百思買 (BBY) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Best Buy's First Quarter Fiscal '23 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 11 a.m. Eastern time today. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎參加百思買第一季度 '23 財年收益電話會議。 （操作員說明）提醒一下，此電話正在錄音以供播放，並將在東部時間今天上午 11 點左右可用。 （操作員說明）

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

我現在將電話會議轉交給投資者關係副總裁 Mollie O'Brien。請繼續。

Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; and Matt Bilunas, our CFO.

謝謝大家，大家早上好。今天和我一起參加電話會議的是我們的首席執行官 Corie Barry；和我們的首席財務官 Matt Bilunas。

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。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬，以及這些非 GAAP 財務指標為何有用的解釋，可以在我們的網站 Investors.bestbuy 上的今天上午的收益發布中找到。 com。

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's current earnings release and our most recent 10-K and subsequent 10-Qs for more information on these risks and uncertainties.

我們今天將發表的一些陳述被認為是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述可能涉及公司的財務狀況、業務計劃、增長計劃、投資和預期業績，並受可能導致實際結果與此類前瞻性陳述產生重大差異的風險和不確定性。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發布和我們最近的 10-K 和隨後的 10-Q。

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. I will now turn the call over to Corie.

公司不承擔更新或修改任何前瞻性陳述以反映本次電話會議後可能出現的事件或情況的義務。我現在將把電話轉給 Corie。

Good morning, everyone, and thank you for joining us. I am proud of our team's strong execution and focus on providing amazing service for our customers. Throughout the quarter, they navigated the uncertain macro environment and drove higher customer satisfaction scores while keeping energy and excitement going around the initiatives that we believe will drive longer-term opportunities.

大家早上好，感謝您加入我們。我為我們團隊的強大執行力感到自豪，並專注於為我們的客戶提供出色的服務。在整個季度，他們駕馭了不確定的宏觀環境並推動了更高的客戶滿意度得分，同時保持活力和興奮圍繞著我們認為將帶來長期機會的舉措。

We grew our Totaltech membership, increased momentum in our health business, launched new product categories and reached our fastest ever Q1 average online sales delivery speed. At our investor update in March, we said we expected our fiscal '23 financial results to look different. As we all lap stimulus and other government support, our industry cycles the last 2 years of unusually strong demand, and we leverage our position of strength to continue to invest in our future.

我們增加了 Totaltech 會員，增強了健康業務的發展勢頭，推出了新的產品類別，並達到了有史以來最快的第一季度平均在線銷售交付速度。在 3 月份的投資者更新中，我們表示我們預計 23 財年的財務業績會有所不同。隨著我們都採取刺激措施和其他政府支持，我們的行業在過去兩年異常強勁的需求中循環，我們利用我們的優勢地位繼續投資於我們的未來。

In addition, we said we expected promotional activity to increase and supply chain expenses to be a pressure. As such, we guided our annual comparable sales to decline 1% to 4% and our non-GAAP operating income rate to decline 60 basis points to approximately 5.4%. Therefore, the drivers of our Q1 financial results were largely as expected. Macro conditions worsened since we provided our guidance in early March, including higher inflation and the war in Ukraine, which resulted in our sales being slightly lower than our expectations and supply chain costs a little higher than we planned.

此外，我們表示我們預計促銷活動將增加，供應鏈費用將成為壓力。因此，我們引導我們的年度可比銷售額下降 1% 至 4%，我們的非公認會計準則營業利潤率下降 60 個基點至約 5.4%。因此，我們第一季度財務業績的驅動因素在很大程度上符合預期。自從我們在 3 月初提供指導後，宏觀狀況惡化，包括通脹上升和烏克蘭戰爭，導致我們的銷售額略低於我們的預期，供應鏈成本略高於我們的計劃。

Our investment in Totaltech at approximately 100 basis points of gross margin pressure was in line with our expectations and revenue from our credit card profit share was higher than anticipated. Overall, I am proud of our team's ability to develop and execute plans to adapt to the changing environment over the past 2 years and to the more recent macroeconomic conditions. Our revenue and profitability remained much stronger than they were pre-pandemic.

我們在毛利率壓力約為 100 個基點的情況下對 Totaltech 的投資符合我們的預期，我們信用卡利潤份額的收入高於預期。總的來說，我為我們的團隊制定和執行計劃以適應過去 2 年不斷變化的環境和最近的宏觀經濟狀況的能力感到自豪。我們的收入和盈利能力仍然比大流行前強得多。

Q1 revenue of $10.6 billion is $1.5 billion or 16% higher than Q1 of pre-pandemic fiscal '20. And while our non-GAAP operating income rate is currently being impacted by our investments, it is still 80 basis points higher than fiscal '20, even with those investments and supply chain pressures. Our Enterprise comparable sales declined 8% as we lapped particularly strong comparable sales last year. The 37% comp sales growth in Q1 of last year was driven by the timing of government stimulus payments, lapping a quarter during which our stores were closed early in the pandemic, and the heightened demand for stay-at-home focused purchases.

第一季度的收入為 106 億美元，比大流行前的 20 財年第一季度高出 15 億美元或 16%。儘管我們的非公認會計原則營業利潤率目前受到我們投資的影響，但仍比 20 財年高出 80 個基點，即使有這些投資和供應鏈壓力。我們的企業可比銷售額下降了 8%，因為我們去年的可比銷售額特別強勁。去年第一季度 37% 的複合銷售額增長是由政府刺激支付的時間推動的，在大流行初期我們的商店關閉的一個季度以及對居家購物的需求增加。

From a category standpoint, the biggest contributor to the comp sales decline were computing and home theater. Although down from last year's strong sales compared to Q1 of fiscal '20, our computing revenue has grown more than 30%. Our Domestic Appliance business, which has grown every quarter except for 1 for more than 10 years, delivered comparable sales growth of 3% on top of 67% growth last year.

從品類的角度來看，comp 銷售額下降的最大貢獻者是計算機和家庭影院。儘管與 20 財年第一季度相比，去年的強勁銷售有所下降，但我們的計算收入增長了 30% 以上。我們的家用電器業務在過去 10 多年中除 1 外每個季度都在增長，在去年增長 67% 的基礎上實現了 3% 的可比銷售額增長。

We aspire to help customers with all their technology needs in the most seamlessly possible across all touch points, and we are encouraged by the improvements in our customer Net Promoter Scores. We have been leveraging our omnichannel strength to serve and support our customers as their shopping behavior and expectations have evolved significantly over the past 2 years. While customers have returned to physical stores to see and touch products and get advice, our digital engagement with customers remains very high. Our online sales as a percentage of domestic sales are 31%, still twice as high as prepandemic levels. And revenue from virtual phone and chat interactions continues to increase rapidly.

我們渴望在所有接觸點以最無縫的方式幫助客戶滿足他們的所有技術需求，我們對客戶淨推薦值的提高感到鼓舞。我們一直在利用我們的全渠道優勢來服務和支持我們的客戶，因為他們的購物行為和期望在過去 2 年中發生了顯著變化。雖然客戶已經返回實體店查看和触摸產品並獲得建議，但我們與客戶的數字化互動仍然非常高。我們的在線銷售額佔國內銷售額的比例為 31%，仍然是疫情前水平的兩倍。來自虛擬電話和聊天互動的收入繼續快速增長。

Additionally, we are expanding our engagement with customers in their homes as in-home consultations and in-home installations are up significantly. During the quarter, we saw higher NPS overall, and we saw our highest ever NPS from in-store purchases and in-store services. I would like to take a moment to expand on the topic of inflation, important in the current environment. Like other companies, we have seen cost inflation in areas such as labor, marketing and supply chain. However, this cost inflation was largely in line with our expectations and benefited from planning and execution over the previous 2 years.

此外，隨著家庭諮詢和家庭安裝的顯著增加，我們正在擴大與客戶在家中的互動。在本季度，我們看到整體 NPS 更高，我們看到店內購買和店內服務的 NPS 最高。我想花點時間來擴展一下通脹這個話題，這在當前環境下很重要。與其他公司一樣，我們在勞動力、營銷和供應鍊等領域看到了成本膨脹。然而，這種成本膨脹在很大程度上符合我們的預期，並受益於過去兩年的規劃和執行。

As it relates to product pricing, we have seen an increase in our average selling prices over the past 2 years due to a number of factors. First, our product sales mix has changed as customers have mixed into premium products at higher price points. This has been happening for years and accelerated during the pandemic. Additionally, we have driven material growth in appliances, which carry high ASPs and have become a larger part of our mix.

由於它與產品定價有關，我們看到在過去 2 年中，由於多種因素，我們的平均售價有所上漲。首先，我們的產品銷售組合發生了變化，因為客戶已經混入了更高價位的優質產品。這種情況已經發生多年，並在大流行期間加速。此外，我們推動了電器的實質性增長，這些電器具有高平均售價，並已成為我們組合的重要組成部分。

Second, there was overall lower promotional and markdown activity during much of the pandemic due to the shortage of product to meet demand. And third, our vendors are absorbing higher transportation and component costs and some of that has led to higher cost of goods sold for us. In many cases, we have passed through this higher cost of goods sold in the form of higher prices to customers.

其次，由於缺乏滿足需求的產品，在大流行的大部分時間裡，促銷和降價活動總體上較低。第三，我們的供應商正在吸收更高的運輸和零部件成本，其中一些導致為我們銷售的商品成本更高。在很多情況下，我們將這種更高的商品成本以更高的價格形式出售給客戶。

Importantly and fundamentally, we aim to be competitive in our pricing. We have seen a pickup in the promotional environment as we have consistently noted, starting in July of last year. As we entered fiscal '23, we expected the promotional environment to create margin pressure in Q1 and throughout the year. In Q1, we did experience a more promotional environment for many of our products when compared to last year. And some products were even more promotional than we expected coming into the quarter and were similar to pre-pandemic levels.

重要且從根本上說，我們的目標是在定價方面具有競爭力。正如我們一直指出的那樣，從去年 7 月開始，我們已經看到促銷環境有所回升。當我們進入 23 財年時，我們預計促銷環境將在第一季度和全年產生利潤壓力。與去年相比，在第一季度，我們的許多產品確實經歷了更多的促銷環境。一些產品的促銷力度甚至超出了我們本季度的預期，並且與大流行前的水平相似。

Turning back to our Q1 results. Our ending inventory was up 9% compared to last year and essentially in line with the growth of our revenue since fiscal '20. Our teams did an amazing job actively managing inventory levels as the quarter progressed in this evolving supply and demand environment. Pockets of inventory constraints still exist, but are currently isolated to certain products and vendors.

回到我們的第一季度業績。與去年相比，我們的期末庫存增加了 9%，與我們自 20 財年以來的收入增長基本一致。隨著本季度在不斷變化的供需環境中取得進展，我們的團隊在積極管理庫存水平方面做得非常出色。一些庫存限制仍然存在，但目前僅限於某些產品和供應商。

Overall, our inventory remains healthy. Even though inventory availability in CE is much better than it has been for much of the pandemic, the supply chain continues to be challenging with ongoing transportation disruptions and higher costs including containers, labor and fuel. We are, of course, not immune to the supply chain challenges in the world today, and we are seeing some impacts on our business. We have invested in many aspects of our supply chain over the last several years in ways that have helped us navigate the environment and mitigate the impacts.

總體而言，我們的庫存保持健康。儘管 CE 的庫存可用性比大流行的大部分時間要好得多，但由於持續的運輸中斷和更高的成本（包括集裝箱、勞動力和燃料），供應鏈仍然面臨挑戰。當然，我們也不能倖免於當今世界的供應鏈挑戰，並且我們看到了對我們業務的一些影響。在過去幾年中，我們在供應鏈的許多方面進行了投資，以幫助我們駕馭環境並減輕影響。

We have employed a portfolio approach as it relates to carriers, transportation partners and parcel delivery partners. And we have built deep relationships across our supply chain, including port carriers and deconsolidation operations. In addition, we strategically leveraged the use of both rail and over-the-road transportation modes to move product. All of this has helped us to drive capacity, avoid large-scale disruption and mitigate cost increases.

我們採用了與承運人、運輸合作夥伴和包裹遞送合作夥伴相關的組合方法。我們在整個供應鏈中建立了深厚的關係，包括港口承運人和拆箱業務。此外，我們戰略性地利用鐵路和公路運輸方式來運輸產品。所有這些都幫助我們提高了容量，避免了大規模中斷並降低了成本增加。

Importantly, our contractual relationships have allowed us to limit our exposure to the more turbulent spot market. The strong relationships we have cultivated with our vendors have also been crucial to our navigation of the supply chain environment. Working closely with our vendors, we have a great deal of visibility into and can influence the status of product in the supply chain process.

重要的是，我們的合同關係使我們能夠限制我們對更加動蕩的現貨市場的敞口。我們與供應商建立的牢固關係對於我們在供應鏈環境中的導航也至關重要。與我們的供應商密切合作，我們對供應鏈流程中的產品狀態有很大的了解並可以影響產品的狀態。

Additionally, we actually handled transportation for many of our vendors, meaning we take control in Asia or Mexico. Then we have full visibility and control of the inventory movement and costs. We have invested in our distribution center network, effectively bringing product closer to customers and implementing technology solutions that increase productivity and speed to customer. We have also invested in our store-based fulfillment, including our ship-from-store customer fulfillment centers, and implemented an effective employee delivery system.

此外，我們實際上為我們的許多供應商處理了運輸，這意味著我們在亞洲或墨西哥進行控制。然後，我們可以全面了解和控制庫存變動和成本。我們已投資於我們的配送中心網絡，有效地使產品更貼近客戶，並實施可提高生產力和速度的技術解決方案。我們還投資了基於商店的履行，包括我們的從商店發貨的客戶履行中心，並實施了有效的員工交付系統。

These investments have allowed us to make dramatic improvements in speed of delivery to our customers, even with the significant increase in volume in the past 2-plus years. In addition, we have many options for our customers to pick up their products themselves through in-store pickup, curbside pickup, lockers and alternate pickup locations. Customers clearly appreciate the convenience as the percentage of online sales picked up in stores has remained relatively consistent over the past several years at approximately 40%, even with the incredible improvements in shipping time.

這些投資使我們能夠顯著提高向客戶交付的速度，即使在過去 2 年多的時間里數量顯著增加。此外，我們為客戶提供多種選擇，讓他們通過店內取貨、路邊取貨、儲物櫃和其他取貨地點自行取貨。客戶顯然很欣賞這種便利，因為在過去幾年中，商店中的在線銷售百分比保持相對穩定，約為 40%，即使運輸時間有了令人難以置信的改善。

As it relates to ESG, we remain encouraged by the recent recognition of our work to support the environment and our community, both inside and outside Best Buy. We are proud to be included on Ethisphere's 2022 World's Most Ethical Companies list. We are 1 of only 3 retailers on it and it's our eighth time earning the honor. We were also included on the 2022 Forbes List of Best Employers for Diversity as 1 of the top 4 retailers on the list. It's our third consecutive year making the rankings that recognize leadership and commitment towards building a more inclusive workplace.

由於它與 ESG 相關，我們仍然對最近在百思買內部和外部支持環境和社區的工作得到認可感到鼓舞。我們很榮幸被列入 Ethisphere 的 2022 年全球最具道德企業名單。我們是僅有的 3 家零售商之一，這是我們第八次獲得該榮譽。我們還被列入 2022 年福布斯多元化最佳雇主名單，成為名單上前 4 名零售商之一。這是我們連續第三年上榜，表彰領導力和對建設更具包容性的工作場所的承諾。

During the quarter, we expanded our recycling program to include a new service for customers who are looking for our help recycling their large products. For a fee, we will go to customers' homes to pick up large electronics and appliances as well as an unlimited number of small products and ensure they're responsibly recycled and kept out of landfill. This service is in addition to our everyday recycling programs available at all Best Buy stores and our Holloway service with the purchase of new products.

在本季度，我們擴大了回收計劃，為尋求我們幫助回收大型產品的客戶提供了一項新服務。收費後，我們將到客戶家中提取大型電子產品和電器以及不限數量的小型產品，並確保它們被負責任地回收並遠離垃圾填埋場。這項服務是我們在所有百思買商店提供的日常回收計劃以及購買新產品時提供的 Holloway 服務的補充。

As I mentioned earlier, our employees executed well in the evolving environment, in many cases making hard decisions to run the business effectively and prioritize our customers. Even with the expected slowdown this year as we lap 2-plus years of pandemic impacts, we continue to be in a fundamentally stronger position than we expected to be at this point. We are confident in the strength of our business and excited about what lies ahead.

正如我之前提到的，我們的員工在不斷變化的環境中表現出色，在許多情況下做出艱難的決定以有效地經營業務並優先考慮我們的客戶。即使隨著我們經歷了兩年多的大流行影響，今年預計會放緩，但我們仍然處於比我們目前預期的更強大的地位。我們對我們的業務實力充滿信心，並對未來的發展感到興奮。

We have a compelling value creation opportunity and are investing now, as we have successfully invested ahead of change in our past, to ensure we're ready to meet the needs of our customers and retain our unique position in our industry. As we provided a more detailed investor update in combination with our Q4 results on March 3, I'm not going to outline all our initiatives, but would like to provide a few updates on our progress.

我們有一個引人注目的價值創造機會，並且現在正在投資，因為我們在過去的變革之前已經成功投資，以確保我們準備好滿足客戶的需求並保持我們在行業中的獨特地位。由於我們在 3 月 3 日結合我們的第四季度業績提供了更詳細的投資者更新，因此我不會概述我們的所有舉措，但想提供一些關於我們進展的更新。

In March, we spoke quite a bit about Totaltech, our unique membership program that includes member pricing discounts, product protection, free delivery and installation and 24/7 tech support. Fundamentally, Totaltech is designed to provide our customers with complete confidence in their technology. Buying it, getting it up and running, enjoying it and fixing it if something goes wrong.

3 月，我們談到了 Totaltech，這是我們獨特的會員計劃，包括會員價格折扣、產品保護、免費送貨和安裝以及 24/7 技術支持。從根本上說，Totaltech 旨在讓我們的客戶對他們的技術充滿信心。購買它，啟動它並運行它，享受它並在出現問題時修復它。

During the quarter, we continued to sign up more members as customers realize the great benefits of the program. And we are encouraged by the higher engagement, customer satisfaction and increased revenue we continue to see from customers who have signed up to become members. We are pleased with the pace at which we are acquiring new members, especially considering the macro environment. We continue to see that Totaltech has broad appeal across customer segments.

在本季度，隨著客戶意識到該計劃的巨大好處，我們繼續註冊更多會員。我們對註冊成為會員的客戶繼續看到更高的參與度、客戶滿意度和收入增加感到鼓舞。我們對獲得新成員的速度感到滿意，尤其是考慮到宏觀環境。我們繼續看到 Totaltech 在客戶群中具有廣泛的吸引力。

Additionally, we are improving our ability to gain members not only in retail stores but in our digital and in-home channel. As a reminder, from a financial perspective, Totaltech is a near-term investment to drive longer-term benefit. We expect year-over-year pressure on our gross profit rate to cease as we lap the launch in October. And over time, we expect the incremental spend we garnered from members will lead to higher operating income dollars. Accordingly, Totaltech is a significant contributor to our fiscal '25 goals.

此外，我們正在提高我們不僅在零售店，而且在我們的數字和家庭渠道中獲得會員的能力。提醒一下，從財務角度來看，Totaltech 是一項旨在推動長期利益的短期投資。我們預計，隨著我們在 10 月推出，我們毛利率的同比壓力將停止。隨著時間的推移，我們預計我們從會員那裡獲得的增量支出將帶來更高的營業收入。因此，Totaltech 是我們 '25 財年目標的重要貢獻者。

As we outlined in March, we are optimizing our workforce and reimagining our physical presence in ways that serve our customers' needs in our more digital world. We are making investments that provide a better, more seamless shopping experience as the customer moves from online shopping to visiting our stores to video chatting from their home.

正如我們在 3 月份所概述的那樣，我們正在優化我們的員工隊伍，並以在我們更加數字化的世界中滿足客戶需求的方式重新構想我們的實體存在。隨著客戶從在線購物轉向訪問我們的商店，再到在家中進行視頻聊天，我們正在進行投資，以提供更好、更無縫的購物體驗。

This includes our virtual sales strategy. Early in the pandemic, the volume of customers interacting with us via phone and chat skyrocketed. The volume has remained high, and we are actively working to increase the sales opportunity of these interactions through a number of efforts. One, we are leveraging a team of expert sales associates working from their homes, many of whom have in-depth store experience and are certified in multiple categories. Two, we have staffed our virtual store with dedicated experts who can help you via video and demo a product just like they would in our store. And three, we are enhancing the training for our offshore call center agents to help them feel like confident salespeople.

這包括我們的虛擬銷售策略。在大流行初期，通過電話和聊天與我們互動的客戶數量猛增。銷量一直很高，我們正在積極努力通過一系列努力增加這些互動的銷售機會。第一，我們正在利用一個在家工作的專業銷售人員團隊，他們中的許多人擁有豐富的商店經驗，並獲得了多個類別的認證。第二，我們的虛擬商店配備了專門的專家，他們可以通過視頻幫助您並演示產品，就像他們在我們的商店中一樣。第三，我們正在加強對離岸呼叫中心代理的培訓，以幫助他們成為自信的銷售人員。

We are already seeing great results as revenue from these interactions more than doubled in Q1 compared to last year. Enhancements to our technology platforms are in progress to further streamline our operations and enable these employees to chat, video, text, share their screens and transact. With this, we will be able to accelerate the productivity and sales opportunity further.

我們已經看到了很好的結果，因為與去年相比，第一季度這些互動的收入增加了一倍以上。我們正在對我們的技術平台進行增強，以進一步簡化我們的運營，使這些員工能夠聊天、視頻、文本、共享他們的屏幕和交易。有了這個，我們將能夠進一步加快生產力和銷售機會。

We have spoken quite a bit about our consultation service that provides customers with expert help and inspiration tailored to their unique tech needs often right in their homes. This is growing and important as we continue to see very high customer satisfaction scores and increasing spend by customers who engage with the consultants. We also have a team that is focused on providing tech products and solutions for businesses in specific industries, including homebuilding, hospitality and health care. We have been growing this aspect of our business for several years and more recent investments in our digital capabilities and fulfillment have led to strong growth momentum that we expect will continue.

我們已經談了很多關於我們的諮詢服務的內容，該服務通常就在家中為客戶提供根據他們獨特的技術需求量身定制的專家幫助和靈感。隨著我們繼續看到非常高的客戶滿意度得分以及與顧問互動的客戶的支出增加，這一點越來越重要。我們還有一個團隊，專注於為特定行業的企業提供技術產品和解決方案，包括住宅建築、酒店和醫療保健。幾年來，我們一直在發展這方面的業務，最近對我們的數字能力和實現的投資帶來了強勁的增長勢頭，我們預計這種增長勢頭將持續下去。

For example, Q1 revenue from this team was up 15% over last year's Q1 and up more than 70% from Q1 of fiscal '20. As I step back to comment on our overall workforce, we have been actively evolving the composition of our teams throughout the last 2 years as customer behavior changed and became even more digitally focused. The result is that our overall head count is actually lower than pre-pandemic. We feel like we are largely at the right number as it relates to the strategic evolution of our operating model, the demand we are seeing and the nature of our customer interaction. We will continue to learn, evaluate and evolve the model in light of the way the business and shopping habits are changing.

例如，該團隊的第一季度收入比去年第一季度增長了 15%，比 20 財年第一季度增長了 70% 以上。當我退後一步評論我們的整體員工隊伍時，隨著客戶行為的變化並變得更加註重數字化，我們在過去 2 年中一直在積極發展團隊的組成。結果是我們的總人數實際上低於大流行前。我們覺得我們在很大程度上處於正確的數字，因為這與我們運營模式的戰略演變、我們看到的需求以及我們客戶互動的性質有關。我們將根據業務和購物習慣的變化方式繼續學習、評估和改進該模型。

At the same time, we have invested and will continue to invest in flexibility, training, compensation and benefits for our associates. We are incredibly proud that our field turnover rates remain significantly below the retail average and are near our prepandemic turnover rates. Additionally, our store general manager turnover is just 6%, meaning our GMs have the tenure and experience to effectively help their teams navigate this dynamic environment. It is clear that we have store managers who are invested in their employees, their career paths, their well-being and their communities, and I thank them for their dedication.

同時，我們已經並將繼續為員工的靈活性、培訓、薪酬和福利進行投資。我們感到非常自豪的是，我們的現場人員流動率仍然遠低於零售平均水平，並且接近我們大流行前的流動率。此外，我們的門店總經理離職率僅為 6%，這意味著我們的總經理擁有有效幫助其團隊駕馭這種動態環境的任期和經驗。很明顯，我們有商店經理投資於他們的員工、他們的職業道路、他們的福祉和他們的社區，我感謝他們的奉獻精神。

Of course, as previously noted, we are also reimagining our physical stores. This year, we expect to complete approximately 45 remodels to implement our experience store concept. We are excited about these remodels as we continue to see higher revenue and NPS in the pilot locations compared to the controlled stores, especially as one of the pilots has been running almost 2 years. We also continue to see strong results from our outlet stores and are on track to roll out more this year with new stores opening soon in Chicago, Houston and Phoenix.

當然，如前所述，我們也在重新構想我們的實體店。今年，我們預計將完成大約 45 次改造，以實施我們的體驗店概念。我們對這些改造感到興奮，因為與受控商店相比，我們繼續看到試點地點的收入和 NPS 更高，尤其是其中一個試點已經運行了近 2 年。我們還繼續看到我們的直銷店業績強勁，並有望在今年推出更多新店，即將在芝加哥、休斯頓和鳳凰城開設新店。

Our outlet stores assort open box, clearance, end-of-life and otherwise distressed large product inventory in major appliances and televisions that might otherwise be liquidated at significantly lower recovery rate. We tend to see twice the recovery rate of our cost of goods sold when we sell this product at our outlets versus alternative channels. Additionally, these locations can attract new and reengaged customers.

我們的直銷店對主要電器和電視中的開箱、清倉、報廢和其他陷入困境的大型產品庫存進行分類，否則這些庫存可能會以顯著較低的回收率被清算。當我們在我們的網點銷售該產品時，我們往往會看到我們銷售成本的回收率是替代渠道的兩倍。此外，這些地點可以吸引新的和重新參與的客戶。

Last year, we estimated that approximately 16% of outlet customers were new to Best Buy and 37% were reengaged Best Buy customers. In fiscal '23, we plan to double the number of outlets by opening 15 additional stores, and we are expanding our assortment beyond major appliances and large TVs to include computing, gaming and mobile phones. We are already seeing increased performance in these new outlet formats as customers gravitate to the expanded assortment.

去年，我們估計大約 16% 的奧特萊斯客戶是百思買的新客戶，37% 是重新接觸百思買的客戶。在 23 財年，我們計劃通過開設 15 家新店將門店數量翻一番，並且我們正在將我們的產品種類擴展到主要電器和大型電視之外，包括計算、遊戲和手機。隨著客戶對擴大的產品種類的青睞，我們已經看到這些新的奧特萊斯形式的表現有所提高。

Finally, these outlet stores are an important element of our circular economy strategy by providing a second opportunity for products to be resold instead of ending up in a landfill. And another important element of this circular economy strategy is our trade-in program. We have an extensive trade-in program covering more major CE categories than anyone else. In Q1, we took in 135,000 trade-in units from customers. Not only does our trade-in program keep tech products out of landfills, our customers typically spend 3x the amount they received on their trade-in on new products at Best Buy.

最後，這些直銷店是我們循環經濟戰略的重要組成部分，為產品提供了第二次轉售機會，而不是最終進入垃圾填埋場。這一循環經濟戰略的另一個重要元素是我們的以舊換新計劃。我們有一個廣泛的以舊換新計劃，涵蓋比其他任何公司更多的主要 CE 類別。在第一季度，我們從客戶那裡獲得了 135,000 個以舊換新單位。我們的以舊換新計劃不僅使科技產品遠離垃圾填埋場，而且我們的客戶通常會在百思買購買新產品的以舊換新金額的 3 倍。

We are continuing our category expansion strategy as well. For example, we're helping customers commute more sustainably with a new lineup of the best electric bikes, scooters and mopeds. Over the next 18 months, we'll be bringing up selection of these products to nearly every Best Buy store. We're also rolling out charging devices, perfect for our customers' garages in several stores. And Geek Squad cannot only assemble the e-bikes for customers, but we're also beginning a pilot to test service and repair for e-transportation products in some of our stores.

我們也在繼續我們的品類擴張戰略。例如，我們正在通過最好的電動自行車、踏板車和輕便摩托車的新系列幫助客戶更可持續地通勤。在接下來的 18 個月裡，我們將向幾乎每家百思買商店提供這些產品的選擇。我們還推出了充電設備，非常適合我們客戶在幾家商店的車庫。 Geek Squad 不僅可以為客戶組裝電動自行車，我們還開始在我們的一些商店中測試電動交通產品的服務和維修。

We also just recently announced further expansion into the health and beauty category by launching new skincare technology products online and in 300 of our stores. In our Best Buy Health business, we are pleased with our first quarter momentum. In Q1, we saw strong growth in new sign-ups for our active aging business that offers health and safety solutions to enable adults to live and thrive at home.

我們最近還宣布通過在線和我們的 300 家商店推出新的護膚技術產品，進一步擴展到健康和美容品類。在我們的百思買健康業務中，我們對第一季度的勢頭感到滿意。在第一季度，我們看到積極老齡化業務的新註冊量強勁增長，該業務提供健康和安全解決方案，使成年人能夠在家中生活和茁壯成長。

In our Emerging virtual care business, we connect patients with their physicians to enable care at home. Last November, we acquired Current Health, a technology company with an FDA-cleared monitoring platform for care at home to help us accelerate our strategy. The combination of Current Health offerings and our scale, presence and Geek Squad in-home capabilities is already resonating with the healthcare industry. Boosted by its affiliation with Best Buy, Current Health had its best commercial booking quarter ever, including expansion of its relationships with health systems such as Mount Sinai Health System, Parkland Health, as well as the U.K. National Health Service and others.

在我們新興的虛擬護理業務中，我們將患者與他們的醫生聯繫起來，以實現在家護理。去年 11 月，我們收購了 Current Health，這是一家擁有 FDA 批准的家庭護理監控平台的技術公司，以幫助我們加快我們的戰略。 Current Health 產品與我們的規模、存在和 Geek Squad 的家庭能力相結合，已經引起了醫療保健行業的共鳴。得益於與百思買的合作，Current Health 創下了有史以來最好的商業預訂季度，包括擴大了與西奈山衛生系統、帕克蘭衛生系統以及英國國家衛生服務等衛生系統的關係。

I'm excited to share that Current Health was awarded best hospital technology implementation in the 2022 MedTech Breakthrough Awards program for its role in supporting health systems across the U.S. implement innovative care at home programs. Current Health was also selected by Frost & Sullivan as the 2022 Company of the Year in the global virtual home care platform industry.

我很高興與大家分享 Current Health 在 2022 年 MedTech 突破獎計劃中被授予最佳醫院技術實施獎，因為它在支持美國各地的衛生系統實施創新的家庭護理計劃方面發揮了作用。 Current Health 還被 Frost & Sullivan 選為全球虛擬家庭護理平台行業的 2022 年度公司。

In summary, I am proud of how much we accomplished in the first quarter and excited about what lies ahead for us. Clearly, there remains a great deal of uncertainty. On one hand, consumers still have relatively strong balance sheet, they continue to spend, wages are up and unemployment is at record lows. On the other hand, many consumers are lapping stimulus income they received last year and are also facing issues like higher gas and food prices, rising interest and mortgage rates, recession fears, stock market volatility and geopolitical uncertainty stemming from the war in Ukraine.

總之，我為我們在第一季度取得的成就感到自豪，並對我們未來的發展感到興奮。顯然，仍然存在很大的不確定性。一方面，消費者的資產負債表仍然相對強勁，他們繼續消費，工資上漲，失業率處於歷史低位。另一方面，許多消費者正在享受他們去年獲得的刺激收入，同時還面臨著天然氣和食品價格上漲、利率和抵押貸款利率上升、經濟衰退擔憂、股市波動和烏克蘭戰爭引發的地緣政治不確定性等問題。

Underlying all that is the gradual shifting of spend from stay-at-home purchases to more experiential spend on services and the activities, many were unable to enjoy during the pandemic. As I mentioned at the start of my comments, while the drivers of our results were largely as expected, the comparable sales decline of 8% was on the softer side as inflationary pressures heightened throughout the quarter. That trend has continued into the beginning of Q2, and it does not appear that it will abate in the near term.

在這一切的基礎上，消費逐漸從居家購買轉向更多的服務和活動體驗式消費，許多人在大流行期間無法享受。正如我在評論開頭提到的那樣，雖然我們業績的驅動因素在很大程度上符合預期，但隨著整個季度通脹壓力的加劇，可比銷售額下降 8% 的情況較為溫和。這種趨勢一直持續到第二季度初，而且短期內似乎不會減弱。

Therefore, as Matt will outline, we are revising our guidance and now expect fiscal '23 comparable sales decline in the range of 3% to 6%. And we are correspondingly updating our non-GAAP operating income rate to a range of 5.2% to 5.4%. We will continue to proactively navigate this rapidly changing environment, balancing the day-to-day operations with our commitment to our long-term strategy and growth initiatives.

因此，正如馬特將概述的那樣，我們正在修改我們的指導，現在預計 23 財年可比銷售額將下降 3% 至 6%。我們相應地將我們的非 GAAP 營業收入率更新至 5.2% 至 5.4% 的範圍。我們將繼續積極應對瞬息萬變的環境，在日常運營與我們對長期戰略和增長計劃的承諾之間取得平衡。

Before I turn the call over to Matt for more details on Q1 and our outlook, I want to thank our employees for everything they do for our customers in all our channels. I greatly appreciate your teamwork and perseverance. I love the Best Buy culture and our commitment to enriching lives through technology. And I will close by saying this. We firmly believe that technology is more relevant today than ever. Every aspect of our lives has changed with technology, and we uniquely know how to make it human in our customers' homes right for their lives. From our expertly curated assortment to in-home consultations, all the way to tech support when your tech isn't working the way you want or traded in recycling when you want to upgrade. We believe we have an ability to inspire and support customers in ways no one else can.

在我將電話轉給馬特以了解有關第一季度和我們前景的更多詳細信息之前，我要感謝我們的員工在我們所有渠道為我們的客戶所做的一切。我非常感謝您的團隊合作和毅力。我喜歡百思買文化和我們通過技術豐富生活的承諾。我將以此結束。我們堅信，今天的技術比以往任何時候都更加重要。隨著科技的發展，我們生活的方方面面都發生了變化，我們獨特地知道如何在我們客戶的家中讓它變得人性化，適合他們的生活。從我們專業策劃的分類到家庭諮詢，一直到當您的技術無法按照您想要的方式工作時的技術支持，或者在您想要升級時進行回收交易。我們相信我們有能力以其他人無法做到的方式激勵和支持客戶。

And with that, I would like to turn the call over to Matt.

有了這個，我想把電話轉給馬特。

Good morning, everyone. Hopefully, you were able to view our press release this morning with our detailed financial results. As Corie mentioned, we expected our Q1 financial results to be softer on a year-over-year basis. .

大家，早安。希望您今天早上能夠查看我們的新聞稿以及我們詳細的財務業績。正如科里所說，我們預計我們的第一季度財務業績將同比疲軟。 .

Our Enterprise revenue of $10.6 billion declined 8% on a comparable basis as we lapped a very strong 37% comparable sales growth last year. Our non-GAAP operating income rate of 4.6% compared to 6.4% last year. If you compare it to the first quarter of fiscal '20, before the pandemic, our non-GAAP operating income rate increased 80 basis points. Our revenue growth has clearly played a role in our improved SG&A rate, but I would also like to highlight a few other factors. Our investment in Totaltech membership alone added more than 100 basis points of operating income rate pressure this quarter compared to the fiscal '20 period.

我們的企業收入為 106 億美元，在可比基礎上下降了 8%，因為我們去年實現了非常強勁的 37% 的可比銷售額增長。我們的非美國通用會計準則營業利潤率為 4.6%，而去年為 6.4%。如果將其與大流行之前的 20 財年第一季度進行比較，我們的非公認會計原則營業利潤率增加了 80 個基點。我們的收入增長顯然在我們提高 SG&A 率方面發揮了作用，但我還想強調一些其他因素。與 20 財年相比，僅我們對 Totaltech 會員的投資就在本季度增加了 100 多個基點的營業收入率壓力。

We are also investing in Best Buy Health. These are both areas that we know create near-term pressure, but we believe they will drive compelling financial returns over time as they scale. I also want to note that since fiscal '20, our mix of revenue from our online channel has more than doubled, and we have efficiently evolved our operating model to support this shift in consumer shopping behavior, while at the same time, navigating higher wages and increase supply chain and technology costs.

我們還在投資百思買健康。我們知道這兩個領域都會產生近期壓力，但我們相信隨著時間的推移，隨著規模的擴大，它們將帶來可觀的財務回報。我還想指出，自 20 財年以來，我們在線渠道的收入組合增加了一倍以上，我們有效地發展了我們的運營模式，以支持消費者購物行為的這種轉變，同時提高工資並增加供應鍊和技術成本。

Let me now share more details on the first quarter performance versus last year. In our Domestic segment, revenue decreased to 8.7% from $9.9 billion, driven by a comparable sales decline of 8.5%. From a monthly phasing standpoint, as expected, the largest comparable sales decline was the 5-week fiscal March period. As Corie noted, from a category standpoint, the largest contributors to the comparable sales decline in the quarter were computing and home theater. In addition, services comparable sales declined 12% this quarter. This was primarily the result of our Totaltech membership, which includes benefits that were previously stand-alone revenue-generating services such as warranty and installation.

現在讓我分享更多關於第一季度業績與去年同期的細節。在我們的國內部門，由於可比銷售額下降 8.5%，收入從 99 億美元下降至 8.7%。正如預期的那樣，從月度階段的角度來看，最大的可比銷售額下降是為期 5 週的財政 3 月期間。正如科里指出的那樣，從品類的角度來看，本季度可比銷售額下降的最大貢獻者是計算機和家庭影院。此外，本季度服務可比銷售額下降了 12%。這主要是我們 Totaltech 會員資格的結果，其中包括以前獨立的創收服務，如保修和安裝。

In our International segment, revenue decreased 5.4% to $753 million. This decrease was driven by the loss of $19 million in revenue from exiting Mexico and a comparable sales decline of 1.4% in Canada. Turning now to gross profit, where our enterprise rate declined 120 basis points, 22.1%. The domestic gross profit rate declined 140 basis points, which was primarily driven by lower services margin rates, including pressure associated with Totaltech. In addition, lower product margin rates, which included increased promotional activity and the impact of higher supply chain costs also negatively impacted our rate during the quarter. The previous items were partially offset by higher profit sharing revenue in the company's private label and co-branded credit card arrangement.

在我們的國際部門，收入下降 5.4% 至 7.53 億美元。這一下降是由於退出墨西哥導致收入損失 1900 萬美元以及加拿大可比銷售額下降 1.4%。現在轉向毛利潤，我們的企業利率下降了 120 個基點，即 22.1%。國內毛利率下降 140 個基點，這主要是由於服務利潤率下降，包括與 Totaltech 相關的壓力。此外，較低的產品利潤率（包括促銷活動的增加和更高的供應鏈成本的影響）也對我們本季度的利潤率產生了負面影響。之前的項目被公司自有品牌和聯合品牌信用卡安排中較高的利潤分成收入部分抵消。

Lastly, our International non-GAAP gross profit rate improved 130 basis points compared to last year, which provided a weighted benefit of approximately 20 basis points to our Enterprise results. As a reminder, the gross profit rate pressure from Totaltech primarily relates to the incremental customer benefits and the associated costs compared to our previous Totaltech support offer. On a weighted basis, the services category negatively impacted the Domestic gross profit rate by approximately 100 basis points compared to last year, which largely aligned with our expectations entering the quarter.

最後，我們的國際非公認會計原則毛利率與去年相比提高了 130 個基點，這為我們的企業業績帶來了約 20 個基點的加權收益。提醒一下，與我們之前的 Totaltech 支持服務相比，來自 Totaltech 的毛利率壓力主要與增加的客戶利益和相關成本有關。在加權基礎上，服務類別對國內毛利率的負面影響與去年相比降低了約 100 個基點，這與我們進入本季度的預期基本一致。

Moving next to SG&A. Our Enterprise non-GAAP SG&A decreased $100 million while increasing 60 basis points as a percentage of sales. Within the Domestic segment, the primary driver of the reduced SG&A was lower incentive compensation of $130 million, which included lapping $40 million for onetime gratitude and appreciation awards last year. Partially offsetting the lower incentive compensation were increased expenses for advertising and our health initiatives.

搬到SG&A旁邊。我們的企業非 GAAP SG&A 減少了 1 億美元，同時佔銷售額的百分比增加了 60 個基點。在國內部門，SG&A 減少的主要驅動因素是 1.3 億美元的激勵性薪酬降低，其中包括去年為一次性感謝和感謝獎提供了 4,000 萬美元。廣告和我們的健康計劃費用增加，部分抵消了較低的激勵補償。

During the quarter, we returned a total of $654 million to shareholders through share repurchases of $455 million and dividends of $199 million. Our quarterly dividend of $0.88 was an increase of 26% and marked the eighth straight year of regular dividend increased at least 10% compared to the prior year. Consistent with our original guidance, we expect to spend approximately $1.5 billion in share repurchases this year.

在本季度，我們通過 4.55 億美元的股票回購和 1.99 億美元的股息向股東返還了總計 6.54 億美元。我們的季度股息為 0.88 美元，增長了 26%，這標誌著定期股息連續第八年比上一年增長至少 10%。根據我們最初的指導，我們預計今年將花費約 15 億美元進行股票回購。

Let me next share more color on our guidance for the full year. Many of the key assumptions driving our outlook from when we enter the year remain unchanged. We still expect the first half of the year to be more pressured on a year-over-year basis for both revenue growth and our non-GAAP operating income rate. In addition, we still expect the non-GAAP operating income rate decline to be primarily come from lower gross profit rate, with Totaltech being the key driver.

接下來讓我分享更多關於我們全年指導的色彩。從我們進入今年以來，推動我們展望的許多關鍵假設保持不變。我們仍然預計今年上半年的收入增長和我們的非公認會計準則營業利潤率將面臨更大的同比壓力。此外，我們仍預計非 GAAP 營業收入率下降主要來自毛利率下降，其中 Totaltech 是主要驅動因素。

Let me next share some context on what has changed in our outlook. Entering the year, we were cognizant of lapping the large levels of government stimulus actions last year. As we already shared, sales came in a little lower than our expectations for the first quarter, and this trend has continued into the second quarter. It is difficult to assess how much of the decline may be longer tail associated with elevated stimulus spending last year or overall consumer spending slowing down due to inflationary concerns and the shift of consumer spending to experiences.

接下來讓我分享一些關於我們前景發生變化的背景。進入這一年，我們意識到去年政府採取了大規模的刺激措施。正如我們已經分享的那樣，第一季度的銷售額略低於我們的預期，並且這種趨勢一直持續到第二季度。很難評估下降的幅度有多大可能與去年刺激支出增加或由於通脹擔憂和消費者支出轉向體驗導致整體消費者支出放緩有關。

Based on the trends we are seeing over the past several weeks, we now feel it's more likely that we will be on the lower end of our original guidance expectations. As a result, we now expect comparable sales to decline 3% to 6%. As Corie discussed, clearly, there is still a lot of uncertainty in macro cross currents. Thus, we will continue to assess the sales trends, adjusting for our spend for variable items like advertising and store labor, as well as discretionary areas as appropriate. We also expect favorable trends in our private label credit card arrangement to partially offset higher costs in areas like supply chain for the remainder of the year.

根據我們在過去幾週看到的趨勢，我們現在認為我們更有可能處於我們最初的指導預期的低端。因此，我們現在預計可比銷售額將下降 3% 至 6%。正如科里所討論的，很明顯，宏觀交叉流仍然存在很多不確定性。因此，我們將繼續評估銷售趨勢，調整我們在廣告和商店勞動力等可變項目以及酌情可自由支配領域的支出。我們還預計，我們自有品牌信用卡安排的有利趨勢將部分抵消今年剩餘時間供應鍊等領域的更高成本。

At the same time, we remain committed to progressing the initiatives, we are confident will deliver compelling financial returns in the future. As a result of the lower sales outlook, our non-GAAP operating income rate outlook is now 5.2% to 5.4%. Based on these factors, I've just outlined, our guidance for the full year now represents the following: Enterprise revenue of $48.3 billion to $49.9 billion, a comparable sales decline of 3% to 6%, Enterprise non-GAAP operating income rate of approximately 5.2% to 5.4%, non-GAAP diluted EPS of $8.40 to $9.

與此同時，我們仍然致力於推進這些舉措，我們有信心在未來帶來可觀的財務回報。由於較低的銷售前景，我們的非公認會計原則營業收入率前景現在為 5.2% 至 5.4%。基於這些因素，我剛剛概述，我們對全年的指導現在如下：企業收入為 483 億美元至 499 億美元，可比銷售額下降 3% 至 6%，企業非公認會計準則營業收入率為約 5.2% 至 5.4%，非公認會計原則攤薄後每股收益為 8.40 美元至 9 美元。

We expect our non-GAAP effective tax rate to be approximately 24%. And lastly, we still expect capital expenditures to be approximately $1.1 billion.

我們預計我們的非公認會計原則有效稅率約為 24%。最後，我們仍預計資本支出約為 11 億美元。

As we shared on our last earnings call, we no longer plan to provide quarterly guidance going forward. However, we'd like to provide context on our expectations. Several of the key themes from the first quarter are expected to be consistent in the second quarter. As a result, we anticipate that our second quarter comparable sales and the year-over-year decline in our non-GAAP operating income rate will both be very similar to our first quarter results.

正如我們在上次財報電話會議上分享的那樣，我們不再計劃提供未來的季度指導。但是，我們想提供有關我們期望的背景信息。預計第一季度的幾個關鍵主題將在第二季度保持一致。因此，我們預計我們第二季度的可比銷售額和我們的非公認會計原則營業利潤率的同比下降都將與我們的第一季度業績非常相似。

Also, as a reminder, last year's second quarter included a onetime diluted earnings per share benefit of $0.47 from a lower effective tax rate. I will now turn the call over to the operator for questions.

此外，提醒一下，去年第二季度由於較低的有效稅率，一次性攤薄每股收益為 0.47 美元。我現在將把電話轉給接線員提問。

(Operator Instructions) We take our first question today from Zachary Fadem of Wells Fargo.

（操作員說明）我們今天從 Wells Fargo 的 Zachary Fadem 提出第一個問題。

It's actually [Sam Reed] pitching for Zach here. I wanted to ask kind of a big picture question. Maybe could you sort of recast your FY '25 assumptions in the context of today's updated guidance? Obviously, some of these macro headwinds you called out are maybe likely to be temporal. That said, does it put more pressure on your business to deliver in FY '24 and FY '25? And how should we be thinking about those 2% to 4% outyear comps in that 6.3% to 6.8% operating margin target in that context?

實際上是 [Sam Reed] 在這里為 Zach 投球。我想問一個大問題。也許你能在今天更新的指導背景下重新調整你的 25 財年假設嗎？顯然，你提到的這些宏觀逆風中的一些可能是暫時的。也就是說，在 24 財年和 25 財年交付是否會給您的業務帶來更大的壓力？在這種情況下，在 6.3% 到 6.8% 的營業利潤率目標中，我們應該如何考慮那些 2% 到 4% 的年度補償？

Yes. Thank you for the question. Obviously, I think it's way too early for us to be updating our FY '25 goals at this point. You're right. I mean I think the lowering of the range this year does create a bit of a different picture. But at the same time, we very much believe in the strength of our industry and are very encouraged by the initiatives that we have, that we outlined at the Investor Day, Totaltech, and expanded assortment in our health initiatives. Those all remain the same. And if anything, we're even more excited about those as we look forward. So obviously, the ranges we gave this year, they're pretty wide. And the ranges for FY '25 is still pretty wide. So there's a number of outcomes we already had contemplated in setting those goals back in March. So we still remain pretty confident in those numbers.

是的。感謝你的提問。顯然，我認為現在更新我們的 25 財年目標還為時過早。你是對的。我的意思是我認為今年範圍的降低確實創造了一些不同的畫面。但與此同時，我們非常相信我們行業的實力，並對我們在投資者日概述的計劃、Totaltech 以及我們的健康計劃中擴大分類感到非常鼓舞。這些都保持不變。如果有的話，在我們期待的時候，我們對這些更加興奮。很明顯，我們今年給出的範圍非常廣泛。 25 財年的範圍仍然很廣。因此，在 3 月份設定這些目標時，我們已經考慮了許多結果。所以我們仍然對這些數字非常有信心。

Awesome. No, that's super helpful. And then maybe pivoting a little bit here to appliances. Obviously, it's great to see you guys still delivering positive comps here, especially given what you were up against last year. Kind of maybe you want to talk to the sustainability of the positive comps in the appliance segment, especially as we really kind of continue to lap some of that stimulus and maybe face some of these macro pressures.

驚人的。不，這非常有幫助。然後可能會在這裡稍微轉向電器。顯然，很高興看到你們仍然在這裡提供積極的比賽，特別是考慮到你們去年所面對的情況。有點可能你想談談電器領域積極組合的可持續性，特別是因為我們真的會繼續採取一些刺激措施，並且可能面臨一些宏觀壓力。

Yes. I think this appliances has been a place where we've been sustaining growth for a long time, what's been growing every quarter for 10 years, except for one when we closed our stores. So we are very confident in our team's ability to continue to drive sales up. Clearly, there are some very elevated levels of comp that were coming over the last couple of years of spend. But the team continues to drive the assortment and the experience changes that making it a very meaningful place to buy appliances. And that includes both the majors and the small side. So we remain really excited and confident about the prospects there. For the fifth straight year, we received J.D. Power Award for the highest customer satisfaction among appliance retailers. So the team is getting the right experience that I think will help us drive sales higher as we look into the future.

是的。我認為這種電器一直是我們長期保持增長的地方，10 年來每個季度都在增長，除了我們關閉商店時的一個。因此，我們對我們團隊繼續推動銷售增長的能力非常有信心。顯然，在過去幾年的支出中出現了一些非常高的補償水平。但該團隊繼續推動產品種類和體驗的變化，使其成為一個非常有意義的購買電器的地方。這包括專業和小方面。因此，我們仍然對那裡的前景感到非常興奮和充滿信心。連續第五年，我們獲得了電器零售商最高客戶滿意度的 J.D. Power 獎。因此，團隊正在獲得正確的經驗，我認為這將有助於我們在展望未來時提高銷售額。

We take our next question from Steven Forbes of Guggenheim Partners.

我們從古根海姆合夥人的史蒂文福布斯那裡得到下一個問題。

Corie, I want to put focus on Totaltech, and I appreciate the color, but I was hoping if you can provide us a little more details around how membership is framing relative to expectations, maybe in the context of churn and/or retention? And then just a broader comment on what part of the value proposition do you think is resonating most with your customer in the current sort of environment?

科里，我想把重點放在 Totaltech 上，我很欣賞它的顏色，但我希望你能向我們提供更多關於會員如何相對於期望的框架的細節，也許是在流失和/或保留的背景下？然後就您認為在當前環境中最能引起客戶共鳴的價值主張的哪一部分進行更廣泛的評論？

Yes. So I'm just going to start by taking a little bit of a step back here. Obviously, what we're aiming to do here is take our deep knowledge of the customer, combined with our history of a multitude of membership programs and our unique abilities to create a very unique paid membership offer with very broad reach. That broad appeal means we see more different types of demographics that this appeals to. And by the way, it is also more comfortable to sell because our associates just have a lot of passion around the multitude of offers. To specifically your question about what's resonating, the truth is all aspects are resonating, but different pieces seem to resonate with different demographics. Certainly, the included warranty aspects, especially the Apple Care resonates with some of our younger demographics. The pricing and discounts actually resonates across all and then the support we see resonate with some of our older demographics.

是的。所以我要先退後一步。顯然，我們在這裡的目標是利用我們對客戶的深入了解，結合我們眾多會員計劃的歷史以及我們創造具有非常廣泛覆蓋範圍的非常獨特的付費會員服務的獨特能力。這種廣泛的吸引力意味著我們看到了更多不同類型的人口統計數據。順便說一句，銷售也更舒服，因為我們的員工對眾多優惠充滿熱情。具體到你關於什麼引起共鳴的問題，事實是所有方面都在引起共鳴，但不同的作品似乎與不同的人口統計產生共鳴。當然，所包含的保修方面，尤其是 Apple Care 與我們的一些年輕人群產生了共鳴。定價和折扣實際上引起了所有人的共鳴，然後我們看到的支持與我們的一些老年人群產生了共鳴。

So the point here is actually this broad reach of a multitude of pieces of the offer that will actually appeal to many. The purpose, as we said, is to drive frequency and share of wallet over time. The reason we're not updating right now is we are just starting to lap our beta test from last year, if you remember, we actually launched in April with the full rollout in October. And so we are literally just getting a feel now for what retention looks like. It remains in line with -- as we've converted customers remains in line with -- what we had expected. But right now, we're just -- we want to actually start to lap some of those new customers who actually opted into the program before we comment too much on retention.

因此，這裡的重點實際上是眾多報價的廣泛範圍，實際上會吸引許多人。正如我們所說，目的是隨著時間的推移提高錢包的頻率和份額。我們現在不更新的原因是我們剛剛開始從去年開始進行 beta 測試，如果您還記得的話，我們實際上是在 4 月推出的，並在 10 月全面推出。因此，我們現在實際上只是對留存情況有所了解。它仍然符合我們的預期——因為我們已經轉換了客戶仍然符合我們的預期。但現在，我們只是 - 我們希望在我們對保留率發表過多評論之前，真正開始吸引一些實際選擇加入該計劃的新客戶。

What I will say is, look, the goal here is to create a moat around the consumer. And to make it kind of inconceivable for them to buy CE anywhere else. And we know we're growing our share of wallet with those that are shopping us. So we know it's doing what we want it to do, but we're using this time period to continue to learn and iterate on the acquisition, the usage that we're seeing right now and then ultimately those retention figures.

我要說的是，看，這裡的目標是圍繞消費者創造一條護城河。並且讓他們在其他任何地方購買 CE 變得不可思議。而且我們知道我們正在增加我們與購物者的錢包份額。所以我們知道它正在做我們希望它做的事情，但我們正在利用這段時間繼續學習和迭代收購，我們現在看到的使用情況，然後最終看到這些保留數據。

I'll keep it to one. Best of luck. .

我會保留一個。祝你好運。 .

Joe Feldman of Telsey has our next question.

Telsey 的 Joe Feldman 提出了我們的下一個問題。

Back on the promotions, you mentioned some products are starting to get more promotional. And I guess I was just wondering which areas you're seeing more of that pressure and your view of promotions, maybe the balance of this year, will it accelerate or do you think it'll just be kind of normalized relative to a year ago?

回到促銷活動，您提到一些產品開始獲得更多促銷活動。而且我想我只是想知道您在哪些領域看到了更多的壓力以及您對促銷的看法，也許是今年的餘額，它會加速還是您認為它會與一年前相比變得正常化?

Sure. Thanks, Joe. As we outlined back in March, we expected to see promotions be pressured this year compared to last year. And we also commented that we -- that eventually, they would return to closer to FY '20 levels at some point. As we've got into the quarter, we actually started seeing a little bit more pressure on the promotion side than we expected. Again, that was offset by a little bit of credit -- better credit card profit share from the arrangement we have. But we did see a little bit more promotionality. And I think it's pretty broad across most of our categories. We're starting to increase in terms of the amount of discount and the mix on promotion. TVs was a place where we did see more promotions on a year-over-year basis. Computing has been starting more promotional all the way back to July of last year. So that continued as well.

當然。謝謝，喬。正如我們在 3 月份概述的那樣，與去年相比，我們預計今年的促銷活動會受到壓力。我們還評論說，我們最終會在某個時候回到接近 20 財年的水平。隨著我們進入本季度，我們實際上開始看到促銷方面的壓力比我們預期的要大一些。再一次，這被一點點信貸所抵消——從我們的安排中獲得了更好的信用卡利潤份額。但我們確實看到了更多的促銷活動。而且我認為它在我們的大多數類別中都非常廣泛。我們開始增加折扣金額和促銷組合。在電視上，我們確實看到了比去年同期更多的促銷活動。直到去年 7 月，計算機一直在開始更多的促銷活動。所以這也繼續下去。

So those are the areas I'd probably highlight, but there are also even just some very iconic type of products too in specific categories that are very promotional, even though in some cases inventory is constrained. And so overall, we know it's returning as we expected it would. It isn't quite back to FY '20 levels, but it is heading in the same -- heading to that path as we expected.

所以這些是我可能會強調的領域，但在特定類別中甚至還有一些非常具有標誌性的產品類型非常具有促銷性，即使在某些情況下庫存受到限制。所以總的來說，我們知道它會像我們預期的那樣回歸。它還沒有完全回到 20 財年的水平，但它正朝著同樣的方向前進——正如我們預期的那樣朝著這條道路前進。

That's great. And I'll also keep it to one and good luck this quarter.

那太棒了。我也會把它留到本季度，祝你好運。

Moving now to Mike Baker of Davidson.

現在搬到戴維森的邁克貝克。

A couple of related questions. One, you said March was the worst part of the quarter. So can you talk a little bit about April? It sounds like you said the weakness is continuing, but a little bit more detail there. And then related to that, it looks like -- and this is similar to your previous guidance, but the back half is much better in terms of year-over-year changes versus the implied front half. What gives you that confidence? Is it simply just different comparisons? Or why are we expecting a significantly better back half?

幾個相關的問題。一，你說三月是本季度最糟糕的部分。那麼你能談談四月的事嗎？聽起來你說弱點仍在繼續，但那裡有更多細節。然後與此相關，它看起來像 - 這與您之前的指導相似，但就同比變化而言，後半部分比隱含的前半部分要好得多。是什麼讓你有這種信心？僅僅是不同的比較嗎？或者為什麼我們期待一個明顯更好的後半部分？

Sure, yes. So we're not going to comment on specific months, but March was the biggest decline in Q1. And as the sales pressure continued as we exited Q1 -- actually, it was a little more pressure than on sales than we expected. If you remember last year, too, as we got into the second quarter, we talked about how we were still doing about a 30% comp in the first few weeks of May. So we are still lapping those stimulus payments that kind of came in starting in March of last year. And so that's what's driving the lion's share of that sales decline.

當然，是的。因此，我們不會對具體月份發表評論，但 3 月份是第一季度最大的跌幅。隨著我們退出第一季度，銷售壓力繼續存在——實際上，銷售壓力比我們預期的要大一些。如果你還記得去年，當我們進入第二季度時，我們談到了在 5 月的前幾週我們仍然在做 30% 的比較。因此，我們仍在處理從去年 3 月開始發放的刺激性付款。這就是導致銷售額下降的最大份額的原因。

As you think about the back half of the year, I mean, there's a number of things. We believe as you get to the back half, most of that stimulus impact, a lot of it will have left in terms of a comparison. We also know, as we look to the back half of the year, we do expect product availability and certain products and categories to improve compared to the first part of this year and also if you look at compared to last year, in Q4, there was some notable product shortages in iconic areas that we talked about not getting, that did have an impact on sales.

當你想到今年下半年時，我的意思是，有很多事情。我們相信，當您進入後半部分時，大部分刺激影響，其中很多都會以比較的方式留下。我們也知道，當我們展望今年下半年時，我們確實預計產品可用性以及某些產品和類別與今年上半年相比會有所改善，如果您與去年相比，在第四季度，有是我們談到沒有得到的標誌性領域的一些顯著產品短缺，這確實對銷售產生了影響。

We also, in Q4, shortened our store hours in January as we were lapping some of the Omicron variant impacts. And then lastly, I comment is we do expect our initiatives to start to continue to drive more impact to our sales outlook as you get further down into the trajectory of those ramps. So those are the reasons I'd highlight.

我們還在第四季度縮短了 1 月份的營業時間，因為我們正在研究一些 Omicron 變體的影響。最後，我的評論是，隨著您進一步深入這些斜坡的軌跡，我們確實希望我們的舉措開始繼續對我們的銷售前景產生更大的影響。這就是我要強調的原因。

Next, we move to Karen Short of Barclays.

接下來，我們轉到巴克萊的 Karen Short。

I actually just wanted to push a little harder and a follow up on the 2025 guide with respect to where you are at today? And obviously, as you were just asked, you did elaborate a little bit on what the second half and why the second half will look better. But maybe a little more color on why you feel confident in the 2025 guide, about [6 3] to [6 8] in light of the fact that, obviously, 2Q will be much weaker than expected. And then just on that same note, are you factoring in a recessionary environment with respect to your guidance for the year and with respect to your 2025 guide?

實際上，我只是想更加努力地跟進 2025 年指南，了解您今天所處的位置？顯然，正如你剛剛被問到的那樣，你確實詳細說明了下半場的內容以及為什麼下半場看起來會更好。但也許你對 2025 年指南充滿信心的原因要多一點色彩，大約是 [6 3] 到 [6 8]，因為很明顯，第二季度將比預期的要弱得多。然後就在同一個問題上，您是否考慮到您的年度指導和您的 2025 年指導的經濟衰退環境？

Yes. So I will start with the fiscal '25 guidance. I'm going to reiterate what Matt said. It is still really early in the long-range guide that we gave. And there are many moving parts and pieces as I outlined in some of the preprepared comments. And so we remain confident in the initiatives and the road map that we have put together to deliver that '25 guide. And as Matt said, it's a pretty wide range. So what we're going to use this year to do is to continue to understand how those initiatives develop, how this year plays out, obviously, and then how the implications for all of that in that longer-term guide. But I think if it warrants giving it some time to see how the year is going to play.

是的。因此，我將從 '25 財年指南開始。我將重申馬特所說的話。在我們提供的遠程指南中，它仍然處於早期階段。正如我在一些預先準備好的評論中概述的那樣，有許多活動的部分和部分。因此，我們仍然對我們為提供 '25 指南而製定的舉措和路線圖充滿信心。正如馬特所說，這是一個相當廣泛的範圍。因此，我們今年要做的是繼續了解這些舉措是如何發展的，今年顯然是如何發揮作用的，然後是對長期指南中所有這些的影響。但我認為是否值得給它一些時間來看看這一年將如何發展。

Specific to your point about recession, I want to take one step back here for a second. I think I want to start with a reminder that this is a very stable industry. Consumer electronics, over time, is a stable industry. And the last 2 years have clearly underscored the importance of tech in people's lives. So I think it's important for us to have that as a backdrop and the fact that we were obviously already planning for our industry to decline this year, and then we've adjusted based on what we're seeing in the most recent results. It's fair to say that we're factoring in elements of softer demand, but we are not planning for a full recession or guide. We'll not assume a full recession at this point. Obviously, if that were the case, we will continue to update the performance and the expectations. But I think I would characterize our guide more as a softer environment, not a full recession.

具體到你關於衰退的觀點，我想在這裡退一步。我想我想首先提醒一下，這是一個非常穩定的行業。隨著時間的推移，消費電子產品是一個穩定的行業。過去 2 年清楚地強調了科技在人們生活中的重要性。因此，我認為將這一點作為背景對我們來說很重要，而且我們顯然已經在計劃今年的行業下滑，然後我們根據我們在最近的結果中看到的情況進行了調整。公平地說，我們正在考慮需求疲軟的因素，但我們並未計劃全面衰退或引導。我們不會假設此時會出現全面衰退。顯然，如果是這樣的話，我們將繼續更新性能和期望。但我認為我會將我們的指南描述為更軟的環境，而不是全面衰退。

And I might just add, I think also, I think you made a question around the rate guide as well. I think as you think about the rate this year, we're actually not too far off from our original guidance expectations for this year from 5.2 to 5.4, just acknowledging a little bit of softer on the sales side. But all of the structural things that are included in that expectation are kind of coming in as we expect. It's nothing that's too dissimilar at this point. And we have already built those into what we see this year and what we see in the out years to be confident in addition to sales, but also being able to achieve some of those rate expectations for FY '25.

我還想補充一下，我認為您也對費率指南提出了問題。我認為，當您考慮今年的利率時，我們實際上與今年從 5.2 到 5.4 的原始指導預期相差不遠，只是承認銷售方面略有疲軟。但是，該期望中包含的所有結構性事物都會像我們期望的那樣出現。在這一點上沒有什麼太不同了。我們已經將這些納入我們今年和未來幾年所看到的內容中，以便對銷售充滿信心，同時也能夠實現 25 財年的部分利率預期。

Seth Basham of Wedbush Securities has our next question.

Wedbush Securities 的 Seth Basham 提出了我們的下一個問題。

I like to follow up on the promotional environment. If you could give us some [context] as to what you're planning for it in terms of promotions this year relative to pre-pandemic levels? And how much is embedded in terms of gross margin pressure relative to your prior guide, that would be helpful.

我喜歡跟進促銷環境。您能否就今年相對於大流行前水平的促銷計劃向我們提供一些[背景信息]？相對於您之前的指南，毛利率壓力中嵌入了多少，這將是有幫助的。

Yes. So I would say it's fair to say we expected, like I said earlier, that promotions return closer and closer to FY '20. Throughout this year, exactly when that happens, we're not commenting on, but we would expect it to increase as the year progresses. Importantly, as you look to the back half of this year, though, we are starting to lap where promotions increased last year, starting in July in computing. So we have baked into our plans a slow increase of promotionality in most categories as you get towards the back half of this year. Exactly where that lands exactly at FY '20, we're -- it's hard to exactly say, but we have baked that into the plans.

是的。所以我想說公平地說，就像我之前說的那樣，我們預計促銷活動會越來越接近 20 財年。在這一年中，究竟何時發生這種情況，我們不會發表評論，但我們預計它會隨著時間的推移而增加。重要的是，當你回顧今年下半年時，我們開始追趕去年促銷活動增加的地方，從 7 月開始在計算領域。因此，隨著您進入今年下半年，我們已將大多數類別的促銷活動緩慢增加納入我們的計劃。確切地說，在 20 財年，我們是——很難準確地說，但我們已將其納入計劃。

And I think it's worth noting, and I know all of you know that, but just to reiterate, obviously promotions are not just a function of Best Buy, they're a function of relationships with our vendors as well. We're interested in ensuring that their newest and greatest products are out there for the world to see and priced appropriately. So this is not just a function of Best Buy promotionality. It's a function of the overall industry promotionality and partnership with our vendors.

我認為值得注意的是，我知道你們都知道，但重申一下，促銷顯然不僅僅是百思買的功能，它們也是與我們供應商關係的功能。我們有興趣確保他們的最新和最偉大的產品能夠讓全世界看到並適當定價。所以這不僅僅是百思買促銷的功能。這是整體行業宣傳和與我們的供應商合作的一項功能。

We now move to Jonathan Matuszewski of Jefferies.

我們現在轉向 Jefferies 的 Jonathan Matuszewski。

Matt, a lot of our clients are focused on the ability of companies to flex expenses in an environment of slowing demand potentially persisting. Could you just update us on the fixed and variable split in your P&L and priorities for reduced discretionary spend if the backdrop does worsen?

馬特，我們的許多客戶都關注公司在需求放緩可能持續存在的環境中彈性開支的能力。如果背景確實惡化，您能否向我們介紹您的損益表中的固定和可變拆分以及減少可自由支配支出的優先事項？

Sure. Yes. So as we started the year, we -- even the guide that we gave at 5.4% on a range of sales outcomes, we -- there's a level of implied already trying to understand the levers you do to keep within the 5.4% rate in terms of the original guidance. So it's something that we do as a normal course of business as we see sales slide up or slide down from our expectations. There are a number of areas where you can -- that simply happen because they're variable too like check lane tender, but you also start to adjust areas like marketing or store labor associated with the lower volumes if it does happen. So those are the variable things that we look at to adjust to as the sales trends change.

當然。是的。因此，當我們今年開始時，我們——即使是我們給出的一系列銷售結果為 5.4% 的指南，我們——已經有一定程度的暗示已經在試圖了解你為保持在 5.4% 的利率範圍內所做的努力。原指導條款。因此，當我們看到銷售額從我們的預期下滑或下滑時，這是我們作為正常業務過程所做的事情。您可以在許多領域 - 這很容易發生，因為它們也像檢查車道招標一樣可變，但如果確實發生，您也開始調整與較低數量相關的營銷或存儲勞動力等領域。因此，隨著銷售趨勢的變化，我們會考慮調整這些可變因素。

In addition to that, there are even some more discretionary areas that you can start to look at in addition to variable items. But in some cases -- or even additional marketing to the extent that you're comfortable or even simple areas like travel or adjusting your capital spend, which can adjust depreciation depending on when you do that during a year. So there are variable and then more discretionary. And as Corie noted, we're not really planning for a recession this year to the extent that we did, there's obviously more fixed cost areas you can look at if business trends down even more. Right now, we're not planning for that. You can imagine if that had happened, we would look at some of those areas as well. But we would -- in any event, we're trying to hold dear to us strategic investments that we're making, that provide that long-term growth to get to our FY '25 goals. So that's the last place that we will look at reducing as we look to this year in terms of how we see it now.

除此之外，除了可變項目之外，您還可以開始查看更多可自由支配的領域。但在某些情況下——甚至在你感到舒適的範圍內進行額外的營銷，甚至是簡單的領域，比如旅行或調整你的資本支出，這可以根據你一年中的折舊時間來調整折舊。所以有變數再多自由裁量。正如科里指出的那樣，我們並沒有像我們所做的那樣真正計劃今年的經濟衰退，如果業務趨勢進一步下降，您顯然可以關注更多的固定成本領域。目前，我們沒有計劃這樣做。您可以想像，如果發生這種情況，我們也會研究其中一些領域。但我們會——無論如何，我們都在努力珍惜我們正在進行的戰略投資，這些投資提供了長期增長，以實現我們的 25 財年目標。因此，就我們現在的看法而言，這是我們今年將要考慮減少的最後一個地方。

I do think it's fair to say the team has obviously navigated this softening environment quite well up to this point. And obviously, the factors that we use, as we are trying to adjust to that softer demand, obviously overlap with the considerations that you would take into account if you were managing for a recession. So you can imagine behind the scenes, you're running through a bunch of scenarios. And I think the team has done a nice job flexing with a rapidly changing environment and it's that same type of kind of mindset and considerations you would take if that were to flex down even further.

我確實認為可以公平地說，到目前為止，團隊顯然已經很好地駕馭了這種軟化的環境。顯然，當我們試圖適應疲軟的需求時，我們使用的因素顯然與你在應對經濟衰退時會考慮的因素重疊。所以你可以想像在幕後，你正在經歷一堆場景。而且我認為團隊在快速變化的環境中做得很好，如果進一步靈活調整，你會採取同樣的心態和考慮。

Next, we move to Brad Thomas of KeyBanc.

接下來，我們轉向 KeyBanc 的 Brad Thomas。

Just want to ask about inventory a bit. Corie, I think you characterize inventory as being overall healthy. But just wondering if you could put that into a little more context, talk about some of the levers you may be able to pull if the consumer continues to weaken here? And then maybe if you could just help us think a little bit more about how much inventory levels were up just because of inflation and ASPs.

只是想問一下庫存。科里，我認為您將庫存描述為整體健康。但只是想知道你是否可以把它放在更多的背景下，談談如果消費者在這裡繼續疲軟，你可能能夠拉動的一些槓桿？然後也許你可以幫助我們更多地考慮一下由於通貨膨脹和平均售價而增加了多少庫存水平。

Yes. First, just some gratitude to the team who has really done amazing work, carefully managing our inventory levels and then importantly, leveraging some of the investments that we have made in our supply chain. Some context is helpful here. Our inventory balance was unusually low last year. So again, if you remember how much demand there was in the marketplace at 37% comp, we had an unusually low balance last year. And that inventory balance right now is almost perfectly in line with the sales growth versus pre-pandemic. So if you went back to kind of normalized prepandemic, now sales growth and inventory growth are almost perfectly in line. And I think that's a true testament to our vendor partnerships and proactively managing those levels in line with what we've been seeing.

是的。首先，感謝真正完成了出色工作的團隊，他們仔細管理了我們的庫存水平，然後重要的是，利用了我們在供應鏈中所做的一些投資。一些上下文在這裡很有幫助。去年我們的庫存餘額異常低。再說一次，如果你還記得市場上有 37% 的競爭需求有多少，我們去年的餘額異常低。而且現在的庫存平衡幾乎完全符合銷售增長與大流行前的情況。因此，如果您回到正常化的大流行前狀態，現在銷售增長和庫存增長幾乎完全一致。我認為這是對我們的供應商合作夥伴關係的真實證明，並根據我們所看到的情況主動管理這些級別。

Behind the scenes, as you can imagine, actually, units in some of the key categories are down as we've seen ASP shifting from the variety of factors that I noted, whether it's premium and the mix shift in our business or inflation. So that's even what underscores the confidence that I have in the statement around our inventory being healthy, feeling very much like it's in the right place. I think it is important to note, there is still some spotty constraints in very isolated areas for specific vendors and some of the more iconic SKUs that Matt mentioned. But overarchingly, we feel very strongly that we are in a good inventory position, and that's very much in line with how we have managed inventory historically.

在幕後，你可以想像，實際上，一些關鍵類別的單位下降了，因為我們看到 ASP 從我提到的各種因素中發生了變化，無論是溢價、我們業務的混合變化還是通貨膨脹。因此，這甚至強調了我對關於我們的庫存健康的聲明的信心，感覺非常像它在正確的地方。我認為重要的是要注意，對於特定供應商和馬特提到的一些更具標誌性的 SKU，在非常孤立的地區仍然存在一些不穩定的限制。但總的來說，我們非常強烈地認為我們處於良好的庫存狀況，這與我們過去管理庫存的方式非常一致。

That's great, Corie. And any context on how much inflation has your inventory up?

太好了，科里。以及您的庫存增加了多少通貨膨脹的任何背景？

Yes. We haven't sized it specifically as I kind of alluded to the fact. It's really hard because that said, when we talked about the different pieces that are driving our ASPs up, you've got mix shifts in the business. As people have skewed more premium, you've got more appliances, which tends to skew to higher ASPs. You've got overarchingly, over the last couple of years, fewer markdowns, less promotions, and then you also have inflation. So all of those pieces add into the ASP increases we've been seeing. That's why the color I'm trying to give is we've actually seen in many of the key categories that the unit levels of our inventory are actually down versus some of the pre-pandemic comparisons and a lot of that is being driven by this kind of confluence of ASP increase.

是的。我們沒有具體確定它的大小，就像我提到的那樣。這真的很難，因為這就是說，當我們談到推動我們的 ASP 上升的不同因素時，你已經在業務中發生了混合變化。隨著人們傾向於更多的溢價，你有更多的電器，這往往會傾向於更高的 ASP。總體而言，在過去的幾年裡，降價促銷減少了，促銷活動也減少了，而且還有通貨膨脹。因此，所有這些都增加了我們所看到的 ASP 增長。這就是為什麼我試圖給出的顏色是，我們實際上在許多關鍵類別中看到，與大流行前的一些比較相比，我們的庫存單位水平實際上是下降的，其中很多都是由這個驅動的ASP增加的那種匯合。

Scot Ciccarelli from Truist Security has our next question.

來自 Truist Security 的 Scot Ciccarelli 提出了我們的下一個問題。

Scot Ciccarelli. So Corie, we've heard that several other retailers that had a pretty tough March and April have indicated that sales have started to improve in May. But your comments on 2Q would suggest you really haven't seen that. So I guess my question is, why do you think your business hasn't necessarily seen the kind of recovery we've seen in some other retail verticals? And related to that, would your cadence comments be different if we are looking at stock trends?

斯科特·西卡雷利。所以科里，我們聽說其他幾家在 3 月和 4 月經歷了相當艱難的零售商表示，5 月的銷售已經開始好轉。但是您對 2Q 的評論表明您真的沒有看到這一點。所以我想我的問題是，為什麼你認為你的業務不一定看到我們在其他一些零售垂直領域看到的那種複蘇？與此相關的是，如果我們查看股票趨勢，您的節奏評論會有所不同嗎？

I'll start and then Matt can clean up anything that I missed. But you have to also look back to last year, and Matt alluded to this. we have that really high sustained growth into May. Like we posted the 37% comp in Q1, and then that sustained 30s into May. So we were -- we -- unlike some others, we are lapping very sustained high growth, both stimulus related, stay at home related from last year, which is a different cadence. I also think you've heard other retailers comment on the weather and some of the -- and that's not going to impact our business nearly as much as others. So I think from a -- like when we -- you almost have to go back to kind of a 3-year look at the business, it's relatively consistent and actually pretty strong as we're heading into Q2 on that 3-year stack.

我會開始，然後馬特可以清理我錯過的任何東西。但你也必須回顧去年，馬特提到了這一點。到 5 月，我們的持續增長非常高。就像我們在第一季度發布了 37% 的比較，然後持續到 5 月的 30 年代。所以我們 - 我們 - 與其他一些人不同，我們正在經歷非常持續的高增長，無論是與刺激措施相關，還是與去年的居家相關，這是一個不同的節奏。我還認為您已經聽到其他零售商對天氣和一些評論發表評論——這不會像其他人那樣影響我們的業務。所以我認為從 - 就像當我們 - 你幾乎必須回到對業務的 3 年觀察時，它相對一致並且實際上非常強大，因為我們正在進入那個 3 年堆棧的第二季度.

Moving now to Scott Mushkin of R5 Capital.

現在轉到 R5 Capital 的 Scott Mushkin。

So I want to get back to profitability a little bit. And the question is basically if, and I know it's a big if, sales or revenues would fall back to where they were prepandemic. Do you guys believe the business even with that is structurally more profitable? And if so, why would you believe that?

所以我想恢復一點盈利能力。問題基本上是，我知道銷售或收入是否會回落到大流行前的水平，這是一個很大的問題。你們是否相信即使這樣的業務在結構上更有利可圖？如果是這樣，你為什麼會相信？

Yes, I think we believe that it is structurally more profitable than it was pre-pandemic. As you think about some of the actions and work we've done over the last 2 years to adjust our model with the very heavy shift to digital sales almost doubling from pre-pandemic. We've taken appropriate action to understand the cost structures whether they're to support digital or in our stores or just to support a different type of customer fulfillment need. We've taken the right actions over that period of time to adjust our model -- our cost model to understand -- to account for the changing sales and margin structure -- our gross margin structure. So we fundamentally do believe that -- that's how we actually decide to fulfill product to customers. That's on how many associates we have in our stores.

是的，我認為我們認為它在結構上比大流行前更有利可圖。當您想到我們在過去 2 年中為調整我們的模式所做的一些行動和工作時，向數字銷售的巨大轉變幾乎比大流行前翻了一番。我們已經採取了適當的措施來了解成本結構，無論它們是為了支持數字化還是在我們的商店中，還是僅僅為了支持不同類型的客戶履行需求。在那段時間裡，我們採取了正確的行動來調整我們的模型——我們要理解的成本模型——以考慮不斷變化的銷售和利潤結構——我們的毛利率結構。因此，我們從根本上確實相信——這就是我們實際決定向客戶提供產品的方式。這取決於我們商店中有多少員工。

It's a number of things that we've thoughtfully looked at over the last couple of years to change the structure of cost between gross margin rate and SG&A., so we do believe that fundamentally. In Q1, we were up 80 basis points compared to Q1 pre-pandemic, and that is to account for even though we do have investments like Totaltech at 100 basis points in Q1 and have a doubling of the e-com business, which is a higher parcel cost, we're still getting SG&A leverage considerably better over in Q1 to offset some of those gross margin investments that we're actually making in our business. So we fundamentally do believe that the structure of our business is apparently more profitable. And that's also underlying in our commitment, our goal is to get to that FY '20 goals of 6.3% to 6.8%.

在過去幾年中，我們深思熟慮地考慮了很多事情，以改變毛利率和 SG&A 之間的成本結構，所以我們從根本上相信這一點。在第一季度，與大流行前的第一季度相比，我們上漲了 80 個基點，這是考慮到即使我們在第一季度確實有像 Totaltech 這樣的投資 100 個基點並且電子商務業務翻了一番，這是一個更高的包裹成本，我們仍然在第一季度獲得更好的 SG&A 槓桿，以抵消我們在業務中實際進行的一些毛利率投資。因此，我們從根本上確實相信我們的業務結構顯然更有利可圖。這也是我們承諾的基礎，我們的目標是實現 20 財年 6.3% 至 6.8% 的目標。

We move next to Peter Keith of Piper Sandler.

我們搬到 Piper Sandler 的 Peter Keith 旁邊。

One area I was hoping you could address was the Best Buy Ads initiative. My understanding was that should be accretive to gross margin. And obviously, there seems to be some change or evolution of the ad spending backdrop. So maybe address any changes to the outlook of that program. And separately, just sticking on gross margin, Matt, should that 100 basis points of Totaltech pressure that you saw in Q1, should that continue with Q2?

我希望你能解決的一個領域是百思買廣告計劃。我的理解是這應該會增加毛利率。顯然，廣告支出背景似乎發生了一些變化或演變。因此，也許可以解決該計劃前景的任何變化。另外，只要堅持毛利率，馬特，你在第一季度看到的 100 個基點的 Totaltech 壓力是否應該在第二季度繼續？

Sure. I'll start with the Totaltech pressure. As you look towards the back half of the year, we start to lap the launch of Totaltech. So we expect the Q2 drivers to be similar to Q1. That would include Totaltech pressure of around 100 basis points. But as you look to Q3 and Q4, we begin to lap it. We launched Totaltech in October of last year, so we don't lap until the end of this Q3. So there's still a little pressure from Totaltech in Q3. Then by Q4, the pressure on a year-over-year basis essentially goes down to 0, if you will, because we've lapped at the launch of it. So that's how the cadence of Totaltech pressure goes.

當然。我將從 Totaltech 的壓力開始。當您展望今年下半年時，我們開始關注 Totaltech 的推出。因此，我們預計第二季度的驅動因素與第一季度相似。這將包括約 100 個基點的 Totaltech 壓力。但是當您查看第三季度和第四季度時，我們開始關注它。我們在去年 10 月推出了 Totaltech，所以我們要等到第三季度末才結束。所以第三季度 Totaltech 仍然有一點壓力。然後到第四季度，如果你願意的話，同比的壓力基本上會下降到 0，因為我們已經在它的發布上進行了測試。這就是 Totaltech 壓力的節奏。

And just a quick reminder on the ads business. Obviously, this is us selling advertising to brands that want to reach our customers, both on our own channels and then on some external sites. I think what's important here is that our leadership in CE retail remains very, very valuable, high customer traffic and engagement. And it's that first-party data that we have, which can allow our advertisers to reach really unique audiences. Because we see people all along their purchase journey, which means you can target them at various points in the purchase journey.

並且只是對廣告業務的快速提醒。顯然，這是我們向想要接觸我們客戶的品牌銷售廣告，無論是在我們自己的渠道上還是在一些外部網站上。我認為這裡重要的是，我們在消費電子零售領域的領導地位仍然非常非常有價值，客戶流量和參與度都很高。正是我們擁有的第一方數據，可以讓我們的廣告商接觸到真正獨特的受眾。因為我們會在整個購買過程中看到人們，這意味著您可以在購買過程中的各個點定位他們。

We haven't shared specific financial details, but we did see growth in the ads business in Q1, but not material enough to highlight for the quarter, but even entering the year, we knew this would be a favorable contributor to the gross profit rate, but a little bit more weighted towards the second half of the year as this ramp continues. And then obviously, this is something that provides that ongoing growth and incremental profitability over time that gives us confidence in those longer-term targets.

我們沒有分享具體的財務細節，但我們確實看到了第一季度廣告業務的增長，但不足以突出該季度，但即使進入今年，我們知道這將是對毛利率的有利貢獻，但隨著這種上升趨勢的繼續，下半年的權重會增加一些。然後很明顯，隨著時間的推移，這提供了持續的增長和增加的盈利能力，使我們對這些長期目標充滿信心。

Thank you, Peter. And with that, I want to thank you all for joining us today. I hope that many of our investors who are listening today will be able to join us at our Annual Shareholder Meeting, which will be held virtually on June 9. Thanks, everyone, and have a great day.

謝謝你，彼得。有了這個，我要感謝大家今天加入我們。我希望今天聆聽的許多投資者能夠加入我們的年度股東大會，該大會將在 6 月 9 日舉行。謝謝大家，祝你有美好的一天。

Thank you. Ladies and gentlemen, that will conclude today's conference call. Thank you for your participation. You may now disconnect.

謝謝你。女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。