Floor & Decor Holdings Inc (FND) 2024 Q3 法說會逐字稿

Greetings and welcome to the Floor & Decor third quarter 2024 earnings conference call.

您好，歡迎參加 Floor & Decor 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Wayne Hood, Senior Vice President of Investor Relations.

現在我很高興向大家介紹投資者關係高級副總裁韋恩·胡德（Wayne Hood）。

Thank you, you may begin.

謝謝，你可以開始了。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Welcome to Floor & Decor's fiscal 2024 third quarter earnings conference call.

歡迎參加 Floor & Decor 2024 財年第三季財報電話會議。

Joining me on our call today are Tom Taylor, Chief Executive Officer; Trevor Lang, President; and Bryan Langley, Executive Vice President and Chief Financial Officer.

與我一起參加今天電話會議的還有執行長湯姆泰勒 (Tom Taylor)；特雷弗·朗，總裁；以及執行副總裁兼財務長 Bryan Langley。

Before we get started, I wanted to remind everyone of the company's safe harbor language.

在我們開始之前，我想提醒大家公司的安全港語言。

Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties.

本次電話會議和網路廣播中發表的評論包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並存在風險和不確定性。

Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions is a forward-looking statement.

任何涉及未來事件的預期、預測或其他特徵的聲明，包括財務預測或未來市場狀況，均屬於前瞻性聲明。

The company's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings.

該公司未來的實際業績可能因任何原因與此類前瞻性聲明中表達的結果存在重大差異，包括其向美國證券交易委員會提交的文件中列出的結果。

Floor & Decor assumes no obligation to update any such forward-looking statements.

Floor & Decor 不承擔更新任何此類前瞻性聲明的義務。

Please also note that past performance or market information is not a guarantee of future results.

另請注意，過去的表現或市場資訊並不能保證未來的結果。

During this conference call, the company will discuss non-GAAP financial measures as defined by SEC Regulation G. We believe non-GAAP disclosures enable investors to understand better our core operating performance on a comparable basis between periods.

在本次電話會議期間，公司將討論 SEC G 條例定義的非 GAAP 財務指標。

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in the earnings press release, which is available on our Investor Relations website at ir.flooranddecor.com.

這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的調整可以在收益新聞稿中找到，該新聞稿可在我們的投資者關係網站 ir.flooranddecor.com 上找到。

A recorded replay of this call and related materials will be available on our Investor Relations website.

本次電話會議的錄音重播和相關資料將在我們的投資者關係網站上提供。

Let me now turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thank you, Wayne, and everyone, for joining us on our fiscal 2024 third quarter earnings conference call.

感謝 Wayne 和大家參加我們的 2024 財年第三季財報電話會議。

During today's call, Trevor and I will discuss in a budget for 2024 quarter third quarter earnings highlights.

在今天的電話會議中，特雷弗和我將在 2024 年第三季的預算中討論第三季的獲利亮點。

Then Brian will provide a more in-depth review of our third-quarter financial performance and share our thoughts about our updated outlook for the remainder of fiscal 2024.

然後，布萊恩將對我們第三季度的財務業績進行更深入的回顧，並分享我們對 2024 財年剩餘時間的最新展望的想法。

We are incredibly proud of how our store and store support team successfully executed our plans and manage costs during the period and demand for large project, discretionary home improvement, and hard-surface flooring spending remains challenging.

我們對我們的商店和商店支援團隊在此期間成功執行我們的計劃和管理成本感到非常自豪，而對大型專案、可自由支配的家居裝修和硬面地板支出的需求仍然充滿挑戰。

I particularly want to thank our associates affected by the hurricanes for their hard work and dedication to their communities.

我特別要感謝受颶風影響的員工的辛勤工作和對社區的奉獻。

Due to their efforts, we quickly reopened our stores to serve customers affected by the hurricanes as they began their recovery and rebuilding efforts.

在他們的努力下，我們很快就重新開放了商店，為受颶風影響的顧客提供服務，同時他們也開始了恢復和重建工作。

In the face of these challenges, our associates' hard work and dedication enabled us to deliver better than expected fiscal 2024 third quarter diluted earnings per share of $0.48 compared with $0.61 in the same period last year.

面對這些挑戰，我們員工的辛勤工作和奉獻精神使我們能夠實現好於預期的 2024 財年第三季度攤薄每股收益 0.48 美元，而去年同期為 0.61 美元。

These results exceeded our expectations, primarily due to the tight expense management across the company.

這些結果超出了我們的預期，主要是由於整個公司嚴格的費用管理。

As Brian will discuss in more detail, we are narrowing our fiscal 2024 diluted earnings per share guidance range from

正如布萊恩將更詳細討論的那樣，我們正在將 2024 財年攤薄每股收益指導範圍縮小至

[$1.65 to $1.75 from $1.55 to $1.75].

[1.65 美元至 1.75 美元，從 1.55 美元至 1.75 美元]。

Looking ahead, the Federal Reserve finally began its much-anticipated easing cycle in September of 2024, which leads us to believe that existing home sales and hard surface flooring and spending could potentially grind higher over the next 12 to 18 months.

展望未來，聯準會最終於 2024 年 9 月開始了備受期待的寬鬆週期，這讓我們相信現有房屋銷售和硬面地板以及支出可能在未來 12 至 18 個月內進一步走高。

However, our optimism is tempered by the recent increase in 30-year mortgage rates.

然而，最近 30 年期抵押貸款利率的上升削弱了我們的樂觀情緒。

Moreover, September existing home sales declined 1% sequentially and 3.5% year-over-year to $3.84 million, while median existing home sales price growth according to the National Association of Realtors moderated the 3% year over year in September from its peak 2024 growth of 5.6% in February.

此外，9 月現房銷售較去年同期下降1%，年減3.5%，至384 萬美元，而根據全國房地產經紀人協會的數據，9 月現房銷售價格中位數增幅較去年同期3% 的增幅較2024 年高峰有所放緩2 月成長 5.6%。

Housing affordability remains a headwind to increased demand due to the secular imbalance in the housing stock, which is pressuring home prices.

由於房屋存量的長期失衡給房價帶來壓力，住房負擔能力仍然是需求成長的阻力。

Finally, personal consumption expenditures still indicate that consumers are shifting more of their wallet share spending to services from goods.

最後，個人消費支出仍然表明，消費者正在將更多的錢包份額支出從商品轉向服務。

In short, we remain optimistic yet mindful of the challenges.

簡而言之，我們保持樂觀，但也注意到挑戰。

Let me shift my comments to the hurricanes made landfall in fiscal 2024 and in fact, in some of our stores and third and early fourth quarters of the year.

讓我將我的評論轉向 2024 財年登陸的颶風，事實上，在我們的一些商店以及今年第三季和第四季初登陸的颶風。

First and foremost, our hearts and prayers go out to the families and communities impacted by these hurricanes.

首先，我們向受颶風影響的家庭和社區表示誠摯的謝意和祈禱。

Turning to the first hurricane of the season.

轉向本季的第一場颶風。

Hurricane Beryl made landfall on the Texas coast in early July as a category one storm.

颶風貝裡爾於 7 月初作為一級風暴登陸德克薩斯州海岸。

As we mentioned during our fiscal 2024 second quarter earnings call, we estimated that our 2024 third quarter to date comparable store sales were adversely impacted by approximately 70 basis points due to hurricane Beryl.

正如我們在 2024 財年第二季財報電話會議中所提到的，我們估計 2024 年第三季迄今的可比商店銷售額因颶風貝裡爾而受到約 70 個基點的不利影響。

Because the storm caused mostly wind damage and not flooding, we did not see an offsetting increase in demand as stores reopened.

由於風暴主要造成風災而不是洪水，因此我們沒有看到商店重新開業後需求的抵消性增長。

Turning to hurricane Helene, which made landfall on September 26.

讓我們來看看 9 月 26 日登陸的颶風海倫。

This hurricane cause catastrophic in man damage across a wide area and in six states and brought substantial flooding to the affected regions.

這場颶風在六個州的大範圍內造成了災難性的傷亡，並給受影響地區帶來了嚴重的洪水。

Broadly, 35 stores were closed or partially closed for one or more days after Hurricane Helene as it moved across a wide area of the Southeast.

颶風海倫席捲東南部大片地區後，總體而言，有 35 家商店關閉或部分關閉一天或多天。

In contrast, hurricane Milton made landfall 13 days later on October 9, mostly impacting Florida and causing more wind and flood damage.

相較之下，颶風「米爾頓」在 13 天後的 10 月 9 日登陸，主要影響佛羅裡達州，並造成更多的風災和洪水損失。

The storm resulted in 29 stores being closed or partially closed for one or more days.

風暴導致 29 家商店關閉或部分關閉一天或多天。

Combining both hurricanes impacted 45 of our stores or about 19% of our store base.

兩次颶風共影響了我們 45 家商店，約 19% 的商店數量。

In response, we took a broad range of steps in the affected communities where we operate stores to support rebuilding efforts by adding additional staff.

作為回應，我們在經營商店的受影響社區採取了廣泛的措施，透過增加員工來支持重建工作。

Furthermore, we introduced solutions for deliveries for over 60 miles for those stores impacted by Hurricane Helene and implemented an 18-month credit program for all impacted stores.

此外，我們為受颶風海倫影響的商店推出了超過 60 英里的送貨解決方案，並為所有受影響的商店實施了為期 18 個月的信用計劃。

We also delivered additional truckloads of [Keith Hughes] an important job lot quantities at everyday low prices to the affected stores.

我們還以每日低價向受影響的商店額外運送了 [Keith Hughes] 的重要工作批量。

Our store teams postpone projects to focus on inventory pack out and customer service.

我們的商店團隊推遲了項目，以專注於庫存包裝和客戶服務。

Additionally, we are working with our national restoration partners to be a single source for the rebuilding efforts.

此外，我們正在與國家恢復合作夥伴合作，成為重建工作的單一來源。

Looking ahead, we expect to benefit from the rebuilding spend from the destructive flooding caused by Hurricane Helene and Milton.

展望未來，我們預計將從颶風海倫和米爾頓造成的破壞性洪水帶來的重建支出中受益。

However, at this point, the extent and duration of this benefit are difficult to forecast with any degree of precision in other than to say, we believe it could extend over multiple quarters in 2025.

然而，目前還很難準確預測這種效益的程度和持續時間，只能說，我們認為這種效益可能會在 2025 年延續多個季度。

Let me shift my comments to new store growth.

讓我把我的評論轉移到新店的成長。

We continue to grow our market share and brand awareness by prudently opening new warehouse format stores even as growth in the flooring industry remains challenged.

儘管地板行業的成長仍然面臨挑戰，但我們仍透過謹慎開設新的倉儲式商店來繼續提高我們的市場份額和品牌知名度。

These challenging industry fundamentals have recently for some of our retail and distributor competitors to closed stores and rethink their strategies.

這些具有挑戰性的行業基本面最近讓我們的一些零售和分銷競爭對手關閉了商店並重新考慮他們的策略。

We are using this period of disruption as an opportunity to grow our market share by actively engaging with homeowners and pros in the effect of trade areas who need support for their current and future projects.

我們利用這段混亂時期作為擴大市場份額的機會，積極與需要當前和未來專案支持的貿易領域的房主和專業人士接觸。

Furthermore, we are recruiting managers and sales associates who may be displaced by industry consolidation.

此外，我們正在招募可能因行業整合而失業的經理和銷售人員。

We are in a favorable position due to our significant investments over the last decade to build our business model with substantial competitive advantages.

由於我們在過去十年中進行了大量投資，建立了具有巨大競爭優勢的商業模式，因此我們處於有利的地位。

Our dedicated teams and strategic investments position us well to navigate these challenges and continue our growth.

我們的專業團隊和策略投資使我們能夠很好地應對這些挑戰並繼續發展。

Third quarter fiscal 2024, we opened 11 new warehouse format stores, including eight openings in fiscal September.

2024 財年第三季度，我們開設了 11 家新的倉儲式商店，其中 9 月開設了 8 家。

As a result, we ended the third quarter operating 241 warehouse format stores and five design studios compared with 207 warehouse format stores and five design studios and the same period last year.

因此，截至第三季度，我們經營 241 家倉儲式商店和 5 個設計工作室，而去年同期為 207 家倉儲式商店和 5 個設計工作室。

We now operate stores across 38 states.

我們現在在 38 個州經營商店。

We plan to open 10 warehouse format stores in the fourth quarter of fiscal 2024 to achieve our 30 new warehouse format store opening plan in fiscal 2024.

我們計劃在2024財年第四季開設10家倉儲式門市，以實現我們在2024財年開設30家新倉儲式門市的計畫。

To date, in the physical fourth quarter, we have opened one warehouse or in Daytona, Florida, and expect most of the remaining openings to occur in late November and December.

到目前為止，在第四季度，我們已經在佛羅裡達州代托納開設了一個倉庫，預計其餘大部分將在 11 月底和 12 月開設。

As discussed in our prior quarter earnings conference calls, depending on market conditions, we intend to open approximately 25 new warehouse format stores in fiscal 2025, mainly in the second half of the year and in existing markets.

正如我們在上一季的收益電話會議中所討論的那樣，根據市場狀況，我們計劃在 2025 財年開設約 25 家新的倉儲式商店，主要是在今年下半年和現有市場。

Our long-term goal of operating 500 stores is unchanged.

我們經營500家門市的長期目標沒有改變。

However, we believe this slope and timeline of reaching 500 stores will be influenced by when we return to historical normal level of existing home sales.

然而，我們認為，達到 500 家商店的斜率和時間表將受到現房銷售何時恢復到歷史正常水平的影響。

Moving to our third quarter sales.

轉向我們的第三季銷售。

Our fiscal 2024 third quarter sales total sales increased 0.9% to $1,118 million from the same period last year.

我們的 2024 財年第三季銷售總額較去年同期成長 0.9%，達到 11.18 億美元。

Comparable store sales decreased by 6.4%, which is in line with our expectations.

可比商店銷售額下降 6.4%，符合我們的預期。

We are encouraged that the sequential rate of decline in our fiscal 2024 comparable store sales improved as we cycle past easier comparable store sales comparisons.

我們感到鼓舞的是，隨著我們繞過更容易的可比商店銷售比較，我們 2024 財年可比商店銷售額的環比下降率有所改善。

Comparable store sales declined 11.6% in the first quarter, 9% in the second quarter, and 6.4% in the third quarter of fiscal 2024.

2024 財年第一季可比商店銷售額下降 11.6%，第二季下降 9%，第三季下降 6.4%。

On a monthly basis, our third quarter comparable stores sales declined 7.6% in July, 6.4% in August, and 5.4% in September.

按月計算，我們第三季可比商店銷售額 7 月下降 7.6%，8 月下降 6.4%，9 月下降 5.4%。

We estimate the negative impact on our comparable store sales from hurricanes was approximately 70 basis points in July, 10 basis points in August, and 40 basis points in September.

我們估計颶風對我們可比較商店銷售額的負面影響在 7 月約為 70 個基點，8 月為 10 個基點，9 月為 40 個基點。

We estimate the full third quarter impact was approximately 40 basis points.

我們估計第三季的整體影響約為 40 個基點。

Fiscal 2024 fourth quarter to date, comparable store sales declined 4.2%.

2024 財年第四季迄今為止，可比商店銷售額下降了 4.2%。

From rich regional perspective, we continue to see encouraging comparable store sales trends emerging from our western division, where comparable store sales well above the company average.

從豐富的區域角度來看，我們繼續看到西部部門出現令人鼓舞的可比較商店銷售趨勢，該部門的可比商店銷售遠高於公司平均水平。

Let me comment about our comparable stores average ticket and transactions trends.

讓我評論一下我們的可比較商店的平均門票和交易趨勢。

In the third quarter of fiscal 2024, our comparable average ticket decreased 2.4% compared to the same period last year, which is in line with our range of expectations.

2024財年第三季度，我們的可比平均票價與去年同期相比下降了2.4%，符合我們的預期範圍。

Comparable transactions with the low end of our range of expectations due to the impact of the hurricanes, declining by 4.1% from the same period last year.

由於颶風的影響，可比交易量處於我們預期範圍的低端，比去年同期下降了 4.1%。

As a reminder, our third quarter comparable transactions and average ticket benefited from cycling past easier comparisons.

提醒一下，我們第三季的可比交易和平均票價得益於過去更容易的比較。

We will continue to benefit from an easier sequential average ticket and transaction comparison in the fourth quarter of fiscal 2024.

我們將繼續受益於 2024 財年第四季更輕鬆的連續平均門票和交易比較。

Favorable store sales and installation materials, decorative accessories, and adjacent categories were better than the company average.

有利的店面銷售及安裝材料、裝飾配件及鄰近品類均優於公司平均水準。

Like prior quarters, our merchandising efforts continue to successfully drive sales towards our better and best price points, which offer industry-leading innovation, trends, and styles that everyday low prices.

與前幾季一樣，我們的行銷工作繼續成功地將銷售推向更好和最好的價格點，提供業界領先的創新、趨勢和款式，而且價格每天都很低。

Furthermore, these strategies continue leading to a shift in sales to higher margin products, enhancing our profitability.

此外，這些策略繼續導致銷售轉向利潤率更高的產品，從而提高了我們的獲利能力。

Let me now turn the call over to Trevor to discuss a few more of our pillars of growth.

現在讓我把電話轉給特雷弗，討論我們更多的成長支柱。

Thanks, Tom.

謝謝，湯姆。

I also want to express my gratitude to our associates for their hard work and dedication to serving our customers.

我也要向我們的員工表示感謝，感謝他們的辛勤工作和為客戶服務的奉獻精神。

We are very tightly managing costs and our stores and store support center, while ensuring this does not come at the expense of customer experience in our stores and online.

我們非常嚴格地管理成本以及我們的商店和商店支援中心，同時確保這不會以犧牲我們商店和網路上的客戶體驗為代價。

Our teams are consistently executing our customer engagement plans at a high level, which resulted in record customer service scores in September, we are probably moving the needle on this important customer engagement metrics like reading, assisting, addressing customer questions for you achieved this with training and role-playing.

我們的團隊始終如一地執行高水準的客戶參與計劃，從而在9 月份創下了創紀錄的客戶服務分數，我們可能會在閱讀、協助、解決客戶問題等重要的客戶參與指標上取得進展，因為您透過培訓實現了這一目標和角色扮演。

We know foreign projects come with complex questions and knowledgeable and engaging associates allow us to grow our market share despite challenging industry conditions.

我們知道國外專案會帶來複雜的問題，知識淵博且富有魅力的員工使我們能夠在充滿挑戰的行業條件下擴大市場份額。

Their knowledge that sets us apart and helps us thrive in a competitive market.

他們的知識使我們與眾不同，並幫助我們在競爭激烈的市場中蓬勃發展。

Shifting to our connected customer pillar of growth.

轉向我們的互聯客戶成長支柱。

Our fiscal 2024 third quarter connected customer sales increased by 3.4% and accounted for approximately 19% of sales.

我們的 2024 財年第三季互聯客戶銷售額成長了 3.4%，約佔銷售額的 19%。

As previously discussed, we continued executing strategies are driving organic and paid traffic growth through our website.

如前所述，我們持續執行的策略正在推動我們網站的自然流量和付費流量成長。

We continue to integrate our processes and technology solutions to further develop a seamless in-store and personalize online experience.

我們繼續整合我們的流程和技術解決方案，以進一步開發無縫的店內和個人化的線上體驗。

We plan to achieve this by continuing to improve the quality of website, search, ad and inspiring and user-generated content for customers, and refining our online merchandising process to increase efficiency.

我們計劃透過持續提高網站、搜尋、廣告以及為客戶提供啟發性內容和用戶生成內容的質量，並完善我們的線上銷售流程以提高效率來實現這一目標。

Execution of these strategies is essential to growing our design services.

執行這些策略對於發展我們的設計服務至關重要。

Let me turn my comments to our design services.

讓我談談我們的設計服務。

Our design services teams are committed to delivering an elevated and personalized design experience to our homeowners and pros across in-store, online, and in-home channels.

我們的設計服務團隊致力於透過店內、線上和家庭管道為我們的房主和專業人士提供優質的個人化設計體驗。

Their hard work and focus on high value opportunities resulted in notable sequential growth in designs whole and comparable store sales during the third quarter of fiscal 2024.

他們的辛勤工作和對高價值機會的關注導致 2024 財年第三季整體設計和可比商店銷售額顯著連續成長。

Consequently, our fiscal 2024 Q3 design total sales penetration increases significantly from the same period last year.

因此，我們的 2024 財年第三季設計總銷售滲透率較去年同期大幅成長。

To continue building on this growth, we develop strategies to build awareness and project credibility for design services on our website.

為了繼續保持這種成長，我們制定了策略，以提高網站設計服務的知名度和可信度。

We have enhanced design, scheduling, and functionality.

我們增強了設計、調度和功能。

Increased online design galleries.

增加線上設計畫廊。

These galleries provided an expensive source of inspiration for interior design by showcasing real life and designer inspired projects with room specific imagery.

這些畫廊透過展示現實生活和設計師啟發的項目以及房間特定的圖像，為室內設計提供了昂貴的靈感來源。

We are excited about how these galleries serve as sources and is there a project.

我們對這些畫廊如何作為資源以及是否有一個項目感到興奮。

Turning my comments to pro.

將我的評論轉為專業人士。

Total sales to our pros continue to grow in the third quarter of fiscal 2024, accounting for approximately 48% of retail sales.

2024 財年第三季度，我們專業人士的總銷售額持續成長，約佔零售額的 48%。

We continued to deliver sales and market share growth with a grassroots supply house mindset that focuses on nurturing strong relationships with our existing pros and attracting new ones from outside of our way our stores.

我們以草根供應商的心態繼續實現銷售和市場份額的成長，專注於與我們現有的專業人士培養牢固的關係，並從我們的商店之外吸引新的專業人士。

Our top priority is to build these relationships and elevate the Floor & Decor brand in the marketplace by consistently executing a set of priorities that delivers exceptional customer service, speed, and precision.

我們的首要任務是建立這些關係，並透過一致地執行一系列優先事項來提升 Floor & Decor 的市場品牌，從而提供卓越的客戶服務、速度和精確度。

To achieve this, our Pro services managers are increasingly spending more time outside of our stores and in new ZIP codes directly engaging with Pros to understand their needs and provide tailored solutions.

為了實現這一目標，我們的專業服務經理越來越多地在商店之外和新的郵遞區號中花費更多時間，直接與專業人士接觸，以了解他們的需求並提供量身定制的解決方案。

They are focused on minimum weekly Pro engagement targets, including facilitating a store tour that includes a mutant greet with our store Chief Executive Merchant.

他們專注於每週最低的專業參與目標，包括促進商店參觀，其中包括與我們商店首席執行官商家的突變問候。

From a new store perspective, we have strengthened our new warehouse store growth process with a larger team.

從新店的角度來看，我們以更大的團隊加強了新倉店的成長流程。

This process involves intensive local marketing and competing outreach efforts to build brand awareness and customer relationships quickly, which helps new stores get off to a stronger start in markets where our brand awareness is not fully developed.

這個過程涉及密集的本地行銷和競爭性外展工作，以快速建立品牌知名度和客戶關係，這有助於新店在我們品牌知名度尚未完全發展的市場中取得更強勁的開端。

In our stores, we continue to focus on staffing, training, and scheduling that best aligns with demand.

在我們的商店中，我們繼續專注於最符合需求的人員配置、培訓和日程安排。

We prioritize having bilingual support at our Pro desk to reflect specific market needs and to enhance customer service.

我們優先考慮在專業服務台提供雙語支持，以反映特定的市場需求並增強客戶服務。

We're also driving growth by successfully partnering with native advertising platforms within bank's digital channels to provide us with a practical and cost-efficient way to attract and retain new Pros.

我們也透過與銀行數位管道內的原生廣告平台成功合作來推動成長，為我們提供一種實用且經濟高效的方式來吸引和留住新的專業人士。

We continue to drive loyalty with our Pro Premier Rewards loyalty program and our successful annual September Pro appreciation month, which included free classes, giveaways and nationwide sweepstakes.

我們繼續透過 Pro Premier Rewards 忠誠度計劃和成功的年度 9 月 Pro 感謝月（其中包括免費課程、贈品和全國抽獎）來提高忠誠度。

We successfully held 29 educational events in the third quarter of fiscal 2024 with over 425 attendees.

我們在 2024 財年第三季成功舉辦了 29 場教育活動，參加人數超過 425 人。

These educational events have consistently driven higher sales with Pros who attend demonstrating a notable uptick in their purchasing activity especially in installation materials.

這些教育活動持續推動了專業人士的銷售成長，參與的專業人士的購買活動尤其是安裝材料的購買活動顯著增加。

We remain excited about hosting approximately 145 educational events in 2024, which we believe is industry-leading in the flooring industry.

我們仍然對 2024 年舉辦約 145 場教育活動感到興奮，我們相信這在地板行業中處於行業領先地位。

Finally, we are pleased that our sales from our regional account managers in the third quarter of fiscal 2024 exceeded our expectations.

最後，我們很高興我們的區域客戶經理在 2024 財年第三季的銷售額超出了我們的預期。

Let's now discuss our commercial business.

現在讓我們討論一下我們的商業業務。

Fiscal 2024, third quarter sales at Spartan Services continued to grow faster than the company average.

2024 財年，Spartan Services 第三季銷售額的成長速度持續快於公司平均。

Leadership team continues to execute on a set of disruptive strategies in the health care, education, senior living and hospitality sectors to the commercial flooring market.

領導團隊繼續在醫療保健、教育、老年生活和酒店行業對商業地板市場執行一系列顛覆性策略。

These are high specification sectors of the commercial flooring market where the opportunity for long-term growth and profitability are the greatest.

這些是商業地板市場的高規格領域，長期成長和獲利機會最大。

These sectors generally have high quote conversion rates, recurring revenue and more attractive profitability.

這些行業通常具有較高的報價轉換率、經常性收入和更具吸引力的獲利能力。

Over the long term, Spartan Services aims to become a disruptive leader in the specified commercial flooring industry by establishing a comprehensive nationwide sales network.

從長遠來看，斯巴達服務的目標是透過建立全面的全國銷售網絡，成為特定商業地板行業的顛覆性領導者。

This network would prioritize high specification products and leverage strong relationships to provide superior availability, delivery and service across the country.

該網路將優先考慮高規格產品，並利用牢固的關係在全國範圍內提供卓越的可用性、交付和服務。

Over the next several years, we will continue making investments, sales representatives growth and infrastructure to build out to support our growth at scale and achieve our market share and profitability objectives.

在接下來的幾年中，我們將繼續進行投資、銷售代表成長和基礎設施建設，以支持我們的規模成長並實現我們的市場份額和獲利目標。

To conclude, we believe we have the right teams, strategic growth initiatives and resilient business model enabling us to navigate this challenging period.

總而言之，我們相信我們擁有合適的團隊、策略成長計畫和有彈性的業務模式，使我們能夠度過這個充滿挑戰的時期。

Let me now turn the call over to Bryan.

現在讓我把電話轉給布萊恩。

Thank you, Tom, and Trevor.

謝謝湯姆和特雷弗。

I am proud of how our teams have successfully executed our strategies to grow our gross margin rate, control expenses, manage our inventory and supply chain, and generate strong free cash flow.

我為我們的團隊如何成功執行我們的策略以提高毛利率、控制費用、管理我們的庫存和供應鏈以及產生強勁的自由現金流而感到自豪。

These achievements are a testament to our team's commitment and strategic approach to managing our profitability when industry growth is challenging.

這些成就證明了我們團隊在產業成長面臨挑戰時管理獲利能力的承諾和策略方法。

Now let me discuss some of the changes among the significant line items in our third quarter income statement, balance sheet and statement of cash flows.

現在讓我討論一下我們第三季損益表、資產負債表和現金流量表中重要項目的一些變化。

Our fiscal 2024 third quarter gross margin rate increased by 130 basis points to 43.5% from 42.2% in the same period last year, in line with our expectations.

我們的2024財年第三季毛利率從去年同期的42.2%成長130個基點至43.5%，符合我們的預期。

Year-over-year and sequential increase in gross margin rate is primarily due to favorable supply chain costs.

毛利率的同比和環比增長主要是由於有利的供應鏈成本。

Fiscal 2024 third quarter selling store operating expenses increased by 9.9% to $339.1 million from the same period last year.

2024財年第三季銷售店營運費用較去年同期成長9.9%至3.391億美元。

The growth in selling and store operating expenses is primarily driven by an increase of $37.3 million from operating 34 additional warehouse stores compared to the same period last year and $1.0 million at Spartan Services, partially offset by a decrease of $7.7 million at our comparable stores.

銷售和商店營運費用的成長主要是由於與去年同期相比，營運 34 家額外倉儲商店增加了 3,730 萬美元，以及 Spartan Services 增加了 100 萬美元，部分被我們可比商店減少 770 萬美元所抵消。

The percentage of sales, selling and store operating expenses increased by approximately 240 basis points to 30.3% from the same period last year.

銷售額、銷售及門市營運費用佔比較去年同期成長約240個基點至30.3%。

This performance exceeded our expectations due to our stores successfully managing store payroll and other operating expenses.

由於我們的商店成功管理商店工資和其他營運費用，這一業績超出了我們的預期。

Fiscal 2024 third quarter general and administrative expenses increased by 13.1% to $67.7 million from the same period last year.

2024財年第三季一般及管理費用較去年同期成長13.1%至6,770萬美元。

This growth is attributed to higher incentive compensation of $7.0 million and additional staffing cost of $1.6 million to support our store growth.

這一成長歸功於 700 萬美元的更高激勵薪酬和 160 萬美元的額外員工成本，以支持我們商店的成長。

Percentage of sales G&A expenses deleveraged by approximately 80 basis points to 6.1%, primarily due to the decline in our comparable store sales.

銷售 G&A 費用的百分比去槓桿化了約 80 個基點至 6.1%，這主要是由於我們可比商店銷售額的下降。

Our fiscal 2024 third quarter preopening expenses decreased by 10.5% to $12.7 million from the same period last year.

我們的 2024 財年第三季開業前費用較去年同期下降 10.5%，至 1,270 萬美元。

The decrease was primarily due to a decrease in the number of future stores that we were preparing to open compared to the prior year period.

減少的主要原因是我們準備開設的未來商店數量與去年同期相比有所減少。

Fiscal 2024 third quarter net interest expense decreased 84.8% to $0.2 million from the same period last year.

2024 財年第三季淨利息支出較去年同期下降 84.8%，至 20 萬美元。

The reduction in interest expense is due to a decrease in average amounts outstanding under our ABL facility, higher interest income from higher cash balances and an increase in interest capitalized, partially offset by lower interest income from our interest cap derivative contracts.

利息費用的減少是由於我們的 ABL 工具下平均未償還金額的減少、現金餘額增加帶來的利息收入增加以及利息資本化的增加，部分被利息上限衍生品合約利息收入的減少所抵消。

Fiscal 2024 third quarter effective tax rate increased 70 basis points to 21.8% from 21.1% in the same period last year, primarily due to a decrease in excess tax benefits related to stock-based compensation awards.

2024財年第三季有效稅率從去年同期的21.1%上升70個基點至21.8%，主要是由於與股票薪酬獎勵相關的超額稅收優惠減少。

Fiscal 2024 third quarter adjusted EBITDA declined 5.7% and were $132.9 million, primarily due to expense deleverage from the decline in our comparable store sales.

2024 財年第三季調整後 EBITDA 下降 5.7%，為 1.329 億美元，主要是因為我們可比商店銷售額下降導致費用去槓桿化。

Depreciation and amortization increased 13.9%, contributing to net income declining by 21.6% to $51.7 million and diluted earnings per share of $0.38, falling by 21.3% from the same period last year.

折舊及攤銷成長13.9%，導致淨利下降21.6%至5,170萬美元，攤薄後每股收益為0.38美元，較去年同期下降21.3%。

Moving on to our balance sheet and cash flow.

繼續我們的資產負債表和現金流。

We continue to maintain a strong balance sheet, which allows us to continue to prudently grow within our existing capital structure even during a period of industry contraction.

我們持續維持強勁的資產負債表，這使我們即使在產業收縮時期也能在現有資本結構內繼續審慎成長。

We ended the third quarter with $803.1 million of unrestricted liquidity, consisting of $180.8 million in cash and cash equivalents and $622.3 million available for borrowing under the ABL facility.

截至第三季末，我們擁有 8.031 億美元的無限制流動性，其中包括 1.808 億美元的現金和現金等價物，以及 6.223 億美元可根據 ABL 便利借款。

As of September 26, 2024, our inventory decreased by 5.4% to $1.0 billion from the same period last year.

截至2024年9月26日，我們的庫存較去年同期下降5.4%至10億美元。

Let me now turn my comments to how we are thinking about full year fiscal 2024 and how it compares with our previous expectations.

現在讓我談談我們對 2024 財年全年的看法以及它與我們之前的預期相比如何。

Sales are expected to approximate $4.4 billion to $4.43 billion compared with our prior guidance of $4.4 billion to $4.49 billion.

銷售額預計約為 44 億至 44.3 億美元，而我們先前的指引為 44 億至 44.9 億美元。

Variable store sales are estimated to decline 7.5% and to 8.5% compared with our prior guidance of down 6.5% to 8.5%.

可變商店銷售額預計將下降 7.5% 至 8.5%，而我們先前的指引為下降 6.5% 至 8.5%。

Gross margin is expected to be approximately 43.2% to 43.3%, unchanged from our prior guidance.

毛利率預計約為 43.2% 至 43.3%，與我們先前的指引持平。

Selling and store operating expenses as a percentage of sales are expected to be approximately 31%.

銷售和商店營運費用佔銷售額的比例預計約為 31%。

We expect the fourth quarter expense rate to be the most pressured of the year due to the timing of new store openings late in the third quarter and the fourth quarter.

由於新店開業時間安排在第三季末和第四季度，我們預計第四季費用率將成為今年壓力最大的季度。

Preopening expenses as a percentage of sales are expected to be approximately 1%.

開業前費用佔銷售額的比例預計約為 1%。

General and administrative expenses as a percentage of sales are expected to be slightly above 6%.

一般及管理費用佔銷售額的比例預計略高於 6%。

We expect the fourth quarter expense rate to be the most pressure to the year due to approximately $3 million of estimated ERP expenses.

由於預計 ERP 費用約為 300 萬美元，我們預計第四季度費用率將成為全年最大的壓力。

Depreciation and amortization expense is expected to be approximately $235 million, unchanged from our prior guidance.

折舊和攤銷費用預計約為 2.35 億美元，與我們先前的指引持平。

Net interest expense is expected to be approximately $4 million compared with our prior guidance of $6 million to $7 million.

淨利息支出預計約為 400 萬美元，而我們先前的指引為 600 萬至 700 萬美元。

Tax rate is expected to be approximately 18% unchanged from our prior guidance.

稅率預計與我們先前的指導保持一致，約為 18%。

Adjusted EBITDA is expected to be approximately $490 million to $500 million compared with our prior guidance of $480 million to $505 million.

調整後 EBITDA 預計約為 4.9 億至 5 億美元，而我們先前的指引為 4.8 億至 5.05 億美元。

Diluted earnings per share are estimated to be in the range of $1.65 to $1.75 compared with our prior guidance of $1.55 to $1.75.

稀釋每股收益預計在 1.65 美元至 1.75 美元之間，而我們先前的指引為 1.55 美元至 1.75 美元。

Diluted weighted average shares outstanding of approximately 108 million shares, unchanged from our prior guidance.

稀釋加權平均已發行股數約為 1.08 億股，與我們先前的指引持平。

Capital expenditures are expected to be approximately $360 million to $390 million compared with our prior guidance of $360 million to $410 million.

資本支出預計約為 3.6 億至 3.9 億美元，而我們先前的指引為 3.6 億至 4.1 億美元。

The decline in capital expenditures is due to a change in the timing of new warehouse store openings for the class of 2025.

資本支出下降是由於 2025 年新倉儲店開業時間發生變化。

We continue making prudent investments that we believe will result in strong earnings growth when industry fundamentals improve.

我們將繼續進行審慎投資，我們相信，當產業基本面改善時，這將帶來強勁的獲利成長。

I want to thank our associates and vendor partners for their dedication and contributions to serving our customers every day.

我要感謝我們的員工和供應商合作夥伴每天為服務客戶所做的奉獻和貢獻。

Operator, we would now like to take questions.

接線員，我們現在想回答問題。

(Operator Instructions)

（操作員說明）

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi, everyone.

大家好。

Good afternoon, and hope you can hear me.

下午好，希望你聽得到我的聲音。

My first question, Tom mentioned in the prepared remarks, you described the environment as maybe grinding higher over the next 12 to 18 months.

我的第一個問題，湯姆在準備好的發言中提到，你描述的環境可能會在未來 12 到 18 個月內走高。

Can I ask what does that look like for Floor & Decor.

可以問一下地板和裝飾是什麼樣的嗎？

Does that mean you'd open the 25 stores?

這是否意味著您會開設 25 家商店？

And are you leaning in to invest into the grind higher?

您是否傾向於投資更高的目標？

Or are you protecting margin?

或者你在保護保證金嗎？

So hey, Simeon, this is Tom.

嘿，西蒙，這是湯姆。

So we said in the last call, 25 stores is doable plan for next year.

所以我們在上次電話會議中說過，明年開設 25 家商店是可行的計畫。

That has not changed.

這一點沒有改變。

I said we've got flexibility.

我說我們有彈性。

If we get into next year and we want to push out some of those openings, we have the ability to get to do that.

如果我們進入明年並且想要推出其中一些職缺，我們有能力做到這一點。

But as we sit today, the plan is still '25.

但當我們今天坐下來時，計劃仍然是「25」。

We are prepared in the event if the market were to turn faster, we've got plenty of inventory in the system, the ability to react and get product quicker.

如果市場變化更快，我們已經做好準備，我們的系統中有充足的庫存，有能力做出反應並更快地獲得產品。

Our stores are well staffs.

我們的商店員工很好。

We're ready to handle that if that were to be the case.

如果是這種情況，我們已經準備好處理這個問題。

We're being cautious and prudent and it's nice to see the Fed taking some action to lower interest rates.

我們保持謹慎和審慎，很高興看到聯準會採取一些降低利率的行動。

We hope that that continues to happen and we hope that that spurs existing home sales to start to be positive.

我們希望這種情況繼續發生，並希望這能刺激現有房屋銷售開始出現積極的變化。

And we haven't seen that yet, but we're prepared for it in the event that occurs.

我們還沒有看到這種情況，但我們已經做好了應對這種情況發生的準備。

And when it occurs, we believe that our sales will follow that.

當它發生時，我們相信我們的銷售也會隨之而來。

And Seminole.

還有塞米諾爾。

This is Trevor.

這是特雷弗。

I think it's worth adding that we're not sitting idly by.

我認為值得補充的是，我們並沒有袖手旁觀。

We are taking cost out of the CapEx of the stores, our gross margins are performing higher than they've historically been, and we're taking operating costs out of the new stores as well.

我們正在從商店的資本支出中扣除成本，我們的毛利率表現高於歷史水平，而且我們也在從新商店中扣除營運成本。

So said differently, if we're going to be in a bit more muted environment, we've taken a lot of the model research, a lot of work over the last six months to take costs out of the stores so that if we are in this muted environment.

換句話說，如果我們要處於更安靜的環境中，我們在過去六個月中進行了大量的模型研究和大量工作，以降低商店的成本，這樣如果我們在這安靜的環境中。

We can operate successful new stores at the lower operating costs at a higher gross margin to still give us a good return on capital.

我們可以以較低的營運成本和較高的毛利率經營成功的新店，從而仍然為我們帶來良好的資本回報。

And a quick follow-up on the macro, the level versus growth in existing home sales, which I'm sure you've had many times this question.

對宏觀、現房銷售水平與增長的快速跟進，我相信您已經多次問過這個問題。

When Tom mentioned the 500 stores over time, it was referenced that assuming the existing home sales reached some normalized level.

當 Tom 提到 500 家商店隨著時間的推移而變化時，他提到假設現有房屋銷售達到某種正常化水平。

But in the next months, quarters, years, it's all about the rate of change growth.

但在接下來的幾個月、幾季、幾年裡，一切都與變化成長率有關。

That should be enough to get this business moving in the right direction.

這應該足以讓這項業務朝著正確的方向發展。

It's growth, not a certain number that may take several years back.

這是成長，而不是幾年前的某個數字。

That's right, Simon.

沒錯，西蒙。

I believe as existing home sales turn positive.

我相信隨著現房銷售轉正。

That's a net benefit for us, and that gives us the ability to start seeing our business trajectory improve.

這對我們來說是一個淨收益，使我們能夠開始看到我們的業務軌跡得到改善。

Thanks a lot.

多謝。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks and good evening.

謝謝，晚上好。

So a couple of follow-up questions.

所以有幾個後續問題。

So the first question is, are your West Coast stores comping positively?

所以第一個問題是，您的西海岸商店的競爭是否積極？

If you look at some of the home price indexes and the existing home sales in certain markets on the West Coast, they are positive.

如果你看看西海岸某些市場的一些房價指數和現房銷售，你會發現它們是正面的。

I don't think to your West Coast stores have been positive prior to this, but are you seeing that inflection?

我不認為你們的西海岸商店在此之前一直是積極的，但你們看到這種變化了嗎？

This is Bryan.

這是布萊恩。

I'll take this one.

我要這個。

We haven't inflected deposit yet, but they're meaningfully outperforming the rest of the chain.

我們還沒有影響存款，但它們的表現明顯優於鏈條的其他部分。

That's really the way we're talking about it right now.

這確實是我們現在談論的方式。

But we're hopeful that we crossed

但我們滿懷希望，我們能度過難關

--

--

We like the existing home sales as we saw in the month of September that they're coming out of the West.

我們喜歡現房銷售，因為我們在九月看到它們來自西方。

It is starting to show improvement, and we should see benefit from that world.

它開始顯示出改善，我們應該看到這個世界的好處。

They're better than the company.

他們比公司更好。

We think that will continue.

我們認為這種情況將會持續下去。

Existing home sales in the West were up over 5% in such.

西部地區現房銷售成長超過 5%。

Right.

正確的。

Over 5%, so you did needed it down stack.

超過 5%，所以你確實需要它向下堆疊。

So you're pretty close to getting close to flat at this point in the West?

那麼西方現在已經接近持平了嗎？

Yeah.

是的。

Got it.

知道了。

So I guess a little bit of lag off on a positive existing home sales dynamic.

因此，我認為現有房屋銷售的正面動態有些落後。

You sort of look at it from like a trend following up in the prior question that that it's not a comparison anymore, it's just more like we're coming to the bottom.

你可以從上一個問題的趨勢來看，這不再是比較，而更像是我們即將觸底。

The trend is the trend.

趨勢就是趨勢。

If we can get back to positive existing, then we can be up.

如果我們能夠回到正面的狀態，那麼我們就能崛起。

But if we stayed flat for an extended period of time, rates have been very volatile.

但如果我們長期保持不變，利率就會非常不穩定。

Like do you think what factors would lead you to composite in that environment?

你認為哪些因素會導致你在那種環境下復合？

Or is that just not how you don't think that could happen.

或者這只是你認為不可能發生的事情。

Well, I mean, look, our compares continue to ease.

嗯，我的意思是，看，我們的比較繼續緩和。

So the comparisons are going to get easier.

所以比較會變得更容易。

And if existing home sales do turn positive, as I said, I think that, that's a net benefit for our business, more homes that are turning over, the better it is for our category.

如果現有房屋銷售確實轉為正數，正如我所說，我認為這對我們的業務來說是淨效益，更多的房屋正在銷售，對我們的類別來說就越好。

I think in the event that, that doesn't happen, let's say that there's a scenario where things stay flat.

我認為，如果這種情況沒有發生，那麼我們就可以說，情況會保持穩定。

If interest rates continue to come down, then I think because of what's happened with household appreciation that more people will take cash out of their houses, they'll refi or cash out and then they'll apply that, historically, that's been applied into home improvement.

如果利率繼續下降，那麼我認為，由於家庭升值，更多的人會從他們的房子裡取出現金，他們會再融資或兌現，然後他們會應用它，從歷史上看，這已經應用於家居裝修。

And so I can't think of about everything to do than we do your bathroom in the event that you take money out of your house.

因此，如果您從家裡拿走錢，我想不出除了我們清理您的浴室之外還能做什麼。

So I'm hoping that in the event we don't see existing home sales if they stayed in that flat place, Chris, then the hope is that the rates continue to come down and because of what's happened with household appreciation, people take cash out and apply that to the category.

所以我希望，如果我們沒有看到現房銷售，如果他們留在那個平坦的地方，克里斯，那麼希望利率繼續下降，並且由於家庭升值所發生的事情，人們會拿現金並將其應用到該類別。

is Trevor.

是特雷弗。

This is a bit short term.

這有點短期。

But with Hurricane Helene and Hurricane Milton coming through, there's going to be some stores on the West side of Florida, maybe a few other markets that we believe will get a benefit.

但隨著颶風海倫和颶風米爾頓的到來，佛羅裡達州西側將會有一些商店，也許我們認為其他一些市場也會受益。

It's just really happened -- but we -- some of the early signs are we're going to get a bit of a benefit.

這確實發生了——但我們——一些早期跡象表明我們將獲得一些好處。

Now we're obviously a lot bigger than we were when we had the huge benefit in Houston back in 2017 and '18.

現在，我們的規模顯然比 2017 年和 18 年在休士頓獲得巨大收益時的規模要大得多。

And it's early, but there likely is going to be some benefit because of the destruction of those two hurricanes that is very recent.

現在還為時過早，但由於最近發生的兩場颶風造成的破壞，可能會帶來一些好處。

Well, I guess you read my mind on the follow-up, which is you talked about 19% of stores.

好吧，我猜你在後續行動中讀懂了我的想法，即你談到了 19% 的商店。

Harvey was 6% of stores.

Harvey 佔商店的 6%。

On a 12-month basis, you saw a 400 basis point benefit from Harvey.

在 12 個月的基礎上，哈維帶來了 400 個基點的收益。

Now granted, like I think maybe Milton is the 1 we should focus on and it's not quite that level of stores, but it's like 4% of stores.

現在當然了，我認為也許 Milton 是我們應該關注的第一家，它不是那種級別的商店，但大約佔 4% 的商店。

So do you think that we should just take that ratio, 4% of stores affected by million versus the 6 in Harvey versus that four-point lift that you saw in a subsequent 12 months from Harvey?

那麼您認為我們應該採用這樣的比率嗎：4% 的商店受到100 萬美元的影響，而哈維有6 家商店受到影響，而哈維在接下來的12 個月裡您看到了4% 的提升？

I think it's going to be much smaller.

我認為它會小得多。

We're 20% of the size we are now when Harvey did.

我們的規模只有哈維時期的 20%。

And today, what we're seeing is really, again, that West Coast of Florida, Tampa down to Sarasota, is where we're seeing the bigger impact.

今天，我們再次看到，佛羅裡達州西海岸，從坦帕到薩拉索塔，我們看到了更大的影響。

Over time, obviously, went through the Carolinas, there maybe a little bit more opportunity for some of the stores in there, but it will be a lot less impacted than Harvey.

顯然，隨著時間的推移，穿過卡羅萊納州，那裡的一些商店可能會有更多的機會，但受到的影響會比哈維小得多。

I won't pile on, but I would say, first, it's a bit too early to know for sure.

我不會多說，但我想說，首先，現在確定還為時過早。

I think Harvey was a bit different.

我認為哈維有點不同。

RV was a flooding event over a very much more significant geographical area.

RV 是發生在一個更重要的地理區域的洪水事件。

So -- but look, it's early.

所以——但是看，現在還早。

We're prepared.

我們準備好了。

We're seeing good things come out of those stores now, but it's just a little bit too early in a month from now, I think we'll know a lot more, but we're doing everything we can to capture that rebuild as it's coming to us.

我們現在看到這些商店裡有好的東西，但從現在開始一個月後還為時過早，我想我們會知道更多，但我們正在盡一切努力來捕捉重建的成果它正在向我們走來。

Thanks, guys.

謝謝，夥計們。

Appreciate it.

欣賞它。

Steven Forbes, Guggenheim Securities.

史蒂文福布斯，古根漢證券。

Good evening.

晚安.

Tom, Trevor, Bryan.

湯姆、特雷弗、布萊恩。

Maybe just following up to start on ROIC.

也許只是跟進 ROIC 的啟動。

Lots of questions with investors on how to think about ROIC for the business. just especially given the challenging macro that you're operating it within.

投資人就如何考慮企業的投資報酬率提出了許多問題。特別是考慮到您正在操作的巨集具有挑戰性。

You talked about the 25 stores you're planning for next year.

您談到了明年計劃開設的 25 家商店。

Any way to help frame how your -- how the pro forma is modeled around year one ROIC versus cost of capital.

任何有助於框架如何圍繞第一年的投入資本回報率與資本成本進行模擬的方式。

And maybe on that point, can you remind us sort of some of the work you've done to reduce the initial capital cost behind the new stores that you're planning for next year?

也許在這一點上，您能否提醒我們您為減少明年計劃開設的新店的初始資本成本所做的一些工作？

Yes, I will -- this is Tom.

是的，我會的──這是湯姆。

I will go first, and I'm sure Trevor and Bryan will weigh in after we have done a tremendous amount of work to reduce the cost of our new store openings.

我會先走，我相信在我們為降低新店開業成本做了大量工作後，特雷弗和布萊恩會參與其中。

So we've done that by rightsizing the stores.

因此，我們透過調整商店規模來做到這一點。

We've done that by taking noncustomer-facing things out of the store to reduce the cost while at the same time, we've reduced the cost of operating the store.

我們透過將非面向顧客的物品從商店中取出來降低成本，同時降低了商店的營運成本。

So we've taken a really good approach in bringing it down.

所以我們採取了一個非常好的方法來降低它。

And then as we selected the 2025 stores, as we said earlier, we're trying to shoot with a bit more precision going to more markets that we know, going to voids that we know will perform better than going into a new market.

然後，正如我們之前所說，當我們選擇 2025 家商店時，我們正在嘗試更精確地進入我們所知道的更多市場，進入我們知道會比進入新市場表現更好的空白市場。

So there's less new markets, more of a sure thing.

因此，新市場較少，更多的是確定的事情。

So -- we think with what we've done with the cost of the store and the operating cost of the store and how our gross margins are improving, and selecting better stores that, that will improve as we get through 2025.

因此，我們會考慮我們在商店成本和商店營運成本方面所做的工作，以及我們的毛利率如何提高，並選擇更好的商店，隨著我們到 2025 年，這將會有所改善。

Yes.

是的。

It will help alleviate some of the pressure.

這將有助於減輕一些壓力。

Obviously, in this macro environment today, we've been very transparent that our stores are turning off a little bit lower than our pro forma target that we were super in that $14 million to $16 million year one.

顯然，在今天的宏觀環境下，我們非常透明地表示，我們的商店的關閉速度比我們的預計目標要低一些，即我們第一年的收入為 1400 萬至 1600 萬美元。

So given the macro backdrop, that will put pressure on ROIC, but everything Tom just mentioned, will help offset some of that.

因此，考慮到宏觀背景，這會給投資回報率帶來壓力，但湯姆剛才提到的一切都將有助於抵消其中的一些壓力。

It won't fully offset it, but it will help offset and mitigate some of that.

它不會完全抵消它，但它將有助於抵消和減輕其中的一些影響。

And then Bryan, maybe just a quick follow-up.

然後布萊恩，也許只是一個快速的跟進。

As we think about the growth burden on the margin structure of the business as you sort of work through the environment, any way to help frame sort of how to think through selling and store operating expenses for next year given the growth plans for stores?

當我們在整個環境中思考業務利潤結構的成長負擔時，考慮到商店的成長計劃，有什麼方法可以幫助框架思考明年的銷售和商店營運費用？

Like what -- and I don't know if you can maybe talk through what level of comp, right, is sort of needed to hold the expense ratio at that 31% level that you guided this year to or anybody to sort of think through how we measure the growth burden next year?

就像什麼——我不知道你是否可以談談需要什麼水平的補償，對吧，將費用比率保持在你今年指導的 31% 的水平，或者任何人都可以考慮一下我們如何衡量明年的增長負擔？

We're not ready to commit on our comment on 2025 yet.

我們尚未準備好對 2025 年做出評論。

Obviously, we'll take some sort of growth to hold just given the pressure of the late store openings in Q3 and the late store openings in Q4 of this year.

顯然，考慮到今年第三季開店較晚和第四季開店較晚的壓力，我們將採取某種形式來維持成長。

Those will put a little bit of a drag next year on store and selling expenses.

這些將對明年的商店和銷售費用造成一些拖累。

But more to come.

但還會有更多。

We're just now getting into the detailed budgeting process on our side.

我們現在剛剛進入詳細的預算流程。

So more to come on the next call for that.

因此，下次電話會議還會有更多內容。

We'll give you guys obviously guidance and transparency around that, but we're not ready to commit to the comment.

我們將為你們提供明顯的指導和透明度，但我們還沒有準備好發表評論。

Thank you.

謝謝。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Chuck, yourself muted please.

Chuck，請你靜音。

Zachary Fadem, Wells Fargo.

扎卡里·法德姆，富國銀行。

Good afternoon, guys.

下午好，夥計們。

When you look at your operating margin outlook this year, which is implied about 5%, how much would you say this is constrained by the new stores opened over the last year?

當您查看今年的營業利潤率預期（暗示約為 5%）時，您認為這在多大程度上受到去年開設的新店的限制？

And how does that drag compare to the margin drag in the past?

與過去的利潤率拖累相比，這種拖累如何？

And then as you start to think about a recovery scenario, how should we think about just snap back potential for your operating margins?

然後，當您開始考慮復甦情景時，我們應該如何考慮營業利潤率的回升潛力？

Zach, this is Bryan.

札克，​​這是布萊恩。

I'll start and then Trevor and Tom can jump in.

我先開始，然後特雷弗和湯姆可以加入。

I mean it's heavy pressure from the new stores that have come in, but there is still some also from a decline in costs.

我的意思是，新開店帶來了巨大的壓力，但成本下降也帶來了一些壓力。

I mean you've got negative sales coming through, which will put pressure, but a lot of the pressure is still from our new stores.

我的意思是，銷售出現負數，這會帶來壓力，但很大一部分壓力仍然來自我們的新店。

This is the first environment where I've been here for over 10 years, the first environment where I've seen our mature stores delever.

這是我來到這裡十多年的第一個環境，​​也是我第一次看到我們成熟的門市發展的環境。

So the sales pressure has put a little bit there, but still a lot from our new stores and even the new stores causing cannibalization on our existing stores without giving specifics on those two.

因此，銷售壓力已經增加，但仍有許多來自我們的新店，甚至是新店對我們現有店面造成的蠶食，但沒有具體說明這兩家店的情況。

As far as when it will snap back or what kind of glide path it's going to be, it won't snap back immediately, it will take time, but we should have significant earnings power given any sort of growth environment.

至於它什麼時候會反彈，或者會是什麼樣的下滑路徑，它不會立即反彈，這需要時間，但考慮到任何成長環境，我們都應該擁有顯著的獲利能力。

So if we get into next year and there's any sort of growth environment you will see significant earnings power, but I don't think it goes back to historical levels overnight.

因此，如果我們進入明年，並且存在任何類型的成長環境，您將看到巨大的獲利能力，但我認為它不會在一夜之間回到歷史水平。

I think it will take time to kind of get.

我認為這需要時間才能得到。

I'll add -- this is Tom.

我要補充一點──這是湯姆。

And I would say that we have learned to be more disciplined in our spending within our store support center, within the amount of projects that we undertake, within the amount of investment that we make, and we will be -- those lessons will continue to apply a sales rebound.

我想說的是，我們已經學會了在商店支援中心的支出、我們承擔的項目數量、我們所做的投資數量範圍內更加嚴格，我們將——這些教訓將繼續應用銷售反彈。

So we should see benefit in kind of how we operate within our store support center and the investments that we make there.

因此，我們應該看到我們在商店支援中心的運作方式以及在那裡進行的投資所帶來的好處。

We should see the benefit as sales turn around.

隨著銷售的好轉，我們應該會看到好處。

We would be more thoughtful on those investments.

我們會對這些投資更加深思熟慮。

And then the last thing is 25% of our stores are running at minimum hours as soon as we see and sales start to kick around.

最後一件事是，一旦我們看到銷售開始活躍，我們 25% 的商店就會在最低營業時間營業。

We get really good flow throughout those stores.

我們在這些商店中獲得了非常好的人流。

So that would be very helpful.

所以這會很有幫助。

I think just to put numbers out and you guys will see in the release and in the 10-Q, we were able to decrease $7.7 million out of our comp stores year-to-date, that number is $30.8 million that we've taken out, I've got to give credit to our store associates because as Trevor mentioned on the call, our customer service scores are as high as they've ever been.

我想只是把數字公佈出來，你們會在發布和 10-Q 中看到，我們今年迄今為止從我們的比較商店中減少了 770 萬美元，這個數字是我們已經拿走的 3080 萬美元出來後，我必須讚揚我們的店員，因為正如特雷弗在電話中提到的那樣，我們的客戶服務得分與以往一樣高。

So we're doing this in a way that it's not impacting the customer experience.

因此，我們這樣做的方式不會影響客戶體驗。

If I was modeling, and we have to set the plan, so this is -- once the plan is set, like once we give guidance next year, if there is upside, I think we feel pretty confident that you're going to flow through in the mid- to upper 30s on that incremental sales above the plan.

如果我是模特，我們必須制定計劃，所以這就是——一旦計劃制定，就像我們明年給出指導一樣，如果有好處，我認為我們非常有信心你會流動到30 多歲左右，銷售增量就高於計劃。

And when you're operating at just above a 5% operating margin, if your sales are above that plan, flowing that through in the mid- to upper 30s is obviously very accretive to the operating margin and income.

當您的營業利潤率略高於 5% 時，如果您的銷售額高於該計劃，那麼在 30 多歲的中上流轉，顯然會非常增加營業利潤和收入。

Got it.

知道了。

And just if we enter, call it, the first half of '25 and comps remain negative similar to where we are today and the new store drag on the operating margins remains negative as it is today.

如果我們進入，稱之為，25 年上半年，比較仍然為負值，類似於我們今天的情況，新店對營業利潤率的拖累仍然是負值，就像今天一樣。

Curious just to what extent you would push out new store openings into '26?

想知道您會在多大程度上將新店開業推遲到 26 年？

As I said at the beginning of the call, today, we're still planning on opening 25 stores.

正如我在電話會議開始時所說的那樣，今天我們仍計劃開設 25 家商店。

We put those stores to the back half of the year to give us flexibility in the event that we want to push stores out, we will make that decision.

我們將這些商店推遲到下半年，以便在我們想要將商店推出時給予我們靈活性，我們將做出決定。

I guess is we'll make it by the time the next time we're on the call, we'll have better visibility to that, and it will depend on how our top line is trending.

我想我們會在下次通話時做到這一點，我們對此會有更好的可見性，這將取決於我們的營收趨勢。

If things improve, we can benefit from the hurricane, we see some benefit from refi, existing home sales turn a little bit positive.

如果情況好轉，我們可以從颶風中受益，我們會看到再融資帶來一些好處，現有房屋銷售會出現一些積極的變化。

Then yes, we would continue with our plan.

那麼是的，我們將繼續我們的計劃。

If things were to get worse, then yes, certainly, we really think that and pull stores out.

如果情況變得更糟，那麼是的，當然，我們確實會這麼想，並撤出商店。

Thanks for the time, guys.

謝謝你們抽出時間。

(Operator Instructions) Seth Sigman, Barclays.

（操作員指示）Seth Sigman，巴克萊銀行。

As you think about exiting what seems to be an air pocket, right, how do you think about how the industry has changed over the last couple of years versus pre-pandemic?

當您考慮退出看似空氣袋的情況時，您如何看待過去幾年該行業與大流行前相比發生的變化？

And I'm really thinking about from a competitive perspective, is there anything that you see as different -- have you seen the industry shake out as you would have expected from the downturn?

我真的從競爭的角度思考，你認為有什麼不同嗎——你是否看到這個行業像你預期的那樣從經濟衰退中擺脫出來？

Because it does feel like we're starting to see a wider range of results.

因為我們確實感覺到我們開始看到更廣泛的結果。

So just any context there.

所以只要有任何上下文即可。

I would say, and I'll let -- anyone can chime in after I go or Trevor, if you see anything different.

我會說，我會讓——任何人都可以在我離開後插話，或者特雷弗，如果你看到任何不同的東西。

I would say that there'll be less competitors as we come out of this cycle.

我想說，當我們走出這個週期時，競爭對手將會減少。

We've already seen some closures within -- you heard Lumber Liquidators had to close stores.

我們已經看到一些商店被關閉——你聽說木材清理者不得不關閉商店。

We had noise of distributors closing, noise of independents closing.

我們聽到了經銷商關閉的噪音，獨立經銷商關閉的噪音。

So I believe that there'll be less competitors when we enter the market.

所以我相信當我們進入這個市場時，競爭對手會更少。

I think that we'll continue to have to deal with home improvement centers, ebbing and flowing, getting better, getting worse and we'll continue to have to deal with that like we always have.

我認為我們將繼續面對家居裝修中心的問題，潮起潮落，變得更好，變得更糟，我們將繼續像往常一樣處理這個問題。

I don't think that's too much different than pre-COVID.

我認為這與新冠疫情之前沒有太大不同。

And I don't think the independents have changed so much in how they go about their business.

我認為獨立人士在開展業務的方式上並沒有太大變化。

.

。

So I think the competitive advantages that we have today are similar to the competitive advantages we have pre-COVID, and I think they'll be the same as this bubble passes.

因此，我認為我們今天擁有的競爭優勢與新冠疫情之前的競爭優勢相似，而且我認為隨著泡沫的過去，它們也會保持同樣的優勢。

Thank you.

謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good evening.

晚安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

Given -- if you assume the midpoint of your guide for this year, where will your per store transactions and per store traffic end up this year versus 2019?

假設 - 如果您假設今年指南的中點，那麼與 2019 年相比，今年每家商店的交易量和每家商店的流量最終會達到什麼水平？

And how is that compared to what your perception of the industry might be?

與您對該行業的看法相比，情況如何？

Obviously, the question is related to market share.

顯然，這個問題與市場佔有率有關。

Your stores are being burdened with more cannibalization.

您的商店正承受著更多的蠶食的負擔。

But if transactions and traffic are flattish versus 2019, and there's been some closures across the market, why wouldn't that metric be better than it is?

但如果交易和流量與 2019 年相比持平，整個市場出現了一些關閉，為什麼這個指標不會比現在更好？

This is Bryan.

這是布萊恩。

I'll start and then Trevor and Tom can weigh in.

我先開始，然後特雷弗和湯姆可以發表意見。

When I look at kind of like the 5-year go CAGR, what's implied in there is that we would exit at almost a flat transaction.

當我看到類似 5 年複合年增長率時，這意味著我們將以幾乎持平的交易退出。

And so our transactions are basically in line with where we were exited 2019 from an average ticket were higher, but that's because of all the inflationary things that have happened post-2019.

因此，我們的交易量基本上與 2019 年退出時的平均票價較高一致，但這是因為 2019 年後發生了所有通貨膨脹的情況。

So when you think about that, our ticket is higher, but transactions are almost flat.

所以當你想到這一點時，我們的票價更高，但交易幾乎持平。

And so that is burdened with cannibalization as we have opened a lot of stores during this down macro environment.

因此，這面臨著蠶食的負擔，因為我們在宏觀環境下行的情況下開設了許多商店。

But yes, transactions against that time period on a per store basis are relatively flat today from where they were, which historically and our long-term algorithm that we would have given back at the Analyst Day, we would have said mid-high single digits driven by mainly transactions.

但是，是的，今天每家商店在該時間段的交易相對平穩，從歷史上看，我們會在分析師日反饋的長期演算法，我們會說中高個位數主要由交易驅動。

So it tells you that we believe there's a lot of pent-up demand and some of those kind of things within the stores, given the fact that we are relatively flat to where we were back in 2019.

因此，它告訴你，考慮到我們與 2019 年的情況相對持平，我們相信商店內存在大量被壓抑的需求和一些此類問題。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Sorry about that first call.

對第一次打電話感到抱歉。

I guess, with the category under duress, can you help us think about innovation in the pipeline on innovation products.

我想，在這個類別面臨壓力的情況下，您能否幫助我們思考創新產品的創新。

What areas you're excited about over the next few years?

未來幾年您對哪些領域感到興奮？

And then installation materials were up 21% nicely here in the quarter.

本季安裝材料成長了 21%。

Can you talk about the success there?

您能談談那裡的成功嗎？

How much of that may be attributable to price actions and any other areas?

其中有多少可能歸因於價格行為和任何其他領域？

Sure.

當然。

This is Tom.

這是湯姆。

I'll start, and then Trevor can jump in.

我先開始，然後特雷弗就可以插嘴了。

I think from an innovation standpoint, we are trying to do more things than we've historically done.

我認為從創新的角度來看，我們正在嘗試做比歷史上更多的事情。

We've got a good program going on with the outdoor pilot where we're bringing in more outdoor products into our stores.

我們正在進行一個很好的戶外試點計劃，將更多的戶外產品引入我們的商店。

So we try to expand the amount of things we can sell to our customer.

因此，我們嘗試擴大可以銷售給客戶的產品數量。

We've continued down the path on our newness.

我們繼續沿著新的道路前進。

Even since COVID, we've done the same amount of product line reviews that we've historically done.

即使自新冠疫情以來，我們也進行了與以往相同數量的產品線審查。

So there's constantly new products coming into the store.

因此，商店裡不斷有新產品進入。

And I think we're continuing to add adjacent categories, add to our adjacent categories that make sense.

我認為我們正在繼續添加相鄰類別，並添加到有意義的相鄰類別中。

So all of those things should help kind of on that out cycle.

因此，所有這些事情都應該對這個週期有所幫助。

.

。

I just want to add a few other things that porcelain last, we've been expanding to more stores this year as well, and we continue to at those unique items such as 4x8, 4x9, 5x10 porcelain slabs to more stores to get the market going.

我只想補充一些瓷器最後的其他東西，今年我們也擴展到了更多商店，我們繼續將這些獨特的商品（例如 4x8、4x9、5x10 瓷板）擴展到更多商店以獲得市場去。

On top of this, we also started the acoustic wood panels, and that's totally incremental business to our business. satiates are won by 7 to 7.7 wood panels that reduces the sound.

除此之外，我們也開始生產吸音木板，這對我們的業務來說完全是增量業務。 7 至 7.7 的木板可降低聲音，從而滿足需求。

And where we constantly tried to munis and innovation is going to be critical for the next year as well.

我們不斷嘗試市政和創新對於明年也將至關重要。

Yes.

是的。

And there's more comment.

還有更多評論。

We have another big adjacent category that we're going to pilot in the first quarter.

我們還有另一個大的相鄰類別，我們將在第一季進行試點。

So we're not sitting still.

所以我們並沒有坐以待斃。

We're trying to be innovative and trying to continue to add to our offering to satisfy our customers.

我們正在努力創新，並努力繼續增加我們的產品以滿足客戶的需求。

And as we come out of this and the market turns, it will even give us more ammunition to do better.

當我們走出困境以及市場轉變時，它甚至會給我們更多的彈藥來做得更好。

This is Trevor.

這是特雷弗。

Your question on insulation materials.

您關於絕緣材料的問題。

Several years ago, we made a very strategic decision to go after a supply house strategy.

幾年前，我們做出了一個非常具有策略意義的決定，就是採取供應商策略。

So we added brands that really mattered to the professional customer.

因此，我們添加了對專業客戶真正重要的品牌。

And we're seeing very good success with our professional customer, especially in the insulation materials category.

我們看到我們的專業客戶取得了非常好的成功，特別是在絕緣材料領域。

And so we really just try to become a one-stop shop and have everything that think the brand needs.

因此，我們真的只是努力成為一站式商店，並擁有品牌所需的一切。

And again, that's probably going on 2 years now that that's been our best-performing big category.

再說一次，這種情況可能已經持續了兩年了，因為這是我們表現最好的大類別。

Keith Hughes, Truist Securities.

基斯‧休斯 (Keith Hughes)，Truist 證券公司。

You talked earlier about the ticket getting less negative, particularly the comps.

您之前談到門票的負面影響會減少，尤其是補償。

But I guess we dig down into that.

但我想我們會深入探討這一點。

Are you seeing any product categories are seeing average selling price per square foot or whatever metrics start to move up and kind of levels of inflation coming in.

您是否看到任何產品類別的每平方英尺平均售價或任何指標開始上升，並且出現某種程度的通貨膨脹。

Yes, I think it's on ticket.

是的，我認為這是在門票上。

I mean our ticket is getting better.

我的意思是我們的票越來越好了。

It's been, I think, a bigger component of our comp improving each of the last three quarters is our ticket relative to each quarter has gotten a bit better.

我認為，過去三個季度我們的薪酬改善的一個重要組成部分是我們的門票相對於每個季度都變得更好了。

The biggest issue we face with ticket today wouldn't laminate our largest ticket categories in the company.

我們今天在票務方面面臨的最大問題不是將公司最大的票務類別進行分層。

And when our business was very strong, and we had 6.5 million existing homes back in 2022, you had a lot of house slipping going on and people generally do much larger wood and laminate projects and you've got that many houses flipping.

當我們的業務非常強勁時，我們在 2022 年擁有 650 萬套現有房屋，當時有很多房屋倒賣，人們通常會做更大的木材和層壓板項目，因此有很多房屋倒賣。

Now that we're down whatever is 42% down the 3.8 million existing home sales have nearly as many houses flipped.

現在，380 萬套現房銷售量下降了 42%，但轉手的房屋數量幾乎同樣多。

So people are staying in-house and they're focused much more on bathrooms and half bathrooms and those are much smaller jobs.

因此，人們留在家裡，他們更專注於浴室和半浴室，這些都是小得多的工作。

And so the ticket issue that we're facing is predominantly almost completely driven by wood main business, as I said, because people just don't put their homes at the same rate that they were when the economy was stronger in house.

因此，正如我所說，我們面臨的門票問題主要幾乎完全是由木材主營業務驅動的，因為人們只是沒有像經濟強勁時那樣以相同的速度購買房屋。

Yes.

是的。

And we still are seeing when the customers elect to do the project that they're still stepping into the better and best product that has continued to outperform with that good.

我們仍然看到，當客戶選擇做這個專案時，他們仍然在使用更好、最好的產品，而產品的表現繼續優於其他產品。

Oliver Wintermantel, Evercore ISI.

奧利佛·溫特曼特爾，Evercore ISI。

On the gross margin line, it looks like the fourth quarter gross margin implied guidance is still up year-over-year.

在毛利率線上，第四季毛利率隱含指引似乎仍較去年同期上升。

If you could maybe talk a little bit about the drivers in the fourth quarter.

您可以談談第四季的車手嗎？

And then just conceptually, I know you're not going to guide to 2025.

然後只是從概念上講，我知道你不會指導 2025 年。

But conceptually, how do you think about gross margins into next year?

但從概念上講，您如何看待明年的毛利率？

Is there an opportunity to reinvest in the business to drive traffic, a little bit of how you think about gross margins for next year?

是否有機會對業務進行再投資以增加流量，您對明年的毛利率有何看法？

We're continuing to see good benefits to our gross margin line from supply chain costs, and we're seeing the benefits of that and from customers electing to buy better and best products, which makes a better gross margin on.

我們繼續看到供應鏈成本為我們的毛利率帶來了良好的好處，而且我們看到了這一點以及客戶選擇購買更好和最好的產品的好處，這使得毛利率更高。

So those things continue to be a driver of gross margin.

因此，這些因素仍然是毛利率的驅動因素。

We think that will continue into the fourth quarter.

我們認為這種情況將持續到第四季。

As we look to next year, yes, this is still a challenging market for the category.

展望明年，是的，對於該類別來說，這仍然是一個充滿挑戰的市場。

So we're putting a lot of pressure on our merchants to buy as good as they can as we do product line of views and we get products from new vendors or new products from existing veterans.

因此，我們對我們的商家施加了很大的壓力，要求他們盡可能購買優質產品，就像我們從新供應商購買產品或從現有退伍軍人那裡購買新產品一樣。

We're certainly challenged them on the cost side to make sure that we're trying to get our first cost to be as low as it possibly can, and pass that on to the bottom line.

我們當然在成本方面向他們提出了挑戰，以確保我們努力使我們的第一成本盡可能低，並將其轉嫁給底線。

So yes, we are planning on to have gross margins improve again next year.

所以，是的，我們計劃明年毛利率再次提高。

Yeah.

是的。

Just as a reminder, too, on top of that.

除此之外，也只是作為一個提醒。

This is Bryan.

這是布萊恩。

So just as a reminder, we do have optionality as we move into when you're modeling, don't forget that we will open 1 distribution center in the second half of 2025 in Seattle.

提醒一下，當您進行建模時，我們確實有選擇權，請不要忘記，我們將於 2025 年下半年在西雅圖開設 1 個配送中心。

And then there's another 1 we're planning to open in the very beginning of 2026.

我們計劃在 2026 年初開設另一家分店。

Both of those will put pressure on our gross margin rate as we're in the back half and then entering into 2026.

這兩個因素都會給我們的毛利率帶來壓力，因為我們正處於下半年，然後進入 2026 年。

And then just as you guys are thinking about the model, Q4 should relatively be in line with Q3 this year.

然後就像你們在考慮模型一樣，今年第四季應該與第三季相對一致。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Historically, I think you've shared your conversion levels are around 80% on average.

從歷史上看，我認為您的平均轉換率約為 80%。

Obviously, traffic is challenged with housing turnover and stretched household budgets.

顯然，交通受到住房週轉和家庭預算緊張的挑戰。

But for the footsteps you are seeing in stores, how has conversion been trending?

但從您在商店中看到的腳步來看，轉換趨勢如何？

And is that still holding up even with those stores on minimum labor hours.

即使這些商店實行最低勞動時間，這種情況仍然有效嗎？

Yes.

是的。

This is Trevor.

這是特雷弗。

We recently just conducted a pretty detailed brand tracker that we do quite often.

我們最近剛剛進行了一次非常詳細的品牌追踪，我們經常這樣做。

And those trends continue.

這些趨勢仍在持續。

If you look at the customers that are aware, the shop, and then they convert those numbers that you quoted are very consistent with what we've seen previously.

如果你看看那些知道的客戶，商店，然後他們轉換你引用的那些數字與我們之前看到的非常一致。

Issue is just the size of the people that are entering the market is just a lot less.

問題只是進入市場的人數少了很多。

But once we get them exposed to the brand, either online or in stores, then the conversion is very high for us.

但是，一旦我們讓他們在網路上或商店中接觸到該品牌，那麼轉換率對我們來說就非常高。

Not just the conversion.

不僅僅是轉換。

The brand tracker scores in customer service amongst the pros (inaudible) it your softwares were showing continued to show improvement.

如果您的軟體顯示持續改進，則品牌追蹤器在客戶服務方面的得分屬於專業人士（聽不清楚）。

So not just the way we're measuring it a monthly basis within our stores, but the branch at showed similar results.

因此，不僅我們在商店內每月進行測量，而且分店也顯示出類似的結果。

We're pleased with how our stores are executing.

我們對商店的執行情況感到滿意。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

This is Alexia Morgan on for Peter Keith.

這是彼得·基思的亞歷克西婭·摩根。

We are hearing about headwinds on big ticket durables from election distraction.

我們聽說，由於選舉的干擾，大宗耐用品面臨阻力。

We're wondering if you've noticed this dynamic within your business?

我們想知道您是否注意到您企業中的這種動態？

And then -- are you seeing any sales opportunity from the 90 or so lumber liquidator stores that are closing?

然後，您是否從 90 家左右即將關閉的木材清算商店中看到了任何銷售機會？

This is Trevor.

這是特雷弗。

I'll go first and then Tom or Bryan can weigh in.

我先去，然後湯姆或布萊恩可以發表意見。

I mean we said this on the script, our Q4 to date comps have gotten better.

我的意思是我們在劇本中說過，我們第四季迄今為止的比賽已經變得更好了。

And so we don't know that we've seen that yet.

所以我們不知道我們是否已經看到了這一點。

I mean that a reasonable expectation that happens every 4 years.

我的意思是每四年發生一次的合理預期。

But to date, again, our Q4 numbers have continually gotten better throughout the quarter.

但迄今為止，我們第四季的數據在整個季度中不斷好轉。

I don't know if we had anything to

我不知道我們是否有什麼可做的

.

。

That's true.

這是真的。

So we haven't seen that yet.

所以我們還沒有看到這一點。

And the Lumber Liquidators benefit as they close, we think that's a net positive for us.

木材清算人在關閉時受益，我們認為這對我們來說是一個淨積極因素。

There'll be depending on where their stores are located, how close they are to ours, the ones that are closing.

這取決於他們的商店位於哪裡、離我們的距離有多近、哪些商店即將關閉。

It's good.

很好。

We've been fortunate to get some -- to be able to help place some of the displaced associates.

我們很幸運能夠得到一些幫助安置一些流離失所的員工。

We've been able to get higher them and give them an employment where in any event that a store is closed down and they've been affected.

我們已經能夠提高他們的水平，並為他們提供就業機會，即使商店關閉，他們也會受到影響。

So again, that business will go somewhere.

再說一次，這項業務將會走向某個地方。

We think when we compete in that category when you look across what they sell versus what we sell, our offerings are better than most, so we should be in that beneficiary.

我們認為，當我們在該類別中競爭時，當你比較他們銷售的產品和我們銷售的產品時，我們的產品比大多數產品更好，所以我們應該成為受益者。

Karen Short, Melius

凱倫‧肖特，梅利厄斯

Good to talk to you again.

很高興再次與你交談。

So my question was just on the implied 4Q guidance range.

所以我的問題只是關於隱含的第四季指導範圍。

I mean it's a pretty wide range.

我的意思是它的範圍相當廣泛。

So just wondering if you can give puts and takes on comps in general, but also EBITDA margins.

因此，我想知道您是否可以給出一般比較的看跌期權和認購期權，以及 EBITDA 利潤率。

I mean everything is a pretty wide range.

我的意思是一切都是相當廣泛的範圍。

So wondering if you could just talk to that a little more.

所以想知道你是否可以再談談這一點。

Yes.

是的。

I mean it's still the macro environment that we're in.

我的意思是，這仍然是我們所處的宏觀環境。

There's still a lot of volatility out there.

那裡仍然存在著很大的波動性。

Existing home sales just came in at 3.84 million readout for September.

9 月現房銷售數據為 384 萬套。

So there's still a little bit of movement in the macro that gives us just a little bit of pause to hold that range.

因此，宏觀經濟仍然存在一些變化，這讓我們稍微暫停一下以保持該範圍。

I mean we did compress the range in half from the last readout.

我的意思是我們確實將上次讀數的範圍壓縮了一半。

And so just -- most of it is around that, which is why when you think about our comp, what's implied in there is about a 2.5% to 6.5% down in Q4 to achieve 7.5% to 8.5% down for the full year.

所以，大部分都是圍繞這一點，這就是為什麼當你考慮我們的比較時，隱含的第四季度下降約 2.5% 至 6.5%，全年下降 7.5% 至 8.5%。

Most of that is around transactions.

其中大部分是圍繞交易。

So our transactions would be implied around down mid-single digits with our ticket approximately flat in Q4.

因此，我們的交易量將下降到中個位數左右，而我們的門票在第四季度大致持平。

So most of the variability is just around transactions as we look at our business.

因此，當我們審視我們的業務時，大部分變化都與交易有關。

Phillip Blee, William Blair.

菲利普·布萊爾，威廉·布萊爾。

You previously spoke a bit about the impact of rising freight costs, I think a minimal impact on fiscal 2024.

您之前談到了貨運成本上漲的影響，我認為對 2024 財年的影響很小。

And -- how does that play out, though, in 2025 if rates don't abate?

但是，如果利率不降低，到 2025 年會如何？

And then would contracted capacity keep you insulated from the spot market if demand begins to be more meaningfully inflect?

那麼，如果需求開始發生更有意義的變化，合約產能是否能讓您免受現貨市場的影響？

This is Trevor.

這是特雷弗。

As we said, the majority of our rates are on rolling long-term rates.

正如我們所說，我們的大部分利率都是滾動長期利率。

In the spring, kind of the late winter, early spring time frame is when we'll find out what those new rates are going to be.

在春天，也就是冬末、早春的時間範圍內，我們將了解這些新的費率是多少。

If the rates are higher because the spot market stays higher, then we and everybody else will have to deal with those higher rates.

如果由於現貨市場保持在較高水準而導致利率上升，那麼我們和其他所有人都將不得不應對這些較高的利率。

In the past, I've been here, I'm going 14 years at Floor & Decor.

過去，我已經在 Floor & Decor 工作了 14 年。

When we've seen higher rates, we've seen the market be rational and those higher rates are passed along, and we would probably expect that to be a similar case for us.

當我們看到更高的利率時，我們看到市場是理性的，而這些更高的利率被傳遞，我們可能會期望這對我們來說是類似的情況。

One of the benefits we do have is we really -- we're not paying spot market rates at all today.

我們確實擁有的好處之一是，我們今天根本不支付現貨市場利率。

And even if they do go up, we still have some of our contracts that will save us some money.

即使價格確實上漲，我們仍然有一些合約可以為我們節省一些錢。

And you really -- because we turn our inventory just over 2 times a year, you really wouldn't see those retail increases come until probably later Q3 and Q4.

而且你確實 - 因為我們的庫存每年週轉兩次多一點，你真的不會看到這些零售增長可能要到第三季度和第四季度晚些時候才會出現。

Molly Baum, Bank of America.

莫莉·鮑姆，美國銀行。

Hi, thanks for taking my question. [Robi] had another earnings call this evening, but I wanted to follow up on ask question about the competitive dynamics, specifically as it relates to your EDLP strategy.

您好，感謝您提出我的問題。 [Robi] 今天晚上舉行了另一場財報電話會議，但我想跟進詢問有關競爭動態的問題，特別是與您的 EDLP 策略相關的問題。

So I'm curious how you feel about your price positioning at present.

所以我很好奇你對目前的價格定位有何看法。

And specifically, as it relates to kind of the good categories and your breadth of opening price points.

具體來說，因為它與優質類別的種類和開盤價格點的廣度有關。

And I guess the last one on that piece, if you're still seeing relative elasticity from any price reductions.

如果您仍然看到降價帶來的相對彈性，我想是該文章的最後一個。

is Tom.

是湯姆.

We still feel good about our price spread versus the competition at the good level.

與競爭對手相比，我們仍然對我們的價格差距感到滿意。

We mainly compete with the home improvement centers.

我們主要與家裝中心競爭。

When we look apples-for-apples and features for features and line them up, we still feel like we are in a good position versus the competitors.

當我們逐一比較、逐一功能並將它們排列起來時，我們仍然感覺自己相對於競爭對手處於有利地位。

So it's a moving target.

所以這是一個移動的目標。

Things go up and things go down.

事情會上升，事情會下降。

We pay attention to that, just like I'm sure they do.

我們很關注這一點，就像我確信他們也會關注的那樣。

But I feel good about kind of how we compete within the category against them.

但我對我們在該類別中與他們競爭的方式感到滿意。

As we mentioned on previous calls, we've seen good reactions to adjusting price for products that are specific for Pros, so particularly in our installation materials we've seen benefit as we become more aggressive in that department to try to lower Pro to give us more of their wallet.

正如我們在之前的電話會議中提到的，我們看到了針對專業人士調整產品價格的良好反應，因此特別是在我們的安裝材料中，我們看到了好處，因為我們在該部門變得更加積極，試圖降低專業人士的價格我們更多的是他們的錢包。

So we'll continue to put pilot with that and continue to move that within that department.

因此，我們將繼續進行試點，並繼續在該部門內推動這項工作。

And as looking at our results and should is paying some dividends.

看看我們的結果，應該支付一些紅利。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Just a clarification on the quarter-to-date comp.

只是將季度至今的比較進行澄清。

Does that include a drag from the hurricanes and store closures?

這是否包括颶風和商店關閉的影響？

Or has that headwind been offset by some early demand creation in those markets?

或者這些市場的一些早期需求創造是否抵消了這種逆風？

And I guess, even more directly, does your implied 4Q guide include any lift from initial hurricane rebuild?

我想，更直接的是，您隱含的第四季指南是否包括最初颶風重建帶來的任何提升？

Justin, thanks for the question.

賈斯汀，謝謝你的提問。

This is Bryan.

這是布萊恩。

So our quarter to date, just to remind, it was down 4.2%.

提醒一下，我們這個季度迄今下降了 4.2%。

That is kind of neutral from storm impacts.

這對風暴的影響是中性的。

So we did have a little bit of headwinds early on in the quarter, obviously, when the storms hit, it's kind of neutralized that throughout that as Tom and Trevor have mentioned that we've seen a little bit of business pickup.

因此，我們在本季度初期確實遇到了一些阻力，顯然，當風暴來襲時，正如湯姆和特雷弗所提到的那樣，在整個過程中，我們已經看到了業務的一些回升。

It's just too hard to tell right now, so it's not implied within our guidance is any sort of material pickup within that.

現在很難說，所以我們的指導中並不暗示其中有任何形式的材料拾取。

Coming of the release, like the storms came, and then people have to clean up so that there is a drag during a time, but as we've seen over since that's passed, things are better, but we'll see.

發布後，就像暴風雨來了一樣，然後人們必須進行清理，以便在一段時間內出現阻力，但正如我們在過去之後所看到的那樣，情況會更好，但我們會看到。

We don't know for sure what the impact would be.

我們不確定會產生什麼影響。

.

。

So I appreciate everyone joining us on the call.

因此，我感謝大家加入我們的電話會議。

So we look forward to updating you on the next call.

因此，我們期待下次通話時向您通報最新情況。

Thank you.

謝謝。

Thank you.

謝謝。

That does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。