Best Buy Co., Inc. (NYSE:BBY) Q3 2023 Earnings Call Transcript

Corie Barry: I would almost go back to how we talked about holiday pre-pandemic. And holiday is always a very different time of the year. This is about really making targeted decisions about when, how and where any retailer wants to be promotional. And we have, I would argue, a good long history of deciding where and how within the holiday, we want to be promotional. That doesn’t mean you go toe-to-toe on exactly the same items, exactly the same days with every other retailer. It means you create a pretty foundational holiday plan and then you stick to that pivoting as you see where the customer might have more interest. To your point, that means you are partnering with vendors way upstream prior to holiday to really think through what we think is both going to resonate with the customer but also hit those promotional price points that make sense.

Obviously, we are committed to being competitive on price and our own data would actually say we have improved our price competitiveness, both compared to last year and compared to pre-pandemic. So, not only are we baseline, I think more competitive, we are then obviously picking those targeted. And I talked about it a lot in the prepared remarks, places where we can offer value. And for us, that’s across the spectrum of price points, especially when we are still seeing consumers bear towards those more premium products, we are really going to try to offer any budget, that sense of value and we are going to, in a targeted way, decide where and how we want to play throughout the holiday. And I think that is really the foundation of how Matt and the team have tried to forecast what we expect in Q4.

And with that, I think that’s our last question. I want to thank you all so much for €“ thank you, Brad. I want to thank you all so much for joining us today. I hope you all have a wonderful holiday season, and we look forward to updating you on our results and progress during our next call in February. Thank you.

Operator: Thank you. Ladies and gentlemen, this concludes today’s call. Thank you for your participation. Stay safe. You may now disconnect.