百思買 (BBY) 2026 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's fourth 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 p.m. Eastern Time today. Operator Instructions I will now turn the conference call over to Mollie O'Brien, Head of Investor Relations.

女士們、先生們，感謝你們的耐心等待。歡迎參加百思買2026財年第四季財報電話會議。（操作員說明）提醒各位，本次通話將被錄音，以便回放，回放將於今天美國東部時間下午 1 點左右提供。操作員指示：我現在將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.

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。

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.

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. Today we are reporting better-than-expected profitability for the fourth quarter. On revenue of $13.8 billion, we delivered an adjusted operating income rate of 5% and adjusted earnings per share of $2.61, both of which are slightly up to last year.

各位早安，感謝各位的參與。今天我們公佈第四季度獲利情況優於預期。公司營收達 138 億美元，調整後營業收入率為 5%，調整後每股收益為 2.61 美元，均比去年略有成長。

Our Q4 comparable sales were down 0.8% versus last year, within our guidance range for the quarter. Our data sources show our market share was at least flat, pointing to slightly softer consumer demand for our industry during the holiday quarter.

我們第四季的同店銷售額比去年同期下降了0.8%，符合我們本季的預期範圍。我們的數據來源顯示，我們的市場份額至少保持不變，這表明假期期間消費者對我們行業的需求略有疲軟。

Our holiday customer demand patterns were also different than modeled despite sales event timing that was very similar to last year's. We saw softer-than-expected sales in November and the beginning of December. We then experienced strong sales in the last two weeks of December and the start of January, and sales were negatively impacted by weather-induced store closures during the last week of the quarter.

儘管促銷活動的時間安排與去年非常相似，但我們的假期客戶需求模式與模型預測有所不同。11 月和 12 月初的銷售額低於預期。隨後，我們在 12 月最後兩週和 1 月初經歷了強勁的銷售，但本季最後一周由於天氣原因導致門市關閉，銷售受到了負面影響。

We were prepared for a promotional holiday and the environment was even a bit more promotional than we factored heading into the quarter. I'm proud of how our teams strategically pivoted throughout the quarter in terms of marketing, promotionality and labor.

我們原本為促銷假期做好了準備，但實際情況比我們在本季初預想的還要促銷力度更大。我為我們的團隊在本季在行銷、推廣和勞動力方面所做的策略性調整感到自豪。

From a product category perspective, we delivered our eighth consecutive quarter of positive comparable sales in computing, driven by laptops, desktops and accessories. In mobile phones, we delivered our fourth consecutive quarter of growth driven by our expanded partnerships and in-store operating model improvements with large carriers.

從產品類別來看，在筆記型電腦、桌上型電腦和配件的推動下，我們在電腦產品方面連續第八個季度實現了同店銷售額的成長。在行動電話業務方面，我們連續第四個季度實現成長，這得益於我們與大型業者擴大合作關係以及改善店內營運模式。

We grew our gaming category revenue but at a much slower rate than the previous two quarters as expected. We also saw strong growth in newer and emerging categories like AI glasses, 3D printers, collectibles and toys, health rings and PC gaming handhelds. These positive growth categories were offset by declines in home theater and appliances.

正如預期的那樣，我們的遊戲類收入有所增長，但增速遠低於前兩個季度。我們也看到人工智慧眼鏡、3D列印機、收藏品和玩具、健康戒指和PC遊戲掌上電腦等新興類別實現了強勁成長。這些積極成長的類別被家庭劇院和家用電器的下滑所抵消。

We are pleased with the progress we have made in our ads and marketplace initiatives, and both delivered positive contributions to gross profit rate in the quarter. We are also pleased with our customer experience metrics. Our relationship NPS was up materially year-over-year and the highest it has been in 11 consecutive quarters.

我們對廣告和市場推廣活動的進展感到滿意，這兩項舉措都為本季的毛利率做出了積極貢獻。我們對客戶體驗指標也感到滿意。我們的客戶關係淨推薦值 (NPS) 年比大幅成長，並且是連續 11 個季度以來的最高水準。

We delivered significant year-over-year gains across all five of our most important attributes, including helpful, empathetic, meeting tech needs like no other company can, value and ease. As we exited the year, we saw continued five star customer satisfaction gains in associate availability, product availability and store appearance.

我們在所有五個最重要的屬性上都實現了顯著的同比增長，包括樂於助人、善解人意、滿足技術需求（這是其他公司無法做到的）、價值和便利性。在這一年即將結束之際，我們看到員工出勤率、產品供應情況和門市形像等的顧客滿意度持續提升至五星級。

For our online customers, we reached our fastest-ever fulfillment speeds for our fourth quarter, with 70% of online purchases a fulfilled within two days. As I step back and look at the full year, I am proud of what we have accomplished.

對於我們的線上客戶，我們在第四季度實現了有史以來最快的訂單履行速度，70% 的線上訂單在兩天內完成履行。回顧過去一年，我對我們所取得的成就感到自豪。

First, we returned to positive comps and stabilized our share position while navigating a complex and often evolving tariff environment. We successfully launched and scaled our US digital marketplace, onboarding more vendors than originally expected and drastically increasing our available SKU count for our customers.

首先，我們實現了正向同店銷售成長，並在應對複雜多變的關稅環境的同時，穩定了市場佔有率。我們成功推出並擴大了美國數位市場，引入的供應商數量超過了預期，並大幅增加了我們為客戶提供的 SKU 數量。

We grew Best Buy Ads while almost doubling the number of ad partners compared to the prior year. We were able to both make the necessary investments in our Marketplace and Ads initiatives and expand our enterprise operating margin through a combination of disciplined expense management and efficiency optimization efforts.

與前一年相比，我們的百思買廣告業務成長了近一倍，廣告合作夥伴數量也幾乎翻了一番。我們既能夠對市場和廣告計劃進行必要的投資，又能夠透過嚴格的費用管理和效率優化措施來擴大企業營運利潤率。

We leveraged the use of new technology in many areas to elevate customer experience and drive efficiencies, including faster online shipping and delivery speeds and better customer support capabilities. We further strengthened our in-store customer experience by partnering with multiple key vendors to expand their investment in immersive merchandising areas as well as expert labor.

我們利用新技術在多個領域提升客戶體驗並提高效率，包括加快線上出貨和配送速度以及增強客戶支援能力。我們與多家主要供應商合作，擴大了他們在沉浸式商品陳列區和專業勞動力方面的投資，從而進一步加強了店內客戶體驗。

And we remain committed to being a Best Place to Work, and our most recent employee engagement survey improved year-over-year, ahead of industry benchmarks, and we continue to have industry-leading retail employee retention rates.

我們始終致力於成為最佳工作場所，我們最近的員工敬業度調查結果同比有所提高，高於行業基準，而且我們繼續保持著行業領先的零售員工留任率。

Finally, we returned $1.1 billion to investors in the form of dividends and share repurchases. I'm incredibly grateful for the hard work, dedication and resourcefulness of more than 80,000 employees to achieve these results.

最後，我們以股息和股票回購的形式向投資者返還了 11 億美元。我衷心感謝超過 8 萬名員工的辛勤工作、奉獻精神和足智多謀，才取得了這些成果。

Moving forward to fiscal '27, we are excited about the momentum in our business. We also expect to continue to navigate a mixed macro environment. For the year, we are guiding comparable sales growth in the range of down 1% to up 1%. I'll highlight some key assumptions.

展望 2027 財年，我們對公司業務的發展動能感到興奮。我們也預計將繼續在複雜的宏觀環境中前進。我們預計今年同店銷售額成長率將在下降 1% 到成長 1% 之間。我將重點闡述一些關鍵假設。

Consistent with the past several quarters, we expect to see a consumer who is still spending but is value focused and attracted to sales moments. Importantly, while customers continue to be thoughtful about big-ticket purchases, they are willing to spend on high price point products when they need to or when there is technology innovation. We do expect consumers to spend a portion of their higher tax refunds at Best Buy concentrated in the first quarter.

與過去幾季的情況一致，我們預期消費者仍會消費，但會更重視性價比，並會被促銷活動所吸引。重要的是，雖然顧客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。我們預期消費者會在第一季將部分較高的退稅款項集中到百思買消費。

From a product category perspective, we are planning for continued growth in computing, driven by industry momentum from replacement cycles, the end of support for Windows 10 and innovation driven by AI. We expect continued growth in mobile phones from the new carrier labor models and system enhancements we have implemented over the past year.

從產品類別的角度來看，我們計劃在運算領域持續成長，這得益於產業更新換代週期帶來的發展動能、Windows 10 停止支援以及人工智慧驅動的創新。我們預計，隨著過去一年來我們實施的新營運商勞動力模式和系統改進措施的實施，行動電話業務將繼續成長。

And we expect continued growth in our newer emerging categories that I referenced earlier, like AI glasses, 3D printers, collectibles and toys, health rings and PC gaming handhelds. And we see opportunities to improve the sales trends in home theater, from extended store experiences, increased expert labor and our role as the national retail launch partner for an exciting new technology, RGB, in the middle of the year.

我們預計，我之前提到的那些新興類別，如人工智慧眼鏡、3D列印機、收藏品和玩具、健康戒指和PC遊戲掌上電腦，將持續成長。我們看到了改善家庭劇院銷售趨勢的機會，包括延長門市體驗時間、增加專業人員數量，以及在年中作為令人興奮的新技術 RGB 的全國零售發布合作夥伴。

As you are aware, the significantly increased demand for memory components is driving cost inflation and supply uncertainty, particularly in computing. We are partnering with our vendors to mitigate impacts on the business. We are focused on five major navigation themes.

如您所知，記憶體組件需求的大幅增長正在推高成本並導致供應不確定性，尤其是在電腦領域。我們正與供應商合作，以減輕對業務的影響。我們主要關註五大導航主題。

One, we are bringing in as much inventory as we can. We are also providing our vendors with a longer forecast horizon to better plan allocations across commercial and consumer segments and collaborate more effectively with memory partners.

第一，我們正在盡可能地引進庫存。我們也向供應商提供更長的預測期，以便更好地規劃商業和消費領域的資源分配，並與記憶體合作夥伴更有效地合作。

Two, regarding terms, we want to ensure that business and operational terms are situated to make Best Buy a preferred partner in the eyes of our vendors during a constrained environment. Three, we are using our ability in computing to specify configurations to hit price points that match consumer budgets.

第二，關於條款，我們希望確保業務和營運條款能夠使百思買在受限的環境下成為供應商眼中的首選合作夥伴。第三，我們運用自身的運算能力來制定配置方案，以達到符合消費者預算的價格點。

Four, we are narrowing assortments to improve in-stocks where there may be constraints. And five, we are focused on educating customers on why now is still a good time to buy. Their current device may not be performing optimally. We have quality options for every budget.

第四，我們正在縮小商品種類，以改善可能有庫存限制的地區的庫存狀況。第五，我們致力於向客戶普及為什麼現在仍然是購買的好時機。他們目前的設備可能沒有發揮最佳性能。我們提供適合各種預算的優質選擇。

And they can get a better device today on the same budget as their last purchase, which may have been years ago. We have a number of tools to highlight, including trade-ins, financing, refurbished products and easy upgrade with Geek Squad.

他們今天可以用和上次購買時相同的預算買到更好的設備，而上次購買可能已經是幾年前的事了。我們有很多工具值得重點介紹，包括以舊換新、融資、翻新產品以及透過 Geek Squad 輕鬆升級。

As we think about the impact on our fiscal '27 outlook, the high end of our comparable sales guide reflects a more neutral impact as higher prices are offset by lower unit sales. At the low end of the guide, inventory is more constrained across a number of categories.

當我們考慮對 2027 財年展望的影響時，我們同店銷售指導的高端反映出影響更為中性，因為更高的價格被更低的銷售所抵消。在指南的低端部分，許多類別的庫存都比較有限。

Now I will talk about our multiyear strategy, which is consistent. We will continue strengthening our position in retail as a leading omnichannel destination for technology, while at the same time scaling new profit streams. Our priorities and resource allocation philosophy remain consistent as we build upon the momentum from fiscal '26.

現在我將談談我們多年戰略，該戰略具有一致性。我們將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，同時拓展新的利潤來源。在2026財年取得良好勢頭的基礎上，我們的優先事項和資源分配理念保持不變。

These are one, drive omnichannel experiences that resonate with our customers. Two, scale Best Buy Ads and Marketplace and three, drive efficiencies and identify cost reductions that are crucial to help fund investment capacity and offset pressures in our business.

這是其中之一，旨在打造能夠引起客戶共鳴的全通路體驗。第二，擴大百思買廣告和市場規模；第三，提高效率並找出降低成本的途徑，這對於幫助籌集投資資金和抵消業務壓力至關重要。

Let me provide some key details on initiatives across stores, digital assets and our services offerings. Last year we provided multiple examples of store refreshes and upgrades we implemented in partnership with our vendors, including Meta, Revel, SharkNinja, TCL, Hisense and LG. We are expanding these experiences to yet more additional stores this year, demonstrating the value these are driving for our vendors and our customers.

讓我詳細介紹一下我們在門市、數位資產和服務產品方面的各項措施。去年，我們提供了多個與供應商（包括 Meta、Revel、SharkNinja、TCL、Hisense 和 LG）合作實施的門市翻新和升級案例。今年，我們將把這些體驗推廣到更多門市，以證明這些體驗為我們的供應商和客戶帶來的價值。

In addition, we are continuing to improve our stores look and feel by using our square footage more strategically. For example, in approximately 70 stores, we will move computing to the center of the store, consolidate space and allocate open spaces to value-generating initiatives. Many of these open spaces will be filled with a much larger and more comprehensive assortment from Meta. In other stores, we are piloting either outlet sections or outdoor furniture from our Yardbird brand. In these cases, we are shifting from stand-alone locations to leveraging the space and traffic we already have.

此外，我們正在透過更有效地利用空間，不斷改善門市的外觀和氛圍。例如，在大約 70 家門市中，我們將把計算設備移到門市中心，整合空間，並將開放空間分配給創造價值的項目。這些空地中的許多都將擺滿來自 Meta 的更大、更全面的商品。在其他門市，我們正在試點開設特價區或推出我們 Yardbird 品牌的戶外家具。在這種情況下，我們正在從獨立地點轉向利用我們現有的空間和人流。

This year, we expect to have new Domestic Best Buy store growth for the first time in more than a decade. We plan to open 6 new stores to better meet demand in markets that have grown, including areas where we have not previously had a physical presence. We have created and tested a smaller store model that drives incremental revenue in these types of markets, like the Bozeman store we opened last year. We expect to close only two Best Buy stores as a result of our ongoing review of leases as they come up for renewal.

今年，我們預計美國國內百思買新店數量將出現十多年來的首次成長。我們計劃開設 6 家新店，以更好地滿足不斷增長的市場需求，包括我們以前沒有實體店的地區。我們已經創建並測試了一種規模較小的門市模式，可以在這類市場中帶來增量收入，例如我們去年在博茲曼開設的門市。由於我們正在對即將續約的租約進行持續審查，預計只會關閉兩家百思買門市。

We are pleased with the investments we have made in customer-facing labor over the past couple of years. We plan to keep our labor flat as a percentage of revenue, balancing the growth in dedicated specialized labor with more flexible and multipurpose resources.

我們對過去幾年在客戶服務人員的投資感到滿意。我們計劃保持勞動成本佔收入的比例不變，透過增加更靈活、多用途的資源來平衡專用專業勞動力的成長。

We expect the level of vendor-provided labor hours to grow again this year after growing 20% in the second half of last year. Together with our vendors, we provide in-person expert CE experiences for our customers that are unmatched in today's retail world.

我們預計，繼去年下半年成長 20% 之後，今年供應商提供的勞動時間水準將再次成長。我們與供應商一起，為客戶提供當今零售業無與倫比的現場專家繼續教育體驗。

As you would expect, we are also focused on our digital experience. We have already begun to activate on ways to bring our products to life through AI platforms this year. First, we're partnering with OpenAI to give our customers a new way to explore and discover our products. We're among the early retailers to make it easier for our product catalog to be displayed on ChatGPT, creating a more seamless path to product inspiration. We're also an early ads partner and exploring more opportunities to enhance our shopping experience with OpenAI.

正如您所料，我們也十分注重提升數位體驗。今年我們已經開始著手探索如何透過人工智慧平台將我們的產品變為現實。首先，我們與 OpenAI 合作，為我們的客戶提供一種探索和發現我們產品的新方式。我們是最早一批讓產品目錄更容易在 ChatGPT 上顯示的零售商之一，從而為用戶提供更順暢的產品靈感獲取途徑。我們也是 OpenAI 的早期廣告合作夥伴，並正在探索更多機會，以透過 OpenAI 提升我們的購物體驗。

In addition, we support Google on its new Universal Commerce Protocol, a cross-industry standard that helps create a more seamless agentic shopping journey across the web. Using this Universal Commerce Protocol, we're working with Google to build new way for customers to purchase directly in AI mode in Google Search and the Gemini app.

此外，我們支援Google推出的全新通用商務協議，這是一項跨行業標準，旨在幫助打造更無縫的網路代理購物體驗。利用這項通用商務協議，我們正在與Google合作，為客戶建立一種新的方式，讓他們可以直接在Google搜尋和 Gemini 應用中以 AI 模式進行購買。

We are also the first retail partner to launch a native checkout integration with Wizard, an AI-powered commerce platform. As agentic commerce matures, we want to serve our customers in new ways, both on and off of platforms. That includes evolving bestbuy.com to be more agentic-friendly and ensuring our site is ready for AI agents to browse and discover on behalf of our customers.

我們也是首家與人工智慧商務平台 Wizard 推出原生結帳整合的零售合作夥伴。隨著代理商務的成熟，我們希望以新的方式為我們的客戶提供服務，無論是在平台內還是平台外。這包括改進 bestbuy.com，使其更便於代理商使用，並確保我們的網站已做好準備，供 AI 代理商代表我們的客戶瀏覽和發現商品。

Other fiscal '27 online priorities include strengthening customer recognition and personalization, increasing app adoption and engagement, enhancing our new invite-only capability and driving online conversion for categories like major appliances and TVs.

2027 財年的其他線上優先事項包括加強客戶識別和個性化、提高應用程式的採用率和參與度、增強我們新的僅限邀請的功能以及推動大型家電和電視等類別的線上轉換。

Now I will discuss our services offerings, which have long been a key differentiator for Best Buy. To sustain our leadership, a priority for us this year is to reassess our Geek Squad services by simplifying our portfolio while at the same time making our services accessible to more customers. The good news is we're making progress in simplifying our range of offerings with different price points to create customer choice.

現在我將討論我們的服務產品，這長期以來一直是百思買的關鍵差異化優勢。為了維持我們的領先地位，今年我們的首要任務是重新評估我們的 Geek Squad 服務，簡化我們的服務組合，同時讓更多客戶能夠享受我們的服務。好消息是，我們在簡化不同價位的產品範圍方面取得了進展，從而為顧客創造了更多選擇。

We are also planning to move beyond break, fix and product installation services to dive into experiential solutions that cater to a variety of evolving customer needs. Whether it is a simple product upgrade or a full premium home installation, we will be there for our customers with speed, expertise and convenience.

我們也計劃超越故障排除、維修和產品安裝服務，深入探索能夠滿足各種不斷變化的客戶需求的體驗式解決方案。無論是簡單的產品升級還是全面的高階家庭安裝，我們都將以快速、專業且便利的方式為客戶提供服務。

We're continuing to prioritize our renowned Geek Squad agent support in-home, in-store and virtually. At the same time, we're enhancing our digital and AI experiences. This dual approach allows customers to choose how they want to receive service, whether it's through direct interaction with an agent or more autonomous digital solutions, empowering customers to get the support they need on their own terms.

我們將繼續優先提供我們備受讚譽的 Geek Squad 專家團隊的上門、店內和線上支援服務。同時，我們也在不斷提升我們的數位化和人工智慧體驗。這種雙管齊下的方式讓客戶可以選擇他們想要獲得服務的方式，無論是透過與客服人員直接互動，還是透過更自主的數位解決方案，從而使客戶能夠按照自己的方式獲得所需的支援。

Our services business -- our services are also instrumental to the growth of our Best Buy Business arm. Here we focus on business segments like education, hospitality, builders, health care and corporate enterprises. Product sales are concentrated in computing, home theater and major appliances and often paired with services such as field installation and end-to-end product support services like device life cycle management.

我們的服務業務－我們的服務對百思買業務部門的成長也至關重要。我們專注於教育、酒店、建築、醫療保健和企業等行業領域。產品銷售主要集中在電腦、家庭劇院和大型家電領域，通常與現場安裝和端到端產品支援服務（如設備生命週期管理）等服務相結合。

Our Best Buy Business team generated more than $1.1 billion in revenue in fiscal '26, and we expect to generate a mid-single-digit sales growth rate again in fiscal '27.

我們的百思買業務團隊在 2026 財年創造了超過 11 億美元的收入，我們預計在 2027 財年將再次實現中等個位數的銷售成長率。

Now I'd like to provide an update on our Best Buy Marketplace. First, we have been very pleased with the outcome and performance. Our customers are responding favorably too as sales ramped through the back half and represented approximately $300 million in Domestic GMV in the fourth quarter.

現在我想向大家報告我們百思買商城的最新情況。首先，我們對結果和表現都非常滿意。我們的客戶也給予了正面的回饋，銷售額在下半年穩定成長，第四季國內GMV約為3億美元。

Furthermore, our five-star ratings for third-party purchase experiences are consistent with that of first-party purchases. This outcome affirms that the team adopted the appropriate design principles to deliver a seamless customer experience regardless of whether the product is 1P or 3P.

此外，我們對第三方購買體驗的五星評級與第一方購買體驗的五星評級一致。這項結果證實，無論產品是第一方產品還是第三方產品，團隊都採用了適當的設計原則，從而提供了無縫的客戶體驗。

And customer return rates for Marketplace items continue to be lower than our 1P return rates. These customers are taking advantage of the convenient return-to-store option for more than 80% of product returns.

Marketplace 商品的顧客退貨率持續低於我們的 1P 退貨率。超過 80% 的商品退貨都選擇了方便的門市退貨方式。

Top unit categories in Q4 included mobile phone accessories, computer accessories, movies and small kitchen appliances, illustrating momentum and opportunity in what have traditionally been lower-share categories for Best Buy. As a result, Marketplace is driving unit market share growth.

第四季銷量最高的品類包括手機配件、電腦配件、電影和小廚房電器，這表明百思買在傳統上份額較低的品類中展現出了增長勢頭和發展機遇。因此，市場平台正在推動市場份額的成長。

While we are still early in our journey, our 3P seller community remains highly motivated and excited by the initial performance. To date, we have enlisted over 1,100 sellers on Best Buy Marketplace. And over 90% of our sellers with an open store front are experiencing sales in any given week.

雖然我們仍處於起步階段，但我們的第三方賣家群體對目前的表現仍然充滿動力和興奮。截至目前，我們已在百思買市場平台上招攬了超過 1100 家賣家。超過 90% 的擁有實體店面的賣家每週都有銷售額。

I would add that our store employees are equipped with the right tools to help customers get what they want even if we don't carry it ourselves, and are contributing to the Marketplace GMV.

我還要補充一點，我們店裡的員工配備了合適的工具，即使我們自己沒有銷售顧客想要的商品，也能幫助顧客找到他們想要的商品，並且為市場交易總額做出了貢獻。

Moving to Best Buy Ads. In fiscal '26, our gross advertising collections were just over $900 million. This is up more than 7% versus last year. Today these collections show up mostly as an offset to our cost of goods sold with a small amount flowing through revenue. In fiscal '27, we anticipate growth of approximately 10%.

切換到百思買廣告。2026 財年，我們的廣告總收入略高於 9 億美元。這比去年同期成長了7%以上。如今，這些款項主要用來抵銷我們的銷售成本，只有一小部分計入收入。預計 2027 財年增長率約為 10%。

By the end of fiscal '26, we had 750 advertising partners, nearly doubling the count from last year. Most of this growth stemmed from Marketplace third-party partners following our August launch. Additionally, our first-party partners are investing more with an average annual investment up 16% year-over-year.

到 2026 財年末，我們有 750 家廣告合作夥伴，幾乎是前一年的兩倍。這項成長主要源自於我們8月上線後，市場第三方合作夥伴的推動。此外，我們的第一方合作夥伴也在加大投資，平均年度投資額較去年同期成長 16%。

Our on-site inventory mix was just over 40% last year, lower than many other retail media networks. On-site inventory drives a higher margin than offsite. So as we continue to create more on-site inventory and grow this mix, there is significant margin growth potential over time.

去年我們的現場庫存組合略高於 40%，低於許多其他零售媒體網路。現場庫存比異地庫存利潤率更高。因此，隨著我們不斷增加現場庫存並擴大產品組合，隨著時間的推移，利潤成長潛力巨大。

Both Ads and Marketplace positively contributed to our gross profit rate in Q4, and we expect continued gross profit rate contribution this year. From an operating income rate perspective, we expect a slight contribution this year due to ongoing investments in our technology stack, marketing and head count across our sales, operations and technology teams. We expect fiscal '27 to be the last major investment year, with more material operating income rate contribution coming in fiscal '28 and fiscal '29.

廣告和市場業務在第四季度都對我們的毛利率做出了積極貢獻，我們預計今年將繼續對毛利率做出貢獻。從營業收入率的角度來看，由於我們持續投資於技術堆疊、行銷以及銷售、營運和技術團隊的人員配置，我們預計今年將略有貢獻。我們預計 2027 財年將是最後一個主要投資年，2028 財年和 2029 財年將有更實質的營業收入貢獻。

In order to invest in initiatives like these that will bring long-term value and offset pressures in the business, our third long-standing business priority is crucial, and that is driving efficiencies and identifying cost reductions.

為了投資此類能夠帶來長期價值並抵消業務壓力的舉措，我們的第三個長期業務重點至關重要，那就是提高效率和尋找降低成本的機會。

There are many ways we realize these efficiencies, with technology and analytics, through ongoing vendor partnerships and vendor selections throughout the enterprise, and by modifying existing processes or customer offerings. In fiscal '27, our key opportunity areas are supply chain, customer care, reverse logistics and continued optimization of our health business.

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，透過在整個企業範圍內持續進行供應商合作和供應商選擇，以及透過修改現有流程或客戶服務。2027 財年，我們主要的機會領域是供應鏈、客戶服務、逆向物流以及持續優化我們的健康業務。

In summary, I'm pleased with the progress we made in fiscal '26 and excited about what we expect to accomplish in fiscal '27 as it relates to our multiyear strategy. We are deepening customer relationships and successfully strengthening our position in retail as a leading omnichannel destination for technology, while at the same time scaling new profit streams that we expect to provide considerable benefit over time.

總而言之，我對我們在 2026 財年的進展感到滿意，並對我們預計在 2027 財年實現多年戰略目標感到興奮。我們正在深化與客戶的關係，並成功鞏固我們在零售業作為領先的全通路科技目的地的地位，同時擴大新的利潤來源，我們預計這些利潤來源將隨著時間的推移帶來相當大的收益。

I will now turn the call over to Matt.

現在我將把通話交給馬特。

Good morning. Let me start with our fourth quarter performance compared to the expectations we shared last quarter. Enterprise comparable sales declined 0.8% and were on the lower end of our guidance range. Despite the softer sales, our adjusted operating income rate of 5% was better than planned and included slightly favorable rates for both gross profit and SG&A. I will now talk about our fourth quarter results versus last year.

早安.首先，我想談談我們第四季的業績與上季我們設定的預期相比如何。企業同店銷售額下降 0.8%，處於我們預期範圍的下限。儘管銷售額有所下降，但我們調整後的營業收入率為 5%，高於預期，其中包括毛利和銷售、一般及行政費用略微有利的比率。接下來我將談談我們第四季的業績與去年同期的情況。

Enterprise revenue of $13.8 billion decreased 1% versus last year. Our adjusted operating income rate increased 10 basis points compared to last year and our adjusted diluted earnings per share increased 1% to $2.61. By month, our Enterprise comparable sales were down approximately 3% in November, before improving 2.2% in December and up 0.4% in January. In our Domestic segment, revenue decreased 1.1% to $12.6 billion, driven by a comparable sales decline of 0.8%.

企業營收為 138 億美元，比去年下降 1%。與去年相比，我們調整後的營業收入率成長了10個基點，調整後的稀釋每股盈餘成長了1%至2.61美元。按月來看，我們11月份的企業同店銷售額下降了約3%，12月份成長了2.2%，1月成長了0.4%。在我們的國內業務部門，營收下降 1.1% 至 126 億美元，主要原因是同店銷售額下降 0.8%。

From a category standpoint, the largest contributors to comparable sales decline were home theater and appliances, which were partially offset by growth in computing and mobile phones. Our online revenue of $4.9 billion decreased 2.3% on a comparable basis and represented 39% of our Domestic revenue. Our online comparable sales growth includes the net commission revenue earned from our third-party marketplace sellers.

從品類角度來看，導致同店銷售額下降的最大因素是家庭劇院和家用電器，但電腦和行動電話的成長部分抵消了這些影響。我們的線上收入為 49 億美元，以可比口徑計算下降了 2.3%，占我們國內收入的 39%。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. International revenue of $1.2 billion increased 0.5% versus last year. The revenue increase was primarily driven by the favorable impact of foreign exchange rates, which was partially offset by a comparable sales decline of 1.3%.

從有機產品的角度來看，我們產品的綜合平均銷售價格與去年基本持平。國際收入達12億美元，比去年增長0.5%。收入成長主要得益於匯率的有利影響，但部分被可比銷售額下降 1.3% 所抵銷。

Our Domestic gross profit rate of 20.9% was flat to last year. During the quarter, our gross profit rate benefited from increased collections from Best Buy Ads and growth in Marketplace commissions. These items were offset by lower product margin rates which were primarily driven by an unfavorable sales mix and increased promotions.

我們的國內毛利率為20.9%，與去年持平。本季度，由於 Best Buy 廣告收入增加和 Marketplace 佣金成長，我們的毛利率有所提高。這些因素被較低的產品利潤率所抵消，而較低的產品利潤率主要是由於不利的銷售組合和增加的促銷活動造成的。

Our International gross profit rate decreased 90 basis points to 20.5%. The lower gross profit rate was primarily due to lower product margin rates.

我們的國際毛利率下降了90個基點，至20.5%。毛利率較低主要是因為產品毛利率較低所造成的。

Moving to SG&A, where our domestic adjusted SG&A decreased $36 million. This decrease was primarily driven by reduced compensation expenses, which included incentive compensation and lower Best Buy Health expenses. These items were partially offset by increased expenses related to Marketplace and Best Buy Ads, including higher advertising and technology expenses.

轉而關注銷售、一般及行政費用，我們國內經調整後的銷售、一般及行政費用減少了 3,600 萬美元。這項降幅主要是由於薪資支出減少所致，其中包括激勵性薪酬和百思買健康支出降低。這些項目的部分收益被 Marketplace 和 Best Buy 廣告相關的增加支出所抵消，包括更高的廣告和技術支出。

During fiscal '26, total capital expenditures of $704 million were essentially flat to fiscal '25. During fiscal '26, we returned $1.1 billion to shareholders through share repurchases and dividends. We remain committed to being a premium dividend payer and this morning announced that we are increasing our quarterly dividend to $0.96 per share, which is a 1% increase. This increase represents the 13th straight year we have raised our regular quarterly dividend.

2026 財年總資本支出為 7.04 億美元，與 2025 財年基本持平。在 2026 財年，我們透過股票回購和分紅向股東返還了 11 億美元。我們將繼續致力於成為一家高股息支付公司，今天早上宣布，我們將季度股息提高到每股 0.96 美元，增幅為 1%。這標誌著我們連續第13年提高季度常規股利。

Moving on to our full year fiscal '27 financial guidance, which is the following: Revenue in the range of $41.2 billion to $42.1 billion, comparable sales of down 1% to up 1% and adjusted operating income rate of approximately 4.3% to 4.4%, and adjusted effective income tax rate of approximately 25.5%, adjusted diluted earnings per share of $6.30 to $6.60. Capital expenditures of approximately $750 million.

接下來是我們的 2027 財年全年財務預期，具體如下：營收在 412 億美元至 421 億美元之間，可比銷售額下降 1% 至上升 1%，調整後營業利潤率約為 4.3% 至 4.4%，調整後實際所得稅率約為 25.5%，調整後稀釋每股收益為 6.30 美元至 6.30 美元。資本支出約為 7.5 億美元。

And lastly, we expect to spend approximately $300 million on share repurchases. From a phasing standpoint, the repurchases are planned to occur primarily during the fourth quarter, resulting in our weighted average share count remaining near the levels at fiscal '26 year-end.

最後，我們預計將花費約 3 億美元用於股票回購。從分階段實施的角度來看，股票回購計畫主要在第四季度進行，這將使我們的加權平均股票數量保持在 2026 財年末的水平附近。

Next, I will cover some of the key working assumptions that support our guidance. Earlier, Corie provided context on our fiscal '27 top line assumptions, so let me spend more time on the profitability outlook. We expect our gross profit rate to improve by approximately 30 basis points compared to the prior year due to growth from Best Buy Ads and our US Marketplace.

接下來，我將介紹一些支撐我們指導原則的關鍵工作假設。早些時候，Corie 為我們 2027 財年的營收預期提供了背景信息，所以讓我花更多時間來談談盈利前景。由於百思買廣告和美國市場的成長，我們預計毛利率將比上年提高約 30 個基點。

Now moving to adjusted SG&A expectations, which include the following puts and takes. SG&A is planned to increase in support of Ads and Marketplace, which includes advertising, technology and employee compensation expense.

現在轉向調整後的銷售、一般及行政費用預期，其中包括以下看漲和看跌期權。為支援廣告和市場業務，銷售、一般及行政費用計劃增加，其中包括廣告、技術和員工薪資支出。

We expect higher incentive compensation as we reset our performance targets for the next year, with the high end of our guidance assuming an increase of $30 million compared to fiscal '26. Store payroll expenses are expected to increase at the high end of our revenue guidance with minimal impacts from a rate perspective. Partially offsetting the previous items are expected lower Best Buy Health expenses.

隨著我們重新設定下一年的業績目標，我們預期激勵性薪酬將會提高，我們預期最高薪酬將比 2026 財年增加 3,000 萬美元。預計門市薪資支出將按照我們收入預期的上限進行成長，但從費率角度來看，影響甚微。預計百思買健康支出減少將部分抵銷上述項目的影響。

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

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。

Before I close, let me share a couple of comments specific to the first quarter. We expect our first quarter comparable sales growth to be approximately 1%. From a monthly phasing perspective, comparable sales were down approximately 1% in February and expected to increase in March and April. We expect our first quarter adjusted operating income rate to be approximately 3.9%, with gross profit rate expansion being the primary driver of the 10 basis points of year-over-year improvement.

在結束之前，我想就第一季發表幾點看法。我們預計第一季同店銷售額將成長約為 1%。從月度階段性角度來看，2 月同店銷售額下降了約 1%，預計 3 月和 4 月將有所成長。我們預計第一季調整後營業收入率約為 3.9%，毛利率擴張是年增 10 個基點的主要驅動因素。

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

現在我將把電話轉交給接線員，回答問題。

(Operator Instructions)

（操作說明）

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

This is Grace on for Kate. We were wondering in the case that product prices do increase due to the higher memory pricing, we were wondering what that could look like. And what do margins look like across the different computing categories like good, better and best?

這裡是格蕾絲，替凱特為您報道。我們想知道，如果因為記憶體價格上漲而導致產品價格上漲，那會是什麼樣子。那麼，在良好、較好和最佳等不同計算類別中，利潤率分別是多少？

So overall for next year, our guide for gross profit is about 30 basis points increase year-over-year, which is primarily driven by both Ads business and Marketplace growing. The remaining parts of the gross profit rates are pretty neutral, even inclusive of the product margin rate. So for the year, product margin rates are going to be assuming pretty flat year-over-year.

因此，總體而言，我們對明年毛利的預期是年增約 30 個基點，這主要得益於廣告業務和市場業務的成長。即使算上產品毛利率，毛利率的其餘部分也相當中性。因此，預計今年的產品利潤率將與上年基本持平。

So within that context, there could be some categories, some pressure on margins because of memory costs. But overall, we would expect to be able to navigate based on the list of things that we talked about in our prepared remarks, the ability to manage some of that pressure that might exist.

因此，在這種背景下，可能會出現一些類別，由於記憶體成本，利潤率會受到一些壓力。但總的來說，我們希望能夠根據我們在準備好的發言稿中提到的事項清單來應對，並有能力管理可能存在的一些壓力。

So overall, pretty, pretty neutral impact to product margin rates in total, but there could be unique areas within the company that might have some impact.

因此，整體而言，對產品利潤率的影響相當中性，但公司內部某些特殊領域可能會受到一些影響。

Scot Ciccarelli, Truist Securities.

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

Two questions. First, can you talk about what you saw in the fourth quarter in big screen TV sales, especially as a big competitor was really aggressive in that category from what we could tell? And then secondly, I guess, a bit more open ended, how should we think about the growth opportunities around Meta and Google glasses? And any more details on how you're partnering with those vendors in that specific category?

兩個問題。首先，您能否談談您在第四季度觀察到的大螢幕電視銷售情況，特別是考慮到一家主要競爭對手在該類別中採取了非常激進的策略？其次，我想，這個問題可能比較開放，我們該如何看待 Meta 和 Google 眼鏡帶來的成長機會？關於您如何與該特定類別的供應商合作，還有什麼更多細節可以透露嗎？

From a TV perspective, both revenue and units were below expectations in Q4 from an industry perspective. We were actually happy with the way that we showed up from a positioning perspective, but there just was a little bit more softness than expected. But we are excited and optimistic as we move into next year, and there is a new technology trend, as Corie mentioned, as we get into the middle of the year with RGB technology across all of our major suppliers. We do think that's going to drive a lot of demand. It's going to drive a lot of interest in our store.

從電視產業的角度來看，第四季的營收和銷售量均低於預期。從定位的角度來看，我們對自己的亮相方式其實很滿意，只是感覺比預期的要柔和一些。但展望明年，我們感到興奮和樂觀，正如 Corie 所提到的，隨著年中到來，我們所有主要供應商都將採用 RGB 技術，這標誌著一種新的技術趨勢。我們認為這將帶動巨大的需求。這將大大提升我們店舖的知名度。

It is really something that you need to see in person. And we'll be there with our vendors to make sure that we put that on display in the best way possible. From a Meta perspective and just AI glasses in general, it is a significant growth trend for us. It does show up in gaming when we talk about it. We do think we have the best relationship with vendor partners, and our relationship with Meta is phenomenal.

這真的需要親眼所見。我們會和供應商一起到場，確保以最佳方式展示這些展品。從元視角以及人工智慧眼鏡領域來看，這對我們來說是一個重要的成長趨勢。當我們談論遊戲時，它確實會在遊戲領域出現。我們認為我們與供應商合作夥伴的關係是最好的，而我們與 Meta 的關係更是非常出色。

The way that they show up in our stores and the way we've been able to bring their new products to market, and then even locations that are even more of a showcase where the way that we were able to represent and partner with them on the display product and bring that to market.

他們出現在我們商店的方式，以及我們能夠將他們的新產品推向市場的方式，甚至在一些更具展示性的地點，我們能夠代表他們並與他們合作展示產品，並將產品推向市場。

There are other things happening from an AI glasses perspective. There's a lot of noise at CES. And we expect that there'll be even more products, not only from partners that we already do, but probably also from new partners as this continues to be a growth category for us.

從人工智慧眼鏡的角度來看，還有其他一些事情正在發生。CES展會上非常吵雜。我們預計會有更多產品推出，不僅來自我們現有的合作夥伴，而且可能還會來自新的合作夥伴，因為這仍然是我們一個成長的領域。

Scot, strategically, just to build on that a bit, I think the idea of AI for the consumer is kind of a long-tail space where we will have a unique advantage. Some of that we've already been leaning into, which is think about like enhancing existing technology.

史考特，從策略角度來說，再進一步闡述一下，我認為面向消費者的 AI 理念是一個長尾領域，我們將擁有獨特的優勢。我們已經開始著手實現其中的一些目標，例如增強現有技術。

That's like Copilot+, it's AI and computing, it's AI and phones. It's our ability to explain that and bring it to market. Some of it is what Jason is hitting on, what you asked about, that lifestyle tech example, and there'll be lots of different ways we'll see that, interactive gaming, we'll see it in glasses.

這就像 Copilot+，它結合了人工智慧和運算，也結合了人工智慧和手機。我們有能力解釋清楚這一點並將其推向市場。其中一些正是傑森提到的，也是你問到的，例如生活方式科技的例子，我們將會看到很多不同的應用方式，例如互動遊戲，我們會在眼鏡中看到它。

Then you're going to see some -- probably some reinvigorated categories, things like smart home, where there -- it's actually just going to get a lot smarter. There's a lot more use cases that you're going to see for consumers.

然後你會看到一些——可能是一些重新煥發活力的類別，例如智慧家居，在那裡——它實際上會變得更加聰明。你會看到更多面向消費者的應用場景。

And then ultimately, I think there's the question of what I would call always-on AI support. So what is right now open AI, connected TVs, talk about air pods with cameras, kind of this idea of how do all these platforms start to show up actually in hardware and our experiences. And our goal is, and this is our sweet spot, as this technology comes to life, we want to be that key partner for our vendors to really help explain it to customers.

最後，我認為還有一個問題，那就是我所謂的「始終在線的人工智慧支援」。那麼，現在什麼是開放人工智慧、連網電視、有攝影機的 AirPods，所有這些平台究竟是如何開始真正體現在硬體和我們的體驗中的呢？我們的目標是，也是我們的優勢所在，隨著這項技術的實現，我們希望成為供應商的關鍵合作夥伴，真正幫助他們向客戶解釋這項技術。

Michael Lasser, UBS Financial.

Michael Lasser，瑞銀金融。

Do you think you've appropriately embedded enough margin flexibility in your guidance in order to compete effectively in the year ahead? It seems like the industry just gets a little bit more competitive each day and 30 basis points of gross margin expansion may not be sufficient in order to drive the top line?

您認為您已在業績指引中適當地預留了足夠的利潤率彈性，以便在未來一年中有效參與競爭嗎？產業競爭似乎每天都在加劇，30個基點的毛利率成長可能不足以推動營收成長？

Yes. I mean, I think we'll obviously navigate the year as we know more, Michael. I think a couple of points. Our space is always very competitive. If you think about just FY26, it was already a very promotional year, and on top of a high promotional year, we had a sales mix impact on the margin rates as well.

是的。我的意思是，隨著我們對情況了解更多，我想我們顯然會更好地應對這一年，邁克爾。我認為有幾點需要說明。我們這個領域的競爭一直非常激烈。如果只考慮 2026 財年，那已經是一個非常促銷的年份，而且除了促銷力度大之外，銷售組合也對利潤率產生了影響。

I think as you think about next year, we're certainly not expecting to not be promotional, probably a similar level of promotionality, but maybe in some quarters a little less sales mix pressure potentially, so which helps mitigate some of the potential product margin rates that might come with memory cost adjustments.

我認為，展望明年，我們當然不會停止促銷活動，促銷力度可能會與往年類似，但某些方面的銷售組合壓力可能會略有減輕，這有助於緩解內存成本調整可能帶來的一些潛在產品利潤率下降。

So we'll clearly navigate as best we can. But I think right now, we feel like we've appropriately built in the product rate pressure that we need to be competitive.

所以我們會盡力而為，理清思緒。但我認為，目前我們已經適當地建立了保持競爭力所需的產品價格壓力。

Two things I would add, Michael. We've made it very clear that we want to position ourselves to make sure we are driving particularly unit share. And I can see that happening for us as we come out of Q4. So you can imagine, we're trying to build enough flexibility to be able to do that. Matt also hit on it in his prepared remarks, I did as well.

邁克爾，我還要補充兩點。我們已經非常明確地表示，我們希望透過自身定位來確保我們能夠推動市場份額的成長。我預計這種情況會在我們走出第四季時發生。所以你可以想像，我們正在努力建立足夠的靈活性來實現這一點。馬特在他的準備好的演講稿中也提到了這一點，我也提到了。

This is where Ads and Marketplace are also very helpful to our model, especially on the gross profit side of things because this is the fuel we are looking for to continue to be able to reinvest in the base business. So you have to remember, it's all those things put together that shows up in that gross profit expectation.

廣告和市場對我們的模式也很有幫助，尤其是在毛利方面，因為這是我們繼續投資基礎業務所需的動力。所以你要記住，所有這些因素加在一起才最終體現在毛利預期中。

Understood. And it seems like your message this morning is, listen, we expect 2026 to be a bit more challenging year because of these memory shortage challenges, but you'll navigate through it appropriately. Can you anchor the market to a longer-term expectation? Is 2026 just a transition year and the company can get back to positive same-store sales growth at the midpoint of whatever you would expect in the year after that? And what would be the key driver of that?

明白了。看來你今天早上傳達的訊息是，聽著，我們預期 2026 年會因為記憶力短缺帶來的挑戰而更具挑戰性，但你會妥善應對的。你能否將市場與更長期的預期掛鉤？2026 年是否只是一個過渡年，公司能否在之後一年的預期中期恢復同店銷售正成長？那麼，其關鍵驅動因素是什麼呢？

Because presumably, this memory shortages are going to persist for an extended period of time and the industry landscape is not going to get any easier.

因為可以預見的是，這種記憶體短缺的情況將會持續很長時間，而且行業情況也不會變得容易。

If we take a step back, this is an industry that, let's call pre-COVID was, let's call it, flattish to up single digits, pretty consistently. And what that relied on was also a pretty consistent kind of replacement behavior by consumers and a consistent innovation arm from our vendor partners.

如果我們回顧一下，這個行業，我們姑且稱之為新冠疫情前，其發展狀況基本持平，或者說增長幅度只有個位數，而且一直比較穩定。而這一切的前提是消費者保持相當一致的更換行為，以及我們的供應商夥伴持續不斷的創新。

And as long as there was kind of the innovation and the replacement that really sustained a pretty decent growth trajectory for the industry and then our job is to continue to maintain our position, if not grow our share position in that industry, obviously, there's been lots of puts and takes over the last 6 years. Lots of pull forward.

只要有創新和更新換代，就能維持行業相當不錯的成長勢頭，而我們的工作就是繼續保持我們的地位，甚至擴大我們在該行業的市場份額。顯然，在過去的6年裡，市場經歷了許多起伏。向前拉動的力道很大。

Now what we're getting back into is an interesting situation. You called out some of that kind of mixed macro that we had also called out, whether it's the ongoing tariff situation or whether it's memory. On the flip side though, we also are starting to see more innovation and more, I'm going to call it, replacement behaviors, especially in computing and even mobile, than we've seen in some time.

現在我們又回到了一個有趣的局面。你指出了我們之前也指出過的那種混合宏觀經濟問題，無論是當前的關稅狀況​​還是記憶問題。但另一方面，我們也開始看到更多的創新，以及我稱之為替代行為的更多現象，尤其是在電腦領域，甚至在行動裝置領域，這是我們一段時間以來所未見的。

So I think for our fiscal '27, calendar '26, what we're trying to do is put all of that together and say for the coming year, here's what we see. And you're right, some of that may persist. But the good news is there is also some of that innovation, some of that replacement behavior that is an interesting countervailing wind to some of the mixed macro impacts that we talked about.

所以我認為，對於我們的 2027 財年（2026 年日曆年），我們正在努力將所有這些因素結合起來，並說，對於來年，我們看到了什麼。你說得對，其中一些情況可能會持續存在。但好消息是，也有一些創新和替代行為，這可以對我們討論的一些複雜的宏觀影響起到有趣的抵消作用。

So I still believe over time, over the longer term, this is a great industry where, certainly, the world's biggest companies are innovating to bring incredible new products to market, especially with AI coming to life the way that it is. I think it's just how do you navigate some of the challenges we see in front of us.

所以我仍然相信，從長遠來看，這是一個偉大的行業，世界最大的公司正在不斷創新，將令人難以置信的新產品推向市場，尤其是在人工智慧以現在的方式蓬勃發展的情況下。我認為關鍵在於如何應對眼前的一些挑戰。

And the last thing that I would say is, this is a team that has proven they're quite good at navigating in partnership with the vendors, if you just think about the year we went through. So I have a lot of confidence in our ability to do that.

最後我想說的是，這支團隊已經證明他們非常擅長與供應商合作，想想我們過去一年的經驗就知道了。所以我對我們做到這一點的能力非常有信心。

The only thing I'd add would be on the guide for next year, clearly at the high end of our guide, we are factoring some level of memory cost impacting units, but we also potentially get the benefit on the ASP side too. So that ASP could potentially mitigate some of the unit declines on the high end of any sort of outcome.

我唯一要補充的是，在明年的指導方針中，顯然處於我們指導方針的高端，我們已經考慮到了一定程度的內存成本對銷量的影響，但我們也可能在平均售價方面獲得好處。因此，平均售價可能會緩解任何結果高端階段的部分單位跌幅。

And the low end, obviously, there could be a situation where you have more constraints just broadly within the computing industry that it could bring to the bottom of the guide. I'd also say during the last couple of years, we've seen that we have price points across computing in all of our areas. So to the extent that there are cost increases, what we've learned is that people come in with a budget, they look to buy a certain product, we always have something in a range of products that customer wants.

顯然，低階市場可能會面臨更多電腦產業本身的限制，這可能會導致指南排名墊底。我還想說，在過去的幾年裡，我們看到我們在所有領域的運算產品都有不同的價格點。因此，儘管成本增加，但我們發現，人們帶著預算而來，他們希望購買某種產品，而我們總是能在一系列產品中提供顧客想要的產品。

And so we're seeing some of that mitigate the potential impact of cost increases. We've just proven that over the last couple of years with the tariff situation.

因此，我們看到其中一些措施減輕了成本上漲可能帶來的影響。過去幾年關稅情勢已經證明了這一點。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

So my first question, I guess, shorter term in nature, just as we look at fiscal Q1, and I guess I want to make sure I heard this correctly, so you said your comps were down 1% in February, but you're planning for a plus 1% for the full fiscal quarter. I guess what underpins that expected acceleration here through the balance of the quarter?

所以我的第一個問題，我想是關於短期的，就像我們展望第一財季一樣，我想確認一下我是否聽對了，您說2月份的同店銷售額下降了1%，但您預計整個財季將增長1%。我想，是什麼因素支撐著本季​​剩餘時間內預期中的加速成長呢？

We are expecting the full year -- the full quarter to be about a 1% comp for Q1. We -- in the quarter, we expect to see continued growth in computing and gaming and mobile phones. We also expect to see improved trends within the TV based on the vendor pads that we've added and the specialty labor and just making sure we're priced in the right spot.

我們預計全年（即整個季度）的業績將比第一季成長約 1%。我們預計本季電腦、遊戲和行動電話領域將持續成長。我們還期望透過增加供應商墊片、提供專業人工以及確保定價合理，使電視行業的發展趨勢得到改善。

From a phasing perspective, like I said, we are seeing February down approximately 1%. There are a few unique things that impact the monthly phasing. First, we are -- as Corie talked about in the prepared remarks, we are expecting the benefit of tax refund spending.

從階段性角度來看，如我所說，我們看到二月的降幅約為 1%。有幾個特殊因素會影響每個月的相位。首先，正如科里在準備好的發言稿中所說，我們期待退稅支出帶來的好處。

More of that is weighted towards the month of March and April for us than it is February. Secondly, there are actually a couple of more material phone launches, timing shift from the beginning of February to the beginning of March.

對我們來說，三月和四月的佔比二月高得多。其次，實際上還有幾款新手機即將發布，發佈時間從 2 月初推遲到 3 月初。

Those actually have a pretty significant impact to a certain month's comp. So that phasing accounts for a lot of that start to the quarter. And we expect other more important launches that kind of hit in the back half of the quarter as well. So that really kind of accounts for the majority of the phasing between February, March and April.

這些因素其實會對某個月的薪酬產生相當大的影響。因此，這種分階段實施的方式很大程度上解釋了本季初的情況。我們預計本季後半段還會有其他更重要的產品發表。所以這基本上解釋了二月、三月和四月之間大部分的階段性變化。

That's very helpful. I appreciate it. Then my second question, I think you mentioned tariffs in response to Michael's questions previously, but I guess I just want to hit harder on tariffs. So where are we right now as far as dealing with tariffs, mitigation efforts? I mean, how does anything with tariffs and what Best Buy is doing to deal with them a factor impact the guidance you laid out for -- now for the current fiscal year?

那很有幫助。謝謝。我的第二個問題是，我想你之前在回答邁克爾的問題時提到了關稅，但我只是想更深入地探討一下關稅問題。那麼，就應對關稅和緩解措施而言，我們目前進展如何？我的意思是，關稅以及百思買為應對關稅所採取的措施，會對您為本財年制定的業績指引產生怎樣的影響？

Yes, Brian, thanks for the question. I'm just going to start with it, and I always start this way, but I think it's important. Our number one focus is always our customers and meeting their budgets wherever they are. And our approach has then been to deliver the right assortment to match the customer needs and the budgets while we partner with our vendors to make sure that there's a good outcome for all of us. And I have to say I'm really proud of the way the team has been navigating.

是的，布萊恩，謝謝你的提問。我就從這裡開始吧，我總是這樣開始，但我認為這很重要。我們總是把客戶放在第一位，盡力滿足他們在任何預算範圍內的需求。因此，我們採取的策略是提供合適的商品組合，以滿足客戶的需求和預算，同時與供應商合作，確保我們所有人都能獲得良好的結果。我必須說，我為團隊的應對方式感到非常自豪。

I think right now where we are, the recent Supreme Court ruling led to a lower effective tariff rate for our products at this point. And at this point, we haven't modeled major impacts to our year based on that. I think there's still a lot of moving pieces and there's still a lot to be figured out.

我認為就目前而言，最高法院最近的裁決導致我們產品的實際關稅稅率降低。目前，我們還沒有根據這些數據模擬出對我們今年的重大影響。我認為目前還有很多不確定因素，還有很多問題需要解決。

But I think what's important here, and you can see it even in our results, we gave a lot of the reasons why our industry is a bit different. And things like this is a really highly promotional category, it's relatively low frequency, so it's not like you're comparing prices week on week on week.

但我認為，這裡重要的是，你甚至可以從我們的結果中看出，我們給出了許多我們這個行業與其他行業略有不同的原因。這類商品屬於促銷力度大的品類，出現頻率相對較低，所以你不會像每週那樣比較價格。

It's an always-changing assortment with different components and features. Innovation tends to drive price points up, while older price points kind of decline. These are global supply chains, so vendors are making decisions across the entire globe. And we have this immense depth of product at all the different price points. So whatever your budget is, when you come in, we're going to have something for you.

這是一個不斷變化的產品系列，包含不同的組件和功能。創新往往會推高價格，而老舊產品的價格則會下降。這是全球供應鏈，因此供應商的決策涉及全球各地。我們擁有極其豐富的產品線，涵蓋所有不同的價格範圍。所以無論您的預算是多少，您來的時候，我們都會為您提供合適的商品。

And so while there's been lots of moving pieces, at the total company level, we aren't seeing -- our ASP has actually been relatively flat, is what we saw in Q4. And so I think that what that leans into is customers are able to find what matches their budget, and we continue to work with our vendor partners to do that.

因此，儘管有很多因素在變化，但在公司整體層面上，我們並沒有看到——我們的平均售價實際上一直保持相對平穩，這是我們在第四季度看到的。所以我認為這最終會讓顧客能夠找到符合他們預算的產品，我們將繼續與供應商合作夥伴共同努力實現這一目標。

So we know there will continue to be some changes in this space, but I think the team has done a really nice job working with our vendor partners to make sure we show up for our customers.

所以我們知道這個領域還會繼續發生一些變化，但我認為團隊與我們的供應商合作夥伴合作得非常好，以確保我們能夠為客戶提供服務。

Steven Zaccone, Citigroup.

史蒂文‧扎科內，花旗集團。

First one I wanted to ask was just, how should we think about the same-store sales cadence for the year? Would we expect every quarter to kind of be within the range? And then you gave the commentary on the memory impact, which is very helpful. Is there a cadence to be mindful of when it comes to ASPs and unit volumes just given the disruption?

我首先想問的是，我們該如何考慮今年同店的銷售節奏？我們是否可以預期每季的數據都會在這個範圍內？然後你對記憶力的影響做了評論，這非常有幫助。考慮到當前的市場動盪，在平均售價和銷售方面，是否存在需要注意的節奏？

Yes. I think broadly, if I look at the year, we're clearly talking about a 1% comp for Q1. We clearly haven't guided the rest of the quarters. But if you think about where maybe the more opportunity for us on the comp is probably in Q1 and Q4. Some of our stronger quarters last year were in Q2 and Q3.

是的。我認為，從全年來看，第一季的業績比較顯然只有 1%。我們顯然沒有對其他季度起到指導作用。但如果你仔細想想，我們可能在第一季和第四季有更多機會。去年我們業績表現較好的幾季是第二季和第三季。

So that might be a space where you might see a little bit of -- a little bit lower comp than maybe Q1 and Q4 as we're looking at it today.

所以，你可能會看到，這方面的業績可能會比我們今天看到的第 1 季和第 4 季略低。

I think in terms of the memory, I think we already started to see some costs, some prices go up because of the memory in some small parts of categories. So it has begun a little bit. I would imagine that continues to kind of roll through as we move into the future into the upcoming quarters. Hard to say exactly at what pace does it change ASPs, but we are seeing signs that some spots are actually starting to increase.

我認為就記憶體而言，我們已經開始看到一些成本上升，某些類別中的一些小部分產品的價格上漲是因為記憶體佔用增加。所以，它已經初步開始了。我估計這種情況會在接下來的幾個季度持續下去。很難說它以多快的速度改變平均售價，但我們看到一些跡象表明，某些廣告位實際上已經開始上漲。

Okay. The follow-up I had was you gave a lot of detail on the Marketplace and Best Buy Ads, thanks for that. As we think about the opportunity for contribution to EBIT margin and next year and the out year, can this be a material driver that the business can get back closer to a 5% operating margin in time?

好的。我後續的問題是，您詳細介紹了 Marketplace 和 Best Buy 廣告，非常感謝。當我們考慮對 EBIT 利潤率的貢獻機會以及明年和後年的發展前景時，這能否成為推動企業及時恢復到接近 5% 營業利潤率的重要因素？

Yes. I mean I think as we think about past this year, clearly, we believe strongly in these two initiatives, and we're talking about how this year is still an investment year for both of those two different areas. But they are scaling pretty materially and they are beginning to -- you're seeing signs of it adding to the gross profit rate. It's just taking a bit of SG&A investment this last year and in FY27 to kind of build into different new areas to scale it.

是的。我的意思是，回顧今年，我們顯然對這兩項舉措充滿信心，而且我們正在討論今年仍然是這兩個不同領域的投資年。但它們的規模正在大幅擴大，而且已經開始——你會看到一些跡象表明，這正在提高毛利率。去年及 2027 財年，公司需要投入一些銷售、管理及行政費用，以便拓展到不同的新領域，擴大規模。

As we look beyond this year, we do expect both of them to not only add operating dollars to the bottom line, but also help us generate a better rate as we look forward. Now exactly how much and when we get to that type of OI rate in total, can't really say at this point.

展望今年以後，我們預期這兩項措施不僅能為公司帶來更多營運收入，還能幫助我們在未來獲得更好的利率。現在，究竟要達到多少以及何時才能達到那種規模的OI比率，目前還無法確定。

But we do believe it will be a great contributor to our ability to expand our operating rate in the future. And we will keep -- stay focused on just on scaling those two things in the right responsible way and continue to invest as we see fit to unlock that growth in the future years.

但我們相信，這將極大地促進我們未來擴大營運規模的能力。我們將繼續專注於以正確負責的方式擴大這兩項業務的規模，並繼續根據我們認為合適的方式進行投資，以在未來幾年釋放成長潛力。

Steve Forbes, Guggenheim.

史蒂夫福布斯，古根漢美術館。

Corie, Matt, maybe just following up on Michael's comment from before. You mentioned the average sales price flat, I think, in 2025. And then you also talked about configuration changes in conjunction with the vendors to meet certain price points. I don't know if maybe you can just baseline the outlook for average sales price for the company as a whole in 2026, and if you can maybe just talk about computing, in particular, as we marry together all these elasticity concerns.

Corie，Matt，或許只是在回應Michael先前的評論。我想，您提到平均售價在 2025 年將保持不變。然後，你們還談到了與供應商一起進行配置更改以滿足某些價格點。我不知道您是否可以先對公司整體在 2026 年的平均銷售價格前景做一個基準預測，特別是談談計算方面的問題，因為我們需要將所有這些彈性問題結合起來考慮。

Steven, I wish I had the perfect organic forecast for you. To be clear, ASPs were flat in Q4. They actually were kind of down a bit, and some of the other quarters up a bit, but that was a Q4 quote. In terms of what we see going forward, we're not going to guide based on organics because, again, the goal here is have as many different price point opportunities available for the customer.

史蒂文，我真希望我能為你提供完美的有機作物預測。需要說明的是，第四季平均售價持平。實際上，他們的業績略有下滑，其他一些季度則略有上升，但那是第四季度的報價。展望未來，我們不會以有機產品為指導，因為我們的目標是為客戶提供盡可能多的不同價格點選擇。

That's true across our assortment, whether it's television, back to the earlier question, where we continue to play really strongly in large screen, whether that is computing, whether that's mobile phones. The goal here is to have as many price points as possible and then have customers opt into what they want.

這一點在我們所有產品系列中都是如此，無論是電視，還是回到先前的問題，我們在大螢幕領域仍然佔據著非常重要的地位，無論是計算機，還是手機。我們的目標是提供盡可能多的價格點，然後讓顧客選擇他們想要的價格。

So it's not even as easy as, all right, if all the SKUs go up x percent. That's probably not how it's going to work. Because the customer might come in with a budget, and they're not going to look at a certain SKU. They're just going to look at how do I fulfill that budget. And so what we're focused on is less about exactly how much does the ASP per item go up.

所以事情甚至不像「如果所有 SKU 都上漲 x%」那麼簡單。事情可能不會那樣發展。因為顧客可能會帶著預算而來，他們不會只專注在某個特定的 SKU。他們只會考慮我如何完成預算。因此，我們關注的重點並不是每件商品的平均售價究竟會上漲多少。

What we're focused on is how do we work with the vendor partners to make sure we have as many different price point items available with the right and best configurations possible, so people can opt into what's most important to them.

我們關注的是如何與供應商合作夥伴合作，確保我們提供盡可能多的不同價位的產品，並儘可能提供正確和最佳的配置，以便人們可以選擇對他們來說最重要的東西。

That's helpful clarity. And then just I guess a second question around vendor support. You mentioned vendor-sponsored labor hours up, I believe, 20%. And I think there's some concerns out there around just promotional support. So I don't know if we can just talk about the various sort of components of vendor support and if there's any factors where you anticipate change, promotional support maybe being one of focus for investors.

這種清晰的解釋很有幫助。然後，我想再問一個關於供應商支援的問題。你提到供應商贊助的工時增加了，我相信增加了 20%。我認為目前存在一些關於宣傳支持的擔憂。所以我不知道我們是否可以討論供應商支援的各種組成部分，以及您預計哪些因素會發生變化，促銷支援可能是投資者關注的重點之一。

Yes. So thanks for the question. There's a couple of things. Our vendors continue to make more investments in Best Buy. That's in physical experiences in our stores.

是的。謝謝你的提問。有兩件事。我們的供應商將繼續加大對百思買的投資。那指的是我們門市的實體體驗。

There was a long list of vendors that continue to contribute and want to grow that presence. There's also been a significant uptick in the amount of vendor labor that's supported, and that doesn't even include the training that they do throughout the year with our labor in total.

有許多供應商持續做出貢獻，並希望擴大其影響力。此外，我們支持的供應商勞動力數量也大幅增加，這還不包括他們全年與我們勞動力一起進行的培訓。

From a promotionality perspective, we're not seeing a dramatic change there. I think there is one adjustment that you see naturally happen, and you are probably seeing it in computing first, which is price increases are not the first thing that happens.

從宣傳推廣的角度來看，我們並沒有看到顯著的變化。我認為有一種調整是自然而然發生的，而且你可能首先在電腦領域就看到了這一點，那就是價格上漲並不是首先發生的事情。

The first thing that happens is promotions are pulled back a little bit. And that's not that there's less of an impact or less of a funding of promotions, that is that there is less promotions. And in computing, you've actually seen less pure cost increases and more of a general slight pullback in promotions from computing vendors, which is the first thing they'll do under this memory situation.

首先，促銷活動會稍微減少一些。這並不是說促銷活動的影響或資金投入減少了，而是說促銷活動本身減少了。在電腦領域，你實際上看到的是純粹的成本增長減少，而是電腦供應商普遍略微減少了促銷活動，這是他們在這種記憶體形勢下首先會採取的措施。

The second thing is that the cost changes will come through. That's really the only area where we've seen any difference. And it's not a difference in level of support to Best Buy. It's actually an industry difference in level of promotional aggressiveness in a particular category.

第二點是成本變化終將到來。這是我們發現的唯一不同之處。而且這與百思買提供的支援水準並無差別。實際上，這是不同產業在特定品類中促銷力度上的差異。

And just to be clear, the 20% reference was 20% growth in labor last -- in the second part of last year. We would expect vendor-provided labor to grow this year as well, but that 20% reference was specific to the -- a half of last year.

需要說明的是，這裡提到的 20% 指的是去年下半年勞動市場 20% 的成長。我們預計今年供應商提供的勞動力也會成長，但20%的說法特別指去年上半年。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

I'm going to ask two questions in one. So first, the positive comp trends in the first quarter, can you talk about the complexion? Is there any difference from the way the year ended? And then if you can merge that into thinking about the comp outlook for fiscal '27 in totality.

我要一次性問兩個問題。首先，關於第一季正面的同店銷售趨勢，您能談談整體狀況嗎？與上一年年底的情況相比，有什麼不同嗎？然後，如果你能把這些因素融入 2027 財年整體業績展望的思考中就更好了。

And then Matt, I know you mentioned promotionality when we saw you in December, you talked about reserving the right to be more promotional, if needed be. So can you talk about how that tone progressed through Q4 and then the position you enter -- or fiscal '27 with?

還有馬特，我知道你在去年十二月見到你時提到了宣傳推廣，你說過如果需要的話，你會保留進一步宣傳推廣的權利。那麼，您能否談談這種基調如何在第四季度發展演變，以及您進入2027財年時所處的位置？

Sure. Yes. So as we enter Q1, we do expect Q1 to see growth in areas. They're pretty consistent with what we had been seeing in places like computing and gaming. We haven't quite lapped the Switch launch in Q2 of last year.

當然。是的。因此，隨著第一季的到來，我們預計第一季某些領域將會出現成長。它們與我們在電腦和遊戲等領域看到的情況非常一致。我們還沒有完全趕上去年第二季Switch的發布。

Mobile phones, we'd expect it to be a growth area for us as we look here into Q1. We do expect improved TV trends. That would be something that we would carry through the remainder of the year as well. And then like I said, we have some easy timing shifts between the months here in Q1 between some of the mobile phone launches and other product launches.

展望第一季度，我們預計行動電話將成為我們的成長領域。我們預期電視消費趨勢會有所改善。這也是我們將在今年餘下的時間裡繼續前進的事情。就像我剛才說的，第一季的一些手機發表會和其他產品發表會之間，時間安排上有一些比較容易調整的地方。

So those carry, as you get into the latter part of the year, continue to expect computing to grow at high end of that guide. At the low end, we'd assume a level of constraints that we can't foresee at the moment. But that's supported by a continued end of support for Windows 10 and improved use cases for AI and general replacement cycle continued need.

因此，隨著下半年的到來，預計電腦產業將繼續按照該指南的高端水準成長。最糟的情況是，我們會假設存在一些目前無法預見的限制因素。但 Windows 10 停止支援、人工智慧應用場景不斷改進以及整體系統更新換代需求持續存在，都印證了這一點。

The growth in mobile phones will continue to be fueled this year through the new carrier labor models and system enhancements that we have implemented last year.

今年，隨著我們去年實施的新營運商勞動力模式和系統改進措施的實施，行動電話市場將繼續成長。

Interestingly, as you look into this year too, there are a lot of newer emerging categories that we've talked about, like AI glasses, 3D printers, collectibles, toys, health rings. Those are all small individually, but collectively, they're about -- they're even more -- they're about 0.5 point or more of our growth next year. That will add up to something that's very nice that can support our business. And like I said, improved TV trends as the year progresses.

有趣的是，回顧今年，我們也討論了許多新興類別，例如人工智慧眼鏡、3D 列印機、收藏品、玩具、健康戒指。這些因素單獨來看都很小，但加起來，它們就相當於——甚至更多——它們相當於我們明年成長的 0.5 個百分點或更多。這將為我們的業務帶來非常好的回報。正如我所說，隨著時間的推移，電視節目的趨勢有所改善。

Like Corie mentioned earlier, we haven't contemplated any changes related to the tariff moves that we've had. But I think, again, building on continued momentum, the other thing I'd note is gaming, we should expect to see gaming growth in Q1.

正如科里之前提到的，我們還沒有考慮過與關稅調整相關的任何改變。但我認為，在持續成長勢頭的基礎上，另一點需要注意的是遊戲領域，我們應該會在第一季看到遊戲領域的成長。

We do expect GTA in the back half of the year to help us in the back half. We will be lapping that switch launch in the mid part of the year, so you we'd see a little bit of a difference in sequenced growth there for the gaming category.

我們預計 GTA 將在下半年對我們有所幫助。我們將在今年年中迎來 Switch 的發布，因此我們將看到遊戲類別的成長順序略有不同。

As it relates to promotionality, we've been pretty clear and pretty consistent. Customers have been drawn to key value events. And what we have also been clear about is we will lean into those places in partnership with our vendors and make sure that we are competitive.

在推廣方面，我們一直都非常明確且一致。顧客被具有關鍵價值的活動所吸引。我們也明確表示，我們將與供應商合作，積極開拓這些市場，確保我們具有競爭力。

And so I think to Matt's point, when you heard it last, we know that these key moments, whether it's holiday, whether it's fourth of July, whether it's Super Bowl, those are the moments where customers are really in the Marketplace, and we are going to lean into those. But we have lots of tools also in our arsenal to lean into those.

所以我覺得馬特剛才說的很有道理，我們都知道，這些關鍵時刻，無論是假日、7 月 4 日還是超級碗，都是顧客真正活躍在市場上的時刻，我們將重點放在這些時刻。但我們還有很多工具可以利用。

We've done a nice job really working hard on our more strategically personalized promotional levers as we can see signals now that we use to try to reengage customers back into the brand. Those have been very effective. And so I think what we're trying to do is make sure that when the customers in the Marketplace for a good value, we are there and we are competitive, and we are using other tools like trade-in and refurbish product and outlets and financing, to make sure that we have the very best values there for them. And it seems to be resonating.

我們在更具策略性和個人化的促銷手段方面下了很大功夫，現在我們可以看到一些訊號，我們可以利用這些訊號來重新吸引顧客關注品牌。這些方法非常有效。所以我認為我們正在努力做的是確保當顧客在市場上尋求物美價廉的產品時，我們能夠提供具有競爭力的價格，並且我們正在利用以舊換新、翻新產品、銷售網點和融資等其他工具，以確保我們能夠為他們提供最優惠的價格。而且似乎引起了共鳴。

Zachary Fadem, Wells Fargo.

扎卡里·法德姆，富國銀行。

So with the SG&A moving parts around vendor labor as well as investments, could you update us on your leverage point in 2027? And then as the investment cadence dials back in 2028, how does that impact your leverage point and incremental margins going forward?

鑑於銷售、一般及行政費用 (SG&A) 涉及供應商勞動力和投資等諸多方面，您能否向我們介紹一下您在 2027 年的槓桿點？然後，隨著 2028 年投資節奏放緩，這將如何影響您未來的槓桿點和增量利潤？

Yes. I mean I think what you've seen us be able to do as sales, broadly speaking, move from positive to negative, we've been able to adjust our SG&A in a responsible way to kind of mitigate the impact of OI rate, continue to lever on a relatively big fixed cost base that we have. And so you see us in those situations, we responsibly, we'll always measure and look at customer experience to make sure we're not doing anything that's damaging.

是的。我的意思是，我認為你們已經看到，從銷售正轉負，我們能夠以負責任的方式調整銷售、一般及行政費用，以減輕營業利潤率的影響，並繼續利用我們相對較大的固定成本基礎。所以你會看到，在這些情況下，我們會負責任地衡量和專注於客戶體驗，以確保我們不會做任何有害的事情。

But we'll scale that -- first thing is scales back as incentive compensation as you move down on the scale of sales performance and OI performance, you remove a level of incentive compensation within the year, and that is certainly represented in our guide. So at the bottom end of our guide, we'll probably remove about $100 million of incentive compensation at the minus 1% sales guide.

但我們會進行調整——首先，隨著銷售業績和營業利潤業績的下降，激勵性薪酬也會相應減少；一年內，激勵性薪酬也會相應減少，這一點在我們的指南中也有體現。因此，根據我們的指導原則，在銷售額下降 1% 的情況下，我們可能會扣除約 1 億美元的激勵性薪酬。

We also will responsibly move down in terms of store labor and marketing and other variable expenses to make sure that we're putting in the right of SG&A to support the sales outlook that we see. So those are a couple of examples. And then you see other changes to supply chain costs. If dotcom comes up and down, you can -- it can impact your parcel costs and bad debt expense.

我們也會負責任地降低門市人工、行銷和其他變動費用，以確保我們投入足夠的銷售、一般及行政費用來支持我們所看到的銷售前景。以上是幾個例子。然後，你會看到供應鏈成本的其他變化。如果網路泡沫破裂，可能會影響您的包裹成本和壞帳支出。

So there are things that just naturally flex down and then there are things that you just responsibly move down because you're trying to match what you see in terms of demand.

所以有些東西的價格自然會下調，而有些東西的價格則需要你負責任地下調，因為你要努力滿足市場需求。

And you've seen that for us, be able to manage our sales when sales do go down in a pretty responsible way to deliver an operating income outcome that is actually as good, in many cases, as what it would have been at higher net sales.

你們也看到了，我們能夠以相當負責任的方式管理銷售，即使銷售額下降，也能實現與淨銷售額較高時一樣好的營業收入結果。

Got it. And then on the appliance category, you've had some challenges there. Curious, any thoughts on the game plan for fiscal '27 to return to share gain? And how should we think about the glide path towards returning to positive comps?

知道了。而在家用電器這一類別中，你們遇到了一些挑戰。很好奇，對於2027財年重回股價上漲的計劃，您有什麼想法？那麼，我們該如何看待逐步恢復到正收益水準的路徑呢？

Yes. Thank you for the question. Appliances continues to be a tough environment. Obviously, home sales and remodels are down, so the vast majority of the market, it continues to be duressed, and replacement is something that has broken. It also has been very promotional, not necessarily promotional that's led to an increase in business.

是的。謝謝你的提問。家電行業仍然是一個競爭激烈的行業。顯然，房屋銷售和翻新都在下降，因此絕大多數市場仍然處於困境，而房屋更換是已經出現問題的事情。它也進行了許多宣傳推廣，但並非是宣傳推廣導致了業務成長。

So we're watching very carefully with our vendor partners around what promotions are actually doing to drive the business in total. Because the market is shifting to more the duressed and has been duressed for a very high percentage, we are focused on a couple of things. Investments from our vendor partners in more specialty-specific labor to appliances, which we think will be helpful in investing in that experience.

因此，我們正在與供應商合作夥伴密切關注促銷活動對整體業務的實際推動作用。由於市場正轉向更加疲軟的狀態，並且已經疲軟了很大一部分時間，因此我們專注於以下幾件事。我們的供應商合作夥伴對家電的專業化勞動力進行了更多投資，我們認為這將有助於提升這方面的經驗。

Investing in the ability for customers to take an appliance with them if they'd like to do that, which is something that customers are showing more interest in doing in particular stores.

投資建設允許顧客將電器帶走的設施，因為顧客在某些商店表現出越來越濃厚的興趣。

And then we're really, really focused on delivery speed because it is around something broke, I need to have it replaced in a relatively short amount of time, and making sure we have that core set of SKUs that customers are able to get as quickly as possible and we're able to actually get it to them as fast, if not faster, than what our competitors.

然後，我們非常非常注重交付速度，因為一旦某個東西壞了，我就需要在相對較短的時間內更換它，所以我們要確保我們擁有客戶能夠盡快獲得的核心 SKU，並且我們能夠以與競爭對手一樣快，甚至更快的速度將產品送到他們手中。

And those are really the areas that the teams are focused on as we move into next year just based on where the market is. And then when it flips, obviously, we will be very focused on the other part of the market, which is more experience-driven, more bundle more upgrading. But we'll make sure that we serve both those segments of customers and be very, very focused in the first part of the year on that speed component.

根據市場情況，這些正是各隊在明年重點關注的領域。然後，當市場風向轉變時，很顯然，我們將非常關注市場的另一部分，即更注重體驗、更注重捆綁銷售和升級換代的市場。但我們會確保服務好這兩類客戶，並在今年上半年非常非常專注於速度方面。

Jonathan Mateuszewski, Jefferies.

喬納森‧馬特烏謝夫斯基，傑富瑞集團。

Great. Matt, two questions. First one, you're in top-to-top meetings with vendors frequently. Do your supplier conversations your plans to slow the pace of innovation and product launches in '26 given the memory chip shortage distraction?

偉大的。馬特，我有兩個問題。首先，你需要經常與供應商進行高層會談。鑑於記憶體晶片短缺帶來的干擾，您是否計劃在 2026 年放慢創新和產品發布的速度？

And my second question, there's conjecture that recent computing and smartphone category performance could be aided by a pull forward in demand with consumer awareness of potentially higher prices ahead. Are you seeing any evidence that would support a thesis of pull forward?

我的第二個問題是，有猜測認為，近期電腦和智慧型手機類別的良好表現可能得益於消費者意識到未來價格可能會上漲，從而提前拉動了需求。你看到任何證據可以支持「拉動式成長」的論點嗎？

Great questions. On the first one, we're seeing nothing from our vendor partners that would slow down innovation. In fact, when you have something, like we have in front of us with memory, there's actually a large push to try to find other things that are very valuable from a feature and benefit perspective to customers that will actually continue to drive the growth in the individual category.

問得好。就第一點而言，我們沒有看到供應商合作夥伴採取任何會減緩創新步伐的措施。事實上，當擁有像我們眼前的記憶體這樣的產品時，就會產生一種強烈的推動力，去尋找其他對客戶而言在功能和利益方面非常有價值的東西，從而繼續推動個人類別的成長。

So looking at actually other parts of technology and computing, it could be size of screen, quality of screen, some of the AI features, but really other things that will drive interest into the category and make up for some of the pressure that we're going to see from a memory perspective in total. So there is absolutely nothing that would indicate that.

因此，從技術和計算的其他方面來看，可能是螢幕尺寸、螢幕品質、一些人工智慧功能，但真正能推動人們對這一類別產生興趣並彌補我們從記憶體角度來看將面臨的一些壓力的因素，是其他方面。所以，沒有任何跡象表明這一點。

And then as far as the pull forward, where possible, we will pull in inventory. But from a demand perspective, we've actually seen continued stability in growth. We talked about computing. We've grown for the last 8 quarters, and in mobile phones, we've grown for the last four quarters.

至於提前提貨，我們會盡量提前調集庫存。但從需求角度來看，我們實際上看到了持續穩定的成長。我們聊了計算機方面的知識。過去 8 個季度我們實現了成長，其中行動電話業務在過去 4 個季度也實現了成長。

There's not anything that's indicating that customers are actually trying to pull forward. It's actually just continued demand in two categories that we're actually seeing customers want to upgrade.

沒有任何跡象表明顧客們真的在努力提前付款。實際上，我們看到客戶希望升級的兩大類產品的需求持續成長。

There's one more thing that I would want to add to that before closing the call, and that is the concept of rising memory or component costs or shortages is not something that's new to the industry. It is something that we have dealt with in peaks many times over the last 25 years.

在結束通話之前，我還有一點要補充，那就是內存或組件成本上升或短缺的概念對於這個行業來說並不是什麼新鮮事。在過去的25年裡，我們已經多次在高峰期應對過這個問題。

And so to reinforce some of what Jason said, our vendor partners are really excellent at pivoting and thinking differently. And by the way, there's no vendor partner out there that doesn't want to also drive consumer demand and continue to make sure their products are front-end leading.

因此，正如傑森所說，我們的供應商合作夥伴非常擅長轉型和另闢蹊徑。順便說一句，沒有哪個供應商合作夥伴不想推動消費者需求，並繼續確保他們的產品在前端處於領先地位。

And so this isn't a brand-new space. It's just one more, I think, set of features that we need to work through with our vendor partners. And with that, I think that was our last question. We thank you for joining us this morning, and we look forward to updating you on our results and our progress on our next call in May. Thanks, everyone.

所以這並不是一個全新的空間。我認為，這只是我們需要與供應商夥伴共同解決的另一組功能而已。我想，這就是我們的最後一個問題了。感謝您今天上午參加我們的會議，我們期待在五月的下次電話會議上向您報告我們的結果和進展。謝謝大家。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。