rate is the lowest we've seen in over three years and lower than it was at the end of fiscal '20. Additionally, our company engagement score as measured by our employee surveys was already at the global benchmark level earlier in the year and increased in the third quarter.

我為我們在百思買建立的文化感到自豪，我很高興地報告說，我們的人員流動率是三年多以來的最低水平，低於 20 財年末的水平。此外，根據員工調查衡量，我們公司的敬業度得分在今年稍早達到全球基準水平，並在第三季有所提高。

As we look to the rest of the year, we are excited for the holiday season. We feel well positioned with compelling deals, inspirational merchandising and competitive fulfillment options. We have a unique position that deleverage at this time of the year. We will, of course, have deals across a wide range of price points.

當我們展望今年剩餘時間時，我們對假期感到興奮。我們感覺自己處於有利地位，擁有令人信服的交易、鼓舞人心的推銷和有競爭力的履行選項。我們擁有獨特的地位，可以在每年的這個時候去槓桿化。當然，我們將提供各種價位的優惠。

At the same time, our promotion and over-indexes on offering great price for the latest innovation and premium products and assortment that not everyone has.

同時，我們的促銷和過度索引為並非每個人都擁有的最新創新和優質產品和品種提供優惠價格。

Let me provide a little more detail on our holiday plans. From a timing perspective, we kicked off our Black Friday sale a week earlier this year, starting last Thursday, November 21. We also brought back the concept of Doorbusters, which drop every Friday between November 8 and December 20, and on the Best Buy app, bestbuy.com and in our stores.

讓我提供有關我們假期計劃的更多細節。從時間角度來看，我們今年提早一周開始了黑色星期五促銷，從11 月21 日上週四開始。的每個星期五以及百思買上推出應用程式、bestbuy.com 和我們的商店。

As a special perk to our paid members, they get early access to the Doorbusters every Thursday before they are available to everyone. It's early in the holiday season, but we are encouraged by how our Doorbusters and other Black Friday sales are resonating with customers thus far.

作為我們付費會員的特殊福利，他們可以在每週四提前進入 Doorbusters，然後再向所有人開放。雖然現在還處於假期初期，但到目前為止，我們的 Doorbusters 和其他黑色星期五促銷活動與顧客產生了共鳴，這讓我們感到鼓舞。

In fact, our enterprise comparable sales for the first three weeks of November are up approximately 5% over last year. To help customers find the perfect gifts, we're bringing back the holiday gift (technical difficulty) section on bestbuy.com, a one-stop resource for the hottest gift ideas and curated gift list with something for everyone, from crafting and self-care to traveling and gaming.

事實上，我們 11 月前三週的企業可比銷售額比去年同期成長了約 5%。為了幫助顧客找到完美的禮物，我們在bestbuy.com 上恢復了節日禮物（技術難度）部分，這是一個一站式資源，提供最熱門的禮物創意和精心策劃的禮物清單，適合每個人，從手工製作到自製。

And in our app specifically, this year, we have an AI-powered gifting experience called the Best Buy Gift Finder. Customers can have an interactive exchange to help guide them to the perfect gift they might not have even considered or knew that Best Buy offered.

特別是在我們的應用程式中，今年我們提供了一種由人工智慧驅動的禮物體驗，稱為「百思買禮品查找器」。顧客可以進行互動交流，幫助引導他們找到他們可能沒有考慮過或不知道百思買提供的完美禮物。

We also have our Yes, Best Buy sells that section on our website, where customers can find fun and unexpected tech like electric scooters, toys and collectibles, golf tech, grills, electric outdoor power tools and so much more. For even more gift inspiration, we created more than 30 videos to help customers discover must-have tech this holiday season on our Best Buy YouTube channel.

我們的網站上還設有「是的，百思買」來銷售該部分，客戶可以在其中找到有趣且意想不到的技術，例如電動滑板車、玩具和收藏品、高爾夫技術、烤架、電動戶外電動工具等等。為了獲得更多禮物靈感，我們製作了 30 多個視頻，幫助客戶在百思買 YouTube 頻道上發現這個假期必備的科技產品。

In our stores, customers will experience the magic of Texas holiday with new merchandising displays and of course, expert help as they need it. For example, customers can see XXL TVs, which are over 97 inches at more than 700 stores. They can also interact with Copilot+ PCs, the new Oura Ring, Ray-Ban AR glasses, gaming computers, the latest Quest VR systems, new over-ear headphones and so much more.

在我們的商店中，顧客將透過新的商品展示體驗德州假期的魔力，當然還有他們需要的專家幫助。例如，顧客可以在 700 多家商店看到尺寸超過 97 吋的 XXL 電視。他們還可以與 Copilot+ PC、新的 Oura Ring、Ray-Ban AR 眼鏡、遊戲電腦、最新的 Quest VR 系統、新的耳罩式耳機等等互動。

Our stores also offer the strategic advantage of convenience in a shorter selling season, both for in-person shopping as well as our fast and easy buy online, pick up in store. Of course, we have a very comprehensive trade-in program that we will highlight throughout the holiday to help customers more easily get new tech.

我們的商店還在較短的銷售季節中提供便利的策略優勢，無論是親自購物還是快速輕鬆的線上購買、店內取貨。當然，我們有一個非常全面的以舊換新計劃，我們將在整個假期期間重點介紹該計劃，以幫助客戶更輕鬆地獲得新技術。

For example, customers can save $600 by trading in their tablets or up to $900 trading in their phones. We also have exclusive SKUs in a variety of giftable categories, including TVs, monitors, gaming and headphones. We continue to have exclusivity within Copilot+ laptops with about 50% of 60 SKUs retail exclusive to Best Buy.

例如，客戶透過平板電腦交易可節省 600 美元，透過手機交易可節省高達 900 美元。我們還擁有各種可贈送類別的獨家 SKU，包括電視、顯示器、遊戲和耳機。我們繼續擁有 Copilot+ 筆記型電腦的獨家經營權，60 個 SKU 中約 50% 為百思買獨家零售。

Finally, our new branding is resonant in all our communication and marketing this holiday. To highlight our tech and our positioning, our 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 tagline, Imagine That.

最後，我們的新品牌在這個假期的所有溝通和行銷中引起了共鳴。為了突出我們的技術和定位，我們的新品牌以創造激發好奇心和實現發現的客戶體驗為中心，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. While this is not an instant evolution, we believe our customers are already taking note as we are seeing satisfaction improvement in the excitement aspect of their experiences.

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旅程中所扮演的角色，我們的培訓也致力於將這些體驗變為現實。雖然這不是一個即時的演變，但我們相信我們的客戶已經注意到了，因為我們看到他們的體驗的興奮方面的滿意度有所提高。

Even though they have been prepping for holiday, of course, we have continued to execute our strategic plan and priorities for the year. These have been built to sharpen customer experiences and industry positioning, while also maintaining our profitability in this still uneven environment.

當然，儘管他們一直在為假期做準備，但我們仍然繼續執行今年的策略計劃和優先事項。這些都是為了提高客戶體驗和行業定位，同時在這個仍然不平衡的環境中保持我們的獲利能力。

As a reminder, our fiscal '25 priorities 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 stream. I would like to provide some highlights of our progress.

提醒一下，我們 25 財年的首要任務是，第一，振興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。我想介紹一下我們取得的一些進展。

We have initiatives targeting customer experiences across our digital and store channels. We are encouraged by the continued material year-over-year improvement in our relationship NPS, which tracks consumers' likelihood to recommend Best Buy.

我們制定了針對數位和商店通路客戶體驗的措施。我們對 NPS 關係的持續實質改善感到鼓舞，NPS 追蹤消費者推薦百思買的可能性。

We have been very focused on improving and refreshing our app and small view experiences, including enhanced personalization, new features like digital wallet, dealers, and the Gift Finder I just referenced, along with a more streamlined checkout process and faster content loading times.

我們一直非常專注於改進和刷新我們的應用程式和小視圖體驗，包括增強的個人化、數位錢包、經銷商和我剛才提到的禮品查找器等新功能，以及更簡化的結帳流程和更快的內容載入時間。

I'm pleased to report we have both higher customer ratings for our app and growth in active users. This is an important way to engage our customers on their entire shopping journey as of course, their mobile device is always with them. Our data shows that customers who use our app frequent us more often and thus spend more.

我很高興地報告，我們的應用程式的客戶評分更高，活躍用戶也有所成長。這是吸引客戶參與整個購物旅程的重要方式，因為他們的行動裝置隨時隨身攜帶。我們的數據顯示，使用我們應用程式的客戶更頻繁地訪問我們，因此花費更多。

Last quarter, we launched a market-leading new experience for our in-home delivery and installation customers. On the day of their appointment, customers can digitally track the live to-the-minute ETA of their in-home delivery and installation.

上個季度，我們為上門送貨和安裝客戶推出了市場領先的新體驗。在預約當天，客戶可以以數位方式追蹤上門送貨和安裝的即時預計到達時間。

More than 60% of customers are engaging with the tracking and the feedback has been overwhelmingly positive. It was rated five stars by more than 90% of survey responders. Not only is this a great experience for customers, it is already starting to lower cost by reducing calls to our customer service teams.

超過 60% 的客戶參與了跟踪，並且反饋非常積極。超過 90% 的調查受訪者將其評為五星級。這不僅對客戶來說是一種很好的體驗，而且已經開始透過減少對我們客戶服務團隊的通話來降低成本。

In Q3, we added the capability for customers to access this ETA view from their locked mobile phone home screen. Today, we are excited to announce our latest enhancement, scheduled parcel delivery. We are expanding our small product shipping offerings to allow customers to select a specific two-hour delivery window up to seven days out.

在第三季度，我們增加了客戶從鎖定的手機主畫面存取此 ETA 視圖的功能。今天，我們很高興地宣布我們最新的增強功能——定期包裹遞送。我們正在擴展我們的小型產品運輸服務，讓客戶可以選擇特定的兩小時交貨窗口，最長可達 7 天。

This provides customers increased convenience, confidence and control of their delivery. It's currently live in a portion of the US market, and we expect it to roll out more broadly next year.

這為客戶提供了更多的便利、信心和對交付的控制。它目前已在美國部分市場推出，我們預計明年將在更廣泛的範圍內推廣。

From a store experience perspective, we have largely completed the refreshes to our store portfolio for the year so we can focus on the holiday season with minimal disruption to our physical stores. Not every store was touched in the exact same way, of course. But for many, we optimized and refreshed mobile phones, headphones, smart home and digital imaging, and created new experiences in tablets and monitors.

從商店體驗的角度來看，我們已經基本完成了今年商店組合的更新，因此我們可以專注於假期季節，同時將對實體店的干擾降至最低。當然，並非每家商店都以完全相同的方式受到影響。但對許多人來說，我們優化和更新了手機、耳機、智慧家庭和數位成像，並在平板電腦和顯示器上創造了新的體驗。

In the areas completed during the second quarter, we continue to see related sales improvements, particularly in monitors and digital imaging. We also added 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 innovation, and it enables greater flexibility to spotlight new brands and products during certain time frames, like the holiday season.

在第二季完成的領域中，我們繼續看到相關銷售的改善，特別是在顯示器和數位成像領域。我們還在數百家商店添加了新的銷售解決方案。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，並且它能夠提供更大的靈活性，以在特定時間範圍內（例如假日季節）重點關注新品牌和產品。

For example, currently, we are featuring new products from well-known brands like Lenovo, Asus, Sonos and Samsonite, along with new innovation from emerging brands like Whisker, Greenworks, Backbone and The Ridge.

例如，目前，我們展示了聯想、華碩、Sonos 和 Samsonite 等知名品牌的新產品，以及 Whisker、Greenworks、Backbone 和 The Ridge 等新興品牌的創新產品。

Consistent with the past several years, we continue to rationalize our store portfolio. This year, we closed 12 traditional large-format stores in [APAC]. We have also opened (technical difficulty) stores, including four Best Buy outlets and two new stores we just opened in the last few weeks.

與過去幾年一樣，我們繼續合理化我們的商店組合。今年，我們關閉了[亞太地區] 12 家傳統大型商店。我們還開設了（技術難度）商店，包括四家百思買門市和過去幾週剛開設的兩家新店。

Our new Bosman location is unique and that it has about 15,000 square feet of selling space with the computing department anchoring the front of the store. It also has a robust home theater presence, a major appliances department and Geek Squad Precinct, as it is in an isolated retail node 140 miles from the nearest Best Buy store in billings.

我們的博斯曼新店非常獨特，擁有約 15,000 平方英尺的銷售空間，計算部門位於商店前。它還擁有強大的家庭劇院、主要家電部門和 Geek Squad Precinct，因為它位於一個孤立的零售節點，距離比林斯最近的百思買商店 140 英里。

In Kansas City, Missouri, we are placing a previously closed larger store with a smaller store format of roughly 12,000 square feet of selling space. This store was designed to complement existing locations in the micromarket. And as such, has a more modest presence of major appliances, and will also utilize nearby stores for Geek Squad repair instead of having on-site capabilities.

在密蘇裡州堪薩斯城，我們將先前關閉的較大商店改造成較小的商店，銷售空間約為 12,000 平方英尺。該商店旨在補充微型市場中的現有位置。因此，主要家電的存在更加適度，並且還將利用附近的商店進行極客小隊的維修，而不是擁有現場能力。

From a store labor model perspective, during the third quarter, we largely completed the rollout of dedicated expert labor in our computing, home theater and major appliances departments in hundreds of our stores.

從門市用工模式來看，第三季度，我們在數百家店的計算、家庭劇院和大家電部門基本上完成了專職專家勞動力的部署。

In addition, as we mentioned last quarter, we are seeing our vendors expand their labor investments in our stores, including Samsung, Verizon, AT&T, TCL, LG and others. We've be adding labor in our stores is a highly productive way for many of our vendors to interact with qualified traffic.

此外，正如我們上季度提到的，我們看到我們的供應商擴大了對我們商店的勞動力投資，包括三星、Verizon、AT&T、TCL、LG 等。我們一直在商店增加勞動力，這對我們的許多供應商來說是與合格流量互動的一種高效方式。

In fact, we recently deployed new mobile experiences in hundreds of our stores. Depending on the store, either AT&T or Verizon is staffing the mobile department, assisting customers in a fast and seamless way by directly leveraging their own experts and proprietary carrier technology systems. We are encouraged by the initial results in these stores.

事實上，我們最近在數百家商店部署了新的行動體驗。根據商店的不同，AT&T 或 Verizon 都會為行動部門配備人員，透過直接利用自己的專家和專有的營運商技術系統，以快速、無縫的方式為客戶提供協助。我們對這些商店的初步成果感到鼓舞。

As I take a step back across our business, this year, we are reinforcing our experiences to capitalize on demand we expect from the confluence of replacement, upgrade and innovation in the coming years. While the environment remains uncertain, we are encouraged by many areas where we can see the results of our actions. For example, in computing, the investments we made in associate training and digital and store experiences are helping drive growth and share in the category.

今年，當我在我們的業務上退後一步時，我們正在加強我們的經驗，以充分利用未來幾年更換、升級和創新的融合所帶來的需求。儘管環境仍然不確定，但我們在許多領域都可以看到我們行動的成果，這讓我們感到鼓舞。例如，在計算領域，我們在員工培訓以及數位和商店體驗方面的投資正在幫助推動該類別的成長和份額。

The merchandising, inventory and fulfillment investments we have made in TVs are driving strong growth in XXL TV. Here, we are also leveraging our unique Geek Squad capabilities to offer free installation. Supporting all these examples is our new branding and elevated marketing spend that is driving increased traffic and awareness. We saw particularly strong results from the back-to-school marketing campaigns in Q2 and Q3.

我們在電視方面進行的銷售、庫存和履行投資正在推動 XXL 電視的強勁成長。在這裡，我們還利用我們獨特的 Geek Squad 功能提供免費安裝。支持所有這些例子的是我們的新品牌和增加的行銷支出，這推動了流量和知名度的增加。我們看到第二季和第三季的返校行銷活動取得了特別強勁的成果。

We continue to make progress on our second key priority of our fiscal '25 strategy, which is to drive operational activeness and efficiency. Much of what we are doing to improve the effectiveness of our customer and employee experiences also generates efficiencies.

我們繼續在 25 財年策略的第二個關鍵優先事項上取得進展，即提高營運活躍度和效率。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。

Last quarter, we held up the evolution of our labor model as a great example of where we are constantly driving customer experience improvements as well as effectiveness. It is how we have kept our labor rate flat as a percent of sales through the last few years as we have experienced revenue declines, and it is how we expect to hold that rate as revenue grows over time.

上個季度，我們將勞動力模式的演變作為我們不斷推動客戶體驗改進和效率的一個很好的例子。這就是我們在過去幾年中隨著收入下降而保持勞動力佔銷售額百分比不變的方法，也是我們期望在收入隨著時間的推移而增長時保持這一比率的方法。

Of course, we also continue to leverage analytics and technology to achieve efficiencies. For example, because we use AI to route our in-home delivery installation trucks, we can drive more efficient scheduling and introduce a new and improved customer in-home delivery and install experience as I mentioned earlier.

當然，我們也持續利用分析和技術來提高效率。例如，正如我之前提到的，由於我們使用人工智慧來安排上門送貨安裝卡車的路線，因此我們可以提高調度效率，並引入新的、改進的客戶上門送貨和安裝體驗。

We are also, as you would expect, leveraging Gen-AI cogeneration and shared resources for our engineers across the company to help us enhance our overall tech development effectiveness. Customer support is another important space where we are activating on many areas of opportunity.

正如您所期望的那樣，我們還利用 Gen-AI 熱電聯產和全公司工程師的共享資源來幫助我們提高整體技術開發效率。客戶支援是另一個重要的領域，我們在許多領域都發揮著積極作用。

For example, we are using an AI-powered virtual assistant that can help 60% of our chat users without the need for a live customer support person. During the third quarter, we began rolling out this capability to our entire IVR phone systems, increase the likelihood customers can get their questions answered without having to wait for a live agent. And we are leveraging text analytics to create real-time alerts, directing us to a potential operational or promotional issue.

例如，我們正在使用人工智慧驅動的虛擬助手，它可以幫助 60% 的聊天用戶，而無需現場客戶支援人員。第三季度，我們開始在整個 IVR 電話系統中推廣此功能，增加了客戶無需等待現場客服人員即可獲得問題解答的可能性。我們正在利用文字分析來創建即時警報，指導我們發現潛在的營運或促銷問題。

We are, of course, closely observing feedback as we implement these capabilities to ensure we are maintaining a good experience for our customers. And overall, we are seeing customer satisfaction improvements in our call center experiences. Our reverse supply chain capability is another important ongoing driver of efficiency and savings.

當然，在實施這些功能時，我們會密切觀察回饋，以確保為客戶保持良好的體驗。總體而言，我們在呼叫中心體驗中看到客戶滿意度有所提高。我們的逆向供應鏈能力是提高效率和節省成本的另一個重要的持續驅動力。

In addition to adding new outlet stores this year, we just launched a new section on our website that combines open box, refurbished and clearance product for the first time. We are seeing material sales growth in these products. And while it is early, we believe these digital experiences are helping.

除了今年增加新的直營店外，我們剛剛在網站上推出了一個新版塊，首次結合了開箱、翻新和清倉產品。我們看到這些產品的銷售量大幅成長。儘管現在還為時過早，但我們相信這些數位體驗正在發揮作用。

Our third key priority for the year is to continue our disciplined approach to capital allocation in this environment. Our approach has remained consistent. We first prioritized investing in the business and continue to expect our enterprise capital expenditures for fiscal '25 will be about $50 million lower than last year at approximately $150 million.

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。我們的方法保持一致。我們首先優先考慮對業務的投資，並繼續預計 25 財年的企業資本支出將比去年減少約 5,000 萬美元，約 1.5 億美元。

Second, we remain a premium dividend payer. And third, we returned the remaining cash to shareholders through repurchases. Our fourth key priority for fiscal '25 is to explore opportunities that leverage our scale and capabilities to drive incremental profitable revenue streams over time.

其次，我們仍然是溢價股利支付者。第三，我們透過回購將剩餘現金回饋給股東。我們 25 財年的第四個關鍵優先事項是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。

Of course, this includes our collaboration with Bell Canada to very quickly expand our physical presence and drive incremental profitable revenue. In a little over five months, we have completed the transformation and rebranding of 167 small-format consumer electronics retail stores across Canada.

當然，這包括我們與貝爾加拿大公司的合作，以快速擴大我們的實體業務並推動增量獲利收入。在五個多月的時間裡，我們完成了加拿大 167 家小型消費性電子零售店的轉型和品牌重塑。

These stores, previously known as The Source, a wholly owned subsidiary of Bell Canada, were rebranded as Best Buy Express. In this collaboration, we are providing a curated CE assortment and Geek Squad services, as well as supply chain, market and e-commerce.

這些商店以前稱為 The Source，是加拿大貝爾公司的全資子公司，現已更名為百思買快遞 (Best Buy Express)。在此次合作中，我們將提供精心策劃的 CE 分類和 Geek Squad 服務，以及供應鏈、市場和電子商務。

Bell is the exclusive telecommunication services provider and is also responsible for the store operating cost of the partnership. We have expanded our presence in malls and in smaller and midsized communities, reaching 61 brand-new markets for Best Buy Canada. I am proud of how quickly our teams have implemented the partnership.

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。我們擴大了在購物中心和中小型社區的業務，為百思買加拿大公司開拓了 61 個全新市場。我對我們的團隊快速落實合作關係感到自豪。

Also while this is early, we are encouraged by the positive feedback from both customers and employees. A longer-term opportunity we are working on is marketplace. We have established growing third-party online marketplace in Canada, and we are planning to launch one in the US targeting mid next year.

儘管現在還為時過早，但客戶和員工的正面回饋令我們感到鼓舞。我們正在研究的一個長期機會是市場。我們在加拿大建立了不斷發展的第三方線上市場，並計劃於明年中期在美國推出一個。

We believe that as the trusted leader in CE, we have an opportunity to leverage our positioning and assets to build a differentiated digital marketplace platform, thereby bringing our customers access to much more expansive assortment and new categories.

我們相信，作為消費電子領域值得信賴的領導者，我們有機會利用我們的定位和資產來建立差異化的數位市場平台，使我們的客戶獲得更廣泛的品種和新類別。

In addition, sellers and advertisers will have an additional avenue to increase their reach and build their brands leveraging our qualified traffic. And we are continuing to make progress on other opportunities, including Best Buy Health, Best Buy Ads, which is our retail media network, and Partner+, our vendor supply chain program.

此外，賣家和廣告商將有一個額外的途徑來擴大他們的影響力並利用我們合格的流量來建立他們的品牌。我們正在繼續在其他機會上取得進展，包括百思買健康、百思買廣告（我們的零售媒體網絡）以及合作夥伴+（我們的供應商供應鏈計劃）。

In summary, we believe we are executing well against what we can control and setting ourselves up for future growth. As we expected, we are seeing increasing stabilization in our industry this year, it's just not as linear as we had expected when we entered the year.

總而言之，我們相信我們在我們可以控制的範圍內執行得很好，並為未來的成長做好了準備。正如我們預期的那樣，今年我們的行業越來越穩定，只是不像我們進入今年時預期的那樣線性。

As we said last quarter, 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. Thus, we continue to balance our optimism and industry and our positioning with a pragmatic approach to likely uneven customer behavior going forward.

正如我們上季度所說，我們看到消費者正在尋求價值和銷售活動，並且在需要時或有新的引人注目的技術時也願意花錢購買高價位產品。因此，我們繼續以務實的方式平衡我們的樂觀情緒和行業以及我們的定位，以應對未來可能出現的不平衡的客戶行為。

Therefore, we have adjusted our Q4 comparable sales outlook to be in the range of flat to a decline of 3%. The high-end of the range is a sequential improvement in comp sales trends that assumes the computing category continues to deliver strong growth and other categories show improved trends during the value-oriented holiday season.

因此，我們將第四季可比銷售前景調整為持平至下降 3%。該範圍的高端是比較銷售趨勢的連續改善，假設計算類別繼續實現強勁增長，而其他類別在以價值為導向的假期季節期間顯示出改善的趨勢。

We are maintaining our full year non-GAAP operating income rate guidance in the range of 4.1% to 4.2%. This compares to last year's 4% on a 52-week basis. We are the largest CE specialty retailer with a unique range of product assortment and expert services to help our customers discover how unexpected technology solutions can bring to life what matters to them.

我們將全年非 GAAP 營業利潤率指引維持在 4.1% 至 4.2% 的範圍內。相比之下，去年 52 週的成長率為 4%。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。

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.

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。

I will now turn the call over to Matt for more details on Q3 financial performance and our outlook.

我現在將把電話轉給馬特，以了解有關第三季度財務業績和我們前景的更多詳細資訊。

Good morning. Let me start by sharing a few details on our third quarter results. Enterprise revenue of $9.4 billion declined 2.9% on a comparable basis. Our non-GAAP operating income rate of 3.7% declined 10 basis points compared to last year.

早安.首先讓我分享我們第三季業績的一些細節。企業營收為 94 億美元，年減 2.9%。我們的非 GAAP 營業利潤率為 3.7%，與去年相比下降了 10 個基點。

Non-GAAP SG&A dollars were approximately flat to last year while increasing 70 basis points as a percentage of revenue, partially offsetting the unfavorable SG&A rate was a 60 basis point improvement to our gross profit rate.

非 GAAP SG&A 美元與去年基本持平，但佔收入的百分比增加了 70 個基點，毛利率提高了 60 個基點，部分抵消了不利的 SG&A 率。

Our non-GAAP diluted earnings per share decreased 2% to $1.26. By month, our comparable sales were approximately flat to last year in August before declining roughly 4.5% in both September and October. Compared to the outlook we shared entering the quarter, our non-GAAP operating income rate of 3.7% was flat to our expectations.

我們的非 GAAP 攤薄每股收益下降 2% 至 1.26 美元。按月來看，我們 8 月的可比銷售額與去年基本持平，之後 9 月和 10 月均下降了約 4.5%。與我們在進入本季時分享的展望相比，我們 3.7% 的非 GAAP 營業利潤率與我們的預期持平。

Our overall gross profit rate was better than expected which was primarily driven by favorable product margins.

我們的整體毛利率好於預期，這主要得益於良好的產品利潤率。

SG&A dollars were slightly favorable to our outlook entering the quarter primarily due to lower incentive compensation but unfavorable is a percentage of revenue due to the softer revenue performance.

SG&A 美元對我們進入本季度的前景略有有利，主要是由於激勵薪酬較低，但由於收入表現疲軟，佔收入的百分比不利。

Next, I will walk through the details on our third quarter results compared to last year. In our domestic segment revenue decreased 3.3% to $8.7 billion driven by a comparable sales decline of 2.8%. The overall blended average selling price or ASPs of our products was once again higher than last year.

接下來，我將詳細介紹我們第三季業績與去年相比的情況。在我們的國內部門，由於可比銷售額下降 2.8%，收入下降 3.3% 至 87 億美元。我們產品的整體混合平均售價再次高於去年。

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. International revenue of $748 million decreased 1.6% versus last year, primarily driven by a comparable sales decline of 3.7% and the negative impact from foreign exchange rates.

成長的主要原因是筆記型電腦等高票價商品的單位組合增加，而電影等低票價類別的單位組合減少。國際收入為 7.48 億美元，比去年下降 1.6%，主要是由於可比銷售額下降 3.7% 以及匯率的負面影響。

These items were partially offset by revenue from the Best Buy Express locations that have opened during FY25. Our domestic gross profit rate increased 70 basis points to 23.6%. The higher gross profit rate was primarily driven by improvement within the services category which includes our membership offerings. This was partially offset by lower credit card profit sharing revenue and lower product margin rates.

這些項目被 2025 財年開設的百思買快遞門市的收入部分抵銷。我們的國內毛利率成長70個基點至23.6%。毛利率的增加主要是由於服務類別的改善，其中包括我們的會員服務。這被信用卡利潤分享收入下降和產品利潤率下降部分抵消。

Our international gross profit rate increased 40 basis points to 22.5%. The higher gross profit rate was primarily due to improved performance in our services category.

我們的國際毛利率成長了 40 個基點，達到 22.5%。較高的毛利率主要是由於我們的服務類別的績效改善。

Moving to SG&A, where our domestic non-GAAP SG&A was essentially flat to last year. The most notable puts and takes were higher advertising expense which was partially offset by lower incentive compensation. Year-to-date, we have returned a total of $892 million to shareholders through dividends of $607 million in share purchases of $285 million.

轉向SG&A，我們的國內非公認會計準則SG&A 與去年基本持平。最顯著的看跌期權和看跌期權是較高的廣告費用，但部分被較低的激勵薪酬所抵消。年初至今，我們已透過 6.07 億美元的股息和 2.85 億美元的股票購買，向股東返還了總計 8.92 億美元的資金。

Let me next share more color on our outlook for the year. Starting with our thoughts on the fourth quarter. From a topline perspective, we now expect our fourth quarter comparable sales to be in the range of down 3% to flat.

接下來讓我分享更多關於我們今年的展望。從我們對第四季的想法開始。從營收角度來看，我們現在預計第四季可比銷售額將下降 3% 至持平。

From a major category standpoint, we expect continued growth in computing and services and improved trends in other categories at the high end of our guidance. On the profitability side, we expect our fourth quarter non-GAAP operating income rates to be in a range of 4.6% to 4.8% which compares to a rate of 5% last year.

從主要類別的角度來看，我們預計計算和服務將持續成長，其他類別的趨勢將改善，達到我們指導的高端。在獲利能力方面，我們預計第四季非 GAAP 營業利潤率將在 4.6% 至 4.8% 之間，而去年為 5%。

Last year's fourth quarter included an extra week, which we estimate added approximately $735 million in revenue and provided a benefit of approximately 40 basis points to our fourth quarter non-GAAP operating income rate.

去年第四季度額外增加了一周，我們估計這增加了約 7.35 億美元的收入，並使我們第四季度的非 GAAP 營業利潤率提高了約 40 個基點。

Moving to gross profit. We expect our fourth quarter gross profit rate to improve versus last year, but at a lesser degree than we reported for the third quarter. There are three primary items we expect to impact the fourth quarter differently than the third quarter when comparing to last year.

轉向毛利。我們預計第四季的毛利率將比去年有所改善，但程度低於我們報告的第三季。與去年相比，我們預計有三個主要項目對第四季度的影響與第三季度有所不同。

First, although it is still a benefit compared to last year, the improvement in our services category and membership offerings is less of a tailwind as it has been throughout the year. This is due to having fully lapped the changes to our membership offerings early this year. In addition, the services category is a smaller part of our overall sales mix in the holiday fourth quarter, which reduces the benefit on a weighted basis.

首先，儘管與去年相比仍然是一個好處，但我們的服務類別和會員服務的改善不像全年那樣是一種推動力。這是因為我們在今年早些時候完全接受了我們會員服務的變化。此外，服務類別在第四季假期的整體銷售組合中所佔的比例較小，這降低了加權收益。

Second, the product margin rates are expected to be a larger pressure in fourth quarter than they were in the third quarter. And third, we expect the profit share on our credit card arrangement to have a neutral impact on our gross profit rate compared to last year, which is a sequential improvement from last quarter.

其次，預計第四季產品利潤率的壓力將比第三季更大。第三，與去年相比，我們預期信用卡安排的利潤分成將對我們的毛利率產生中性影響，這比上季有所改善。

Moving next to SG&A. The high end of our fourth quarter guidance assumes SG&A dollars are lower than last year. The decrease is primarily driven by having one less week this fiscal year, which we estimate to be approximately [$90 million].

接下來是SG&A。我們第四季指引的上限假設銷售、管理及行政費用低於去年。減少的主要原因是本財年減少了一周，我們估計約為 [9000 萬美元]。

Excluding the benefit from the extra week, the high end of our guidance assumes SG&A dollars grow versus last year. The most notable drivers are higher advertising and technology expense which are expected to be partially offset by reduced incentive compensation.

排除額外一週帶來的好處，我們的指導上限假設銷售、管理及行政費用較去年增加。最顯著的驅動因素是廣告和技術費用的增加，預計這些費用將被激勵薪資的減少部分抵消。

Let me provide more details on our updated full year fiscal '25 guidance which incorporates the color I shared on the fourth quarter and is the following. Revenue in the range of $41.1 billion to $41.5 billion. Comparable sales decline of 2.5% to 3.5%. Non-GAAP operating income rate in the range of 4.1% to 4.2%. A non-GAAP effective income tax rate of approximately 23.5%. And non-GAAP diluted earnings per share of $6.10 to $6.25.

讓我提供有關更新後的 25 財年全年指引的更多詳細信息，其中包含我在第四季度分享的顏色，如下所示。營收在 411 億美元至 415 億美元之間。可比銷售額下降2.5%至3.5%。非公認會計準則營業利益率介於4.1%至4.2%之間。非 GAAP 有效所得稅率約為 23.5%。非 GAAP 稀釋後每股收益為 6.10 美元至 6.25 美元。

Our full year gross profit and SG&A working assumptions are still very similar to what we shared last quarter. And some of the key callouts are the following. We believe our gross profit rate will now expand by approximately 40 basis points compared to last year.

我們的全年毛利和銷售、一般管理費用工作假設仍然與我們上季度分享的非常相似。一些關鍵標註如下。我們相信我們的毛利率將比去年增長約 40 個基點。

The high end of annual guidance now assumes Non-GAAP SG&A dollars declined by over $200 million compared to last year, which includes the following puts and takes. As I previously mentioned, the benefit of having one less week this fiscal year is estimated at $90 million.

年度指引的上限現在假設非 GAAP SG&A 美元與去年相比減少了 2 億多美元，其中包括以下看跌期權和認沽期權。正如我之前提到的，本財年減少一週的收益估計為 9,000 萬美元。

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.

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。

Vendor support geography lowered SG&A by approximately $40 million in the first half of this year. Incentive compensation is now expected to be approximately $30 million lower than fiscal '24 to the high end of our guidance. Partially offsetting these earlier items, our advertising expense is expected to increase by approximately $50 million versus last year.

今年上半年，供應商支持地理因素導致 SG&A 降低了約 4,000 萬美元。目前，激勵薪酬預計比 24 財年的指導上限低約 3,000 萬美元。我們的廣告費用預計將比去年增加約 5000 萬美元，部分抵消了這些早期項目。

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) Peter Keith, Piper Sandler.

（操作說明）Peter Keith、Piper Sandler。

Hey, thanks, good morning, everyone. I wanted to just first dig into the Q4 comp outlook for flat to down 3%. And how you constructed that outlook just considering the nice start to the quarter at plus 5%? Just help us understand the various puts and takes that you're thinking about as we progress into December and January.

嘿，謝謝，大家早安。我想先深入了解第四季的比較前景，結果是持平至下降 3%。考慮到本季的良好開局，成長率為 5%，您是如何建立這一前景的？進入 12 月和 1 月後，請協助我們了解您正在考慮的各種看漲期權。

Sure. First of, I'd say there are a few factors this year that make the compares a little less straightforward. There's a shorter holiday season, there's a change to the promotional calendar timing, there's calendar shifts. I guess the main point is that trends have improved from September to October, and we can see the customer responding to our holiday sales and how we're positioned.

當然。首先，我想說，今年有一些因素讓比較變得不那麼簡單。假期較短，促銷日曆時間發生變化，日曆發生變化。我想主要的一點是，從 9 月到 10 月，趨勢有所改善，我們可以看到客戶對我們的假期銷售以及我們的定位做出的反應。

So the first three weeks represent also only about 20% of our total Q4 sales. And in our quarterly guidance, we're very cognizant of the fact that there are potential low point between the sales events, particularly in December.

因此，前三週也僅占我們第四季總銷售額的 20% 左右。在我們的季度指導中，我們非常清楚銷售活動之間存在潛在的低點，特別是在 12 月。

And additionally, while we don't feel like the shorter selling season between Thanksgiving and Christmas impact total sales for the quarter as people generally have the same number of gifts they buy every year, it doesn't mean that the shape of the holidays spending patterns isn't going to be different.

此外，雖然我們認為感恩節和聖誕節之間較短的銷售季節不會影響本季的總銷售額，因為人們每年購買的禮物數量通常相同，但這並不意味著假期支出的形狀模式不會有所不同。

So again, at the high end of our range, we would expect things like computing to continue to be strong and show improved trends. And at the low end, we would see some performance similar to what we saw in Q3.

因此，在我們範圍的高端，我們預計計算等領域將繼續強勁並顯示出改善的趨勢。在低端，我們會看到一些與第三季類似的表現。

Okay. Thank you, Matt. And then I guess just a real-time topic on tariffs. Could you just update us on your sourcing exposure, where you are today with both China and Mexico? And then what are some of the mitigation efforts you're potentially thinking about for both your direct imports and also maybe working with suppliers?

好的。謝謝你，馬特。然後我想這只是一個關於關稅的即時話題。您能否向我們介紹一下您目前在中國和墨西哥的採購情況？那麼您可能會考慮針對直接進口以及與供應商合作採取哪些緩解措施？

Yeah. Good morning, Peter. I'll maybe just provide some broad color here. And I'd start with, obviously, we've worked with many administrations throughout the years and on this particular topic, in fact, and we'd like to ensure we try to continue to work on this topic going forward.

是的。早安，彼得。我可能會在這裡提供一些廣泛的顏色。首先，顯然，我們多年來一直在與許多政府部門就這個特定主題進行合作，事實上，我們希望確保我們繼續努力繼續就這個主題開展工作。

I'm going to start with, I think everyone knows, which is ours is an incredibly complex industry with incredibly complex supply chains. And I think at the end of the day, everybody in the industry believes diversification is a very good thing, but it is not easy.

我想大家都知道，我首先要說的是，我們的產業是個極為複雜的產業，擁有極為複雜的供應鏈。我認為歸根結底，行業中的每個人都認為多元化是一件非常好的事情，但這並不容易。

We directly control very few of those supply chains. As you know, we are the importer of record on only about 2% to 3% of what's being brought in. And on the products we control, the vast majority of that manufacturing, we have moved out of China. The tariffs themselves are also incredibly complex depending on the rules used, whether or not there's invest to games, governmental involvement, what countries, what level, will it be a phased approach. So all of that adds to the complexity.

我們直接控制的供應鏈很少。如您所知，我們是有記錄的進口商，只進口了大約 2% 到 3% 的產品。關稅本身也非常複雜，取決於所使用的規則，是否有遊戲投資、政府參與、哪些國家、什麼級別，是否會是一個分階段的方法。所以所有這些都增加了複雜性。

And as we talked about before, in terms of the level that (technical difficulty) Last time we have to, we said about [50%] of our cost was coming from China. And again, (technical difficulty) Mexico is actually the second largest and that's where those two stand, but particularly in our history, this ends up being really shared to some extent by best buy.

正如我們之前談到的，就上次我們必須做到的（技術難度）水準而言，我們說大約[50%]的成本來自中國。再說一次，（技術難度）墨西哥實際上是第二大國家，這就是這兩個國家的立場，但特別是在我們的歷史上，這最終在某種程度上被百思買真正分享了。

But I have to say, of course, it will also be shared by our customers. These are goods that people need (technical difficulty) higher prices are not helpful. And I think many external organizations (technical difficulty)

但我不得不說，當然，這也會被我們的客戶分享。這些都是人們需要的商品（技術難度），價格再高也無濟於事。而且我認為很多外部組織（技術難度）

So again, we're going to work hard to make sure that we're educating as best we can on how our industry is impacted and make sure we do everything we can to keep prices right for our customers.

因此，我們將再次努力確保我們盡可能地宣傳我們的行業受到的影響，並確保我們盡一切努力為客戶提供合適的價格。

Scot Ciccarelli, Truist Securities.

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

Good morning, guys. So the sales improvement you cited so far in 4Q, is it possible to estimate much of that was driven by the earlier start to Black Friday? And then related to that, can you help us better understand the promoter environment just as consumers are much more value oriented at this point? We can see that across retail verticals, but what you're seeing. Thanks.

早安，夥計們。那麼，您提到的第四季度銷售改善，是否有可能估計其中大部分是由黑色星期五提前開始推動的？與此相關的是，您能否幫助我們更了解促銷員環境，因為此時消費者更重視價值？我們可以在零售垂直領域看到這一點，但你所看到的卻是如此。謝謝。

Yeah. Maybe I'll start with the question around Black Friday. I mean, I think the team every year does a really nice job. Looking back at the year, we jumped and saying what worked and what didn't and whatever else would we like to try based on the assets that we have at our disposal.

是的。也許我會從黑色星期五的問題開始。我的意思是，我認為團隊每年都做得非常好。回顧這一年，我們跳了起來，根據我們現有的資產，說哪些有效，哪些無效，以及我們還想嘗試什麼。

And I think the team felt pretty strongly and wanted to get an earlier start on providing great deals. Part of that because, as part of your question, which is we see a consumer who is definitely value-oriented, and we definitely see a strong promotional environment.

我認為團隊的感覺非常強烈，希望能儘早開始提供優惠。部分原因是，正如你問題的一部分，我們看到了一個絕對以價值為導向的消費者，而且我們肯定看到了一個強大的促銷環境。

So against that backdrop, I think the team very wisely said we should start a bit earlier and then go back to some of the -- I must call it, retro, the kind of the older ways that we did things. Really exciting doorbusters, really exciting offers, being able to do some offers by our Drops technology.

因此，在這種背景下，我認為團隊非常明智地表示，我們應該早一點開始，然後再回到一些——我必須稱之為復古，我們做事的舊方式。真正令人興奮的門客，真正令人興奮的優惠，能夠透過我們的 Drops 技術提供一些優惠。

But I think really trying to target the excitement and joy that people want this time of the year, but also with those great deals, great promotions, doing that across price points. And then also, like we said in the prepared remarks, doing it in places where we're really over-indexed, which is some of the more premium, some of the more creative technology, and it's where we can kind of carve out a sweet spot for ourselves.

但我認為，我們真的要努力瞄準人們在一年中的這個時候想要的興奮和歡樂，而且還要透過這些超值優惠、超值促銷，跨價位做到這一點。然後，就像我們在準備好的評論中所說的那樣，在我們真正過度索引的地方這樣做，這是一些更優質、一些更具創造性的技術，這是我們可以開拓出一個我們自己的甜蜜點。

Yeah. I think going into Q4, we would expect the promotional environment to be similar to what it was all year long. All year long has been very promotional. Q4 will be no different. It's the most value-seeking time of the year. I think we are very well positioned. We've been investing in price. We expect to invest in price in Q4.

是的。我認為進入第四季度，我們預計促銷環境將與全年相似。一整年都非常促銷。第四季也不會有什麼不同。這是一年中最追求價值的時刻。我認為我們處於非常有利的位置。我們一直在價格方面進行投資。我們預計第四季將進行價格投資。

The only thing I'd note in promotionality is and you can see that happen a little bit in Q3, there seems to be a little inconsistency to elasticity because sometimes promotions work well in certain periods and then sometimes the same types of promotions work less well in other periods.

在促銷方面我唯一要注意的是，你可以看到第三季度發生了一點，彈性似乎有點不一致，因為有時促銷在某些時期效果很好，但有時相同類型的促銷效果不太好在其他時期。

But during those value-seeking moments, we do see the promotionality taking hold. We've been seeing our price perception improve throughout the year, and we can see the promotions making that in sales. So we feel good about our position, feel good about promotionality, and we'll continue as we go into Q4.

但在那些追求價值的時刻，我們確實看到促銷活動佔據了主導地位。我們看到我們的價格感知全年都在改善，而且我們可以看到促銷活動在銷售中發揮了作用。因此，我們對自己的地位感覺良好，對促銷活動感覺良好，並且我們將在進入第四季度時繼續下去。

And the last thing that I would just add to that is we have a variety of mechanisms that we can use to help drive value for the consumers. We talked a little bit about trade-in in the prepared remarks. We've also been seeing some success with the strategic use of promotional digital certificates that sometimes we can just pop into people's digital wallet.

我要補充的最後一件事是，我們有多種機制可以用來幫助為消費者創造價值。我們在準備好的發言中討論了一些關於以舊換新的問題。我們在策略性使用促銷數位憑證方面也取得了一些成功，有時我們可以將其放入人們的數位錢包中。

And we can see that really particularly driving some of our online results, where we see customers redeeming them sometimes in categories that we don't typically see, like small appliances and gaming and some of the other ancillary really giftable categories. So I think the team is doing a beautiful job not just with kind of the traditional what you see in terms promotional pricing, but also the other add-ons and value drivers that we can uniquely offer our customers.

我們可以看到，這確實特別推動了我們的一些線上結果，我們看到客戶有時會在我們通常看不到的類別中兌換它們，例如小家電和遊戲以及其他一些真正有贈品的輔助類別。因此，我認為團隊做得非常出色，不僅在促銷定價方面看到了傳統的內容，而且還提供了我們可以為客戶提供的獨特附加服務和價值驅動因素。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning. Thanks for taking my question. So you talked about your laptop sales, and we obviously have the common computing and phones. But I was just wondering if you can maybe just comment a little bit on the performance of mobile phones and what you've seen in terms of, I guess, AI-optimized models like the iPhone 16?

早安.感謝您提出我的問題。所以你談到了你的筆記型電腦銷售，我們顯然有通用的計算和電話。但我只是想知道您是否可以對手機的性能以及您在 iPhone 16 等人工智慧優化型號方面所看到的情況發表一些評論？

So maybe I'll start, and Jason can add some color. Although, it was still down to last year, in Q3, our mobile phone trends did improve slightly versus Q2, and that was kind of across the assortment. It's hard to say, as you can imagine, exactly what's attributable to AI technology, and especially because a lot of that infrastructure and a lot of the improvements hadn't quite launched at the time of the launch within Q3. You didn't see some of those upgrades happen until towards the end of the quarter.

所以也許我會開始，傑森可以添加一些顏色。儘管仍低於去年，但在第三季度，我們的手機趨勢確實比第二季度略有改善，而且這在整個產品類別中都是如此。正如您可以想像的那樣，很難說人工智慧技術到底有什麼貢獻，特別是因為許多基礎設施和許多改進在第三季推出時尚未完全啟動。直到本季末，您才看到其中一些升級發生。

But I think in general, in the category, we're seeing curiosity about how their phone, how people's phones might develop into more of a virtual assistant or a partner with them. But I think a lot of that innovation is still in front of us.

但我認為總的來說，在這個類別中，我們對他們的手機、人們的手機如何發展成更多的虛擬助理或合作夥伴感到好奇。但我認為很多創新仍然擺在我們面前。

Honestly, Anthony, I think we're just at the early -- and I would say this broadly about AI in general, we're kind of at the early stages of the continued advancement that we would expect. The good news is you're just seeing hardware that will be ready to use those advancements as they come to fruition throughout the next couple of years. Jason, I don't know if you have anything to add to that.

老實說，安東尼，我認為我們還處於早期階段——我想說的是，總的來說，關於人工智慧，我們正處於我們所期望的持續進步的早期階段。好消息是，您剛剛看到的硬體將準備好使用這些進步，因為它們將在未來幾年內取得成果。傑森，我不知道你是否還有什麼要補充的。

The other thing I would add is we're continuing to see the customer move into unlock phones more and more where they're purchasing the phone outright and then connecting the carrier that they're already on. We think that's a strong trend, and we're also seeing a lot of that focused on the more premium models, which obviously are the ones that support AI even better.

我要補充的另一件事是，我們繼續看到客戶越來越多地轉向解鎖手機，他們直接購買手機，然後連接他們已經使用的運營商。我們認為這是一個強勁的趨勢，我們也看到許多趨勢都集中在更高端的模型上，這些模型顯然可以更好地支援人工智慧。

And then as Corie talked about earlier, we do have partnerships with both AT&T and Verizon in hundreds of stores, where they're there with additional labor to really capitalize on the trend as customers are coming in and asking questions as they're looking to upgrade to those newer models.

正如 Corie 之前提到的，我們確實與 AT&T 和 Verizon 在數百家商店建立了合作夥伴關係，他們在那裡提供額外的勞動力，以真正利用這一趨勢，因為顧客會進來並提出他們想要的問題升級到那些較新的型號。

Steven Forbes, Guggenheim Securities.

史蒂文福布斯，古根漢證券。

Good morning. Corie, I was hoping to maybe explore the profit improvement across services, maybe the higher level as we think out here to 2020 -- fiscal '26 and '27. So maybe a two part question.

早安. Corie，我希望能夠探索跨服務業的利潤改善，也許是我們認為到 2020 年（26 財年和 27 財年）的更高水準。所以也許是一個由兩個部分組成的問題。

I guess, one, are there any aspects of the recent improvement that you view as maybe at risk right or unsustainable, whether it be within the membership program across the sort of warranty aspect or really just in services in general?

我想，第一，您認為最近的改進是否有任何方面可能存在風險，正確或不可持續，無論是在保固方面的會員計劃內，還是只是在一般服務方面？

And I guess, two, can you update us on how warranty revenue has trended this year? And any sort of preliminary thoughts on how we should be thinking about that profit stream into next year?

我想，第二，您能否向我們介紹今年保固收入的最新趨勢？關於我們應該如何考慮明年的利潤流，有什麼初步的想法嗎？

So thank you for the question. Overall, the gross profit expansion in services this year has been driven by -- and membership is driven by a few things. First, we obviously made the changes in the program last year and we began to lap those at the end of Q2 this year. So where we had a certain offering -- we created another offering and we lowered the price of the total tech and created a total.

謝謝你的提問。總體而言，今年服務業毛利的成長是由以下因素推動的——而會員資格則是由一些因素推動的。首先，我們去年顯然對計劃進行了更改，並在今年第二季末開始進行這些更改。因此，當我們提供某種產品時，我們創建了另一種產品，並降低了整體技術的價格並創建了整體技術。

That also reduced the cost to serve that program. And so, while we're still seeing benefits of the change in the program after Q2 and Q3 and Q4 this year, we're seeing the benefit overall to start to slow down compared to where it was in the first part of the year.

這也降低了服務該計劃的成本。因此，雖然今年第二季、第三季和第四季之後我們仍然看到該計劃的變化帶來的好處，但與今年上半年相比，我們看到整體好處開始放緩。

And lastly, the improvements have also come from improvements in the stand-alone warranty business. If you think about going into next year, some of these improvements will obviously start to slow down and go away. The improvement of the cost to serve by the time we get to next year will likely have been already accomplished because we would have had those improvements all year long.

最後，這些改進也來自於獨立保固業務的改進。如果你考慮進入明年，其中一些改進顯然會開始放緩並消失。到明年，服務成本的改善可能已經完成，因為我們全年都會有這些改善。

And so, when you get into next year, the compare will be pretty normal. So that probably won't be a driver of a lot of benefit next year in terms of services and membership. What could be a continued driver of improvement to the service membership is the warranty business has been doing well this year. Our attach rate has been increasing and that has been driving more standalone sales. You could imagine that could potentially increase next year as well. And so that's one area.

因此，當你進入明年時，這種比較就會很正常。因此，這可能不會在明年的服務和會員資格方面帶來許多好處。保固業務今年表現良好，這可能是服務會員資格改善的持續推動力。我們的附加率一直在增加，這推動了更多的獨立銷售。你可以想像明年這數字也可能會增加。這就是一個領域。

But overall, if you think about services and membership next year, I would think of the business not being too different from the enter trajectory going into next year. So still very healthy, still very strong and probably more to do with how the core business starts to improve.

但總的來說，如果你考慮明年的服務和會員資格，我認為這項業務與明年的進入軌跡沒有太大不同。所以仍然非常健康，仍然非常強大，可能更多地與核心業務如何開始改善有關。

So if the core product rate goes up, the services business should follow. And if we can drive more stand-alone business, that would obviously help the rate, but not probably the improvement that we're seeing this year.

因此，如果核心產品率上升，服務業務也應該隨之上升。如果我們能夠推動更多的獨立業務，這顯然會提高成長率，但可能不會像我們今年看到的那樣改善。

Steve, I'm going to build on what Matt said, at that kind of highest level in terms of our operating income, there's always puts and takes. And I think the membership and services is one piece of it. I think on the whole as we go into next year, obviously, we're going to keep our eyes on anything that is a bit more out of our control, like a major disruption in supply chains or some of those kind of things.

史蒂夫，我將以馬特所說的為基礎，在我們營業收入的最高水準上，總是有投入和投入。我認為會員資格和服務是其中之一。我認為總的來說，進入明年，我們顯然會密切關注任何超出我們控制範圍的事情，例如供應鏈的重大中斷或類似的事情。

But the puts and takes, in general, I think we feel pretty good about it. That's why even in the prepared remarks, we said as the industry returns to growth, our ongoing goal is to continue to expand those operating margins and structurally trying to put ourselves in position to do that.

但總的來說，我認為我們對此感覺很好。這就是為什麼即使在準備好的演講中，我們也表示，隨著產業恢復成長，我們的持續目標是繼續擴大營業利潤率，並在結構上努力使自己能夠做到這一點。

We've talked a little bit about some of the layers of pressures that have been on the business, like inflation, like services spend, like the housing market, like the lack of innovation. You can see all of those kinds of starting to turn the corner here.

我們已經討論了一些企業面臨的一些壓力，例如通貨膨脹、服務支出、房地產市場、缺乏創新等。您可以在這裡看到所有這些類型的開始出現轉機。

And so, I think that gives us some level of confidence in the topline as we head into next year (technical difficulty) increasing expansion in those rates as it relates to membership and services. But I also don't think there's anything structurally that makes us say it's going to massively pull back. I think we had been in a good position, given all the strategic investments that we've been making.

因此，我認為這讓我們對收入有一定程度的信心，因為我們進入明年（技術難度），增加與會員和服務相關的費率的擴張。但我也不認為有任何結構性因素讓我們說它會大幅收縮。我認為，考慮到我們一直在進行的所有策略投資，我們一直處於有利地位。

That's super helpful. Thank you, both. And maybe a quick follow-up on the revenue contribution from Best Buy Express within the international segment. I think we can back into it via the color you provided, but any comment on the profitability of that revenue stream?

這非常有幫助。謝謝你們，兩位。也許還可以快速跟進百思買快遞在國際市場上的收入貢獻。我認為我們可以透過您提供的顏色來討論這個問題，但是對該收入流的盈利能力有什麼評論嗎？

Yeah. For this year, the profitability will be pretty neutral in terms of how much EBIT is contributing. There is some sales coming through, but there as you can appreciate some ramp-up costs as we're putting the locations in. As we get into next year, we would expect that to generate some improvement. But for this year, it's a pretty neutral impact.

是的。今年，就息稅前利潤的貢獻而言，獲利能力將相當中性。雖然有一些銷售收入，但隨著我們投入這些地點，您可以體會到一些增加成本。但對於今年來說，這是一個相當中性的影響。

Joe Feldman, Telsey Advisory Group.

喬·費爾德曼，特爾西諮詢小組。

Hi, guys. Thanks for taking the question. I wanted to follow up on, Corie, you gave some examples of some of the new store formats that you guys are playing around with. And I was just wondering, and maybe it's too soon, but I'm curious just how you guys are seeing the consumer respond to the stores? And are you getting what you would like out of them or you do have them?

嗨，大家好。感謝您提出問題。我想跟進，科里，你舉了一些你們正在嘗試的新商店格式的例子。我只是想知道，也許現在還為時過早，但我很好奇你們如何看待消費者對商店的反應？您是否從他們身上得到了您想要的東西，或者您確實擁有了它們？

Yeah. Thanks, Joe. I'll hit this in a couple of tranches. So we talked about kind of three different new stores that we were launching. One is our outlet strategy. And I think the outlet strategy, that we have more experience with. We have outlets already. We've expanded that. And that really supports the, we think, competitive advantage we have in being able to have refurbed, guaranteed product, open box products, especially in an environment where the consumer is looking for value.

是的。謝謝，喬。我將分幾次討論這個問題。所以我們討論了我們即將推出的三家不同的新店。一是我們的出口策略。我認為我們在出口策略方面有更多經驗。我們已經有分店了。我們已經擴展了這一點。我們認為，這確實支持了我們擁有翻新、保證的產品、開箱產品的競爭優勢，特別是在消費者尋求價值的環境中。

And these become kind of that treasure hunt phenomenon that we're seeing right now, where customers come in, they can look for something that really match their budget. They have the confidence of knowing it's been refurbed by Geek Squad agent, and they can get that great product. Also often, maybe a warranty or a membership attached to it so they have that confidence in the product over time.

這些變成了我們現在看到的尋寶現象，當客戶進來時，他們可以尋找真正符合他們預算的東西。他們有信心知道它已經被 Geek Squad 代理商翻新過，他們可以獲得很棒的產品。通常情況下，可能會附有保固或會員資格，以便隨著時間的推移，他們對產品有信心。

So outlets is a known strategy, carefully expanding that where we think it makes sense in that market approach to make sure we feel like we're meeting the needs of the market. Then we gave two other examples. We gave the Bosman example, which we were implicit in saying that is smaller market where we otherwise maybe would not have entered, but we found a smaller format store with an operating model that we think will work in some of those markets.

因此，直銷店是一種眾所周知的策略，仔細擴展我們認為在市場方法中有意義的地方，以確保我們感覺到我們正在滿足市場的需求。然後我們又舉了兩個例子。我們舉了博斯曼的例子，我們含蓄地說這是一個較小的市場，否則我們可能不會進入，但我們發現了一個規模較小的商店，其運營模式我們認為適用於其中一些市場。

Now unfortunately, Joe, we just opened that store last week. So we're a little light on insights at this point. What I can tell you, it was fun to see a community that was really excited to have us there, and literally went out of their ways, and I'm so proud of the store teams there to say they were so excited to see Best Buy entering the market.

不幸的是，喬，我們上週剛開了那家商店。所以目前我們的見解還不夠深入。我可以告訴你的是，很高興看到一個社區對我們的存在感到非常興奮，並且真的不遺餘力，我為那裡的商店團隊感到非常自豪，他們很高興看到 Best買入進入市場。

The other example we gave which is Kansas City. Likewise, we just opened that not even a week ago. So unfortunately, I also don't have a lot of insights yet from that. But you can imagine, we're going to be keeping a close eye on what we can see in those stores and what the different thesis looks like because in the Kansas City example, that was closed a big store and then open a smaller one.

我們給的另一個例子是堪薩斯城。同樣，我們不到一周前才剛開業。不幸的是，我還沒有從中獲得很多見解。但你可以想像，我們將密切關注我們在這些商店中看到的東西以及不同的論文是什麼樣子，因為在堪薩斯城的例子中，關閉了一家大商店，然後開設了一家較小的商店。

So you still have that point of presence, but you maybe don't even have all the bells and whistles that you had at a larger store. And I think we'll continue to compare those against we already had, as you well know, 20,000 square foot stores that are a bit smaller format can serve maybe a little bit more isolated population.

所以你仍然有那個存在感，但你可能甚至沒有在更大的商店裡擁有的所有花里胡哨的東西。我認為我們將繼續將這些與我們已經擁有的 20,000 平方英尺的商店進行比較，這些商店規模較小，可以為更偏僻的人群提供服務。

And we also continue to watch those, which for us has been a profitable model. So I think we're working on how in a market-based, where do you put these different models together. So you can serve the market with plenty of points of presence, but in a way that reflects both the digital shift for shoppers and a market that might just look a little bit different than a large city.

我們也繼續關注這些，這對我們來說是一種獲利模式。所以我認為我們正在研究如何在基於市場的情況下將這些不同的模型組合在一起。因此，您可以透過大量的存在點來服務市場，但方式既要反映購物者的數位化轉變，又要反映可能與大城市略有不同的市場。

Got it. That's really helpful. Thanks, Corie. And maybe just a quick follow-up. You talked about the marketplace. And I guess I was wondering if -- I know it's a next year event, but I'm wondering where you guys see the opportunity for Best Buy to have a marketplace like maybe some of the advantages that you guys see that Best Buy can offer to the providers, 3P providers?

知道了。這真的很有幫助。謝謝，科里。也許只是快速跟進。你談到了市場。我想我想知道是否 - 我知道這是明年的活動，但我想知道你們在哪裡看到百思買擁有市場的機會，就像你們看到百思買可以提供的一些優勢供應商、3P 供應商？

It's been really interesting to watch our Canada counterparts operate a marketplace, which they have for a number of years and to learn a bit from them about how maybe you can augment your more traditional assortment and ways of going to market with a bit of a deeper offering for your customers.

觀看我們的加拿大同行經營一個市場已經很多年了，並向他們學習如何可以增加更傳統的品種以及以更深入的方式進入市場的方式，這真的很有趣。

So I'll start with that. The second thing is customer shopping behavior is very different. And we've talked about this a lot, but you have to underscore how much more shopping is done digitally and how much deeper into the catalog you can go digitally if you have the right partners in more of a marketplace kind of model.

那我就從這個開始吧。第二件事是顧客的購物行為有很大不同。我們已經對此進行了很多討論，但您必須強調，如果您在更多的市場模式中擁有合適的合作夥伴，那麼您可以透過數位化方式完成更多的購物，以及您可以以數位化方式深入目錄。

And we can actually see, you can imagine, when our customers are searching for things that we might not currently offer. And so, I wouldn't think about this as all of a sudden, you're going to come to Best Buy and like there's this magical huge marketplace that has everything.

你可以想像，我們實際上可以看到，當我們的客戶正在搜尋我們目前可能無法提供的東西時。所以，我不會突然想到這一點，你會來到百思買，就像有一個神奇的巨大市場，什麼都有。

This will be a curated, tailored marketplace to the customer that is coming to shop with us and those deeper assortments that you would hope you could provide. You can imagine, in store, I can't provide every colorful cell phone case on the planet that tailors to everyone's unique desires. Trust me, as the mom to teenagers, there are many unique cell phone case desires.

這將是一個精心策劃、量身定制的市場，專為來我們這裡購物的客戶以及您希望提供的更深層次的產品類別而設計。你可以想像，在商店裡，我無法提供世界上每一種色彩繽紛的手機殼來滿足每個人的獨特需求。相信我，身為青少年的媽媽，有很多獨特的手機殼願望。

But if you have this newer marketplace approach, you can go very deep into that part of the assortment, still offer that great assortment, but it's also very aligned with who we are as a consumer electronics retailer. And then the last thing I would say, Joe, is we're also thinking really carefully about the experience.

但如果你有這種更新的市場方法，你可以深入了解這部分產品，仍然提供很棒的產品，但它也非常符合我們作為消費性電子零售商的定位。喬，我要說的最後一件事是，我們也在非常仔細地考慮這次體驗。

And so, sometimes the other flip side of the question that I might get is like, why is it taking you a little while to get there? Because we want the in-store experience to work with the digital experience. We want the search experience really importance to able to work.

因此，有時我可能會遇到的問題的另一面是，為什麼你需要一段時間才能到達那裡？因為我們希望店內體驗與數位體驗結合。我們希望搜尋體驗對於工作來說非常重要。

We want all the fulfillment experiences to be able to work. The membership experiences, any associated Geek Squad experiences. And so, we're really working hard to make sure we uniquely to Best Buy bring to life a marketplace that we hope serves some of our consumers' broader needs.

我們希望所有的滿足體驗都能發揮作用。會員體驗，任何相關的極客小隊體驗。因此，我們確實在努力確保百思買能夠打造出一個能夠滿足消費者更廣泛需求的市場。

Karen Short, Melius Research.

凱倫·肖特，Melius 研究中心。

Hey, thanks very much and good to talk to you again. A couple of clarifications. When you look at your implied 4Q guidance, there is a very wide range on operating income. So wondering if you could talk about that a little bit. And then I know you've been reluctant to provide this, but any color that you would be willing to provide on membership renewal?

嘿，非常感謝，很高興再次與你交談。一些澄清。當你查看隱含的第四季指引時，會發現營業收入的範圍非常廣泛。所以想知道你是否可以談談這一點。然後我知道您一直不願意提供此信息，但是您願意在會員續訂時提供任何顏色嗎？

Sure. I'll start, maybe Corie can jump in. I think in terms of the OI dollar range in Q4, it is wider. We're guiding anywhere from 4.6% to 4.8% rate. I think the biggest thing to call out there, there probably isn't a lot of difference on the gross profit side. The gross profit is probably a pretty similar level of increase on that range.

當然。我會開始，也許 Corie 可以介入。我們的指導利率在 4.6% 到 4.8% 之間。我認為最重要的是，毛利方面可能沒有太大差異。毛利在該範圍內的成長水準可能非常相似。

I think as you get it from a flat comp down to a minus 3% comp, you obviously reduce variable expenses. As the sales decrease to a certain extent, but obviously, there's a fair amount of the sales rate to leverage -- SG&A deleverage as you move to the bottom of that on the sales guidance range. So I think that is for the most part the biggest difference between dollar amounts on the guide for Q4.

我認為，當你從固定薪資降低到負 3% 薪資時，你顯然會減少變動費用。當銷售額下降到一定程度時，但顯然，當你移動到銷售指導範圍的底部時，有相當數量的銷售率可以利用——SG&A去槓桿化。因此，我認為這在很大程度上是第四季度指南中美元金額之間最大的差異。

(multiple speakers) And Karen, we've been -- love the question on membership. We've been really consistent on making sure we always tack back to the goal of our membership program, which is to drive engagement and increase that share of wallet.

（多名發言者）凱倫，我們一直很喜歡關於會員資格的問題。我們一直非常一致地確保我們始終回到會員計畫的目標，即提高參與度並增加錢包份額。

And you're right, we're looking at three things any time we're talking about that. That is acquisition, engagement and retention. And what we like, we continue to grow new customers into the program in Q3. Our paid members consistently are showing higher levels of interaction, comparatively higher levels of spend.

你是對的，我們每次談論這個問題時都會考慮三件事。這就是獲取、參與和保留。我們喜歡的是，我們在第三季繼續將新客戶納入該計劃。我們的付費會員始終表現出更高水準的互動，相對更高的支出水準。

And while it's early because we still are just lapping all the changes that we made. At this point, retention rates are outperforming our expectations that we had internally for both total and for plus. So we're happy with that. You're right, we're not giving any precise retention rates, but at least they are outperforming our expectations.

雖然現在還為時過早，因為我們仍然只是在迭代我們所做的所有更改。目前，保留率無論是整體保留率還是附加保留率都超出了我們內部的預期。所以我們對此感到滿意。你是對的，我們沒有給出任何精確的保留率，但至少它們超出了我們的預期。

Seth Basham, Wedbush Securities.

塞思‧巴沙姆 (Seth Basham)，韋德布希證券公司。

Thanks a lot, and good morning. If we could just double-click on the laptops category, and if you wouldn't mind telling us how that performed in terms of year-over-year growth in the second quarter relative to 7% in the third quarter.

非常感謝，早安。如果我們可以雙擊筆記型電腦類別，並且您不介意告訴我們第二季度筆記型電腦類別相對於第三季度 7% 的同比增長情況如何。

And then some color around what customers are gravitating to in laptops, how much is replacement driven, what features they're going after, whether it be battery life or AI and how you expect that category trend going forward? Thank you.

然後，圍繞客戶對筆記型電腦的吸引力、更新換代的程度、他們追求的功能、電池壽命還是人工智慧以及您對這一類別趨勢的預期如何進行一些闡述？謝謝。

Thanks for the question, Seth. Let's start with laptops and tablets combined. The comp for those was 5.2%, which was down slightly in Q2. The biggest change there was that the new iPad launched in Q2, which is what drove that slightly.

謝謝你的提問，賽斯。讓我們從筆記型電腦和平板電腦的組合開始。這些產品的成長率為 5.2%，第二季略有下降。最大的變化是第二季推出的新 iPad，這略微推動了這一趨勢。

Laptops in itself though had a 7% comp, which is the highest comp we've seen since April of 2021. We do think right now that we're excited about AI, and obviously it's getting to be a larger percentage of our assortment. In fact, on the premium side of Windows, it's about 50% of the total assortment right now. We're up to 60 total SKUs. AMD and Intel are now there in addition to Qualcomm. And of those SKUs, we actually have about 50% of those SKUs are exclusive to us.

筆記型電腦本身的競爭比例為7%，這是自2021 年4 月以來我們看到的最高競爭比例。來越大。事實上，目前 Windows 的高階產品約佔總品種的 50%。我們總共有 60 個 SKU。除了高通之外，現在還有 AMD 和英特爾。在這些 SKU 中，實際上大約 50% 的 SKU 是我們專有的。

But we think a lot of the interest right now is really on upgrade and replacement cycle, and that AI will continue to drive interest moving forward, but it's really customers back into the market and replacing technology. That's why we're seeing strong sales across the entire portion of the assortment, including even things like gaming.

但我們認為，現在許多人的興趣實際上是在升級和更換週期上，人工智慧將繼續推動人們的興趣向前發展，但實際上是客戶回到市場並更換技術。這就是為什麼我們看到整個產品系列的銷售強勁，甚至包括遊戲等產品。

So we're excited to what's going to happen in the future with AI. We think it's a phased approach. There'll be new features in AI across all the different platforms. And it's not just Microsoft, it's obviously Apple and Google are there as well. But right now, we do think the biggest thing that's driving is really that upgrade and replacement. And that will probably continue into next year as we think about the end-of-life support of Windows 10 that happens in October 2025.

因此，我們對人工智慧未來將發生的事情感到興奮。我們認為這是一個分階段的方法。所有不同平台上的人工智慧都會有新功能。不只是微軟，顯然蘋果和谷歌也在那裡。但現在，我們確實認為最重要的推動因素實際上是升級和更換。當我們考慮到 2025 年 10 月 Windows 10 的生命週期終止時，這種情況可能會持續到明年。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Hey, guys. Good morning, everyone. A couple of things that I want to follow-up on. I guess, just first on the quarter-to-date 5%, obviously, a lot stronger. I may have missed this earlier, but can you just help us understand maybe what the underlying trend is when you consider the shift?

嘿，夥計們。大家早安。我想跟進一些事情。我想，首先是本季至今的 5%，顯然要強得多。我可能之前錯過了這一點，但是當您考慮這種轉變時，您能否幫助我們理解潛在的趨勢是什麼？

I wonder if the best way to look at it is maybe in the [last three week], I mean, do you think there's pent-up demand that maybe got shifted out of the early fall period into November? Just any more context on that would be really helpful.

我想知道最好的看待方式是否是在[過去三週]，我的意思是，您是否認為被壓抑的需求可能會從早秋時期轉移到 11 月？只要有更多關於這一點的背景資訊就會非常有幫助。

Yeah. First, in terms of the week shift, the week shift really doesn't have an impact on the 5% comp so far for the first three weeks. If you think about this November versus last November Thanksgiving, it's in the same week four in both post period. So there really isn't an impact to the week shift from that regard.

是的。首先，就週班而言，到目前為止，週班確實對前三週的 5% 薪資沒有影響。如果您考慮今年 11 月與去年 11 月的感恩節，您會發現這兩個感恩節都在同一周的第四周。因此，這對週班確實沒有影響。

The 5% in terms of the strength there, I think, you're right. We did see the business trend down in September and October. Again, we're seeing those values between sales events a little deeper all year long. We've been seeing that. So there likely is some level of people who are waiting until the holiday season, and that's coming through in this 5% number.

就那裡的實力而言，5%，我認為，你是對的。我們確實看到九月和十月的業務趨勢有所下降。再次，我們看到全年銷售活動之間的這些價值更加深入。我們已經看到了這一點。因此，可能有一定程度的人在等待假期，而這就是這 5% 的數字。

Although, I would say we are doing a great job merchandising, bringing back the Doorbusters, which is also generating, stimulating demand, but I think you're right. And there is a little bit of a -- the values that are a little deeper and then the sales events get a little higher, which is why we're also thoughtful about our Q4 guidance total being at a 5% three weeks and it's still at the high end flat comp.

雖然，我想說我們在行銷方面做得很好，帶回了《Doorbusters》，這也產生了刺激需求，但我認為你是對的。還有一點——價值更深一點，然後銷售活動會更高一點，這就是為什麼我們也考慮到我們的第四季度指導總額為三週 5%，而且它仍然是在高端平板電腦中。

We would expect based on the timing and the promotion changes this Q4, see some level of potential slowdown as we get past the holiday period into December.

我們預計，根據第四季度的時間表和促銷活動的變化，隨著假期過後進入 12 月，我們將看到一定程度的潛在放緩。

And I think we're also just trying to be thoughtful about the reallocation of less shopping days. Those are going to come in lots of different ways, which is going to make restating weeks, just incredibly painful for everyone.

我認為我們也只是想考慮重新分配更少的購物日。這些將以多種不同的方式出現，這將使幾週的重述對每個人來說都非常痛苦。

But some of that is going to get probably pulled up a little bit earlier. Some of it will get squished in the middle a little bit deeper. So I think we're -- like everyone trying to make sure that we're thoughtful about how all those extra days get reallocated back into the rest of the shopping season.

但其中一些可能會提早一些。其中一些會在中間被壓得更深一些。因此，我認為我們就像每個人一樣，努力確保我們深思熟慮如何將所有這些額外的天數重新分配回購物季的剩餘時間。

Okay. Super helpful. Thank you for that. And then the follow-up is just around promotional activity. Could you talk a little bit more about what Best Buy is doing relative to the industry? I thought there was an implication that you're not being as aggressive, more targeted, and you've done a good job of that historically. But just curious how you frame that and what you're seeing maybe more broadly from a competitive perspective.

好的。超有幫助。謝謝你。然後後續就是圍繞促銷活動。您能多談談百思買相對於該行業所做的事情嗎？我認為這暗示著你沒有那麼激進，更有針對性，而你在歷史上已經做得很好了。但只是好奇你如何看待這個問題，以及你從競爭的角度更廣泛地看到了什麼。

Yeah. I would not frame it as less aggressive. I want to be explicit about that. And in fact, we went into the year saying we're going to make price investments this year so we could maintain our share position in some of those really key categories for us, like computing and TVs and appliances.

是的。我不會認為它不那麼具有侵略性。我想明確這一點。事實上，我們在今年就表示，我們將在今年進行價格投資，這樣我們就可以在一些對我們來說非常關鍵的類別（例如電腦、電視和家電）中保持我們的份額地位。

I think what Matt hit on earlier is something that's important, which is elasticity has been inconsistent. And our teams are very, very good about trying to understand as they put promotions out in place, what is it the consumer responding to versus where are we putting in promotions and the consumer is not responding.

我認為馬特之前提到的很重要的一點是，彈性一直不一致。我們的團隊非常非常擅長在推出促銷活動時嘗試了解消費者的反應是什麼，以及我們在哪裡進行促銷而消費者沒有反應。

And I think what they've done is a very nice job of tweaking the promotional plan throughout the year as we see responses. We are definitely in drive time seeing some responses, and that's amazing.

我認為他們所做的工作非常出色，我們看到了反饋，全年調整了促銷計劃。我們肯定在開車時看到了一些回應，這真是太棒了。

On those valleys, to your point though in between, it can be very hard to stimulate demand because the customer, just almost like regardless of price point just as not as interested in the product. So I give the team a lot of credit for consistently trying to figure out how to optimize those drive times. And at the same time, make good decisions when the consumer doesn't seem as likely to want to make purchases.

在這些山谷中，就您的觀點而言，雖然介於兩者之間，但刺激需求可能非常困難，因為客戶幾乎不考慮價格點，就像對產品不感興趣一樣。因此，我對團隊不斷嘗試找出優化駕駛時間的方法給予高度讚揚。同時，當消費者似乎不太願意購買時，做出正確的決定。

Before we end the Q&A, we'd like to visit a question that came at the beginning of the Q&A, it appears there was some technical difficulties. So Corie, if you could go back to on the earlier question about products coming from China and Mexico and our approach thought on tariffs.

在結束問答之前，我們想回顧問答開始時提出的問題，看來存在一些技術困難。那麼科里，您是否可以回到之前關於來自中國和墨西哥的產品的問題以及我們對關稅的方法思考。

Yeah. So maybe I'll restate the thoughts on tariffs, and you can all see if I do it the same. So first of all, I want to make it clear, it's very important for us that we try to work with the administration. We have historically when it comes to the issue of tariffs, and we definitely want to be as supportive as possible.

是的。所以也許我會重申一下關於關稅的想法，你們都可以看看我是否也這樣做。首先，我想明確表示，嘗試與政府合作對我們來說非常重要。我們歷來在關稅問題上都遇到過，我們肯定希望提供盡可能的支援。

But a few key facts here as it relates to us. One, ours is an incredibly complex industry with a very complex supply chain. And I think at the end of the day, everybody in the industry agrees that diversification is a very good thing, but it's also not easy because these are such technical supply chain.

但這裡有一些與我們相關的關鍵事實。第一，我們的產業極為複雜，供應鏈也非常複雜。我認為歸根結底，行業中的每個人都同意多元化是一件非常好的事情，但這並不容易，因為這些都是技術供應鏈。

Two, we directly control very few of these supply chains. We're the importer of record on only about 2% to 3% of our product. And in those products that we control, the vast majority of that and those products that production has been moved out of China.

第二，我們直接控制的供應鏈很少。我們的產品中只有 2% 到 3% 是有記錄的進口商。在我們控制的那些產品中，絕大多數產品和生產的產品已經轉移出中國。

So as we said before, just to give an update, last time we gave an update, about 60% of our cost of goods sold came from China. And again, this is working with our vendor partners based on best we can discern. That number is probably about consistent right now with what we were seeing before.

正如我們之前所說，更新一下，上次我們更新時，我們約 60% 的銷售成本來自中國。再說一次，這是我們與我們的供應商合作夥伴基於我們所能辨別的最佳情況進行的合作。這個數字現在可能與我們之前看到的一致。

Before, I think we had hoped that some of that would move or a more material portion would move, but COVID and the associated supply chain disruptions that happened, ramping production way up and then way back, I think disrupted some of that movement of those supply chains.

之前，我認為我們曾希望其中一些會發生變化，或者更多的物質部分會發生變化，但新冠疫情和相關的供應鏈發生中斷，產量一路上升然後又回落，我認為擾亂了其中的一些變化供應鏈。

And then our second largest country of import is Mexico. So that kind of gives you an idea of where we're bringing in and very there's very little in the consumer electronics space that is not imported. Almost everything is imported in CE.

然後我們的第二大進口國是墨西哥。因此，這可以讓您了解我們正在引進哪些產品，而且消費性電子領域幾乎沒有什麼不是進口的。幾乎所有東西都是CE進口的。

I would also see tariffs that are very complex, which you all know, it depends on the rules that are used, whether or not there are investigations, congressional involvement, which countries, what level, is it a phased approach, are there exceptions, is there an openness to feedback. And so, obviously, I think it's going to be a very fluid situation as we continue to work through it.

我還會看到非常複雜的關稅，你們都知道，這取決於所使用的規則，是否有調查，國會的參與，哪些國家，什麼級別，是否是分階段的方法，是否有例外，是否願意接受回饋?因此，顯然，我認為隨著我們繼續努力解決這個問題，這將是一個非常不穩定的情況。

Typically, in history, this ends up being some kind of costs that are shared. Some extent, the vendors have some. Ro some extent, Best Buy. Of course, we see that the customer ends up bearing some of the cost of tariffs, and we've seen this before.

通常，在歷史上，這最終會成為某種共同的成本。在某種程度上，供應商有一些。 Ro在某種程度上是百思買。當然，我們看到客戶最終承擔了部分關稅成本，我們以前也見過這種情況。

And for us, that's the hardest part. These are goods that people need and higher prices are not helpful. I think you've seen many external organizations intimate CTA and NRFs that these are high-priced items that are going to be higher priced if there are tariffs involved. And so, again, we will continue to try to work on that.

對我們來說，這是最困難的部分。這些都是人們需要的商品，更高的價格並沒有幫助。我認為您已經看到許多外部組織向 CTA 和 NRF 表示，這些是高價商品，如果涉及關稅，價格將會更高。因此，我們將再次繼續努力解決這個問題。

The other part of the question I didn't answer before that Peter had asked is are there plans to mitigate and what are some of the mitigation strategies. And you can imagine that's everything from if you know there's going to be products, bringing some in ahead of the tariff implementation.

彼得之前問過的我沒有回答的問題的另一部分是是否有緩解計劃以及緩解策略是什麼。你可以想像這就是一切，如果你知道會有產品，在關稅實施之前引進一些產品。

There are decisions around vendor and SKU assortments, there are promotional and pricing strategies. There are sourcing changes, which I think our vendor partners are also working hard on. And there are other strategies that we employ in partnership with our vendor. I think this is where our close vendor relationships really tend to pay off for us.

有圍繞供應商和 SKU 分類的決策，還有促銷和定價策略。我認為我們的供應商合作夥伴也在努力解決採購方面的變化。我們也與供應商合作採用其他策略。我認為這就是我們密切的供應商關係真正為我們帶來回報的地方。

So it's obviously an evolving issue. It's when this team has a great deal of experience navigating, and we are already planning for and working with our vendor partners on next steps.

所以這顯然是一個不斷發展的問題。當這個團隊擁有豐富的導航經驗時，我們已經在計劃並與我們的供應商合作夥伴合作進行後續步驟。

And with that, I want to thank you all for joining us for the call today. I know it's busy out there. I hope everyone listening has an absolutely wonderful holiday, and we look forward to updating you on our results and our progress during our call next March.

在此，我要感謝大家參加今天的電話會議。我知道外面很忙。我希望每位聽眾都有一個絕對美好的假期，我們期待在明年三月的電話會議上向您通報我們的最新結果和進展。

That concludes today's Best Buy third quarter fiscal 2025 earnings call. Thank you all for joining. I hope everyone has a great day.

今天的百思買 2025 財年第三季財報電話會議到此結束。感謝大家的加入。我希望每個人都有美好的一天。