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We incurred $26 million of such restructuring costs in the third quarter and $61 million year-to-date, which primarily related to employee termination benefits.
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2023 Q3
6 Dec 22
our quarterly dividend of $0.88 per share will fall outside of our stated payout ratio target of 35% to 45% of non-GAAP net income. We view the target as a long-term in nature and do not plan to reduce the dividend should fall outside the range in any 1 year
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2023 Q3
6 Dec 22
The decrease was primarily driven by lower incentive compensation expense and the favorable impact of foreign exchange rates.
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2023 Q3
6 Dec 22
International SG&A was $150 million, decreased $21 million while increasing 60 basis points as a percentage of sales.
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2023 Q3
6 Dec 22
our enterprise non-GAAP SG&A decreased $188 million while increasing 40 basis points as a percentage of sales.
Within the domestic segment, the primary drivers were lower incentive compensation and reduced store payroll costs.
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2023 Q3
6 Dec 22
domestic gross profit rate also declined 150 basis points
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2023 Q3
6 Dec 22
one, lower product margins, which were primarily due to increased promotions; two, lower services margins rates, including pressure from Totaltech; and three, the impact of higher supply chain costs
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2023 Q3
6 Dec 22
holiday shopping was more prevalent this October compared to pre-pandemic fiscal ‘20, it was lower than last year, when there was more of an urgency for consumers to get products early due to supply chain fears
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2023 Q3
6 Dec 22
when comparing to the pre-pandemic fiscal ‘20 comparable period, October had the most growth
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2023 Q3
6 Dec 22
From a monthly phasing standpoint, October’s year-over-year comparable sales decline of 15% was the largest decline while September was our best-performing month.
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2023 Q3
6 Dec 22
The favorable SG&A was partially offset by slightly lower gross profit rate which was primarily the result of more promotional environment than we expected.
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2023 Q3
6 Dec 22
better-than-expected results were largely driven by disciplined expense management that resulted in favorable SG&A expense
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2023 Q3
6 Dec 22
Our non-GAAP SG&A expenses were $188 million lower than last year, but were 40 basis points unfavorable as a percentage of revenue.
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2023 Q3
6 Dec 22
A gross profit rate decline of approximately 150 basis points was the primary driver of the lower operating income rate.
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2023 Q3
6 Dec 22
this is not a structural benefit
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2023 Q3
6 Dec 22
this year’s financial performance has benefited from lower incentive compensation when compared to fiscal ‘20
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2023 Q3
6 Dec 22
the investments we’ve made in Totaltech Best Buy Health and our retail store remodels represents approximately 130 basis points of non-GAAP operating income rate contraction
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2023 Q3
6 Dec 22
I want to briefly give context on the decline in this year’s non-GAAP operating rate outlook compared to pre-pandemic fiscal ‘20 full year rate of 4.9%.
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2023 Q3
6 Dec 22
Over the same time horizon, our core product margin rates have remained relatively unchanged.
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2023 Q3
6 Dec 22
our core domestic non-GAAP operating income rate has slightly improved as we have made structural changes in support of our increased digital sales mix, the reductions we have made in store payroll expenses largely offset increased parcel and inflationary supply chain costs as well as our increased technology investments that are designed to support a more digital shopping experience
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2023 Q3
6 Dec 22