Bassett Furniture Industries Inc (BSET) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Bassett Furniture fourth-quarter 2025 earnings conference call (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mike Daniel, CFO. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加 Bassett Furniture 2025 年第四季財報電話會議（操作說明）。請注意，本次會議正在錄音。現在我將會議交給今天的發言人，財務長 Mike Daniel。請開始。

Thank you, [Didi], for the introduction. Welcome to the Bassett Furniture Industries Earnings Call for the Fourth Quarter of Fiscal 2025, which ended November 29, 2025. Joining me today is our Chairman and CEO, Rob Spilman. We issued our earnings release for the fourth quarter yesterday after the market closed, and it's available on our website. We plan to file our Form 10-K with the Securities and Exchange Commission in the next couple of days.

謝謝[Didi]的介紹。歡迎參加巴塞特家具工業公司2025財年第四季（截至2025年11月29日）財報電話會議。今天與我一同出席的是我們的董事長兼執行長羅伯·斯皮爾曼先生。我們已於昨日股市收盤後發布了第四季度財報，您可以在我們的網站上查閱。我們計劃在未來幾天內向美國證券交易委員會提交10-K表格。

After today's remarks, Rob and I will open up for questions. We will also post a transcript of this call on Bassett's Investor Relations website following the call. During this call, certain statements we make may be considered forward-looking statements and inherently involve risks and uncertainties that could cause actual results to differ materially from management's present view.

在今天的演講結束後，我和羅布將開放提問環節。會後，我們也將在巴塞特投資者關係網站上發布本次電話會議的文字記錄。在本次電話會議中，我們所做的某些陳述可能被視為前瞻性陳述，這些陳述本身就包含風險和不確定性，可能導致實際結果與管理階層目前的預期有重大差異。

These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. The company cannot guarantee the accuracy of any forecast or estimate nor does it undertake any obligation to update such forward-looking statements. Other filings with the SEC describing risks related to our business are available on our corporate website under the Investors tab.

這些聲明均依據1995年《私人證券訴訟改革法案》的安全港條款作出。本公司無法保證任何預測或估計的準確性，亦不承擔更新此類前瞻性聲明的義務。有關本公司業務風險的其他提交給美國證券交易委員會的文件，可在本公司網站「投資者關係」欄位下查閱。

Now I'll turn things over to Rob. Rob?

現在我把麥克風交給羅布。羅布？

Okay. Good morning, everyone. Thank you, Mike. The reality is that the market has not changed much from what we saw throughout the first three quarters of fiscal 2025. Housing sales is very slow, and this, of course, impacts our business.

好的。大家早安。謝謝你，麥克。事實上，市場狀況與2025財年前三個季度相比並沒有太大變化。房屋銷售非常緩慢，當然會影響我們的業務。

So we're pleased that given this environment and with our fourth quarter close on November 29, the day after Black Friday, we increased sales and profits. Last year at this time, we noted that our 2024 restructuring plan was mostly complete. But I want to point out that the restructuring mindset and the focus of running a leaner, smarter business is as much on the front burner today as it was then.

因此，我們很高興在當前環境下，尤其是在11月29日（黑色星期五的第二天）第四季結束之際，我們的銷售額和利潤都實現了成長。去年這個時候，我們曾表示2024年的重整計畫已基本完成。但我想強調的是，重組理念以及打造更精簡、更智慧的業務模式，如今仍是我們工作的重中之重。

We're still at it, taking costs out, driving operating efficiencies, integrating technology, emphasizing product newness, innovation and design, along with adapting to a changing marketplace. We managed through the tariffs and Bassett's flexible sourcing model is central to our company's ability to be resilient.

我們仍在努力，降低成本，提高營運效率，整合技術，注重產品新穎性、創新性和設計，同時適應不斷變化的市場。我們成功應對了關稅挑戰，而巴塞特靈活的採購模式是我們公司保持韌性的關鍵。

We are hopeful that the tariff situation has stabilized, but we will react again if that changes. Bassett finished the year with a solid fourth quarter, increasing consolidated revenue 5.1%. And excluding the impact of last year's Noa Home closure, consolidated revenues were up 6.4%. Wholesale sales were up 8.3%. Retail sales were strong as well, increasing 7.9%.

我們希望關稅狀況已經穩定，但如果情況發生變化，我們將再次採取應對措施。巴塞特公司第四季業績穩健，合併營收成長5.1%。若不計入去年諾亞家居關閉的影響，合併營收成長6.4%。批發銷售額成長8.3%。零售銷售同樣表現強勁，成長7.9%。

Two years ago, we invested in a fresh approach to Bassett Casegoods, and those investments have begun to pay off for us.

兩年前，我們對 Bassett Casegoods 進行了投資，採用了一種全新的方法，而這些投資已經開始為我們帶來回報。

Our wood business needed to be reinvented, and we're pleased with the progress we've made. Sales of these offerings were up over 50% in the quarter. The Copenhagen line has been in retail locations for a year now and is a top seller across all product categories.

我們的木材業務需要進行革新，我們對所取得的進展感到滿意。本季這些產品的銷售額成長超過50%。哥本哈根系列產品已在零售店銷售一年，是所有產品類別的暢銷產品。

Our HomeWork line of desk and related office products has successfully repositioned us in the home office category. On the domestic front, our US-made HideAway Solid Dining program, solid wood dining was a good start. In upholstery, sales of true custom leather that we launched in 2023 continues to exceed expectations and sales of that program were up 19% in the quarter.

我們的HomeWork系列辦公桌及相關辦公室產品已成功將我們重新定位到家庭辦公市場。在國內市場，我們美國製造的HideAway實木餐桌椅計畫取得了良好的開端。在軟裝方面，我們於2023年推出的真皮客製化產品銷售量持續超出預期，該專案本季銷售額成長了19%。

We are also selling better fabrics, and we have consolidated our grading system to simplify the special order transaction and to offer more obvious values on better fabrics. The reception to our new styles at the High Point Market indicates that club-level motion is poised for further growth in 2026 and we are also excited about the innovation behind our Z4 Sleeper program that makes for easy opening with this European hardware.

我們也在銷售更優質的布料，並整合了分級系統，以簡化特殊訂單交易流程，並為優質布料提供更清晰的價格資訊。我們在高點家具展上推出的新款產品反應熱烈，顯示俱樂部級電動沙發在2026年預計將進一步成長。此外，我們對Z4 Sleeper系列背後的創新也感到非常興奮，該系列採用歐洲五金件，開合輕鬆便捷。

Our Bassett Outdoor line is being absorbed into the Lane Venture outdoor collection, which we have owned for eight years, resulting in the Lane Venture brand being offered in the Bassett Home Furnishing stores starting this month. Lane Venture has very strong brand recognition in outdoor.

我們的 Bassett Outdoor 系列產品線將併入我們擁有八年的 Lane Venture 戶外系列產品線，因此從本月起，Lane Venture 品牌將在 Bassett 家居店銷售。 Lane Venture 在戶外領域擁有非常高的品牌知名度。

This will be a more efficient operating model for us with fewer assets to support and will generate better inventory turns. We tweaked our marketing activities in the quarter, again supplementing digital with print and spot TV.

這將為我們帶來更有效率的營運模式，減少我們需要維護的資產，並提高庫存週轉率。本季度，我們調整了行銷活動，再次以印刷品和電視廣告作為數位行銷的補充。

We provide assets to our licensed stores and many took the opportunity to run local TV ads to drive traffic in their markets. We were encouraged by the ROI we saw on our direct mail pieces in the third and fourth quarter, and this is important to our strategy for 2026. We're moving from one catalog to two this year to supplement our digital plans. During the past year, our teams worked hard on enhancing the consumer-facing e-commerce site and e-commerce sales were up 14% in the quarter.

我們為授權門市提供宣傳資料，許多門市藉此機會投放當地電視廣告，以吸引客流。第三季和第四季直郵宣傳品的投​​資報酬率令人鼓舞，這對我們2026年的策略至關重要。今年，我們將產品目錄從一份增加到兩份，以完善我們的數位化計畫。過去一年，我們的團隊致力於提升面向消費者的電商網站體驗，本季電商銷售額成長了14%。

Conversion rates continue to rise double digits. For the full year, e-commerce sales were up 27%. We will continue to add stores in 2026 with Cincinnati opening in the second quarter and Orlando opening in the third quarter. Both are new markets for us. We will also locate -- relocate our existing Long Island store in Westbury to Melville, New York in September. Things are certainly changing in the open market furniture world outside of the Bassett store network.

轉換率持續兩位數成長。全年電商銷售額成長27%。我們將繼續在2026年開設新店，辛辛那提店將於第二季開業，奧蘭多店將於第三季開幕。這兩個市場對我們來說都是全新的。此外，我們還將把位於長島韋斯特伯里的現有門市於9月遷至紐約州梅爾維爾。巴塞特門市網路以外的家具市場格局正在發生顯著變化。

The retirement of independent furniture store operators is a nationwide generational trend that has picked up steam in the post-pandemic world. We have several strategies in place to adapt and continue to grow our wholesale channels. We are adding new elements to both of our dedicated distribution concepts. The 3,000 to 5,000 square foot Bassett Design Center is our largest channel outside of retail. Sales were up 5% in the BDCs in the quarter.

獨立家具店經營者的退休潮已成為全國性的世代趨勢，並在後疫情時代愈演愈烈。我們已製定多項策略來適應並持續發展我們的批發管道。我們正在為兩大專屬分銷模式增添新的元素。面積達3000至5000平方英尺的巴塞特設計中心是我們除零售通路外最大的銷售通路。本季度，巴塞特設計中心的銷售額成長了5%。

Our Bassett Custom Studio, the 1,000 square foot footprint specializing in true custom upholstery were up 21% in the quarter. We now have 57 Bassett Custom Studio partners. Another important element of our strategy is accelerating our pursuit of America's robust interior design community. We have implemented new programs to address the needs of the design trade, and this is a priority for 2026.

我們的 Bassett Custom Studio 是一家佔地 1000 平方英尺的專業客製化軟裝工作室，本季業績成長了 21%。目前，我們擁有 57 家 Bassett Custom Studio 合作夥伴。我們策略的另一個重要內容是加快拓展美國蓬勃發展的室內設計產業。我們已實施新的專案來滿足設計產業的需求，這也是我們 2026 年的優先事項。

In a similar vein, we have launched a new division, Bassett Hospitality to grow sales we've been building in the boutique hotel, country club and senior living channels. Under experienced leadership, we're building a portfolio of table stakes assets to address this business properly.

同樣，我們成立了新的部門——巴塞特酒店管理公司（Bassett Hospitality），旨在拓展我們在精品酒店、鄉村俱樂部和養老社區管道的銷售業績。在經驗豐富的領導團隊的帶領下，我們正在建立一系列優質資產組合，以妥善處理這項業務。

Bassett closed the fiscal year with a strong balance sheet. Mike will get into the financial details on the quarter. Our fiscal 2026 is well underway. We believe the tariff situation has stabilized, and we've adjusted prices to account for the impact. We will reassess if that changes.

Bassett公司以穩健的資產負債表結束了本財政年度。 Mike將在季度財務報告中詳細介紹。我們的2026財年已順利啟動。我們認為關稅狀況已經穩定，並已調整價格以應對其影響。如果情況發生變化，我們將重新評估。

Industry data points to ongoing challenges with housing and mortgage rates. So we must control what we can, holding a leaner organization and business model to position us well in this environment. Our team is smaller.

產業數據顯示，房屋和抵押貸款利率持續面臨挑戰。因此，我們必須掌控力所能及的因素，精簡組織架構和商業模式，以便更好地應對當前環境。我們的團隊規模也隨之縮小。

We reduced headcount by 11% last year, and we recently reduced headcount again by 4%. We made meaningful progress in 2025 on positioning Bassett to weather a marketplace where discretionary demand has moderated. Innovation change and operating discipline remains critical to our future. After 124 years of history, our future is dependent on these changes, flexibility and new ideas.

去年我們裁員11%，最近又裁員4%。在2025年，我們為巴塞特公司做好應對非必需消費需求放緩的市場準備取得了顯著進展。創新變革和營運紀律對我們的未來仍然至關重要。歷經124年的發展，我們的未來取決於這些變革、彈性和新理念。

Now I'll turn things over to Mike.

現在我把麥克風交給麥克。

Thank you, Rob. In my commentary, the comparisons I'll discuss will be the fourth quarter of fiscal 2025 compared to the fourth quarter of fiscal 2024, unless otherwise noted. As Rob previously noted, total consolidated revenue increased $4.4 million or 5.1%.

謝謝你，羅布。除非另有說明，我將在本文中討論的比較數據均為2025財年第四季與2024財年第四季的數據。正如羅布之前提到的，合併總收入成長了440萬美元，增幅為5.1%。

Excluding sales from Noa Home, which closed late in 2024, consolidated revenues increased 6.4%. Gross margin at 56.3% represented a 30 basis point decrease when compared to the prior year, primarily driven by lower retail margins, partially offset by higher margins in the wholesale business.

剔除 2024 年底關閉的 Noa Home 的銷售額，合併收入成長 6.4%。毛利率為 56.3%，較前一年下降 30 個基點，主要原因是零售利潤率下降，部分被批發業務利潤率的提高所抵消。

Selling, general and administrative expenses were 53.2% of sales, 60 basis points lower than the prior year, reflecting benefits from last year's restructuring program, ongoing cost optimization activities and greater leverage of fixed costs due to higher sales levels.

銷售、一般及行政費用佔銷售額的 53.2%，比上年減少了 60 個基點，這反映了去年重組計劃的效益、持續的成本優化活動以及由於銷售水平提高而對固定成本的更大槓桿作用。

Operating income was $2.3 million or 2.6% of sales as compared to income of $900,000 in the prior year. Excluding impairments and other restructuring-related costs, operating income would have been $2.8 million or 3.2% of sales in 2025 compared to $2.3 million or 2.8% of sales in 2024.

營業收入為230萬美元，佔銷售額的2.6%，而去年同期為90萬美元。若不計減損及其他重組相關成本，2025年的營業收入將為280萬美元，佔銷售額的3.2%，而2024年則為230萬美元，佔銷售額的2.8%。

Diluted earnings per share were $0.18 in 2025 versus $0.38 in the prior quarter -- prior year quarter. The prior year's earnings included a $2.6 million tax benefit associated with our cumulative investment in Noa Home. Excluding that benefit, diluted earnings per share for 2024 would have been $0.08.

2025 年稀釋後每股收益為 0.18 美元，而上一季（即去年同期）為 0.38 美元。上年度收益包含與我們對 Noa Home 的累積投資相關的 260 萬美元稅收優惠。若不計入該優惠，2024 年稀釋後每股收益將為 0.08 美元。

Again, as Rob pointed out, net sales for the wholesale business increased $4.4 million or 8.3% over the prior year, consisting of a 14% increase in shipments to our retail store network, a 3.4% increase in shipments to the open market partially offset by a 13% decrease in shipments for Lane Venture.

正如羅布所指出的那樣，批發業務的淨銷售額比上一年增加了 440 萬美元，增幅為 8.3%，其中包括向零售店網絡發貨量增長 14%，向公開市場發貨量增長 3.4%，但部分被 Lane Venture 發貨量下降 13% 所抵消。

The decrease for Lane Venture was primarily due to timing of receipt of imported goods to fulfill orders as the order rate for the quarter actually increased by 34%. Gross margin increased 60 basis points over the prior year.

Lane Venture業績下降主要是由於進口貨物到貨時間影響了訂單履行，而該季度的訂單量實際上增加了34%。毛利率較上年同期成長了60個基點。

This increase was driven by improved pricing strategies in both the upholstery and wood operations, coupled with greater leverage of fixed costs from higher sales levels, partially offset by an unfavorable warranty and returns adjustment.

這一增長主要得益於家具和木材業務定價策略的改進，以及銷售水平提高帶來的固定成本槓桿效應增強，但部分被不利的保固和退貨調整所抵消。

SG&A expenses as a percent of sales decreased 50 basis points, primarily due to greater leverage of fixed costs from higher sales levels. Wholesale backlog was $19.5 million as compared to $21.8 million on November 30, 2024.

銷售、管理及行政費用佔銷售額的百分比下降了50個基點，主要原因是銷售額成長提高了固定成本的槓桿作用。批發訂單積壓額為1,950萬美元，而2024年11月30日為2,180萬美元。

Now moving on to our retail store operations. Net sales increased $4.2 million or 7.9%. To support sales and to wait until there was greater clarity on tariffs, our retail prices were not adjusted for the cost increases until January 1, 2026.

接下來談談我們的零售門市營運狀況。淨銷售額成長了420萬美元，增幅為7.9%。為了支持銷售並等待關稅政策更加明朗，我們的零售價格暫時未依成本上漲進行調整，直至2026年1月1日。

Primarily due to this, the gross margin declined 150 basis points. SG&A expenses as a percent of sales decreased 180 basis points due to several factors, efficiency gains in warehouse and delivery operations, overall lower operating costs due to benefits from the cost reductions implemented during the restructuring and greater leverage of fixed costs due to higher sales levels.

主要原因在於此，毛利率下降了150個基點。由於多種因素，銷售、管理及行政費用佔銷售額的百分比下降了180個基點，這些因素包括倉儲和配送營運效率的提高、重組期間實施的成本削減措施帶來的整體營運成本降低，以及銷售額成長帶來的固定成本槓桿效應增強。

Retail backlog was $34.4 million compared to $37.1 million at November 30, 2024. Our liquidity position remains solid with $59.2 million of cash and short-term investments and no debt. We generated $7.8 million in operating cash flow during the quarter, and our cash and short-term investments increased $4.6 million. For the year, we generated $13.5 million in operating cash flow and $2 million of free cash flow, demonstrating our ability to manage cash during a tough business cycle for home furnishings.

截至2024年11月30日，零售訂單積壓額為3,440萬美元，低於2024年同期的3,710萬美元。我們的流動性狀況依然穩健，擁有5,920萬美元的現金及短期投資，且無任何債務。本季我們實現了780萬美元的營運現金流，現金及短期投資增加了460萬美元。全年來看，我們實現了1350萬美元的經營現金流和200萬美元的自由現金流，這體現了我們在家居用品行業低迷的商業週期中管理現金流的能力。

As Rob mentioned, we plan to open three new stores during the year, which will result in additional capital expenditures. We're forecasting $8 million to $12 million of CapEx for 2026, considerably more than the $4.5 million spent this year.

正如羅布所提到的，我們計劃今年開設三家新店，這將導致額外的資本支出。我們預計2026年的資本支出將達到800萬至1,200萬美元，遠高於今年的450萬美元。

We continue to pay our quarterly dividend and repurchase shares opportunistically. We spent $1.7 million on dividends and $600,000 on share buybacks in the fourth quarter. We remain committed to delivering shareholder returns through dividends and when appropriate, share buybacks and our Board recently approved a regular $0.20 dividend to be paid February 27.

我們繼續按季度發放股息，並擇機回購股票。第四季度，我們支出170萬美元用於發放股息，60萬美元用於股票回購。我們始終致力於透過派發股息以及在適當情況下進行股票回購來為股東創造回報。董事會近期批准了每股0.20美元的常規股息，將於2月27日發放。

Now we'll open up the line for questions. Please provide instructions to do so.

現在我們將開放提問通道。請提供提問方式。

(Operator Instructions)

（操作說明）

Anthony Lebiedzinski, Sidoti.

Anthony Lebiedzinski，Sidoti。

Good morning, everyone, and thanks for taking the questions. Certainly, great to see you guys maintaining a very strong balance sheet even with all this volatility. So I guess my first question, just as far as Q4, can you comment on pricing versus unit volumes, how you saw that in the quarter?

各位早安，感謝你們回答問題。很高興看到你們即使在當前市場波動的情況下也能保持如此穩健的資產負債表。那麼我的第一個問題，關於第四季度，能否談談價格與銷售之間的關係，以及你們是如何看待這一季度的？

Are you referring to the tariffs.

您指的是關稅嗎？

Yeah, mostly just tariffs. I mean, obviously, with all the changes that we've seen, you guys did take some pricing actions. So just wondering if you guys can comment on that. It doesn't have to be overly specific, but just kind of directionally kind of where the pricing.

是的，主要是關稅方面。我的意思是，很明顯，鑑於我們看到的所有變化，你們也採取了一些價格措施。所以我想問你們能否就此發表一下看法。不必非常具體，只需大致說明一下價格走向即可。

Back in the spring, when they had Liberation Day, we increased prices initially on that and passed that through retail. Then we had some subsequent tariffs and these things have jumped around a lot. But as Mike alluded to in his comments, we made the decision to hold our retail prices in the fourth quarter, which did impact our retail gross margins.

今年春天，正值解放日，我們最初提高了相關商品的價格，並將這部分成本轉嫁給了零售商。之後又出現了一些關稅，價格波動很大。但正如麥克在評論中提到的，我們決定在第四季度維持零售價格不變，這確實對我們的零售毛利率產生了一定影響。

And we basically had a surcharge on top of the wholesale -- the regular wholesale price, we had a tariff surcharge. And then recently here a couple of weeks ago, we rolled the surcharge into a wholesale price and then adjusted that at retail.

我們之前是在批發價的基礎上加收了一筆附加費——也就是正常的批發價加上關稅附加費。然後就在幾週前，我們把這筆附加費併入了批發價，然後在零售價上進行了調整。

So basically, we aid the surcharge in our retail division during the quarter, and that's now been run through. Hopefully, this thing will settle down and we know what we're dealing with, although, of course, as you may have seen, India's tariffs are coming down.

所以基本上，我們在本季為零售部門的附加費提供了支持，現在這部分費用已經計入。希望情況能盡快穩定下來，讓我們清楚自己面臨的問題。當然，正如您可能已經看到的，印度的關稅正在下調。

So -- and we do have some nice products from India. So it's been tough to manage, and it's been tough to communicate exactly where we are to our customers through all this. But hopefully, we're going to see some kind of stabilization.

所以——我們確實有一些來自印度的優質產品。因此，管理起來很困難，也很難在這段時間準確地向客戶傳達我們的現狀。但希望情況能夠有所改善。

And Anthony, when you get down to price versus number of pieces, we don't get too caught up in the number of pieces. We're really tracking the top line cash. But I would say on the wholesale side, when you say we're up 4% in sales dollars. No, it was up 8% in sales dollars. I think the price increase was not 8% given all. So I would say from a unit standpoint, we probably were up a tad.

安東尼，說到單價與件數的關係，我們並不太在意件數。我們真正關注的是最終的現金流。但就批發業務而言，你說銷售額成長了4%，不，實際上成長了8%。考慮到所有因素，我認為價格漲幅並沒有達到8%。所以，從單件銷售來看，我們的成長幅度可能略超過了8%。

Okay. That's great. And then can you guys comment on the written retail sales that you saw in the quarter? Any sort of comment on demand trends so far in early fiscal '26?

好的，太好了。那麼，你們能否談談本季的零售額？對於2026財年初期的需求趨勢，你們有什麼看法？

Well, we -- we started off the quarter strong with written sales. They did temper somewhat as the quarter went on. We did have another strong Black Friday. But at the end of the day, we had a nice written quarter. And this year, we have started off -- well, we started off the first seven weeks because our quarter was five weeks in December and then, of course, first two weeks of January.

嗯，我們本季開局強勁，書面銷售額大幅成長。隨著季度的推進，成長有所放緩。黑色星期五的銷售額依然很高。但總的來說，本季的書面銷售額表現不錯。今年，我們開局——確切地說，是前七週，因為我們的季度包括十二月的五週，當然還有一月的前兩週。

So that first seven weeks were solid. We were pleased with that. I must say, however, that these last two weeks with this weather situation has been a real kick in the hands, so to speak. We had to close 40 stores with the ice weekend. And we've closed several -- last weekend with the snow weekend. So this has been highly disruptive to everything. And so here we are in February and President's Day loom.

所以前七週的業績很穩健，我們對此很滿意。但是，我必須說，過去兩週的天氣狀況真是給我們帶來了沉重的打擊。冰凍週末我們不得不關閉40家門市。上週末暴雪我們也關閉了幾家。所以，這種情況對所有業務都造成了極大的干擾。現在已經是二月了，總統日也即將到來。

So these next four weeks will really tell that the tale of the quarter. And we felt quite good until we couldn't open the store. So we'll see what happens, but that's my flavor on that.

所以接下來的四周將真正決定本季的走向。在無法開門營業之前，我們覺得一切都還不錯。所以，讓我們拭目以待吧，這就是我的看法。

And let me give you another little piece of data that typically we have in the 10-Q and since we don't have a specific thing on the quarter this time, our written sales were up 4% for the quarter.

讓我再提供一些數據，這些數據通常會出現在 10-Q 報告中，但由於這次我們沒有關於該季度的具體數據，所以我們的書面銷售額在本季度增長了 4%。

Got it. And then, obviously, hopefully, for the President's Day weekend, the weather is kind of more normal. And then as far as the Bassett Design Studios and Design Centers, so I know you guys gave some color commentary on that, which sounds like those are doing well. As we look forward here to the balance of fiscal '26, do you guys expect to open more of those locations? How should we think about that?

明白了。當然，希望總統日週末天氣能恢復正常。至於巴塞特設計工作室和設計中心，我知道你們之前也提到過，聽起來營運狀況不錯。展望2026財年剩餘時間，你們計劃開設更多這樣的門市嗎？我們該如何看待這個問題？

We do. And we are in -- the studio is a smaller concept, 1,000 square feet, really specializing in our custom upholstery, true custom program. That we should get more action out of that as the design center is a bigger commitment on floor space and inventory. And those don't come along as often as we have been able to open the newer concept.

是的。我們確實在做——工作室規模較小，只有1000平方英尺，專注於我們的客製化軟裝，真正的客製化服務。我們應該能從中獲得更多收益，因為設計中心需要更大的空間和更多的庫存。而且，設計中心的機會並不像我們開設新店那麼頻繁。

But yes, we -- that's very much a focus for us. And what we're really focusing on, too, is the productivity of those concepts, all the metrics that they use. And of course, that's how you keep a solid network. So -- but we do -- offhand, I can't tell you exactly how many, but that's something that we talk about constantly around here.

是的，這確實是我們非常關注的重點。我們真正關注的還有這些理念的成效，以及它們所使用的所有指標。當然，這也是維繫穩固網路的關鍵。所以——我一時想不起來具體有多少，但這確實是我們一直在討論的話題。

Got you. Okay. And then my last question here. So I know you guys talked about opening new stores this year. Longer term, how do you guys think about the retail store network? Just would love to get some color on that subject.

明白了。好的。那麼，我的最後一個問題。我知道你們今年計劃開設新店。從長遠來看，你們如何看待零售門市網路？很想了解這方面的狀況。

When you -- when you say how do we think about it, you mean in terms of size of it or how many stores or that kind of thing?

當你——當你問我們應該如何考慮它時，你是說從規模、門市數量之類的角度來考慮嗎？

Yeah, exactly. It's just -- so what's your kind of long-term goal as far as the number of stores, if you have a goal that you can share with us? Or just any sort of additional color as to how you guys think about the growth of the business in the next three to five years, which I would imagine would entail opening more stores, but maybe I just wanted if you guys could provide some additional details on that.

是的，沒錯。我只是想問一下——你們的長期目標是什麼？例如門市數量方面？如果有的話，能否和我們分享一下？或者，你們對未來三到五年的業務成長有什麼想法？我猜這應該包括開設更多門市，但我只是想聽聽你們在這方面的更多細節。

Sure. Well, we certainly look at the geography of the country and what kind of revenue is derived from each area. We know that when we open a store, we do more business in that area and if we don't have a store. So that's number one. However, I would say the post-COVID models for rents and for construction costs, we just had an interesting meeting on that yesterday.

當然。我們肯定會考慮國家的地理環境以及各地區的經濟收入狀況。我們知道，如果我們在某個地區開設門市，就能帶動該地區的業務成長；反之，如果我們沒有開設門市，情況就會大打折扣。所以這是首要考慮因素。不過，關於疫情後的租金和建築成本模式，我們昨天才就此召開了一次很有趣的會議。

The environment has changed. It's more expensive to do these stores today. So what we do, we've got a formula, and we overlay that formula with the geography.

環境已經改變。如今開設這類門市成本更高了。所以我們採取的策略是，我們有一套公式，並將這套公式與地理位置結合。

We do try to leverage areas where we are currently operated in -- operate in to take advantage of warehousing and that kind of thing if we can add and leverage our investment in the geographic area. So -- but this pace of, call it, two to four stores a year is one that we foresee us continuing on.

我們確實會努力利用我們目前營運所在地區的資源——例如倉儲設施等等，如果我們能增加投資並擴大在這些地區的規模，就會充分利用這些資源。所以——但我們預計會繼續保持每年開設兩到四家門市的速度。

And in addition to that, of course, all these efforts in the open market and now the design trade and the new Bassett Hospitality division, all of these things are -- and Lane Venture are all part of the mix for us to grow the top line.

當然，除此之外，我們在公開市場、設計產業以及新的 Bassett Hospitality 部門所做的所有這些努力，以及 Lane Venture，都是我們提高營收的組成部分。

Thank you very much and best of luck.

非常感謝，祝你好運。

Thanks Anthony. Thank You.

謝謝你，安東尼。謝謝。

Doug Lane, Water Tower Research.

道格·萊恩，水塔研究公司。

Thank you and good morning everybody. Looking at the retail business in 2026 here, you mentioned you raised prices January 1. So will that be enough to get retail margins -- gross margins on the retail side up year-over-year? Or are there other factors that might continue to hold retail margins back a little bit?

謝謝大家，早安。關於2026年的零售業務，您提到1月1日漲價。那麼，這足以使零售毛利率（零售方面的利潤率）較去年同期成長嗎？還是說還有其他因素可能會繼續抑制零售毛利率的成長？

Well, Doug, really, if you look back in probably a five-year run, we've had a nice run up in our retail margins. And then, of course, this quarter, we went the other way for the reasons that Mike enumerated with beating the surcharge and all that. But I think we're about where we're going to be. We could increase slightly.

道格，說真的，如果你回顧過去五年左右的時間，我們的零售利潤率確實穩定提升。當然，這個季度我們又出現了下滑，原因正如麥克所說，例如要應對附加費等等。但我認為我們現在的利潤率基本上已經達到預期水準了，或許還能略有成長。

And I mean, we've already seen the first couple of weeks with adjusting the prices that the margins have come up some. But we also want to make sure that we keep our inventory clean, and we're running this week of an inventory reduction sale as we speak. So all of those factors play in. So we've been running 52%, 53%, 54% in that range for some time. And I think that's where we see ourselves for the immediate future.

我的意思是，我們已經看到，在調整價格的頭幾週，利潤率有所提高。但我們也想確保庫存充足，所以本週我們正在進行庫存清倉促銷。所有這些因素都起作用。因此，我們的利潤率一直維持在 52%、53% 和 54% 之間一段時間了。我認為，在不久的將來，我們的利潤率也會維持在這個範圍內。

No, that makes sense. And help me understand how the new stores impact the P&L on the retail side. Is it enough to cause any kind of lumpiness in either sales growth or gross margin in any particular quarter? Or is it just pretty much seamless?

沒錯，這很有道理。請幫我理解新店對零售端損益表的影響。它是否足以導致任何特定季度的銷售成長或毛利率出現波動？還是說它幾乎不會產生任何影響？

Well, and I'll take this one. From a gross margin standpoint, really no effect on the gross margin per se. Where you see the impact is on the SG&A side, where, unfortunately, with the way we have to record rent expense, we record rent expense basically when we take control of the building, which could be two, three months before we open. So we're hitting a rent expense at that point.

好的，我來回答這個問題。從毛利率的角度來看，毛利率本身並沒有受到任何影響。真正受到影響的是銷售、管理及行政費用（SG&A）方面，很遺憾，由於我們記錄租金支出的方式，我們基本上是在接管物業時就確認租金支出，這可能比開業時間提前兩到三個月。所以，那時我們已經計入了一筆租金支出。

Then when we open, we don't ring the register for a sale until the product gets delivered. So there's occupancy cost and other SG&A that's going on for a two to three-month period before you get that backlog up to a normal level.

然後，當我們開門營業時，要等到商品到貨後才會開始結算銷售。因此，在積壓的訂單恢復到正常水準之前，需要兩到三個月的時間來支付倉庫租金和其他銷售、管理及行政費用。

So from a P&L perspective, SG&A is a hit. And I think if I remember right, what we used to say in the Qs and the Ks, it was somewhere preopening cost is what we really refer that -- referred to it as was somewhere in the $400,000 to $500,000 range for a new store opening.

所以從損益表的角度來看，銷售、一般及行政費用（SG&A）佔比很高。如果我沒記錯的話，我們以前在季度和季度報告中提到過，新店開業前的準備成本——我們通常指的是——大約在40萬到50萬美元之間。

Okay. Got it. It still sounds like the macro environment is challenging and yet you're growing wholesale and retail 8%. So congratulations on that. So obviously, you're gaining share from somebody. How would you describe where you're taking market share from in the current environment?

好的，明白了。宏觀環境聽起來依然充滿挑戰，但你們的批發和零售業務卻成長了8%，這真是令人欣喜。顯然，你們正在從其他競爭對手那裡搶佔市場份額。在當前環境下，你們的市佔率主要來自哪些方面？

Well, I just would attribute it to some of the new products that we brought out. And maybe -- well, definitely, I would say in a couple of cases, we've needed to really improve our assortment. It's hard for me to really pinpoint who we took it from because there are so many guys doing this in this business.

嗯，我覺得這要歸功於我們推出的一些新產品。而且，或許——嗯，肯定地說，在某些情況下，我們確實需要改進產品組合。我很難確切指出我們是從誰那裡借鑒的，因為在這個行業裡，做這方面事情的人太多了。

But it's really in our Bassett Casegoods, particularly this quarter, consumers responded to what we had to offer, and that's really made a difference. So one thing about our business, and this is for everybody, if you get something that's hot that people like, it can affect your sales nicely.

但尤其在本季度，我們的巴塞特家具系列產品表現出色，消費者對我們提供的產品反應熱烈，這確實帶來了顯著的改變。所以，對於我們這個行業來說，這一點也適用於所有企業：如果你推出了一款熱門產品，消費者喜歡它，那麼你的銷售額就會大幅提升。

And of course, the opposite is also true. But that's really what I attribute our -- and we've been out in the stores here in the last few weeks and the people are excited about these new products. So that's really what's happening.

當然，反過來也一樣。但這正是我認為我們——過去幾週我們一直在門市走訪，人們對這些新產品都感到興奮。所以，這就是目前的情況。

And Doug, I would add one thing Rob pointed out in his comments is kind of the phenomenon of what's happening with the independent retailer. More and more of the generational businesses are going away. And at least on the retail side, it does provide some additional help to our sales. So I'd throw that in there, too.

道格，我想補充一點，羅佈在評論中也提到了這一點，那就是獨立零售商正在經歷的現象。越來越多的家族企業正在消失。至少在零售方面，這確實對我們的銷售起到了一些額外的幫助。所以我也想把這一點補充進去。

No, that makes sense. Lastly, on share repurchase. Is there any -- is there -- what is the attitude on share repurchase? Is it still opportunistic? Or do you think that 2026 might be a little bit more aggressive than 2025? Just maybe if you could help me think about how you guys think about share repurchases.

嗯，有道理。最後，關於股票回購。你們對股票回購的態度如何？還是仍然採取機會主義策略嗎？或者你們認為2026年可能會比2025年更積極一些？如果你們能幫我分析一下你們對股票回購的看法就太好了。

Well, Mike, this word opportunistic is certainly what drives our decision process on that. We also -- in quiet periods, we are prohibited from buying in the open market unless we put some kind of accommodating plan in to allow us to buy at a certain level.

嗯，麥克，機會主義這個詞確實影響著我們的決策過程。此外，在市場低迷時期，除非我們制定某種靈活的方案，允許我們在特定價位買入，否則我們被禁止在公開市場上進行交易。

And so we -- before we close each quarter, we look at those 30 to 40 days that follow the quarter and say, well, if it reaches a certain level, if it goes down to a certain level, we'll buy. But we are not I would say, pretty much stay the course of where we are on the share repurchase is what we're thinking right now.

所以，在每個季度結束之前，我們會觀察季度結束後的30到40天，看看股價是否達到或跌至某個特定水平，然後決定是否買入。但我想說的是，我們目前基本上會維持現有的股票回購策略。

And the other piece to that, Doug, is we're constantly looking at our cash level and the cash generation during the period to make sure that we can, if you want to say, afford to make those purchases.

道格，另一方面，我們會不斷關注這段時期的現金水準和現金產生情況，以確保我們能夠負擔得起這些採購。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

I'm showing no further questions at this time. I'd like to turn it back to Rob Spilman for closing remarks.

目前我不再接受其他提問。現在請羅伯·斯皮爾曼做總結發言。

Well, as we said, everyone, we have a similar environment here in 2026 that we experienced in 2025, but we are hard at running a smarter business and growing the top line at Bassett in the various ways that we have described. And that's what we're going to continue to do. I would say thank you for your participation today, and have a great day. Thank you.

正如我們之前所說，各位，2026年我們面臨的環境與2025年類似，但我們正在努力以更聰明的方式經營業務，並透過我們先前提到的各種途徑提升巴塞特公司的營收。我們將繼續這樣做。感謝各位今天的參與，祝大家今天過得愉快。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您可以斷開連接了。