Bassett Furniture Industries Inc (BSET) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Bassett Furniture Industries first quarter 2026 earnings 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, please go ahead.

各位好，感謝您稍候。歡迎參加 Bassett Furniture Industries 2026 會計年度第一季財報電話會議。（接線員指示）提醒您，今天的會議將被錄音。現在我想把會議交給今天的講者 Mike Daniel，請開始。

Thank you so much, [Latonya], for the introduction. Welcome to Bassett Furniture Industries' earnings call for the first quarter of fiscal 2026, which ended February 28th of 2026. Joining me today is our Chairman and CEO, Rob Spilman.

非常感謝您，[Latonya]，的介紹。歡迎各位參加 Bassett Furniture Industries 2026 會計年度第一季（截至 2026 年 2 月 28 日止）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 Rob Spilman。

We issued our news release in Form 10-Q yesterday after the market closed. And it's available on our website. After today's remarks, Rob and I will be open for questions. We will also post a transcript of this call on Bassett's Investor Relations website following the call.

我們已於昨日收盤後發布新聞稿並提交 10-Q 表格，並已上傳至公司網站。今天的發言結束後，Rob 與我將開放提問。我們也會在會後將本次電話會議逐字稿發布於 Bassett 投資人關係網站。

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. 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.

在本次電話會議中，我們所作的某些陳述可能被視為前瞻性陳述，且本質上涉及風險與不確定性，可能導致實際結果與管理層目前觀點出現重大差異。此等陳述係依據 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，亦不承擔更新此等前瞻性陳述的任何義務。

Other filings with the SEC describing risks related to our business are available on our corporate website under the Investors tab.

其他向美國證券交易委員會（SEC）提交、描述與本公司業務相關風險的文件，可於公司網站「Investors」分頁中查閱。

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

接下來我把時間交給 Rob。Rob？

Hey, thanks, Mike. Good morning, everyone. First, I'll provide some perspective on the quarter and then lay out our initiatives going forward to grow the Bassett business. After a solid start to the first seven weeks of fiscal 2026, the pace of business slowed abruptly in mid-January.

謝謝，Mike。各位早安。首先我會就本季表現提供一些觀點，接著說明我們未來推動 Bassett 業務成長的各項措施。2026 會計年度前七週開局穩健，但在 1 月中旬業務節奏突然放緩。

As a result, consolidated sales declined by 2.2% due to a variety of factors. Against the backdrop of ongoing weak residential housing activity, severe weather interrupted both wholesale and retail sales, as well as product distribution flow due to warehouse closures.

因此，合併銷售額因多項因素下滑 2.2%。在住宅房市活動持續疲弱的背景下，惡劣天候同時干擾批發與零售銷售，也因倉庫關閉而影響產品配送流程。

We rely heavily on retail traffic during weekends more than 50% of the retail fleet was closed due to weather through one weekend in January, followed by more than 25% of our locations being closed the following weekend.

我們高度仰賴週末的零售來客量；1 月某個週末因天候因素，超過 50% 的零售門市關閉，接著下一個週末又有超過 25% 的據點關閉。

On the positive side, we benefited from changes to our marketing strategy this year, which expanded our President's Day promotional event to three weeks. This helped us drive retail sales up for the back half of February. While written sales were essentially flat for the first quarter, we had a double-digit increase in written orders for the back half of February.

正面來看，我們受惠於今年行銷策略的調整，將總統日促銷活動延長為三週，帶動 2 月下半月零售銷售成長。雖然第一季的書面銷售（written sales）基本持平，但 2 月下半月的書面訂單出現兩位數成長。

These sales will be delivered in the second quarter. We had margin pressure on our retail business from our decision to ease the tariff impact. Until midway through the quarter. In fact, retail gross margins were down 170 basis points because we did not pass this along on goods sold in the fourth quarter that were delivered in the first quarter.

這些銷售將於第二季交付。我們的零售業務毛利承受壓力，原因在於我們決定緩解關稅影響，直到本季中段才調整。事實上，零售毛利率下滑 170 個基點，因為我們未將第四季售出、但於第一季交付的商品之關稅成本轉嫁反映在售價中。

With the tariff costs now included in the retail pricing, we expect to see improved retail margins going forward. Wholesale margins decreased slightly, primarily due to lower volume in our domestic upholstery operation. Mike will cover the details on the financials shortly.

目前關稅成本已納入零售定價，我們預期未來零售毛利將改善。批發毛利略為下降，主要因國內布藝沙發（upholstery）業務量較低所致。Mike 稍後將說明財務細節。

We've been conservative in designing our plan, but SG&A for the quarter remained higher than we like for the revenue we delivered, and we're addressing this. We're operating in a macro environment of challenging housing. Political tensions, which continue as headwinds for our top-line. To combat this, we have several initiatives in the works that are projected to save between $1.5 million and $2 million annually starting late in the second quarter.

我們在規劃上採取保守作法，但本季 SG&A（銷售、一般及行政費用）相對於實現的營收仍高於我們期望，我們正著手改善。我們所處的總體環境面臨房市挑戰與政治緊張局勢，持續對營收端形成逆風。為因應此情況，我們正在推動多項措施，預計自第二季後段起每年可節省約 150 萬至 200 萬美元。

Looking ahead, we have organized our strategic thinking around five key initiatives to grow the Bassett business. The first is to generate comp store growth. We have a strong brand in Bassett. We feel good about the product offerings we have in place, and we're excited about what we have coming.

展望未來，我們將策略思考聚焦於五項關鍵成長計畫。第一是帶動同店成長（comp store growth）。Bassett 擁有強勢品牌；我們對現有產品組合充滿信心，也對即將推出的新品感到振奮。

Consumer response to our updated case goods collections has been good. We've also had good reception to the recent introductions of the Z4 sleeper and the hideaway dining programs. Customers continue to love our true custom upholstery program, the most significant piece of our business, which showed a 6% increase in retail written sales in the first quarter.

消費者對我們更新的箱式家具（case goods）系列反應良好；近期推出的 Z4 沙發床（sleeper）與隱藏式餐桌（hideaway dining）方案也獲得不錯回響。顧客持續喜愛我們真正的客製化布藝沙發方案（true custom upholstery program）—這是我們業務中最重要的一塊，第一季零售書面銷售成長 6%。

At the upcoming April high point market, Bassett will introduce new opening price point upholstery collections that offer excellent value with customized options for the consumer. As we shared previously, the Bassett outdoor line has been absorbed into the Lane Venture brand to further leverage the strong reception and rich history behind Lane Venture, which is now more than 50 years old.

在即將到來的 4 月 High Point 展，Bassett 將推出新的入門價位布藝沙發系列，為消費者提供具高度性價比且可客製化的選項。如先前所分享，Bassett 戶外產品線已整合至 Lane Venture 品牌之下，以進一步運用 Lane Venture 強勁的市場反應與深厚歷史底蘊；Lane Venture 目前已有超過 50 年歷史。

Since we acquired Lane Venture in 2017, Bassett invested in domestic manufacturing infrastructure to offer custom options and to improve lead times. In addition to our teak and wicker offerings, our domestic aluminum product now represents 45% of our outdoor sales.

自 2017 年收購 Lane Venture 以來，Bassett 投資於國內製造基礎設施，以提供客製化選項並改善交期。除柚木與藤編（wicker）產品外，我們的國內鋁製產品目前占戶外銷售的 45%。

Second, we expect further growth to come from investing to open additional retail store locations, both corporate and licensed. As we announce, we will open corporate stores in Cincinnati and Orlando this year, and will relocate a store on Long Island. The Cincinnati store is under construction, and we will begin work on our new Orlando location next week.

第二，我們預期透過投資開設更多零售門市（包含直營與授權）帶來進一步成長。如我們所宣布，今年將在辛辛那提與奧蘭多開設直營門市，並將長島的一家門市遷址。辛辛那提門市正在施工中，我們將於下週開始奧蘭多新據點的工程。

Given the escalation of retail rents and construction costs since COVID. We will meticulously research the sales potential of future locations before we commit to a new store. Both the Cincinnati and Orlando locations have taken almost two years to come online by the time they open later this year.

鑑於 COVID 以來零售租金與建造成本上升，我們在承諾開設新店前，將對未來據點的銷售潛力進行嚴謹評估。辛辛那提與奧蘭多兩個據點，從規劃到今年稍晚開幕，幾乎都花了近兩年時間才得以上線。

Also, we have opportunities to convert some current licensed locations to corporate stores as owners retire and exit the business. We have just finished this kind of conversion in the greater Philadelphia market. The retirement of independent furniture operators with no succession plan is a trend that has picked up steam in the past several years, and Bassett's licensed stores are not.

此外，當部分授權門市業主退休並退出經營時，我們也有機會將現有授權據點轉為直營門市。我們剛在大費城市場完成此類轉換。近幾年，缺乏接班計畫而退休的獨立家具業者趨勢加速，而 Bassett 的授權門市也不例外。

Under the right circumstances, BRIN represents an opportunity for us to continue growing in existing markets by leveraging customer relationships and our brand.

在合適的條件下，BRIN 對我們而言代表一項機會：透過運用客戶關係與品牌優勢，在既有市場持續成長。

Third, we are investing to increase e-commerce sales and build a successfully integrated omnichannel experience. Retail customers are responding well to the enhancement in our e-commerce site, allowing them to see the full breadth of our offerings. The investments we've made in presentation and functionality allow us to reach many more markets where we don't have physical locations. And late last year, we began national home delivery to previously unserved geography.

第三，我們正投資以提升電商銷售，並打造成功整合的全通路（omnichannel）體驗。零售客戶對我們電商網站的強化反應良好，能夠看到我們更完整的產品廣度。我們在呈現方式與功能性上的投資，使我們得以觸及更多尚未設有實體據點的市場。去年底，我們也開始提供全國到府配送服務，涵蓋先前未服務的地區。

While overall traffic was down in the first quarter, more customers are generating more frequent transactions. Inversions was up 130% for the quarter, resulting in a 28% increase in orders. Our goal is to use our website to reach younger, higher-income demographics to represent a strong growth opportunity.

雖然第一季整體流量下滑，但更多客戶帶來更頻繁的交易。Inversions 本季成長 130%，帶動訂單增加 28%。我們的目標是透過網站觸及更年輕、收入更高的人口族群，這代表一項強勁的成長機會。

Fourth, we are enhancing the model for Bassett Design Centers, which remain a critical part of our wholesale growth strategy. With a footprint of 3,000 to 5,000 square feet, the VDC is the best representation of our brand outside of a Bassett Home Furnishing store.

第四，我們正在強化 Bassett Design Centers 的營運模式；該通路仍是我們批發成長策略的關鍵一環。以 3,000 至 5,000 平方英尺的店面規模而言，VDC 是除 Bassett Home Furnishing 門市之外，最能代表我們品牌形象的形式。

During the first quarter, we added two Bassett Design Centers and currently seek to improve the visual merchandising standards and marketing programs for the VDC fleet this year. The little sister Bassett Custom Studio concept at 1,000 feet serves as the wholesale gateway for us, as we have opened 60 studios in the two years since its inception.

第一季我們新增兩家 Bassett Design Centers，並計畫今年提升 VDC 門市群的視覺陳列標準與行銷方案。較小型的 Bassett Custom Studio 概念店（1,000 平方英尺）作為我們批發端的入口；自推出以來的兩年間，我們已開設 60 家 studio。

The Custom Studio product offering focuses exclusively on the merits of our true custom upholstery program. No inventory is required, and the turnaround time is short. The studio model is a great way for the open market to test the Bassett brand. We aim to convert the best customers under the studio into full Bassett Design Centers and recently completed three such conversions.

Custom Studio 的產品主張專注於我們真正的客製化布藝沙發方案的優勢；不需要備貨，且交付週期短。Studio 模式是開放市場測試 Bassett 品牌的絕佳方式。我們的目標是將 studio 中表現最佳的客戶升級為完整的 Bassett Design Centers，近期已完成三起此類轉換。

Fifth, we are focusing on building the interior design channel. We believe that the styling of our assortment and our ability to customize our products beautifully fit the needs of today's interior designer. We are enhancing our technology platform to cater to designers, and we are working with our independent wholesale sales force to equip them with the tools and mindset to adapt to the current world of design.

第五，我們聚焦於建立室內設計師通路。我們相信，我們產品組合的風格定位，以及將產品精緻客製化的能力，非常符合當今室內設計師的需求。我們正強化技術平台以服務設計師，同時與我們的獨立批發銷售團隊合作，為其配備工具並建立相應思維，以適應當前的設計市場環境。

To showcase our brand in a more design-centric fashion, this summer we plan to relocate our wholesale showroom to better target this growing channel in time for the October fall market. Demolition is now progressing, and extensive renovations are already taking place. This new consolidated showroom will include the LaneVenture brand, which historically has had showroom space separate from Bassett.

為了以更偏重設計的方式展現我們的品牌，今年夏天我們計劃搬遷我們的批發展示間，以便在10月秋季市場前更有效鎖定這個成長中的通路。拆除工程目前正在進行中，且大規模整修已經展開。這個新的整合展示間將納入 LaneVenture 品牌；該品牌過去的展示空間一直與 Bassett 分開。

In concert with the design effort, we are developing the hospitality and commercial channel by leveraging the quality and brand equity behind the Bassett name. The launch of the Bassett Hospitality Division is underway, and we will go after contract business across various commercial areas, from hotels to senior living. We have put the team in place. But this will take time to gain traction.

配合設計方面的投入，我們正藉由 Bassett 名稱背後的品質與品牌資產，發展飯店與商用通路。Bassett 飯店事業部的成立已在推進中，我們將在各類商用領域爭取合約業務，從飯店到高齡照護住宅皆涵蓋。我們已完成團隊建置，但要取得進展仍需要時間。

This five-point strategy articulates the blueprint that our management team is employing to ensure a bright future profession. The challenging macro environment that we have experienced since the COVID boom makes for a difficult balance between investing to grow while controlling or cutting operating expenses.

這項五點策略闡述了我們管理團隊用以確保未來前景光明的藍圖。自 COVID 榮景以來我們所經歷的嚴峻總體環境，使得在投資成長與控制或削減營運費用之間取得平衡變得困難。

In short, we are doing both. Reshaping our organization and technology to compete in a changing world and deliver improved shareholder returns.

簡言之，我們兩者並行：重塑組織與科技，以在變動的世界中競爭，並帶來更佳的股東報酬。

With that, I'll turn things over to Mike for details on the first quarter results.

接下來我把時間交給 Mike，請他說明第一季的業績細節。

Thank you, Rob. In my commentary, the comparisons I'll discuss will be the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025, unless otherwise noted. Total consolidated revenue was $80.3 million, a decrease of $1.8 million or 2.2%.

謝謝你，Rob。在我的說明中，除非另有註明，我所討論的比較將以2026會計年度第一季對比2025會計年度第一季。合併總營收為8,030萬美元，減少180萬美元或2.2%。

This consisted of a $700,000 decrease in revenue from our retail stores and a $1.1 million decrease to our external wholesale customers. Primarily due to the impacts of winter weather on store operations and retail and wholesale logistics.

其中包括零售門市營收減少70萬美元，以及對外部批發客戶的營收減少110萬美元。主要原因是冬季天候對門市營運，以及零售與批發物流所造成的影響。

Gross margin at 56.2% represented an 80 basis point decrease when compared to the prior year, primarily driven by lower margins in both the retail and wholesale business.

毛利率為56.2%，較去年同期下降80個基點，主要是零售與批發業務的毛利率皆較低所致。

Selling, general, and administrative expenses, excluding new store pre-opening costs. Or 54.7% of sales, 70 basis points higher than the prior year, reflecting reduced leverage of fixed costs due to lower sales levels. Operating income was $1.2 million, or 1.4% of sales, as compared to income of $2.5 million, or 3% of sales in the prior period.

銷售、一般及行政費用（不含新店開幕前成本）為銷售額的54.7%，較去年同期高70個基點，反映因銷售水準較低而使固定成本槓桿降低。營業利益為120萬美元，約占銷售額1.4%；相較之下，前一期間營業利益為250萬美元，約占銷售額3%。

Diluted earnings per share were $0.13 versus $0.21. Now, let me cover more details on our wholesale operations. Net sales were $53 million, essentially flat to last year. Net sales were impacted by a 0.6% increase in shipments to our report network. And a 2.6% increase in Lane Venture shipments to wholesale customers, partially offset by a 5.3% decrease in shipments to the open market.

稀釋後每股盈餘為0.13美元，對比0.21美元。接著我補充批發營運的更多細節。淨銷售額為5,300萬美元，與去年基本持平。淨銷售額受到以下因素影響：對我們報告網路的出貨量增加0.6%，以及 Lane Venture 對批發客戶的出貨量增加2.6%，部分被對開放市場出貨量下降5.3%所抵銷。

As previously discussed, we introduced the Lane Venture brand in the Bassett Home Furnishing stores during the first quarter, 2026, and have included those shipments in the above change in the 0.6% increase. Or the retail stores.

如先前所述，我們在2026年第一季將 Lane Venture 品牌導入 Bassett Home Furnishing 零售門市，並已將這些出貨納入上述0.6%的增幅之中（即零售門市部分）。

Including those shipments in the Total Lane Venture brand, shipments of that brand increased 32%. Shipments were negatively impacted by winter weather because our major distribution centers were closed for multiple days during the quarter.

若將這些出貨納入 Lane Venture 品牌總量，該品牌出貨量增加32%。由於冬季天候影響，本季我們的主要配送中心關閉了數日，出貨因此受到負面影響。

Gross margins decreased 50 basis points in our period. As margin decreases in custom upholstery operations due to reduced leverage and fixed costs that were partially offset by improved margins in the Bassett case good operations due to improved pricing strategies. SG&A expenses as a percent of sales were essentially flat compared with the prior year period.

本期間毛利率下降50個基點。原因在於客製化布藝沙發（custom upholstery）業務因槓桿降低而固定成本攤提不利、毛利下滑；但 Bassett 箱式家具（case goods）業務因定價策略改善而毛利提升，部分抵銷了上述影響。SG&A 費用占銷售額比重與去年同期基本持平。

Now, moving on to our retail store operations. Net sales of $52.5 million represented an $800,000 or a 1.4% decrease, again, primarily due to the impacts of the winter weather. Written sales, the value of sales orders taken but not delivered, decreased 0.2%. Gross margin at 51.5% represented a decline of 170 basis points. Due to lower margins on inline goods as we did not institute a price increase related to the increased tariff costs until mid-January.

接著談零售門市營運。淨銷售額為5,250萬美元，減少80萬美元或1.4%，同樣主要因冬季天候影響。接單銷售（written sales，即已接單但尚未交付的訂單金額）下降0.2%。毛利率為51.5%，下降170個基點。原因是我們直到1月中旬才針對關稅成本上升進行調價，因此現貨/常備商品（inline goods）的毛利較低。

Total SG&A expenses as a percent of sales increased 20 basis points, primarily due to the pre-opening costs associated with the new stores in Cincinnati and Orlando and reduced leverage of fixed costs due to lower sales levels. Partially offset by improved efficiency in the warehouse and delivery operation. Prior to opening a new store, we incur such expenses as rent, training costs, and other payroll-related costs.

SG&A 總費用占銷售額比重上升20個基點，主要因辛辛那提與奧蘭多新店的開幕前成本，以及銷售水準較低導致固定成本槓桿下降；部分被倉儲與配送作業效率提升所抵銷。在新店開幕前，我們會發生如租金、訓練費用及其他與薪資相關的成本。

These costs generally range between $200,000 to $400,000 per store, depending on the overall rent cost for the location. And the period between the time when we take physical possession of the store space and the time of the store opening. These costs should be higher in the second quarter.

這些成本通常每店約介於20萬至40萬美元之間，取決於該地點的整體租金成本，以及我們取得店面空間實體交付到正式開幕之間的期間。這些成本在第二季應會更高。

Now, let me address our liquidity position. Our liquidity remains solid with $51 million of cash in short-term investments. With the first quarter historically being the lowest in cash generation. Operating cash flow was a negative $5.5 million, which also included certain negative working capital changes, which were expected. As we previously mentioned, we plan to open two new stores, relocate another store, and move our existing High Point showroom during the year, which will result in additional capital spending for tenant improvements.

接著說明我們的流動性狀況。我們的流動性仍然穩健，短期投資中的現金為5,100萬美元。由於第一季歷來是現金創造最低的季度，營運現金流為負550萬美元，其中也包含若干預期中的營運資金變動所造成的負面影響。如先前提到，我們計劃於今年開設兩家新店、搬遷另一家門市，並移動現有的 High Point 展示間，這將帶來額外的資本支出，用於承租戶裝修（tenant improvements）。

As a result, we expect total capital expenditures to be between $8 and $12 million for 2026, considerably more than the $4.5 million we spent last year. We continue to pay our quarterly dividend and repurchase shares opportunistically. We spent $1.7 million on dividends and $147,000 on share buybacks in the quarter. We remain committed to delivering shareholder returns through dividends and, when appropriate, share buybacks. Our Board also approved a $0.20 dividend to be paid May 29.

因此，我們預期2026年的資本支出總額將介於800萬至1,200萬美元之間，明顯高於去年支出的450萬美元。我們持續支付季度股利，並在適當時機進行庫藏股回購。本季我們股利支出170萬美元，股票回購支出14.7萬美元。我們仍致力於透過股利，以及在適當時透過股票回購，為股東創造報酬。我們董事會亦核准每股0.20美元的股利，將於5月29日支付。

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

現在我們開放提問。Latonya，請提供相關操作說明。

(Operator Instructions) Anthony Lebiedzinski, Sidoti.

（接線員指示）Anthony Lebiedzinski，Sidoti。

Good morning, everyone. Yeah, thanks for taking the questions. So just, thinking about the retail margins, can you help us better understand the impact of the delayed price increases that you took in mid-January and how that should impact the second quarter?

各位早安。謝謝讓我提問。關於零售毛利率，能否協助我們更清楚了解你們在1月中旬才調價的延後效應，以及這將如何影響第二季？

Well, that's unfolding as we speak, Anthony, but we have seen. Since we implemented that, the tariff thing last year was difficult for the whole industry to deal with, and everybody had their own take on it. And of course, we've got a wholesale consideration and a retail consideration. So I'm giving you a little bit of the logic behind our decision. So we increased wholesale and retail prices in July.

Anthony，這部分正在發展中，但我們已經看到一些變化。去年關稅議題對整個產業都很難處理，每家公司都有不同做法；而我們同時要考量批發端與零售端。我先說明我們決策背後的一些邏輯：我們在7月調升了批發與零售價格。

And then there were some further adjustments to the tariffs. And at that point in the fall, we said, given the environment, we don't want to put on another price increase within 60 days of what we just did. So we elected to go with it. And as we've mentioned already, and you're asking about, we had that 170 basis point decline. But.

之後關稅又有進一步調整。到了秋季，我們認為在當時的環境下，不希望在距離上一次調價不到60天內再進行一次調價，因此選擇先維持不變。正如我們已提到、也如你所問，我們因此出現170個基點的下滑。不過……

I can't predict exactly how these margins will come through in the quarter, but they will be closer to what we had last year than the what we just reported, and so I can't give you any more. Insight in that, Mike, maybe you can help. I don't know if we'll get all the way back up to 170 basis points, but we are seeing improved margins so far this quarter since we have implemented the increase.

我無法精準預測這些毛利率會在本季如何反映，但它們會更接近去年同期的水準，而不是我們剛公布的水準，所以我也無法提供更多洞見。Mike，也許你可以補充。我不確定是否能完全回到那170個基點，但自從我們實施調價後，本季迄今確實看到毛利率有所改善。

Gotcha, okay, yeah, thanks for that. So, given the recent spike in fuel prices. Are you thinking about potential additional pricing actions and/or surcharges to offset the higher delivery and shipping costs? We're just wondering how you guys are thinking about what's been going on since your quarter ended?

了解，謝謝。那麼，考量近期燃料價格飆升，你們是否在思考採取額外的定價行動和/或附加費（surcharge），以抵銷更高的配送與運輸成本？我們想了解在你們季度結束後所發生的情況，你們目前是如何看待的？

Well, in our on a retail side, we have a captive break situation with JB Hunt and we're receiving surcharges weekly on that, depending on which fluctuates with diesel prices. So yes, that's already happening. And we're also getting increases from petroleum derivative products such as foam.

在零售端，我們與 JB Hunt 有固定的運價機制，會依柴油價格波動每週收到附加費調整。所以是的，這已經在發生。此外，我們也收到來自石油衍生產品（例如泡棉）方面的漲價。

Poly and that kind of thing. And those are fairly significant, and we will have to pass those along in the next -- they actually have not been implemented yet, but there is a -- there are various dates in the next few weeks that these things will take effect, and we will have to adjust for those increases.

Poly 以及那類東西。而且那些影響相當顯著，我們必須在接下來——其實目前尚未正式實施，但在未來幾週有不同的生效日期，這些措施將開始生效，我們也必須因應那些漲幅進行調整。

And Anthony, yeah, on the freight surcharge, fuel surcharge side, we do turn and build back, from a wholesale perspective, the freight or the freight surcharge that we are charged from our freight partner. So, yes, that fluctuates along, that surcharge that we fill out fluctuates with what we're getting charged from our partner.

還有 Anthony，對，關於運費附加費、燃油附加費這一塊，從批發的角度來看，我們會把我們的貨運夥伴向我們收取的運費或運費附加費轉嫁並回補回來。所以，是的，那會隨之波動；我們開出的那個附加費會隨著夥伴對我們的收費而波動。

Gotcha. Got it. Okay. And then, just wondering, if you can comment on the trends that you've seen in the business since the end of your quarter, which coincides with the start of the conflict in Iran, whether you've seen any noticeable, the differences in trends.

了解。明白了。好。接著想請教一下，您是否能評論一下自你們季度結束以來的業務趨勢（那也正好與伊朗衝突開始時間重疊），你們是否看到任何明顯的趨勢差異？

I know your target customer is generally a higher income consumer, so maybe not as much impacted by fuel prices as lower income consumers, but obviously, we've seen a stock market react negatively since then. So just wondering if you could talk at a high level as to what you've seen so far, the first few weeks of your current quarter?

我知道你們的目標客群通常是較高收入的消費者，所以可能不像低收入消費者那樣受油價影響那麼大，但顯然自那之後我們看到股市出現負面反應。所以想請你們從較高層次談談，到目前為止你們看到什麼情況——也就是你們本季度前幾週的表現？

Pretty much more of the same, I would say. Anthony, we haven't had a tremendous decline, but we haven't had an uptick either. So it's still, grinding it out pretty much the way I would describe it. We, obviously this is. Easter weekend, and we're closed on Sunday, and the week around Easter is always a tough week, so we're going to deal with that. But more of the same is what we're saying. Not a lot up or down.

我會說大致上還是差不多，Anthony。我們沒有出現大幅下滑，但也沒有上升。所以仍然是——我會形容為——在那裡硬撐著往前走。我們當然，這是復活節週末，我們週日休息，而復活節前後那一週一向都比較難做，所以我們會面對那個狀況。但我們看到的就是差不多，沒有太多上上下下。

Gotcha. All right, well, thanks very much for the help, and best of luck.

了解。好，非常感謝你的協助，祝你們一切順利。

Thank you.

謝謝。

Douglas Lane, Water Tower Research.

Douglas Lane，Water Tower Research。

Yes, hi. Good morning, everybody. Staying on the conflict in the Middle East, are you seeing any -- you're expecting price increases. You mentioned foam and some of the plastic derivatives. What about accessibility?

是的，嗨。各位早安。延續中東衝突的話題，你們是否看到任何——你們預期會有漲價。你們提到泡棉以及一些塑膠衍生品。那可得性（供應取得）方面呢？

Do you have any -- are you worried about accessibility to some components, maybe even aluminum? A lot of aluminum goes through that part of the world. Just what's the outlook for accessibility to your materials in the near future?

你們是否有——是否擔心某些零組件的可得性，甚至像鋁？很多鋁會經過那一帶。就近期而言，你們材料供應可得性的展望如何？

Doug, the only thing that really goes through that area in the Hormuz and over there. It's a product from India, and for us, and we really haven't had a noticeable issue. On this, and we haven't seen container prices spike.

Doug，真正會經過那個區域、霍爾木茲海峽那一帶的，只有一項產品，是從印度來的，對我們而言，而且我們其實沒有遇到明顯的問題。在這方面，而且我們也沒有看到貨櫃價格飆升。

I think that's just because of overall epid demand across our industry and other consumer goods since all this stuff has started. But at the moment, I haven't seen an accessibility issue.

我想那只是因為自從這些事情開始以來，我們產業以及其他消費品整體需求都偏疲弱。但就目前而言，我沒有看到供應可得性方面的問題。

Okay, fair enough. Then switching over to the retail margins, segment margins down about $1 million. Second quarter, I guess we benefit from better pricing, but we still have new store openings. Can you give us a feel for just directionally where we're going, are we going to continue to have some losses on the retail side until the back half of the year, maybe even the fourth quarter, when those stores come online and start producing sales and profits? How's that look?

好的，可以理解。那再切換到零售毛利率（零售端利潤率），分部利潤大約下降了 100 萬美元。第二季我猜我們會受惠於較好的定價，但我們仍有新店開幕。你能否讓我們大致了解一下方向：零售端是否會持續虧損直到下半年，甚至第四季，等那些門市上線並開始帶來銷售與獲利？情況會是怎樣？

That's probably accurate. I think we can do better than we did this quarter with the better margins, and that will help quite a bit. We've only baked in one of the store opening costs so far, and now we're going to have two coming this quarter.

那大概是正確的。我認為在毛利率較好的情況下，我們可以比本季做得更好，而那會有相當大的幫助。到目前為止，我們只把一家門市的開店成本納入預算，接下來這一季我們會有兩家要開。

And then, in our model, we don't have things on the shelf. We have 80% of the time we have to go make the furniture when they buy it, and so that takes another four weeks or five weeks to turn into revenue. So, yeah, we'll be dealing with that the rest of the year, but we're certainly not budgeting to have the margin that we just had in the first quarter.

另外，在我們的模式裡，我們不是把東西放在貨架上。大約 80% 的時間，客人買了之後我們才去製作家具，因此還需要再四到五週才會轉成營收。所以，是的，今年剩下的時間我們都會面對這個狀況，但我們當然不會以第一季剛剛那樣的利潤率來做預算。

And just to clarify what Rob said, so what happens, store opens, we'll have a couple of three months of losses. As Rob said, kind of filling that pipeline before we get to a steady state. So, that's just the nature of the beast, the way our model is.

再補充澄清 Rob 剛剛說的：門市開幕後，我們會有兩到三個月的虧損。就像 Rob 說的，要先把那個管線填起來，之後才會進入穩態。所以，這就是我們這種模式的本質。

Got it. And have you talked about the potential for any tariff refunds with the Supreme Court decision? How did that decision impact the tariff landscape for 2026?

了解。你們有談到最高法院裁決可能帶來任何關稅退稅的可能性嗎？那個裁決對 2026 年的關稅環境有什麼影響？

I would say we don't know. We've had some conversations on that, but I don't have anything definitive to answer that question then.

我會說我們還不確定。我們有就此做過一些討論，但我目前沒有任何明確的內容可以回答那個問題。

Okay, fair enough. Then you mentioned weather, and just help me understand, I get that the weekend's bad timing and you had two weekends in a row you were impacted, but are those actually lost sales or just deferred sales?

好的，可以理解。那你提到天氣，請幫我理解一下：我明白週末時點不佳，而且你們連續兩個週末受到影響，但那些是實際流失的銷售，還是只是延後的銷售？

We certainly hope they're deferred, but they seem to be lost. And I've talked to a couple of guys on our board who have been in retail, and we were crying in our beer about that. But yeah, I mean, look, December is our weakest month of the year for written business. People don't buy a lot of Bassett furniture or other furniture.

我們當然希望是延後，但看起來像是流失。我也跟董事會裡幾位做過零售的人聊過，我們都在那裡自嘲抱怨。但對，是的，我是說，12 月是我們一年中簽單（written business）最弱的月份。人們不會在 12 月買很多 Bassett 家具或其他家具。

In the month of December around the holidays. So January becomes a very important month in February as well. That really starts the year off and we need it. And so we started the year off pretty well until we got this. So we did mention that we had a nice increase in February.

在假期期間的 12 月。所以 1 月就變得非常重要，2 月也一樣。那才是真正啟動一整年的時點，我們需要它。因此我們年初開局其實不錯，直到遇到這件事。所以我們確實提到 2 月有不錯的成長。

I can't really say that it was. Making up for what happened those last two weeks of January. It's hard to point to that, but I mean it hurt us and also hurt our deliveries quite a bit in the quarter, so I feel like they're lost. I hope they're deferred, but they feel like they're lost.

我不能真的說那是在彌補 1 月最後兩週發生的事。很難明確指向那一點，但我是說，它確實傷到我們，也在本季對我們的交付造成相當大的影響，所以我覺得那些是流失的。我希望是延後，但感覺像是流失。

Okay, fair enough.

好的，可以理解。

A little bit more. You bet a little bit more. So, for that first seven weeks, we were up retail written, mid-single-digits, low to mid-single-digits. And then, after that two-week period, for that nine-week period, we went from up low to mid-single-digits to down almost double-digits for that nine-week period.

再多補充一點。當然，再多補充一點。所以，前七週我們的零售簽單是成長的，中個位數、低到中個位數。然後在那兩週之後，拉長到九週的期間，我們從低到中個位數成長，變成在那九週期間下滑接近雙位數。

So, that two-week period that we had, the weather, pretty dramatic on retail written sales and wholesale orders.

所以，我們遇到的那兩週天氣狀況，對零售簽單銷售與批發訂單的影響非常劇烈。

No, that's it. That was impactful. No kidding. Just one more for me. On the e-commerce sales, they're up 28%, continues to be a strong channel for you. How much does e-commerce represent in your sales, and is this something you would consider breaking out separately when you report in the future?

不，以上就這些。那確實很有影響。真的。最後再問一個：電商銷售成長 28%，對你們來說仍是很強的通路。電商約占你們銷售的多少？未來在你們的報告中，是否會考慮把它單獨拆分揭露？

But we we haven't done that in the past and and with, we'd have to think about doing it. It's still it's still a small number. But, we've had, I think, six quarters now, five or six of nice double-digit growth in in this.

但我們過去沒有這麼做，而且如果要做，我們得再想一想。它仍然是個小數字。不過，我們已經有，我想是六個季度了，五或六個季度，在這一塊都有不錯的雙位數成長。

And so we're excited about it, and we continue to work on all the little nuances to improve the navigation of the site. But we haven't, to date, expected to break that out.

所以我們對此感到興奮，也持續在各種細節上努力，改善網站導覽體驗。但截至目前，我們並沒有預期要把它單獨拆分揭露。

Okay, fair enough. Thank you.

好的，可以理解。謝謝。

Thank you. And I'm showing no further questions at this time. I would now like to turn the conference back to Rob for closing remarks.

謝謝。目前我這邊顯示沒有其他提問。我現在想把電話會議交回給 Rob 做結語。

Well, thank you for attending today, and I hope everybody has a good holiday weekend, and we will talk to you again in late June. Thank you very much.

好的，感謝各位今天參與，也希望大家有個愉快的假期週末，我們會在 6 月下旬再與各位交流。非常感謝。

And this concludes today's program. Thank you for participating. You may now disconnect. Have a good day.

今天的會議到此結束。感謝各位參與。您現在可以中斷連線。祝您有美好的一天。