BBY
#I'll let <UNK> take virtual reality and I'll come back to you on the share repurchase.
Virtual reality is a very exciting technology.
I bet you all have seen that we were the exclusive place where you could try the Oculus in our stores.
So a lot of excitement there.
The impact on the business this year is going to be very marginal.
So I think exciting from a consumer and PR standpoint, very small, at this point, from a revenue standpoint.
<UNK>, on the buyback, why didn't we buy more shares in the first quarter.
It really is the way our pattern has been since we've been buying shares back.
Remember that we, because of year-end earnings releases, there's that period in the middle of the first quarter where we are of out of the market until we get our information out there.
So we're always going to be a little bit lower probably in the first quarter.
You guys can probably expect that, because that will always probably be the case.
And then of course, we are absolutely committed to our $1 billion repurchase over the next couple of years.
So we are all-in on that.
<UNK>, thank you so much for your comments.
This will go to the heart of all of our Blue Shirts, the fact that we're telling them that we're seeing it is great.
The fact that you're seeing it is just terrific.
And I want to publicly again recognize their work.
The work on developing the engagement and proficiency in the stores has been a key area of focus for us, and I have to give credit where credit is due to Shari Ballard and her team across the country in driving that.
What is the form that it takes, is your question.
It's a number of things.
The most impressive thing is at the individual level.
The philosophy is that the performance of Best Buy is really the sum of the individual performance of each individual associate.
The way you lift the performance of Best Buy is by getting more of the associates to be very proficient, very engaged and to achieve their individual sales targets.
As you know, we're not commissioned, but we're driving performance.
The form it takes in the stores is through daily coaching.
Every morning when you check in as an associate, you spend time with your supervisor looking at the results and getting a one-on-one.
And it's absolutely you world class, coaching about how you can get better at your job.
The individual associate looking at the performance will look at whatever things that can get better.
They may get some ideas from their manager and then check ins during the day and then check in at the end of the day.
It's a systematic approach.
Now on top of that, we're increasingly focused on lifting the product knowledge.
Because proficiency is selling skills and product knowledge.
We're moving to certify the associates and raising the bar if terms of what's expected.
All of the executive team at Best Buy is certified to sell 4K TV and high end networking equipment, showing that it's part of the job.
If the bosses cannot do the job, then it's not a good company.
So there is ---+ and of course, it goes to all of the associates.
So it's really beautiful to see.
We believe there is a lot more room to drive performance on that basis.
We look at, with Shari, the percentage, and her team, we look at the percentage of associates who are achieving the individual sales targets.
We see a lot of room for improvement, and that's a continued focus.
So the way it manifests itself is that a store gets the traffic it gets.
That's not within essentially the control of the store, but they're focused on what we call value-add, which is the difference between the traffic and then the comp stores in the stores.
And with a given traffic, you can get different results.
And so with the same amount of payroll, you can get different results.
So we think that this is another gift that will keep giving and truly a remarkable set of accomplishments so far.
So Shari, congratulations for your work.
But beyond Shari, well done to the entire Best Buy team across the stores.
Couldn't be more proud.
So I need to conclude the call.
I want to thank all of you for joining us today.
Again, a very strong quarter.
Again, want to congratulate all of our teams.
We are, as you can see, we're very excited to have the opportunity to continue to work on our key priorities and with the opportunities that I related to that.
I want to join everybody, of course, on the call in congratulating <UNK> and Corie.
I know Corie is very much looking forward to meeting all of you and working with all of you.
I know <UNK> is very much looking forward to introducing.
As a reminder, <UNK> is not going away.
She's going to be here until the end of the year in an advisory role.
She'll introduce Corie to each of the investors and analysts and work with Corie to make this an incredibly seamless transition.
It's going to be one of <UNK>'s legacies to have successfully on-boarded ---+ chosen and on-boarded and groomed and on-boarded Corie.
So very exciting time ahead.
Thank you so much for your attention.
You all have a great day.
Bye, guys.
