Bed Bath & Beyond Inc (BBBY) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the third-quarter 2025 Bed Bath & Beyond, Inc. Earnings Conference Call.

感謝您的耐心等待。我叫珍妮，今天我將擔任你們的會議接線生。在此，我謹代表 Bed Bath & Beyond 公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Melissa Smith, General Counsel and Corporate Secretary. You may begin.

（操作員指示）現在我將把電話轉交給總法律顧問兼公司秘書梅麗莎·史密斯。你可以開始了。

Thank you, operator. Good afternoon, and welcome to Bed Bath & Beyond, Inc.'s third-quarter 2025 earnings conference call. Joining me on the call today are Executive Chairman and Principal Executive Officer, Marcus Lemonis; and President and Chief Financial Officer, Adrianne Lee. I'm also joined by Alex Thomas, Chief Operating Officer.

謝謝接線生。下午好，歡迎參加 Bed Bath & Beyond, Inc. 2025 年第三季財報電話會議。今天與我一起參加電話會議的有執行董事長兼執行長馬庫斯·萊蒙尼斯，以及總裁兼財務長阿德里安娜·李。和我一起的還有營運長亞歷克斯·托馬斯。

Today's discussion and our responses to your questions reflect management's views as of today, October 27, 2025, and may include forward-looking statements, including, without limitation, statements regarding our quarterly earnings reporting, forecast and plans for our growth, revenue improvement, profitability or sustained profitability, business strategy, including plans for enhancing customer and shopping experience, our long-term goal of becoming the everything home company, margin consistency, improved conversion, expected conversions of retail locations, planned expense reductions, value and monetization of our intellectual property, future strategic ventures, including in PropTech solutions improved financial performance, progress of and plans for the platforms we invest in plans for improved efficiencies and technology-based solutions, including AI-driven strategies and timing of any of the foregoing. Actual results could differ materially from such statements.

今天的討論以及我們對您問題的回答反映了管理層截至 2025 年 10 月 27日的觀點，其中可能包含前瞻性陳述，包括但不限於有關我們季度收益報告、增長預測和計劃、收入改善、盈利能力或持續盈利能力、業務戰略（包括提升客戶和購物體驗的計劃）、我們成為“一站式家居公司”的長期目標、利潤率穩定性、轉換率提高、零售門店預期轉換率、計畫削減開支、智慧財產權的價值和貨幣化、未來戰略投資（包括房地產科技解決方案）、財務業績改善、我們投資的平台的進展和計劃、提高效率的計劃以及基於技術的解決方案（包括人工智能驅動的戰略）以及上述任何事項的時間安排的陳述。實際結果可能與此類說法有重大差異。

Additional information about risks uncertainties and other important factors that could potentially impact our financial results is included in our Form 10-K for the year ended December 31, 2024, our Form 10-Q for the fiscal period ended September 30, 2025, and in our subsequent filings with the SEC. During this call, we'll discuss certain non-GAAP financial measures. Our filings with the SEC, including our third-quarter earnings release, which is available on our Investor Relations website at investors.beyond.com contain important additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures.

有關風險、不確定性和其他可能影響我們財務業績的重要因素的更多信息，請參閱我們截至 2024 年 12 月 31 日止年度的 10-K 表格、截至 2025 年 9 月 30 日止財政期間的 10-Q 表格以及我們隨後向美國證券交易委員會提交的文件。在本次電話會議中，我們將討論一些非GAAP財務指標。我們在提交給美國證券交易委員會的文件，包括我們的第三季度收益報告（可在投資者關係網站 investors.beyond.com 上查閱），其中包含有關這些非 GAAP 指標的重要補充披露，包括這些指標與最可比較的 GAAP 指標的調節表。

Following management's prepared remarks, we will open the call for questions. A slide presentation with supporting data is available for download on our Investor Relations website. Please review the important forward-looking statements disclosure on slide 2 of that presentation.

在管理階層發言結束後，我們將開始接受提問。投資者關係網站提供包含相關數據的幻燈片簡報供下載。請查閱該簡報第 2 頁的重要前瞻性聲明揭露資訊。

With that, let me turn the call over to you, Marcus.

那麼，現在把電話交給你了，馬庫斯。

Thanks, Melissa. Geez, I feel like we took the whole time to do the disclosures. But good afternoon, everyone, and thank you for joining us for the third-quarter call. As many are aware, consumer confidence in spending patterns, they remain uneven, but we continue to outperform our own expectations by staying disciplined, focused and very customer centric.

謝謝你，梅麗莎。哎呀，感覺我們花了很多時間才把所有資訊揭露都做完。大家下午好，感謝各位參加第三季電話會議。眾所周知，消費者對消費模式的信心仍然不穩定，但我們透過保持自律、專注和以客戶為中心，不斷超越自己的預期。

During the quarter, we completed our name change back to Bed Bath & Beyond, a brand that continues to hold deep connection and trust with consumers across homes. The third-quarter marked another strong step forward for Bed Bath & Beyond, our seventh consecutive quarter of measurable improvement towards achieving profitability. We've stabilized the business and are positioned it for growth.

本季度，我們完成了更名，重新啟用 Bed Bath & Beyond 這個品牌，該品牌與家庭消費者之間一直保持著深厚的聯繫和信任。第三季標誌著 Bed Bath & Beyond 又向前邁出了堅實的一步，這是我們連續第七個季度在實現盈利方面取得可衡量的進步。我們已經穩定了業務，並為其發展做好了準備。

Year-over-year, we delivered a 93% improvement in net loss and an 85% improvement in adjusted EBITDA, a 420 basis point increase in gross margin, driven by disciplined execution, sharper focus, and much smarter spending. We know what's working, and we also know what still needs improvement.

與去年同期相比，我們的淨虧損減少了 93%，調整後 EBITDA 減少了 85%，毛利率提高了 420 個基點，這得益於嚴格的執行、更清晰的重點和更明智的支出。我們知道哪些方面做得好，也知道哪些方面還需要改進。

Ahead, we'll place greater emphasis on data-driven decisions, faster technology, and customer-focused solution-based experiences. As we enhance our technology and analytics team, we're combining top internal talent with external experts and auditing every part of the customer journey to ensure personalized solicitation, discovery, checkout, and post-purchase experiences to deliver the conversion and retention our financial model requires.

展望未來，我們將更加重視數據驅動的決策、更快的技術以及以客戶為中心的解決方案體驗。隨著我們不斷加強技術和分析團隊，我們將頂尖的內部人才與外部專家相結合，並對客戶旅程的每個環節進行審核，以確保個性化的招攬、發現、結帳和售後體驗，從而實現我們財務模型所需的轉換率和客戶留存率。

During the quarter, we strengthened our foundation. We invested an additional $3 million in GrainChain, our blockchain-based supply chain platform, acquired the Kirklands Home intellectual property for $10 million, adding another trusted home brand to our family and raised approximately $113 million through our ATF. We're using this liquidity to strengthen the balance sheet, expand existing investments and pursue strategic investments or acquisitions in non-retail home-centric technology, data, products, services and select PropTech solutions, all aim at building out our Everything Home business.

本季度，我們加強了基礎建設。我們向基於區塊鏈的供應鏈平台 GrainChain 追加投資 300 萬美元，以 1000 萬美元收購了 Kirklands Home 的智慧財產權，為我們的大家庭增添了另一個值得信賴的家居品牌，並透過我們的 ATF 籌集了約 1.13 億美元。我們將利用這筆流動資金來加強資產負債表，擴大現有投資，並尋求在非零售家居技術、數據、產品、服務和精選房地產科技解決方案方面的戰略投資或收購，所有這些都旨在發展我們的全方位家居業務。

Homeowners today need simple, innovative technology to help them maintain their homes, manage products projects and realize the full potential of their property, including a personalized, frictionless shopping experience. Over time, we see PropTech playing a growing role in how consumers maintain finance and optimize their homes and how we help them unlock more value from where they live.

如今的房主需要簡單、創新的技術來幫助他們維護房屋、管理產品項目並充分發揮房產的潛力，包括個人化、無摩擦的購物體驗。隨著時間的推移，我們看到房地產科技在消費者如何管理財務、優化住房以及如何幫助他們從居住的地方釋放更多價值方面發揮著越來越重要的作用。

Across the business, execution is improving, and the results reflect it. We've also continued to invest in the platform Shaping Our Future. Both tZERO and GrainChain are making steady progress. At tZERO, over the last several months, we've driven the kind of change we expect new leadership, a sharper outlook and as of today, an acknowledgment that pursuing a public market listing could unlock new value.

整個公司的執行力都在提高，業績也反映了這一點。我們也持續投資於「塑造我們的未來」平台。tZERO 和 GrainChain 都取得了穩定進展。在過去的幾個月裡，tZERO 推動了我們所期望的變革：新的領導層、更敏銳的洞察力，以及從今天起，我們意識到追求公開上市可以釋放新的價值。

While tZERO has multiple growth paths, our focus is on its ability to unlock value for asset managers and homeowners, fractional ownership, digital transparency and verified title records can reshape how people access invest in property directly supporting our Everything Home mission.

雖然 tZERO 有多種成長路徑，但我們的重點是它能夠為資產管理人和房主釋放價值，部分所有權、數位透明度和經過驗證的產權記錄可以重塑人們獲取和投資房產的方式，直接支持我們的「一切為了家」的使命。

GrainChain continues to advance as a blockchain platform modernizing supply chains tied to home-related commerce. It improves transparency and efficiency across materials, logistics, and finished goods, strengthening trust across the ecosystem that builds and furnish the home.

GrainChain作為一個區塊鏈平台，正不斷推動與家庭相關商業的供應鏈現代化進程。它提高了材料、物流和成品的透明度和效率，增強了整個家居建造和裝修生態系統的信任。

To get tZERO and GrainChain connect the digital and physical worlds, enhancing transparency, ownership, and value creation. Alongside these efforts, PropTech will help integrate the home itself into this ecosystem, linking ownership, supply chain, and consumer experience in a way that's unique to Bed Bath & Beyond.

tZERO 和 GrainChain 將數位世界和實體世界連接起來，增強透明度、所有權和價值創造。除了這些努力之外，房地產科技還將幫助把房屋本身融入這個生態系統中，以 Bed Bath & Beyond 獨有的方式將所有權、供應鏈和消費者體驗聯繫起來。

With that, I'll turn the call over to Adrianne to review the results.

接下來，我將把通話交給艾德里安娜來查看結果。

Thank you, Marcus. We are proud of the progress this quarter. Our focus on execution, efficiency, and balance sheet strength continues to deliver results.

謝謝你，馬庫斯。我們為本季取得的進展感到自豪。我們持續專注於執行、效率和資產負債表實力，並取得了顯著成果。

Net revenue was $257 million for the third-quarter, down 17% year-over-year or 13% excluding the impact from our exit from Canada. Average order value improved 3% driven by our continued focus on assortment, removing unproductive SKUs and leaning into better best offerings. This was partially offset by lower orders. However, I'm pleased orders were nearly flat versus the second-quarter, highlighting business stability.

第三季淨收入為 2.57 億美元，年減 17%，若不計退出加拿大市場的影響，則下降 13%。平均訂單價值提高了 3%，這得益於我們持續關注產品組合，淘汰低效 SKU，並致力於提供更優質的產品。訂單減少部分抵消了這一影響。不過，令我欣慰的是，訂單量與第二季相比幾乎沒有持平，凸顯了業務的穩定性。

Gross margin was 25.3% and up 420 basis points year-over-year, driven by lower fulfillment and returns costs and tighter promotions. Sales and marketing expense improved by 260 basis points to 14% of revenue reflecting a more efficient channel allocation and improved return on spend.

毛利率為 25.3%，年增 420 個基點，主要得益於較低的履約和退貨成本以及更嚴格的促銷活動。銷售和行銷費用佔收入的比例提高了 260 個基點，達到 14%，這反映出通路分配更加高效，支出回報率也提高了。

Notably, our efficiency has been relatively consistent throughout 2025, which makes it a good place to take additional steps towards improved efficiencies. This month, we launched a new private label credit card and an important retention tool step.

值得注意的是，我們在 2025 年的效率一直相對穩定，這使得我們有機會採取進一步措施來提高效率。本月，我們推出了新的自有品牌信用卡，並採取了重要的客戶留存策略。

Technology and G&A expense declined by $13 million year-over-year as we rightsized our org structure streamlined vendors and automated key functions. All in, net loss narrowed to $4.5 million, a 93% improvement year-over-year and adjusted EBITDA loss of $4.9 million improved 85%. We ended the quarter with $202 million in cash equivalents and inventory, million from ATM settlements post quarter end. We believe our improved balance sheet provides stability and flexibility for the future.

由於我們調整了組織結構、精簡了供應商並實現了關鍵功能的自動化，技術和一般及行政費用比去年同期下降了 1300 萬美元。綜合來看，淨虧損收窄至 450 萬美元，較去年同期改善 93%；調整後 EBITDA 虧損為 490 萬美元，改善 85%。本季末，我們擁有 2.02 億美元的現金等價物和庫存，季度末後 ATM 結算收入為 202 億美元。我們相信，改善後的資產負債表將為未來提供穩定性和靈活性。

Operationally versus a year ago, average order value is up. Fulfillment costs and returns are down. Marketing is more efficient with owned channels performing better and fixed costs are down. All early signs that our digital and operational work is paying off.

從營運角度來看，與一年前相比，平均訂單價值有所上升。訂單履行成本和退貨率均有所下降。自有通路行銷效率更高，表現更佳，固定成本也降低了。種種跡象表明，我們的數位化和營運工作正在取得成效。

With that, I'll turn it back to Marcus for closing remarks and our view on 2026.

接下來，我將把發言權交還給馬庫斯，讓他做總結發言，談談我們對 2026 年的看法。

Great. Thanks, Adrianne. While we're encouraged by our progress, the footing we found isn't enough. We're not satisfied. Our sales and marketing expense remains higher than we want, and conversion is key. The shopping experience is improving but still requires more focus on the customer experience, improved cart conversion, suggested card building, increased personalization and site speed are at the top of our list.

偉大的。謝謝你，艾德里安娜。雖然我們的進展令人鼓舞，但我們目前的進展還不夠。我們並不滿意。我們的銷售和行銷費用仍然高於預期，而轉換率是關鍵。購物體驗正在改善，但仍需更加重視客戶體驗，提高購物車轉換率、提供購物車建置建議、增強個人化以及提升網站速度是我們工作的重中之重。

We're integrating AI-driven strategies to improve both the customer experience and platform efficiency, predicting intent on personalizing recommendations and streamlining operations. Look, the groundwork is being laid for lasting improvement in engagement and conversion. Our goal is to deliver a simple user-centric experience that earns confidence and trust.

我們正在整合人工智慧驅動的策略，以改善客戶體驗和平台效率，預測用戶意圖以個人化推薦並簡化營運。你看，這為在用戶參與度和轉換率方面取得持久進步奠定了基礎。我們的目標是提供以使用者為中心的簡單體驗，從而贏得使用者的信心和信任。

Over the next several quarters, we intend to broaden our connection with customers by focusing on how they live, how they manage, and how they create value around their home, whether through the tools that help them create value, manage products or unlock the value in their homes, Bed Bath & Beyond will not be purely a retail play. Transactions, both online and in-store, are meant to build relationships, and those take time to nurture.

在接下來的幾個季度裡，我們將致力於透過專注於客戶的生活方式、管理方式以及他們如何在家中創造價值，來擴大與客戶的聯繫。無論是透過幫助他們創造價值、管理產品或釋放家中價值的工具，Bed Bath & Beyond 都不會只是一家零售企業。無論是線上或線下交易，其目的都是為了建立關係，而這些關係需要時間來培養。

Our omnichannel transformation is progressing, and we expect all 250 locations converted by mid-2026. Together with our local franchise model, this creates an asset-light network of local operators using our brand, our infrastructure and assortment to reach more markets efficiently. We've also identified $20 million in additional operating expense efficiencies that we expect to realize over 2026, reinforcing that spend discipline remains a priority, specifically targeting a 2026 goal of 12% around our marketing expense.

我們的全通路轉型正在穩步推進，預計到 2026 年年中，所有 250 個地點都將完成轉型。結合我們的本地特許經營模式，這創建了一個輕資產的本地運營商網絡，利用我們的品牌、基礎設施和產品系列，更有效地拓展市場。我們也確定了 2,000 萬美元的額外營運費用效率提升空間，預計到 2026 年將實現這一目標，這進一步表明支出紀律仍然是我們的首要任務，特別是到 2026 年，我們的行銷費用將降低 12%。

As we look forward to 2026, our focus is clear, expand the everything home ecosystem, connecting retail, services, and digital innovation, deepen AI and data integration to drive smarter marketing, better conversion and stronger retention, maintain margin discipline while driving top line and continue to deliver consecutive quarters of bottom line improvement on a year-over-year basis.

展望 2026 年，我們的重點很明確：拓展全方位家居生態系統，連接零售、服務和數位創新；深化人工智慧和數據集成，以推動更智慧的營銷、更高的轉化率和更強的客戶留存率；在保持利潤率控制的同時，推動營收成長；並繼續實現連續幾個季度同比利潤增長。

The combination of retail scale, technology innovation and asset management makes Bed Bath & Beyond uniquely positioned in the home category. Through our marketplaces, our brands, technology platforms and emerging PropTech capabilities we're building a connected ecosystem that creates long-term value for our shareholders and most importantly, our customers alike.

零售規模、技術創新和資產管理的結合，使 Bed Bath & Beyond 在家居用品領域擁有獨特的地位。透過我們的市場、品牌、技術平台和新興的房地產科技能力，我們正在建立一個互聯的生態系統，為我們的股東以及最重要的客戶創造長期價值。

The majority of the heavy lifting is behind us. Now it's time to accelerate, to be more accountable and to have consistent execution. To our team, thank you for your focus and resilience to our partners and Board, thank you for your trust and support and to our shareholders. Thank you for your long-standing confidence. We're building something enduring and we're doing it the right way.

大部分艱苦的工作已經完成。現在是時候加快步伐，承擔更多責任，並持續有效地執行了。致我們的團隊，感謝你們的專注和韌性；致我們的合作夥伴和董事會，感謝你們的信任和支持；致我們的股東。感謝您一直以來的信任。我們正在打造一些能夠長久傳承的事物，而且我們正在以正確的方式去做。

We'll now open up the call for questions.

現在開始接受提問。

(Operator Instructions) Steven Forbes, Guggenheim Sincerities.

（操作說明）史蒂文‧福布斯，《古根漢真誠》。

Marcus, I was curious if you could maybe expand on a comment, you just made around targeting the 12% sales and marketing expense ratio in 2026 as we think about that in conjunction with this return to growth narrative that you had within the press release. Maybe you could just expand on the conviction there, right? Like where are the efficiencies coming from as you see it? And is the return to growth narrative also indicative of you seeing stability in the active customer base on the horizon?

馬庫斯，我很好奇你是否可以就你剛才提到的關於 2026 年將銷售和營銷費用率目標設定為 12% 發表的評論做進一步闡述，因為我們正在考慮將此與你在新聞稿中提出的恢復增長的論述結合起來。或許你可以就此展開討論，對吧？你認為效率提升主要來自哪裡？而這種重回成長軌道的說法是否也顯示您認為活躍客戶群即將趨於穩定？

Let me break that down, Steven, into two sections. From a growth mindset standpoint, we believe that we have found the bottom and that we intentionally landed the plane quarter-after-quarter-after-quarter in the '25 calendar year in the same range of revenue to prove out that we can take the individual KPIs that built the financial statement and saw improvements in those.

史蒂文，讓我把它分成兩部分來講解。從成長型思維的角度來看，我們相信我們已經觸底反彈，並且我們有意讓飛機在 2025 年的每個季度都保持相同的收入水平，以證明我們可以改進構成財務報表的各個關鍵績效指標。

And whether that's margin, sales and marketing, et cetera, we knew we needed to do that on a consistent basis, not a flash in the pan. And we felt like the revenue being all over the place big highs and big lows wouldn't give us that really uncontaminated view of where we need it to be.

無論是利潤率、銷售和行銷等等，我們都知道我們需要持續不斷地這樣做，而不是曇花一現。我們覺得，收入波動太大（忽高忽低），無法讓我們真正客觀地了解自己需要達到的目標。

Through that process, though, it also uncovered a number of inefficiencies in our business. And where we really have not delivered from an expectation standpoint is around conversion. And any time you look at driving revenue and improving conversion, the one toggle that's inside of their aside from site sales and overly -- being overly promotional, is how much money are you spending to bring people to the party.

但在這個過程中，它也揭示了我們業務中的一些低效之處。從預期角度來看，我們真正沒有達到目標的地方是轉換率。任何時候，當你考慮如何提高收入和轉換率時，除了網站銷售和過度促銷之外，他們內部還有一個關鍵因素，那就是你花了多少錢來吸引人們參與。

And over the last couple of years, I think when the company bought the intellectual property out of Bed Bath in 2023 made the great misstep or miscalculation of assuming that the data that it acquired was going to translate into e-commerce revenue.

在過去的幾年裡，我認為該公司在 2023 年從 Bed Bath 收購智慧財產權時犯了一個巨大的錯誤或誤判，即認為它獲得的數據將轉化為電子商務收入。

And what we learned is that we needed to spend a considerable amount of time and money augmenting and segmenting the data to really understand who those customers were, where they originally came from, what their propensity was to do business with us and how are we going to reattract them to our business and more importantly, convert them into the second sale.

我們從中了解到，我們需要花費大量的時間和金錢來擴充和細分數據，才能真正了解這些客戶是誰，他們最初來自哪裡，他們與我們做生意的傾向如何，以及我們將如何重新吸引他們回到我們的業務中，更重要的是，將他們轉化為第二次銷售。

If you go back and you look at the financial statement at the end of '23 and quite frankly, most of '24, we were just adding as many people to the file with no real logic behind the lifetime value calculation inside of them. It became by a PLA ad, sell a couch, lose a couple of hundred bucks, and then not really worry about how we're going to retain them.

如果你回顧一下 2023 年底以及坦白說，2024 年大部分時間的財務報表，你會發現我們只是在文件中盡可能多地添加人員，而沒有對他們的終身價值進行任何真正的邏輯計算。事情變成這樣：投放PLA廣告，賣出一張沙發，賠了幾百美元，然後就不再真正擔心如何留住客戶了。

What's really been instrumental in 2025 is we've started to see retention start to pick up. And while we're not disclosing those numbers just yet until we know that they're pure and not contaminated, we have started to see return buyers come back on it, quite frankly, more repetitive basis than we had originally anticipated.

2025 年真正發揮關鍵作用的是，我們開始看到用戶留存率開始上升。雖然在確定產品純淨無污染之前，我們暫時不會公佈這些數字，但坦白說，我們已經開始看到回頭客再次購買，而且回頭率比我們最初預期的要高。

When we look at the target of 12% for 2026, we know there's a multitude of factors, and I'll start with us making sure that the data set that we have both from our omnichannel partner, our different brands, the legacy data is clean, pure, deduped and really in a condition that can be monetized. I think the second thing that we learned is that one size doesn't fit all. And in 2024 and even the first part of '25 it was like a ready, aim, fire. We would just send e-mails out to everybody. There was no personalization.

當我們展望 2026 年 12% 的目標時，我們知道有很多因素需要考慮，首先我們要確保我們從全通路合作夥伴、不同品牌以及歷史數據中獲得的數據集是乾淨、純淨、去重的，並且真正處於可以貨幣化的狀態。我認為我們學到的第二件事是，沒有一種方法適用於所有人。到了 2024 年，甚至 2025 年上半年，就像是準備、瞄準、開火。我們只需給所有人發送電子郵件即可。沒有個人化服務。

And we've started testing a high level of personalization using the overstock platform first. largely because the risk wasn't as severe if we made a mistake. We're seeing site speed increase, conversion increase, but more importantly we're seeing consumers who are served up a personalized experience start to convert better, start to engage better, and start to return at a better rate.

我們首先利用庫存過剩平台開始測試高度個人化服務，主要是因為即使出錯，風險也不會太嚴重。我們看到網站速度提升，轉換率提升，但更重要的是，我們看到為消費者提供個人化體驗後，消費者的轉換率、參與度和回頭率都顯著提高。

I think additionally, as we think about it, we have work to do in our performance marketing. Our performance marketing over the previous 12 months has been good. It's been good enough for '25. It is not good enough for '26 and whether that's continuing to cleanse the site, continuing to work on different strategies, we know that between adding internal talent and partnering with external talent, we think there is a ton of knee left on the table could be as much as $10 million of inefficient spend still existing in our business today.

此外，我認為，仔細想想，我們在效果行銷方面還有很多工作要做。過去12個月，我們的效果行銷效果良好。對於2025年來說已經夠好了。對於 2026 年來說，這還不夠好。無論是繼續清理網站，還是繼續研究不同的策略，我們都知道，在增加內部人才和與外部人才合作之間，我們認為還有很多工作要做，我們公司目前可能仍然存在高達 1000 萬美元的低效支出。

I look at inefficient spend as a low [fusion] margin transaction with a low propensity to return. That's what I consider inefficient. It's not did we have a positive ROAS of some amount. We have a finite amount of capital. We want to make sure that we're chasing that capital, chasing that customer with a high contribution margin 6%, 7%, 8% contribution margin with a high AOV and a high likelihood to return again.

我認為低效率支出是指利潤率低、復購率低的交易。我認為這就是低效之處。問題不在於我們是否獲得了一定金額的正ROAS。我們的資金是有限的。我們希望確保我們追逐的是高利潤率（6%、7%、8%）、高平均訂單價值 (AOV) 和高複購率的客戶。

That's ultimately the stack that we think we need to build. So there is a lot of conviction and there's a lot of work to get there at the same time. But I wanted to put that number out there for external purposes and to lay the gauntlet down that in our side of business, 12% is the mandate.

這就是我們最終認為需要建構的技術堆疊。所以，一方面他們充滿信念，另一方面，要實現這個目標還需要付出很多努力。但我希望對外公佈這個數字，並表明在我們這邊，12% 是必須達到的目標。

That was super helpful. And then maybe a quick follow-up. Nice to see the gross margin progression in the quarter. I don't think you updated what you have right in the presentation, sort of that medium-term target of 25%. So I just wanted to sort of ask the question, if the third-quarter has informed sort of your medium-term or long-term gross margin targets or if this is just a more excited recapture pace?

那真是太有幫助了。然後或許會有一個簡短的後續跟進。很高興看到本季毛利率有所成長。我認為你在簡報中沒有更新你掌握的信息，例如25%的中期目標。所以我想問一下，第三季的業績是否對你們的中長期毛利率目標有所影響，還是說這只是一個比較積極的復甦步伐？

I'm going to look at the margin on a transaction basis first, just to kind of give you my holistic view of how I'm thinking about the overall transaction margin and I'm going to separate it from the product margin specifically inside of that transaction. We have set a short-term to medium-term goal of a product margin between 24% and 26%. And I will tell you that in some cases, we've been very successful at avoiding tariff price increases and getting caught up in that overly promotional, call it, tariff black hole.

我首先要從交易的角度來看利潤率，以便向你全面展示我對整體交易利潤率的看法，然後我會將其與該筆交易中具體的商品利潤率區分開來。我們設定了中短期目標，產品利潤率在 24% 到 26% 之間。而且我可以告訴你們，在某些情況下，我們非常成功地避免了關稅價格上漲，也沒有陷入過度促銷的「關稅黑洞」。

We do have to recognize, though, that as we start to add our omnichannel business, particularly on the textile side, bedding and towels, they're going to come with a, call it, in-stock margin of 55% to 57% giving us the ability to get some margin accretion on the side of things, on the textile. Conversely, on the other side, we believe there are a number of categories where we're not as competitive as we need to be. You look at some of the upholstered furniture and some of the patio business and we could be missing out on some market share.

不過，我們必須認識到，隨著我們開始拓展全通路業務，尤其是在紡織品方面，例如床上用品和毛巾，它們的庫存利潤率將達到 55% 到 57%，這將使我們能夠在紡織品方面獲得一定的利潤增長。另一方面，我們認為在某些領域，我們的競爭力還不夠強。看看一些軟墊家具和一些戶外家具業務，我們可能正在錯過一些市場份額。

Rather than just pulling the rip cord and going for it, we knew that we needed to augment that or sort of mitigate whatever risk would exist in going after market share for those higher AOV transactions with higher gross dollars by supplementing it with the textile margins at 55%, 60% just define that balance. We believe that we'll be prepared in-stock in the spring of 2026 with that full assortment in our partners' warehouse in Jackson, Tennessee, giving us the ability to be more competitive, far more competitive and far more margin accretive on that side giving us permission to be more aggressive on the furniture side.

我們知道，與其貿然行動，不如採取一些措施來彌補或降低在追求高 AOV 交易（毛額較高）的市場份額時可能存在的風險，方法是利用紡織品 55%、60% 的利潤率來平衡利潤。我們相信，到 2026 年春季，我們將在位於田納西州傑克遜的合作夥伴倉庫中備齊所有產品，這將使我們在家具方面更具競爭力，利潤率更高，從而使我們能夠在家具方面採取更積極的策略。

That's partially what's giving me the confidence that we will be able to maintain that margin range while growing revenue, we just need that offset to help. And then as part of that, the other piece that we noticed in the overall transaction is our product protection warranties have started to really accelerate. And so as we continue to improve attachment on that, we'll look at that overall transaction profitability.

正是這一點讓我有信心，我們能夠在保持利潤率的同時實現營收成長，我們只需要一些抵銷因素來幫助我們。此外，我們也注意到，在整個交易過程中，我們的產品保護保固服務也開始真正加速發展。因此，隨著我們不斷改進這方面的工作，我們將專注於整體交易獲利能力。

As we start to see the private label credit card integrate the transaction, we'll look at the money we make on that. And so we need these little attachments to more than just the product, whether that's shipping insurance or whether that's product warranties or whether that's using our credit card or something else, we need that whole blend to come together so that the overall transaction is more profitable than '24 to '26.

隨著自有品牌信用卡開始融入交易，我們將專注於我們從中賺取的利潤。因此，我們需要將這些小配件與產品本身聯繫起來，無論是運輸保險、產品保修，還是使用我們的信用卡或其他方式，我們需要所有這些結合起來，使整體交易比 2024 年至 2026 年更加有利可圖。

Tom Forte, Maxim Group.

Tom Forte，Maxim集團。

This is Francesco Marmo filing for Tom. Just one quick question for me. Could you please elaborate on your comments of the expected revenue growth on a year-over-year basis expected for 2026? If you can give us some color around what particular initiative, you think is going to drive that? And what kind of shape that growth profile should we expect?

這是弗朗西斯科·馬爾莫代表湯姆提交的文件。我還有一個問題。請您詳細說明您對 2026 年預期年收入成長的看法？您能否具體說明一下，您認為哪項具體措施將推動此目標的實現？那麼，我們應該預期這種成長曲線會呈現怎樣的形狀呢？

Yeah. Thank you. As a reminder, we don't provide guidance on either revenue or bottom line, but we are committing today to have positive revenue growth in 2026. Part of that revenue growth is really much of what I said to Steve a minute ago, which is really understanding how we can balance being an asset-light company and utilizing the supply chain and the store footprint of our omnichannel partner to really bring in overall revenue and overall margin increases. I expect that to be -- I wouldn't call it material, but I expect conservatively for it to be positive.

是的。謝謝。再次提醒大家，我們不提供收入或利潤的指導，但我們今天承諾，2026 年將實現正收入成長。部分收入成長實際上很大程度上歸功於我剛才跟史蒂夫說的，那就是真正理解我們如何才能在保持輕資產運營的同時，利用我們全通路合作夥伴的供應鏈和門市佈局，從而真正實現整體收入和整體利潤率的增長。我預期結果會是——我不會稱之為實質的，但保守估計會是正面的。

I think additionally, we need to continue to explore new categories. And if you look at what we did at Overstock in 2025, we could potentially end up generating anywhere between $15 million and $20 million in Overstock.com alone that came from categories that did not exist for almost half a decade, and that is in the luxury space, in the jewelry space, and in some of those other categories, a little bit of apparel as well. And we never want to use those three things as foundation builders for our overall business, but we do want to use those things as value anchoring around the rest of the products that we sell.

此外，我認為我們還需要繼續探索新的類別。如果你看看我們在 2025 年在 Overstock 所做的事情，我們最終可能會在 Overstock.com 上創造 1500 萬到 2000 萬美元的收入，這些收入來自近五年來一直不存在的類別，包括奢侈品領域、珠寶領域以及其他一些類別，還有少量的服裝。我們絕不想把這三樣東西當作我們整體業務的基礎，但我們確實想把這些東西當作我們所售其他產品的價值錨點。

Overstock will and probably always will be largely driven by rugs number one, patio number two, and upholstered furniture number three and we're trying to find the balance of how we can coexist with brands and certain values and not contaminate our Bed Bath & Beyond business. On the Bed Bath & Beyond side, what we expect to happen in '26 is the collaboration of the merchandising organizations between our omnichannel partner and our existing marketplace merchandising team.

Overstock 將會而且可能永遠都會主要由地毯（第一）、庭院家具（第二）和軟墊家具（第三）驅動，我們正在努力尋找一種平衡，即如何與某些品牌和價值觀共存，而不污染我們的 Bed Bath & Beyond 業務。在 Bed Bath & Beyond 這邊，我們預計 2026 年將實現的是，我們的全通路合作夥伴和我們現有的市場商品銷售團隊之間的商品銷售組織之間的合作。

And it's no crack on anybody one way or the other. But I think that the current merchandising team that we have at bedbathandbeyond.com is really just overstock people reskinned and rebranded. They knew patio rug and furniture. What we're finding and seeing on the omnichannel side is that, that group or subject matter expertise in kitchen, housewares, textiles, decor and a variety of other things that our current group doesn't either possess the relationships with or the know-how.

這並非針對任何人。但我認為，我們 bedbathandbeyond.com 目前的商品銷售團隊實際上只是重新包裝和重新命名的庫存積壓人員。他們了解庭院地毯和家具。我們在全通路方面發現和看到的是，廚房用品、家居用品、紡織品、裝飾以及其他各種領域的專家或專業知識，是我們目前的團隊既不具備的人脈關係也不具備的專業知識。

And so as we merge those two merchant organizations full stop in 2026, you'll see better category segmentation, whether it's in the bedding, bath, kitchen, furniture, patio categories and a deeper and broader knowledge of how to drive more vendors to the site, how to drive increased penetration to the site and how to present the products in a way that we think is going to ultimately help conversion.

因此，隨著我們在 2026 年徹底合併這兩個商家組織，您將會看到更好的品類細分，無論是床上用品、浴室用品、廚房用品、家具、庭院用品等品類，以及更深入、更廣泛的知識，了解如何吸引更多供應商入駐網站，如何提高網站滲透率，以及如何以我們認為最終有助於提高轉化率的方式展示產品。

Last thing and maybe the most important thing, if conversion improves, revenue will also improve because it is literally spend a certain amount on a day, get a certain amount of traffic, and then get a certain amount of conversion. We need at least -- we're operating in the 1.1 range, 1.2 range, we need to be north of 1.3 in the short term.

最後一點，也許也是最重要的一點，如果轉換率提高，收入也會提高，因為這實際上是每天投入一定的資金，獲得一定的流量，然後獲得一定的轉換率。我們至少需要──我們目前的數值在 1.1 到 1.2 之間，短期內我們需要達到 1.3 以上。

That doesn't sound like a lot. It's probably $27 million to $35 million of revenue with a good contribution margin in the 6% to 8% range, all falling to the bottom line without any incremental expense. So we start thinking about revenue growth, we -- it's not really a hope to, it's a have to.

聽起來不多。收入可能在 2,700 萬美元到 3,500 萬美元之間，貢獻毛利率在 6% 到 8% 之間，所有收入都將計入淨利潤，沒有任何額外支出。所以我們開始考慮營收成長，這不再是一種希望，而是一種必然。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Marcus, my first one was just on what you're hearing from conversations with your suppliers as it relates to their willingness to pass along price on your marketplace, maybe last quarter relative to maybe the first half and whether you're picking up on any change in behavior on their behalf with the more recent tariff noise. Obviously, AOV is moving in the right direction for you guys. I think some of it is idiosyncratic with initiatives to reduce markdowns. But just wanted to get a sense of maybe what you're seeing maybe on a like-for-like basis on your platform.

馬庫斯，我的第一個問題是關於你從與供應商的對話中了解到的信息，特別是他們是否願意在你的市場上轉嫁價格，比如上個季度相對於上半年的價格變化，以及你是否注意到，由於最近的關稅波動，他們的行為發生了任何變化。顯然，AOV 的發展方向對你們來說是正確的。我認為其中一些是特有的舉措，旨在減少降價促銷。我只是想了解一下，在你的平台上，類似情況又是如何發生的。

Yeah. There's a -- as you would imagine, and a lot of credit goes out to the suppliers that feed our company, but there has been a lot of pressure on them for longer than just a quarter in dealing with the tariffs and the -- quite frankly, the lack of predictability around them. And I'd like to tell you that I could have a crystal ball on what's going to happen today, tomorrow, next week, and next year, and I do not.

是的。正如你所想，我們公司之所以面臨困境，很大程度上要歸功於為我們公司供貨的供應商，但過去一個季度以來，他們在應對關稅以及——坦白說——關稅帶來的不確定性方面承受了很大的壓力。我想告訴你們，我可以預知今天、明天、下週和明年會發生什麼，但我沒有。

And what we've told our team internally is we want to really be thoughtful to ensure that the relationship that vendors have with us is a profitable relationship. And we have to find ways to take other frictions out of our own business to mitigate some of the costs that we believe that they should pass on.

我們已經在內部告訴團隊，我們希望認真考慮如何確保供應商與我們之間的關係是互惠互利的。我們必須想辦法消除自身業務中的其他摩擦，以減輕我們認為他們應該轉嫁的一些成本。

Now the question is, how do we pass those on? And what's happened in the last quarter is there's been a perfect blend in my opinion, between understanding where the elasticity curve is, understanding how much the vendor can take on and us accepting the willingness to take it on as well. And we believe that as Bed Bath & Beyond rebuilds its credibility in the marketplace, both in-store and online, vendors need to feel like this is a profitable risk-free relationship. So as we look forward to 2026, we understand that there could be more pricing pressure that could be presented both to the vendors, then to us, then to the consumer.

現在的問題是，我們要如何將這些傳承下去？在我看來，上個季度發生的事情是，我們完美地融合了以下幾點：了解彈性曲線在哪裡，了解供應商能夠承受多少，以及我們也接受了他們願意承擔這些責任。我們相信，隨著 Bed Bath & Beyond 在實體店和線上市場重建信譽，供應商需要感受到這是一種有利可圖且無風險的合作關係。展望 2026 年，我們了解到，供應商、我們和消費者都可能面臨更大的價格壓力。

What we have landed on is that, that's probably going to happen. We're almost operating under the assumption as we built out our '26 forecast that that's probably going to happen. What we need to do and what we are doing now is continuing to eliminate those unprofitable SKUs or vendors who aren't giving us a profitable transaction and doubling down with those vendors who we can generate some profitability with. And then as we accept that pressure, coming back around to them and looking for volume targets and rebates associated with them to make the 365-day margin profile look as healthy as we need it to.

我們最終得出的結論是，這種情況很可能會發生。我們在製定 2026 年預測時，幾乎都是基於這種情況可能會發生的假設。我們現在需要做的，也是我們正在做的，是繼續淘汰那些不盈利的 SKU 或供應商，這些供應商不能給我們帶來盈利的交易，同時加大對那些我們可以產生一些利潤的供應商的投入。然後，當我們接受這種壓力時，我們會重新審視這些目標，並尋找與之相關的銷售目標和回饋，以使 365 天的利潤率看起來達到我們所需的健康水平。

But I don't know that vendors could absorb much more today, particularly on the upholstered furniture side. And it seems like every time we turn around, the sourcing of origin is shifting. One week, it's China, the next week, it's India, the next week, it's somewhere else, then it's back to China. So it's been difficult to say the least. I think part of the benefit of being an asset-light retailer is that we don't have a ton of risk in our inventory.

但我不知道如今的供應商還能消化多少，尤其是在軟墊家具方面。而且似乎我們每次轉身，產地來源都在改變。一週在中國，下一周在印度，再下一周在其他地方，然後再回到中國。所以，毫不誇張地說，這非常困難。我認為，作為一家輕資產零售商，部分好處在於我們的庫存風險不大。

And even as we think about our huge investment in the omnichannel business, we're not talking about hundreds of millions of dollars sitting in warehouses. We're talking about $150 to $175 per store and enough safety stock in the warehouse. So for us, it's a perfect blend of sourcing and good margin management.

即使我們考慮到在全通路業務方面的巨額投資，我們指的也不是數億美元閒置在倉庫裡。我們說的是每家店150到175美元，以及倉庫裡足夠的安全庫存。所以對我們來說，這是貨源和良好利潤管理的完美結合。

That's helpful. And then a quick follow-up. You mentioned removing costs in your own business to kind of soften the blow for vendors. We've been picking up on more and more AI automation in the customer service function as of late, a number of examples in home furnishings. How do you think about a potential cost savings opportunity for Bed Bath if you were able to increasingly automate a chunk of your potential chat inquiries? And is that something you're exploring?

那很有幫助。然後是一個簡短的後續問題。你曾提過要降低自己公司的成本，以減輕供應商的損失。最近，我們注意到越來越多的客戶服務部門開始採用人工智慧自動化技術，而家居用品產業就有很多這樣的例子。如果 Bed Bath & Beyond 能夠逐步實現大部分潛在聊天諮詢的自動化，您認為這會為公司帶來怎樣的潛在成本節約機會？這是您正在探索的方向嗎？

Well, everybody should assume that AI is an absolute mandate inside of our company as it is in almost every company. I think we're in a unique position where we have a pretty blank canvas, and we don't have a lot of, I would call it, technical debt from a legacy standpoint. Sure, we need to improve our unified code structure and our base of how we're operating. We probably have some work to do in our PIM. And we think that we're at this really interesting tipping point where when we decide to make new investments into a PIM or into a POS in our omnichannel business, we have a clean slate of paper and not a lot of historical contracts are kind of deadweight dragging us down.

嗯，大家都應該意識到，人工智慧在我們公司是絕對必要的，就像在幾乎所有公司一樣。我認為我們處於一個獨特的地位，我們擁有一張幾乎空白的畫布，而且從歷史遺留問題的角度來看，我們並沒有太多所謂的「技術債」。當然，我們需要改進統一的程式碼結構和我們現有的操作方式。我們的產品資訊管理系統（PIM）可能還有一些需要改進的地方。我們認為我們正處於一個非常有趣的轉折點，當我們決定對全通路業務中的 PIM 或 POS 系統進行新的投資時，我們就像一張白紙，沒有太多歷史合約會拖累我們。

I've said this internally and externally. AI will solve really two problems for our company. One, it will create staffing efficiency. What does that mean in plain English, we will be able to operate with less people and have greater efficiency. That isn't a maybe or I would like to, that's -- it's going to happen in '26.

我已在內部和外部都說過這句話。人工智慧將真正為我們公司解決兩個問題。第一，這將提高人員配備效率。簡單來說，這意味著我們可以用更少的人力來實現更高的效率。那不是也許或我希望，而是——它將在 2026 年發生。

Number two, we believe that AI will create a better customer experience. Again, I'm going to tie it back to conversion. Can we find the customers in a more personalized way, communicate to them what they want, when they want it, how they want it and be able to get better conversion in the moment and retention in the long haul. We are, though, however, for the first time in history, not acting like we're the company that can build everything.

第二，我們相信人工智慧將創造更好的客戶體驗。我再次強調，這和轉換率有關。我們能否以更個人化的方式找到客戶，在他們需要的時候、以他們想要的方式與他們溝通，從而在當下獲得更好的轉換率，並在長期內提高客戶留存率？然而，我們卻是歷史上第一次不再表現得像一家無所不能的公司。

And you always hear this buy it, build it mentality. And one thing that I did established during the quarter is that we created a special committee at the Board of Directors level that sits side-by-side with audit and with compensation with governance in the tech committee.

你總是會聽到這種「買下來，自己動手做」的想法。我在本季確立的一項措施是，我們在董事會層級設立了一個特別委員會，與審計委員會、薪酬委員會以及技術治理委員會並肩工作。

And the Chairperson of that tech committee is quite frankly, a very, very astute person. And we have started to engage in third parties, having people come in, tell us what we need to do in our business and not assuming that this company has to build everything that it does. So I would expect a big bright future. It will happen fast and we're happy to be on that road map.

坦白說，該技術委員會主席是一位非常非常精明的人。我們已經開始與第三方合作，讓專業人士告訴我們業務中需要做些什麼，而不是想當然地認為公司必須自己開發所有產品。所以我相信他/她會有非常光明的未來。這很快就會發生，我們很高興能參與這個發展規劃。

Bernie McTernan, Needham.

伯尼·麥克特南，尼德姆。

Great. Maybe just a follow-up from one of the previous questions talking about the personalization tools and how they're working on overstock right now. What's the time line to think about those coming to Bed Bath? And does that inform maybe the quarterly cadence of revenue you're expecting next year?

偉大的。或許可以作為之前某個問題的後續，討論一下個人化工具以及它們目前在庫存管理方面的應用。考慮來Bed Bath & Beyond購物的顧客的時間安排是怎樣的？這是否會影響您對明年季度營收的預期？

Obviously, on a full year basis, expecting it to be positive, but how should we expect it to trend throughout the year, acknowledging doing that provide guidance we might be overreaching here, but figure that would try.

顯然，從全年來看，我們預期它會是正面的，但我們應該如何預期它在一年中的趨勢？我們承認這樣做可能會提供指導，但我們還是想嘗試。

During the third-quarter, unbeknown to probably anybody we moved on to a new unified tech stack at Overstock. And it was a big risk for us. So we chose to do it there because we knew that there were conversion contaminants that can hurt our business. And to be candid with you, we believe that we probably through the quarter, because of the swap over from Shopify, which is a great system in itself, but didn't give us all the marketplace tools we were looking for.

第三季度，在可能無人知曉的情況下，Overstock 已經過渡到了新的統一技術堆疊。這對我們來說是一次很大的冒險。所以我們選擇在那裡進行加工，因為我們知道那裡有轉化污染物，可能會損害我們的業務。坦白說，我們認為本季業績下滑可能是因為從 Shopify 切換到其他平台，Shopify 本身是一個很棒的系統，但它並沒有為我們提供我們想要的所有市場工具。

We feel like that transition along with a slow and delayed Shop Pay and Apple Pay integration into Overstock and probably cost us $7 million of top line in the quarter. I could be probably more specific, $6.2 million, if you look at what we lost orders at an average of $210 for the quarter.

我們認為，這種轉型，加上 Shop Pay 和 Apple Pay 緩慢且延遲地整合到 Overstock，可能導致我們本季損失了 700 萬美元的營收。我或許可以更具體一些，620萬美元，如果你看看我們本季平均每筆210美元的訂單損失。

We feel very good because since we launched it, the revenue has not only bounced back, but the conversion has started to accelerate. And we're going to take one solid more quarter at a minimum to ensure that as we add Apple Pay, as we add Shop Pay, as we add other features and benefits to that platform that we know that we have built it.

我們感覺非常好，因為自從推出以來，收入不僅已經回升，而且轉換率也開始加速成長。我們至少還要再花一個季度的時間來確保，隨著我們添加 Apple Pay、Shop Pay 以及其他功能和優勢到該平台，我們知道我們已經建立了它。

Now the way that Overstock unified code structure was built is that we put a top layer on top of it. We layered Versal on top of it, which really gave us the ability to speak to each consumer in a very specific way, meaning that customer X and customer Y may, in some cases, see something totally different. One of the byproducts of that stack was that the site moves faster.

Overstock 統一程式碼結構的建構方式是，我們在其頂部添加了一個頂層。我們在它上面疊加了 Versal，這使我們能夠以非常具體的方式與每個消費者溝通，這意味著在某些情況下，客戶 X 和客戶 Y 可能會看到完全不同的內容。該技術堆疊的副產品之一是網站運行速度更快。

But again, until we see a 1.3% or better conversion until we start to see 10%, 15% quarter-over-quarter growth for Overstock, I don't want to tinker or risk the massive revenue that bedbathandbeyond.com does today. I will tell you, however, that we are learning things. So whether it's the cart checkout process and how do we improve the process there, we aren't waiting to bring over certain portable ideas that don't require a whole new evolution. It would be my hope that by midyear maybe middle of third-quarter, we will have modified the code structure at Bed Bath & Beyond and there are two simple reasons.

但是，在 Overstock 的轉換率達到 1.3% 或更高，季度環比成長率達到 10% 或 15% 之前，我不想進行任何調整，也不想冒著失去 bedbathandbeyond.com 目前巨額收入的風險。不過我可以告訴你，我們正在學習一些東西。所以，無論是購物車結帳流程以及我們如何改善流程，我們都不會等待引入一些不需要全新變革的可移植理念。我希望到年中或第三季中期，我們能夠修改 Bed Bath & Beyond 的程式碼結構，原因很簡單，有兩個。

One, we hope to have all the Bed Bath & Beyond version stores open by mid-2026. And we hope to be able to have a consumer experience that ties the POS and a new unified code structure together so that the customer can transact however they want, buy online, pick up in store, buy online, ship from store or be in-store and add something to my order that comes from the dot-com business. We've been spending the last couple of months architecting what we think that could look like. We are bringing on some new talent to be announced shortly and some new vendor partners to be announced shortly that we think tie all of that together.

第一，我們希望所有 Bed Bath & Beyond 版本門市都能在 2026 年年中開業。我們希望能夠打造一種將 POS 系統和新的統一代碼結構結合起來的消費者體驗，以便顧客可以按照自己的意願進行交易，例如在線購買、到店自提、在線購買、到店發貨，或者到店後將來自電商平台的商品添加到訂單中。過去幾個月，我們一直在構思我們認為它可能會是什麼樣子。我們正在引進一些新人才（稍後公佈）和一些新的供應商合作夥伴（稍後公佈），我們認為這些將把所有這些聯繫起來。

And it won't be tied together with one single company. It will be tied together with multiple subject matter experts that integrate properly into something like that. So time, testing, and proof is what we are running this business with, which is why you see seven quarters of material improvement, and we want that to continue.

而且它不會與任何一家公司捆綁在一起。它將與多位相關領域的專家聯繫起來，使他們能夠很好地融入這樣的專案中。所以，我們經營這項業務靠的是時間、測試和驗證，這就是為什麼你會看到連續七個季度取得實質進步，我們也希望這種進步能持續下去。

Due to time constraints, this concludes today's question-and-answer session. I will now turn the call back over to Marcus for closing remarks.

由於時間有限，今天的問答環節到此結束。現在我將把電話轉回給馬庫斯，請他作總結發言。

Great. Thank you so much. As we mentioned earlier, the most important thing for us is to have people be comfortable. As the company prepares for 2026, we expect year-over-year revenue trends to turn positive. We believe this upward trajectory, combined with margin consistency, an additional $20 million in operating expense efficiencies and improved site conversion position the company to achieve its profitability objectives. Thank you, and we'll see you next quarter.

偉大的。太感謝了。正如我們之前提到的，對我們來說最重要的是讓顧客感到舒適。隨著公司為 2026 年做準備，我們預計年比收入趨勢將轉為正成長。我們相信，這種上升趨勢，加上利潤率的穩定性，營運費用效率提高 2,000 萬美元，以及網站轉換率的提高，將使公司能夠實現其獲利目標。謝謝，我們下個季度再見。

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

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