百思買 (BBY) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to Best Buy's fourth quarter fiscal 2025 earnings conference call.

歡迎參加百思買 2025 財年第四季財報電話會議。

As a reminder, this call is being recorded for playback and will be available by approximately 1:00 PM Eastern Time today.

提醒一下，本次通話正在錄音以便播放，並將於今天東部時間下午 1:00 左右提供。

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

（操作員指示）現在，我將會議交給投資者關係主管 Mollie O'Brien。

Thank you, and good morning, everyone.

謝謝大家，早安。

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 Offering and Fulfillment.

今天與我一起參加電話會議的還有我們的執行長 Corie Barry；我們的財務長 Matt Bilunas；以及我們的客戶服務與履行資深執行副總裁 Jason Bonfig。

During the call today, we will be discussing both GAAP and non-GAAP financial measures.

在今天的電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。

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.

這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表以及這些非 GAAP 財務指標為何有用的解釋，可在今天早上的收益報告中查閱，該報告可在我們的網站 investor.bestbuy.com 上找到。

Beginning this quarter, we have renamed all of our non-GAAP financial measures to adjusted financial measures.

從本季開始，我們將所有非公認會計準則財務指標更名為調整後財務指標。

For example, non-GAAP SG&A has been renamed to adjusted SG&A.

例如，非 GAAP 銷售、一般及行政費用已重新命名為調整後的銷售、一般及行政費用。

The methodology for calculating these measures remains unchanged, and therefore, any previously reported non-GAAP financial measures that are renamed to corresponding adjusted financial measures remain unchanged.

計算這些指標的方法保持不變，因此，任何先前報告的非 GAAP 財務指標（重新命名為相應的調整後財務指標）均保持不變。

In addition, I want to remind you that fiscal '25 had 52 weeks compared to 53 weeks in fiscal '24.

此外，我想提醒您，25 財年為 52 週，而 24 財年為 53 週。

We estimate the impact of the extra week in Q4 fiscal '24 added approximately $735 million in revenue, approximately 15 basis points of adjusted operating income rate and approximately $0.30 of adjusted diluted EPS to the full year results.

我們估計，24 財年第四季額外一週的影響為全年業績增加了約 7.35 億美元的收入、約 15 個基點的調整後營業收入率和約 0.30 美元的調整後攤薄每股收益。

Comparable sales for the 14-week Q4 fiscal '24 and 53-week fiscal '24 exclude the impact of the extra week.

2024 財年第四季 14 週和 2024 財年 53 週的可比銷售額不包括額外一週的影響。

Finally, some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.

最後，我們今天所做的一些聲明根據 1995 年《私人證券訴訟改革法案》的規定被視為前瞻性的。

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.

這些聲明可能涉及公司的財務狀況、業務計劃、成長計劃、投資和預期業績，並受可能導致實際結果與此類前瞻性聲明有重大差異的風險和不確定因素的影響。

Please refer to the company's current earnings release and our most recent Form 10-K and subsequent Form 10-Qs for more information on these risks and uncertainties.

有關這些風險和不確定性的更多信息，請參閱公司當前的收益報告和我們最新的 10-K 表以及後續的 10-Q 表。

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.

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召開日後可能發生的事件或情況的義務。

Now I will turn the call over to Corie.

現在我將電話轉給 Corie。

Good morning, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

I am pleased to report both better-than-expected sales and earnings for the fourth quarter.

我很高興地報告第四季的銷售額和收益都比預期好。

We drove positive enterprise comparable sales growth of 0.5%.

我們推動企業可比銷售額達到0.5%的正成長。

On revenue of almost $14 billion, we delivered an adjusted operating income rate of 4.9% and adjusted earnings per share of $2.58. As we entered fiscal '25, we were operating in an uneven environment and expected there would be industry pressure.

在近 140 億美元的營收基礎上，我們實現了 4.9% 的調整後營業收入和 2.58 美元的調整後每股收益。進入25財年時，我們的營運環境並不平衡，預計會面臨產業壓力。

Our fiscal '25 strategy was to focus on sharpening our customer experiences and industry positioning while maintaining, if not expanding our operating income rate on a 52-week basis.

我們的 25 財年策略是專注於提升客戶體驗和產業定位，同時保持（如果不能擴大）我們 52 週的營業收入率。

And with today's results on a 52-week basis, we are reporting 20 basis points of annual adjusted operating income rate expansion on a 2.3% comparable sales decline, demonstrating our ability to preserve profitability in a softer sales environment.

根據今天的 52 週業績，我們報告稱，在可比銷售額下降 2.3% 的情況下，年度調整後營業收入率擴大了 20 個基點，證明了我們有能力在較弱的銷售環境中保持盈利能力。

The Q4 holiday promotional environment was in line with our expectations going into the quarter.

第四季的假期促銷環境符合我們對本季的預期。

As we have seen for the past several quarters, customers were deal focused and attracted to more predictable sales moments.

正如我們在過去幾季看到的那樣，客戶更加重視交易，並且被更可預測的銷售時刻所吸引。

We were pleased to see strong customer response to our doorbusters and earlier Black Friday sales.

我們很高興看到客戶對我們的搶購活動和早期的黑色星期五促銷活動反應熱烈。

This gave us a running start to the quarter and the strong November comparable sales in a holiday season with fewer shopping days between Black Friday and Christmas Day.

這為我們本季度帶來了良好的開端，並且在黑色星期五和聖誕節之間的購物日較少的假日季節，11月份的可比銷售額表現強勁。

Our digital sales were almost 40% of total domestic sales this Q4, a slightly higher mix than last year.

今年第四季度，我們的數位銷售額佔國內總銷售額的近 40%，這一比例比去年略高。

We saw sales growth across digital assets, including the Best Buy app, which hit the number one rate shopping app position on the Apple App store on Black Friday this year and saw almost 20% traffic growth.

我們看到所有數位資產的銷售都在增長，包括百思買應用程序，該應用程式在今年黑色星期五榮登蘋果應用商店購物應用程式排行榜第一名，流量增長了近 20%。

We have very competitive fulfillment options, offering our online customers, on average, a 10% faster promise for delivery this year.

我們擁有非常有競爭力的履行選項，為我們的線上客戶提供今年平均更快 10% 的交貨承諾。

In addition, 45% of our online revenue was picked up in our stores by our customers during the quarter, showing the value customers put on the convenience of our stores.

此外，本季我們 45% 的線上收入是​​由客戶在我們的商店中獲得的，這表明客戶非常重視我們商店的便利性。

From a product category perspective, we drove comparable sales growth in computing, tablets, and services.

從產品類別來看，我們推動了運算、平板電腦和服務領域的可比較銷售額成長。

This growth was partially offset by declines in appliances, home theater, and gaming.

但這成長被家電、家庭劇院和遊戲的下滑部分抵消。

We delivered better-than-expected domestic comparable sales growth of 9% in the combined computing and tablet categories.

我們在計算和平板電腦綜合類別中實現了 9% 的國內可比銷售額增長，增幅好於預期。

Laptop sales growth specifically increased to 10% versus 7% growth in Q3.

筆記型電腦銷量增幅從第三季的 7% 上升至 10%。

Improved sales performances in headphones and in TVs within the broader home theater category, also added to better sales result compared to the first three quarters of the year.

家庭劇院類別中耳機和電視的銷售業績有所提升，也使銷售業績較今年前三個季度有所改善。

As I step back, there are several factors that contributed to our results and set us up well for success in fiscal '26.

回顧過去，我認為有幾個因素促成了我們的業績，並為我們在 26 財年取得成功奠定了基礎。

Our stores reset, enhanced vendor experiences and labor enhancements contributed to material year-over-year improvement in our domestic relationship net promoter score, which tracks consumers' likelihood to recommend Best Buy.

我們的門市重置、供應商體驗的增強和勞動力的提升促使我們的國內關係淨推薦值（用於追蹤消費者推薦百思買的可能性）同比大幅提升。

The investments we made in both digital and store experiences and associate training helped us optimize the computing, replacement and upgrade cycle to drive sales growth and share in the category.

我們在數位和店面體驗以及員工培訓方面所做的投資幫助我們優化了計算、更換和升級週期，從而推動了銷售成長和品類份額。

In our digital business, our focus on personalization and speed resulted in app engagement and sales growth.

在我們的數位業務中，我們對個人化和速度的關注帶來了應用程式參與度和銷售成長。

Our investment in marketing and the introduction of our new branding drove traffic and positive lift to brand perception metrics.

我們對行銷的投資和新品牌的推出帶來了流量並對品牌認知度指標產生了積極的提升。

We successfully tested new targeted promotional strategies that delivered higher engagement across all tiers of our My Best Buy membership.

我們成功測試了新的有針對性的促銷策略，為 My Best Buy 各層級的會員帶來了更高的參與度。

Our prudent and balanced approach to expenses allowed us to invest strategically and our ongoing efforts and investments in onboarding, training, and our commitment to creating a stable and engaging environment for our employees contributed to our lowest employee turnover metrics in six years and higher engagement scores sequentially and year over year.

我們採取審慎、均衡的開支方式，使我們能夠進行策略性投資。

We are encouraged by and proud of our execution and results and I'm beyond grateful for the passion and hard work our team members across the company demonstrate each and every day.

我們的執行力和成果令我們感到鼓舞和自豪，我非常感謝公司各團隊成員每天表現出的熱情和努力。

As we enter fiscal '26, we are excited to build on the momentum from this past year.

當我們進入26財年時，我們很高興能夠延續去年的良好勢頭。

Our strategy is to continue to strengthen our position in retail as a leading omnichannel destination for technology, expanding our operating income rate, while at the same time, building and scaling new profit streams that we believe will drive robust returns in the future.

我們的策略是繼續加強我們作為領先的全通路技術目的地在零售領域的地位，擴大我們的營業收入率，同時建立和擴大我們相信將在未來帶來強勁回報的新利潤流。

Therefore, our fiscal '26 priorities are as follows, one, drive omnichannel experience improvements that resonate with our customers; two, launch and scale incremental profit streams, including Best Buy Marketplace and Best Buy Ads; and three, drive operational effectiveness and efficiency to fund strategic investments and offset pressures.

因此，我們 26 財年的重點任務如下：第一，推動全通路體驗的改善，以引起客戶的共鳴；二、推出及擴大增量利潤流，包括百思買市場和百思買廣告；第三是提高營運效率和效益，為策略投資提供資金並抵銷壓力。

Of course, these priorities are intertwined and worked together as a great customer experience drives the level of opportunity to generate incremental profit streams.

當然，這些優先事項是相互交織、共同作用的，因為良好的客戶體驗可以帶來產生增量利潤流的機會。

Before providing more detail on these priorities, I'll share some insights on the assumptions driving our sales expectations.

在提供有關這些優先事項的更多細節之前，我將分享一些關於推動我們銷售預期的假設的見解。

We believe the consumer will remain resilient, but is still dealing with high inflation that is driving expenses up across their lives, making them value focused and thoughtful about big ticket purchases.

我們相信，消費者將保持韌性，但仍需應對高通膨，高通膨會推高他們生活中的開支，使他們在購買大件商品時更加註重價值並深思熟慮。

We also still see a consumer that is willing to spend on high price point products or when they need to or when there is technology innovation.

我們仍然看到，當消費者需要或有技術創新時，他們願意花錢購買高價位的產品。

After stabilizing through fiscal '25 we expect the US CE industry to be flattish to slightly up this year.

在25財年實現穩定後，我們預計美國消費性電子產業今年將保持穩定或小幅上漲。

From a category perspective, we expect continued sales growth in computing and improved sales trends across multiple other categories.

從類別角度來看，我們預期計算領域的銷售將持續成長，其他多個類別的銷售趨勢也將改善。

This leads to our comparable sales guide in the range of flat to 2% growth for the year, with growth weighted more in the second half of the year based on the timing of product launches and initiatives.

這使得我們的全年可比銷售指南處於持平至成長 2% 之間，並且根據產品發布和計劃的時機，下半年的成長權重更大。

We expect growth in computing, including tablets, to continue to be driven by the customer need to replace and upgrade products.

我們預計，包括平板電腦在內的運算產品的成長將繼續受到客戶更換和升級產品的需求的推動。

We believe this will be helped by both the end of Windows 10 product support in October and ongoing innovation in the form of gradual improvement in AI use cases and release of new AI features.

我們相信，Windows 10 產品支援將於 10 月結束，而 AI 用例的逐步改進和新 AI 功能的發布等持續創新將對此有所幫助。

Beyond computing, we expect other categories to show more stabilization and improved comp sales trends, including home theater, mobile phones, and major appliances.

除了計算之外，我們預計其他類別也將顯示出更穩定和改善的銷售趨勢，包括家庭劇院、手機和主要家電。

Against this backdrop, I need to pause a moment to address the topic of tariffs.

在此背景下，我需要暫停一下來談談關稅問題。

International trade is critically important to our business and industry.

國際貿易對我們的商業和工業至關重要。

The consumer electronics supply chain is highly global, technical, and complex.

消費性電子產品供應鏈高度全球化、技術性且複雜。

China and Mexico remain the number one and number two sources for products we sell, respectively.

中國和墨西哥仍然是我們銷售產品的第一大和第二大來源國。

While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely.

雖然百思買僅直接進口我們整體商品的 2% 至 3%，但我們預計整個商品的供應商會將一定程度的關稅成本轉嫁給零售商，因此美國消費者的價格很可能會上漲。

The fiscal '26 guidance we provided this morning does not include the impact of the recently enacted tariffs.

我們今天早上提供的26財年指引並不包括最近實施的關稅的影響。

This is because it is a highly dynamic situation with uncertainty about the duration, timing, amount, and countries involved in addition to the potential action of others in the industry as well as the potential reaction of American consumers.

這是因為這是一個高度動態的情況，除了業內其他公司可能採取的行動以及美國消費者可能做出的反應之外，其持續時間、時間、金額和涉及的國家都存在不確定性。

That being said, we believe it is helpful to provide some level of context.

話雖如此，我們認為提供一定程度的背景資訊是有幫助的。

Based on our early analysis, if the China tariffs that went into effect on February 4, remain at the 10% level for the full year, we believe they would have a negative impact in the ballpark of 1 point of comparable sales.

根據我們先前的分析，如果 2 月 4 日生效的對華關稅在全年保持在 10% 的水平，我們認為這將對可比銷售額產生約 1 個百分點的負面影響。

This would mainly impact quarters two through four.

這將主要影響第二至第四季。

I want to stress that our deeply tenured and talented teams are experienced as operating in volatile conditions.

我想強調的是，我們資深且才華洋溢的團隊擁有在動盪環境中開展工作的經驗。

And this is also a situation where our partnerships with vendors are extremely valuable.

這也是我們與供應商的合作關係極為寶貴的情況。

We intend to execute the strategic plan we set for this year while navigating the tariff environment.

我們打算在應對關稅環境的同時執行今年制定的戰略計劃。

Now I would like to provide more details on this plan and our fiscal '26 strategic priorities.

現在，我想提供有關該計劃和我們2026年財政戰略重點的更多細節。

As I mentioned, our first priority is to drive omnichannel experience improvements that resonate with our customers.

正如我所提到的，我們的首要任務是推動全通路體驗的改善，以引起客戶的共鳴。

I will start with our digital experiences where one-third of our domestic revenue is transacted and 60% of our purchasers visit at some point during their shopping journey.

我首先從我們的數位體驗開始講起，我們國內三分之一的收入是透過交易實現的，60% 的購買者會在購物過程中的某個時刻訪問我們的數位體驗。

Our first focus for the year is to meaningfully improve our search and discover capability to make it even easier for our customers to find what they want and need.

我們今年的首要任務是大幅提升我們的搜尋和發現能力，讓我們的客戶更容易找到他們想要和需要的東西。

Therefore, we will leverage AI to launch an innovative new search experience across dot-com, small view, and the app.

因此，我們將利用人工智慧在網站、小視圖和應用程式上推出創新的全新搜尋體驗。

We will also build on the foundation we established last year as it relates to personalization, using AI to make the personalization smarter to drive both engagement and conversion.

我們也將在去年建立的與個人化相關的基礎上，利用人工智慧使個人化更加智能，以推動參與和轉換率。

The app is our preferred shopping experience for both our free and pay My Best Buy members, and the personalized home screen was served to members on over 100 million sessions in the fourth quarter, driving measurable improvements in engagement.

該應用程式是我們為免費和付費的 My Best Buy 會員提供的首選購物體驗，並且在第四季度，個性化的主螢幕已在超過 1 億次會話中提供給會員，從而顯著提高了參與度。

This spring, we will be introducing Best Buy store fronts that will allow influencers and creators to build their own branded digital storefronts on bestbuy.com, which we expect to drive increased traffic, engagement, and sales.

今年春天，我們將推出百思買店面，讓有影響力的人和創作者在 bestbuy.com 上建立自己的品牌數位店面，我們希望這將增加流量、參與度和銷售額。

Additionally, we will continue to integrate enhanced data and expand video content that improves the customer experience across the shopping journey.

此外，我們將繼續整合增強數據並擴展影片內容，以改善整個購物過程中的客戶體驗。

Our stores are incredibly important for both our customers and our vendors.

我們的商店對我們的客戶和供應商來說都非常重要。

Customers know they can visit a Best Buy store to see and demo product or talk to a knowledgeable sales associate in ways they can't anywhere else.

顧客知道他們可以訪問百思買商店來查看和試用產品，或與知識淵博的銷售助理交談，而這在其他地方是無法實現的。

Overall, our plan for our physical stores is similar to last year.

整體來說，我們對實體店的計畫與去年類似。

We will prioritize merchandising and store health and appearance updates over large-scale remodels.

與大規模改造相比，我們將優先考慮商品銷售和商店健康和外觀更新。

In doing so, we continue to leverage the valuable insights we've gained from testing and deploying unique solutions within our store portfolio in the past few years.

在這樣做的過程中，我們將繼續利用過去幾年在我們的商店組合中測試和部署獨特解決方案所獲得的寶貴見解。

For example, our resets in monitors and digital imaging earlier in the year contributed to sales growth for those categories in the holiday quarter.

例如，我們今年稍早在顯示器和數位成像方面的重置促進了假日季度這些類別的銷售成長。

Throughout the year, we expect to drive shopping experience updates across the chain, including growing vendor pads and home theater, expanding tablet and virtual reality departments and enhancing experiences for expected iconic gaming launches.

全年，我們希望推動整個連鎖店的購物體驗更新，包括增加供應商平板電腦和家庭劇院、擴大平板電腦和虛擬現實部門以及增強預期的標誌性遊戲發布的體驗。

We will also continue the rollout we began last year of dedicated space to showcase new and emerging tech after seeing positive results for many participating vendors.

在看到許多參與的供應商取得積極成果後，我們也將繼續推出去年開始的專用空間來展示新興技術。

Many of these planned updates are in partnership with our vendors.

許多計劃的更新都是與我們的供應商合作進行的。

They are increasingly investing in our sales floors, both physically and in specialized labor, helping us create unique and engaging merchandising for our customers.

他們不斷增加對我們銷售場地的投資，包括實體投資和專業勞動力投資，幫助我們為客戶打造獨特且引人入勝的商品。

For example, last year, we repositioned computing to the center of several stores and implemented enhanced Microsoft and Apple experiences, which are already showing promising results.

例如，去年，我們將計算重新定位到幾家商店的中心，並實施了增強的微軟和蘋果體驗，這些措施已經顯示出良好的效果。

We plan to implement these updates in more stores later this year.

我們計劃今年稍後在更多商店實施這些更新。

We will continue our disciplined annual approach to closing or relocating less profitable locations.

我們將繼續採取嚴格的年度措施，關閉或遷移利潤較低的工廠。

Last year, in the US we closed 12 traditional big box stores and opened two new stores.

去年，我們在美國關閉了 12 家傳統大型商店，並開設了 2 家新店。

This year, we expect to close roughly 5 to 10 stores and open a few new smaller format stores.

今年，我們預計將關閉約 5 至 10 家商店，並開設幾家新的小型商店。

From a labor perspective, in fiscal '26, we will focus on enhancements and optimization, building on the more material changes we have made in the last few years.

從勞動力角度來看，在26財年，我們將專注於增強和優化，並在過去幾年所做的更多實質變革的基礎上繼續努力。

Overall, we were pleased with our decision to add dedicated labor focused on computing, home theater, and major appliances in roughly 350 stores.

總體而言，我們很高興能做出在約 350 家門市增加專注於計算、家庭劇院和主要家電的專職勞動力的決定。

We'll keep refining to boost sales proficiency and customer experience and expand this model to more locations this year.

我們將繼續改進，以提高銷售效率和客戶體驗，並在今年將這種模式擴展到更多地區。

To continue the commitment to driving product knowledge, merchandising excellence, and customer engagement, we plan to bring these dedicated associates together for an intensive vendor-supported in-person training and certification program in the spring.

為了繼續致力於推動產品知識、商品卓越性和客戶參與度，我們計劃在春季將這些敬業的員工聚集在一起，參加由供應商支持的密集現場培訓和認證計劃。

In our services business, we expect to update our customer offers for home theater delivery and installation.

在我們的服務業務中，我們期望更新家庭劇院送貨和安裝方面的客戶優惠。

These new service offers will be simplified from the current state and should make our installation services both more attractive to a wider base of customers and easier to sell, clearly highlighting our most differentiated experiences.

這些新的服務將在現有基礎上簡化，使我們的安裝服務對更廣泛的客戶群更有吸引力，也更容易銷售，從而明確突出我們最差異化的體驗。

Additionally, I will highlight the valuable role that our Geek Squad agents play in times of new technology -- for example, they help customers understand what is unique about Copilot+ AI PCs or why they would want to upgrade their computers as we approach the upcoming Windows 10 upgrade cycle.

此外，我將強調我們的 Geek Squad 代理在新技術時代發揮的寶貴作用 - 例如，他們幫助客戶了解 Copilot + AI PC 的獨特之處，或者為什麼他們想要在即將到來的 Windows 10 升級週期中升級他們的電腦。

Our second strategic priority for fiscal '26 is focused on incremental profitability stream opportunities.

我們26財年的第二個策略重點是專注於增量獲利流機會。

As we mentioned in our last earnings call, we are targeting a midyear launch for our new US Best Buy marketplace.

正如我們在上次財報電話會議上提到的那樣，我們計劃在年中推出新的美國百思買市場。

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.

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。

This will allow us to bring our customers access to much more expansive assortment and new categories without needing to own the inventory.

這將使我們能夠為客戶提供更廣泛的產品組合和新類別，而無需擁有庫存。

In addition, sellers and advertisers will have an additional avenue to increase their reach and build their brands, leveraging our qualified traffic.

此外，賣家和廣告商將擁有額外的途徑來擴大其影響力並建立其品牌，利用我們合格的流量。

We will phase in capabilities over time.

我們將逐步實現這些能力。

For example, we plan to facilitate product returns for our customers at Best Buy stores when we launch the marketplace.

例如，我們計劃在推出市場時為百思買商店的客戶提供產品退貨便利。

We expect to add capabilities such as fulfillment as a service for sellers in a later phase.

我們期望在後期為賣家增加諸如履行服務等功能。

It is still early in the process and we are pleased with the strong interest from sellers and believe it indicates a promising launch.

目前該流程尚處於早期階段，我們很高興看到賣家的強烈興趣，並相信這預示著一次有希望的發布。

All potential sellers will go through a vetting process, so we can ensure our customers receive the positive experience that they would expect at Best Buy.

所有潛在賣家都將經過審查程序，以便我們確保我們的客戶在百思買獲得他們期望的正面體驗。

Our Canada team operates an established growing third-party online marketplace, and we have leveraged their learnings and expertise as we build out our plans.

我們的加拿大團隊經營著一個成熟且不斷發展的第三方線上市場，我們在製定計劃時利用了他們的經驗和專業知識。

Even with start-up costs, investments and estimated cannibalization of our first-party product revenue, we expect Marketplace to have a positive impact on our operating income rate in fiscal '26.

即使存在啟動成本、投資以及第一方產品收入預計受到蠶食的影響，我們預計 Marketplace 將對我們 26 財年的營業收入產生正面影響。

Over time, we expect Marketplace to help drive profit dollars and unit share.

隨著時間的推移，我們預計 Marketplace 將有助於提高利潤和單位份額。

In addition, it will provide opportunities for Best Buy Ads through new advertisers and increased traffic.

此外，它還將透過新的廣告商和增加的流量為百思買廣告提供機會。

We have recently elevated the focus on our Best Buy Ads business and see fiscal '26 as a pivotal year.

我們最近將重點放在百思買廣告業務上，並將 26 財年視為關鍵的一年。

We've had a robust retail media network business for a long time in partnership with our vendors.

我們與供應商長期合作，建立了強大的零售媒體網路業務。

We are proud of this business we have built, but the opportunity for further growth.

我們為自己建立的業務感到自豪，同時也希望有進一步發展的機會。

Last fall, we brought in a new leader for the business, Lisa Valentino, who brings more than 20 years of media and advertising leadership experience at firms such as Disney, Condé Nast, and ESPN.

去年秋天，我們為公司聘請了一位新的領導人麗莎·瓦倫蒂諾 (Lisa Valentino)，她在迪士尼、康泰納仕和 ESPN 等公司擁有 20 多年的媒體和廣告領導經驗。

We are currently filling other key leadership roles and plan to open a New York office.

我們目前正在填補其他關鍵領導職位，並計劃開設紐約辦事處。

In fiscal '26, we are investing in capabilities that we believe will unleash growth like competitive market level self-service offerings that allow brands to manage their own advertising buys and new ad products that will expand inventory and customer reach.

在26財年，我們將投資於那些我們認為將促進成長的能力，例如具有競爭力的市場級自助服務產品，這些產品允許品牌管理自己的廣告購買和新的廣告產品，從而擴大庫存和客戶覆蓋範圍。

We also expect to drive results through agency relationships and the new marketplace I just discussed.

我們也希望透過代理關係和我剛才討論的新市場來推動成果。

In fact, we have just signed our first joint business partnership with one of the largest global holding company.

事實上，我們剛剛與全球最大的控股公司之一簽署了第一份聯合商業夥伴關係協議。

We expect agency partnerships to result in new advertisers and revenue growth over time, leveraging our data targeting, advanced and innovative beta opportunities in areas like commerce, sponsorships and in-store experiences.

我們期望代理商合作關係能夠隨著時間的推移帶來新的廣告商和收入成長，利用我們的數據定位以及商業、贊助和店內體驗等領域的先進和創新的測試機會。

I will add that our membership program plays multiple roles in our business, not only providing unique value to our members, but also serving as a source of growth for our rich first-party data that helps fuel Best Buy Ads.

我要補充一點，我們的會員計劃在我們的業務中發揮著多重作用，不僅為我們的會員提供獨特的價值，而且還成為我們豐富的第一方數據的增長源，為百思買廣告提供動力。

We had approximately 100 million members across three tiers, free, My Best Buy membership, Best Buy Plus paid membership, and Best Buy Total membership.

我們擁有約 1 億會員，分為三個等級：免費會員、My Best Buy 會員、Best Buy Plus 付費會員和 Best Buy Total 會員。

We ended the year with nearly 8 million paid members, up from 7 million last year.

截至今年底，我們的付費會員數已接近 800 萬，比去年的 700 萬增加。

We expect growth in ad collections to contribute to gross profit rate improvement in fiscal '26.

我們預計廣告收入的成長將有助於26財年的毛利率提高。

From an operating income rate perspective, we expect more of a neutral impact due to the investments we are making.

從營業收入率的角度來看，我們預期我們的投資將產生更多的中性影響。

We believe the actions we are taking in fiscal '26 position us for future growth and rate expansion over the next number of years.

我們相信，我們在 26 財年採取的行動將為我們未來幾年的成長和利率擴張做好準備。

Our third strategic priority for fiscal '26 is a consistent one.

我們 26 財年的第三個策略重點是始終如一的。

It is to drive operational effectiveness and efficiency.

這是為了提高營運效率和效益。

We have a long-standing commitment to identifying cost reductions and driving efficiencies to help fund investment capacity for new and existing initiatives and offset inflationary pressures in our business.

我們長期致力於降低成本和提高效率，以幫助為新舊計劃提供投資能力，並抵消業務中的通膨壓力。

In our procurement operations, we expect to complete the multiyear deployment of our full source-to-pay technology capability.

在我們的採購業務中，我們期望完成全面的從採購到付款技術能力的多年部署。

This will give us expanded transparency into billions of dollars of goods not for resale spend.

這將使我們對數十億美元的非轉售商品的支出提高透明度。

In combination with the enhanced automation of our purchasing process, this paves the way for continuous cost optimization opportunities.

結合我們採購流程的增強自動化，這為持續的成本優化機會鋪平了道路。

As we have discussed previously, we have been improving our customer service experience and operational efficiency by modernizing our IVR phone system with AI-powered solutions.

正如我們之前討論過的，我們一直在透過使用人工智慧解決方案對我們的 IVR 電話系統進行現代化改造來改善我們的客戶服務體驗和營運效率。

These advancements intelligently route customers to the right agent reducing friction and improving resolution speed.

這些進步可以智慧地將客戶引導至正確的代理，減少摩擦並提高解決速度。

Since implementing AI-powered routing logic, we have achieved a 300 basis point reduction in transfer rates, demonstrating improved accuracy and directing customer inquiries.

自從實施人工智慧路由邏輯以來，我們已將傳輸速率降低了 300 個基點，從而提高了準確性並引導了客戶查詢。

We also leverage technology to enable seamless self-service options for key functions such as price matching, order status inquiries, and membership management.

我們也利用科技為價格匹配、訂單狀態查詢和會員管理等關鍵功能提供無縫自助選項。

As a result, self-service adoption has doubled with nearly 50% of customers managing their memberships via phone without agent assistance.

因此，自助服務的採用率翻了一番，近 50% 的客戶透過電話管理會員資格，無需客服人員協助。

This shift not only improves customer satisfaction by offering faster, more convenient solutions, but also optimizes resource allocation within our support teams going forward.

這種轉變不僅透過提供更快、更方便的解決方案提高了客戶滿意度，而且還優化了我們未來支援團隊的資源分配。

In addition, during the holiday season, we were able to leverage text analytics with 100% of our customer service agent interactions, creating a real-time performance dashboard that highlighted top contact drivers and call volume trends and provided daily alerts for anomalies.

此外，在節日期間，我們能夠將文字分析應用於 100% 的客戶服務代理互動中，創建一個即時效能儀表板，突出顯示主要聯繫驅動因素和呼叫量趨勢，並提供異常的每日警報。

This allowed us to quickly identify and resolve issues that were affecting multiple customers.

這使我們能夠快速識別並解決影響多個客戶的問題。

In Q1, we will expand this program to chat interactions.

在Q1，我們會把這個程式拓展到聊天互動。

Last year, we established a digital and technology hub with a partner in Bangalore, India.

去年，我們與印度班加羅爾的合作夥伴建立了一個數位和技術中心。

This year, we will expand the scope of work being performed by our India resources leveraging more economical access to talent and skills.

今年，我們將擴大印度資源的工作範圍，以更經濟的方式獲得人才和技能。

I'd like to take a moment to talk about Best Buy Health.

我想花點時間談談百思買健康 (Best Buy Health)。

During the fourth quarter, we recorded an impairment charge to reflect the downward revisions in our longer-term projections.

在第四季度，我們記錄了減損費用，以反映我們長期預測的下調。

We still believe in the fundamental strategy of leveraging technology to enable care at home and believe it will be important to the future of health care, but the market is not scaling as fast as we originally forecasted.

我們仍然相信利用科技實現家庭照護的基本策略，並相信這對醫療保健的未來至關重要，但市場的擴張速度並不像我們最初預測的那麼快。

We will continue actions intended to maximize the value and improve the profitability of the business.

我們將繼續採取行動，最大化價值並提高業務獲利能力。

In summary, we are pleased with our execution and the momentum we built in fiscal '25.

總而言之，我們對我們的執行情況以及 25 財年建立的勢頭感到滿意。

We are excited to build on that momentum to bring our fiscal '26 strategy to life, while we continue to navigate uncertain circumstances.

我們很高興能在此勢頭的基礎上繼續實現我們的 2026 財年策略，同時繼續應對不確定的情況。

We often stress that we have the luxury of competing with the biggest retailers in the world.

我們經常強調，我們有能力與世界上最大的零售商競爭。

Even so, we continue to thrive.

即便如此，我們仍然繼續蓬勃發展。

It is because we remain committed to our mission to enrich lives through technology.

這是因為我們始終致力於透過科技豐富生活的使命。

We are the trusted source for the latest and greatest new tech as well as a broad range of assortment, unique in-store and digital experiences and the expert services to help our customers.

我們是最新和最偉大的新技術、廣泛的產品種類、獨特的店內和數位體驗以及幫助客戶的專家服務的可靠來源。

We are also a true partner to our vendors, often working with them from early in the product development cycle all the way to launching products on our sales floor.

我們也是我們的供應商的真正合作夥伴，經常從產品開發週期早期一直與他們合作直到在我們的銷售現場推出產品。

And with that, I will now turn the call over to Matt.

現在，我將電話轉給馬特。

Good morning.

早安.

Before I talk about our fourth quarter results versus last year, let me start with how the quarter performed versus the expectations we shared with you last quarter.

在我談論我們第四季度的業績與去年同期相比的情況之前，讓我先談談本季的表現與我們上個季度與您分享的預期相比的情況。

On enterprise revenue of $13.9 billion, our adjusted operating income rate was 4.9%, both of which exceeded our expectations.

在企業收入139億美元的情況下，我們的調整後營業收入率為4.9%，都超出了我們的預期。

Our overall gross profit rate was better than expected, which was primarily due to the favorable product margins, whereas adjusted SG&A dollars were unfavorable to our outlook entering the quarter, which was primarily driven by higher incentive compensation.

我們的整體毛利率優於預期，這主要歸因於有利的產品利潤率，而調整後的銷售、一般及行政費用對我們進入本季度的前景不利，這主要受更高的激勵薪酬推動。

I will now talk about our fourth quarter results versus last year.

現在我將談談我們第四季的業績與去年同期相比的情況。

As Mollie stated, this year's fourth quarter included 13 weeks compared to 14 weeks last year.

正如莫莉所說，今年第四季共 13 週，而去年為 14 週。

We estimate the extra week was approximately $735 million in revenue and $0.30 of adjusted diluted earnings per share and provided a benefit of approximately 40 basis points to last year's fourth quarter adjusted operating income rate.

我們估計額外一周的收入約為 7.35 億美元，調整後每股攤薄收益為 0.30 美元，並為去年第四季度調整後營業收入率帶來了約 40 個基點的收益。

Enterprise revenue increased 0.5% on a comparable basis.

企業收入可比成長0.5%。

Our adjusted operating income rate of 4.9% declined 10 basis points compared to last year.

我們的調整後營業收入率為 4.9%，較去年同期下降了 10 個基點。

And our adjusted diluted earnings per share decreased to 5% to $2.58. By month, our Enterprise comparable sales were up approximately 4% in November before declining 2% in December and ending January slightly up.

我們的調整後每股攤薄收益下降 5% 至 2.58 美元。按月計算，我們企業的可比銷售額 11 月上漲了約 4%，12 月下降了 2%，1 月底略有上漲。

In our domestic segment, comparable sales increased 0.2% and revenue decreased 5.2% to $12.7 billion.

在我們的國內市場，可比銷售額成長了 0.2%，營收下降 5.2% 至 127 億美元。

The revenue decrease was primarily driven by the lapping of last year's extra week.

收入減少主要是因為去年額外一週的重疊。

International comparable sales increased 3.8% and revenue decreased 0.2% versus last year to $1.2 billion.

國際可比銷售額成長 3.8%，營收較去年同期下降 0.2% 至 12 億美元。

The revenue decrease was largely due to the extra week last year and a negative foreign currency impact of approximately 500 basis points, which were partially offset by revenue from Best Buy Express locations that have opened during fiscal '25.

收入下降主要是由於去年的額外一周以及約 500 個基點的負面外匯影響，但這些影響被 25 財年期間開業的百思買快捷門市的收入部分抵消。

Our domestic gross profit rate increased 50 basis points to 20.9%.

我們國內的毛利率增加了50個基點，達到20.9%。

The higher gross profit rate was primarily driven by improvement within the services category, which includes our membership offerings.

毛利率的增加主要得益於服務類別的改善，其中包括我們的會員服務。

This was partially offset by lower credit card profit sharing revenue.

信用卡利潤分享收入的下降部分抵消了這一影響。

Our international gross profit rate increased 40 basis points to 21.4%.

我們的國際毛利率增加了40個基點，達到21.4%。

The higher gross profit rate was primarily due to favorable supply chain expense.

毛利率上升主要得益於有利的供應鏈費用。

Moving to SG&A, where our domestic adjusted SG&A decreased $30 million.

談到銷售、一般及行政費用，我們國內調整後的銷售、一般及行政費用減少了 3,000 萬美元。

The decrease was primarily due to the lapping of last year's extra week, which was partially offset by higher incentive compensation and advertising expense.

下降的主要原因是去年額外一周的重疊，但更高的激勵薪酬和廣告費用部分抵消了下降。

As Corie mentioned, we recorded a goodwill impairment related to Best Buy Health.

正如 Corie 所提到的，我們記錄了與百思買健康相關的商譽減損。

This totaled to $475 million and is excluded from our adjusted earnings.

總額達到 4.75 億美元，且不計入我們的調整後收益。

During fiscal '25, our total capital expenditures were $706 million versus $795 million in fiscal '24.

在25財年，我們的總資本支出為7.06億美元，而24財年為7.95億美元。

The year-over-year decline was driven by a reduction in both store-related investments and technology, which was partially offset by increased expenditures in Canada.

年比下降主要是由於門市相關投資和技術的減少，但加拿大支出的增加部分抵消了這一影響。

During fiscal '25, we returned $1.3 billion to shareholders through share repurchases and dividends.

在25財年，我們透過股票回購和股利向股東返還了13億美元。

We remain committed to being a premium dividend payer and this morning announced that we are increasing our quarterly dividend to $0.95 per share, which is a 1% increase.

我們仍然致力於成為優質的股息支付者，今天上午我們宣布將季度股息提高至每股 0.95 美元，增幅為 1%。

This increase represents the 12th straight year we have raised our regular quarterly dividend.

此次成長代表我們連續第 12 年提高常規季度股息。

Moving on to our full year fiscal '26 financial guidance, which, as Corie mentioned, excludes the impacts of recent tariffs and is the following, enterprise revenue in the range of $41.4 billion to $42.2 billion; enterprise comparable sales of flat to up 2%; enterprise adjusted operating income rate in the range of 4.2% to 4.4% and adjusted effective income tax rate of approximately 25%; adjusted diluted earnings per share of $6.20 to $6.60; capital expenditures of approximately $700 million to $750 million; and lastly, we expect to spend approximately $300 million on share repurchases with the purchases weighted more heavily to the second half of the year.

繼續討論我們的 26 財年全年財務指引，正如 Corie 所提到的，該指引不包括最近關稅的影響，企業收入將在 414 億美元至 422 億美元之間；企業可比銷售額持平至成長2%；企業調整後營業收入率介於4.2%至4.4%之間，調整後有效所得稅率約為25%；調整後每股攤薄收益為 6.20 美元至 6.60 美元；資本支出約為 7 億至 7.5 億美元；最後，我們預計將花費約 3 億美元用於股票回購，其中大部分回購將集中在今年下半年。

Next, I will cover some of the key working assumptions that support our guidance.

接下來，我將介紹支持我們指導的一些關鍵工作假設。

Earlier, Corie provided context on our fiscal '26 top line assumptions.

在此之前，科里提供了我們 26 財年營收假設的背景資訊。

So let me spend more time on the profitability outlook.

因此，讓我花更多時間討論獲利前景。

We expect our gross profit rate to be in a range of flat to up approximately 20 basis points compared to prior year.

我們預計，與前一年相比，我們的毛利率將在持平至上升約 20 個基點的範圍內。

Most of the primary components of the gross profit are planned very similar to fiscal '25 from a rate perspective.

從利率角度來看，毛利的大部分主要組成部分的計劃與 25 財年的計劃非常相似。

Within our gross profit rate outlook, there are a few items that I would like to highlight.

在我們的毛利率展望中，我想強調幾點。

We expect growth from Best Buy Ads and the rollout of our US marketplace to benefit our gross profit rate.

我們預計百思買廣告的成長和美國市場的推出將有利於我們的毛利率。

Product margin rates are expected to be flat to slightly down when compared to fiscal '25.

與25財年相比，產品利潤率預計持平或略有下降。

We expect our services category, including Membership to have a neutral impact to our gross profit rate compared to the prior year.

我們預計，包括會員資格在內的服務類別將對我們的毛利率產生與前一年相比中性的影響。

After being a pressure in fiscal '25, we expect the profit share on our credit card arrangement to have a neutral impact in fiscal '26.

在承受了 25 財年的壓力之後，我們預計信用卡安排的利潤份額將在 26 財年產生中性影響。

Now moving to our adjusted SG&A expectations.

現在轉向我們調整後的銷售、一般及行政開支預期。

As a percentage of revenue, we expect our adjusted SG&A to be approximately flat to fiscal '25, which includes the following puts and takes.

作為收入的百分比，我們預期調整後的銷售、一般及行政開支將與 25 財年大致持平，其中包括以下損益。

SG&A is planned to increase in support of our Best Buy Ads and marketplace initiatives, which includes advertising, technology, and employee compensation expense.

我們計劃增加銷售、一般及行政開支，以支持百思買廣告和市場計劃，其中包括廣告、技術和員工薪資費用。

We expect higher incentive compensation as we reset our performance targets for the new year with the high end of our guidance, assuming an increase of $45 million compared to fiscal '25.

我們預期激勵性薪酬會更高，因為我們會根據指引的高端重新設定新年的績效目標，假設與 25 財年相比增加 4,500 萬美元。

Partially offsetting the previous items are expected benefits from ongoing efficiencies and effectiveness work streams, including in Best Buy Health.

部分抵消先前專案的影響的是包括百思買健康 (Best Buy Health) 在內的持續效率和效能工作流程的預期效益。

So our payroll expense and items like credit card processing fees are expected to increase at the high end of our revenue guidance with minimal impacts from a rate perspective.

因此，我們的薪資支出和信用卡處理費等項目預計將按照我們的收入預期高端成長，而從利率角度來看影響甚微。

Lastly, the low end of our guidance reflects our plans to further reduce our variable expenses, including incentive compensation to align with the sales trends.

最後，我們指引的低端反映了我們進一步削減變動費用的計劃，包括與銷售趨勢保持一致的激勵性薪酬。

Before I close, let me share a couple of comments specific to the first quarter.

最後，讓我分享幾點針對第一季的評論。

We expect our first quarter comparable sales to be slightly down versus last year.

我們預計第一季的可比銷售額將較去年同期略有下降。

We expect our Q1 adjusted operating income rate to be approximately 3.4%, which is 40 basis points lower than last year's first quarter.

我們預計第一季調整後的營業收入率約為3.4%，比去年第一季低40個基點。

We expect our gross profit rate to be flat to up 20 basis points, which are aligned with our guide for the full year.

我們預計毛利率將持平至上升 20 個基點，這與我們的全年預期一致。

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

我現在將把電話轉給接線員以便回答問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

(操作員指示) 摩根大通 (JPMorgan) 的克里斯多福‧霍弗斯 (Christopher Horvers)。

Let me be the first to ask the first tariff question.

讓我第一個提出第一個關稅問題。

The 1 point headwind on the 10% tariff from China, is that assuming that you raised price and essentially unit elasticity offsets that?

中國徵收 10% 關稅帶來的 1 點阻力，是否假設您提高了價格，並且基本上單位彈性抵消了這一點？

So can you go into that a little bit?

那您能稍微解釋一下嗎？

And then given the range of guidance, you're saying flat to 2%, it looks like every comp point is $0.20. So is it fair to assume that 1 point headwind is equivalent to a $0.20 EPS headwind?

然後給出指導範圍，您說的是持平至 2%，看起來每個補償點都是 0.20 美元。那麼，假設 1 點逆風相當於 0.20 美元的 EPS 逆風，這公平嗎？

Sure.

當然。

Let me start and Corie can jump in here.

讓我先開始，然後 Corie 可以加入。

I think just broadly first, let me just give some context to the estimate.

我先從大體上考慮，讓我對這個估計提供一些背景資訊。

We didn't clear our guide because it's a very highly dynamic situation with a lot of uncertainty about the duration, the timing, the amount the country is involved, the potential actions of the industry, and reactions by the American consumer.

我們沒有明確我們的指南，因為這是一個非常動態的情況，持續時間、時間、涉及的國家的金額、行業的潛在行動以及美國消費者的反應都存在很大的不確定性。

That being said, we thought it would be helpful to provide some context based on our early analysis and what we're estimating is the 10% that we went in on February 4 with China.

話雖如此，我們認為根據我們的早期分析提供一些背景資訊會有所幫助，我們估計 2 月 4 日與中國合作的銷售額為 10%。

And again, we're ballparking that at about a negative -- 1 point of negative comparable sales impact.

我們再次估計，可比較銷售額的負面影響約為負 1 個百分點。

We're assuming in this estimation that a material portion of the costs are passed on to us by the vendors.

我們在此估算中假設大部分成本由供應商轉嫁給我們。

And then that's either directly broken out or blended in with a higher COGS or through some level of promotional positioning.

然後，要么直接分解，要么與更高的銷售成本混合，或者透過某種程度的促銷定位。

Of course, we prefer not to raise prices, but because of the higher COGS, we need to enact some price increases, and that is going to vary based on product category, SKUs, competitive environment, and other factors.

當然，我們不想提高價格，但由於銷貨成本較高，我們需要進行一定程度的價格上漲，而這將根據產品類別、SKU、競爭環境和其他因素而有所不同。

The 1% impact is a combination of unit decreases and a slight level of ASP increase based on the prices going up.

1% 的影響是產量下降和價格上漲導致 ASP 略有上漲的綜合結果。

The giant wildcard here, obviously, is how the consumers are going to react to the price increases in light of a lot of price increases potentially throughout the year and a general consumer confidence that is showing a little signs of weakness at the moment.

顯然，這裡最大的不確定因素是，考慮到全年價格可能會大幅上漲，而且目前整體消費者信心略有疲軟跡象，消費者將如何應對價格上漲。

I think it's not necessarily fair to take -- what we're expecting from a profit perspective is really just a normal flow-through at this point, but that would be net of any sort of other mitigants we would normally do if business starts to go downward.

我認為這不一定公平——從利潤角度來看，我們所期望的實際上只是目前的正常流通，但如果業務開始下滑，我們通常會採取任何其他緩解措施。

And as it relates to the comp increase in 20 basis points, I don't know if these are just extremely linear part of what we're trying to do this year on top of navigating the tariff situation is also investing in our future, investing in initiatives.

至於 20 個基點的同店銷售額成長，我不知道這是否只是我們今年試圖做的事情中極其線性的一部分，除了應對關稅形勢之外，我們還在投資我們的未來，投資於各項計劃。

And so we are getting leverage with some of that revenue growth, and we expect the initiatives that we're driving this year to help expand rate in the future on top of actually also contributing to operating income dollars this year as well.

因此，我們正在利用部分收入成長來獲得槓桿作用，我們預計，我們今年推動的舉措將有助於未來的利率擴大，並且實際上也會為今年的營業收入做出貢獻。

So hopefully that answers your question.

希望這能回答你的問題。

Chris, I would just give like two more bits of context here.

克里斯，我只想在這裡提供兩個背景資訊。

One, I think I need to state the obvious.

首先，我想我需要說明一個顯而易見的事實。

We've never seen this kind of breadth of tariffs -- and this, of course, impacts the whole industry.

我們從未見過如此廣泛的關稅——當然，這會影響整個產業。

So it's not just the Best Buy question.

所以這不只是百思買的問題。

It is a broad industry question.

這是一個廣泛的行業問題。

And I say that because that makes the estimation of the impact, all the harder, especially when you're in the guts of a replacement and upgrade cycle where people really need this stuff.

我這樣說是因為這使得估計影響變得更加困難，特別是當你處於人們真正需要這些東西的更換和升級週期中時。

So it's difficult for us to understand elasticities perfectly because you don't have anything predictive in our history that looks or feels quite like this.

因此，我們很難完全理解彈性，因為在我們的歷史上，沒有任何看起來或感覺像這樣的可預測的東西。

The second thing I would say then to that same point is -- this isn't a perfect linear conversation.

針對同一觀點我想說的第二件事是──這不是完美的線性對話。

So I know it's tempting to say, well, if the tariffs go from 10% to 20% in China, do I just double?

所以我知道人們很想說，如果中國的關稅從 10% 漲到 20%，我是否也要加倍徵收？

It's not going to be a linear point of view on how this impacts, particularly at the end of the day, the consumer who, of course, given how the tariffs are structured right now, will have impacts across many of the things that they are purchasing.

這不會是一個線性的觀點來看待這將如何影響消費者，特別是最終，考慮到目前的關稅結構，這將對消費者購買的許多東西產生影響。

So I think we tried to give you our best take based on what we can see today, but to just point out the difficulties in trying to assess the situation, given how unique it is.

因此，我認為我們已經盡力根據今天所看到的情況為您提供最好的看法，但只是想指出，鑑於情況的特殊性，評估情況存在困難。

Yeah.

是的。

I appreciate that.

我很感激。

I appreciate the challenges, especially with the timing of everything and when we're having this call today.

我理解這些挑戰，尤其是考慮到事情發生的時機以及我們今天召開這次電話會議的時間。

And that you anticipated my second question was the linearity of if 10% went to 20%, maybe going to the other side, which is Mexico.

您預料到我的第二個問題是，如果 10% 上升到 20%，可能會到達另一邊，也就是墨西哥。

We estimated maybe Mexico was 15% to 20% of sourcing.

我們估計墨西哥可能佔採購量的15%到20%。

My understanding is a chunk of that is your private label TV program.

我的理解是，其中很大一部分是您的自有品牌電視節目。

So you can talk about how you're thinking about the Mexico exposure?

那麼您能談談您對墨西哥創投的看法嗎？

And is there more of a bigger headwind if Mexico goes into a place -- in took place because there's not a -- with that private label, there's not necessarily a shared burden with the vendor base.

如果墨西哥進入一個沒有自有品牌的地方，是否會面臨更大的阻力，因為那裡不一定會與供應商共同承擔負擔。

I'll start with your estimations in terms of size are right in the ballpark.

我首先要對尺寸進行大致的估計。

We're probably about 20% sourced from Mexico in total across the whole vendor profile.

我們整個供應商資料中的採購量大概有 20% 來自墨西哥。

So I want to make sure I reinforce that, that is appropriate.

所以我想確保我強調這一點，這是適當的。

Jason, maybe you can comment on the exclusive brand side of things.

傑森，也許你可以就獨家品牌方面的事情發表一些評論。

Yes.

是的。

Mexico does impact not only our exclusive brands business, but also a large percentage of the TV business, basically, large screen TVs in particular as well as appliances.

墨西哥不僅影響我們的獨家品牌業務，也影響很大一部分電視業務，特別是大螢幕電視以及家電。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So I want to follow on Chris' comments about -- Chris' questions about tariffs, so I apologize, it will be a big topic.

所以我想跟進克里斯關於關稅的問題的評論，所以我很抱歉，這將是一個大話題。

But -- so recognizing it's extraordinarily early, we're literally gain this news in real time as you are as well.

但是——儘管認識到現在還為時過早，我們實際上也是像你們一樣實時獲得這個消息的。

The Best Buy is proven over time and extraordinarily nimble operator.

百思買經過時間的考驗，運作極為靈活。

To what extent is there flexibility in your supply chain that these tariffs stick that you are able to -- you are able to ship some of your sourcing either direct or as you work with your vendors?

您的供應鏈在多大程度上具有靈活性，這些關稅能夠堅持下去，您可以直接運送部分採購貨物或與您的供應商合作運送？

So I'm biased, Brian, but I do want to stress that we have an incredibly deeply tenured team here.

所以我有偏見，布萊恩，但我確實想強調的是，我們這裡有一支經驗非常豐富的團隊。

And to your point, this is a team that has some life experience in navigating this kind of situation.

正如您所說，這個團隊在處理這種情況方面有一定的生活經驗。

Secondarily, we are deeply grateful to our vendor partners to also have been willing to -- continue to be willing to come to the table and try and work through this with us.

其次，我們非常感謝我們的供應商合作夥伴也願意——繼續願意坐下來討論並嘗試與我們一起解決這個問題。

.

。

There are quite a few actions you can imagine that we are taking on.

你可以想像我們正在採取很多行動。

So first, we are in constant communication with our vendors, making sure that we understand all the way down to SKU level, what some of the potential impacts might be.

因此，首先，我們與供應商保持持續溝通，確保我們全面了解 SKU 等級可能產生的一些影響。

Therefore, we can evaluate some of those near-term inventory implications and where we might want to move our assortment to one or a different SKU, depending on what the implications are.

因此，我們可以評估一些近期庫存影響，並根據影響情況，決定將我們的產品組合轉移到一個或不同的 SKU。

Two, we're reviewing and adjusting our supply chain and sourcing.

二，我們正在審查和調整我們的供應鏈和採購。

Obviously, as a reminder, we said it in the call, only direct import 2% to 3% of our COGS.

顯然，提醒一下，我們在電話會議中說過，直接進口僅占我們 COGS 的 2% 到 3%。

And we had already diversified a lot of our exclusive brands manufacturing.

我們已經使許多獨家品牌的生產製造多樣化。

So we will continue to look at options for that back to the prior question.

因此，我們將繼續研究針對先前問題的選項。

But again, it's not a quick move in any of those cases, and we had done a lot of the work to try to diversify those already.

但無論如何，這不是一個可以快速完成的舉措，我們已經做了很多工作來嘗試實現多樣化。

We are continuing, as we told you to analyze and model the impacts to pricing that is kind of the last thing that we want to adjust.

正如我們告訴你的，我們會繼續分析和模擬對定價的影響，這是我們最不想調整的。

We, of course, want to make sure that our prices are as competitive as possible.

當然，我們希望確保我們的價格盡可能具有競爭力。

But across the industry, this is going to be an issue.

但對整個產業來說，這都會是一個問題。

It will impact all parts of the business.

它將影響業務的各個部分。

We are evaluating the implications for consumer demand because this is bigger than a step back, even if you think about the Q1 guide, this is bigger than just a discussion about tariffs.

我們正在評估其對消費者需求的影響，因為這不僅僅是倒退，即使你考慮第一季的指南，這也不僅僅是關於關稅的討論。

It's just kind of a volatile environment for the consumer.

對消費者來說，這是一個不穩定的環境。

And I think you can see that reflected in some of the consumer confidence numbers we're seeing right now.

我認為您可以從我們現在看到的一些消費者信心數據中看到這一點。

And so we're watching that and trying to understand how best do we meet consumer needs in that environment.

因此，我們正在觀察這一點，並試圖了解在這種環境下如何最好地滿足消費者的需求。

We, of course, are engaging with any policymakers to ensure they just have our point of view on this really complex set of supply chain ecosystem.

當然，我們正在與任何政策制定者接觸，以確保他們對這套非常複雜的供應鏈生態系統有我們的觀點。

And then finally, we're, of course, leveraging some of our industry partners that's CTA or the National Retail Federation to just make sure that we're kind of bringing the holistic story together across not just consumer electronics, retail, but retail in general.

最後，我們當然會利用一些產業合作夥伴，即 CTA 或全國零售聯合會，以確保我們不僅在消費性電子產品、零售業，而且在整個零售業中都能整合整體故事。

That's very helpful, Corie.

這非常有幫助，科里。

I appreciate it.

我很感激。

My follow-up question, I guess it's more of just a numbers question, but look, you've done a nice job.

我的後續問題是，我想這更像是數字問題，但看，你做得很好。

You pointed this out.

你指出了這一點。

Matt, you pointed this out in your prepared comments that here you are leveraging expenses in this is called calendar '24 with still somewhat weak sales.

馬特，你在準備好的評論中指出了這一點，你在這裡利用了所謂的 24 年曆中的費用，而銷售仍然有些疲軟。

The question I have is, as we look forward, assuming that the sales backdrop for Best Buy starting to solidify here, you're starting to see maybe a better trajectory.

我的問題是，展望未來，假設百思買的銷售背景開始穩固，你可能會開始看到更好的發展軌跡。

How should we think about the leverage going forward?

我們該如何看待未來的槓桿？

I mean how much is the base in the model set?

我的意思是模型集裡的基數是多少？

Or is there going to be some type of expense to come back in as sales presumably continue to improve?

或者，隨著銷售量可能繼續改善，是否會出現某種類型的費用？

Yeah.

是的。

Thanks.

謝謝。

The second question there.

這是第二個問題。

I do expect that as we continue to grow sales that we would at a core operating unit get leverage on those sales.

我確實預計，隨著我們銷售額的不斷成長，我們的核心營運部門將會從這些銷售額中獲得槓桿作用。

I think what's sometimes hard to see is just the fact that in order for us to also improve rate in the future, we need to continue to invest in things that will help bolster the profit, which are things like ads and things like Marketplace.

我認為有時很難看到的事實是，為了讓我們在未來也能提高費率，我們需要繼續投資有助於提高利潤的東西，例如廣告和市場之類的東西。

And so this year, as we guide [0 to plus 2] comps without tariffs, we are also guiding at the high-end expansion of operating income rate.

因此，今年，當我們引導不含關稅的可比較價格為 [0 到 +2] 時，我們也引導了營業收入率的高端擴張。

And within that, you do have core leverage on the sales, and then you have some investments going into things like Ads and Marketplace that has SG&A growing at a similar pace of sales, but that is an OI rate -- an OI dollar contribution in this year and what we would hope to future years.

在這其中，你確實對銷售擁有核心槓桿，然後你會在廣告和市場等方面進行一些投資，這些投資的銷售、一般和行政費用（SG&A）以類似的銷售速度增長，但這是一個 OI 率 - 今年的 OI 美元貢獻，以及我們對未來幾年的期望。

So in the future, we would expect to be able to sales grow to get some -- a little bit of leverage and also be able to see expansion of rates supported by other things like Ads and Marketplace and any other initiatives that we would engage in.

因此，在未來，我們希望銷售額能夠成長，從而獲得一些槓桿作用，同時也能夠看到由廣告和市場以及我們參與的任何其他舉措等支持的價格擴大。

Jonathan Matuszewski, Jefferies.

傑富瑞的喬納森‧馬圖舍夫斯基 (Jonathan Matuszewski)。

Corie, could you elaborate on your learnings from the success you've had with the Marketplace in Canada over the past several years?

Corie，您能否詳細說明過去幾年來您在加拿大市場取得的成功的經驗教訓？

And just kind of comment on the elements you're looking to replicate in the US and any areas you may be looking to change.

請評論一下您希望在美國複製的元素以及您可能想要改變的領域。

Yeah, this is one of those places where we have a distinct advantage in that at least some portion of the company has been dealing with Marketplace.

是的，這是我們具有明顯優勢的地方之一，因為公司至少有一部分業務一直在與 Marketplace 打交道。

In Canada, that marketplace has been historically geared a little bit more towards some of the refurb and rebuilt side of equation.

在加拿大，該市場歷來更傾向於翻新和重建方面。

We have actually had a lot of that same product here in the US.

我們實際上在美國已經有很多同樣的產品。

It hasn't been Marketplace.

它還不是市場。

It's been our own refurbed product.

這是我們自己的翻新產品。

So we have some experience on that side of things.

因此我們在這方面有一些經驗。

I think what we've learned from Canada is that there is a demand to go deeper into the assortments.

我認為我們從加拿大學到的是，人們對商品種類有更深入的了解。

And that's not just the Canada question.

這不僅是加拿大的問題。

We can see that in customers who are searching our website and looking for a broader selection or looking for a broader quantity of products, and we just don't have them there for them.

我們可以看到，當客戶在搜尋我們的網站時，希望有更廣泛的選擇或尋找更多數量的產品，但我們無法為他們提供這些產品。

And what Canada has shown us distinctly is that you can't -- by offering this deeper selection of products, you can capture latent demand that you hadn't been able to before because you were so worried about having all of that inventory on hand.

加拿大向我們清楚地表明，透過提供這種更深層的產品選擇，你無法捕捉到以前無法捕捉到的潛在需求，因為你太擔心手邊所有的庫存。

I think in the US, one of the things that we will do that slightly different is we'll probably offer even more new products and we'll have multiple versions of the same SKUs that are going to be available in our marketplace, and that's a little bit different than what we've seen in Canada.

我認為在美國，我們所做的稍微不同的一件事是，我們可能會提供更多的新產品，我們將在市場上提供相同 SKU 的多個版本，這與我們在加拿大看到的情況略有不同。

It's actually a learning that we wish we could implement in Canada, and we're actually going to implement in the US first.

這實際上是我們希望能夠在加拿大實施的一個經驗，而且我們實際上將首先在美國實施。

So we're trading notes back and forth.

因此，我們互相交換意見。

And I think that's been a really helpful piece of the puzzle in terms of how we have prioritized the experiences that we think will matter most in our marketplace here.

我認為，就我們如何優先考慮我們認為對我們的市場來說最重要的體驗而言，這是非常有用的一塊拼圖。

That's really helpful.

這真的很有幫助。

And I guess just my follow-up question is on the marketplace.

我想我的後續問題是關於市場的。

I think in Canada, one out of every four items shipped on Best Buy Canada's website is from 3P sellers.

我認為在加拿大，百思買加拿大網站上運送的每四件商品中，就有一件來自第三方賣家。

So I guess if you think kind of long term about this initiative, is there any reason why that's not the trajectory for the marketplace in the US?

所以我想，如果您對這項舉措進行長遠考慮，有什麼理由認為這不是美國市場的發展軌跡呢？

I think we'll see how it goes.

我想我們會看看事情進展如何。

What I would say is back to the differences between Canada and the US, Canada has less 1P refurb product.

我想說的是加拿大和美國之間的差異，加拿大的 1P 翻新產品較少。

So you have a lot of people going there to get this kind of refurb and value-based product.

所以有很多人去那裡購買這種翻新和基於價值的產品。

And that was a big part of the early demand.

這佔了早期需求的很大一部分。

Their demand has evolved since then is now growing more into some of the new space and a little less in the refurb.

從那時起，他們的需求就發生了變化，現在對一些新空間的需求越來越多，而對翻新空間的需求則有所減少。

So we'll see how ours looks different because we will have some of that SKU overlap and we're going to be geared a lot more toward deeper assortment new product.

因此，我們將看到我們的產品有何不同，因為我們將有一些 SKU 重疊，並且我們將更傾向於更深層的新產品分類。

But I think it's going to take a little bit of time to evolve in terms of exactly how that looks in the US.

但我認為，就美國的具體情況而言，還需要一點時間來演變。

But we are bullish on -- again, because we can see customer behavior, we are bullish on having this deeper assortment available to our customers.

但我們對此持樂觀態度——因為我們可以看到客戶行為，所以我們對向客戶提供這種更深層的產品組合持樂觀態度。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Corie, Matt, if the tariffs persist as they went into effect to date, how much pricing will be staying across the industry?

Corie，Matt，如果關稅持續生效，整個產業的價格將維持在多少？

Is it going to be in the hundreds of basis points, high hundreds of basis points?

它會是幾百個基點還是高幾百個基點？

What do you expect if these tariffs persist the consumer is going to experience and most likely Best Buy will participate in terms of raising prices?

如果這些關稅持續下去，您預期消費者將會遭遇什麼，百思買很可能會參與漲價？

Good morning.

早安.

I wish I could give you a precise answer that would get down to quantity of basis points.

我希望我能給你一個精確的答案，具體到基點的數量。

I think it is a very difficult situation to answer precisely because it relies on everything from what will vendors absorb to what will we think about trying to offset to the competitive landscape, to your point, everyone in the industry facing this all the way to what gets passed on to the consumer.

我認為這是一個很難回答的問題，因為它依賴所有因素，從供應商將吸收什麼，到我們將如何考慮抵消競爭格局，正如你所說，業內每個人都面臨著這個問題，一直到將什麼轉嫁給消費者。

I think it is fair to say, and we said it in our prepared remarks that tariffs at this level will result in price increases.

我認為可以公平地說，而且我們在準備好的發言中也說過，這種水準的關稅將導致價格上漲。

I think it is very difficult to say given the backdrop that we're in, exactly precisely how big that is.

我認為，考慮到我們所處的背景，很難說這個影響到底有多大。

Okay.

好的。

And could you give us a little bit more flavor on how you're going to approach pricing, meaning if these tariffs that went into effect today are only temporary, will you act quickly to raise prices out of really necessity?

您能否向我們詳細介紹一下您將如何制定定價政策，也就是說，如果今天生效的這些關稅只是暫時的，您是否會因為真正需要而迅速採取行動提高價格？

And then if the tariffs go away a month from now, will you roll back prices?

如果一個月後關稅取消，你們會降低價格嗎？

Can you give us some stents in your strategy?

您能給我們一些您的策略的支架嗎？

And as part of that, is instead of comping as high as 2% this year, like the high end of your guidance translating to [6.60] if you comp down 2%, how should we think about what your earnings is going to look like in that type of scenario?

其中的一部分是，今年的營收不是高達 2%，而是像您預期的高端那樣，如果營收下降 2%，則轉化為 [6.60]，我們應該如何考慮在這種情況下您的收益會是什麼樣子？

So I'll start and on the pricing side.

因此，我將從定價方面開始談。

Again, this isn't as simple as Best Buy decides to raise prices.

再說了，這並不像百思買決定漲價那麼簡單。

This is a full value chain that starts with the manufacturing and then works its way all the way through, as we said, we're only the direct importer record on 2% to 3% of what we sell.

這是一個完整的價值鏈，從製造開始，然後一直延伸到整個過程，正如我們所說，我們的直接進口商記錄僅占我們銷售額的 2% 到 3%。

So this starts much further upstream with our vendor partners who are navigating this environment along with us.

因此，這一切從與我們一起探索這個環境的供應商合作夥伴的上游開始。

You can imagine, we carry, on average, let's call it, six weeks of supply.

你可以想像，我們平均有六週的供應量。

So you're not overnight going to see these implications.

因此你不可能一夕之間就看到這些影響。

And that's why even when we talked about the impact, we said it would be much more orders two through four because depending on how fast in category turns, these cost increases will slowly work their way into categories and then we'll also slowly work their way into price.

這就是為什麼當我們談論影響時，我們說第二到第四個訂單會更多，因為根據類別週轉的速度，這些成本增加將慢慢影響到類別，然後我們也會慢慢影響到價格。

I think our objective in terms of pricing, Michael, will be the same as it has always been.

邁克爾，我認為我們在定價方面的目標將與以往一樣。

We want to be competitive.

我們希望具有競爭力。

We want to make sure that we have price points across the spectrum for everyone from value-seeking to high-end premium seeking.

我們希望確保我們能為每個人提供適合的價格點，從追求價值到追求高端的人。

And we want to make sure that in a cycle we're in, where people are looking to replace and replenish and in some cases, we'll be almost forced to because we're looking at like a Windows 10 upgrade, we want to make sure we're there for them across the assortment.

我們希望確保在我們所處的周期中，當人們尋求更換和補充時，並且在某些情況下，我們幾乎是被迫這樣做的，因為我們正在考慮 Windows 10 升級，我們希望確保我們能夠為他們提供各種各樣的產品。

That approach to pricing will not change.

這種定價方法不會改變。

We are just going to have to navigate in partnership with our vendors, how some of the cost profile changes due to the tariffs.

我們將需要與我們的供應商合作，探討部分成本狀況如何因關稅而改變。

Yeah.

是的。

And to the extent that -- in your example, where our comps were down [negative 2] this year instead of the guide we gave from flat up to can't give you what that exact flow-through is, Michael.

並且，就您舉的例子中，今年我們的同店銷售額下降了 [-2]，而不是我們給出的從持平到上升的指導值，我們無法告訴您確切的流通量，邁克爾。

I think as you've seen from our past, you've seen our ability to navigate a profit dollar and profit rate in light of sales decline.

我想，正如您從我們的過去所看到的那樣，您已經看到了我們在銷售下滑的情況下控制利潤和利潤率的能力。

So that -- I think we will obviously try to mitigate as much as we possibly can.

所以 — — 我認為我們顯然會盡力減輕影響。

The reason it's really hard to say at this moment, we really don't know too much about the total impact or the duration.

目前很難說清楚的原因是，我們對於整體影響和持續時間確實不太了解。

And obviously, as you're adjusting your profitability and the structure of your model, you have to make sure you're not damaging your long-term opportunity to grow in the future by reducing costs so much that we're in the moment in the year, it might actually help you lower the profit -- or increase the profit that might damage your ability to grow in the future.

顯然，當你調整獲利能力和模型結構時，你必須確保不會因為削減過多成本而損害你未來的長期成長機會，因為目前為止，這實際上可能會幫助你降低利潤，或增加利潤，但這可能會損害你未來的成長能力。

And so there are things that we believe strongly in and believe that consumer electronics has a great opportunity in the future.

因此，我們堅信一些事情，並且相信消費性電子產品在未來有著巨大的機會。

And we have to speak cognizant of what we're doing in a given year that might impact our ability to grow in the future.

我們必須清楚地認識到我們今年所做的事情可能會影響我們未來的發展能力。

So it's really impossible to at this moment because we really don't know too much about the actual amount of tariffs and the duration of those at this point.

所以目前真的不可能，因為我們目前對關稅的實際金額和持續時間確實不太了解。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚庫姆巴（Anthony Chukumba），Loop Capital Markets。

I just wanted to add another tariff-related question.

我只是想補充一個與關稅相關的問題。

Actually, no, I'm kidding.

事實上，不，我在開玩笑。

I'm not going to ask about tariffs.

我不會詢問關稅問題。

Okay, so you did the positive comp in the fourth quarter.

好的，所以你在第四季度取得了積極的成績。

It's the first one in quite some time. as far as you can tell, like how did your comp compare to the industry?

這是很長一段時間以來的第一次。據您所知，您的公司與該行業相比如何？

In other words, like were you sort of in line with industry growth, did you take share?

換句話說，您是否與行業成長保持一致，是否佔據了市場份額？

I mean do you have any data on that at this point?

我的意思是您現在有關於這方面的任何數據嗎？

Yeah.

是的。

Thank you for the question.

感謝您的提問。

That wasn't tariff related, Anthony.

這與關稅無關，安東尼。

We've said many times, and this isn't skirting, there is no single source for share information in our categories because you have to cobble it together from multiple places to make sure you get all those subcategories brought in there.

我們已經說過很多次了，這並不是在迴避，我們的類別中沒有單一的共享資訊來源，因為你必須從多個地方拼湊它，以確保將所有這些子類別都納入其中。

We do, however, try to cobble it all together and get after share.

然而，我們確實嘗試將一切拼湊在一起並獲得共享。

And for Q4, we think our share was flattish compared to last year.

就第四季度而言，我們認為我們的份額與去年相比持平。

For the full year, we think we had some nice share gains in computing and gaming.

就全年而言，我們認為我們在計算和遊戲領域的份額取得了不錯的成長。

And in fact, we actually reached what we think is our 30-year high in share and gaming consoles.

事實上，我們的市佔率和遊戲機銷售確實達到了 30 年來的最高水準。

So there's some really nice wins and some things that really underscore the model.

因此，確實有一些不錯的勝利，也有一些事情真正凸顯了該模型。

And then I think there were some other areas that are a little bit more challenged, particularly due to some of the value-seeking behaviors that we're seeing in the industry.

然後我認為其他一些領域面臨更大的挑戰，特別是由於我們在行業中看到的一些追求價值的行為。

So I think what this underscores is that we historically and we are showing it now we outperform when there's more differentiation when we have that chance to leverage our differentiation in the market.

所以我認為這強調的是，從歷史上看，我們現在表明，當有更多差異時，當我們有機會利用我們在市場上的差異化時，我們的表現會更佳。

And we definitely saw that in some of the computing and tablets results throughout the year.

我們確實在全年的一些計算和平板電腦的表現中看到了這一點。

And we're excited because as we look ahead, we start to see a little bit more and more innovation that's coming our way.

我們感到興奮，因為展望未來，我們開始看到越來越多的創新正向我們走來。

So I appreciate the question, Anthony.

所以我很感謝這個問題，安東尼。

Got it.

知道了。

And then just a quick follow-up and that segues nicely.

然後只需快速跟進，一切就順利了。

We know that there's going to be a new switch coming out this year as well as GTA 6.

我們知道今年將會有一款新的 Switch 和 GTA 6 上市。

I know software is not as big for you guys as it used to be.

我知道軟體對你們來說不再像以前那麼重要了。

But like how do you think about gaming in the context of your guidance,

但是你如何看待在你的指導背景下的遊戲，

[the flat to up 2]?

[平至上2]？

Yeah.

是的。

We actually specifically -- I'm going to start with, we specifically called out on the call that we were going to make some enhancements to our stores and our experiences to really try to leverage that.

我們實際上特別——我首先要說的是，我們在電話會議上特別提到，我們將對我們的商店和體驗做出一些改進，以真正嘗試利用這一點。

You're right.

你說得對。

We're a little bit more about not just the consoles, but the whole experience of gaming, whether that is computing, whether that is console based and all of the fun accessories that go with all that.

我們關注的不僅僅是遊戲機，還有整個遊戲體驗，無論是計算還是基於遊戲機的遊戲，以及所有與之相關的有趣配件。

And so I think the team is doing a nice job leaning in.

所以我認為團隊在傾斜方面做得很好。

Jason, I don't know if you want to just talk about some category expectations for the year.

傑森，我不知道您是否想談談今年的一些類別期望。

Yeah.

是的。

In gaming, in particular, as Corie alluded to, we are making modifications to our store to get ready for some of the new things that we think will happen this year specifically from a Nintendo and the excitement that, that will bring in probably mostly in the back half -- and then the other title, you mentioned there's a lot of great settles coming out.

特別是在遊戲方面，正如 Corie 提到的那樣，我們正在對我們的商店進行修改，為我們認為今年將會發生的一些新產品做好準備，特別是來自任天堂的產品，這些產品和興奮感可能會主要在下半年帶來 - 然後是另一個遊戲，你提到過有很多很棒的遊戲即將推出。

But that one, in particular, does have implications on not only it can drive opportunities for hardware purchase accessories and then obviously just customers just getting ready for that very exciting title.

但這一點確實有影響，不僅可以為硬體購買配件帶來機會，而且顯然可以讓客戶為這個令人興奮的遊戲做好準備。

So we do see some opportunities in gaming, especially as we move towards the back half of the year.

因此，我們確實在遊戲領域看到了一些機遇，尤其是隨著今年下半年的到來。

Robbie Ohmes, Bank of America.

美國銀行的羅比‧奧姆斯 (Robbie Ohmes)。

This is Maddie on for Robbie Ohmes.

這是 Maddie 代替 Robbie Ohmes 上場。

I first just wanted to ask, I saw that you reported almost a 10% domestic services comp in 4Q.

我首先只是想問一下，我看到您報告說第四季度國內服務同比增長了近 10%。

So I was wondering how stand-alone warranty sales performed in 4Q?

所以我想知道第四季獨立保固銷售的表現如何？

What were the underlying drivers for that services comp?

該服務業公司發展的根本驅動因素是什麼？

And then could you remind us what you expect from services in 2025?

那麼您能否提醒我們您對 2025 年的服務有何期望？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

In Q4, we continued to see improvements in services revenue across a number of different areas.

第四季度，我們繼續看到多個不同領域的服務收入有所改善。

Throughout the year, we saw that.

在這一年中，我們都看到了這一點。

We saw growth in paid membership.

我們看到付費會員數量有所增加。

We saw growth in stand-alone warranty.

我們看到獨立保固有所增長。

We saw growth in the delivered and installed the paid services.

我們看到付費服務的交付和安裝有所成長。

That was consistent pretty much throughout the year and particularly in Q4.

這一情況在全年基本保持一致，特別是在第四季度。

So what's driving the warranty, I think, is just obviously, there is just a level of labor in stores that is dedicated to helping making sure customers get a full solution.

所以我認為，推動保固的因素顯然是商店中有一定程度的勞動力致力於幫助確保客戶獲得完整的解決方案。

And so we have been seeing attachment trends improve throughout last year pretty consistently, and that has been helping drive a warranty business particularly.

因此，我們看到附件趨勢在去年全年持續改善，這對推動保固業務尤其有幫助。

As we think about the next year, I think what we expect to see from a services revenue growth is something that's pretty aligned to the total enterprise revenue growth as we're starting to now lap a lot of those changes we made to the membership program in fiscal '24.

展望明年，我認為我們預期看到的服務收入成長將與企業整體收入成長相當一致，因為我們現在開始實施 24 財年對會員計畫所做的許多改變。

So now a pretty consistent level of services growth in total with what we might see from a product or an enterprise into a total.

因此，現在整體服務成長水準與我們從產品或企業看到的整體服務成長水準相當一致。

And maybe just one more.

也許還剩一個。

Could you provide any color on how we should think about the puts and takes to gross margin in 1Q?

您能否詳細說明我們應該如何看待第一季的毛利率？

I think you said flat to up 20 basis points.

我認為您說的是持平至上漲 20 個基點。

Yeah.

是的。

In the first quarter, we're expecting a gross profit rate range of flat to up 20 basis points, similar to how we were seeing the whole year, maybe a little bit towards the lower end of that range in total.

在第一季度，我們預計毛利率將在持平至上漲 20 個基點之間，與全年的毛利率類似，總體而言可能略微偏向該範圍的低端。

The favorability in Q1 is going to continue to still be driven by the services membership offerings driving a bit of rate improvement.

第一季的有利因素仍將由服務會員制產品推動，從而推動費率略有改善。

That's because we don't completely anniversary the Geek Squad model changes that we did until the end of Q1 this year slightly offsetting that favorability would be product margin rates and Best Buy Health are both planned to be slight pressures in the first quarter.

這是因為我們直到今年第一季末才完全完成對 Geek Squad 模式的改變，略微抵消了這種有利因素，產品利潤率和百思買健康計劃都將在第一季帶來輕微壓力。

Most of the other drivers within gross profit rate in Q1 are pretty similar on a year-over-year basis.

第一季毛利率中的其他大多數驅動因素與去年同期相比都相當相似。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

This is [Oliver Hu] on for Seth Sigman.

我是 Seth Sigman 的 [Oliver Hu]。

Can you guys talk about how you feel about your market share and appliances and what you're doing to accelerate that?

你們能否談談對你們的市場份額和家用電器的看法以及你們為加速這一進程所採取的措施？

And also from a housing perspective, how important is an improvement in housing turnover to achieve your sales guidance for this year?

從房屋角度來看，房屋成交量的提高對於實現今年的銷售目標有多重要？

And can you remind us about how important housing is on some of your other categories as well?

您能否提醒我們住房對於其他一些類別也有多重要？

From an appliance perspective, over the last couple of years, there's obviously been pressure just based on sales and then the home improvement industry in particular.

從家電角度來看，過去幾年，銷售方面顯然有壓力，家電業尤其如此。

We believe right now about 80% of the industry is what's called [duras] or break fix, which is meaning that a single unit is being replaced.

我們認為，目前該行業約 80% 的情況是所謂的 [duras] 或故障修復，也就是更換單一單位。

That is not necessarily Best Buy sweet spot.

這不一定是百思買的最佳點。

Our sweet spot is more appliance packages and premium sales.

我們的最佳選擇是更多的家電套裝和優質銷售。

As a result of that, the industry has been highly promotional to try to stimulate interest -- we've been practical with that.

因此，業界一直大力宣傳，試圖激發人們的興趣——我們對此採取了務實的態度。

We are very targeted with our investments and where we invest from a promotional perspective to make sure that we drive sales.

我們從促銷角度非常有針對性地進行投資，以確保推動銷售。

As we look forward, we do think that there's opportunities for the appliance business to not be as negative as it was last year lesser than the double digits that we've seen over the last two years, in particular.

展望未來，我們確實認為家電業務的負成長不會像去年那麼嚴重，尤其是低於過去兩年的兩位數。

And then we'll continue to watch the housing market to see if that helps it improve, but we do think the decline will be less negative than it has been historically.

然後我們將繼續關注房地產市場，看看這是否有助於其改善，但我們確實認為下降幅度將比歷史上小。

And to be explicit, our guide assumes no material change in the housing market.

明確地說，我們的指南假設房地產市場不會發生重大變化。

And to your secondary question that you asked, we see actually little correlation in the other categories that we have with the housing market.

對於您提出的第二個問題，我們實際上發現其他類別與房地產市場之間的關聯很小。

As you can imagine, we've looked at that pretty carefully.

你可以想像，我們已經非常仔細地研究過這個問題。

A bit in TVs, but that's nothing even close to what we see on the appliance side.

在電視方面有一點，但是與我們在家用電器方面看到的相比，差距甚遠。

Steven Forbes, Guggenheim Securities.

古根漢證券的史蒂文福布斯。

A two-part question on the idea of scaling the incremental profit streams.

關於擴大增量利潤流的想法，有兩個問題。

The first one is just on the two ones you mentioned, right, Marketplace and Best Buy Ads anyone to help sort of frame up what you see today?

第一個就是您提到的兩個，對吧，Marketplace 和 Best Buy Ads，有人能幫助您概括一下您今天看到的內容嗎？

Like what do you sort of think is the potential as you look out over the next couple of years for those two profit streams in terms of both growth contribution and margin contribution based on everything you know, conversations with vendors, sort of the product portfolio optimization strategies are undergoing.

例如，根據您所了解的一切、與供應商的對話以及正在進行的產品組合優化策略，您認為未來幾年這兩個利潤流在成長貢獻和利潤貢獻方面的潛力是什麼。

Like any way to help frame up for us how you're sort of thinking about it today?

有什麼方法可以幫助我們理解您今天對此的看法嗎？

Yeah, I think we would see both of those to continue to present, I would say, some revenue and profit opportunities as we move forward.

是的，我認為，隨著我們不斷前進，這兩者都將繼續帶來一些收入和獲利機會。

I mean, obviously, we're only launching the marketplace midway through the year this year.

我的意思是，顯然我們在今年年中才推出這個市場。

So next year, we'll see probably more of an impact.

因此明年我們可能會看到更大的影響。

And that is going to -- expected to be contributing to an EBIT dollar and rate this year.

預計這將對今年的息稅前利潤和息稅前利率產生貢獻。

And I think in the future, we see continued opportunity to scale a number of sellers on the site.

我認為，在未來，我們將持續看到擴大網站賣家數量的機會。

And as we continue to build out further enhancements to the experience as we get into potentially fulfilling on those 3P sales as well.

隨著我們不斷進一步增強體驗，我們也有可能實現那些 3P 銷售。

I think we do see continued opportunity.

我認為我們確實看到了持續的機會。

I also just expand the number of categories and SKUs and see how the penetration looks in terms of how the overlap is with our 1P.

我也只是擴大了類別和 SKU 的數量，看看滲透率與我們的 1P 的重疊程度如何。

So we do think there's an opportunity to really expand the long tail of our assortment to ensure that we're meeting the customer demand.

因此，我們確實認為有機會真正擴大我們的產品組合的長尾，以確保滿足客戶的需求。

I think it's an opportunity too, to just help solidify some unit share as well because there is just a different type of business you can drive out of a 3P marketplace that I think will help solidify just a customer experience and overall customer penetration that we have.

我認為這也是一個機會，有助於鞏固一些單位份額，因為你可以從 3P 市場中推動出不同類型的業務，我認為這將有助於鞏固我們的客戶體驗和整體客戶滲透率。

We've had an Ads business a long time.

我們經營廣告業務已經很久了。

I think we're getting a little bit more into the agency nonendemic types of growth areas and to do that, we have to scale some technology, build out some team members.

我認為我們正在更多地進入機構非地方性類型的成長領域，為了做到這一點，我們必須擴展一些技術，培養一些團隊成員。

So we do see that there is a profit opportunity, probably particularly more next year, this year and maybe a little bit more neutral as we're investing a little bit more.

因此，我們確實看到了盈利機會，特別是明年和今年，可能更多一些，而由於我們的投資會更多一些，因此盈利機會可能會更加中性一些。

But we're not really sizing these for the next few years, but we would say that those would both be contributors to helping us expand an operating income rate as we get into the next couple of years.

但我們並沒有真正為未來幾年確定這些目標，但我們會說，在未來幾年裡，這些目標都將有助於我們擴大營業收入率。

And then just a quick follow-up, right, as we think about some other profit streams that you guys have talked about in the past, corporate device life cycle management Partner Plus.

然後只是一個快速的跟進，對吧，當我們考慮你們過去談到的一些其他利潤來源時，企業設備生命週期管理 Partner Plus。

Any sort of update, Corie, on how you're sort of thinking about how Best Buy fits into the broader ecosystem for consumer electronics and just how you're sort of framing up those opportunities maybe relative to how Best Buy Health has changed in its outlook.

科里，您能不能更新一下信息，例如您如何看待百思買融入更廣泛的消費電子產品生態系統，以及您如何構建這些機會，也許與百思買健康前景的變化有關。

Are there any other changes in essence, both positive or negative?

是否還存在其他本質上的變化（無論是正面的還是負面的）？

I always like to think about strategies on horizons and you've got kind of your horizon one, which is what's returning for you right this second, your horizon two, which is we see lots of really positive indicators, so we're going to lean into it, I think, about ads in some of that vein.

我總是喜歡從長遠角度來思考策略，你已經有了第一大範圍的視野，也就是你此刻所獲得的回報，第二大範圍的視野，也就是我們看到的許多非常積極的指標，所以我認為，我們將傾向於在這方面的廣告方面。

And then there's your horizon three.

然後就是你的第三地平線。

Some of the things that you're trying and you're building and may build themselves into really interesting use cases.

您正在嘗試和建立的一些事物可能會發展成為真正有趣的用例。

I think in all the examples you just gave, what the team is really focused on is where can we either see customer behaviors or use our distinct assets to optimize future growth potential.

我認為在您剛才給出的所有例子中，團隊真正關注的是我們可以在哪裡看到客戶行為或利用我們獨特的資產來優化未來的成長潛力。

Partner interest continues to grow nicely.

合作夥伴的興趣持續良好成長。

And again, not only does it grow nicely, but it presents a beautiful solution both for our vendors and our customers, making it really easy for them to shop.

而且，它不僅發展得很好，而且還為我們的供應商和客戶提供了一個很好的解決方案，使他們能夠真正輕鬆地購物。

So that was kind of moving closer into horizon one as the team continues to scale it.

因此，隨著團隊不斷擴大規模，這在某種程度上已經接近第一個目標。

Device cycle management, which you mentioned, that when I think about it a little bit more is horizon three.

您提到的設備週期管理，當我再多考慮時，就是第三個地平線。

We're seeing nice in our services business associated with our talk before about our business offerings.

我們看到，與我們之前談論的業務產品相關的服務業務表現良好。

We're seeing good growth on the services side of our business offerings.

我們看到我們的業務提供的服務方面呈現良好的成長動能。

And we continue to kind of build out what would the capabilities need to look like there, how might we decide the future growth potential there.

我們將繼續建構那裡需要具備的能力，以及如何確定那裡未來的成長潛力。

But right now, we gave you kind of the biggest rock we're most focused on because we think they have the highest near-term return potential.

但現在，我們為你提供了我們最關注的最大石頭，因為我們認為它們具有最高的近期回報潛力。

And you can imagine we're always going to be putting things in that kind of horizon three pipeline to see what might come out the other side next.

你可以想像，我們總是把事物放在這種第三條地平線的管道裡，看看下一步另一邊會出現什麼。

And with that I think that was our last question.

我想這是我們的最後一個問題。

We thank you all for joining us on this very busy day, and we look forward to updating you on our results and our progress during our next call in days.

我們感謝大家在這非常忙碌的日子裡加入我們，我們期待在幾天後的下次電話會議中向你們通報我們的結果和進展。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our conference call.

女士們、先生們，我們的電話會議到此結束。

We thank you for participating and ask that you please disconnect your lines.

感謝您的參與，並請您斷開線路。