百思買 (BBY) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's second-quarter fiscal '26 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)

女士們、先生們，感謝你們的支持。歡迎參加百思買 26 財年第二季財報電話會議。（操作員指示）提醒一下，此通話將被錄音以供播放，並將於今天東部時間下午 1:00 左右提供。（操作員指示）

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

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, Chief Financial and Strategy Officer; and Jason Bonfig, our Chief Customer Product and Fulfillment Officer. During the call today, we will be discussing both GAAP and non-GAAP financial measures.

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、財務與策略長 Matt Bilunas 以及我們的首席客戶產品和履行長 Jason Bonfig。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 財務指標的對帳以及這些非 GAAP 財務指標為何有用的解釋，可以在今天上午的收益報告中查閱，該報告可在我們的網站 investors.bestbuy.com 上找到。

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

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

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.

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 表格和後續的 10-Q 表格。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。

And now I will turn the call over to Corie.

現在我將把電話轉給 Corie。

Good morning, everyone, and thank you for joining us. I want to, I think it's important to start by acknowledging the horrific shooting that occurred at the Annunciation Church and Elementary School in Minneapolis yesterday morning. Just a short distance from our corporate headquarters, our hearts break for the young lives lost and their families who are grieving and our thoughts are with the victims, their loved ones and our community, as we process this unimaginable tragedy. And with a deep breath, we will now turn to earnings.

大家早安，感謝大家的收看。我想，我認為首先要承認昨天早上在明尼阿波利斯天使報喜教堂和小學發生的可怕槍擊事件。距離我們公司總部不遠的地方，我們為失去的年輕人和悲痛的家人感到心碎，當我們正在處理這場難以想像的悲劇時，我們的心與受害者、他們的親人和我們的社區同在。深吸一口氣，我們現在來談談收益。

Today, we are very pleased to report better-than-expected results for the second quarter. On revenue of $9.4 billion, we delivered an adjusted operating income rate of 3.9% and adjusted earnings per share of $1.28. We delivered comparable sales growth of 1.6%, our highest in three years. This was driven by a mix of new technology innovation, our relentless focus on a seamless omnichannel customer experience and our strong vendor partnerships.

今天，我們非常高興地報告第二季優於預期的業績。我們營收94億美元，調整後營業利益率為3.9%，調整後每股盈餘為1.28美元。可比銷售額成長1.6%，創三年來最高。這是由新技術創新、我們對無縫全通路客戶體驗的不懈關注以及我們強大的供應商合作夥伴關係共同推動的。

We grew sales in several product categories, including gaming, computing, mobile phones, wearables and headphones. This growth was partially offset by declines in the home theater, appliance, tablet and drone categories. We reported higher-than-expected growth in gaming, largely due to our successful Switch 2 release.

我們的多個產品類別的銷售額都有所成長，包括遊戲、電腦、手機、穿戴式裝置和耳機。家庭劇院、家電、平板電腦和無人機類別的下滑部分抵消了這一增長。我們報告的遊戲業務成長高於預期，這主要歸功於我們成功發布的 Switch 2。

We saw strong results, not only in console sales, but also the related peripherals and software. We provided our customers with a smooth experience from the preorder process all the way to getting the console in their hands at midnight on launch day and subsequent post-launch inventory drops. There was a lot of customer and employee enthusiasm for our June 5 midnight opening and every store had lines of excited customers waiting to get in. I will add that in addition to Switch 2 growth, we also saw growth in other types of handheld gaming as well as augmented reality glasses.

我們看到了強勁的業績，不僅在遊戲機銷售方面，而且在相關週邊設備和軟體方面也是如此。我們為客戶提供了流暢的體驗，從預訂流程一直到發布日午夜拿到遊戲機以及隨後的發布後庫存下降。我們於 6 月 5 日午夜開業，顧客和員工都表現出極大的熱情，每家商店都排隊等待入店。我要補充的是，除了 Switch 2 的成長之外，我們還看到其他類型的掌上型遊戲以及擴增實境眼鏡的成長。

In computing, we delivered our sixth consecutive quarter of sales growth and the highest number of second quarter laptop unit sales in 15 years. This is due to continued momentum driven by customers' need to replace and upgrade products combined with our unique blend of broad assortment and expert advice, service and support. Growth came from across the assortment and across price. As expected, tablet sales declined as we lapped the strong sales of the new generation iPad that launched in Q2 of last year.

在計算領域，我們實現了連續第六個季度的銷售成長，並且創下了 15 年來第二季筆記型電腦銷量的最高紀錄。這是由於客戶對更換和升級產品的需求持續增長，加上我們獨特的廣泛產品類型和專家建議、服務和支援。成長來自於品種和價格的全面提升。正如預期的那樣，由於去年第二季度推出的新一代 iPad 銷量強勁，平板電腦銷量出現下滑。

Our online sales were 33% of domestic sales in Q2. They grew year-over-year for the third consecutive quarter due to higher traffic and increased customer adoption of our highly rated app. Customers chose to visit one of our stores to pick up 45% of online purchases and our store pickup, including curbside, customer satisfaction metrics continue to improve even as volumes have increased.

我們第二季的線上銷售額佔國內銷售額的 33%。由於流量增加以及客戶對我們高評價應用程式的採用率增加，我們連續第三個季度實現了同比增長。顧客選擇造訪我們的一家商店購買 45% 的線上購買商品，並且我們的商店取貨（包括路邊取貨）客戶滿意度指標在數量增加的情況下持續提高。

For the most part, customer shopping behavior in the first half of the year has not changed materially from the commentary we have shared for the past several quarters. Customers continue to be resilient, but deal focused and attracted to more predictable sales momentum, including our Black Friday and July sales event. In the current environment, customers continue to be thoughtful about big ticket purchases and are willing to spend on high price point products when they need to or when there is technology innovation.

總體而言，今年上半年的顧客購物行為與我們過去幾季的評論相比並沒有發生實質的變化。客戶繼續保持韌性，但更加重視交易並被更可預測的銷售勢頭所吸引，包括我們的黑色星期五和七月銷售活動。在當前環境下，消費者在購買大件商品時仍然會慎重考慮，並且願意在需要或有技術創新時購買高價位產品。

We delivered yet another year-over-year increase in our relationship Net Promoter Score, which tracks consumers' likelihood to recommend Best Buy. As well as higher marks from consumers for meeting tech needs like no one else, offering good deals and being a company they can trust. We also saw year-over-year improvements in associate availability and product availability. I am proud to see the lowest employee turnover rates in 10 years, in addition to the higher engagement scores in our last employee survey. I am inspired by the way our teams have been successfully navigating tariffs, even as the backdrop continues to change.

我們的關係淨推薦值再次同比增長，該值追蹤消費者推薦百思買的可能性。消費者也對該公司給予了更高的評價，因為它能夠滿足其他公司無法提供的技術需求、提供優惠的價格，並且是一家值得信賴的公司。我們也看到員工可用性和產品可用性逐年提高。我很自豪地看到，員工流動率達到了 10 年來最低水平，而且我們上次員工調查中的敬業度得分也更高了。儘管背景不斷變化，我們的團隊仍能成功應對關稅問題，這讓我深受啟發。

The impact during the quarter was basically in line with our expectations and was not material to our Q2 financial results. Our approach is to deliver the right product assortments to match customer needs and budgets while partnering with our vendors. We delivered better-than-expected results in the second quarter, and we feel increasingly confident about our plans for the back half of the year.

本季的影響基本上符合我們的預期，對我們的第二季財務表現並不重大。我們的方法是與供應商合作，提供合適的產品組合以滿足客戶需求和預算。我們在第二季度取得了好於預期的業績，我們對下半年的計畫越來越有信心。

Given the uncertainty of potential tariff impacts in the back half, both on consumers overall as well as our business, we feel it is prudent to maintain the annual guidance we provided last quarter. At this point, we do believe we are trending toward the higher end of our sales range.

鑑於下半年關稅對整體消費者和我們業務的潛在影響存在不確定性，我們認為維持上個季度提供的年度指引是明智之舉。目前，我們確實相信我們的銷售範圍正趨向於高端。

I am pleased with the progress we are making on our fiscal '26 strategy. As a reminder, our strategy is to continue to strengthen our position in retail as a 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.

我對我們在 2026 財年策略上的進展感到滿意。提醒一下，我們的策略是繼續加強我們在零售業中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。

Our first fiscal '26 strategic priority is to drive omnichannel experiences that resonate with our customers. We often do this in partnership with our vendors, and we have a busy and exciting second half in front of us. This fall, we are amplifying our partnership with Meta, bringing AI glasses and expanded experiences to all stores.

我們 26 財年的首要策略重點是推動與客戶產生共鳴的全通路體驗。我們經常與供應商合作進行這項工作，我們即將迎來忙碌而令人興奮的下半年。今年秋天，我們將擴大與 Meta 的合作夥伴關係，為所有商店帶來 AI 眼鏡和擴展體驗。

In more than 50 locations, immersive showcase areas and expert support will allow customers to discover and demo the technology. Ray-Ban and now Oakley Meta AI glasses are available. We expect them to be fun and highly giftable products for holiday. In small appliances, we are launching new experiences with brands like [Revel] and SharkNinja. These will feature expanded assortments to inspire at-home baristas and chefs and innovative health and beauty solutions.

在 50 多個地點，沉浸式展示區和專家支援將使客戶能夠發現和演示該技術。Ray-Ban 和 Oakley Meta AI 眼鏡現已上市。我們希望它們成為有趣且非常適合節日贈送的產品。在小家電領域，我們正與[Revel]和SharkNinja等品牌合作推出新的體驗。這些產品將擴大品種範圍，以激發家庭咖啡師和廚師的靈感，並提供創新的健康和美容解決方案。

We are also introducing expert sales associates in select locations to bring this innovation to life for our customers. In home theater, we are expanding the merchandising areas, featuring TVs from TCL, Hisense and LG. The technologies and focus for TCL and Hisense will be mini-LED screens. And for LG, it will be the latest and most striking OLED screens. Each area will be staffed by a dedicated expert to address any questions and help customers get what they need.

我們還在選定的地點引入了專業的銷售助理，為我們的客戶實現這項創新。在家庭劇院方面，我們正在擴大銷售領域，主打 TCL、海信和 LG 的電視。TCL和海信的技術和重點將是mini-LED螢幕。對於 LG 來說，這將是最新、最引人注目的 OLED 螢幕。每個區域都會配備一位專門的專家來解答任何問題並幫助客戶獲得所需的東西。

In the mobile phone department, we are bringing our new operating model with Verizon and AT&T to more stores. This model gives customers the opportunity to work with expert salespeople like Verizon, AT&T or specially trained Best Buy employees who can tap directly into the carrier system.

在手機部門，我們正在與 Verizon 和 AT&T 合作，將新的營運模式推廣到更多商店。這種模式讓客戶有機會與 Verizon、AT&T 或經過專門培訓的百思買員工等專業銷售人員合作，他們可以直接利用營運商系統。

This is resulting in better customer experience and higher sales growth. We will have this in the majority of stores in the back half of the year, which we believe puts us in an even stronger position for the new innovation and phone launches.

這將帶來更好的客戶體驗和更高的銷售成長。我們將在今年下半年在大多數商店推出這項產品，我們相信這將使我們在新的創新和手機發布方面處於更有利的地位。

In gaming, we worked with Nintendo to double the Switch merchandising space in all stores ahead of the June launch. Nintendo not only invested in store merchandising, they also partnered exclusively with us to have game trucks at select stores. These game trucks are physical trailers that allow fans to play the new system and the latest game.

在遊戲領域，我們與任天堂合作，在 6 月發布之前將所有商店的 Switch 銷售空間擴大一倍。任天堂不僅投資了商店商品銷售，還與我們獨家合作，在指定商店中展示遊戲卡車。這些遊戲卡車是實體拖車，讓粉絲們可以玩新系統和最新遊戲。

In computing, we provide customers with the help and inspiration they need as they upgrade or replace their products. We continue to collaborate with our vendors as new tech, and more AI capabilities are released. In fact, we offer 125 models of laptops and desktops featuring enhanced AI capabilities like Copilot+ with almost 70% of them retail exclusive to Best Buy.

在計算領域，我們為客戶提供升級或更換產品時所需的協助和啟發。隨著新技術和更多 AI 功能的發布，我們將繼續與供應商合作。事實上，我們提供 125 種型號的筆記型電腦和桌上型電腦，它們都具有 Copilot+ 等增強型 AI 功能，其中近 70% 是百思買獨家零售。

They are supported by 16,000 specially trained experts to help customers explore features and applications in daily life. We are also focused on helping customers get what they need to transition to Windows 11 as Microsoft will end support for the Windows 10 operating system this October.

他們由 16,000 名經過專門培訓的專家提供支持，幫助客戶探索日常生活中的功能和應用。由於微軟將於今年 10 月終止對 Windows 10 作業系統的支持，我們也致力於協助客戶獲得過渡到 Windows 11 所需的一切。

After October, customers who have not transitioned will no longer receive new features, technical support or security updates. We believe this is a more significant opportunity than prior end-of-support examples because there is a large installed base of customers who need new devices with more processing power to use Windows 11. In collaboration with Microsoft, we are leveraging personalized marketing, promotions and store associate training to drive product refreshes and support.

十月之後，尚未過渡的客戶將不再獲得新功能、技術支援或安全性更新。我們認為，與先前的支援終止範例相比，這是一個更重要的機會，因為有大量客戶需要具有更多處理能力的新裝置來使用 Windows 11。透過與微軟合作，我們利用個人化行銷、促銷和店員培訓來推動產品更新和支援。

Our Geek Squad can help customers who need a computer repair to convert instead to an upgraded device. Additionally, Geek Squad can help customers set up and transfer their data to new devices, whether in stores, in homes or remotely. Customers can also trade in their old devices for value, they can use to purchase new Windows 11 devices.

我們的 Geek Squad 可以幫助需要電腦維修的客戶將其轉換為升級的設備。此外，Geek Squad 可以幫助客戶設定新設備並將其資料傳輸到新設備，無論是在商店、家中還是遠端。客戶也可以用舊裝置進行折價，購買新的 Windows 11 裝置。

All the examples of collaboration and vendor investment I just outlined are in addition to the long-standing partnerships and in-store investments from other large vendors like Apple, LG and Samsung. Many vendors invest not only in training our associates but also in labor hours to augment our staff.

我剛才概述的所有合作和供應商投資的例子都是對蘋果、LG 和三星等其他大型供應商的長期合作夥伴關係和店內投資的補充。許多供應商不僅投資培訓我們的員工，也投入人力來擴充我們的員工隊伍。

In fact, we expect vendor labor investment to be approximately 20% higher than last year in the second half of this year. This is an important aspect of the Best Buy story. We have relevant traffic, a unique expert sales and service model and physical space that is extremely valuable to our vendors. And we have seen the demand for store presence grow from both our existing vendor base as well as new partners who recognize the value of live interactions for complex conversations.

事實上，我們預計今年下半年供應商的勞動力投資將比去年高出約 20%。這是百思買故事的一個重要面向。我們擁有相關的流量、獨特的專家銷售和服務模式以及對我們的供應商來說極其寶貴的實體空間。我們看到，現有供應商群體和新合作夥伴對商店存在的需求都在增長，他們認識到即時互動對於複雜對話的價值。

In fact, we just announced a new partnership with IKEA US. We are collaborating with them to pilot 1,000 square foot areas that showcase kitchen and laundry room settings from IKEA and appliances from Best Buy. Staffed by IKEA coworkers, this experience will launch in 10 stores throughout Florida and Texas, with two of the locations also serving as pickup points for most products that can be purchased on ikea.com.

事實上，我們剛剛宣布與宜家美國建立新的合作關係。我們正在與他們合作，試辦 1,000 平方英尺的區域，展示宜家的廚房和洗衣房設置以及百思買的電器。這項體驗由宜家員工負責，將在佛羅裡達州和德克薩斯州的 10 家商店推出，其中兩家商店還將作為 ikea.com 上大多數產品的取貨點。

This is the first time IKEA products and services will be available through another US retailer, creating innovative ways for both of us to meet customer needs in a rapidly changing environment. Our second strategic priority for fiscal '26 is focused on incremental profitability streams. I'm excited to say that we launched our Best Buy Marketplace last week. We now have 6 times more products available online for customers than we did before.

這是宜家產品和服務首次透過其他美國零售商提供，為我們雙方在快速變化的環境中滿足客戶需求創造了創新方式。我們 26 財年的第二個策略重點是專注於增加獲利能力。我很高興地說，我們上週推出了百思買市場。現在，我們在線上為客戶提供的產品數量比以前增加了 6 倍。

We have more tech options than ever, both from big names like Samsung, Dell, HP and Intel and new vendors that help us level up our assortment across categories. For example, customers can personalize their gaming setup with products like custom controllers and more options around chairs, keyboards, monitors and headsets.

我們擁有比以往更多的技術選擇，既有三星、戴爾、惠普和英特爾等大公司，也有新的供應商，可以幫助我們提升各個類別的品種。例如，客戶可以使用自訂控制器等產品以及椅子、鍵盤、顯示器和耳機等更多選項來個性化他們的遊戲設定。

We tripled our mobile phone accessories assortment with more options for cases, screen protectors, chargers and more. We also have hundreds of new brands from fanatic sports merchandise to CAROTE cookware, in new categories like licensed sporting goods, seasonal decor and much more. With this growing product availability, our upgraded search technology will be important.

我們的手機配件種類增加了兩倍，包括手機殼、螢幕保護貼、充電器等更多選擇。我們還擁有數百個新品牌，從狂熱的體育商品到 CAROTE 炊具，以及授權體育用品、季節性裝飾品等新類別。隨著該產品可用性的不斷增長，我們升級的搜尋技術將變得非常重要。

This new AI search, which we are testing now and expect to roll out by holiday, uses helpful comps and to see more like this option that guides customers to be more specific, improving their chances of finding what they need. For our sellers, our Marketplace provides an additional avenue to increase their reach and build their brands leveraging our qualified traffic.

我們正在測試的這個新的人工智慧搜尋預計將在假期前推出，它使用有用的補償和類似選項來引導客戶更加具體地查找，從而提高他們找到所需內容的機會。對於我們的賣家來說，我們的市場提供了額外的途徑來擴大他們的影響力並利用我們合格的流量來建立他們的品牌。

Our stores also play a key role in our Marketplace. Customers can return most products purchased through a marketplace seller at their local Best Buy store, plus our Blue Shirt sales associates use an app that makes it easy for them to help customers find products across our wide assortment, in-store and online, including third-party sellers. It also allows them to seamlessly send product links directly into a customer's online cart.

我們的商店在我們的市場中也發揮著關鍵作用。顧客可以在當地的百思買商店退回透過市場賣家購買的大多數產品，此外，我們的 Blue Shirt 銷售助理使用一款應用程序，可以輕鬆地幫助顧客在我們廣泛的店內和網上（包括第三方賣家）中找到產品。它還允許他們將產品連結直接無縫發送到客戶的線上購物車。

We continue to expect Marketplace to have a positive impact on our operating income rate in fiscal '26 even after start-up costs, investments and estimated cannibalization of our first-party product revenue. Over time, we expect it to help drive profit dollars and unit share.

即使在啟動成本、投資和預計第一方產品收入的蠶食之後，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，我們預計它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. Our Best Buy Ads team had a productive quarter, orchestrating our largest ad campaign ever in combination with our marketing team. It was centered around the theme, AI adapt, designed to drive more awareness of the benefits of AI in your everyday life. It included several advertisers and spanned the full advertising funnel, including video, social, display, owned assets and in-store presence.

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。我們的百思買廣告團隊度過了一個富有成效的季度，與我們的行銷團隊合作策劃了我們有史以來規模最大的廣告活動。這項活動以「人工智慧適應」為主題，旨在提高人們對人工智慧在日常生活中帶來的好處的認識。它涵蓋了多個廣告商，涵蓋了整個廣告管道，包括影片、社交、展示、自有資產和店內展示。

It was successful across a number of fronts, impressions, clicks, product interactions and units sold all exceeded our expectations. We are planning Phase 2 of the campaign to run as we move into the holiday season. The Best Buy Ads team will host our first-ever client showcase on September 16, spotlighting our scale, performance and innovation to key decision-makers across agencies, brands, partners and press.

它在多個方面都取得了成功，印象、點擊量、產品互動和銷售量都超出了我們的預期。我們計劃在假期期間開展活動的第二階段。百思買廣告團隊將於 9 月 16 日舉辦我們的首屆客戶展示會，向各代理商、品牌、合作夥伴和媒體的關鍵決策者重點展示我們的規模、業績和創新。

We continue to see fiscal '26 as a pivotal year for Best Buy Ads as we expand into new opportunity areas including agencies, demand-side platforms or DSPs, and non-endemic advertising relationships. We are excited to take our already robust retail media network to a new level in the coming years. We expect growth in ad collections to benefit our gross profit rate in fiscal '26. From an operating income rate perspective, we expect a neutral impact due to the investments we are making in technology and talent.

我們繼續將 26 財年視為百思買廣告的關鍵一年，因為我們將擴展到新的機會領域，包括代理商、需求方平台或 DSP 以及非地方性廣告關係。我們很高興在未來幾年將我們已經強大的零售媒體網路提升到一個新的水平。我們預計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，我們預期在技術和人才方面的投資將產生中性影響。

This brings us to our third strategic priority for fiscal '26. It is imperative that we continue our long-standing diligence around driving efficiencies and identifying cost reductions to help fund investment capacity for new and existing initiatives and offset pressures in our business.

這是我們 26 財年的第三個策略重點。我們必須繼續長期努力提高效率並尋找降低成本的方法，以幫助為新舊計劃提供投資能力並抵消業務壓力。

There are many ways we realize these. 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.

我們可以透過多種方式實現這些。它們通常是在技術和分析的幫助下，透過整個企業持續的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來實現的。

Other times, they are the result of us moving on from initiatives that aren't generating the financial return in the timeline we had originally envisioned such as the exit of our Care at Home Best Buy Health initiative. Today, I want to highlight the ongoing modernization of our supply chain, which is driving efficiencies and elevating our customer experience.

其他時候，它們是我們放棄那些未能按照我們最初設想的時間線產生財務回報的計劃的結果，例如，我們退出“居家護理百思買健康”計劃。今天，我想強調我們正在進行的供應鏈現代化，這提高了效率並提升了我們的客戶體驗。

We are implementing a new data-driven sourcing solution to choose the most efficient location to fulfill online orders, 40% of all shift to home units were processed through this new model during the second quarter. delivering cost savings while also improving our on-time delivery performance. We are targeting at least 70% of all orders to go through this new model prior to holiday with 100% implementation in early 2026.

我們正在實施一種新的數據驅動採購解決方案，以選擇最有效的地點來完成線上訂單，第二季 40% 的所有轉移到家庭的單位都是透過這種新模式處理的，既節省了成本，又提高了我們的準時交貨表現。我們的目標是在假期前讓至少 70% 的訂單透過此新模式進行，並在 2026 年初實現 100% 的實施。

In addition, we have evolved our carrier strategy and FedEx is now our primary national parcel carrier. We are partnering with them to make our supply chain smarter and expect increased integration between us to both improve customer experience and lower costs. For example, just last week, we added FedEx real-time tracking data into customer order communications across all our FedEx orders.

此外，我們也改進了承運商策略，聯邦快遞現在是我們的主要全國包裹承運商。我們正在與他們合作，使我們的供應鏈更加智能，並期望我們之間的整合更加緊密，從而改善客戶體驗並降低成本。例如，就在上週，我們將聯邦快遞即時追蹤資料添加到所有聯邦快遞訂單的客戶訂單通訊中。

This will provide customers with more timely and accurate updates and should reduce support calls, cancellations and reship costs. With FedEx, we can also expand our national shipping operations, especially for Sunday deliveries. So we can deliver products to our customers even faster than we do today.

這將為客戶提供更及時、更準確的更新，並減少支援電話、取消和重新出貨的成本。借助聯邦快遞，我們還可以擴大我們的全國運輸業務，特別是周日送貨。因此，我們可以比現在更快地向客戶交付產品。

As you would expect, we are continuing to automate our distribution centers. We are currently outfitting our distribution centers with automated guided vehicles that autonomously move talents around the warehouse, both horizontally and vertically, optimizing warehouse flow and storage.

正如您所期望的，我們正在繼續實現配送中心的自動化。我們目前正在為我們的配送中心配備自動導引車，可以自動在倉庫內水平和垂直移動人才，從而優化倉庫流動和存放。

In summary, we are pleased with our Q2 execution and financial results. Our sales momentum has continued into August, and our quarter-to-date comparable sales are running in the low single-digit range. We are seeing a strong customer response to our back-to-school sales events.

總而言之，我們對第二季的執行情況和財務表現感到滿意。我們的銷售動能持續到 8 月份，本季迄今的可比銷售額處於低個位數範圍內。我們看到客戶對我們的返校促銷活動反應強烈。

These results demonstrate an important aspect of our thesis. Our model really shines when there is innovation. This is because we are a trusted source for the latest and greatest new tech. We have a broad range of assortments in addition to unique in-store and digital experiences.

這些結果證明了我們論文的一個重要面向。當有創新時，我們的模式就會真正閃耀光芒。這是因為我們是最新和最偉大技術的可靠來源。除了獨特的店內和數位體驗外，我們還擁有廣泛的商品類型。

We also have Geek Squad services (inaudible) our customers, and we are 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. In the back half of the year, we expect to drive continued growth in computing, gaming, phones and augmented reality.

我們也為我們的客戶提供 Geek Squad 服務（聽不清楚），我們是供應商的真正合作夥伴，經常從產品開發週期的早期就與他們合作，一直到在我們的銷售場所推出產品。下半年，我們預計將推動運算、遊戲、手機和擴增實境領域的持續成長。

We also intend to improve the performance of our home theater and major appliance categories in the back half of the year. We plan to do this through a blend of sharp pricing, assortment adjustments, increased marketing, expanded specialty labor and faster large product fulfillment options. We are also excited about the launch of our marketplace and the opportunity to offer customers even more tech options.

我們也打算在下半年提高家庭劇院和大家電類別的績效。我們計劃透過多種方式來實現這一目標：精準定價、產品組合調整、加強行銷、擴大專業勞動力以及加快大型產品履行速度。我們也很高興推出我們的市場並有機會為客戶提供更多的技術選擇。

We wholeheartedly believe Best Buy is uniquely positioned to unlock what technology can do for every person in every moment. I want to sincerely thank all of our team for their enthusiasm for technology, their customer service passion and their determined execution during the quarter.

我們全心全意相信百思買擁有獨特的優勢，能夠釋放科技在每個時刻為每個人帶來的改變。我要真誠地感謝我們整個團隊對科技的熱情、對客戶服務的熱情以及本季的堅定執行。

And now I would like to turn the call over to Matt for more details on our Q2 performance and fiscal '26 outlook.

現在我想將電話轉給馬特，以了解有關我們第二季度業績和 26 財年展望的更多詳細資訊。

Good morning. Let me start with an overview of how our second quarter performed versus the expectations we shared with you last quarter. Enterprise comparable sales growth of 1.6% exceeded our outlook of being slightly down to last year. Our adjusted operating income rate of 3.9% was 30 basis points better than expected, which was largely driven by SG&A leverage from the stronger sales. Our gross profit rate declined 30 basis points to last year versus an outlook of being approximately flat.

早安.首先，我來概述我們第二季的表現與上個季度我們與大家分享的預期相比如何。企業可比銷售額成長1.6%，超出了我們先前預期的略低於去年的水平。我們的調整後營業收入率為 3.9%，比預期高出 30 個基點，這主要得益於強勁銷售帶來的銷售、一般及行政管理費用槓桿。我們的毛利率比去年下降了 30 個基點，而預期基本上持平。

This was primarily driven by a higher mix of sales coming from lower-margin categories such as gaming and computing. I will now talk about our second quarter results versus last year. Enterprise revenue of $9.4 billion increased 1.6% versus last year. Our adjusted operating income rate decreased 20 basis points compared to last year. And our adjusted diluted earnings per share decreased 4% to $1.28.

這主要是由於遊戲和計算機等低利潤類別的銷售額佔比較高所致。現在我將談談我們第二季的業績與去年同期相比的情況。企業營收為 94 億美元，較去年同期成長 1.6%。我們的調整後營業收入率與去年相比下降了20個基點。我們的調整後每股攤薄收益下降 4% 至 1.28 美元。

By month, our Enterprise comparable sales were down approximately 1% in May before increasing to almost 3% in both June and July. These results included lapping last year's strong tablet performance in May as well as the successful launch of the Switch 2 in June.

按月計算，我們的企業可比銷售額 5 月下降了約 1%，而 6 月和 7 月均成長了近 3%。這些成果包括 5 月超越去年平板電腦的強勁表現以及 6 月 Switch 2 的成功推出。

In our Domestic segment, revenue increased 0.9% to $8.7 billion, driven by comparable sales growth of 1.1%. From a category standpoint, the largest contributor to comparable sales growth were gaming, computing and mobile phones, which were partially offset by declines in home theater, appliances, tablets and drones.

在我們的國內市場，營收成長 0.9%，達到 87 億美元，這得益於可比銷售額成長 1.1%。從類別角度來看，可比銷售額成長的最大貢獻者是遊戲、電腦和手機，而家庭劇院、家電、平板電腦和無人機的下滑則部分抵消了這些成長。

International revenue of $740 million increased 11.3% versus last year, which was primarily driven by comparable sales growth of 7.6% and revenue from Best Buy Express locations that opened in Canada after the second quarter of fiscal '25. From a category standpoint, consistent with our Domestic segment, the largest drivers of comparable sales growth were gaming, computing and mobile phones.

國際營收為 7.4 億美元，較去年同期成長 11.3%，主要得益於可比銷售額成長 7.6% 以及 2025 財年第二季後在加拿大開設的百思買快捷店的營收。從類別角度來看，與我們的國內部門一致，可比較銷售額成長的最大驅動力是遊戲、計算和手機。

Our Domestic gross profit rate decreased 10 basis points to 23.4%. This was primarily due to lower product margin rates partially offset by rate improvement within the services category. The lower product margin rates were primarily driven by the higher sales mix of lower-margin categories. Our international gross profit rate decreased 210 basis points to 21.8%. The lower gross profit rate was primarily due to lower product margin rates which were also largely driven by higher mix of lower-margin product categories.

我們的國內毛利率下降了10個基點，至23.4%。這主要是由於產品利潤率較低，但服務類別的利潤率提高部分抵消了這種影響。產品利潤率較低主要是因為低利潤類別的銷售組合較高。我們的國際毛利率下降了210個基點，至21.8%。毛利率較低主要是因為產品利潤率較低，而產品利潤率較低很大程度也受到低利潤產品類別組合較高所致。

Moving to SG&A, where our domestic adjusted SG&A increased $19 million, primarily due to one, compensation expense, which included higher medical claims; two, lapping last year's favorable legal settlement of approximately $10 million; and three, technology investments. The previous items were partially offset by reduced Best Buy Health expenses.

轉向銷售、一般和行政費用 (SG&A)，我們國內調整後的銷售、一般和行政費用增加了 1900 萬美元，主要原因是：一是薪酬費用，其中包括更高的醫療索賠；二是覆蓋去年約 1000 萬美元的有利法律和解金；三是技術投資。先前的項目被百思買健康費用的減少部分抵消。

As we continue to narrow our focus on our strategy, we incurred $114 million of restructuring charges in Q2 FY26, associated with the enterprise-wide restructuring initiative that commenced in the quarter. Year t date, we have returned a total of $568 million to shareholders through dividends of $403 million and share repurchases of $165 million. For the year, we still expect to spend approximately $300 million on repurchases.

隨著我們繼續縮小對策略的關注，我們在 2026 財年第二季產生了 1.14 億美元的重組費用，與本季開始的企業範圍重組計畫有關。截至目前，我們已透過 4.03 億美元的股息和 1.65 億美元的股票回購向股東返還了總計 5.68 億美元。今年，我們仍預計花費約 3 億美元回購。

Moving on to our full year fiscal '26 financial guidance. We are encouraged by our better-than-expected second quarter results and the momentum to start the third quarter. As Corie shared earlier, we are maintaining the annual guidance we provided last quarter. At this point, we do believe we are trending towards the higher end of our sales range.

接下來是我們的 26 財年全年財務指導。我們對第二季好於預期的業績和第三季開局的勢頭感到鼓舞。正如 Corie 之前分享的，我們維持上個季度提供的年度指引。目前，我們確實相信我們的銷售範圍正趨向於高端。

As expected, the tariff situation has continued to evolve since our last call. The tariff rates have increased since May. However, we believe the estimated impacts of the higher rates still fall within our previous guidance range. Consistent with our comments last quarter, due to mitigation efforts by both vendors and by Best Buy, the increased product costs that are flowing to us are expected to remain lower than the tariff rates.

正如預期的那樣，自從我們上次通話以來，關稅情況一直在持續變化。自五月起，關稅稅率已調高。不過，我們認為，利率上調的預期影響仍在我們先前的指導範圍內。與我們上個季度的評論一致，由於供應商和百思買的緩解努力，預計流向我們的增加的產品成本將低於關稅稅率。

Our reiterated 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%; adjusted diluted earnings per share of $6.15 to $6.30 and capital expenditures of approximately $700 million.

我們重申 2026 財年的企業預期如下：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%；調整後的稀釋每股收益為 6.15 美元至 6.30 美元，約 25%。調整後的稀釋每股收益為 6.15 美元至 6.30 美元，約 25%。

Next, I will cover some of the key working assumptions that support our guidance. We still expect our annual gross profit rate to be slightly unfavorable compared to last year. In the second half of the year, we expect gross profit rate pressure will be similar, if not a little higher than it was in the first half of the year.

接下來，我將介紹支持我們指導的一些關鍵工作假設。我們仍然預計我們的年度毛利率與去年相比會略有不利。我們預計下半年的毛利率壓力將與上半年類似，甚至略高於上半年。

When compared to last year, the more notable gross profit rate drivers for the second half of the year include: first, our product margin rates are expected to be unfavorable, largely due to a higher mix of lower-margin products and our plans to remain competitively priced. Lower product margin rates are expected to be partially offset by: one, the rollout of our US marketplace; two, improved profitability from our services category; and three, growth from Best Buy Ads.

與去年相比，下半年更值得注意的毛利率驅動因素包括：首先，我們的產品利潤率預計不利，主要是由於低利潤產品組合較高以及我們計劃保持具有競爭力的價格。較低的產品利潤率預計將被以下因素部分抵銷：一、我們美國市場的推出；二、我們服務類別獲利能力的提高；三、百思買廣告的成長。

Now moving to our adjusted SG&A expectations. As a percentage of revenue, we expect our adjusted SG&A to be slightly lower than fiscal '25. The most notable puts and takes for the second quarter of the year include the following: we continue to expect benefits from ongoing efficiencies and effectiveness work streams, including Best Buy Health. Partially offsetting these items are SG&A increases in support of our Best Buy Ads and Marketplace initiatives, which include advertising, technology and employee compensation expense.

現在轉向我們調整後的銷售、一般及行政費用預期。作為收入的百分比，我們預計調整後的銷售、一般及行政費用將略低於 25 財年。今年第二季最值得注意的利弊包括：我們繼續期待從持續的效率和有效性工作流程中獲益，包括百思買健康。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。

The high end of our guidance reflects incentive compensation that is approximately flat to last year. From a phasing standpoint, we expect Q3 to be higher than last year in Q4 to be lower. Lastly, the low end of our guidance reflects our plans to further reduce our variable expenses, including incentive compensation to align with sales trends.

我們的指導高端反映了與去年大致持平的激勵薪酬。從分階段來看，我們預計第三季的業績將高於去年，而第四季的業績將低於去年。最後，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 third quarter. We expect our third quarter comparable sales growth to be similar to our second quarter performance. In addition, we are planning for an adjusted operating income rate that is approximately flat to last year's rate of 3.7%.

在結束之前，請允許我分享一些針對第三季的評論。我們預計第三季可比較銷售額的成長將與第二季的業績相似。此外，我們計劃調整後的營業收入率與去年的 3.7% 大致相當。

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

現在我將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指示）

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Great. Hey, good morning, everyone. I wanted to focus on market share this quarter and around some of the bigger events that you mentioned I think last quarter, you highlighted some weakness in Q1, but I realize there's different seasonal dynamics in Q1. So just curious how that played out this quarter. And then I have a follow-up. Thanks so much.

偉大的。嘿，大家早安。我想關注本季度的市場份額以及您上個季度提到的一些重大事件，我認為您強調了第一季的一些弱點，但我意識到第一季存在不同的季節性動態。所以只是好奇本季的情況如何。然後我有一個後續問題。非常感謝。

Good morning. So we say it every time and I'm going to say it again, there is no great single source of share information for our categories. But that being said, as we try to cobble together all the different sources that we have, we do feel better about our share position this quarter. We feel like we had some good momentum here in Q2 and at least felt like we had flattish share overall.

早安.所以我們每次都這麼說，而且我還要再說一遍，對於我們的類別來說，沒有一個優秀的單一共享資訊來源。但話雖如此，當我們試圖拼湊我們擁有的所有不同來源時，我們確實對本季的份額狀況感到更好。我們感覺我們在第二季度有一些良好的勢頭，至少感覺我們的整體份額持平。

And obviously, to your point, we feel like share is a long game conversation for us. It has some variability quarter-to-quarter. But what we're trying to do, and I think you can see it in the prepared remarks, is really position ourselves on our front foot across categories and especially in those places where we think we can really differentiate like gaming and computing.

顯然，正如您所說，我們覺得分享對我們來說是一場持久戰。每個季度之間都存在一定差異。但我們正在嘗試做的是，我想你可以在準備好的發言中看到這一點，那就是真正地將自己定位在各個類別的前沿，特別是在那些我們認為可以真正實現差異化的領域，比如游戲和計算。

Okay. Thank you for that. And then if you could just bridge us to the third quarter comps being similar to Q2. Q2 obviously had the Switch launch. If we look at Q2 comps, excluding the entertainment category, I would say that the rest of the business would have been down low single digits. So is it that the Switch benefit continues? Or are there other drivers that we should be thinking about? Thank you.

好的。謝謝你。然後，如果您可以將第三季的業績與第二季的業績進行比較，會怎麼樣？Q2 顯然推出了 Switch。如果我們看一下第二季的業績，除去娛樂類別，我想說其餘業務的銷售額將會下降個位數。那麼 Switch 的優勢還在繼續嗎？或者我們還應該考慮其他驅動因素嗎？謝謝。

Yeah. Let me start with first. As we entered August, we talked about we're still seeing momentum as we enter the third quarter, we're seeing a very strong response to our back-to-school sales events. And as we said, the quarter-to-date comps are up low single digits as we exist here in August. I think going from Q2 to Q3, I think, yes, the Switch launch did provide a boost to the second quarter results.

是的。讓我先從第一點開始。當我們進入八月時，我們談到我們進入第三季度時仍然看到了發展勢頭，我們看到了對返校銷售活動的強烈反響。正如我們所說，截至 8 月份，本季的銷售額僅成長了個位數。我認為從第二季到第三季度，Switch 的推出確實為第二季的業績帶來了提振。

But as we noted, there was a significant iPad launch last year in May that we also had to comp, which goes the other way. As you get into Q3, you continue to see growth from gaming, albeit not as much as you saw in Q2, and then you continue to see -- you see a better performance coming through in the mobile computing category, which includes iPad. So continued growth in computing better performance on iPads, continued growth in mobile phones. And then net of that gets you to a comp that's similar to what was in Q2.

但正如我們所指出的，去年 5 月推出了一款重要的 iPad，我們也必須將其與之進行比較，這是反過來的。進入第三季度，你會看到遊戲業務繼續成長，儘管增幅不如第二季度那麼多，然後你會看到——包括 iPad 在內的行動運算類別表現更好。因此，iPad 的運算效能持續提高，手機也持續成長。然後扣除這些後，您的業績將與第二季的業績類似。

Great. Very helpful, thanks so much.

偉大的。非常有幫助，非常感謝。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi, good morning. Thanks for taking our question. Vendor support has been a distinguishing part of your story for a long time with vendor labor and exclusive. And it sounds like at least on the labor side, you are seeing vendors leaning in more is up 20%. So I wondered if you can maybe talk to that just what changes are being made there? And are you baking in any kind of sales lift from this increased investment?

嗨，早安。感謝您回答我們的問題。長期以來，供應商支援一直是您故事中具有特色的部分，包括供應商勞動力和獨家性。聽起來至少在勞動力方面，你會看到供應商的傾向增加了 20%。所以我想知道您是否可以談談那裡到底發生了哪些變化？那麼，增加投資是否會為銷售帶來任何提升呢？

So let me start with, we are incredibly thankful to our vendors for their partnership on so many vectors. And we do feel very good about our relationships, and we work with them in a very omni-channel way just like our business. If I just take a big step back, overall, the level of invested support from our vendors has been growing. And as you noted, part of that is labor, but it is actually across the assets that we have.

首先，我們非常感謝我們的供應商在如此多方面給予我們的合作。我們確實對我們的關係感到非常滿意，並且我們以全通路的方式與他們合作，就像我們的業務一樣。如果我退一步來看，總體而言，我們供應商的投資支援水準一直在成長。正如您所說，其中一部分是勞動力，但實際上它涉及我們擁有的資產。

And I think as I said in the prepared remarks, this is a really important part of our story. It's highly relevant traffic both to stores but also digitally unique expert sales and service and then the physical space, the ability to really showcase what these products can do in a unique way that can help our vendor partners run across the assortment of what they do in any given space.

我認為，正如我在準備好的發言中所說的那樣，這是我們故事中非常重要的一部分。它不僅與商店的流量高度相關，而且與數位上獨特的專家銷售和服務以及實體空間也高度相關，能夠以獨特的方式真正展示這些產品的功能，從而幫助我們的供應商合作夥伴在任何給定空間內了解他們所做的各種事情。

And so I think it's not only they're investing in labor, they're investing in some of the updates and upgrades consistently to those physical spaces. There are also, in some cases, investing in training our associates. So it's not just you throw labor in there. It's how do you keep that labor really fresh and really specialized.

因此我認為他們不僅在勞動力上進行投資，還在對這些實體空間進行持續的更新和升級。在某些情況下，我們也會投資培訓我們的員工。所以，這不只是投入勞力那麼簡單。問題是如何讓勞動力真正保持新鮮和專業。

And then there are lots of other unique ways they're partnering with us. Best Buy Ads, membership, the app and online presence. You can see some of those vendor shops replicated in our digital experiences. Supply chain and fulfillment where we have our partners program and we fulfill for them, reverse logistics or we take care of that trade in, recycling. I mean, these are all the aspects that our amazing merchant team sit down and negotiate with vendors. And I think it's a very unique set of assets that we bring to the table in these conversations.

他們也透過許多其他獨特的方式與我們合作。百思買廣告、會員資格、應用程式和線上形象。您可以在我們的數位體驗中看到一些供應商商店的複製。供應鏈和履行，我們有合作夥伴計劃，我們為他們履行逆向物流，或我們負責交易和回收。我的意思是，這些都是我們出色的商家團隊坐下來與供應商談判的方面。我認為這是我們在這些對話中提出的一套非常獨特的資產。

Thank you.

謝謝。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

Thanks, and good morning. I was just curious how you're thinking about the risks around the consumer in terms of what you've seen the reaction from tariff price increases in the July and August time frame, is elasticity surprising you in either direction? And then as you think about the go forward, is that quarter-to-date low single digit close to that -- is it 3%? And are you simply just being prudent around the potential for deeper valleys in between events?

謝謝，早安。我只是好奇，就您所看到的 7 月和 8 月期間關稅價格上漲的反應而言，您如何看待消費者面臨的風險，彈性是否會讓您感到驚訝？然後，當您考慮未來時，本季迄今為止的低個位數是否接近這個數字 - 是 3％ 嗎？您是否只是對事件之間可能出現的更深的低穀保持謹慎？

So on that whole tariff discussion, I'm just going to kind of take one step back and start with our customers because our number 1 focus is being there for our customers. And I'm really proud of the way both our teams and our vendor partners have been navigating tariffs even as it's been changing.

因此，在整個關稅討論中，我將退一步，從我們的客戶開始，因為我們的首要關注點是為客戶服務。儘管關稅一直在變化，但我們的團隊和供應商合作夥伴仍能應對關稅，對此我感到非常自豪。

And our approach, as it always is, is to deliver the right product assortments to match our customer needs and budgets while we partner with the vendors to navigate these conditions. Q2, as we said, was basically in line with our expectations and not material to our financial results. And I think there's a couple of reminders here.

我們的方法一如既往，就是提供合適的產品組合以滿足客戶需求和預算，同時與供應商合作以應對這些情況。正如我們所說，第二季度基本上符合我們的預期，並且對我們的財務表現並不重要。我認為這裡有幾點提醒。

We had talked last time about the mitigation strategies that we're using in partnership with our vendors. Everything from manufacturing flexibility, cost negotiations, country diversification, assortment adjustments and then ultimately, only were absolutely necessary adjusting price and I think at this moment, it's important to also remind you, we only directly import 2% to 3% of what we sell.

我們上次討論了與供應商合作採用的緩解策略。從製造彈性、成本談判、國家多樣化、產品組合調整，到最終只有絕對必要的價格調整，我認為此時此刻，同樣需要提醒您的是，我們只直接進口我們銷售產品的 2% 到 3%。

So that means as it relates to tariffs, some vendors are clearly communicating cost increases. Some are adjusting promotions. Some are planning to potentially increase prices with new product introductions, which always happens in our space, and some are just not increasing them at all given these are very, very global supply chains.

這意味著，就關稅而言，一些供應商正在明確傳達成本上漲的訊息。有些正在調整促銷活動。有些公司計劃透過推出新產品來提高價格，這在我們這個行業經常發生，而有些公司則根本不提高價格，因為這些是高度全球化的供應鏈。

And so I think what we saw in Q2 is what we expected, those strategies, when they're all put together, are ensuring that those cost increases are much, much less than the overall effective rate of the tariffs because we're able to put so many of those other mitigation strategies into play.

因此，我認為我們在第二季度看到的情況正是我們所預期的，這些策略綜合起來，可以確保成本增長遠低於關稅的整體有效稅率，因為我們能夠實施許多其他緩解策略。

Yeah. And in terms of Q3, I think, as we talked about in August, we're in that low single-digit range, seeing a good performance from back-to-school. We're also very cognizant as you get into September and the last part of September and October, the events start to slow down in the buildup to holiday. So you oftentimes see a slowdown in business a little bit in October as people are waiting for those holiday deals to come.

是的。就第三季而言，我認為，正如我們在八月所討論的那樣，我們的銷售額處於較低的個位數範圍內，開學以來表現良好。我們也非常清楚，隨著進入九月以及九月下旬和十月，假期臨近，活動開始放緩。因此，你經常會看到十月份的業務略有放緩，因為人們正在等待假期優惠的到來。

So our guide would reflect the fact that we're starting the quarter strong. We feel good about the momentum, but also recognizes that sometimes there is a little bit of slowdown as you head into the deeper holiday season.

因此，我們的指南將反映出我們本季開局強勁的事實。我們對這種勢頭感到滿意，但也意識到，隨著假期的臨近，有時會出現一些放緩的情況。

Understood. And then as it relates to the Switch 2, if you look back to the last launch, the strength really persisted in that category and actually, the fourth quarter was pretty close to the comp, the entertainment category comped pretty close to what it comped on the launch period. How are you actually planning that? As you do get into the fourth quarter, obviously, entertainment does go up in the mix, and so would comps -- would you expect some comp acceleration in the fourth quarter?

明白了。然後就 Switch 2 而言，如果回顧上次發布，你會發現該類別的強勁表現確實持續存在，實際上，第四季度的業績與同期相當，娛樂類別的業績與發布期間的業績相當接近。您實際上是如何計劃的？進入第四季度，顯然娛樂業務的份額會上升，同店銷售額也會上升——您是否預計第四季度同店銷售額會有所加速？

And just one clarification. You mentioned you expect sales to trend to the high end of your guidance? Is there any -- does that also translate to earnings? Thanks very much.

只需澄清一點。您提到您預計銷售額將達到預期的高端？有沒有——這也轉化為收益嗎？非常感謝。

Yeah. So maybe I'll start with the last part of that question. We are saying we are trending towards the higher end of our sales guidance. Clearly, to the extent we can drive a better operating income performance based on those higher sales, we will continue to try to do that, but we have not changed the OI rate guide for the year so far. In terms of gaming and what I would say is we are planning to see gaming growth in Q3. And as you get into Q4, clearly, we're planning that based on the knowledge of availability of the Switch 2 council.

是的。因此我可能要從這個問題的最後一部分開始。我們表示，我們正趨向於實現銷售預期的高端。顯然，只要我們能夠基於更高的銷售額實現更好的營業收入表現，我們就會繼續努力，但到目前為止，我們還沒有改變今年的 OI 利率指南。就遊戲而言，我想說的是，我們計劃在第三季實現遊戲成長。進入第四季後，顯然，我們是根據 Switch 2 委員會的可用性知識來製定計劃的。

We do -- gaming is always a big part of a holiday sales performance. So clearly, there was some level of expectations. And I think the team's ability to deliver on a really strong launch in Q2 in that event and just how we show up in the store and online does give us comfort and confidence in our ability to get the product we need to deliver on the sales expectations that we have.

我們確實如此——遊戲始終是假期銷售業績的重要組成部分。因此顯然存在一定程度的期望。我認為團隊在第二季的活動中實現了真正強勁的發布，以及我們在商店和網路上的表現確實讓我們感到安心和有信心，我們有能力獲得我們需要的產品，實現我們的銷售預期。

So clearly, gaming is always big in Q4. So we'll see, but if you do apply the Q3 guide, it kind of infers that the Q4 guide is pretty similar to what we're going to see in Q3.

顯然，遊戲在第四季始終是熱門話題。所以我們會看到，但如果你確實應用 Q3 指南，那麼它就會推斷 Q4 指南與我們將在 Q3 中看到的非常相似。

And then specific to the gaming category, we're obviously very pleased with our performance in Q2 and what happened with Switch. We did have really strong momentum from a market share perspective in gaming heading into that, which we're proud, but we're also proud of the fact that accessories and software, we performed very well in those two areas in addition to it.

具體到遊戲類別，我們顯然對第二季的表現以及 Switch 的表現非常滿意。從遊戲市場佔有率的角度來看，我們確實擁有強勁的發展勢頭，對此我們感到自豪，但我們也為配件和軟體感到自豪，除此之外，我們在這兩個領域的表現也非常出色。

The other part that is sometimes missed is it's not just Switch 2 gaming and total is strong for us. So handheld gaming not including Switch, things that have either the Windows operating system or the Steam operating system also grew at a pretty significant rate in Q2 as well. And we think that there's a lot of momentum on all those things included.

有時會忽略的另一部分是，它不僅僅是 Switch 2 遊戲，而且總體來說對我們來說很強大。因此，不包括 Switch 在內的掌上型遊戲機、搭載 Windows 作業系統或 Steam 作業系統的遊戲機在第二季也實現了相當顯著的成長。我們認為，所有這些事情都有很大的發展勢頭。

So obviously, Switch will continue to have great demand all the way through the rest of the year into Q4. And then there's also some new products launching that our partnerships between Microsoft and [ASUS] that will also bring demand in total. So we're excited about our total gaming portfolio, and we feel well positioned to take advantage of that for the rest of the year.

因此，顯然，Switch 在今年剩餘時間直至第四季仍將保持旺盛的需求。此外，我們還將推出一些新產品，微軟和華碩之間的合作也將帶來整體需求。因此，我們對我們的整體遊戲組合感到非常興奮，我們覺得我們有能力在今年剩餘時間內充分利用這一點。

Great. Thanks very much. Have a great Labor Day.

偉大的。非常感謝。祝您勞動節快樂。

Steve Forbes, Guggenheim.

古根漢的史蒂夫福布斯。

Good morning. Corie, Matt, I wanted to focus on the post Labor Day promotional calendar. And the thought here is we're hearing the potential for change in frequency of promotional events, maybe less about change in depth of those promotional events. So just love to get your thoughts on how the depth and frequency of events are slated for this year relative to last year and sort of how that impacts your ability to forecast the business, given your comments around how the consumer is more attracted to those events.

早安.Corie、Matt，我想專注於勞動節後的促銷日曆。這裡的想法是，我們聽到的是促銷活動頻率變化的可能性，但可能較少聽到促銷活動深度變化的可能性。因此，我很想聽聽您對今年活動的深度和頻率與去年相比有何看法，以及考慮到您對消費者如何更受這些活動的吸引的看法，這對您預測業務的能力有何影響。

I think one of the team's strength is the ability to very carefully plan out, especially as it relates to the back half, a compelling promotional calendar. And like any year, you're going to find those right moments where you think the consumer is going to be most open to those promotional events, and then you're going to plan across your assortment.

我認為團隊的優勢之一是能夠非常仔細地規劃出引​​人注目的促銷日程，尤其是與後半部分相關的日程。就像任何一年一樣，你會找到那些你認為消費者最願意接受促銷活動的正確時機，然後你就會制定全面的產品規劃。

And it goes back to something that actually I should have said in earlier tariff answer. This is a really promotional category. And that means all of us are -- in partnership with vendors, all of us are working to stimulate demand from our consumers and all of us are working to position at the right time.

這又回到了我在之前的關稅答覆中實際上應該說的事情。這是一個真正具有促銷性質的類別。這意味著我們所有人都在與供應商合作，我們所有人都在努力刺激消費者的需求，我們所有人都在努力在正確的時間定位。

In general, we have seen both breadth and depth of promotions higher than last year. And we assume that will continue, and that is reflected in the guide that we gave. And we are going to try to find those right moments to ensure we are competitive like Black Friday in July, which was quite successful for us, So that we are showing up and we are resonating with our customers.

整體而言，我們看到促銷活動的廣度和深度都比去年有所提升。我們假設這種情況將會持續下去，這反映在我們給予的指南中。我們將嘗試尋找合適的時機來確保我們的競爭力，例如 7 月的“黑色星期五”，這對我們來說非常成功，因此我們會出現並與客戶產生共鳴。

And then maybe following up on that, right? So breadth and depth higher than last year. I think given the tariff pressures in net terms, I think there was a lot of conversations within the expert networks over the past three months about just sharing of the cost and maybe an increased percentage of share being pushed down to the retail community. I guess I'd love to just hear your thoughts on just control over gross margin, right, as we approach that holiday selling season?

然後也許會繼續跟進，對嗎？因此廣度和深度都比去年更高。我認為，考慮到淨關稅壓力，過去三個月專家網絡內部就分攤成本以及將更多份額轉嫁給零售業進行了大量討論。我想我很想聽聽您對控制毛利率的看法，對嗎，因為我們即將迎來假期銷售季？

So, look, all of us are working in partnership, especially in this category to be there for our customers and drive demand. And that is priority one for everyone together. We are going to go into the level of detail of talking about exactly who shares wet. But of course, I'm going to say that it varies by vendor, and it varies by product category. And as I said before, when we have been seeing increased costs, it is materially lower than the overall effective rate.

所以，你看，我們所有人都在合作，特別是在這個類別中，為我們的客戶提供服務並推動需求。這是我們大家共同的首要任務。我們將深入討論誰分享了濕氣。但當然，我要說的是，它因供應商而異，也因產品類別而異。正如我之前所說，當我們看到成本增加時，它實際上低於整體有效利率。

And that's because every vendor is taking their own approach to how they think about navigating this backdrop. Like I said, some have already communicated cost increases. You can see that in some of the older gaming platforms as an example. Some are adjusting promotions. Some are planning cost increases with new launches.

這是因為每個供應商都以自己的方式思考如何應對這個背景。正如我所說，有些人已經傳達了成本增加的消息。例如，您可以在一些較舊的遊戲平台上看到這一點。有些正在調整促銷活動。有些公司計劃透過推出新產品來增加成本。

Some are balancing this across the whole global supply chain and maybe not adjusting costs here in the US. And so for us, this is just a -- this is frankly what our vendors do all the time. This is making sure that we have the broadest assortment, opening price point to more premium. That is an advantage that we have as an only consumer electronics retailer. So that whatever the budget is of the person walking in the door, we've got something that matches that budget. And so far, I think we've been able to do that.

一些公司正在平衡整個全球供應鏈的成本，也許不會調整美國的成本。所以對我們來說，這只是——坦白說，這就是我們的供應商一直在做的事情。這確保我們擁有最廣泛的產品種類，並能提供更高端的價格。這是我們身為唯一消費電子產品零售商的優勢。因此，無論進門的人的預算是多少，我們都有與之相符的產品。到目前為止，我認為我們已經能夠做到這一點。

I appreciate the color. Thank you.

我很欣賞這個顏色。謝謝。

Michael Lasser, UBS Financial.

瑞銀金融的麥可拉瑟。

Good morning. Thank you so much for taking my question. If I have long talked about the profit pool associated with core consumer electronics retail, not really growing and Best Buy was either going to have to harvest a greater share of the profit pool or serve other categories, such that it was able to drive growth in the overall enterprise.

早安.非常感謝您回答我的問題。如果我一直在談論與核心消費電子零售相關的利潤池，那麼它實際上並沒有成長，而百思買要麼必須收穫更大份額的利潤池，要麼服務於其他類別，這樣它才能推動整個企業的成長。

How are you looking at this now, especially in light of the challenges that have been realized by serving health care and home furnishings and the prospect that increasingly your competitors could push down the overall core profit pool to harvest profit in other ways and through other streams? Thank you very much.

您現在如何看待這個問題，特別是考慮到服務醫療保健和家居裝飾所面臨的挑戰，以及您的競爭對手可能會逐漸壓低整體核心利潤池，以其他方式和其他渠道獲取利潤的前景？非常感謝。

Yes. Thanks for the question, Michael. I think what you'll see in our prepared remarks, we focused a lot on our strategies. And there has been a lot of dynamic shift over the last number of years in CE. One of those shifts has been a proliferation of third-party sellers in a lot of our categories.

是的。謝謝你的提問，麥可。我想您會在我們準備好的發言中看到，我們非常注重我們的策略。過去幾年來，CE 領域發生了許多動態變化。其中一個變化就是我們許多產品類別中第三方賣家的激增。

And you're seeing us now launch a marketplace to help us strength in some of those places where unit share has been harder to capture because so much of that is being delivered from a third-party marketplace. So as we try to ensure or stabilize our base within CE, that is an important aspect as we go forward, and we believe that's going to help us on an aspect of solidifying categories that have shifted in that direction.

現在，您會看到我們推出了一個市場，以幫助我們在某些​​難以佔領單位份額的地區增強實力，因為其中很大一部分份額是由第三方市場提供的。因此，當我們試圖確保或穩定我們在 CE 中的基礎時，這是我們前進的一個重要方面，我們相信這將有助於我們鞏固朝這個方向轉變的類別。

We're also working on growing our ad business and growing that ad business actually provides a bit of fuel for us so that we can continue to reinvest back into things like price, reinvest into things like the customer experience and into driving awareness. Those are -- that growth of that profitability will help us fuel the core retail business as you were talking about.

我們也在努力擴大我們的廣告業務，而廣告業務的成長實際上為我們提供了一些動力，以便我們能夠繼續重新投資於價格等方面，重新投資於客戶體驗等方面，並提高知名度。正如您所說，獲利能力的成長將幫助我們推動核心零售業務。

Those are a couple of examples of how we are evolving our strategy to move forward, which helps us move beyond maybe just harvesting the business in terms of being more aggressive in terms of like how do we grow the business more proactively in the future.

這些都是我們如何發展策略以向前發展的幾個例子，這有助於我們超越僅僅收穫業務的階段，而是更積極地思考如何在未來更積極地發展業務。

The last thing that I would add, Michael, is even as it relates to the core business, our priority is driving those amazing experiences for our customers. And we highlighted on the call so many ways that we do that in partnership with our vendors. You can imagine we are continuing to expand and deepen those relationships. So that we provide not just the like SKU for SKU competition with others, but this really broad, really immersive technology experience that is different.

邁克爾，我要補充的最後一點是，即使它與核心業務有關，我們的首要任務是為我們的客戶帶來這些令人驚嘆的體驗。我們在電話會議上強調了與供應商合作實現這一目標的多種方式。你可以想像我們正在繼續擴大和深化這些關係。因此，我們提供的不僅僅是與其他公司進行同類 SKU 競爭，而是真正廣泛、真正身臨其境的不同技術體驗。

And we are the only place where that kind of breadth which means we get to partner with people like Roku or Amazon and bring to life these experiences, not just for the hardware but also in terms of how we think about connecting with our customers on the software side.

我們是唯一一家擁有如此廣泛業務的公司，這意味著我們可以與 Roku 或亞馬遜等公司合作，將這些體驗變為現實，不僅在硬體方面，而且在我們如何在軟體方面與客戶建立聯繫方面。

We also talked about the upgrades from Windows 10 to 11. So these relationships are deeper than just let's go fight it out on the SKU for SKU hardware level, but we will do that. They are also about us being the one place where you can come and see all of these brands and all of these operating systems. And you can imagine that behind the scenes, we continue to navigate that in partnership with our vendors to bring these things to market uniquely.

我們也討論了從 Windows 10 到 11 的升級。因此，這些關係比我們在 SKU 硬體層面上進行爭奪要深得多，但我們會這樣做。他們還表示，我們是您可以看到所有這些品牌和所有這些作業系統的唯一場所。你可以想像，在幕後，我們將繼續與供應商合作，以獨特的方式將這些東西推向市場。

Okay. Thank you very much for that. My follow-up question is last couple of quarters, home theater and appliances, have been a bit more challenging for Best Buy as you do the review and diagnose some of those challenges you outlined step that you're going to take in order to stabilize those businesses, including making sharper pricing. So how much are you willing to invest in order to improve the performance of those categories? Is it really just a function of price? Are there other factors at play?

好的。非常感謝。我的後續問題是，過去幾個季度，家庭劇院和家電對百思買來說更具挑戰性，正如您所做的回顧和診斷那樣，您概述了為穩定這些業務將採取的步驟，包括制定更合理的價格。那麼，為了提升這些類別的表現，您願意投入多少呢？它真的只是價格的函數嗎？還有其他因素在起作用嗎？

And if you look across your portfolio of profits, how much are you willing to fund some of these (inaudible) or take the profits associated with these emerging pools like Best Buy Ads in marketplace and reinvest them back in stabilizing parts of your core business?

如果您審視您的利潤組合，您願意為其中的一些（聽不清楚）提供多少資金，或者拿出與這些新興池（如市場上的百思買廣告）相關的利潤，並將其重新投資於穩定您的核心業務的部分？

Yeah. Thank you for the question. I think TVs and appliances are very different categories. So maybe I'll hit on really quickly and some of the differences associated with each. In half one, the TV trend has been a little bit softer, and there has been more of a shift towards value. So there is a need for us to make modifications to our assortment. Some of that is price, but some of that is also what we offer and the way that we bring that experience to life in store.

是的。謝謝你的提問。我認為電視和家用電器是非常不同的類別。因此，也許我會很快談到它們之間的一些差異。在第一季度，電視趨勢有所減弱，並且更多地轉向價值。因此我們需要對我們的產品組合進行修改。其中一部分是價格，但也一部分是我們提供的產品以及我們在店內實現這種體驗的方式。

As Corie alluded to, we are actually expanding relationships with some of our vendors, in particular, TCL, Hisense and creating more experiences in our store that not only lean into the more premium side of technology but also allow us to better meet some of those value-seeking customers. That's the way things look from a TV perspective. And on top of that, additional marketing investments to make sure that we're driving the right traffic

正如 Corie 所提到的，我們實際上正在擴大與一些供應商的關係，特別是 TCL、海信，並在我們的商店中創造更多的體驗，不僅傾向於更高端的技術，而且還使我們能夠更好地滿足一些尋求價值的客戶。從電視角度來看，事情就是這樣的。除此之外，我們還進行了額外的行銷投資，以確保我們能夠吸引正確的流量

Appliances is a little bit different situation and the fact that the market is very focused on duress right now just because the housing upgrade market has been a little bit softer and the rest has not historically been our sweet spot. Our sweet spot is more around packages associated with appliances. So there is a need for us to modify our assortment there and also placement.

家電產業的情況略有不同，事實上，市場目前非常關注壓力，因為房屋升級市場略顯疲軟，而其他產業歷來都不是我們的強項。我們的最佳選擇是與電器相關的包裝。因此，我們需要修改那裡的品種和位置。

So in some cases, it's less about price, but more about speed of fulfillment or even the ability for a customer to actually take an appliance out of our store and just directly take in that particular day. And those are some of the moves that the teams are making as well to better meet the customer where they are in the market today.

因此，在某些情況下，重要的不是價格，而是履行速度，甚至是客戶能否在當天直接將電器從我們的商店中帶走。這些也是團隊正在採取的一些舉措，以便更好地滿足當今市場上的客戶需求。

Hey, Michael, I might just add in terms of how that's represented in our financials. I think we're always strategically trying to balance sales and profitability. And I think even in our guide this year, though, we did note that product margin rates are expected to be lower year-over-year.

嘿，邁克爾，我可能只是想補充一下這在我們的財務狀況中是如何體現的。我認為我們始終在策略上努力平衡銷售額和獲利能力。但我認為，即使在我們今年的指南中，我們也確實指出產品利潤率預計會比去年同期下降。

And some of that, most of that is due to just the mix of what we're selling, but we have built in a level of promotionality or competitive pricing so that we can actually make sure we are being competitive as we get into Q3 and Q4 to support not just all the experiences that Jason talked about, but also just from a competitive price standpoint, we have tried to incorporate that into our guidance as best as we can see. And obviously, we'll adjust as we see.

其中一部分，大部分是由於我們銷售的產品組合，但我們已經建立了一定程度的促銷或競爭性定價，以便我們能夠真正確保我們在進入第三季度和第四季度時具有競爭力，不僅支持傑森談到的所有體驗，而且僅從競爭性價格的角度來看，我們已盡力將其納入我們的指導中。顯然，我們會根據情況進行調整。

And I think it's just worth noting that kind of a ribbon on this. That guide that we put out, that includes all of these things we're talking about includes mix. It includes making sure we feel like we have a very strong promotional stance. And it includes that conversation we just had about balancing sharing in the tariffs. And I think it's worth noting that even with all of that put together, our guide has remained very stable on the profitability side.

我認為值得注意的是這上面的那種絲帶。我們發布的指南涵蓋了我們正在討論的所有內容，包括混合。其中包括確保我們感覺自己擁有非常強大的促銷立場。其中包括我們剛才關於平衡關稅分攤的討論。我認為值得注意的是，即使把所有這些因素綜合起來，我們的獲利指南仍然非常穩定。

Is that why you are thinking, hey, we might be at the high end of our top line, but just in line on the profitability side because of tariff pricing mix, those factors are just playing out to be a little bit more challenging?

這就是為什麼你會想，嘿，我們可能處於營收的高端，但由於關稅定價組合，在盈利方面只是處於領先地位，這些因素只會變得更具挑戰性？

Yeah. I don't think our profit expectation has changed dramatically. We haven't changed the guide for the year. And in the previous guide. We did also talk a little bit about building in that promotionality and that remains pretty consistent I think we are believing that we're a little more confident in the top end of that sales range, as we talked about.

是的。我認為我們的獲利預期並沒有發生太大的變化。我們今年沒有改變指南。並在之前的指南中。我們也確實談論了一些關於促銷活動的內容，而且這種做法仍然相當一致，我認為我們相信，正如我們談到的那樣，我們對銷售範圍的最高端更有信心。

And we did exceed our expectations in Q2, which is coming in some lower-margin category areas. So it's fair to say that on the high end as you mix into those lower margin areas doesn't come with as much profitability. So we have a little bit of room there, but that would have -- we've already factored that in.

我們第二季的業績確實超出了預期，這發生在一些利潤率較低的類別領域。因此可以公平地說，當你混合到那些利潤率較低的領域時，高端市場並不會獲得那麼多的獲利能力。所以我們在那裡有一點空間，但那會是——我們已經考慮到了這一點。

Thank you, very much and good luck.

非常感謝，祝你好運。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning. Thank you for taking my question. So it sounds like the Switch launch was a success, but I was just wondering how did it perform -- or sorry, Switch 2, how did it performed relative to your expectations? And then how does that how did that flow through to your guidance for the back half of this year? Thanks.

早安.感謝您回答我的問題。所以聽起來 Switch 的發布是成功的，但我只是想知道它的表現如何——或者抱歉，Switch 2，相對於你的預期它的表現如何？那麼這對您對今年下半年的指導有何影響？謝謝。

Yeah. I mean we did exceed our sales expectations in Q2. A big part of that was our performance coming from the Switch launch. So fair to say that, that was a significant part of the [beat] to our expectations in Q2. And we do expect to continue to grow in gaming as we get into Q3 and Q4, and that we've reflected any sort of additional upside that we might see as it relates to that product.

是的。我的意思是我們第二季的銷售確實超出了預期。其中很大一部分原因是 Switch 發布後我們的業績有所提升。公平地說，這是第二季超出我們預期的重要部分。我們確實預計，隨著進入第三季度和第四季度，遊戲業務將繼續成長，並且我們已經反映了與該產品相關的任何額外優勢。

But it did represent something. We also, though, did exceed expectations in other categories like computing as well. So it wasn't the only thing that did better than we expected in the second quarter.

但它確實代表了某種東西。不過，我們在計算等其他領域也確實超出了預期。因此，這並不是第二季唯一表現優於我們預期的事情。

Got it. And then in terms of the Windows 10 support expiration, so based on that -- because I know your computing sales has been quite strong for quite some time. But is it safe to say that you would expect a further acceleration just based off of that?

知道了。然後就 Windows 10 支援到期而言，基於此 - 因為我知道您的計算銷售在相當長的時間內一直非常強勁。但是，僅基於這一點，您是否可以肯定地說，您會預期進一步加速？

Yeah. In computing, we expect to see continued momentum. So a couple of things. There's been 6 consecutive quarters of growth in computing and Q2, as Corie mentioned, we actually had the highest laptop volume in Q2 than we've had in 15 years. So we are continuing to see that acceleration.

是的。在計算領域，我們預計會看到持續的成長勢頭。有幾件事。電腦業務已連續 6 個季度實現成長，正如 Corie 所提到的，第二季度我們的筆記型電腦銷量實際上達到了 15 年來的最高水平。因此，我們將繼續看到這種加速。

And there's really three factors that are driving growth in computing. The Windows 10 end of life support is driving customers that have not been in the market for a long time in and they have very specific needs, specific things like data transfer and things like that are top of mind.

其實有三個因素推動著計算技術的發展。Windows 10 的生命週期支援終止正在推動那些長期未進入該市場的客戶，他們有非常具體的需求，諸如數據傳輸等具體的事情是他們最關心的問題。

There's also a pretty significant trend of MacBook users that have MacBooks that are three to eight years old that are still on the Intel-based platform that can get some significant changes in performance in battery life and performance in general as well as AI when they upgrade, and that's driving interest in the market.

還有一個相當明顯的趨勢是，MacBook 用戶擁有三到八年前的 MacBook，這些 MacBook 仍然採用基於英特爾的平台，升級後，電池壽命、整體性能以及 AI 的性能都會發生顯著變化，這引起了市場的興趣。

And then just the AI features continue to evolve. Every single quarter, there are new features dropped from Apple and Microsoft in total and customers are seeing interest and our Copilot+ PC assortment has grown pretty dramatically. We're up to 120 in different models in our stores.

然後人工智慧功能就會繼續發展。每個季度，蘋果和微軟都會推出新功能，客戶對此很感興趣，我們的 Copilot+ PC 種類也隨之大幅增加。我們的商店中有多達 120 種不同型號的產品。

So those three factors are really what's driving the growth, and we think it will continue moving forward because those are all really important things to different groups of customers.

因此，這三個因素才是推動成長的真正動力，我們認為它將繼續向前發展，因為它們對不同的客戶群來說都是非常重要的。

That's helpful. Thank you.

這很有幫助。謝謝。

Robert Ohmes, Bank of America.

美國銀行的羅伯特‧奧姆斯 (Robert Ohmes)。

Good morning. Thanks for taking the question. Maybe for Corie. Just -- sorry, on the Verizon and AT&T carrier system commentary, can you just walk us through, is this a significant back half benefit you're expecting in traffic? Or is there any structural change in the agreement versus things you've done in the past?

早安.感謝您回答這個問題。也許對 Corie 來說。只是——抱歉，關於 Verizon 和 AT&T 運營商系統的評論，您能否向我們簡單介紹一下，這是您預期在流量方面帶來的顯著的後半部分好處嗎？或者與你們過去所做的事情相比，該協議是否存在任何結構性變化？

It's not a structural change. I would think about it more as an expansion. We actually saw mobile phone sales grow in both Q1 and Q2, and that was after years of declines. And so what we're doing is we're actually an operating model that we have had in some of our stores with both Verizon and AT&T.

這不是結構性變化。我更多地將其視為一種擴展。實際上，我們看到第一季和第二季的手機銷量均有所成長，而這是在經歷了多年的下滑之後。因此，我們實際上正在採取一種營運模式，這種模式在我們與 Verizon 和 AT&T 合作的一些商店中已經採用過。

And the reason is advantageous is it's just easier to access all of the myriad of pricing and arrangements that you need in this space with the customer, depending on if they have a family and they have multiple lines and they have different needs in terms of data.

這樣做的好處是，您可以更輕鬆地與客戶一起訪問此領域所需的所有定價和安排，具體取決於他們是否有家庭、有多條線路以及在數據方面是否有不同的需求。

This just allows a really seamless way for the customer to interact with a more specialized associate given the complexities also have access to the greatest deals. So yes, we expect that to continue to drive momentum in the mobile category in the back half. It's part of what is baked into our belief system around being at the higher end of the range.

這只是為客戶提供一種真正無縫的方式與更專業的員工互動，考慮到複雜性，他們也可以獲得最優惠的價格。所以是的，我們預計這將在下半年繼續推動行動類別的發展勢頭。這是我們信仰體系中關於處於較高層次的部分。

Got it. That's helpful. And then maybe for Matt, any -- the restructuring charge in this quarter makes sense. Just any -- should we expect more restructuring charges through the balance of the year?

知道了。這很有幫助。那麼對馬特來說，本季的重組費用可能是有意義的。只是任何——我們是否應該預期今年餘下時間會有更多重組費用？

The restructuring charge that we took in the quarter reflects basically our motivation to move resources towards those strategic areas in our business. And I think there are some of the impacts will happened this year. Some of those actual impacts happen as we carry into next year, but we don't expect to be adding a material amount more restructuring at the rest of the year.

我們在本季承擔的重組費用基本上反映了我們將資源轉移到業務策略領域的動機。我認為今年就會產生一些影響。其中一些實際影響將在明年顯現，但我們預計在今年剩餘時間內不會再增加實質的重組。

Terrific. Thanks so much.

了不起。非常感謝。

Scott Ciccarelli, Truist Securities.

Scott Ciccarelli，Truist 證券公司。

Good morning. This is Shervin on for Scott. Just had a question here regarding tariffs again. While we've been in a bit of a limbo situation still dynamic. I'd love to hear about your progress since last quarter when we talked about sourcing, distribution like what's the split of your exposure today to China versus other countries? What's the end goal?

早安.這是 Shervin 代替 Scott 發言。我又想問一個關於關稅的問題。儘管我們處於一種有點不確定的境地，但仍然充滿活力。我很想聽聽您自上個季度以來的進展情況，當時我們談到了採購、分銷，例如，您目前在中國和其他國家的業務佔比如何？最終目標是什麼？

What are you doing and like when you expect to get there? I also think that you talked about your progress with vendor negotiations surrounding costs. A little bit more color there would be great. Thanks.

您正在做什麼？預計什麼時候到達那裡？我還認為您談到了與供應商就成本進行談判的進展。如果顏色再多一點就更好了。謝謝。

Sure. So as a reminder, before I start this conversation. We are the importer of record on only about 2% to 3% of what we sell. So whenever we're quoting the sourcing on this, it is in partnership with our vendors and understanding where they are doing the majority of the sourcing.

當然。因此，在我開始這次談話之前，請提醒一下。根據記錄，我們的進口量僅佔總銷售額的 2% 至 3%。因此，每當我們引用此​​採購資訊時，我們都會與我們的供應商合作，並了解他們在哪裡進行大部分採購。

Right now, the US plus Mexico are about 25% of product cost of goods sold at this point, those have 0 tariffs. China has come down to 30% to 35% compared to the 55% we shared back last March and about half the China source products are at 30% tariffs, roughly half or a 20% tariffs, and that leaves another roughly 40% of CE products coming from other countries like Vietnam, India, South Korea and Thailand, which as you know, are at varying levels right now.

目前，美國和墨西哥的產品銷售成本約佔25%，而且關稅為0。中國的關稅已從我們去年 3 月分享的 55% 降至 30% 至 35%，其中約有一半中國產品的關稅為 30%，約有一半為 20%，剩下約 40% 的消費電子產品來自越南、印度、韓國和泰國等其他國家，如你所知，這些國家的關稅目前處於不同水平。

And so the kind of blended effective rate of all that is about 16% versus the 12% to 13% we shared with you and I will reinforce that because we continue to work on the mitigation strategies that we've talked about, the amount of cost adjustments that are coming through are materially less than that blended rate because our partners are doing an amazing job really trying to work through these very global supply chains.

因此，所有這些的混合有效稅率約為 16%，而我們與您分享的稅率為 12% 至 13%。我要強調的是，因為我們將繼續致力於我們已經討論過的緩解策略，所以實際產生的成本調整金額將大大低於混合稅率，因為我們的合作夥伴在努力打通這些全球供應鏈方面做得非常出色。

Great. Thank you.

偉大的。謝謝。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Hey, good morning. This is David Lantz on for Zach. Thanks for taking our questions. I guess first one for me. How do you think about sizing a potential upgrade cycle? And to what extent does that incorporated in guidance?

嘿，早安。大衛·蘭茲 (David Lantz) 代替扎克 (Zach) 發言。感謝您回答我們的問題。我想對我來說是第一個。您如何考慮確定潛在升級週期的規模？這在多大程度上納入了指導？

Yeah. I think I'll step back a little bit. I think every category is at a different level of upgrade cycle pretty uniquely. And I think as an example, we've been seeing, as we've talked about a lot, replacement cycle, upgrade cycle coming through computing. It first started with notebooks. It's moved into other things like desktops.

是的。我想我會退後一點。我認為每個類別都處於不同的升級週期水平，並且非常獨特。我認為，舉個例子，正如我們所討論的，我們已經看到計算領域的更換週期、升級週期。它首先從筆記本開始。它已轉移到其他事物中，例如桌上型電腦。

There's been a long-nose strength in gaming computers as well. And I think that's the first place where we saw because of that significant purchase during the pandemic, maybe not getting the optimal machine, seeing a replacement cycle happen for quite a bit of time now in that category. And I think it kind of varies by product category. Gaming is another example. It's usually pretty launch dependent where we just had a Switch launch. We have -- we probably won't see a PS5 or Xbox for a little bit of time.

遊戲電腦也同樣擁有強大的實力。我認為這是我們第一次看到，由於疫情期間的大量購買，可能無法獲得最佳機器，因此在該類別中，更換週期已經持續了相當長一段時間。我認為它會根據產品類別而有所不同。遊戲是另一個例子。它通常非常依賴發布，我們剛剛發布了 Switch。我們可能在一段時間內不會看到 PS5 或 Xbox。

I think TVs and appliances are a little longer in the replacement cycle window closer to the six-, seven-, eight-year cycle, probably not seeing a large level of replacement having there, although there is a lot of innovation happening in some aspects of those categories like extra large televisions that didn't exist years ago. So I think every category is a little bit different.

我認為電視和家用電器的更換週期窗口會更長一些，更接近六年、七年、八年的周期，可能不會出現大規模的更換，儘管這些類別的某些方面正在發生很多創新，比如幾年前還不存在的超大電視。所以我認為每個類別都有點不同。

I think broadly, our business shines when there's innovation. And so it's always some combination of needing to replace the technology in your life, but also being interested and curious about new innovation that's coming that both of those things combined is kind of where we do our best work. And so we aren't quite back all the way on an innovation or replacement cycle, but we see the momentum building in a number of the different categories.

我認為，整體而言，只要有創新，我們的業務就會蓬勃發展。因此，我們總是需要在生活中更新技術，但同時也對即將到來的新創新感興趣和好奇，將這兩者結合起來是我們做得最好的地方。因此，我們還沒有完全回到創新或替代週期，但我們看到許多不同類別的勢頭都在增強。

Got it. That's helpful. And then with expectations that rates ease in some of your business tied to housing, curious how retail wind would impact your business?

知道了。這很有幫助。然後，由於預期與住房相關的部分業務的利率會下降，好奇零售風電將如何影響您的業務？

Yeah. I think probably in appliances the most. I think there's the strongest correlation with the housing turnover or housing starts coming to the major appliance business, maybe a little bit on the home theater TV side, but mostly on the majors.

是的。我認為可能在家用電器方面最為常見。我認為，房屋成交量或新屋開工量與大家電業務的關聯性最強，家庭劇院電視方面可能也有一點關聯，但主要還是與主要家電業務的關聯性最強。

And I think as people start to get into new homes or actually want to remodel their homes, we start to see people gravitate maybe towards package appliances versus right now, it's a very dressed market. And we also offer a very broad range of assorted major appliances, all the way from Viking and (inaudible) the high end to opening price points.

我認為，隨著人們開始搬進新家或真正想要改造他們的家，我們開始看到人們可能傾向於購買成套家電，而現在，這是一個非常講究裝飾的市場。我們還提供各種各樣的主要家電，從 Viking 和（聽不清楚）高端到入門價位。

And so I think as we get into better housing turnover, housing starts, you [start] to see people want to pursue different types of major appliance purchases. And I think from that respect, that helps our business because we have more dedicated labor. We have more showcasing in our stores. We have a broader assortment. I think so when we do see that, we would expect to be able to drive a bit of better performance on the major side of the business.

因此，我認為，隨著住房週轉率和新屋開工率的提高，你會開始看到人們想要購買不同類型的大型家電。我認為從這個方面來說，這有助於我們的業務，因為我們擁有更多敬業的勞動力。我們的商店裡有更多展示品。我們的品種更加豐富。我認為，當我們確實看到這一點時，我們希望能夠在業務的主要方面推動更好的表現。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

All right. With that, I think that's our last question. I want to thank you all for joining us, and we look forward to updating you on our progress in November. Have a great day.

好的。我想這是我們的最後一個問題。我要感謝大家的加入我們，我們期待在 11 月向大家通報我們的進展。祝你有美好的一天。

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。