百思買 (BBY) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's third-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，感謝你們的耐心等待。歡迎參加百思買2026財年第三季財報電話會議。（操作員說明）提醒各位，本次通話將被錄音，以便回放，回放將於今天下午 1 點左右（美國東部時間）提供。（操作說明）

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

現在我將把電話會議交給投資人關係主管莫莉‧奧布萊恩。

Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our Chief Financial and Strategy Officer; and Jason Bonfig, our Chief Customer, Product, and Fulfillment Officer.

謝謝大家，大家早安。今天與我一起參加電話會議的有：我們的執行長 Corie Barry；我們的財務和策略長 Matt Bilunas；以及我們的首席客戶、產品和履行官 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.

在今天的電話會議中，我們將討論GAAP和非GAAP財務指標。您可以在今天早上發布的收益報告中找到這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表，以及對這些非GAAP財務指標用途的解釋，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. Please refer to the company's current earnings release and our most recent Form 10-K and subsequent Form 10-Q 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.

我們今天發表的一些聲明屬於 1995 年《私人證券訴訟改革法案》意義上的前瞻性聲明。這些聲明可能涉及公司的財務狀況、業務舉措、成長計畫、投資和預期業績，但存在風險和不確定性，可能導致實際結果與此類前瞻性聲明有重大差異。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。本公司不承擔任何義務更新或修改任何前瞻性聲明，以反映本次電話會議日期之後可能發生的事件或情況。

And now, I will turn the call over to Corie.

現在，我將把電話交給科里。

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

各位早安，感謝各位的參與。

Today, we are very pleased to report strong results for the third quarter. On revenue of $9.7 billion, we delivered an adjusted operating income rate of 4% and increased our adjusted earnings per share 11% year over year to $1.40. We delivered better-than-expected comparable sales growth of 2.7%. Our better-than-expected profitability was due to the higher revenue and lower-than-expected SG&A expenses.

今天，我們非常高興地宣布第三季業績表現強勁。公司營收達97億美元，調整後營業利益率為4%，調整後每股盈餘較去年同期成長11%至1.40美元。同店銷售額成長2.7%，超出預期。我們獲利能力超出預期，是因為收入較高，而銷售、管理及行政費用低於預期。

We continue to drive strong sales performance across computing, gaming, and mobile phones. We also saw growth in other categories, including wearables and headphones. This growth was partially offset by declines in the home theater, appliance, and drone categories.

我們在電腦、遊戲和行動電話領域的銷售業績持續強勁成長。我們也看到其他類別也有所成長，包括穿戴式裝置和耳機。家庭劇院、家電和無人機類別的下滑部分抵消了這一增長。

In computing, we delivered our seventh consecutive quarter of positive comps, with sales growth coming from across the assortment and price points. 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.

在電腦領域，我們連續第七個季度實現了同店銷售額正成長，銷售成長來自所有產品系列和價格點。這是由於客戶更換和升級產品的需求持續推動，再加上我們獨特的豐富產品種類和專家建議、服務及支援的組合。

We were there for students and their families, no matter their budget, and were pleased with our back-to-school sales performance. We were also focused on helping customers get what they needed to transition to Windows 11 as Microsoft ended support for the Windows 10 operating system mid-October. This contributed to our comparable sales performance, evidenced by strong Windows-based sales overall and almost 30% year-over-year growth in desktop computers.

無論預算多少，我們都竭誠為學生及其家庭服務，並對返校季的銷售表現感到滿意。由於微軟在 10 月中旬停止了對 Windows 10 作業系統的支持，我們也專注於幫助客戶獲得過渡到 Windows 11 所需的一切。這有助於提升我們的銷售業績，Windows 系統整體銷售強勁，桌上型電腦較去年同期成長近 30%，便是最好的證明。

In gaming, we continued to see strong demand for the Nintendo Switch 2. As expected, the growth rate slowed from the more material Q2 launch timeframe. We also continued to see healthy demand for handheld gaming and augmented reality glasses. In mobile phones, we leveraged our expanded partnerships and in-store operating model improvements with the largest carriers to drive strong sales growth across phones.

在遊戲領域，我們持續看到市場對 Nintendo Switch 2 的強勁需求。正如預期的那樣，成長速度從第二季產品上市初期開始放緩。我們也持續看到市場對掌上型遊戲機和擴增實境眼鏡的良好需求。在手機領域，我們利用與最大營運商擴大的合作夥伴關係和店內營運模式的改進，推動了手機銷售的強勁成長。

Our Q3 enterprise comparable sales were driven by growth across both our online assets and our stores. Online sales were up for the fourth consecutive quarter due to higher traffic and increased customer adoption of our highly rated app. We also drove our fastest shipping fulfillment speed ever, coupled with our highest on-time rate for a third quarter.

第三季企業同店銷售額的成長得益於線上業務和實體店的雙重成長。由於流量增加和用戶對我們高評分應用程式的接受度提高，線上銷售額連續第四個季度增長。我們也實現了有史以來最快的出貨速度，同時第三季準時率也達到了最高水準。

According to our five-star surveys, our store customer experience ratings for product availability, store appearance, and associate availability all improved year over year. We were also pleased to see continued year-over-year growth in our overall relationship Net Promoter Score, reflecting improved customer perception on all relationship attributes, with the largest gain in meeting my tech needs for the second straight quarter.

根據我們的五星調查，我們門市的顧客體驗評分，包括產品供應情況、門市外觀和員工服務情況，均逐年提高。我們也很高興地看到，我們的整體關係淨推薦值 (NPS) 持續同比增長，反映出客戶對所有關係屬性的感知有所改善，其中在滿足我的技術需求方面連續第二個季度取得了最大進展。

For the most part, customer shopping behavior in Q3 did not change materially from the commentary we have shared for the past several quarters. Customers remained resilient but deal-focused and attracted to more predictable sales moments, including our back-to-school sales events and our Techtober sales held in close proximity to the October Prime Day event.

整體而言，第三季顧客的購物行為與我們過去幾季所分享的評論相比，並沒有發生實質變化。顧客依然保持韌性，但更注重優惠，更傾向於可預測的銷售時機，包括我們的返校季促銷活動和與 10 月份 Prime Day 活動臨近的 Techtober 促銷活動。

September, which was relatively quiet outside of the Labor Day sales event, had the slowest growth of the quarter. Importantly, while customers continue to be thoughtful about big-ticket purchases in the current environment, they are willing to spend on high-price-point products when they need to or when there is technology innovation.

除了勞動節促銷活動之外，9 月份市場相對平靜，是本季成長最慢的月份。重要的是，雖然在當前環境下，消費者在購買大宗商品時仍然會謹慎考慮，但當他們需要或有技術創新時，他們也願意購買高價產品。

To summarize our Q3 performance, we are flexing the unique strengths of our model as customers need to upgrade or replace their CE and new products are coming to market. I want to thank our amazing employees for their dedication to our customers and their strong execution in delivering these Q3 results and setting us up well for an exciting holiday quarter.

總結我們第三季的業績，隨著客戶需要升級或更換他們的消費性電子產品，以及新產品即將上市，我們正在充分發揮我們模式的獨特優勢。我要感謝我們優秀的員工，感謝他們對客戶的奉獻精神和出色的執行力，正是他們的努力才取得了第三季度的業績，並為我們迎接激動人心的假期季奠定了良好的基礎。

I would like to provide a few updates on 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.

我想就我們2026財年策略的進展提供一些最新資訊。再次強調，我們的策略是繼續鞏固我們在零售業的地位，成為領先的全通路科技目的地，同時建立和擴大新的利潤來源，我們相信這些利潤來源將在未來推動回報。

Our first fiscal '26 strategic priority is to drive omnichannel experiences that resonate with our customers. Last quarter, we provided multiple examples of store refreshes and upgrades planned for the back half of the year, many of which were in partnership with our vendors. A few updates. We launched the latest AI glasses from Meta across all stores. In more than 50 locations, we now have immersive showcase areas staffed by Meta experts to help customers discover and try the technology hands-on. The strong customer demand for in-person demos continues to outpace available appointments.

我們2026財年的首要策略重點是打造能引起顧客共鳴的全通路體驗。上個季度，我們提供了多個計劃在下半年進行的門市翻新和升級的案例，其中許多案例都是與我們的供應商合作完成的。一些更新。我們在所有門市推出了 Meta 最新 AI 眼鏡。目前，我們在超過 50 個地點設有沉浸式展示區，並配備 Meta 專家，幫助客戶發現並親身體驗這項技術。客戶對現場演示的強勁需求持續超過可預約的數量。

We introduced new experiences with Breville and SharkNinja that feature expanded assortments for at-home baristas and chefs and innovative health and beauty solutions. Very early reads are positive, and we are excited to monitor customer response during the holidays, as many of these new experiences will be staffed with expert sales associates to bring this innovation to life for our customers.

我們與 Breville 和 SharkNinja 合作推出了全新的體驗，為家庭咖啡師和廚師提供了更豐富的產品選擇，並推出了創新的健康美容解決方案。初步回饋非常積極，我們很高興能在假期期間觀察顧客的反應，因為許多新的體驗活動都將配備專業的銷售人員，以便為顧客帶來真正的創新體驗。

We expanded the merchandising areas featuring TVs from TCL, Hisense, and LG, which are staffed by dedicated experts to address questions and help customers get what they need. These were not all live for the whole quarter, but very early reads are showing positive results.

我們擴大了銷售區域，主要銷售 TCL、海信和 LG 的電視機，並配備了專業的銷售人員，解答顧客的疑問，幫助他們找到所需的產品。這些項目並非整個季度都在運行，但初步數據顯示結果正面。

And earlier this month, we implemented most of the new IKEA pilots we announced last quarter. These 1,000-square-foot areas are staffed by IKEA coworkers and showcase kitchen and laundry room settings from IKEA and appliances from Best Buy. While there are only 10 pilot locations, this is the first time IKEA products and services are available through another US retailer, creating innovative ways for both of us to meet customer needs in a changing environment.

本月初，我們實施了上個季度宣布的大部分宜家新試點計畫。這些 1000 平方英尺的區域由宜家員工負責，展示宜家的廚房和洗衣房佈置以及百思買的電器。雖然目前只有 10 個試點地點，但這是宜家產品和服務首次透過另一家美國零售商提供，為我們雙方在不斷變化的環境中滿足客戶需求創造了創新的方式。

We continue to drive the digital experience forward as well. Usage of our app is growing every quarter, which helps us recognize more customers as they shop with us and gives us the opportunity to provide better personalization and product recommendations.

我們也不斷推動數位化體驗的發展。我們的應用程式使用量每季都在成長，這有助於我們在顧客購物時識別更多顧客，並使我們有機會提供更好的個人化服務和產品推薦。

In addition to launching our Marketplace, we continue to make online customer enhancements. A few specific examples. We improved the online TV shopping experience by both lowering the price for our delivery and installation services and improving the digital flow to make it even easier for customers to add the services to their online TV purchase.

除了推出我們的商城之外，我們還在不斷改進線上客戶體驗。舉幾個具體例子。我們透過降低送貨和安裝服務的價格，並改善數位流程，改善了線上電視購物體驗，使客戶更容易將這些服務添加到他們的線上電視購買中。

For shippable products across categories, customers in all our markets can now pick a two-hour window for delivery up to seven days out. This capability was only available in about a third of our markets last year. This is a great option for customers, especially those who may want more security around their high-price-point purchases.

對於所有類別的可出貨產品，我們所有市場的客戶現在可以選擇最多提前七天送達的兩小時送貨時段。去年，這項功能僅在我們大約三分之一的市場中可用。對於顧客來說，這是一個很好的選擇，尤其是那些希望在購買高價商品時獲得更多保障的顧客。

As always, we have a relentless focus on the employee experience and being the Best Place to Work, which is driving engagement, historically low turnover, and healthy applicant pools. This, in turn, allows us to provide our customers the expert service that Best Buy is known for across stores, online, and in-homes.

一如既往，我們始終不懈地關注員工體驗，力爭成為最佳工作場所，這提高了員工敬業度，實現了歷史性的低員工流動率，並吸引了大量求職者。這使得我們能夠為顧客提供百思買在實體店、線上和上門服務中聞名遐邇的專業服務。

On top of that, our vendors have grown their investment in our specialized labor programs to augment our staff. We continue to expect vendor labor investment to be approximately 20% higher than last year in the second half of the year.

除此之外，我們的供應商也加大了對我們專業勞動力專案的投入，以擴充我們的員工隊伍。我們仍然預計，今年下半年供應商的勞動力投入將比去年同期成長約 20%。

Our second strategic priority for fiscal '26 is focused on incremental profitability streams. We are excited about our new Best Buy Marketplace. We are about three months into the launch and have more than 1,000 sellers and 11 times more SKUs available online for customers than we did before. Now, we have more tech options than ever for our customers, both from big names like Samsung, Dell, HP, and Intel, and new vendors that help us level up our tech assortment across categories. We also have hundreds of new brands in new categories, like licensed sporting goods, seasonal decor, and much more. For our sellers, our Marketplace provides an additional avenue to increase their reach and build their brands, leveraging our qualified traffic.

我們2026財年的第二個策略重點是增加獲利來源。我們對全新的百思買商城感到非常興奮。上線至今已有三個月，我們擁有超過 1000 名賣家，線上可供顧客選擇的 SKU 數量是之前的 11 倍。現在，我們為客戶提供的技術選擇比以往任何時候都多，既有來自三星、戴爾、惠普和英特爾等知名品牌的產品，也有幫助我們提升各類別技術產品組合的新供應商的產品。我們還有數百個新品牌，涵蓋新類別，例如授權運動用品、季節性裝飾品等等。對於我們的賣家而言，我們的市場平台提供了一個額外的途徑，可以利用我們優質的流量來擴大他們的影響力並建立他們的品牌。

I will share some early results and learnings. As expected, and an important goal of Marketplace, we are seeing high unit sales in categories like accessories and small appliances. The five-star customer reviews for 3P experiences are similar to those we see for our first-party business. Customer return rates for Marketplace items have been running lower than our first-party return rates. And for customers who do have a return, they are taking advantage of the convenient return-to-store option for more than 80% of product returns.

我將分享一些初步成果和經驗教訓。正如預期的那樣，這也是 Marketplace 的一個重要目標，我們看到配件和小家電等類別的銷售量很高。第三方體驗的五星好評與我們自有業務的五星好評類似。Marketplace 商品的顧客退貨率一直低於我們自有商品的退貨率。對於需要退貨的顧客，超過 80% 的退貨都選擇了便捷的門市退貨方式。

Marketplace ramped through Q3 in terms of sellers, SKUs, traffic conversion rate, and sales. We expect to continue to ramp through Q4. Our Marketplace results had a positive impact on our Q3 gross profit rate, and we expect it to positively impact our Q4 gross profit rate as well. And it is already providing opportunities for Best Buy ads through new advertisers.

第三季度，市場在賣家數量、SKU數量、流量轉換率和銷售額方面均實現了成長。我們預計第四季將繼續加速成長。我們的市場業務業績對第三季毛利率產生了正面影響，我們預計也會對第四季毛利率產生正面影響。它已經透過新的廣告商為百思買的廣告投放提供了機會。

Speaking of Best Buy ads, during the quarter, we hosted our first-ever client showcase in September called We Got Next. It spotlighted our scale, performance, and innovation to key decision-makers across agencies, brands, partners, and press. We were encouraged by the reception. Advertisers are particularly excited about our new in-store takeover product. Unique to Best Buy, this high-impact program features both large-format signage across the store and screens across the TV wall and computer monitors. It begins running in January with Meta and ESPN.

說到百思買的廣告，本季我們在 9 月舉辦了我們有史以來的第一個客戶展示會，名為「我們是下一個」。它向各機構、品牌、合作夥伴和媒體的關鍵決策者重點展示了我們的規模、績效和創新能力。大家的反應令我們倍受鼓舞。廣告商對我們新推出的店內推廣產品尤其感到興奮。這項極具影響力的推廣活動是百思買獨有的，它不僅在商店內設置了大幅標牌，還在電視牆和電腦顯示器上投放了螢幕。它將於一月份由 Meta 和 ESPN 聯合播出。

We continue to invest in strengthening and advancing the technology platform we need to capitalize on the opportunity we see ahead. During the quarter, we launched our self-serve platform, My Ads, which is particularly important for our new Marketplace sellers. We also enabled onsite programmatic buying, augmented our reporting capabilities, and expanded our onsite ad supply. We are successfully expanding into new opportunity areas like agencies and demand-side platforms, or DSPs.

我們將繼續投資，加強和推進我們所需的技術平台，以抓住我們看到的未來​​機會。本季度，我們推出了自助服務平台“我的廣告”，這對我們新的 Marketplace 賣家來說尤其重要。我們也啟用了站內程式化購買功能，增強了報告功能，並擴大了站內廣告供應。我們正在成功拓展到新的機會領域，例如代理商和需求方平台（DSP）。

We are also gaining traction in non-endemic categories, with several partners testing the platform in differentiated ways. Financial services is emerging as a standout vertical, with PayPal, Klarna, and Cap One Shopping all activating campaigns. Other new non-endemic categories include quick-serve restaurants and sports entertainment.

我們在非本土領域也獲得了發展動力，一些合作夥伴正在以不同的方式測試這個平台。金融服務正在成為一個突出的垂直領域，PayPal、Klarna 和 Capital One Shopping 都已啟動了相關行銷活動。其他新增的非本土類別包括快餐店和體育娛樂。

Our retail media network is already highly profitable, and our Q3 growth in ad collections had a positive impact on our gross profit rate, and we expect it to positively impact our Q4 gross profit rate as well. We expect a neutral impact on this year's operating income rate compared to last year due to the investments we are making in technology and talent.

我們的零售媒體網路已經非常獲利，第三季廣告收入的成長對我們的毛利率產生了積極影響，我們預計這將對第四季的毛利率產生正面影響。由於我們在技術和人才方面的投資，我們預計今年的營業收入率與去年相比不會受到太大影響。

This brings us to our third strategic priority for fiscal '26, which is a long-standing strategic imperative. Driving efficiencies and identifying cost reductions are crucial to help fund investment capacity for new and existing initiatives and offset pressures in our business. There are many ways we realize these efficiencies, with technology and analytics, through ongoing vendor partnerships and vendor selection throughout the enterprise, and by modifying existing processes or customer offerings.

這就引出了我們 2026 財年的第三個策略重點，這也是一項長期存在的策略要務。提高效率和降低成本對於幫助籌集資金以支持新專案和現有專案的投資能力以及抵消我們業務中的壓力至關重要。我們可以透過多種方式實現這些效率提升，例如利用技術和分析，透過持續的供應商合作和企業範圍內的供應商選擇，以及透過修改現有流程或客戶服務。

In our customer support capability, we are leveraging AI to streamline interactions and provide new experiences that empower customers with more self-serve content and options. As a result, we drove a 17% decline in the number of customer contacts in Q3 and improved our customer experience scores. By leveraging our new data-driven sourcing solution to choose the most efficient location to fulfill more than 70% of our online orders, we are seeing faster delivery times, better on-time delivery, and lower costs.

在客戶支援方面，我們正在利用人工智慧來簡化交互，並提供新的體驗，從而為客戶提供更多自助服務內容和選項。因此，我們在第三季將客戶聯繫次數減少了 17%，並提高了客戶體驗評分。透過利用我們全新的數據驅動採購解決方案，選擇最有效的地點來完成超過 70% 的線上訂單，我們看到了更快的交貨時間、更好的準時交貨率和更低的成本。

Going forward, we will continue to use AI-augmented optimization across multiple areas of our business, from scam detection to customer support to personalized email marketing. And we are increasingly using AI for product search, product recommendations, and enriching product content, as well as expanding into conversational AI and agentic commerce.

展望未來，我們將繼續在業務的多個領域使用人工智慧增強優化技術，從詐欺檢測到客戶支援再到個人化電子郵件行銷。我們正越來越多地使用人工智慧進行產品搜尋、產品推薦和豐富產品內容，並擴展到對話式人工智慧和智慧商務領域。

We have officially kicked off the holiday season. We feel well positioned with compelling deals on hot products, strong marketing, and competitive fulfillment options. From a timing perspective, our promotional plans, for the most part, line up with last year. Doorbusters drop every Friday through the holiday, and our Black Friday sales started the week before Thanksgiving.

我們正式開啟了假期季節。我們憑藉熱門產品的優惠價格、強大的行銷能力和具競爭力的物流配送方案，佔據了有利地位。從時間安排來看，我們的促銷計劃與去年基本一致。從週五到假期結束，每週五都會有特價商品上架，而我們的黑色星期五促銷活動從感恩節前一周就開始了。

We have something for every budget, with deals across a wide range of price points. Because of our unique position, we can also offer customers great prices for the latest innovation and premium products and assortments that not everyone has. This includes limited-quantity hardware, games, and toys that drive traffic and excitement to our stores and digital properties through invitation-only and other exciting launch events.

我們提供各種價位的產品，滿足不同預算的需求。由於我們獨特的市場地位，我們還可以為客戶提供價格優惠的最新創新產品和優質產品及系列，而這些產品並非人人都能擁有。這包括限量發售的硬體、遊戲和玩具，透過僅限受邀人士參加的活動和其他令人興奮的發布活動，為我們的商店和數位平台帶來客流量和興奮感。

We expect gaming to be a hot holiday gift category, with products like the Nintendo Switch 2, the Asus ROG Xbox Ally handheld gaming system, gaming laptops, and gaming monitors. Other exciting gifts for holiday include AI glasses from Ray-Ban and Oakley, 3D printers, OLED TVs, the new Hyperboot by Nike, limited-quantity Pokémon cards and LEGO toys, and JBL Partybox speakers. For those looking for gifts that can be used every day, we have great deals on the new reMarkable Paper Pro and Copilot+ laptops, small appliances like Ninja SLUSHi machines and Breville Barista espresso machines, health products like the new Oura Ring 4, and much more.

我們預計遊戲將成為熱門的節日禮物類別，其中包括任天堂Switch 2、華碩ROG Xbox Ally掌上游戲系統、遊戲筆記型電腦和遊戲顯示器等產品。其他令人興奮的節日禮物包括雷朋和歐克利的 AI 眼鏡、3D 列印機、OLED 電視、Nike的新款 Hyperboot、限量版寶可夢卡牌和樂高玩具，以及 JBL Partybox 揚聲器。對於那些正在尋找日常實用禮物的人來說，我們有新款 reMarkable Paper Pro 和 Copilot+ 筆記型電腦、Ninja SLUSHi 咖啡機和 Breville Barista 意式咖啡機等小型家電、新款 Oura Ring 4 等健康產品以及更多商品的超值優惠。

In stores, you can interact with our immersive experiences and demos and get advice from our blue shirts and vendor experts. And every year ahead of holiday, we, like many vendors, hire thousands of seasonal flex employees. This year, we tried something new and brought all the new associates together for a full weekend earlier this month. The event was a resounding success. Not only in training the new employees on products, tools, and transacting, but immersing new team members in the values, energy, and collaboration that define Best Buy's culture.

在店內，您可以體驗我們的沉浸式體驗和演示，並向我們的藍襯衫工作人員和供應商專家尋求建議。每年假日之前，我們和許多供應商一樣，都會僱用數千名季節性彈性員工。今年，我們嘗試了一種新的做法，在本月初將所有新同事聚集在一起，度過了一個完整的周末。這次活動取得了巨大的成功。不僅要培訓新員工產品、工具和交易流程，還要讓新團隊成員沉浸在百思買的企業文化所體現的價值觀、活力和協作精神中。

Of course, all the in-store products and more are available for customers who prefer to shop from home. We have our Holiday Gift Ideas page with curated gift lists based on interest and a personalized Discover page designed to help customers discover new technology.

當然，店內所有商品以及更多商品都可供喜歡在家購物的顧客選購。我們有「節日禮物創意」頁面，其中包含根據興趣精心挑選的禮物清單，以及一個個人化的「發現」頁面，旨在幫助客戶發現新技術。

In addition to great price points, we have our comprehensive trade-in program that we will highlight throughout the holiday to help customers more easily get new technology. For example, customers can save up to $1,200 by trading in their tablets or up to $1,100 trading in their phones. We also have great no-interest programs available on the credit card in addition to buy now, pay later options to help customers complete their holiday shopping list.

除了極具競爭力的價格外，我們還提供全面的以舊換新計劃，我們將在整個假期期間重點推廣該計劃，以幫助客戶更輕鬆地獲得新技術。例如，顧客可以透過以舊換新節省高達 1200 美元，或透過以舊換新節省高達 1100 美元。除了先買後付的選項外，我們還提供信用卡免息分期付款計劃，以幫助顧客完成他們的節日購物清單。

We are excited about our holiday marketing campaign that meets people where they already are across sports, streaming, and social. We're teaming up with more than 200 influencers and Best Buy creators as they highlight the tech that's topping their gift lists. And this year, we are going even deeper with sports. We continue to be the official home entertainment retailer of the NFL. And our holiday campaign will have an increased in-game presence across NBC, Peacock, CBS, Fox, and Netflix. We will also have presence on CBSSports.com and across streaming sports content on ESPN.

我們對即將到來的假日行銷活動感到非常興奮，該活動將透過體育、串流媒體和社交媒體等管道與人們互動。我們與 200 多位有影響力的部落客和百思買的內容創作者合作，讓他們專注於他們最想收到的科技產品。今年，我們將更深入地探索體育領域。我們仍然是NFL的官方家庭娛樂零售商。我們的假期行銷活動將在 NBC、Peacock、CBS、Fox 和 Netflix 等平台上增加遊戲內推廣。我們也將在 CBSSports.com 和 ESPN 的體育串流內容中亮相。

In summary, we are pleased with our Q3 financial results and execution, which included improved share positions. We expect to deliver sales growth for the year. The high end of our Q4 outlook assumes growth in computing, gaming, and mobile. It also reflects trend improvements in TVs driven by a blend of sharp pricing, increased marketing, specialty retail, and improved delivery and install offerings.

總而言之，我們對第三季的財務表現和執行感到滿意，其中包括市場份額的改善。我們預計今年銷售額將成長。我們對第四季前景的樂觀預期主要基於電腦、遊戲和行動領域的成長。這也反映了電視機市場趨勢的改善，這種改善得益於極具競爭力的價格、不斷增加的營銷、專業零售以及改進的配送和安裝服務。

Our results demonstrate an important aspect of our thesis. Our model really shines when there is innovation. This is because we are the trusted source for the latest and greatest new technology. We have a broad range of assortments and price points for every budget, in addition to unique in-store and digital experiences. We also have Geek Squad services to help our customers. And we are a true partner to our vendors, working with them from early in the product development cycle all the way to launching products on our sales floor.

我們的研究結果證明了我們論文的一個重要面向。我們的模式在創新方面才能真正脫穎而出。這是因為我們是最新、最先進技術的可靠來源。我們提供各式各樣、價格各異的商品，滿足各種預算需求，此外還有獨特的店內和線上體驗。我們也提供 Geek Squad 服務來幫助我們的客戶。我們是供應商真正的合作夥伴，從​​產品開發週期的早期階段就與他們合作，一直到產品在我們的銷售現場推出。

And now, I would like to turn the call over to Matt for more details on our Q3 performance and Q4 outlook.

現在，我想把電話交給 Matt，讓他詳細介紹我們第三季的業績和第四季的展望。

Good morning.

早安.

Let me start with an overview of how the third quarter performed versus expectations we shared with you last quarter. Enterprise comparable sales growth of 2.7% exceeded our outlook of being similar to our second-quarter growth of 1.6%. Our adjusted operating income rate of 4% was 30 basis points better than expected, which was largely driven by lower-than-planned SG&A expense.

首先，讓我概述一下第三季業績與我們上季向大家分享的預期相比如何。企業同店銷售額成長 2.7%，超過了我們先前預期與第二季 1.6% 的成長相近的水平。我們調整後的營業收入率為 4%，比預期高出 30 個基點，這主要是由於銷售、管理及行政費用低於計劃。

I will now talk about our third-quarter results versus last year. Enterprise revenue of $9.7 billion increased 2.4% versus last year. Our adjusted operating income rate increased 30 basis points compared to last year. And our adjusted diluted earnings per share increased 11% to $1.40. By month, our enterprise comparable sales were up approximately 3% in August, 1% in September, and 5% in October.

接下來我將談談我們第三季的業績與去年同期的情況。企業營收達97億美元，比去年成長2.4%。我們的調整後營業收入率比去年提高了30個基點。經調整後的稀釋每股收益成長了11%，達到1.40美元。按月來看，我們8月份的企業同店銷售額成長了約3%，9月份成長了約1%，10月份成長了約5%。

In our Domestic segment, revenue increased 2.1% to $8.9 billion, driven by comparable sales growth of 2.4%. Our online revenue of 2.4% increased 3.5% on a comparable basis and represented 31.8% of our Domestic revenue. Our online comparable sales growth includes a net commission revenue earned from our third-party marketplace sellers.

在國內業務方面，營收成長 2.1% 至 89 億美元，主要得益於同店銷售額成長 2.4%。我們的線上收入成長了 2.4%，以可比口徑計算成長了 3.5%，佔國內收入的 31.8%。我們的線上同店銷售成長包括從第三方市場賣家獲得的淨佣金收入。

From an organic standpoint, the blended average sales price of our products was approximately flat to last year, with unit growth being the primary driver of our sales growth. International revenue of $794 million increased 6.1% versus last year. The revenue increase was primarily driven by comparable sales growth of 6.3% and revenue from Best Buy Express locations that are not yet included in comparable sales. The previous items were partially offset by the negative impact from foreign exchange rates. From a category standpoint, the largest drivers of International comparable sales growth were Computing and Mobile Phones.

從有機成長的角度來看，我們產品的綜合平均銷售價格與去年基本持平，銷售成長是銷售成長的主要驅動力。國際營收為 7.94 億美元，比去年成長 6.1%。營收成長主要得益於同店銷售額成長 6.3%，以及 Best Buy Express 門市尚未計入同店銷售額的收入。上述因素部分被匯率波動帶來的負面影響所抵銷。從品類角度來看，國際同店銷售成長的最大驅動力是電腦和行動電話。

Our Domestic gross profit rate decreased by 30 basis points to 23.3%. 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 an unfavorable sales mix and increased personalized promotional offers. Our International gross profit rate increased 30 basis points to 22.8%. The higher gross profit rate was primarily due to favorable supply chain costs.

我們的國內毛利率下降了30個基點，至23.3%。這主要是由於產品利潤率下降所致，但服務類別的利潤率提高部分抵消了這種影響。產品利潤率下降的主要原因是銷售組合不利以及個人化促銷活動的增加。我們的國際毛利率提高了30個基點，達到22.8%。較高的毛利率主要歸功於有利的供應鏈成本。

Moving to SG&A, where our Domestic adjusted SG&A decreased $4 million, which included lower Best Buy Health expenses that were largely offset by higher incentive compensation expense. During the third quarter, we recorded pre-tax non-cash asset impairments of $192 million related to Best Buy Health, which were excluded from our adjusted results. The impairments were prompted by a change in Best Buy Health's customer base during the quarter and reflect downward revisions in our long-term projections, in part due to pressures in the Medicaid and Medicare Advantage markets.

再來看銷售、一般及行政費用，我們國內調整後的銷售、一般及行政費用減少了 400 萬美元，其中包括百思買健康費用的減少，但這些減少很大程度上被更高的激勵性薪酬費用所抵消。第三季度，我們提列了與百思買健康相關的 1.92 億美元稅前非現金資產減損損失，這些損失已從我們調整後的業績中剔除。本季 Best Buy Health 的客戶群發生變化，導致資產減值，並反映出我們對長期預測的下調，部分原因是 Medicaid 和 Medicare Advantage 市場面臨壓力。

Year to date, we have returned a total of $802 million to shareholders through dividends of $602 million and share repurchases of $200 million. For the year, we still expect to spend approximately $300 million on repurchases.

今年迄今為止，我們已透過派發 6.02 億美元的股息和回購 2 億美元的股票，向股東返還了總計 8.02 億美元。今年我們仍預期在股票回購上花費約 3 億美元。

Let me next share color on fourth-quarter guidance. From a top-line perspective, we expect our fourth-quarter comparable sales to be in the range of down 1% to up 1%. In addition, our fourth-quarter comparable sales outlook for Canada more closely aligns with our expectations for the Domestic segment. On the profitability side, we expect our fourth-quarter adjusted operating income rate of 4.8% to 4.9%, which compares to 4.9% last year.

接下來，我將介紹一下第四季業績預期。從整體來看，我們預計第四季同店銷售額將在下降 1% 到成長 1% 之間。此外，我們對加拿大第四季同店銷售額的預期與我們對國內市場的預期更為一致。在獲利能力方面，我們預期第四季調整後營業收入率為 4.8% 至 4.9%，而去年同期為 4.9%。

Moving to gross profit, we expect our fourth-quarter gross profit rate to decline versus last year due to a lower product margin rate, which is primarily due to increased promotional investments. Other notable drivers that are expected to benefit our gross profit rate include growth from Best Buy ads, our recently launched online marketplace, and improved profitability from our Services category.

就毛利而言，我們預期第四季毛利率將比去年同期下降，原因是產品毛利率降低，而產品毛利率降低主要是由於促銷投入增加所致。預計其他將提升我們毛利率的顯著因素包括百思買廣告的成長、我們最近推出的線上市場以及我們服務類別的獲利能力的提高。

Moving next to SG&A, where the most notable planned puts and takes are the following: increased SG&A in support of our Best Buy ads and Marketplace initiatives, which include advertising, technology, and employee compensation expense. Offsetting these items are lower Best Buy Health and incentive compensation expense. Lastly, the low end of our guidance reflects our plans to further reduce our variable expenses, including incentive compensation, to align with sales trends.

接下來是銷售、一般及行政費用，其中最值得注意的計劃支出和支出如下：增加銷售、一般及行政費用，以支持我們的百思買廣告和市場計劃，其中包括廣告、技術和員工薪酬支出。抵銷這些項目的因素是百思買健康服務和激勵性薪酬支出降低。最後，我們給出的預期下限反映了我們計劃進一步降低變動費用（包括激勵性薪酬），以適應銷售趨勢。

Let me provide more details on our updated full-year fiscal '26 guidance, which incorporates the color I just shared on the fourth quarter and is the following: revenue in the range of $41.65 billion to $41.95 billion; comparable sales growth of 0.5% to 1.2%; adjusted operating income rate of approximately 4.2%; an adjusted effective income tax rate of approximately 25.4%; adjusted diluted earnings per share of $6.25 to $6.35; and capital expenditures of approximately $700 million.

讓我提供更多關於我們更新後的 2026 財年全年業績指引的細節，其中融入了我剛才分享的第四季度業績展望，具體如下：營收在 416.5 億美元至 419.5 億美元之間；同店銷售額增長 0.5% 至 1.2%；調整後營業利潤率約為 4.5% 每股收益為 25% 後營業利潤率約為 62%；美元至 6.35 美元；資本支出約為 7 億美元。

Our full-year gross profit and SG&A working assumptions are still very similar to what we shared last quarter, and some of the key call-outs are the following. We believe our fiscal '26 gross profit rate will now decline approximately 15 basis points compared to last year. The high end of our guidance continues to reflect incentive compensation that is approximately flat to last year. As I noted, we now expect our adjusted effective income tax rate to be approximately 25.4%, which compares to our prior guidance of 25%.

我們全年的毛利和銷售、管理及行政費用的工作假設與上個季度公佈的假設非常相似，以下是一些關鍵要點。我們認為，與去年相比，2026財年的毛利率將下降約15個基點。我們給出的績效指引上限仍反映了激勵性薪酬與去年基本持平的情況。正如我之前提到的，我們現在預計調整後的實際所得稅率約為 25.4%，而我們先前的預期為 25%。

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

現在我將把電話轉交給接線員回答問題。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作說明）西蒙古特曼，摩根士丹利。

Hey. Good morning. Nice third quarter. I wanted to ask about the puts and the takes on Q4. It looks like the comp may be light from what we were expecting standing from the second quarter, meaning once you guided the prior quarter, but a little bit better on profit. So can you talk about -- I guess there's a lot of scenarios what could amount, but how you set up your fourth-quarter guide and any difference in thinking from when we talked about it three months ago?

嘿。早安.第三節表現出色。我想問一下關於第四季度的看跌期權和看漲期權的情況。看起來，與第二季相比，同店銷售額可能會低於我們的預期（與上一季相比），但利潤方面會略好一些。那麼，您能否談談—我想有很多種可能的情況，但您是如何制定第四季度業績指引的？與三個月前我們討論這個問題時相比，您的想法有什麼不同？

Yeah. Overall, the high end of our Q4 guide from a sales perspective is pretty similar to what we guided the last time, maybe just a little bit lower. We did raise the bottom end of that sales guide from something that was implied to down 4% or maybe more to the number we talked about here today of down 1%. So feeling good about where sales are effectively similar to where we expected them to be now on the August call.

是的。整體而言，從銷售角度來看，我們第四季業績指引的上限與上次的指引非常相似，可能只是略低一些。我們確實將銷售指導的下限從之前暗示的下降 4% 甚至更多上調到了我們今天在這裡討論的下降 1%。所以，我對目前的銷售狀況感到滿意，這與我們在8月電話會議上的預期基本一致。

On the EBIT side, we actually slightly lower the EBIT expectations from what we would have implied last Q4 closer to 5%. So most of that was on the low end. We did have a little bit more rate pressure on the low end because we have adjusted the revenue expectations, and therefore, the incentive compensation changed a little bit. So overall, at the high end, not a very big difference from what we would have implied in the guide on the August call.

在息稅前利潤方面，我們實際上略微下調了息稅前利潤預期，與上個季度第四季度我們預期的接近 5% 相比有所降低。所以大部分都屬於低階產品。由於我們調整了收入預期，低端利率確實面臨更大的壓力，因此激勵性薪酬也略有變化。所以總的來說，高端市場的情況與我們在 8 月電話會議的指南中所暗示的情況並沒有太大的不同。

Okay. And then the follow-up, based on the adoption of either Switch 2 or other things in Entertainment as well as iPhone, what do the curves look like? Meaning, does it portend that you have another year's worth of good momentum? Is a lot of demand pent up? How do you think about it as you go into fourth quarter and into next year?

好的。接下來，根據 Switch 2 或其他娛樂產品以及 iPhone 的普及情況，市場趨勢會如何改變？也就是說，這是否預示著你將在未來一年繼續保持良好的發展勢頭？是否存在大量被壓抑的需求？進入第四季和明年，您對此有何看法？

Sure. I mean, I think to support the fourth-quarter guide, we are still expecting growth on the Computing side and Mobile Phones. Computing is still going to be fueled by the need to replace and upgrade and plus all the ongoing innovation around AI. That will continue into Q4 and likely continue into next year as we still see that there are millions of people who have yet to upgrade their Win10 device and that there's further opportunities even on the Mac side of the business who haven't upgraded to the newest chip technology. We think about mobile phones as expected to continue to grow as we get into Q4. Likely as we get into next year as well, we are seeing continued benefit from the in-store improvements with the carriers.

當然。我的意思是，我認為為了支撐第四季度的業績預期，我們仍然預期電腦和行動電話業務會實現成長。計算領域的發展仍將受到設備更新換代的需求以及人工智慧領域持續創新的推動。這種情況將持續到第四季度，而且很可能會持續到明年，因為我們仍然看到有數百萬人尚未升級他們的 Win10 設備，而且即使在 Mac 業務方面，也存在更多機會，因為還有很多人尚未升級到最新的晶片技術。我們認為，隨著進入第四季度，行動電話業務預計將繼續成長。很可能到了明年，我們仍將繼續受益於營運商在店內進行的改進。

On the Entertainment side, as we get into Q4, still expect to see Switch help us grow in Q4, but on the other console side, that will likely slow as you get into the later stages of the replacement cycle of those two other consoles. Plus, there's been some pretty transparent price increases that are obviously probably having a little bit of an impact as you get into next year. Likely still a little opportunity before we lap the Switch to launch midway through the year.

在娛樂方面，進入第四季後，我們仍然期待 Switch 能幫助我們實現第四季的成長，但在主機方面，隨著另外兩款主機進入換代週期的後期階段，成長速度可能會放緩。此外，一些價格上漲也相當明顯，顯然可能會對明年產生一些影響。在今年年中Switch上市之前，可能還有一些機會。

We are expecting to see improved trends on the TV side as we get into Q4. We have very competitive pricing. We've put more marketing into the business and with additional labor and just some changes to the service, obviously, we feel like that's going to help us improve the trends on the TV side as well. We are seeing already some improvements on the exercise units grow a little bit in Q3 on the TV, so that is helpful.

我們預計進入第四季後，電視市場的發展趨勢將會改善。我們的價格非常有競爭力。我們增加了行銷投入，增加了人力，並對服務進行了一些調整，顯然，我們覺得這將有助於改善電視方面的趨勢。我們已經看到一些改進，第三季電視上的健身單元有所成長，這很有幫助。

Plus, we have a lot of other initiatives. We have the Marketplace that's continuing to ramp and scale as we get into Q4. So we feel really good about that, especially as we get into Marketplace next year, being able to scale even more along with the ads business.

此外，我們還有很多其他措施。隨著我們進入第四季度，我們的市場平台將繼續發展壯大。所以我們對此感到非常滿意，尤其是在明年我們進入 Marketplace 平台後，能夠隨著廣告業務的拓展而進一步擴大規模。

Great. Thanks. Happy Thanksgiving. Take care.

偉大的。謝謝。感恩節快樂。小心。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hey. Thanks for taking the question. I'd like to just follow up, Matt, on that last response on the Q4 outlook for comp because it does seem like you have quite a bit of momentum coming out of Q3 and some product momentum for the holidays. So what's driving the decel in the overall outlook vis-a-vis Q3?

嘿。感謝您回答這個問題。馬特，我想就你上次關於第四季度業績展望的回复再補充一點，因為看起來你們第三季度的業績勢頭強勁，而且假日季的產品銷售也帶來了一定的增長動力。那麼，導致整體前景相對於第三季放緩的原因是什麼呢？

Yeah. Let me start at a high level for Q3. Like I said, we're expecting a pretty similar Q4 guide overall from a sales perspective. If I start back in Q3, it did come in a bit better than we expected. We saw a strong back-to-school period. We saw a strong October with the Techtober in the early part of the year. So we are seeing a positive growth as we go into Q4, although the Q4 did see some growth last year versus Q3 that saw a little bit more sales pressure, so the comparisons get a little bit tougher as you get into Q4.

是的。讓我先從第三季的整體情況說起。正如我所說，從銷售角度來看，我們預期第四季整體業績指引與上一季非常相似。如果我從第三季開始算起，結果確實比我們預期的要好一些。我們看到了強勁的返校季。10 月我們看到了強勁的成長勢頭，這得益於年初的 Techtober 活動。因此，進入第四季度後，我們看到了積極的增長，儘管第四季度與去年同期相比有所增長，而第三季度則面臨更大的銷售壓力，因此進入第四季度後，比較就會變得更加困難。

Obviously, the holiday is never easy to predict. What we do believe is we have a range of scenarios, and the range we've provided gives us a great place to plan our business operationally. Some of the categories that change a little bit in terms of sales growth momentum as you get in from Q3 to Q4, gaming, we are expecting it to grow overall, but maybe not at the same pace that we saw in Q3 and Q4. Wearables would be another category -- I would say probably aren't going to see the same type of growth that we had saw in Q3.

顯然，假期從來都不容易預測。我們相信，我們擁有多種方案，而我們提供的這些方案為我們規劃業務運作提供了一個很好的空間。從第三季度到第四季度，某些類別的銷售成長勢頭略有變化，例如遊戲，我們預計其整體將成長，但可能不會像第三季和第四季那樣快速成長。穿戴式裝置是另一個類別——我認為它們可能不會像第三季那樣實現相同的成長。

Okay, helpful. And then maybe another question for Corie on Marketplace, how is it going now that it's rolled out? Do you still expect it will have a positive impact on EBIT this year? It sounds like you've shared some helpful KPIs. Are there any challenges now that it's out live? Just give us some of the puts and takes that you're seeing on that launch.

好的，很有幫助。那麼，或許還可以問 Corie 一個關於 Marketplace 的問題，現在 Marketplace 已經上線了，情況如何？你仍然預期它會對今年的息稅前利潤產生正面影響嗎？聽起來你分享了一些很有幫助的關鍵績效指標。現在正式上線後，是否有什麼挑戰？請您分享您對這次發表會的看法，包括買賣雙方的觀點。

Yeah. I'm incredibly proud of the work the team has done to launch the Marketplace in a very omnichannel way. We mentioned now more than 1,000 sellers that we onboarded in a quarter and 11 times more SKUs. Right away, we can see customers looking for that broader assortment. We can see them leaning into some of the unit growth that we were looking for in places like accessories where you can have a much deeper assortment or small appliances where again you have that ability to have more breadth across what we're doing. We're really happy with that.

是的。我為團隊以全通路方式推出市場所做的工作感到無比自豪。我們提到，在一個季度內，我們新增了 1000 多家賣家，SKU 數量是之前的 11 倍。我們很快就能看出，顧客們正在尋找更豐富的商品種類。我們可以看到，他們在一些我們一直在尋求的領域，例如配件（可以提供更豐富的產品種類）或小家電（可以提供更廣泛的產品範圍），朝著我們一直在尋找的單位增長方向發展。我們對此非常滿意。

We did hit a few of those on the call where we're seeing that high unit sales and categories. We're seeing return rates be actually a little bit less than what we're seeing in first party and 80% of those returns coming back to stores. We really like the customer experience metrics we're seeing. In general, those early indicators really feel healthy and good to us.

我們在電話會議中確實談到了其中幾個銷量很高的類別。我們發現退貨率實際上比第一方退貨率略低，其中 80% 的退貨都退回到了商店。我們非常滿意目前看到的客戶體驗指標。總的來說，這些早期指標讓我們感覺身體健康，一切都很好。

But it still is really early in the ramp. We want to make sure we give ourselves enough time to create the scale that we're going to see throughout Q4. But we're excited with the progress that we're making and how quickly we've been able to broaden that assortment and how much our customers are leaning into that broader assortment for us.

但現在還處於起步階段。我們希望確保給自己足夠的時間來打造我們將在第四季度看到的規模。但是，我們對目前所取得的進展感到興奮，也對我們能夠如此迅速地擴大產品種類，以及我們的客戶對我們更廣泛的產品種類的接受程度感到興奮。

Yeah. Regarding the OI rate impact for the year, we had previously said we thought maybe it would be a little bit of a rate improvement for the enterprise for the year. We're now expecting that to be a bit more neutral. Nothing super material has changed in our outlook. There's been just a little bit of a different product mix and a little bit slower ramp than we would have had originally modeled. Again, we never really expected it to have a really huge impact to the rate this year, but it's more neutral this time at this quarter-end.

是的。關於本年度的營業收入利率影響，我們先前曾表示，我們認為本年度企業營業收入利率可能會略有改善。我們現在預計情況會更加中立一些。我們的觀念並沒有什麼實質的改變。產品組合與我們最初設想的略有不同，成長速度也稍慢一些。我們原本就沒指望它今年會對利率產生巨大的影響，但在這個季度末，它的影響比較中性。

The last thing I'd say, Peter, I think the great part about having this, especially as we head into Q4, is it just really extends the amount of giftable items that we have for our customers. And the teams are finding really interesting ways to highlight these new extended assortments. So as you look on our global homepage or as you look at Search, we're finding new ways to pull the depth of this assortment up so people really realize there's a lot more out there that our customers can find to be the perfect gift giver.

彼得，我最後想說的是，我認為擁有這項服務的最大好處，尤其是在我們即將進入第四季度之際，是它確實大大增加了我們為客戶提供的禮品數量。各個團隊正在尋找非常有趣的方法來突出這些新的擴展產品系列。因此，當您瀏覽我們的全球主頁或使用搜尋功能時，我們會發現我們正在尋找新的方法來提升產品種類的深度，以便人們真正意識到，我們的客戶可以找到更多適合送禮的商品。

Okay, that's very helpful. Thanks, and good luck with the holiday season.

好的，這很有幫助。謝謝，祝您假期愉快。

Thanks, Peter.

謝謝你，彼得。

Thank you.

謝謝。

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey顧問集團。

Thanks, guys, for taking the question. So I wanted to touch on the loyalty program a bit and just if you could share some more details on how that's been performing. It seems like it's been a good driver for much of the year. I don't recall hearing too much this morning on it, so I was just curious if you could share some thoughts.

謝謝各位回答這個問題。所以我想稍微談談會員忠誠度計劃，您能否分享一下該計劃的執行情況的更多細節？看起來它今年大部分時間都表現不錯。我今天早上好像沒聽到太多關於這方面的消息，所以我想問問您能否分享一些想法。

Yeah. I mean, obviously, our membership program remains a really important part of our customer experience and the way in which we engage with our customers. We have more than 100 million members across our three tiers. Obviously, the free my Best Buy membership is the one that has the greatest reach. But on the paid membership side, which is Best Buy Plus and Best Buy Total, we ended the year with nearly 8 million paid members. That was up from 7 million the year before.

是的。我的意思是，很顯然，我們的會員計劃仍然是我們客戶體驗以及我們與客戶互動方式中非常重要的一部分。我們三個等級的會員總數超過1億。顯然，免費的百思買會員資格覆蓋率最廣。但在付費會員方面，也就是 Best Buy Plus 和 Best Buy Total，我們在年底擁有近 800 萬付費會員。這比前一年的700萬有所增加。

And what our focus is right now is how can we continue to drive real value and unique offers for those members. And so one of the things that we have found to be really working well for us is the strategic use of some very personalized promotions. And it's where we can use the breadth of our data to really try to re-engage maybe some of those customers who haven't been engaged with us. You can use this data we have about our customers plus these signals we're seeing from customers in the way that they're shopping and really target them carefully with offers, which we're finding is a very unique way for us to re-engage those customers who maybe would have lapsed or wouldn't have been shopping with us this holiday season.

而我們目前的重點是如何繼續為這些會員創造真正的價值和獨特的優惠。因此，我們發現對我們非常有效的方法之一是策略性地運用一些非常個人化的促銷活動。而這正是我們可以利用我們數據的廣度，真正嘗試重新吸引那些尚未與我們互動的客戶的地方。您可以利用我們掌握的客戶數據，以及我們從客戶的購物方式中觀察到的訊號，精確地向他們推送優惠資訊。我們發現，這是一種非常獨特的方式，可以重新吸引那些可能已經流失或在這個假期季節不會在我們這裡購物的客戶。

And another piece that we tried and we have talked about is a deep discount on the NFL Sunday ticket for Plus and Total members. It's more that idea of because you're a member with us, are there other ancillary, especially services and subscriptions that might really resonate. And we're going to continue to test and try and build on those learnings across our membership.

我們也嘗試過並討論過另一項措施，那就是為 Plus 和 Total 會員提供 NFL 週日門票的大幅折扣。更確切地說，是因為您是我們的會員，所以還有其他一些附屬服務，特別是訂閱服務，可能會引起您的共鳴。我們將繼續進行測試，並嘗試將這些經驗應用到我們的會員群體中。

The goal, no matter what, is consistent: we want to drive engagement. We want to increase the share of wallet. And we want to use this as another tool that helps us fuel our ads business. And so I think the evolutions that you'll continue to see from here will all be based in continuing to fulfill that goal for our customers.

無論如何，我們的目標始終如一：我們希望提高用戶參與度。我們希望提高消費者錢包份額。我們希望利用這個工具來推動我們的廣告業務發展。因此，我認為從現在開始你們將看到的演變都將基於繼續為我們的客戶實現這一目標。

That's great. Thank you. And then just maybe shifting gears a little bit, and it may be early, but I did want to ask about how are you thinking about stores and store investment for the coming year? You've done a lot of things to keep tweaking the model and trying different things inside the stores. I'm just curious how your initial thoughts for next year would look.

那太棒了。謝謝。然後，我想稍微轉換一下話題，雖然現在問可能有點早，但我確實想問您對來年的門市和門市投資有什麼看法？為了不斷調整模式，並在店內嘗試不同的做法，你們做了很多工作。我只是好奇你對明年有什麼初步的想法。

Yeah. I'm going to start where I always start, which is our stores are incredibly crucial assets. They provide not only differentiated experiences, not only differentiated services, but also amazing multi-channel fulfillment options. We still are running at 46% in-store pickup, no matter what all of the advancements that we've made in terms of shipping speed are. So this is a really important asset base for us. And we've been very consistent, and this is true for this year and it will bleed into next year.

是的。我將從我一貫的出發點開始，那就是我們的門市是極為重要的資產。他們不僅提供差異化的體驗，不僅提供差異化的服務，而且還提供令人驚嘆的多通路履行選項。儘管我們在出貨速度方面取得了長足進步，但我們的店內取貨比例仍然只有 46%。所以這對我們來說是一項非常重要的資產。我們一直保持著非常穩定的表現，今年如此，明年也會如此。

Our focus right now is on great store look and feel. And so a lot of our capital investments this year have been about ensuring that we're really investing in that look and feel. We've listed a number of the ways we're doing that, both ourselves and in partnership with our vendors. And that will continue, as we think, into next year as we continue to refresh and make sure that we feel like our store updates reflect those great immersive experiences in places like AR and gaming and TVs, small appliances, many of the categories that we've talked about, including the experiences that we're driving in mobile in partnership with some of our vendors.

我們目前的重點是打造出色的店鋪外觀和氣氛。因此，我們今年的大量資本投資都是為了確保我們真正投資於這種外觀和感覺。我們列舉了我們正在採取的多種方式，包括我們自己採取的方式以及與供應商合作採取的方式。我們認為，這種情況將持續到明年，我們將繼續更新，確保我們的門市更新能夠反映出擴增實境、遊戲、電視、小家電等眾多我們討論過的類別中那些精彩的沉浸式體驗，包括我們與一些供應商合作在行動端推動的體驗。

We do have some cohort of stores where they're a little bit larger than what we need. And so we've been working on several different ways, and this, again, will move into next year, including relocations, resizing some of the existing formats. Now, we're looking at some of the new and more innovative ways where maybe we can consolidate the space and bring in partners like the IKEA pilot is a great example of that. But you can imagine there's a multitude of partners who might be interested in having some of that shop-in-shop space.

我們確實有一些門市的規模比我們需要的要大一些。因此，我們一直在研究幾種不同的方法，而且這項工作將延續到明年，包括搬遷、調整一些現有形式的規模。現在，我們正在探索一些新的、更具創新性的方法，或許可以整合空間並引入合作夥伴，宜家的試點計畫就是一個很好的例子。但你可以想像，有很多合作夥伴可能會對這種店中店空間感興趣。

And then finally, we've talked about some of the smaller format stores. We now have three new small format stores open, testing a couple different concepts. One is somewhere like Bozeman, where maybe we can enter a market we wouldn't otherwise enter. In other areas, it's closing a larger store and opening a small one. We like what we're seeing in those small format stores, and I would expect us to lean into those a bit as we head into next year as well.

最後，我們也討論了一些規模較小的門市。我們現在開設了三家新的小型門市，正在測試幾種不同的經營概念。一個地方像博茲曼，我們或許可以進入一個我們原本不會進入的市場。在其他地區，該公司則是關閉一家較大的門市，然後開設一家較小的門市。我們很喜歡小型門市的發展勢頭，我預計明年我們也會更加重視這類門市。

So I think all in all, what we're really focused on is making sure that if someone makes the trip to the store -- and here's a fascinating small data point. When we look at our demographics, interesting, our youngest cohort, Gen Z, is really leaning into the store experience. We can see it in their visits, and we can see it in where they choose to interact. And we can see it in our ability to start to grow share with this cohort. And it's a cohort who is starting to see our brand as updated, refreshed, and more relevant. So I think this idea of leaning in here both ourselves and with our vendor partners, augmenting maybe with the fewer smaller locations, I think that's what you're going to see us focus on as we head forward.

所以總的來說，我認為我們真正關注的是確保如果有人去商店購物——這裡有一個很有趣的小數據點。當我們觀察人口統計數據時，會發現我們最年輕的群體——Z世代——非常熱衷於實體店體驗。我們可以從他們的訪問中看出這一點，也可以從他們選擇互動的地點看出這一點。我們可以從我們開始擴大與該群體的市場份額的能力中看出這一點。而且，這群人開始認為我們的品牌已經更新、煥然一新，而且更具相關性。所以我認為，我們本身以及我們的供應商合作夥伴都應該更加努力，或許可以增加一些規模較小的門市，我認為這就是我們未來發展的方向。

That's great. Thank you, guys, and happy Thanksgiving. Good luck with the fourth quarter.

那太棒了。謝謝大家，感恩節快樂！祝你第四節比賽順利。

Thank you.

謝謝。

Thank you.

謝謝。

Greg Melich, Evercore.

Greg Melich，Evercore。

Hi. Thanks. I have two questions. First, on tariffs, could you just update us on how much of that do you think has actually flowed through and is on the shelf AUR at this point? Is it all in the numbers now or the base?

你好。謝謝。我有兩個問題。首先，關於關稅，您能否告知我們目前實際到位並列入待定AUR的金額？現在一切都取決於數字還是基數？

Yeah. Overall, like we talked about in prepared remarks, our ASP at an enterprise level is essentially pretty flat year over year, and most of the growth is coming from the unit side of the business. So that would infer that all the tariff changes that we would have made on select portions of our assortment would be flowing through in the price.

是的。總的來說，正如我們在準備好的發言稿中提到的，我們的企業級平均售價與去年基本持平，大部分成長來自業務的單元端。這意味著我們對部分商品進行的所有關稅調整都將反映在價格中。

Any tariff increases we would have had were only on small portions of the assortment overall. The effective tariff rate is probably still in the mid-teens, if you will, but that is not what the actual price increase on those portions of assortment, the rate is close to that number. So all of that would be implied in the ASP generally being flat year over year.

我們所面臨的任何關稅上漲都只涉及商品種類中的一小部分。實際關稅稅率可能還在十幾個百分點左右，但這些商品的實際價格漲幅並不在此列，稅率接近這個數字。因此，所有這些都意味著平均售價總體上與去年持平。

What's different about our industry is that it's a very promotional industry, and so even though they're tariffs, we have to be competitively priced all the time to be competitive. That sometimes will mute the overall impact ASPs. Also, we have product at every part of someone's budget, whether you're in Computing or TVs, and so any product mix changes, assortment changes can also have an impact on ASPs as well.

我們這個行業與其他行業不同之處在於，這是一個非常注重促銷的行業，所以即使存在關稅，我們也必須始終保持價格競爭力才能保持競爭力。這有時會削弱ASP的整體影響力。此外，我們的產品涵蓋了消費者預算的各個層面，無論是電腦或電視，因此任何產品組合的變化、品類的變化也會對平均售價產生影響。

So overall, they are included, but we're also seeing a competitively priced industry. And our ASPs, like I said, are not necessarily the ones that are driving our business overall. It's more on the unit side.

所以總的來說，它們都被包含在內，但我們也看到這是一個價格競爭激烈的行業。正如我所說，我們的平均銷售業績並不一定是推動我們整體業務發展的關鍵因素。更偏向單位方面。

I just want to lift up one thing that Matt said. Our number one focus is on our customer and ensuring we have every price point and every budget available. And one of the interesting things when we looked at our price bands, you can imagine we're looking at how many SKUs we have in each price band, and a couple of our largest categories, year over year, very similar amount of SKUs by price band. And so I think the team is doing an amazing job staying focused on having that breadth of assortment regardless of, to Matt's point, whether or not we have a few small price adjustments coming through so that whatever the budget is, we're there for them, and that will be the goal through the holiday.

我只想強調馬特說的一句話。我們始終以客戶為中心，確保滿足各種價位和預算的需求。當我們查看價格區間時，有一件很有趣的事情。你可以想像，我們看的是每個價格區間內有多少 SKU，而我們幾個最大的類別，與往年相比，每個價格區間的 SKU 數量都非常相似。所以我認為團隊做得非常出色，他們始終專注於提供豐富的商品種類，正如 Matt 所說，無論我們是否會進行一些小的價格調整，這樣無論預算如何，我們都能滿足他們的需求，而這將是我們整個假期的目標。

Got it. Makes a lot of sense. I'd love to follow up on labor and working with vendors. Could you just level set us on how much of the store has some vendor support into labor? I think you said that you're adding TVs recently. I'd love to hear how that really helps engagement scores with customers when you have vendors funding some of the labor in the store.

知道了。很有道理。我很樂意跟進勞動力方面的情況以及與供應商的合作。能否簡要說明一下，這家商店有多少勞動成本是由供應商提供的？我想你說過你最近添置了電視機。我很想知道，當供應商為門市的部分人力成本提供資金時，這究竟是如何幫助提高客戶參與度的。

The amount of vendor labor is not a static answer. It flexes and depends on both time of year and, of course, launches or innovation as different vendors choose to lean in and lead out at various points in time. I think one of the differences in our model when it comes to labor is we actually have a number of different ways in which we interact with customers from a labor perspective.

供應商勞動投入量並非一成不變。它會根據一年中的時間以及產品發布或創新情況而變化，因為不同的供應商會在不同的時間點選擇積極參與並引領潮流。我認為，就勞動力而言，我們模式的一個不同之處在於，我們實際上從勞動力角度來看，與客戶互動的方式有很多種。

We have everything from that advisor who can flex over the whole store all the way into our own specialized category labor or something like an appliance pro who really understands appliances all the way into vendor labor, which the team, again, I give them a lot of credit, has done a great job. That is a very close partnership between us and our vendors. And in most cases, that is our labor that we are training and deploying that is, of course, more trained against that particular vendor assortment but is part of our broader umbrella of labor here at Best Buy.

我們擁有各種各樣的人才，從可以靈活管理整個商店的顧問，到我們自己的專業品類員工，再到真正了解家電的家電專家，以及供應商員工，應有盡有。再次強調，團隊在這方面做得非常好。這是我們與供應商之間非常緊密的合作關係。在大多數情況下，我們正在培訓和部署的勞動力，當然，他們接受過針對特定供應商產品的更多培訓，但他們也是百思買更廣泛的勞動力體系的一部分。

And then sometimes, we have a few examples where we also have just flat-out vendor-provided labor that's in our stores. And what I think we've gotten good at is the operating model amongst all of those different types of labor. So you know when to hand off to a specialist who might have more experience in a certain product.

有時，我們也會看到一些例子，其中有的勞動力完全是由供應商提供的，並在我們的門市工作。我認為我們已經做得比較好的是，我們能夠很好地管理所有這些不同類型的勞動力。這樣你就知道什麼時候該把工作交給在特定產品更有經驗的專家了。

And those specialists also understand when it's time to maybe hand back off to someone who might be more of a generalist because they want to go shop at a different department. And so that -- when we concentrate on how does the operating model work at Best Buy, it is embracing that vendor partnership labor but also ensuring it stays consistent with the culture, the values, the way that we think about serving the customer here at Best Buy.

這些專家也明白，當他們想去其他部門購物時，什麼時候該把工作交還給更擅長通才工作的人。因此，當我們專注於百思買的營運模式如何運作時，我們不僅要重視供應商的合作，還要確保它與百思買的文化、價值觀以及我們服務客戶的方式保持一致。

Got it. That's great. Thanks, and good luck.

知道了。那太棒了。謝謝，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great. Good morning, and thanks for taking my question. Corie, you referenced agentic commerce. I was curious if you could expand there how you think about the top-line and potential margin benefits from the prospects of something like instant checkout. And if you have any timeline slated for integration, that would be great. Thank you.

偉大的。早上好，感謝您回答我的問題。Corie，你提到了代理商業。我很好奇您能否詳細說明一下，您是如何看待即時結帳等功能帶來的營收和潛在利潤收益的。如果您有任何整合時間表，那就太好了。謝謝。

My timeline is fast. How's that? But at the same time, joking aside, you really have to prioritize not just where the incremental margin flows through but what does the customer experience really look like. And particularly in a business like ours that often includes maybe scheduled delivery, maybe installation, maybe services or membership, you really need to think about in instant checkout how do you want those experiences to translate for the customer.

我的時間安排很快。怎麼樣？但同時，玩笑歸玩笑，你真的需要優先考慮的不僅是增量利潤的流向，還有客戶體驗的真實面貌。尤其是在像我們這樣的企業中，經常會涉及到預定送貨、安裝、服務或會員資格，你真的需要思考在即時結帳中，你希望這些體驗如何傳遞給客戶。

And that's just when we're talking about the actual transaction point. More broadly, we want to make sure we're thinking about how does our brand, how does our specific knowledge of our customers show up, and how is it helpful to customers as they're using a variety at this point of agentic tools. So we're obviously working quickly to make sure that we are relevant and showing up in the right places, but most important for us is protecting the customer experience so that that stays consistent with how we would want them to experience our own digital assets.

而這只是我們談論實際交易點的情況。更廣泛地說，我們希望確保我們思考的是，我們的品牌如何體現，我們對客戶的具體了解如何體現，以及當客戶目前使用各種代理工具時，這些如何幫助他們。因此，我們顯然正在迅速努力，確保我們與時俱進，出現在正確的地方，但對我們來說最重要的是保護客戶體驗，使其與我們希望他們體驗我們自己的數位資產的方式保持一致。

That's helpful. And then Matt, how should we think about the magnitude of hiring and technology spend for retail media maybe next year versus what took place in 2025? Trying to understand maybe how much of the neutral operating margin impact for this business is being constrained by elevated investments this year. Thanks so much.

那很有幫助。那麼，Matt，我們該如何看待明年零售媒體的招募和技術支出規模與 2025 年的情況相比呢？試圖了解今年高額投資對該業務的中性營業利潤率影響有多大限制。非常感謝。

Yeah, thanks. We're not obviously going to guide next year, but I do think as it relates to how we're thinking about next year at a high level, we're clearly seeing some sales momentum this year and we would hope to be able to continue to drive some continued momentum on the sales side as we get into next year and obviously higher sales helps from a rate leverage perspective.

嗯，謝謝。我們顯然不會對明年的業績做出預測，但就我們對明年的整體展望而言，我們今年顯然看到了一些銷售勢頭，我們希望明年能夠繼續保持這種銷售勢頭，而且從利率槓桿的角度來看，更高的銷售額顯然是有幫助的。

It is likely true that as we get into next year for some of our initiatives, we're going to need to continue to invest in both the Marketplace and the ads business. Exactly how much and how much flows through, still haven't completed the math on that quite yet, but that is something we want to do, because over the long period of time, it's going to help us drive more rates and fuel our other parts of our business over the long term and we think that's a good tradeoff. So exactly how much that looks next year, hard to say, but we do think it's an accretive thing for us over the one- to three- to five-year period.

可以預見的是，隨著我們一些計劃進入明年，我們將需要繼續投資市場和廣告業務。究竟有多少資金流入，我們還沒有完全計算出來，但這是我們想要做的，因為從長遠來看，這將有助於我們提高利率，並長期推動我們業務的其他部分發展，我們認為這是一個不錯的權衡。所以明年具體情況如何還很難說，但我們認為在未來一到三年到五年內，這對我們來說將是一件好事。

Thank you. Best of luck.

謝謝。祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey. Good morning everyone. I wanted to ask about SG&A. You were able to manage that down quite a bit this quarter despite the best sales growth in more than four years. So just curious, was there anything unique this quarter? If you could unpack that, that would be helpful.

嘿。大家早安。我想問一下銷售、一般及行政費用（SG&A）。儘管本季銷售額實現了四年多來的最佳成長，但你們還是成功地將這一數字大幅降低了。我只是好奇問問，這個季度有什麼特別之處嗎？如果你能解釋一下，那就太好了。

And then I'm just curious, does SG&A need to come back more? As you think about a scenario where comps remain positive, what does normal operating leverage in the business look like?

然後我就好奇了，銷售、管理及行政費用是否需要更多回歸？當您考慮到同店銷售額保持正成長的情況時，企業正常的經營槓桿是什麼樣的？

Yeah. I mean, for Q3, I think we did see a great favorability on the SG&A side. A lot of that came from the higher-than-expected sales expectations and higher sales year over year. We did see a combination of a few things come in better than we expected like lower technology spend, a little bit lower labor spend in the quarter. Again, nothing -- we also had a few smaller settlements that also helped us in the quarter as well. Those things, none of them were dramatic, but a lot of that SG&A favorability on the rate is just coming from the leverage we get on the sales in terms of our performance.

是的。我的意思是，就第三季而言，我認為我們在銷售、管理及行政費用方面確實看到了很大的利好。這很大程度上源於高於預期的銷售預期以及同比增長的銷售額。我們看到一些因素綜合起來比預期好，例如技術支出減少，本季勞動力支出略有下降。再次，沒有其他消息——我們還有一些較小的和解協議，這些協議也對我們本季的業績有所幫助。這些事情都不算重大，但銷售、一般及行政費用的優惠利率很大程度來自於我們銷售業績帶來的槓桿效應。

So as we get into next year, again, not guiding, but there's places where we're obviously always have a little bit of inflation as we go year to year in terms of wages and whatnot. We'll factor those in and there's some places where we feel like we're going to need to continue to invest to drive long-term growth. We just talked about a couple of Marketplace and the ads business. But that would be our goal to be able to drive sales over the long term and get rate leverage as we grow that sales.

所以，展望明年，我再次聲明，我不會給出具體指導，但顯然，在工資等方面，每年都會有一些通貨膨脹。我們會將這些因素考慮在內，我們認為在某些領域需要繼續投資，以推動長期成長。我們剛剛討論了一些市場和廣告業務。但我們的目標是能夠長期推動銷售，並在銷售成長的過程中獲得價格優勢。

Exactly how much, like I said, we're still doing the math on that next year. But we have been really good about finding operational efficiencies and cost reductions to help offset the pressures that we have. We've been doing that for years, and we would continue to expect to be able to do that. We've talked a lot about those places in the past where we're using new data-driven sourcing around our supply chain. We have a primary relationship with FedEx as a partial carrier. We've talked about the automated guided vehicles in our warehouse which we continue to test and roll out.

具體金額，就像我說的，我們明年還在計算中。但我們一直非常擅長提高營運效率和降低成本，以幫助抵消我們所面臨的壓力。我們多年來一直這樣做，而且我們希望繼續能夠這樣做。過去我們曾多次談到，我們正在供應鏈中使用新的數據驅動採購方式。我們與 FedEx 建立了主要合作關係，FedEx 是我們的合作承運商之一。我們已經討論過倉庫中的自動導引車，我們正在繼續測試和推廣這些車輛。

And then there's just a lot of efficiencies through technology and analytics that we can help with our partners to drive more efficiencies around customer support capabilities and just future AI opportunities as it relates to a lot of our business areas overall. So there are places for us to offset some of those pressures that do come every year like we've been doing. So we feel like over the long term that would be -- our intent is to try to drive more profitability in our business as we grow the sales.

此外，我們還可以透過技術和分析提高效率，幫助合作夥伴提高客戶支援能力的效率，並抓住未來人工智慧在各個業務領域帶來的機會。所以，我們可以採取一些措施來緩解每年都會出現的這些壓力，就像我們一直以來所做的那樣。因此，我們認為從長遠來看，我們的目標是隨著銷售額的成長，努力提高業務的獲利能力。

Okay. Thank you for that. That's helpful. And then obviously, great to see comps positive, but I want to ask about the categories that are not performing as well. What needs to happen for the CE category and the Appliance category to get back to growth?

好的。謝謝。那很有幫助。當然，很高興看到同店銷售額呈正成長，但我想了解哪些類別的銷售額表現不佳。消費性電子品類和家電品類需要做些什麼才能恢復成長？

Thanks for the question. The Appliance category is probably the most difficult one that we have. In the market today, the vast majority of the appliance market is direct customers, meaning that they're replacing a product that is broken in some way.

謝謝你的提問。家用電器類別可能是我們所有類別中最困難的。如今市場上，絕大多數家電消費者都是直接購買者，這意味著他們購買家電是為了更換故障的產品。

We're also seeing a very high amount of single unit purchases, meaning a washer breaks, they're not replacing the washer and dryer pair. They're just replacing the washer, which is just very different than what generally happens in the market. And that is a very high percentage in total, which means that promos are not as effective as they are in total because you're dealing with a fixed customer base. We also don't have a pro business. And really, our sweet spot is primarily premium and packages in historic years.

我們還發現單件購買量非常高，這意味著洗衣機壞了，他們不會同時更換洗衣機和烘乾機。他們只是更換了墊圈，這與市場上通常的情況非常不同。整體而言，這個比例非常高，這意味著促銷活動的整體效果不如預期，因為你面對的是固定的客戶群。我們也沒有專業的商業機構。實際上，我們的優勢主要在於歷史年份的高端產品和套餐。

Really, what we have to do is shift our model a little bit. So we're looking at increasing our labor coverage in the department, also looking at focusing on delivery and speed of delivery in particular, which is critical in a direct market. And then also looking at even having opportunities in some of our stores for a customer to be able to take the product with them that day, which is also something that is emphasized more in the market that we're in.

實際上，我們需要做的是稍微調整一下我們的模式。因此，我們正在考慮增加該部門的勞動力覆蓋率，同時也將重點放在交付和交付速度上，這在直接市場中至關重要。此外，我們也正在考慮讓部分門市的顧客能夠當天將產品帶走，這在我們所在的市場中也越來越受到重視。

So looking to adjust our model until it flips back a little bit more towards our sweet spot, which is, again, that premium and packages. But we really need to meet the customer where they're at in a very direct market. And hopefully, as housing and different things change, then the market starts to swing back to something that might be a little bit more normal.

所以，我們正在調整我們的模型，直到它稍微回到我們最理想的狀態，也就是高端產品和套餐。但我們真的需要在非常直接的市場中，在客戶所在的地方與他們互動。希望隨著住房和其他方面的變化，市場能夠開始回歸正常狀態。

On the TV side, I would just make a couple comments there. Our revenue performance did improve sequentially, even though it was still down year over year. What's interesting is that our unit performance really accelerated and moved to slight growth in the quarter. And so you can see some of the industry-wide ASP compression there, which we've talked about.

關於電視節目方面，我只想提幾點意見。雖然同比仍有所下降，但我們的收入表現較上季有所改善。有趣的是，我們部門的業績在本季確實加速成長，並實現了小幅成長。因此，你可以看到我們之前討論過的產業平均售價壓縮現象。

Our share trends have improved materially on the unit side, and we believe that we're up slightly year over year on TV. A lot of that is because we have invested in some of the things that we've been talking about, the sharp pricing, the increased marketing, that expanded specialty labor, and those expanded merchandising experiences in the stores with TCL and Hisense and LG. And then augmenting that with the expanded services offerings and working on how that experience works digitally, all of that, I think the team is doing a great job putting together a more fulsome assortment and even more price point options for our customers, which is at least moving that business in the right trajectory.

從銷售來看，我們的市佔率趨勢有了顯著改善，我們相信電視業務的銷售量比去年同期成長了不少。這很大程度上是因為我們對一些我們一直在談論的事情進行了投資，例如極具競爭力的定價、加強行銷、擴大專業勞動力規模，以及與 TCL、海信和 LG 合作在門市中擴大商品陳列體驗。此外，我們也擴展了服務範圍，並致力於提升數位化體驗。我認為，團隊在為客戶打造更豐富的產品組合和更多價格選擇方面做得非常出色，這至少讓業務朝著正確的方向發展。

Great. Thank you for that. Happy holidays.

偉大的。謝謝。節日快樂。

Happy holidays.

節日快樂。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks. Good morning. So my first question, I'm going to try to go at the Marketplace and the ads margin and accretion a little bit differently. I know others have asked. So can you talk about what you're seeing in terms of the benefit of both businesses, so the gross margin line and the second half?

謝謝。早安.所以我的第一個問題是，我想嘗試用一種稍微不同的方式來分析市場和廣告利潤率及成長情況。我知道其他人也問過這個問題。那麼，您能否談談您從兩家公司各自的收益來看，例如毛利率和下半年的業績表現？

And then as you think about in 2026, one would expect the revenue growth there to accelerate. Is it your expectation that as the business scales, the margin rate of those businesses also accelerate? And I think on our side, we think about that as strong double-digit margin rates for both businesses.

展望 2026 年，人們預期那裡的營收成長將會加速。您是否預期隨著業務規模的擴大，這些業務的利潤率也會加速成長？我認為，就我們而言，我們認為這兩個業務都能實現兩位數的強勁利潤率。

Yeah. I'll break down a little bit for both the different parts of the P&L here. First, if I think about gross profit rate for both ads and Marketplace, they both help the gross profit rate in the back half of this year. So obviously, on the Marketplace side, we're scaling that business. If you think about the rate is helpful there.

是的。我將對損益表的各個部分進行一些分解。首先，如果我考慮廣告和市場平台的毛利率，它們都有助於提高今年下半年的毛利率。很顯然，在市場方面，我們正在擴大業務規模。如果你考慮一下利率的話，那會很有幫助。

As we get into next year, we would continue to expect the Marketplace to scale. We're clearly going to lap the launch in midway through next year, which might have an impact. But generally speaking, the more you grow it, the more GMV, the more net commissions should be helpful to the gross margin rate. Not exactly -- not linear every quarter, depending on the scaling and when we lap.

展望明年，我們預期市場規模將持續擴大。我們顯然會在明年年中發布會之前就超越對手，這可能會產生影響。但總的來說，業務成長越多，GMV（商品交易總額）就越高，淨佣金也越多，這對毛利率就越有幫助。不完全是——並非每個季度都是線性增長，這取決於規模和我們何時進行循環測試。

On the ad side, from a gross profit rate perspective, again, we're continuing to explore and expand into new parts of the ads business. And to the extent that we are successful in driving incremental revenue and profitability from that, which we're planning to do, that would also be helpful to the gross profit rate into the future. Now, again, exactly how much and how it laps every quarter might not be exactly the same, but those would be the intent.

從廣告毛利率的角度來看，我們也不斷探索和拓展廣告業務的新領域。如果我們能夠成功地從中推動收入和利潤的成長（這也是我們計劃要做的），那麼這也將有助於未來的毛利率。當然，每季的具體圈數和圈數可能不完全相同，但這才是目的所在。

Then on the OI rate side, I think it's going to come down to, as we talked a little bit earlier, how much do we feel like we need to invest and what the opportunity for that investment and return looks like. And so as we get into next year, that's something we're still evaluating in terms of the technology, the people, and other things that we might need to drive those two initiatives. We think those are the right decisions overall, over time, for us to drive more rate opportunities from those two initiatives. Exactly how much flows through to OI, we're not quite ready to commit to at this point, but we do believe it's a good return for us.

至於未償付利率方面，我認為正如我們之前討論過的，最終取決於我們覺得需要投資多少，以及這項投資的機會和回報情況如何。因此，展望明年，我們仍在評估推動這兩項計畫所需的技術、人員和其他因素。我們認為，從長遠來看，這些決定總體上是正確的，能夠透過這兩項措施為我們帶來更多利率方面的機會。目前我們還無法確定究竟有多少資金會流入開放式投資帳戶（OI），但我們相信這對我們來說是一個不錯的回報。

And Chris, the last thing that I would add, and I know you know this, but I feel compelled. Our goal here is really to stay more relevant with the customer. And our goal is to drive more units, to be there more often in consideration, and to make sure that we are leveraging like partnerships, we mentioned a few on the call, to stay relevant with that consumer as so many choices.

克里斯，我最後還要補充一點，我知道你也明白這一點，但我還是覺得有必要說。我們的目標是真正與客戶保持更緊密的聯繫。我們的目標是提高銷量，讓消費者更頻繁地考慮購買我們的產品，並確保我們能夠利用合作夥伴關係（我們在電話會議上提到了一些），以便在消費者有如此多的選擇時保持相關性。

And so that part, we're starting to see early green shoots on. And that becomes really the flywheel that we've been talking about that helps feed all parts of the business. And that's as much what we're focused on building and expanding next year as anything.

所以，那部分已經開始出現一些初步的正面跡象了。而這實際上就成了我們一直在談論的飛輪效應，它有助於推動業務的各個方面發展。而這正是我們明年重點建置和拓展的內容之一。

Got it. And then how are you planning the holiday? You mentioned a largely similar promotional calendar and an event-driven consumer, but November was tough last year and you had a government shutdown this time to start the month. As we look at monthly two-year trends, they're all over the place, but the business is bending upward. So can you talk about what you're seeing here in November, if there was any impact early in the month on the shutdown, and how you're thinking about the cadence over the quarter given the comparison dynamics last year? Thanks so much.

知道了。那麼，你們打算如何安排假期呢？您提到了大致相似的促銷日程和受活動驅動的消費者，但去年 11 月很艱難，而且今年月初政府停擺。從過去兩年的月度趨勢來看，情況各不相同，但業務總體呈上升趨勢。那麼，您能否談談您在 11 月觀察到的情況，月初的停工是否產生了任何影響，以及考慮到去年同期的情況，您如何看待本季的節奏？非常感謝。

Yeah. I mean, as we start Q4, we are lapping strong sales last year. As we noted on the call last year, we were running at about 5% growth for the first three weeks of November. I'm not sure how much the government shutdown -- we haven't done the math on specifically the government shutdown. It probably doesn't help. Certain geographies obviously are more impacted than others, but we are comping a pretty larger amount of growth through the first three weeks of November.

是的。我的意思是，隨著第四季度的開始，我們的銷售額已經超過了去年同期強勁的銷售業績。正如我們在去年的電話會議上提到的，11 月的前三週，我們的成長率約為 5%。我不太確定政府停擺的影響有多大——我們還沒有專門針對政府停擺進行計算。可能沒什麼用。某些地區受到的影響顯然比其他地區更大，但我們預計 11 月的前三週增長幅度相當大。

So the shape of the quarter is likely going to be a little bit different this year compared to last year. November was up 4% last year. December was down 2%, so as we get into December, the comparison will get a little easier. And we are seeing people gravitate towards those big events that obviously this week and the weeks before Christmas are the biggest events in the holidays, so we do feel like there's an opportunity there for us. So I still feel like there's an opportunity for us to grow our sales. The shape will look a little different even though the timing is pretty similar to how we saw it last year.

因此，今年的硬幣形狀可能與去年略有不同。去年11月上漲了4%。12 月下降了 2%，所以隨著我們進入 12 月，比較會變得容易一些。我們看到人們都傾向於參加那些大型活動，顯然本周和聖誕節前的幾週是假期裡最重要的活動，所以我們覺得這對我們來說是一個機會。所以我還是覺得我們有機會提升銷售額。雖然時間安排與去年大致相同，但形狀看起來會略有不同。

Thank you.

謝謝。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning, and thanks for squeezing me in. I know this is always kind of tough because all the different product categories that you're in, but how do you feel just at a high level in terms of market share, particularly given the fact that your sales have accelerated and you did have the best comps in several years? So how do you think about that at a high level?

早安，謝謝你們擠出時間陪我。我知道這總是有點難，因為你們涉及的產品類別很多，但從市場份額的整體情況來看，你們感覺如何？特別是考慮到你們的銷售額已經加速成長，而且你們的同店銷售額達到了近幾年來的最高水準？那麼，從宏觀層面來說，你是如何看待這個問題的呢？

I appreciate where you started, Anthony, which is it is really difficult in this industry. There just isn't a single source of share information, and there are multiple cuts. That being said, when we try to pull and triangulate all the data sources, we believe we have improved our share position over the last two quarters, and in Q3, we estimate that our share was flattish to slightly up.

安東尼，我很欣賞你的出發點，那就是在這個產業發展確實非常艱難。目前還沒有單一的股票資訊來源，而且存在多個交易版本。也就是說，當我們嘗試收集和整合所有數據來源時，我們認為我們在過去兩個季度中提高了市場份額，並且我們估計第三季度我們的市場份額基本上持平或略有上升。

Obviously, we've always said share is a long game conversation for us, and all the initiatives that we're talking about are driving toward more of the sustained ability to, at the highest level, drive shares. And in that, you're going to constantly be making trade-off promotion decisions, trade-off pricing decisions.

顯然，我們一直認為市場佔有率對我們來說是一個長期的話題，我們正在討論的所有舉措都是為了在最高層面上更持久地提升市場佔有率。因此，你將不斷地做出權衡取捨的促銷決策和定價決策。

We feel like we're strong right now, particularly in Computing and Gaming. I talked about our TV unit share position, which now we feel like is erring on the positive side, and there's a lot of these newer categories or the expanded assortment that we're seeing in the Marketplace that is bolstering our point of view about how we feel like we're sitting for share. So again, always a conversation, longer game, but I feel like the trajectory is headed the direction that we want.

我們感覺我們現在實力很強，尤其是在電腦和遊戲領域。我談到了我們的電視機市場份額，現在我們感覺到這個份額略微偏向於積極的一面，而且我們在市場上看到很多新的品類或擴大的產品種類，這更加鞏固了我們對市場份額的看法。所以，這始終是一個需要討論、需要長期投入的過程，但我感覺到目前的發展方向正是我們想要的。

Got it. That's helpful context. And then just real quickly, on the Switch 2, obviously, that's been selling quite well and Nintendo just hyped their unit estimate for their fiscal year. How have you felt about your Switch 2 allocations relative to your initial expectations? I know you historically have over-indexed on Nintendo products, particularly relative to PlayStation and Xbox, but just love your thoughts just in terms of how you feel you guys are doing from an allocation perspective. Thank you.

知道了。提供的背景資訊很有幫助。然後簡單提一下，Switch 2 的銷售量顯然相當不錯，任天堂也公佈了本財年的銷售預期。與最初的預期相比，您對 Switch 2 的分配結果有何感想？我知道你們歷來對任天堂產品的配置比例過高，尤其是相對於 PlayStation 和 Xbox 而言，但我很喜歡你們從資產配置角度出發，對你們目前表現的看法。謝謝。

Yeah. Thank you for the question. We've actually been very happy with Switch 2. Obviously, the launch was outstanding. It drove growth last quarter, and we do expect gaming to continue to grow as we lead into Q4. It's been highly publicized that the amount of Switch 2 units in the market is a lot higher than what Switch 1 was in the same timeframe. So we have actually been happy with the ability to come closer to meeting customer demand. We do think demand over holiday will continue to still be very strong.

是的。謝謝你的提問。我們對Switch 2非常滿意。顯然，這次發表會非常成功。上個季度遊戲業務推動了成長，我們預計遊戲業務將在第四季度繼續成長。眾所周知，目前市面上Switch 2的銷售量遠高於同期Switch 1的銷售量。因此，我們很高興能夠越來越接近滿足客戶的需求。我們認為假日期間的需求仍將非常強勁。

And then in gaming in general, it's not just Switch. There are other aspects of that business that are driving growth. We're just seeing handheld in general, whether it be the new product from Asus that is a partnership with them on Xbox or other products from companies like Lenovo with their Legion Go. Just handheld gaming is a driver across the entire gaming segment. We're really excited that we think we have the best assortment there and can really meet customers' needs across anything they want to do, whether it be Switch all the way up to any aspect of handheld gaming in total. And that's really making up for some of the slowing sales that you see in just the traditional PS5 and Xbox as those get to the end of their life cycle.

而且在整個遊戲領域，也不只是 Switch 而已。推動該業務成長的還有其他方面。我們看到掌機市場整體呈現成長勢頭，無論是華碩與Xbox合作推出的新產品，或是聯想等公司推出的Legion Go，都反映了這一點。掌機遊戲正在推動整個遊戲產業的發展。我們非常高興，我們認為我們擁有最好的產品系列，能夠真正滿足客戶的各種需求，無論是 Switch 遊戲機還是掌上游戲機的任何方面。這確實彌補了傳統 PS5 和 Xbox 主機銷售放緩的部分原因，因為這些主機已經接近產品生命週期的尾聲。

And one of the things that I think is interesting about all the devices that Jason just talked about, these are pretty high-price-point devices. And especially considering they're gaming, they tend toward a younger cohort. So we really like our position here, and we're doubling down both physically and digitally to make sure we offer the best possible experience. I give our teams a ton of credit. Part of the reason that we're able to get the allocations we can is because we can deliver these amazing experiences, especially at retail.

我覺得傑森剛才提到的所有設備都有一點很有趣，那就是它們的價格都相當高。尤其考慮到他們是玩遊戲，他們的用戶群往往比較年輕。所以我們非常滿意我們目前的地位，我們正在實體和數位領域加倍投入，以確保提供最佳體驗。我高度讚揚我們的團隊。我們之所以能夠獲得如此多的配額，部分原因是我們能夠提供這些令人驚嘆的體驗，尤其是在零售方面。

So with that, I think that's our last question. Thanks, Anthony. Appreciate it. So I think that's our last question. Thank you all so much for joining us. We hope you all have a lovely holiday season. And we look forward to speaking with you all at the end of our year.

那麼，我想這就是我們的最後一個問題了。謝謝你，安東尼。謝謝。所以我想這是我們最後一個問題了。非常感謝各位的參與。祝大家假期愉快！我們期待在年底與大家見面。

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。感謝您的參與。您現在可以斷開連線了。