百思買 (BBY) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's First Quarter Fiscal 2026 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. (Operator Instructions). I will now turn the conference call over to Mollie O'Brien, Head of Investor Relations. Please go ahead.

女士們、先生們，感謝你們的支持。歡迎參加百思買 2026 財年第一季財報電話會議。（操作員指令）。提醒一下，本次通話將被錄音以便播放，並將於今天東部時間下午 1:00 左右播放。（操作員指令）。現在，我將電話會議轉給投資者關係主管 Mollie O'Brien。請繼續。

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 Offering and fulfillment.

謝謝大家，早安。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和履行高級執行副總裁 Jason Bonfig。

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

在今天的電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。這些非公認會計準則 (Non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對照表，以及這些非公認會計準則 (Non-GAAP) 財務指標為何有用的解釋，請參閱今天上午的財報，該財報可在我們的網站 investors.bestbuy.com 上查閱。我們今天將要做出的部分聲明，根據《1995 年私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的定義，將被視為前瞻性聲明。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性的影響。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以及我們最新的 10-K 表和後續的 10-Q 表。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期後可能出現的事件或情況的義務。現在我將把電話轉給 Corie。

Good morning, everyone, and thank you for joining us. It has certainly been an eventful start to the year. I'm proud of how our teams have been navigating the environment and planning our business against the backdrop of dynamic macroeconomic factors. They've employed a calm strategic and steadfast approach with their ultimate focus on our customers, and the partnerships we have with our vendors. Against this backdrop, we executed well in Q1 and delivered better-than-expected profitability.

大家早安，感謝大家的收看。今年無疑是多事之秋的開始。我為我們的團隊在動態宏觀經濟因素的背景下駕馭環境和規劃業務的能力感到自豪。他們採取了冷靜的策略和堅定的方針，最終專注於我們的客戶以及我們與供應商的合作關係。在此背景下，我們在第一季表現良好，獲利能力優於預期。

Today, we are reporting first quarter revenue that was slightly below last year as expected, and adjusted operating income rate that was flat year-over-year. On revenue of $8.8 billion, we delivered an adjusted operating income rate of 3.8% and an adjusted earnings per share of $1.15. From a product category perspective, we drove comparable sales growth in computing, mobile phones and tablets. This growth was offset by declines in home theater, appliances and drones. Resulting in a domestic comparable sales decline of 0.7%. We delivered 6% comparable sales growth in the combined computing and tablet categories. Our omnichannel operations provide strong support for our Q1 online sales, which grew year-over-year for the second consecutive quarter. They were nearly 32% of total domestic sales, a slightly higher mix than last year. Almost 60% of online purchases are delivered or available for pickup within 1 day, and we drove our strongest on-time ship to home delivery performance in 3 years.

今天，我們報告第一季的營收如預期般略低於去年，調整後的營業收入與去年同期持平。我們營收達88億美元，調整後營業利益率為3.8%，調整後每股盈餘為1.15美元。從產品類別來看，我們推動了運算、手機和平板電腦等產品的可比銷售額成長。家庭劇院、家用電器和無人機的銷售下滑抵消了這一增長。導致國內可比銷售額下降0.7%。我們在電腦和平板電腦類別的綜合銷售額中實現了 6% 的可比銷售額成長。我們的全通路營運為我們第一季的線上銷售提供了強有力的支持，我們的線上銷售連續第二季同比增長。它們佔國內總銷售額的近 32%，比去年略有上升。幾乎 60% 的線上購買商品可在 1 天內送達或可取貨，並且我們實現了 3 年來最強勁的準時送貨上門業績。

For the most part, customer behavior in Q1 did not change materially from the commentary we have shared for the past several quarters. Customers continue to be deal focused and attracted to more predictable sales moments. We believe the consumer has remained resilient, while dealing with persistent inflation, making them value focused and thoughtful about big ticket purchases. We also still see a customer that is willing to spend on high price point products when they need to or when there is technology innovation. Additionally, we continue to see material year-over-year improvement in our domestic relationship Net Promoter Score, which tracks consumers' likelihood to recommend Best Buy during the quarter. We believe this is the direct result of our relentless focus on elevating our unique customer experience.

總體而言，第一季的客戶行為與我們過去幾季分享的評論相比並沒有發生實質變化。顧客繼續關注交易並被更可預測的銷售時刻所吸引。我們相信，消費者在應對持續通貨膨脹的同時，仍保持著韌性，這使得他們在購買大件商品時更加重視價值並深思熟慮。我們仍然看到，當客戶需要或有技術創新時，他們願意花錢購買高價位的產品。此外，我們繼續看到國內關係淨推薦值年增率大幅提升，該值追蹤消費者在本季推薦百思買的可能性。我們相信這是我們堅持不懈致力於提升獨特客戶體驗的直接結果。

I'm excited to discuss the progress we have made in Q1 on our fiscal '26 strategic priorities. But first, we must address the current tariff environment impacting our industry, our business and consumers overall. Let me begin by saying there were some developments overnight that may have future impacts. We are obviously not addressing these in our following prepared remarks as there remains a great deal of uncertainty. As we stressed last quarter, international trade is critically important for our business and industry. The consumer electronics supply chain is highly global, technical and complex. There have been a lot of developments since our March conference call.

我很高興討論我們在第一季在 26 財年策略重點方面取得的進展。但首先，我們必須解決目前影響我們產業、我們的企業和整個消費者的關稅環境。首先我要說的是，一夜之間發生的一些事態發展可能會對未來產生影響。顯然，我們不會在接下來的準備好的發言中討論這些問題，因為仍然存在很大的不確定性。正如我們在上個季度所強調的那樣，國際貿易對我們的商業和產業至關重要。消費性電子產品供應鏈高度全球化、技術性與複雜性。自從我們三月電話會議以來，已經取得了許多進展。

While China remains the number 1 source for products we sell, we currently estimate the percentage of product COGS it represents is approximately 30% to 35%, compared to the 55% metric we shared in March. This is the result of vendors using production capabilities in multiple countries and leveraging their ability to flex sourcing options as the environment evolves. We estimate that the combination of the United States and Mexico are approximately 25% of product COGS at this point.

雖然中國仍然是我們銷售產品的第一大來源，但我們目前估計其所代表的產品銷貨成本百分比約為 30% 至 35%，而我們 3 月分享的指標為 55%。這是供應商利用多個國家的生產能力並隨著環境的變化而靈活調整採購選擇的能力的結果。我們估計，目前美國和墨西哥的總成本約佔產品銷貨成本的 25%。

The level of tariff currently varies across our product categories. Let me provide a high-level breakdown. The consumer electronics products that are coming from Mexico, including televisions and major appliances, are compliant with the USMCA trade agreement and are not subject to tariffs. As it relates to China, there are currently two distinct tariff scenarios. First, categories that are subject to the Section 232 semiconductor investigation, including computers, mobile phones, networking and monitors are currently subject to the 20% fentanyl tariff. Roughly half our China COGS falls into this scenario. Second, categories like major and small appliances, gaming consoles, furniture and accessories are subject to the 20% fentanyl tariff plus the recently instituted 10% baseline tariff. Finally, consumer electronics products coming from countries such as Vietnam, India, South Korea and Taiwan are currently subject to 10% tariffs.

目前，我們不同產品類別的關稅水準有所不同。讓我來提供一下高層次的分析。來自墨西哥的消費性電子產品，包括電視和主要家電，符合USMCA貿易協定，不徵收關稅。就中國而言，目前有兩種不同的關稅情境。首先，受232條款半導體調查影響的類別，包括電腦、手機、網路和顯示器，目前都被徵收20%的芬太尼關稅。我們在中國大約一半的銷售成本屬於這種情況。其次，大型和小型家電、遊戲機、家具及配件等類別需繳納20%的芬太尼關稅，外加最近實施的10%的基準關稅。最後，來自越南、印度、韓國和台灣等國家的消費性電子產品目前需繳納 10% 的關稅。

We have been actively employing many tactics in partnership with our vendors as we navigate the dynamic situation and work to mitigate the impact of tariffs on our customers and business. I would organize them into five main themes. These include: One, leveraging manufacturing flexibility. Since 2018, many vendors, including our own exclusive brands have created new manufacturing locations that provide optionality. Two, negotiating costs, including consolidating volume into fewer partners for large negotiations. Three, increasing country diversification we influence many of our partners to start or continue building resiliency into their supply chains by ensuring there are at least two locations available to manufacture the same or similar products for distribution across the globe. Four, adjusting assortments. We review and modify assortments to ensure a wide range of customer needs and budgets are met and rationalize where appropriate to consolidate volume. And five, as a last reason, we adjust prices as tariff-related inventory cost changes are implemented.

我們一直與供應商積極合作採用多種策略來應對動態情況並努力減輕關稅對我們的客戶和業務的影響。我會將它們分為五個主要主題。其中包括：一、利用製造彈性。自 2018 年以來，包括我們自己的獨家品牌在內的許多供應商都創建了提供可選性的新製造地點。二是談判成本，包括將談判量集中到更少的合作夥伴以進行大型談判。第三，透過增加國家多樣化，我們影響許多合作夥伴，確保至少有兩個地點可以生產相同或相似的產品並銷往全球，從而開始或繼續增強其供應鏈的彈性。四、調整品種。我們審查並修改產品分類，以確保滿足廣泛的客戶需求和預算，並在適當的情況下合理化以整合數量。第五，作為最後一個原因，我們會根據與關稅相關的庫存成本變化來調整價格。

As a reminder, Best Buy only directly imports approximately 2% to 3% of our overall assortment. I want to make the point that due to mitigation efforts by both vendors and by Best Buy, the increased product costs that are flowing to us are lower than the tariff rates. And as of mid-May, we have already made the related price and promotional adjustments to our assortment. I also want to stress that, as always, we are committed to offering competitive prices to our customers.

提醒一下，百思買僅直接進口我們整體產品種類的約 2% 至 3%。我想指出的是，由於供應商和百思買的緩解努力，流向我們的增加的產品成本低於關稅稅率。截至五月中旬，我們已經對我們的產品系列做出了相關的價格和促銷調整。我還想強調的是，我們一如既往地致力於為客戶提供有競爭力的價格。

From an inventory perspective, we have continued with our long-standing strategy of targeting roughly 60 days of forward supply. At this point in time, we feel good about inventory levels overall and for back-to-school. I am grateful to our deeply tenured and talented teams for their skill in operating through volatile conditions and for their deep partnerships with our vendors. As we look to the rest of the year, there is still uncertainty related to tariff levels, timing and countries involved in addition to the potential actions of others in the industry as well as the potential reaction of American consumers. However, based on the current tariff levels we just articulated, we are updating our annual outlook with our best view at this time. We are lowering our full year comparable sales range to down 1% to up 1% and and expect an adjusted operating income rate that is consistent with last year or approximately 4.2%. Our underlying working assumptions are that tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in very recent quarters.

從庫存角度來看，我們繼續執行長期以來的策略，目標是大約 60 天的遠期供應量。目前，我們對整體庫存水準和返校庫存水準感到滿意。我感謝我們資深且才華橫溢的團隊，感謝他們在動盪的環境中運營的技能以及與我們的供應商建立的深厚合作關係。展望今年剩餘時間，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，關稅水平、時機和涉及的國家等因素仍存在不確定性。然而，根據我們剛剛闡述的當前關稅水平，我們正在以目前的最佳觀點更新我們的年度展望。我們將全年可比銷售額範圍下調至下降 1% 至上升 1%，並預計調整後的營業收入率與去年持平或約為 4.2%。我們的基本工作假設是，今年剩餘時間內關稅將維持在當前水平，與最近幾季的趨勢相比，消費者行為沒有發生重大變化。

As you can imagine and based on our history, we will continue to scenario plan and adjust with agility as the situation evolves. Matt will provide more detail. Now I would like to update you on the progress we are making on our strategic priorities.

正如您所想的，根據我們的歷史，我們將繼續制定情境計劃並隨著情況的發展靈活調整。馬特將提供更多細節。現在我想向大家通報我們在策略重點方面的進展。

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

我們的策略是繼續加強我們在零售業作為領先的全通路技術目的地的地位，同時建立和擴大我們認為將在未來推動回報的新利潤流。

As a reminder, our fiscal '26 strategic 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. Of course, these priorities are intertwined and worked together as a great customer experience drives the (inaudible) of opportunity to generate incremental profit streams. I will start with our digital experiences, where nearly one-third of our domestic revenue is transacted and roughly 60% of our overall purchasers visit at some point during their shopping journey.

提醒一下，我們 26 財年的策略重點如下：第一，推動全通路體驗改進，引起客戶的共鳴；第二，推出和擴大增量利潤流，包括百思買市場和百思買廣告；第三，提高營運效率和效益，為戰略投資提供資金並抵消壓力。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（聽不清楚）創造增量利潤流的機會。我先從我們的數位體驗開始，我們國內近三分之一的收入來自交易，大約 60% 的購買者在購物過程中的某個時刻訪問過我們的網站。

We are on track to launch our innovative improved search experience across dot-com, small view and our app later this year. We have already begun rolling the capability out to a small percentage of customers with plans for full rollout by holiday. We are excited about this experience as we believe it will, over time, be a tool used by customers and employees to solve real problems. This new experience will have AI-powered prompts to guide customers to more specific searches and natural conversational filtering for easier product discovery. It will also have fewer, higher-quality matches that reflect customer intent and richer product information to support confident buying decisions.

我們計劃於今年稍後在.com、小視圖和我們的應用程式上推出創新改進的搜尋體驗。我們已經開始向一小部分客戶推出該功能，並計劃在假期前全面推出。我們對這次體驗感到非常興奮，因為我們相信，隨著時間的推移，它將成為客戶和員工用來解決實際問題的工具。這種新體驗將採用人工智慧提示，引導客戶進行更具體的搜尋和自然對話過濾，以便更輕鬆地發現產品。它還將擁有更少、更高品質的匹配，以反映客戶意圖和更豐富的產品訊息，以支持自信的購買決策。

During Q1, we introduced Best Buy storefront, which allow influencers and creators to build their own branded digital storefronts on bestbuy.com. It is early, but we have been pleased with the interest thus far, with more than 400 creators signed up and more than 60 store fronts already launched. Over time, we believe these will help drive increased traffic, engagement and sales. In our stores, we plan to touch every store this year with shopping experience updates.

我們在第一季推出了百思買店面 (Best Buy Storefront)，讓網紅和創作者可以在 bestbuy.com 上創建自己的品牌數位商店。雖然目前還處於初期階段，但我們對目前收到的關注度感到滿意，目前已有超過 400 位創作者註冊，並推出了超過 60 個店面。隨著時間的推移，我們相信這些將有助於增加流量、參與度和銷售。在我們的商店中，我們計劃今年對每家商店進行購物體驗更新。

Starting in Q2, we are adding vendor pad in home theater, expanding tablet and virtual reality departments and enhancing experiences for the upcoming Switch 2 launch. As expected, there is strong customer demand for this launch, and preorder quantity is sold out very quickly. Best Buy is uniquely positioned for the Switch 2 launch, being one of the only retailers opening their doors at midnight on June 5 for either customers to pick up their consoles or grab another game. I would note that 70% of preorder customers selected in-store pickup underlining this important strength. The midnight opening is not only for preorder customers to pick up their products. There will also be additional consoles, games and accessories available for purchase.

從第二季開始，我們將在家庭劇院中新增供應商面板，擴大平板電腦和虛擬實境部門，並為即將推出的 Switch 2 增強體驗。正如預期的那樣，此次發表會的客戶需求強勁，預購數量很快就售罄。百思買 (Best Buy) 在 Switch 2 的發布會上佔據著獨特的地位，它是唯一一家在 6 月 5 日午夜開門營業的零售商，顧客可以在這裡購買遊戲機或另一款遊戲。我注意到 70% 的預訂客戶選擇店內取貨，凸顯了這一重要優勢。午夜營業不只是為了方便預購顧客取貨。還將有其他遊戲機、遊戲和配件可供購買。

We continue to focus on our unique in-store customer experience and in partnership with our vendors, we have made investments in our certification and training strategy for merchandising, customer engagement and selling. For example, in March, we brought our major appliances associates together in person for rigorous training to further upscale in the appliances category, which we expect to drive even higher productivity and better experiences for our customers. Earlier this month, we replicated this approach for computing and we'll do the same in July with the home theater category, ensuring that our teams are well prepared and knowledgeable across all major categories.

我們繼續專注於我們獨特的店內客戶體驗，並與我們的供應商合作，對商品銷售、客戶參與和銷售的認證和培訓策略進行了投資。例如，3 月份，我們親自召集了主要家電員工進行嚴格培訓，以進一步提升家電類別的檔次，我們希望此舉能提高生產力並為客戶提供更好的體驗。本月初，我們在計算領域複製了這種方法，並將在 7 月對家庭劇院類別採取同樣的做法，以確保我們的團隊做好充分準備並了解所有主要類別。

Of course, we have a long history of augmenting our labor expertise with vendor-provided labor. For example, starting last year, both Verizon and AT&T have increased their investments in store labor and have partnered with us to improve technology systems integration in hundreds of stores. As a result, we are driving increased phone sales and activations and delivered our first mobile phones comp sales growth in 3 years. We also feel even better positioned for future product launches.

當然，我們長期以來一直利用供應商提供的勞動力來增強我們的勞動力專業知識。例如，從去年開始，Verizon 和 AT&T 都增加了對商店勞動力的投資，並與我們合作改善數百家商店的技術系統整合。因此，我們推動了手機銷售和啟動量的成長，並實現了三年來首次手機銷售成長。我們也感到自己在未來的產品發布中處於更有利的地位。

Our second strategic priority for fiscal '26 is focused on incremental profitability strength. We believe our marketplace launch is even more important in this environment, as it provides ultimate flexibility in product assortments, price points, vendors and SKUs, so we can offer customers the broadest and most relevant experience possible, particularly when combined with our upgraded search capability. Also, sellers and advertisers will have an additional avenue to increase their reach and build their brands, leveraging our qualified traffic. We have seen strong interest from sellers and have already exceeded the seller count goal we set for the entire year. We expect to have at least 500 of them onboarded and ready for the initial midyear launch.

我們 26 財年的第二個策略重點是提高獲利能力。我們相信，在這種環境下，我們的市場推出更為重要，因為它在產品分類、價格點、供應商和 SKU 方面提供了最大的靈活性，因此我們可以為客戶提供最廣泛、最相關的體驗，特別是與我們升級的搜尋功能相結合時。此外，賣家和廣告商將擁有額外的途徑來擴大他們的影響力並建立他們的品牌，利用我們合格的流量。我們看到賣家的濃厚興趣，並且已經超越了我們全年設定的賣家數量目標。我們預計其中至少有 500 家公司加入並為年中首次發布做好準備。

At launch, customers will be able to return their products directly to sellers or in our stores. And our customers will have the confidence of knowing all sellers will have a universal return window aligning with Best Buy policies. We continue to expect Marketplace to have a positive impact on our operating income rate for fiscal '26 even after start-up costs, investments and estimated cannibalization of our first-party product revenue. Over time, we expect Marketplace to help drive profit dollars and unit share. In addition, it will provide opportunities for our Best Buy ads business through new advertisers and increased traffic.

在推出時，客戶將能夠將產品直接退還給賣家或在我們的商店。而我們的客戶將有信心知道所有賣家都將擁有符合百思買政策的通用退貨窗口。即使在啟動成本、投資和預計的第一方產品收入蠶食之後，我們仍然預期 Marketplace 將對我們 26 財年的營業收入產生正面影響。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。此外，它還將透過新的廣告商和增加的流量為我們的百思買廣告業務提供機會。

We continue to see fiscal '26 as a pivotal year for our Best Buy ads business. We have had a robust retail media network business for a long time in partnership with our vendors. We are proud of the business that we have built, and we see opportunities for growth. In Q1, we made material progress on our plan. We expanded the available inventory on our site by adding new ad slot placements on high-volume pages to better meet the level of demand and added 20 new vendor advertisers. We went live with one of the largest demand site platform, the Trade Desk. This expands our share of the broader digital dollars to flow to Best Buy apps. We were encouraged by the number of non-endemic advertisers who are already advertising with us as a result. We launched the capability called Social Plus in collaboration with Meta. Social Plus will allow advertisers to reach our customers more effectively on Facebook and Instagram. We are also expanding our engagement with new types of advertisers like quick-serve restaurants. We are excited about the results we were able to drive for a major quick-serve restaurant who ran an April campaign leveraging our first-party gaming segment. Lastly, we filled key leadership roles and opened our New York office.

我們繼續將 26 財年視為百思買廣告業務的關鍵一年。我們與供應商長期合作，擁有強大的零售媒體網路業務。我們為我們所建立的業務感到自豪，並且我們看到了成長的機會。第一季度，我們的計劃取得了實質進展。我們透過在高流量頁面上新增的廣告位來擴展我們網站上的可用庫存，以更好地滿足需求水平，並增加了 20 個新的供應商廣告商。我們啟用了最大的需求站點平台之一—Trade Desk。這擴大了我們在更廣泛的數位美元中流向百思買應用程式的份額。因此，我們看到許多非本土廣告商已經在我們這裡投放廣告，這令我們感到鼓舞。我們與 Meta 合作推出了名為 Social Plus 的功能。Social Plus 將允許廣告主在 Facebook 和 Instagram 上更有效地接觸我們的客戶。我們也正在擴大與速食店等新型廣告商的合作。我們很高興能夠為一家大型快餐店帶來成果，該店利用我們的第一方遊戲部門在四月份開展了一項活動。最後，我們任命了關鍵領導職位並開設了紐約辦公室。

We continue to expect growth in ad collections to benefit our gross profit rate in fiscal '26. From an operating income rate perspective, we expect more of a neutral impact due to the investments we are making. We believe the actions we are taking in fiscal '26 position us for future growth and rate expansion over the next number of years. This brings us to our third strategic priority for fiscal '26. It is imperative that we continue to focus on executing well what is within our control, which includes identifying cost reductions and driving efficiencies to help offset pressures in our business and fund investment capacity for new and existing initiatives. There are many ways we realize these efficiencies. They are often achieved with the help of technology and analytics. Through ongoing vendor partnerships and vendor selections throughout the enterprise and by modifying existing processes or customer offerings. Other times, the result of us moving on from initiatives that aren't generating the financial return we had additionally and originally envisioned.

我們繼續預期廣告收入的成長將有利於提高我們 26 財年的毛利率。從營業利率的角度來看，我們預期我們的投資將產生更中性的影響。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奠定基礎。這是我們 26 財年的第三個策略重點。我們必須繼續專注於做好我們能控制的事情，包括確定降低成本和提高效率，以幫助抵消我們業務中的壓力，並為新舊計劃提供資金投資能力。我們可以透過多種方式實現這些效率。它們通常是在技術和分析的幫助下實現的。透過在整個企業內持續進行供應商合作和供應商選擇，以及透過修改現有流程或客戶產品。其他時候，我們放棄的計畫並沒有產生我們最初設想的財務回報。

There are a few areas I would like to highlight. Within our procurement operations, we expect to complete the multiyear deployment of our full source-to-pay technology capability in the second quarter. As we shared last quarter, this will give us expanded transparency into billions of dollars of goods not for resale event. In combination with the enhanced automation of our purchasing process, this paves the way for continuous cost optimization opportunities. Within our supply chain operations, we recently replaced our prior rule-based shipping process with a data-driven sourcing solution that uses real-time cost data to choose the most efficient fulfillment locations. This helps us deliver orders on time and reduce shipping costs.

我想強調幾個面向。在我們的採購業務中，我們預計將在第二季完成全面的採購到付款技術能力的多年部署。正如我們上個季度所分享的，這將使我們對數十億美元的非轉售商品的透明度得到提高。結合我們採購流程自動化程度的提高，這為持續的成本優化機會鋪平了道路。在我們的供應鏈營運中，我們最近用數據驅動的採購解決方案取代了先前基於規則的運輸流程，該解決方案使用即時成本數據來選擇最有效的履行地點。這有助於我們按時交付訂單並降低運輸成本。

Within our customer care operations, our use of new conversational AI technology, our upgraded IVR systems and other operational efficiencies have led to both better customer experience and cost savings. In Q1, we saw record low levels of cost per customer contact and customer call transfer rates as well as record high levels of customer satisfaction. These results are driving reductions in annual call volume expense.

在我們的客戶服務營運中，我們使用了新的對話式 AI 技術、升級了 IVR 系統並提高了其他營運效率，從而帶來了更好的客戶體驗和成本節約。在第一季度，我們看到每次客戶聯繫成本和客戶呼叫轉接率都創歷史新低，而客戶滿意度也創歷史新高。這些結果正在推動年度呼叫量費用的減少。

In summary, we continue to demonstrate our strong execution through adaptability, strategic investments and operational strengths during turbulent times. We expect to navigate the tariff environment and emerge not only as a vital company, but a vibrant one as the landscape stabilizes over time. 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 Geek Squad services to help our customers. 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. There are many reasons we are excited for the rest of the year.

總而言之，在動盪時期，我們持續透過適應性、策略投資和營運優勢展現出強大的執行力。我們期望能夠應對關稅環境，並隨著情況逐漸穩定，不僅成為一家充滿活力的公司，而且成為一家生機勃勃的公司。我們是最新和最棒的新技術的值得信賴的來源，同時也提供各種獨特的店內和數位體驗以及專業的 Geek Squad 服務來幫助我們的客戶。我們也是供應商的真正合作夥伴，通常從產品開發週期的早期就與他們合作，直到在我們的銷售場所推出產品。有很多理由讓我們對今年剩餘的時間感到興奮。

From a product category perspective, we expect growth in computing, including tablets to continue to be driven by the customers need to replace and upgrade products. 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 the release of new AI features. In mobile phones, we expect benefits from our in-store experience improvements with the carriers to deliver growth for the year. In gaming, we expect the new launch and updated store experience to drive sales momentum for the year. We are also excited to expand our in-store experience and presence for Ray-Ban Meta glasses. This technology and other wearable AI products yet to be launched, will transform the way people live. And Best is the ultimate customer education destination.

從產品類別的角度來看，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。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有助於實現這一目標。在手機領域，我們預計，與營運商合作改善店內體驗將帶來今年的成長。在遊戲方面，我們預計新產品的推出和更新的商店體驗將推動今年的銷售動能。我們也很高興能夠擴大雷朋 Meta 眼鏡的店內體驗和影響力。這項技術以及其他尚未推出的穿戴式人工智慧產品將改變人們的生活方式。而 Best 則是最終的客戶教育目的地。

In addition, the launch of our marketplace and relentless focus on our online and in-store customer experience will continue to underscore our unique position in the industry. Also, our refreshed brand is resonating more deeply with our customers, and we are driving continuous customer experience improvements across the business.

此外，我們市場的推出以及對線上和店內客戶體驗的不懈關注將繼續鞏固我們在行業中的獨特地位。此外，我們更新的品牌與客戶的共鳴更加深刻，我們正在推動整個業務領域客戶體驗的持續改善。

Added to that, our digital growth benefited from increased app adoption, checkout conversion and recognizable customers, allowing us to better personalize their experiences in the future.

此外，我們的數位成長受益於應用程式採用率的提高、結帳轉換率的提高和可識別的客戶的增加，這使我們能夠在未來更好地個性化他們的體驗。

And finally, we continue to invest in our team who are ready to truly help our customers enrich their lives through technology, through more specialized knowledge, unique in-home expertise and robust support. Our recent engagement scores are the highest we have ever seen and our turnover remains the lowest we have seen in more than 5 years. I am so deeply appreciative that they choose to work for Best Buy, how they live our values, and for the culture they have created by bringing their unique experiences themselves to work every day. With that, I will now turn the call over to Matt.

最後，我們將繼續投資我們的團隊，他們隨時準備好透過技術、更專業的知識、獨特的家庭專業知識和強大的支持真正幫助我們的客戶豐富他們的生活。我們最近的參與度得分是有史以來最高的，而我們的營業額仍然是五年多來的最低水準。我非常感謝他們選擇為百思買工作，感謝他們如何實踐我們的價值觀，感謝他們每天將自己獨特的經驗帶到工作中去，從而創造出百思買的企業文化。說完這些，我現在將電話轉給馬特。

Good morning. Let me start with an overview of how the first quarter performed versus the expectations we shared with you last quarter. Enterprise comparable sales declined 0.7%, which was consistent with our outlook. Our adjusted operating income rate of 3.8% was approximately 40 basis points better than expected, which was primarily driven by favorable SG&A expense. The favorable SG&A was primarily the result of an indirect tax settlement and strong expense management. Our gross profit rate of 23.4% improved approximately 10 basis points versus last year which was consistent with our outlook.

早安.首先，我來概述第一季的表現與我們上個季度與您分享的預期相比如何。企業可比銷售額下降 0.7%，這與我們的預期一致。我們的調整後營業收入率為 3.8%，比預期高出約 40 個基點，主要得益於有利的銷售、一般及行政費用。有利的銷售、一般及行政費用主要是間接稅結算和強有力的費用管理的結果。我們的毛利率為 23.4%，較去年同期提高了約 10 個基點，這與我們的預期一致。

I will now talk about the first quarter results versus last year. Enterprise revenue of $8.8 billion decreased 0.9% versus last year. Our adjusted operating income rate was flat to last year, with both gross profit and SG&A largely similar to last year as a percentage of revenue. While adjusted operating income dollars were flat to last year, our adjusted diluted earnings per share decreased 4% to $1.15. One of the drivers of this lower EPS was approximately $10 million of lower investment income which was due to a lower average cash balance combined with lower short-term interest rates. By month, our enterprise comparable sales were down approximately 2.5% in February before increasing 0.5% in March and declining 0.4% in April. The shift of Easter improved March and negatively impacted April comparable sales by an estimated 250 to 300 basis points.

現在我將談談第一季業績與去年同期的情況。企業營收為 88 億美元，較去年同期下降 0.9%。我們的調整後營業收入率與去年持平，毛利和銷售、一般及行政費用佔收入的百分比與去年大致相同。雖然調整後營業利潤與去年持平，但調整後稀釋每股盈餘下降4%至1.15美元。每股盈餘下降的原因之一是投資收益減少約1,000萬美元，這是由於平均現金餘額減少以及短期利率下降造成的。按月計算，我們企業可比銷售額 2 月下降約 2.5%，3 月成長 0.5%，4 月下降 0.4%。復活節的到來使 3 月的銷售額有所改善，但對 4 月的可比較銷售額產生了約 250 至 300 個基點的負面影響。

In our Domestic segment, revenue decreased 0.9% to $8.1 billion, driven by a comparable sales decline of 0.7% and International revenue of $640 million decreased 0.6% versus last year, which was driven by a comparable sales decline of 0.7%. The revenue decrease also included a negative foreign currency impact of approximately 450 basis points, which was offset by revenue from Best Buy Express locations that opened in Canada after Q1 fiscal '25. Our domestic gross profit rate increased 10 basis points to 23.5%. The higher gross profit rate was primarily driven by improvement within the services category, which includes our membership offerings. This improvement was partially offset by rate pressure within our Best Buy Health business and lower credit card profit sharing revenue. Our international gross profit rate decreased 80 basis points to 22%. The lower gross profit rate was primarily due to lower product margin rates and unfavorable supply chain costs.

在我們的國內部門，營收下降 0.9% 至 81 億美元，受可比銷售額下降 0.7% 的影響；國際收入 6.4 億美元與去年相比下降 0.6%，受可比銷售額下降 0.7% 的影響。收入減少還包括約 450 個基點的負面外匯影響，但被 2025 財年第一季後在加拿大開設的百思買快捷店的收入所抵消。我們的國內毛利率增加了10個基點，達到23.5%。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。這項改善被百思買健康業務的利率壓力和信用卡利潤分享收入的下降部分抵消。我們的國際毛利率下降了80個基點，至22%。毛利率較低主要是因為產品利潤率較低以及供應鏈成本不利。

Moving to SG&A, where our domestic adjusted SG&A decreased $13 million which was primarily due to a favorable indirect tax settlement. In addition, we incurred $109 million in restructuring charges this quarter. Those charges are primarily associated with a restructuring initiative within our Best Buy Health business. During the quarter, we returned a total of $302 million to shareholders through dividends of $202 million and share repurchases of $100 million. We have raised our quarterly dividend for 12 straight years and remain committed to being a premium dividend payer.

轉向銷售、一般和行政費用，我們的國內調整後銷售、一般和行政費用減少了 1300 萬美元，這主要是由於有利的間接稅結算。此外，本季我們還發生了 1.09 億美元的重組費用。這些費用主要與百思買健康業務的重整計畫有關。本季度，我們透過 2.02 億美元的股息和 1 億美元的股票回購向股東返還了總計 3.02 億美元。我們已經連續 12 年提高季度股息，並將繼續致力於成為優質股息支付者。

Moving on to our full year fiscal '26 financial guidance. In March, we made it clear that the guidance we provided excluded any estimated impacts from recently announced tariffs. At the same time, we provided a ballpark estimate of approximately 1 point of comparable sales pressure to our guidance if the China tariffs that went into effect on February 4, remained at the 10% level for the full year. As Corie stated, a lot of has changed since March. Tariff rates have changed the sourcing exposure for many of our products has been changing and the conversation with our vendors has also progressed. As such, the updated guidance we are providing today includes our best estimate of the range of financial impacts from tariffs.

接下來是我們的 26 財年全年財務指導。今年3月，我們明確表示，我們提供的指導不包括最近宣布的關稅的任何預期影響。同時，我們粗略估計，如果 2 月 4 日生效的中國關稅在全年保持在 10% 的水平，那麼與我們的指導相比，銷售壓力將下降約 1 個百分點。正如 Corie 所說，自三月以來發生了很多變化。關稅稅率已經發生了變化，我們許多產品的採購風險也發生了變化，與供應商的對話也取得了進展。因此，我們今天提供的最新指南包括我們對關稅造成的財務影響範圍的最佳估計。

Within that guidance, our working assumption is that tariffs stay at the current levels for the rest of the year. Clearly, the trade policy discussions are ongoing and tariff rates could change. but anchoring our guidance to the current tariff rates felt most appropriate. In addition, our guidance includes our best estimate for each of our revenue categories, which incorporates the trends we have seen year-to-date. Our guidance also assumes that there is no material change in consumer behavior from the trends we have seen in recent quarters.

在該指導範圍內，我們的工作假設是關稅在今年剩餘時間內維持在當前水準。顯然，貿易政策討論仍在進行中，關稅稅率可能會改變。但將我們的指導方針錨定在當前的關稅稅率上似乎是最合適的。此外，我們的指引包括每個收入類別的最佳估計，其中包含了我們今年迄今為止看到的趨勢。我們的指導也假設，與最近幾季我們看到的趨勢相比，消費者行為沒有發生重大變化。

Our updated enterprise guidance for fiscal '26 is the following: revenue in the range of $41.1 billion to $41.9 billion, comparable sales of down 1% to up 1%, adjusted operating income rate of approximately 4.2% and an adjusted effective income tax rate of approximately 25%, which is unchanged from our prior guidance; adjusted diluted earnings per share of $6.15 to $6.30 and capital expenditures of approximately $700 million, which represents the low end of our prior guidance range. Lastly, we still expect to spend approximately $300 million on share repurchases. Next, I will cover some of the key working assumptions that support our guidance.

我們更新後的 26 財年企業預期如下：營收在 411 億美元至 419 億美元之間，可比銷售額下降 1% 至上升 1%，調整後的營業收入率約為 4.2%，調整後有效所得稅率約為 25%，與我們之前的預期相同；調整後的稀釋每股收益為 6.15 美元到 25%，與我們之前的預期相同；調整後的稀釋每股收益為 6.15 美元的低端最後，我們仍預計將花費約 3 億美元用於股票回購。接下來，我將介紹支持我們指導的一些關鍵工作假設。

We expect our gross profit rate to be slightly unfavorable to last year, with most of the primary components of our gross profit plan very similar to fiscal '25 from a rate perspective.

我們預計我們的毛利率將略低於去年，從利率角度來看，我們毛利率計劃的大部分主要組成部分與 25 財年非常相似。

There are a few items I would like to highlight. First, our product margin rates are now expected to be unfavorable compared to last year, which is largely driven by a higher portion of our sales mix coming from lower margin categories, such as computing. In addition, our outlook reflects our plans to remain competitively priced.

我想強調幾點。首先，與去年相比，我們目前的產品利潤率預計不利，這主要是因為我們的銷售組合中來自利潤率較低的類別（例如計算）的比例較高。此外，我們的前景反映了我們保持價格競爭力的計劃。

Next, growth from the Best Buy ads and the rollout of our US marketplace is expected to benefit our gross profit rate. We now expect our services category, including membership that benefit our gross profit rate compared to the prior year.

接下來，百思買廣告的成長和我們美國市場的推出預計將有利於我們的毛利率。我們現在預計我們的服務類別（包括會員資格）將使我們的毛利率與前一年相比有所提高。

Lastly, we still expect the profit share on our credit card arrangement to have a neutral impact in fiscal '26. Now moving to our adjusted SG&A expectations.

最後，我們仍預期信用卡安排的利潤份額將對 26 財年產生中性影響。現在轉向我們調整後的銷售、一般及行政費用預期。

As a percentage of revenue, we now expect our adjusted SG&A to be slightly lower than fiscal '25, which includes the following puts and takes. We continue to expect benefits from ongoing efficiencies and effectiveness work streams, including Best Buy Health. Indirect tax settlement we received in the first quarter lowered our full year SG&A compared to last year. Partially offsetting these items are SG&A increases in support of our Best Buy ads and marketplace initiatives, which includes advertising, technology and employee compensation expense. At the high end of our revenue guidance, the store payroll expense and items like credit card processing fees are expected to increase with minimal impacts from a rate perspective.

作為收入的百分比，我們現在預計調整後的銷售、一般及行政費用將略低於 25 財年，其中包括以下投入和收益。我們繼續期待從包括百思買健康 (Best Buy Health) 在內的持續效率和有效性工作流程中獲益。我們在第一季收到的間接稅結算與去年相比降低了全年的銷售、一般及行政費用。部分抵銷這些項目的是銷售、一般及行政費用的增加，用於支持我們的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。在我們的收入預期高端，商店薪資支出和信用卡處理費等項目預計會增加，從利率角度來看影響很小。

Lastly, the high end of our guidance now reflects incentive compensation that is approximately flat to last year. While 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，我們指導的高端現在反映的激勵薪酬與去年大致相當。而我們指引的低端反映了我們進一步降低變動費用的計劃，包括與銷售趨勢保持一致的激勵薪酬。

Before I close, let me share a couple of comments specific to the second quarter. We expect our second quarter comparable sales to be slightly down versus last year, and our adjusted operating income rate to be approximately 3.6%. Our gross profit rate is planned very similar to last year's second quarter. With increased SG&A expected to be the primary driver of the lower operating income rate.

在結束之前，請允許我分享一些針對第二季的評論。我們預計第二季可比銷售額將較去年略有下降，調整後的營業收入率約為 3.6%。我們的毛利率計劃與去年第二季非常相似。預計銷售、一般及行政費用的增加將成為營業收入率下降的主要原因。

As a reminder, last year's second quarter SG&A included a favorable legal settlement and lower medical claims. The combination of these two items provided the benefit of approximately $20 million to last year's second quarter. I will now turn the call over to the operator for questions.

提醒一下，去年第二季的銷售、一般及行政費用包括有利的法律​​和解和較低的醫療索賠。這兩項加起來為去年第二季帶來了約2,000萬美元的收益。我現在將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指示）

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Good morning, guys. So I think we all understand that the tariff scenario has been highly dynamic. But it does sound like you have a pretty significant difference in terms of your China sourcing versus, call it, 3 months ago. Can you just help us better understand that? Like is that just a function of -- is it vendors moving product around for you? Is it just better understanding where the products are coming from? Any more color on that? And then part 2, just a housekeeping item. How big was the tax element in the SG&A? Thanks.

大家早安。所以我想我們都明白關稅情況一直是高度動態的。但聽起來，與三個月前相比，你們在中國的採購情況確實有很大不同。您能幫助我們更好地理解這一點嗎？這只是一個功能——是供應商為您移動產品嗎？是否只是更了解產品的來源？還有更多顏色嗎？然後是第二部分，只是一個整理事項。銷售、一般及行政費用 (SG&A) 中的稅收成分有多大？謝謝。

Scott, I'll start on the China sourcing question. I'm actually going to just reiterate a few things to make sure that everyone got all the data points because I do think they're pretty important. First, we said that China has come down to 30% to 35% compared to the 55% metric. And then just to reiterate, about half the China source products are at the 30% tariffs and then roughly half are at the 20% tariff pending the 232 investigation. Then we said a combination of US and Mexico are about 25% of COGS, and that has 0 tariffs across both of those. That leaves roughly 40% that are coming from other countries like Vietnam, India, South Korea and Taiwan, which are currently at 10%. As we noted, we only directly import 2% to 3%. And so really, it's been about these mitigation efforts that are both coming from the vendors and Best Buy that are -- and that's what's making it happen so that the increased product costs that are flowing to us are actually lower than the overall tariff rates. Explicit to those mitigations, Scott, to your point, the first one is one of the most important, and that is more leveraging of manufacturing flexibility than we were seeing prior.

史考特，我先來談談中國採購的問題。實際上，我只想重申幾件事，以確保每個人都獲得所有數據點，因為我確實認為它們非常重要。首先，我們說中國已經從55%的指標下降到了30%到35%。然後重申一下，大約一半的中國產品被徵收 30% 的關稅，大約一半的中國產品被徵收 20% 的關稅，等待 232 調查。然後我們說，美國和墨西哥的總成本約為 25%，而且這兩個國家的關稅都是 0。剩下的約 40% 來自其他國家，如越南、印度、韓國和台灣，目前佔 10%。正如我們指出的，我們僅直接進口2%至3%。所以實際上，這些緩解措施都是來自供應商和百思買的——這就是實現這一目標的原因，以便我們增加的產品成本實際上低於整體關稅稅率。史考特，明確指出這些緩解措施，正如你所說，第一個是最重要的措施之一，那就是比我們之前看到的更多地利用製造靈活性。

Since 2018, many vendors including ourselves, have created new manufacturing locations, and you can flex some of those new locations up and perhaps flex down some of the locations that are in China, thereby changing that mix that you're seeing. And remember, these are global supply chains. So they're supplying to many different countries across the globe. And so you're going to use potentially different locations to supply different countries depending on the tariff situation.

自 2018 年以來，包括我們自己在內的許多供應商都建立了新的生產基地，您可以增加一些新基地，也可以減少一些位於中國的基地，從而改變您所看到的這種組合。請記住，這些是全球供應鏈。因此他們向全球許多不同的國家供貨。因此，您將根據關稅情況使用不同的地點來向不同的國家供貨。

Two, we also talked about increasing country diversification just writ large. Obviously, we try to influence our vendor partners, their influence themselves given the situation to continue building resiliency into the supply chain. And ensuring there are at least two locations available to manufacture the same or similar products for distribution across the globe. And so we're seeing even just some of those newer distributions come to market, which is helping to create that diversification.

第二，我們也討論了擴大國家多元化的問題。顯然，我們試圖影響我們的供應商合作夥伴，考慮到他們自身的影響力，繼續在供應鏈中建立彈性。並確保至少有兩個地點可用於生產相同或類似的產品，以便在全球範圍內分銷。因此，我們看到一些較新的發行版進入市場，這有助於多樣化。

And then from there, we get into the third mitigation strategy, which is negotiating costs where, obviously, we're going to work with our vendor partners to absorb part of the tariff burden, cost-optimized products and/or consolidate volume into fewer partners for leverage in negotiations. And then fourth, adjusting assortment. So that too can change the mix, right, because you might adjust your assortment review it, modify it to ensure we still have a wide range of customer needs and budgets, but you're going to maybe rationalize where you need to consolidate that volume and that might also change your mix. And then finally, as we talked about as a last resort, adjusting prices.

然後從那裡開始，我們進入第三個緩解策略，即談判成本，顯然，我們將與我們的供應商合作夥伴合作，以吸收部分關稅負擔，成本優化的產品和/或將產量整合到更少的合作夥伴中，以便在談判中佔據優勢。第四，調整品種。所以這也可以改變組合，對吧，因為您可能會調整您的產品組合，審查它，修改它以確保我們仍然有廣泛的客戶需求和預算，但您可能會合理化您需要整合該數量的位置，這也可能會改變您的組合。最後，正如我們所說的，作為最後的手段，調整價格。

And I think I just want to reiterate one more time that the cost increase we see does not always automatically translate into customer price increases. We gave you our best view on what we think is translating right now based on what we can see in the market.

我想我只想再重申一次，我們看到的成本增加並不總是會自動轉化為客戶價格上漲。根據我們在市場上看到的狀況，我們向您提供了我們認為目前正在翻譯的最佳觀點。

Yes, Scott, into the tax settlement sizing, our domestic SG&A was about $13 million lower than last year, and the only item we called out. So it's fair to assume that it's at least $13 million, if not a little higher than that.

是的，史考特，在稅務結算規模方面，我們國內的銷售、一般和行政費用比去年低了約 1,300 萬美元，這是我們唯一提到的項目。因此，可以合理地假設其價值至少為 1300 萬美元，甚至更高。

Got it. Very helpful. Thanks, guys.

知道了。非常有幫助。謝謝大家。

Thank you.

謝謝。

Mike Baker, DA Davidson.

麥克貝克、DA 戴維森。

Okay. Great. Thnaks. Can you talk about -- do you think you saw any pull forward in demand. Some vendors and other retailers have talked about seeing some pull forward in consumer electronics demand, although it doesn't seem to have shown up in your same-store sales? And related to that, any comment on market share, how you think you're holding up versus the market and versus other retailers? Thank you.

好的。偉大的。謝謝。您能談談嗎—您認為您是否看到需求增加。一些供應商和其他零售商表示，他們看到消費性電子產品需求成長，但這似乎並沒有反映在同店銷售上？與此相關，您對市場佔有率有何評論？您認為與市場和其他零售商相比，您的表現如何？謝謝。

Sure. Yes. I mean we started the quarter a little slower. February was a little lower than as we started the quarter. and improve throughout the year. It's a little hard to look at the specific impact to a pull forward, if you will, because of the shifting of the events for Easter. But likely, there was a few weeks -- a couple of weeks there that were elevated because of the pull forward, but not really hard to say that you can appreciate because of the Easter shift.

當然。是的。我的意思是我們本季的開局有點慢。二月份的銷售額比本季初略低，但全年都在改善。由於復活節期間活動的變化，你很難看出提前拉動的具體影響。但很可能有幾週——幾週的時間因為提前而有所提升，但不難說你會因為復活節的轉變而欣賞到這種提升。

I think there's one thing that's a little hard to judge in terms of Q1 consumer demand, and that is at the very end of April, you saw a lot of preorders come through for the switch. Those are dollars that consumers feel like they've spent in consumer electronics, but you're not going to actually see those dollars flow through until Q2. So yes, we maybe have 2 weeks of pull forward in a couple of categories, but also we have this kind of weird factor that consumers feel like they're spending money in consumer electronics, but yet they're not -- we won't recognize that. They won't actually get the products until June just to add on to Matt's comments. .

我認為，就第一季的消費者需求而言，有一件事有點難以判斷，那就是在 4 月底，你會看到很多 Switch 的預訂單。消費者感覺自己已經在消費性電子產品上花了這些錢，但實際上直到第二季你才會看到這些錢流入。所以是的，我們可能在幾個類別中提前了兩週，但我們也存在這種奇怪的因素，即消費者覺得他們在消費性電子產品上花了錢，但實際上並沒有——我們不會意識到這一點。他們實際上要到六月才能拿到產品，這只是對馬特的評論的補充。。

In terms of market share, I mean, we've said this multiple times. There isn't a great single source for everything we sell, especially in consumer electronics. And obviously, quarter-to-quarter within categories, you're going to see fluctuations. Depending on competitive actions and trade-off decisions. I think it's fair to say that we are going to make strategic pricing and promotional decisions depending on the environment. And in Q1, we talked about this going into the quarter. This is a quieter quarter for us from an event perspective. There are fewer launches and initiatives, which tend to be the places where we over-index in share. And so I think in Q1, we maybe saw a little bit of share loss. But we have really good plans for the rest of the year, especially as we think about those launches and we think about the laundry list of things that I gave at the end of my prepared comments in terms of where we are investing and the timing on which we expect to see those returns. And so last year, we gained share in computing. We expect to gain share again this year, same with gaming, where we saw share gains last year and really some record high share levels for us. So we -- I think we have the right plans in place for the year, and we're a little less concerned about precisely in any given quarter exactly where that ends up.

關於市場份額，我的意思是，我們已經多次說過這一點。我們銷售的所有產品，尤其是消費性電子產品，都沒有一個很好的單一來源。顯然，在各個類別中，你會看到季度間的波動。取決於競爭行動和權衡決策。我認為可以公平地說，我們將根據環境做出策略定價和促銷決策。在第一季度，我們討論了這個問題。從活動角度來看，這對我們來說是一個較為平靜的季度。發布和計劃的數量較少，而這些往往是我們過度關注的領域。因此我認為在第一季度，我們的份額可能會出現一些下滑。但是，我們對今年剩餘時間確實有很好的計劃，特別是當我們考慮這些發布會時，我們考慮我在準備好的評論結束時給出的清單，其中列出了我們的投資領域以及我們預計看到回報的時間。因此，去年我們在計算領域的份額有所成長。我們預計今年的市佔率將再次增加，遊戲領域也是如此，去年我們的市佔率有所成長，並且創下了歷史新高。所以，我認為我們已經為今年制定了正確的計劃，而且我們不太擔心具體哪個季度的計劃最終會如何。

Fair enough. If I could ask a follow-up. Last quarter, you did indicate that you thought there might be some changes in consumer behavior because of the tariffs. And even though I think you're mitigating a lot and not seeing a lot of price increases, there are -- I think you're saying some price increases, yet you're saying that you're not seeing any change in consumer behavior. So -- is the -- I guess, can you square those as the consumer not pulling back? Or are we not seeing any demand destruction from higher prices?

很公平。如果我可以問後續問題。上個季度，您確實表示過，您認為關稅可能會引起消費者行為的一些變化。儘管我認為你們已經採取了很多緩解措施，並沒有看到價格大幅上漲，但我認為你們說的是價格有所上漲，但你們卻說你們沒有看到消費者行為有任何變化。那麼——我想，您能將這些與消費者沒有退縮連結起來嗎？還是我們沒有看到價格上漲對需求造成的破壞？

So let me reiterate what we've been saying about the consumer from literally the last few quarters. That is -- the consumer is remaining resilient, but we've been very clear to say they are making trade-offs in their spend and their budget decisions based on higher prices across many areas of their lives. And I think while tariffs is perhaps an additional one, there's been a great deal of inflation up to this point. So this isn't just a conversation about tariffs. We've been very clear in saying consumers are making trade-offs, and we can see that within our categories.

因此，讓我重申一下我們在過去幾季中一直在談論的有關消費者的問題。也就是說，消費者仍然具有韌性，但我們已經非常明確地表示，他們正在根據生活中許多領域的價格上漲，在支出和預算決策方面做出權衡。我認為，雖然關稅可能是額外的因素，但到目前為止通貨膨脹已經非常嚴重。所以這不僅僅是關於關稅的討論。我們非常明確地表示，消費者正在進行權衡，我們可以在我們的產品類別中看到這一點。

At the same time, we see a consumer who is seeking value and sales events, and they are willing to spend on higher price points when they need to or when they see compelling new technology. That also is remaining true for us. And so what we're trying to do is take even in the last quarter, are we seeing relatively consistent behaviors? Yes. And there are some categories where if you take something like televisions, where we can definitely see consumers trying to make some of those value trade-offs. But at the same time, we see this continued strength in computing and tablets where there's both need and innovation, and they're willing to go ahead and spend in those areas.

同時，我們看到消費者正在尋求價值和銷售活動，當他們需要或看到引人注目的新技術時，他們願意花更高的價格購買產品。對我們來說，這也是事實。因此，我們試圖做的是，即使在最後一個季度，我們是否也看到了相對一致的行為？是的。就某些類別而言，例如電視機，我們肯定可以看到消費者在嘗試做出一些價值權衡。但同時，我們看到電腦和平板電腦領域持續保持強勁勢頭，因為市場既有需求，又有創新，他們願意在這些領域繼續投入資金。

Makes sense. I appreciate it. Thank you.

有道理。我很感激。謝謝。

Thank you.

謝謝。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

Hi, thanks. To follow up on one of the key areas of initiatives, the 3P growth and the advertising. Where does that show up currently, which segments does that show up in? And then I had a follow-up.

你好，謝謝。跟進措施的關鍵領域之一，即 3P 成長和廣告。它目前出現在哪裡，出現在哪些片段中？然後我進行了後續跟進。

Yes. The incremental advertising that we were planning to drive through the ad initiative, some of which would show up in revenue, some of which would show up in gross margin. It kind of depends on the nature of the contract and the nature of the arrangement that we've made. So the answer is it depends based on whether -- in large part of whether it's somebody we already work with in terms of a vendor. If it's not endemic in many cases, it can show up in revenue in addition to margin. But right now, most of that ad sales that comes through, comes through in the margin category. Over time, we would expect to add more to the revenue side as we build out that initiative.

是的。我們計劃透過廣告計劃推動的增量廣告，一部分會體現在收入中，一部分會反映在毛利率中。這有點取決於合約的性質和我們所做的安排性質。所以答案是，這取決於——很大程度上取決於我們是否已經與某個供應商合作。在許多情況下，如果它不是地方性的，它除了利潤之外，還會反映在收入上。但目前，大部分廣告銷售額都來自利潤類別。隨著時間的推移，隨著該計劃的實施，我們期望增加更多的收入。

And for 3P, is that the same? How do we think about that?

對於 3P 來說也是一樣嗎？我們對此有何看法？

Yes. 3P would be traditionally like other marketplaces where you would recognize the commission revenue and gross margin. And then we, at some point, may give like gross sales commentary like other folks do, but the gross -- the commissions that will show up in margin from the 3P sellers.

是的。3P 傳統上與其他市場類似，您可以確認佣金收入和毛利率。然後，在某個時候，我們可能會像其他人一樣給出總銷售額評論，但總額——佣金將顯示在來自 3P 賣家的利潤中。

And I just -- my follow-up is on tariffs, that's super helpful. I guess it feels like the blended rate, if my algebra works quickly is in the mid- to low teens from where we are today. Can we think about that price elasticity as you talked about earlier, in March. Do you think that still holds, given that sort of -- if we land at this tariff rate in the low to mid-teens?

我只是——我的後續問題是關稅問題，這非常有幫助。我想，如果我的代數運算速度很快的話，感覺混合率就處於我們現在的十幾到十幾個百分點的中間值。我們能否考慮一下您在三月早些時候談到的價格彈性。考慮到這種情況——如果我們將這筆關稅稅率降至十幾個百分點左右，您認為這種說法仍然成立嗎？

So Greg, I want to reinforce something that I said in my prepared remarks. After I went through all the mitigation efforts that we're talking about, I actually made it a point to say that due to those mitigation efforts, both by vendors and by Best Buy, the increased product costs that are flowing to us are lower than the tariff rates. So while I know you're doing the blended math, and I know that's a great place to start, then you have to assume because of that laundry list of mitigation things I'm talking about. There are other ways for us to try to mitigate some of those tariffs and collectively make sure that we are staying competitive for our customers. And so the elasticity is then that the team built and they've done an amazing job building some models around this. are built on kind of these lower tariff levels that we would expect to flow through based on these ongoing mitigation efforts and partnership with our very wonderful vendor partners.

所以格雷格，我想強調一下我在準備好的發言中說過的話。在我完成了我們正在談論的所有緩解措施之後，我實際上特意指出，由於供應商和百思買的這些緩解措施，流向我們的產品成本增加低於關稅稅率。因此，雖然我知道您正在進行混合數學計算，而且我知道這是一個很好的起點，但您必須根據我所談論的緩解措施清單進行假設。我們可以透過其他方式嘗試減輕部分關稅，並共同確保我們能夠為客戶提供競爭力。因此，團隊建立了彈性，並且他們出色地建立了一些模型。這些模型建立在較低的關稅水平上，我們預計這些關稅水平將基於持續的緩解措施以及與我們非常出色的供應商合作夥伴的合作而實現。

And maybe just to add on, Greg. We have -- we know a lot more since the last time we did this estimate. So we've taken another attempt that understand the elasticities, which are quite frankly, different by category. And so we have updated our assumptions based on those elasticities what everything Corie said was exactly right. Those elasticities are based off of cost increases that aren't necessarily at the level of effective tariff rate that were flowing through.

也許只是補充一下，格雷格。自從我們上次做這個估算以來，我們知道了更多。因此，我們再次嘗試了解彈性，坦白說，彈性因類別而異。因此，我們根據這些彈性更新了我們的假設，Corie 所說的一切都是完全正確的。這些彈性是基於成本增加而產生的，而成本增加並不一定與實際流經的有效關稅稅率水準一致。

That's great. Good luck and thanks for all the help.

那太棒了。祝你好運，感謝大家的幫忙。

Thanks, Greg.

謝謝，格雷格。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hi, this is Lauren on for Simeon. Our first question is you sounded pretty positive on your categories such as computing tablets, mobile phones due to the replacement cycle or other maybe in-store initiatives. Can you bridge that positive sentiment versus your updated comp guidance down 1% to positive 1%.

大家好，我是西蒙的勞倫。我們的第一個問題是，由於更換週期或其他可能的店內舉措，您對平板電腦、手機等類別的前景非常樂觀。您能否將這種正面情緒與您最新的競爭指導（下調 1% 至正 1%）進行比較？

Yes. I mean we did a few things for our updated guidance range. We first looked at the base level trends that we're seeing happening throughout Q1 and in some cases, things like computing performed better. Mobile performed better than we expected. And some other cases, as it always does, some of the categories performed a little lower than our expectations. So we looked at those assumptions for the remaining part of the year as best as we could, made some adjustments. And then what we did was we applied an updated view of what we believe the tariff impacts could be based on all the commentary that we've already given. So there's clearly a range that we're providing for both the high and low in terms of the possible tariff impacts. But those two were also layered on to and not the same but similar concept to what we provided last -- 3 months ago, when we said about 1 point of comp was for the 10% China tariffs it's the same idea, except that we've updated our information and now layer that into the guide overall.

是的。我的意思是我們為更新的指導範圍做了一些事情。我們首先查看了第一季出現的基本趨勢，在某些情況下，計算等方面的表現更好。行動端的表現超乎我們的預期。而在其他一些情況下，正如往常一樣，有些類別的表現略低於我們的預期。因此，我們盡可能仔細地審視了今年剩餘時間的假設，並做出了一些調整。然後，我們所做的就是根據我們已經給出的所有評論，對我們認為關稅影響可能產生的影響應用更新的看法。因此，就可能的關稅影響而言，我們顯然提供了最高和最低的範圍。但這兩個也是分層的，與我們上次提供的概念不一樣，但類似——3 個月前，當我們說大約 1 個點的補償是針對 10% 的中國關稅時，這是相同的想法，只是我們更新了我們的信息，現在將其分層到整個指南中。

Okay. Great. That's helpful. And then our follow-up is just on gross margins. Is there anything to call out from a cadence perspective, specifically, when do you expect maybe benefits from the rollout of the US marketplace to start taking shape? And if you could maybe help size the opportunity of margin benefits from the marketplace. Thank you.

好的。偉大的。這很有幫助。然後我們的後續關注點就是毛利率。從節奏角度來看，有什麼需要注意的嗎？具體來說，您預期美國市場推出帶來的好處何時會開始顯現？您是否能幫助評估從市場中獲取利潤的機會？謝謝。

Yes. We haven't sized the benefits from either the Best Buy Ads initiative or a marketplace. We have said and continue to believe that the benefits, the rate should be helped in the back half of the year from both of those items. Marketplace is actually an help [OI] rate help for the full year. The ads business while helping gross margin rate a bit. It does have a bit of investment, which kind of makes the OI impact for the year fairly neutral, but they both do help boost the gross profit rate more towards the back half of the year. And we haven't sized them, but they are helping to drive -- offset some of the pressures that always exist as we move through the year.

是的。我們尚未評估百思買廣告計劃或市場所帶來的利益。我們已經說過並且仍然相信，這兩項措施將在今年下半年帶來效益和利率的提升。市場實際上是全年的幫助[OI]率幫助。廣告業務同時幫助提高了毛利率。它確實有一些投資，這使得全年 OI 的影響相當中性，但它們確實有助於在下半年提高毛利率。我們還沒有確定它們的規模，但它們正在幫助推動——抵消我們在這一年中始終存在的一些壓力。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hey, thanks. Good morning. Appreciate all the detail. Maybe to follow up on the marketplace. Are you still on track for a midyear launch? And then on the cannibalization angle, is there any negative impact on comp this year that would be factored into the outlook?

嘿，謝謝。早安.感謝所有細節。也許是為了跟進市場。你們是否仍按計劃在年中推出產品？然後從蠶食角度來看，今年的競爭是否會受到負面影響併計入前景？

Yes, we still are on pace for a midyear launch. And I think we were pretty explicit when we talked about it, that even after the investments that we're making and the cannibalization, we still saw this as accretive overall, both at a gross profit level and at an operating income level. So I think the team is and we have some knowledge from Canada. So we have some pretty good background knowledge on how to estimate that, and the team has tried to take that into account.

是的，我們仍在按計劃於年中推出產品。我認為我們在談論這個問題時非常明確，即使在我們進行投資和蠶食之後，我們仍然認為這在整體上是增值的，無論是在毛利水平還是在營業收入水平上。所以我認為團隊和我們從加拿大獲得了一些知識。因此，我們對如何估計這一點有一些相當不錯的背景知識，團隊也嘗試將其考慮在內。

Okay. Fair enough. And Corie, certainly, the Switch two coming should be a nice benefit. Just to the best of your visibility right now. Are there other products or innovation launches that are coming in the upcoming months that you've got your eye on that are that you're excited about?

好的。很公平。當然，對於 Corie 來說，Switch 2 的推出應該會是一個不錯的福利。就目前而言，盡您所能。未來幾個月內，您是否還會關注其他讓您興奮的產品或創新產品？

Yes. Thanks for the question. I'll take that one. I think there's a lot of areas that we're excited about in total. You hit on one in the switch and the excitement around gaming and that the preorder sold out very quickly, and we're very excited about the midnight openings. But there's other innovation that happens in a lot of other categories. Computing in particular, continues to be a category where we see growth and a lot of innovation and upgrade continuing the benefits and features that continue to roll out are something we're excited about just the sheer amount of customers that upgraded early in the pandemic, now have an opportunity to come back into the market and actually get some great new products across Windows 11 and obviously, the benefit associated with Windows 10 not being supported as we move past October. As well as Mac customers. There's millions of Mac customers that are still on older technology and haven't upgraded to the MCIP yet and all the benefits associated with that product as they continue to refresh and upgrade those models as well.

是的。謝謝你的提問。我要那個。我認為整體來說有很多領域讓我們感到興奮。您在 Switch 上遇到了一個問題，遊戲令人興奮，預購很快就售罄了，我們對午夜開幕感到非常興奮。但在許多其他類別中也出現了其他創新。尤其是電腦領域，我們看到它繼續成長，並且不斷進行創新和升級，不斷推出的優勢和功能讓我們感到興奮，因為在疫情初期升級的客戶數量眾多，現在他們有機會重返市場，並在 Windows 11 中獲得一些很棒的新產品，而且顯然，隨著 10 月份的到來，Windows 10 不再受支持，這也不再受支持，這也不再受支持，這也不再受支持，這也不再受支持，這也不再帶來了好處。以及 Mac 客戶。有數百萬 Mac 客戶仍在使用較舊的技術，尚未升級到 MCIP，並且隨著他們繼續更新和升級這些型號，他們也無法享受該產品相關的所有好處。

In addition to that, when you look across other categories, TVs, there's additional technology in mini LED, antiglare screens, things that are really going to show interest and really solve true pain points for customers. And then Corie hit on it, but we're very excited about what we're seeing in the mixed and AR space. It is a growing category for us. It's an area where there's a tremendous amount of interest from customers. and just new value propositions, new features and benefits and people starting to get used to wearables that actually can do a lot of things in regards to AI, making our life easier and actually having some entertainment value as well.

除此之外，當你看其他類別的電視時，你會發現迷你 LED、防眩光螢幕等附加技術，這些東西確實會引起人們的興趣，並真正解決客戶的真正痛點。然後 Corie 發現了這一點，但我們對在混合和 AR 領域看到的東西感到非常興奮。對我們來說，這是一個正在成長的類別。這是一個受到客戶極大興趣的領域，它有新的價值主張、新的功能和優勢，人們開始習慣可穿戴設備，這些設備實際上可以在人工智慧方面做很多事情，讓我們的生活更輕鬆，實際上也具有一些娛樂價值。

A couple more things I would just add. Lastly, on the handheld gaming space, where I think you're going to see a lot of innovation which kind of lodging that, but we kind of see a few more things coming in the back half of the year. and also in the computing gaming space, computing isn't just about the productivity side, certainly for kids like mine, the high-end gaming computers are really -- we're seeing a lot of success in that space. That includes the monitors that go with that, that are continuing to innovate. So I think we continue to remain pretty excited about that space as well.

我還要補充幾點。最後，在掌上遊戲領域，我認為你會看到很多創新，這些創新都是為了滿足這項需求，但我們預計今年下半年還會有更多創新出現。此外，在計算遊戲領域，計算不僅僅與生產力有關，對於像我這樣的孩子來說，高階遊戲電腦確實——我們在這個領域看到了巨大的成功。其中包括與之配套的、不斷創新的監視器。所以我認為我們對這個領域仍然非常興奮。

Great. Thank you very much.

偉大的。非常感謝。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Great, good morning. Thanks very much for taking my question. I wanted to focus on the updated comp guidance. The tariffs obviously create a complex environment. But as you look over the course of the year, you are facing some tougher comparisons because the computing business started to see improvement last year. Can you just help us understand the drivers to kind of comp the comp in the back half of the year? Given your commentary about pricing happening in mid-May, is there also an expectation that maybe pricing a little bit more of a helper to comps as we think over the course of the year?

太好了，早安。非常感謝您回答我的問題。我想專注於更新後的薪酬指導。關稅顯然創造了一個複雜的環境。但當你回顧這一年時，你會發現面臨一些更嚴峻的比較，因為計算業務在去年開始出現好轉。您能否幫助我們了解下半年競爭的驅動因素？鑑於您對 5 月中旬定價的評論，是否也預期定價可能會在今年內對同類產品有更大的幫助？

Thanks for the question, Steve. We outlined many of these at the beginning of the year as well and reiterate some of those here today. I think one of the things, yes, comp for the computing gets a little tougher as the year progresses. But the items that Jason just mentioned, if you think about the opportunity as Windows 10 becomes unsupported in October, you think about also the need to upgrade millions of MAX out there as well. For the new -- to leverage the new AI technology. There is, we believe, a very strong continued opportunity in the computing space.

謝謝你的提問，史蒂夫。我們在今年年初也概述了其中的許多內容，今天在這裡重申其中的一些內容。我認為其中一件事是的，隨著時間的推移，計算方面的競爭會變得更加困難。但 Jason 剛才提到的事項，如果您考慮到 Windows 10 在 10 月不再受支援的機會，您也會想到需要升級數百萬台 MAX。為了新事物——利用新的人工智慧技術。我們相信，計算領域仍存在著非常強勁的持續機會。

Not to mention what Corie also mentioned, the computing gaming desktops has actually wasn't quite as strong last year as it's starting this year, and we believe will continue as well. Mobile phones is positively comped, which hasn't happened for a while, and we expect the experience changes, working with our vendors and expertise within that category to continue to help grow and boost sales as the year progresses. And then gaming, while maybe not getting to full growth this year, the pressure that we've seen will be lessened as you progress into Q2 with the Switch launch. And as you get closer into holidays with continued possible growth or less declines in that category as well.

更不用說 Corie 也提到的，去年的計算遊戲桌上型電腦實際上並不像今年年初那麼強勁，我們相信這種情況還會持續下去。手機獲得了積極的補償，這種情況已經有一段時間沒有發生了，我們預計體驗會發生變化，與我們的供應商合作以及該類別的專業知識將在今年繼續幫助增長和促進銷售。然後是遊戲，雖然今年可能不會實現全面成長，但隨著 Switch 的推出，遊戲業務進入第二季度，我們看到的壓力將會減輕。隨著假期的臨近，該類別的銷售額可能會繼續增長或下降。

And then a lot of the store experience changes that we are rolling out this year. Meta glasses being one of them, different types of vendor product highlights within our store. All those things build towards, we believe, a growing comp situation as we progress through the year, and that support the high end of the guide. To learn the guide, obviously, it could suggest that we don't see much of a difference in the back half of the year than we've seen in Q1 and Q2. Obviously, we're planning for a range of outcomes. Hard to know exactly if ASPs are a help given the tariff situation, we'll know more as the year progresses. But that obviously is a possibility. In some cases, the elasticities are lower. We just have to see that transpire a little bit more before that we would note that uncertainty.

我們今年將推出許多商店體驗方面的改變。Meta 眼鏡就是其中之一，我們商店內有不同類型的供應商產品亮點。我們相信，隨著一年的進展，所有這些因素都會推動公司業績不斷成長，並支撐公司達到預期的高端水準。從指南來看，顯然，它可能表明我們不會看到今年下半年與第一季和第二季有太大差異。顯然，我們正在為一系列結果做規劃。考慮到關稅情況，很難確切知道 ASP 是否有幫助，隨著時間的推移，我們會了解更多。但這顯然是有可能的。在某些情況下，彈性較低。我們只需要再觀察一下這種情況發生，我們就會注意到這種不確定性。

Okay. And then to follow up, it's a bit of a near-term question. But since you've adjusted pricing, and you've had this commentary in mid-May, have you seen any changes in consumer behavior or maybe from a competitive environment, have you seen any changes some of your competition on pricing and promotions?

好的。接下來，這是一個近期的問題。但自從你們調整了價格並在五月中旬發表了這一評論後，你們是否看到消費者行為有任何變化，或者從競爭環境來看，你們是否看到競爭對手在定價和促銷方面有任何變化？

Not really. Memorial Day was competitive. It's always competitive, and we've said right now, you've got a value-seeking consumer, which means, I think, in those key drive times, we're definitely seeing even more competitive stance, both I would argue from us and from the competition. The last thing that I would add to build on what Matt has said, I mean, we started talking about unit growth in notebooks in Q4 of fiscal '24. And we're still seeing nice growth in that space. Even in Q1, we talked about 6% growth in the notebooks and tablets area. So I think not only are we looking at pure point just this very near term, customers seem like they continue to behave the way we would expect. But also just generally, on the comp to comp question, we're continuing to see this demand curve around particularly some of the computing and tablets and mobile spaces. And you're just heading into a Win 10 upgrade and some more material advancements, I think, in terms of AI use cases. So the indicators at least feel like and the guide would imply we kind of feel like we're seeing some consistent behaviors from the consumer.

並不真地。陣亡將士紀念日的競爭十分激烈。競爭總是存在的，我們現在就說過，你有一個追求價值的消費者，這意味著，我認為，在那些關鍵的驅動時期，我們肯定會看到更加激烈的競爭態勢，無論是從我們的角度還是從競爭對手的角度來說，我都這麼認為。最後我想補充的是，基於馬特所說的內容，我們開始討論 24 財年第四季筆記型電腦的銷售成長。我們仍然看到該領域的良好成長。即使在第一季度，我們也談到了筆記型電腦和平板電腦領域 6% 的成長。因此，我認為我們不僅在關注短期的純粹觀點，而且客戶的行為似乎繼續按照我們預期的方式進行。但總體而言，在同類問題上，我們繼續看到這種需求曲線，特別是在一些運算、平板電腦和行動領域。我認為，就 AI 使用案例而言，您正準備進行 Win 10 升級並獲得一些實質的進步。因此，這些指標至少感覺像並且指南暗示我們感覺我們看到了消費者的一些一致行為。

Okay, thanks for the details.

好的，謝謝你的詳細資料。

Brian Nagle, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hi, good morning. Thanks for taking my questions. I have a question regarding tariffs. I appreciate all the detail you've given. I mean recognizing look, it's very fluid and it's happening against probably a very sluggish consumer backdrop. But as the tariff rates continue to socially unfold? I mean, philosophically, is Best Buy more focused on sales or really maintaining that gross margin rate and potentially sacrificing sales?

嗨，早安。感謝您回答我的問題。我有一個關於關稅的問題。我感謝您提供的所有詳細資訊。我的意思是，從外觀上看，它非常不穩定，而且可能發生在非常低​​迷的消費背景下。但隨著關稅稅率繼續在社會上？我的意思是，從哲學角度來說，百思買是否更注重銷售，還是真正維持毛利率並可能犧牲銷售？

Yes. I'm just kidding. I mean I think like always, the balance, Brian, for any retailer, certainly for us, is navigating this environment in a way that stimulates consumer demand. Both us and our vendor partners have massive vested interest in ensuring as many customers get as much gear as possible at the best prices. And then, of course, we -- like we always do, we're going to continue to work both internally here and closely with our vendor partners to optimize both pricing and promotionality. Bolstering those key drive times and always. So I think the -- and I think you saw some of it in Q1, like we are constantly working to try to balance those two factors, but I don't think at any given point in time, there's never a clear. I always tease my team. There is no ore answer. There is always an and answer. And this is definitely one of those places.

是的。我只是在開玩笑。布萊恩，我的意思是，我認為，對於任何零售商來說，當然對我們來說，平衡點在於以刺激消費者需求的方式駕馭這種環境。我們和我們的供應商合作夥伴都擁有巨大的既得利益，確保盡可能多的客戶以最優惠的價格獲得盡可能多的裝備。然後，當然，就像我們一直以來所做的那樣，我們將繼續在內部並與我們的供應商合作夥伴密切合作，以優化定價和促銷。始終加強這些關鍵的驅動時間。所以我認為——我想你在第一季看到了一些，就像我們一直在努力平衡這兩個因素，但我認為在任何特定的時間點，都沒有一個明確的答案。我總是取笑我的團隊。沒有更好的答案。總有一個答案。而這絕對是其中之一。

I got it. That's fair. And then my second question, , you've done a great job of -- even with sales week maintaining or improving operating margins. So the question there is can you maybe describe better where you're seeing the efficiencies? And then looking out over any let time to the extent that sales restrengthen, will these efficiencies hold? Or will there be expenses that will have to come back into the model?

我得到了它。這很公平。然後我的第二個問題是，您做得很好——即使在銷售週保持或提高營業利潤率。所以問題是，您能否更好地描述您在哪裡看到了效率？然後，隨著時間的推移，隨著銷售額的重新增強，這些效率還會維持下去嗎？或是否會產生必須重新納入模型的開支？

Yes. I mean we -- it's safe to say, we're always looking for efficiencies even in a normal year, which there hasn't been really normal here for a while, but we're always looking for ways to improve our costs. I think we've outlined a few of those things. We've really revolutionize our customer care operations in terms of using data to make that process easier through conversational AI and up getting our IVR systems. Corie talked about the procurement operation, which gives us a lot more visibility to the goods not for sale spend, and that will continue to pay off as we -- this year and into the years to come. Supply chain operations has done a lot of things to improve and drive efficiencies. We talked a little bit about the rule-based shipping process and data-driven solutions that we're employing there. There's also a lot of large product transformation, meaning where are we storing the product? How are we flowing the product in through adjusting those things you can find continued opportunities. And we've even used automated vehicles in some of our places to invest in leading technology to actually drive cost out as well. So there always will be continued opportunities for still look for cost to help make sure we can invest in the right places and offset any pressures that inevitably come in any given year.

是的。我的意思是，可以肯定地說，即使在正常年份，我們也一直在尋求提高效率，而這種情況已經有一段時間不太正常了，但我們一直在尋找改善成本的方法。我想我們已經概述了其中的一些事情。我們透過使用數據徹底改變了我們的客戶關懷運作方式，透過對話式人工智慧和 IVR 系統簡化了這項流程。科里談到了採購業務，這讓我們對非賣品支出有了更多的了解，這將在今年以及未來幾年繼續帶來回報。供應鏈營運已經做了很多工作來改善和提高效率。我們稍微談論了一下我們在那裡採用的基於規則的運輸流程和數據驅動的解決方案。還有很多大型產品的轉換，這意味著我們將產品儲存在哪裡？我們如何透過調整這些東西來讓產品流入，您可以找到持續的機會。我們甚至在一些地方使用自動駕駛汽車來投資領先技術，以真正降低成本。因此，我們總是會繼續有機會尋找成本，以幫助確保我們能夠在正確的地方進行投資，並抵消任何一年中不可避免的壓力。

I appreciate it. Thank you.

我很感激。謝謝。

Thank you.

謝謝。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great, thanks so much. My first question is on pricing. I imagine the approach varies across different SKUs and categories. Is there a way to think about the overall blended price hike that's embedded in the current comp guidance whether it's mid-single digit, higher or lower? Thanks.

太好了，非常感謝。我的第一個問題是關於定價的。我認為不同的 SKU 和類別採用的方法會有所不同。有沒有辦法考慮當前公司指導中包含的整體混合價格上漲，無論它是中等個位數、更高還是更低？謝謝。

Yes, we're probably obviously we're not going to give a specific number there, too. We'll continue to learn as the year progresses. It's safe to say that we obviously ultimately set our pricing. As a reminder, we only bring in 2% to 3% of the goods for sale for our COGS. I want to just make the point that only a portion of it when we talk about here today of the tariff rate increases that blends out to something lower, only come through in the form of cost increases. And if we get to the point where we do raise prices, they are not that same effect of tariff rate, generally speaking. So we aren't providing that information, but do feel comfortable that at the end of the day, we are always going to be competitively priced regardless of the cost, and we'll find ways to help offset that through other means.

是的，我們顯然也不會給出具體的數字。隨著時間的推移，我們將繼續學習。可以肯定地說，我們顯然最終確定了我們的定價。提醒一下，我們只將銷售商品的 2% 到 3% 計入我們的 COGS。我只想指出，當我們今天在這裡討論關稅稅率上調時，只有一部分會降低關稅，而這部分只會以成本增加的形式反映出來。如果我們確實提高價格，一般來說，其效果與關稅稅率不同。因此，我們不會提供這些信息，但請放心，無論成本如何，我們的價格始終具有競爭力，而且我們會找到透過其他方式來幫助抵消這一成本。

Jonathan, I would just add that this is such an incredibly fluid situation that also us trying to snap the line at any given point in time is almost impossible, because all those mitigation efforts that I outlined, those are going on day in and day out by the teams as we make those trade-off decisions. So it is not a static number. It is one that we are constantly working.

喬納森，我只想補充一點，這是一個非常不穩定的情況，我們試圖在任何特定的時間點打破界限幾乎是不可能的，因為我概述的所有緩解措施，都是由團隊在日復一日地進行的，因為我們在做出這些權衡決定。所以它不是一個靜態的數字。這是我們一直在努力的事情。

Understood. And my follow-up is on Best Buy Health. It sounds like you continue to pursue actions at improving the profitability of that business. as you've taken a closer look at it, how do you think about its role in the enterprise versus other alternatives?

明白了。我的後續關注點是百思買健康 (Best Buy Health)。聽起來您正在繼續採取行動來提高該業務的盈利能力。經過仔細研究，您如何看待它在企業中的作用以及其他替代方案？

Yes. I mean, let's step a second back to the strategy of the health business is enabling care at home for everyone. And that fundamental belief system for us remains. And as you think about the business that we have called active aging or our lively business or even just some of the care at home business, these remain very viable business models for the future. Now the part that has been harder and taken longer to develop than we initially thought is some of the very discrete in-home health that we are providing in partnership with some of the health care industry. And that's really been made more complex twofold, one, by the adoption of hospital at home solutions at scale just being slower because partially, the health at home waiver has been caught up in a lot of the administration's budgeting conversations, and it's been inconsistent in terms of how long that waiver will be in place. And two, some of the health care providers have just faced their own financial struggles over the past few years. And so we've been working to optimize that part of the health care business FSI. But the remaining parts remain very viable. And I think all of us would agree we absolutely see a future where more of your health care is taken into your own hands using technology and technology devices.

是的。我的意思是，讓我們回顧一下醫療業務的策略，讓每個人都能在家中接受護理。而我們的基本信仰體係​​依然存在。當你想到我們所說的積極老化業務或活躍業務，甚至只是一些家庭護理業務時，這些仍然是未來非常可行的商業模式。現在，開發起來比我們最初想像的要困難且花費的時間更長的部分是我們與一些醫療保健行業合作提供的一些非常獨立的家庭保健服務。而這實際上變得更加複雜，有兩個方面，第一，大規模採用家庭醫院解決方案的速度較慢，部分原因是家庭醫療豁免已經陷入了政府的許多預算討論中，並且在該豁免的實施期限方面一直不一致。其次，一些醫療保健提供者在過去幾年也面臨財務困境。因此，我們一直致力於優化醫療保健業務 FSI 的這一部分。但其餘部分仍然非常可行。我想我們所有人都會同意，我們絕對會看到這樣一個未來：更多的醫療保健將由您自己透過科技和科技設備來掌控。

You can already see it across our assortment and across how people are choosing to take care of their own health and we will continue to lean into that part of the strategy. And I think with that, we have reached time, and that's the last question today. Thank you, everyone, for joining us, and we look forward to sharing our Q2 results in August. Have a great summer.

您已經可以從我們的產品種類以及人們如何選擇照顧自己的健康中看到這一點，我們將繼續傾向於該策略的這一部分。我想，時間已經到了，這是今天的最後一個問題。感謝大家的加入我們，我們期待在八月分享我們的第二季業績。祝你有個愉快的夏天。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。