Floor & Decor Holdings Inc (FND) 2024 Q4 法說會逐字稿

Greetings and welcome to the Floor and & Holdings fourth-quarter 2024 conference call.

問候並歡迎參加 Floor and & Holdings 2024 年第四季電話會議。

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

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce you to your host, Wayne Hood, Senior Vice President of IR.

現在我很高興向你們介紹主持人，IR 資深副總裁 Wayne Hood。

Thank you, Wayne.

謝謝你，韋恩。

You may begin.

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 fourth-quarter earnings conference call.

歡迎參加 Floor & Decor 2024 財年第四季財報電話會議。

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

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

Before we start, I want to remind everyone of the company's Safe Harbor language.

在我們開始之前，我想提醒大家注意公司的安全港條款。

Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995 that are subject to risk and uncertainties.

本次電話會議和網路廣播期間的評論包含 1995 年私人證券訴訟改革法案所定義的前瞻性陳述，這些陳述具有風險和不確定性。

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.

任何提及預期、預測或對未來事件的其他描述的陳述，包括財務預測或未來市場狀況，均為前瞻性陳述。

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.

本公司的實際未來結果可能因任何原因（包括本公司向美國證券交易委員會提交的文件中列出的原因）與此類前瞻性陳述中表達的結果有重大差異。

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.

在本次電話會議中，本公司將討論美國證券交易委員會 G 條例定義的非公認會計準則財務指標。

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 irflooranddecor.com.

這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳表可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 irflooranddecor.com 上找到。

A record 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及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 fourth-quarter and full-year earnings conference call.

感謝韋恩和大家參加我們的 2024 財年第四季和全年財報電話會議。

During today's call, Bryan and I will discuss some of our fiscal 2024 fourth-quarter and full-year earnings highlights.

在今天的電話會議上，布萊恩和我將討論我們 2024 財年第四季和全年的一些獲利亮點。

Then Bryan will share our thoughts about fiscal 2025.

然後 Bryan 將分享我們對 2025 財政年度的想法。

Let me start by saying how excited we were to announce in January the appointment of Brad Paulsen as our new President, reporting directly to me.

首先，我想說，我們非常高興在一月份宣布任命布拉德保爾森為我們的新總裁，直接向我報告工作。

As many of he will succeed Trevor, who is retiring in March after a remarkable 14-year career with us.

他將接替特雷弗 (Trevor) 擔任總裁一職，特雷弗在我們公司工作了 14 年，成績斐然，將於今年 3 月退休。

We wish him well.

我們祝他一切順利。

Brad brings nearly two decades of relevant experience and will be a valuable addition to our executive team, helping to lead the next chapter of Floor & Decor's growth.

布拉德擁有近二十年的相關經驗，他將成為我們執行團隊的寶貴補充，幫助引領 Floor & Decor 發展的下一章。

Most recently, he served as the CEO of North America for Rentokil Initial plc, a global leader in pest control, hygiene, and wellness services.

最近，他擔任 Rentokil Initial plc 的北美首席執行官，該公司是害蟲控制、衛生和健康服務的全球領導者。

Prior to Rentokil, Brad was CEO of Rexel USA, a leading electrical parts distributor.

在加入 Rentokil 之前，Brad 曾擔任領先的電氣零件分銷商 Rexel USA 的執行長。

He has held the position of Chief Operating Officer at HD Supply and has had various leadership and merchandizing roles at the Home Depot.

他曾擔任 HD Supply 的首席營運官，並在 Home Depot 擔任過各種領導和行銷職務。

Brat is an accomplished leader with experience in retail, commercial, and service-based organizations.

Brat 是一位經驗豐富的領導者，在零售、商業和服務型組織擁有豐富的經驗。

His deep understandings of home improvement, merchandizing, retail, and commercial sales, and supply chain operations will be particularly valuable to our company.

他對家居裝修、商品銷售、零售和商業銷售以及供應鏈營運的深刻理解對我們公司來說尤其有價值。

Moreover, his customer service and associate support principles aligned perfectly with our core values.

此外，他的客戶服務和員工支援原則與我們的核心價值完全一致。

Let me now comment about our fiscal 2024 fourth-quarter and full-year earnings results.

現在，我來評論一下我們 2024 財年第四季和全年獲利結果。

Our leadership team is proud of our store and store support teams.

我們的領導團隊為我們的商店和商店支援團隊感到自豪。

Despite the challenges we faced with the hard surface flooring category in fiscal 2024, they successfully executed our sales and customer service initiatives to grow our market share while diligently managing costs.

儘管我們在 2024 財年面臨硬地板類別的挑戰，但他們成功執行了我們的銷售和客戶服務計劃，以擴大我們的市場份額，同時努力管理成本。

Thanks to their collective efforts, we reported better-than-expected comparable store sales, earnings flow through, operating cash flow, and earnings per share for the fourth quarter of fiscal 2024.

在他們的共同努力下，我們報告的 2024 財年第四季同店銷售額、獲利流、營運現金流量和每股盈餘均優於預期。

We delivered fiscal 2024 4th quarter diluted earnings of $0.44 per share, which includes a favorable $6.8 million dollar or $0.05 per share net benefit from a derivative litigation settlement in December of 2024.

我們實現的 2024 財年第四季攤薄收益為每股 0.44 美元，其中包括 2024 年 12 月衍生訴訟和解帶來的 680 萬美元或每股 0.05 美元的淨收益。

This net settlement benefit was not contemplated in our prior earnings guidance.

我們先前的獲利預測中並未考慮到這項淨和解收益。

For the fiscal 2024 year, we reported diluted earnings of $1.90 per share, which includes the $0.05 net benefit from the settlement proceeds.

就 2024 財年而言，我們報告的稀釋收益為每股 1.90 美元，其中包括和解收益帶來的 0.05 美元淨收益。

As Bryan will discuss in more detail, we are in a strong financial position that allows us to navigate through the short term and at the same time, make long-term growth investments during the cyclical downturn in flooring.

正如布萊恩將更詳細地討論的那樣，我們的財務狀況強勁，這使我們能夠渡過短期困難，同時在地板行業的周期性低迷時期進行長期增長投資。

Specifically, we continue to invest in opening new stores of various sizes and new and existing markets and innovative and trend-forward merchandise, technology, and our associates.

具體來說，我們將繼續投資開設各種規模的新店、新市場和現有市場以及創新和前沿的商品、技術和我們的員工。

This has allowed us to grow our market share despite the industry contracting and prepared us to maximize sales and profitability once the industry's cyclical growth accelerates to historical rates.

這使得我們在行業萎縮的情況下仍能擴大市場份額，並為我們在行業週期性增長加速到歷史速度後實現銷售額和盈利能力最大化做好了準備。

We take a long-term view when making these investments as we are optimistic about the secular spending opportunities in hard surface flooring and our adjacent categories.

我們在進行這些投資時著眼於長遠，因為我們對硬地板和相鄰類別的長期消費機會感到樂觀。

The demand for housing continues to outpace supply.

住房需求仍然超過供應。

And the 40-year median age of owner-occupied housing is continuing to increase.

自住房屋的平均使用年限為 40 年，且持續增加中。

We believe the supply-and-demand inbound in housing and aging housing stock remains a significant secular growth opportunity, as older homes will need updates after the past several years of postponed remodeling.

我們認為，住房的供需和老化住房存量仍然是一個重要的長期增長機會，因為在過去幾年推遲改造之後，老舊房屋將需要更新。

Turning to our new warehouse store format growth, December 2024 marked a historic milestone in our company's growth journey.

談到我們新倉儲商店業態的成長，2024 年 12 月標誌著我們公司成長歷程中的歷史性里程碑。

We opened our 250th store in North Seattle, Washington, reaching the halfway point towards our vision of operating 500 warehouse format stores in various size markets across the United States.

我們在華盛頓州北西雅圖開設了第 250 家門市，距離我們在全美不同規模市場經營 500 家倉儲式門市的願景已經過了一半。

Over the past three years, we have opened 93 warehouse format stores, including locations in five new states, underscoring our commitment to strategic growth despite the cyclical pressures in our industry.

過去三年來，我們開設了 93 家倉儲式商店，其中包括在五個新州開設的門市，這凸顯了儘管面臨行業週期性壓力，我們仍致力於戰略增長的承諾。

We remain excited about our future sales and earnings growth prospects as approximately 55% of our stores have opened in the last five years, leaving what we believe is plenty of room for growth along the maturity curve.

我們對未來的銷售和獲利成長前景仍然感到興奮，因為我們大約有 55% 的門市是在過去五年內開業的，我們相信在成熟曲線上還有足夠的成長空間。

Our commitment to opening new warehouse stores has contributed to our market share growth and positions as well for when industry fundamentals improve.

我們致力於開設新的倉儲商店，這為我們的市場份額和地位的成長做出了貢獻，也為行業基本面的改善做出了貢獻。

In the fourth quarter of fiscal 2024, we opened 10 new warehouse format stores, culminating in 30 new warehouse format stores opened in 2024.

在 2024 財年第四季度，我們開設了 10 家新的倉儲式商店，最終在 2024 年開設 30 家新的倉儲式商店。

At the end of fiscal 2024, we operated 251 warehouse format stores and 5 design studios in 38 states.

截至 2024 財年末，我們在 38 個州經營 251 家倉儲式商店和 5 家設計工作室。

In the first quarter of fiscal 2025, we have already opened new warehouse format stores in Venice, Florida and Covington, Louisiana.

2025財年第一季度，我們已經在佛羅裡達州威尼斯和路易斯安那州卡溫頓開設了新的倉儲式商店。

We plan to open seven new warehouse format stores in the first half of 2025, including Tualatin, Oregon; Kissimmee, Florida; San Antonio, Texas; and two stores in California, Gilroy and Chula Vista.

我們計劃在 2025 年上半年開設 7 家新的倉儲式商店，包括俄勒岡州的圖拉丁；佛羅裡達州基西米；德州聖安東尼奧；以及位於加州吉爾羅伊 (Gilroy) 和丘拉維斯塔 (Chula Vista) 的兩家門市。

Currently, we plan to open 25 new warehouse format stores in 2025 and close one store at the end of the first quarter of fiscal 2025.

目前，我們計劃在 2025 年開設 25 家新的倉儲式商店，並在 2025 財年第一季末關閉一家商店。

Most of our new stores will be located in existing markets.

我們的大多數新店將位於現有市場。

If macroeconomic conditions are less favorable than we anticipate, we have flexibility to adjust this number downward as most of these openings are slated for the second half of the fiscal year.

如果宏觀經濟條件不如我們預期的那麼有利，我們可以靈活地下調這一數字，因為大多數職缺都計劃在財政年度下半年公佈。

We recognize we cannot control the short term cyclical pressures affecting the hard surface flooring industry and their impact on the first year sales of our new stores we open.

我們認識到我們無法控制影響硬地板行業的短期週期性壓力及其對我們開設的新店第一年銷售額的影響。

However, we have identified specific strategic actions we can take to maximize their chances for success during this challenging period.

然而，我們已經確定了可以採取的具體策略行動，以最大限度地提高他們在這段充滿挑戰的時期取得成功的機會。

In fiscal 2025, we plan to be more intentional about reaching new customers.

在 2025 財年，我們計劃更有意識地吸引新客戶。

We intend to emphasize impression-driving media and messaging updates to grow local brand awareness.

我們打算強調印象驅動媒體和訊息更新來提高本地品牌知名度。

By taking these actions, we believe we can expand our brand awareness, attract more new homeowners and pros, and create a strong foundation for long-term growth.

透過這些行動，我們相信我們可以擴大我們的品牌知名度，吸引更多的新房主和專業人士，並為長期成長奠定堅實的基礎。

Moving to our total and comparable store sales, our fiscal 2024 fourth-quarter total sales increased by 5.7% from the same period last year, and comparable store sales decreased by a better than expected 0.8%.

轉向我們的總銷售額和可比店面銷售額，我們 2024 財年第四季的總銷售額較去年同期增長 5.7%，可比店面銷售額下降 0.8%，好於預期。

For the 2024 year, our total sales increased by 0.9% to $4,456 million driven by the opening of 30 new warehouse format stores and growth at Spartan Surfaces.

預計到 2024 年，我們的總銷售額將成長 0.9%，達到 44.56 億美元，這得益於 30 家新的倉儲式商店的開業以及 Spartan Surfaces 的成長。

While our fiscal 2024 comparable store sales declined by 7.1%, we saw improvement each quarter, with the fourth quarter being the strongest of the year.

雖然我們的 2024 財年同店銷售額下降了 7.1%，但每季都有所改善，其中第四季是全年表現最強勁的。

Fourth quarter, comparable store sales decreased by 0.8%, a notable improvement from a 6.4% decline in the third quarter, a 9% decline in the second quarter, and an 11.6% decline in the first quarter.

第四季度，同店銷售額下降0.8%，較第三季6.4%的降幅、第二季9%的降幅和第一季11.6%的降幅有明顯改善。

The improvement sequential sales trend partially reflects long-awaited modest growth in existing home sales.

銷售趨勢持續改善，部分反映了現房銷售期待已久的溫和成長。

Despite elevated mortgage interest rates, existing home sales rose for the third straight month in December, the longest growth streak since early to mid-2021.

儘管抵押貸款利率上升，但 12 月現房銷售連續第三個月上漲，這是自 2021 年初至年中以來持續時間最長的增長。

Our fourth quarter average ticket comp increased by 1.3%, the only quarterly increase in fiscal 2024.

我們第四季的平均票價上漲了 1.3%，這是 2024 財年唯一的季度成長。

Our average ticket comp benefited from a favorable product mix and the positive impacts of Hurricanes Helene and Milton.

我們的平均票價收益受益於良好的產品組合以及颶風海倫和米爾頓的積極影響。

Additionally, the enhancements we have made in associate training, including micro-learning sessions, are yielding positive results.

此外，我們在員工培訓方面所做的改進，包括微學習課程，正在產生積極的成果。

The training boost their confidence in articulating the features and benefits along our merchandizing continuum.

培訓增強了他們表達我們商品化全過程的特徵和優勢的信心。

Fourth quarter, comparable transactions continue to sequentially improve, declining by 2.1% from the same period last year.

第四季度，可比交易量持續較上月改善，較去年同期下降2.1%。

Breaking down our comparable store sales by month, October declined by 4.8%, which followed an increase of 8.1% in November and a 4.8% decline in December.

按月細分，10 月同店銷售額下降 4.8%，而 11 月成長 8.1%，12 月下降 4.8%。

Adjusting for the Thanksgiving holiday shift from November to December, comparable store sales for November and December combined grew by 1.2% from the same period last year.

經過 11 月到 12 月的感恩節假期調整後，11 月和 12 月的同店銷售額合計比去年同期成長了 1.2%。

We estimate the fiscal 2024 fourth-quarter benefit to our comparable store sales from Hurricanes Helene and Milton was approximately 110 basis points.

我們估計，2024 財年第四季颶風海倫和米爾頓將為我們的同店銷售額帶來約 110 個基點的收益。

In the first quarter of 2025, our quarter-to-date comparable store sales have decreased 1.7%.

2025 年第一季度，我們本季迄今的同店銷售額下降了 1.7%。

From a regional perspective, we continue to see encouraging comparable store sales trends emerging from our West division, where fourth-quarter comparable store sales grew modestly year over year.

從區域角度來看，我們持續看到西部地區同店銷售額呈現令人鼓舞的趨勢，第四季同店銷售額較去年同期小幅成長。

Our hearts go out to all of those impacted by the California wildflowers, which only impacted our San Gabriel and Woodland Hills stores for a few days.

我們向所有受到加州野花影響的人們表示慰問，這次野花僅對我們位於聖蓋博和伍德蘭山的商店產生了幾天的影響。

Among our merchandizing categories, the fourth-quarter total sales growth in wood, installation materials, stone, decorative accessories, and adjacent categories increased above the company average compared to the same period last year.

在我們的商品類別中，第四季木材、安裝材料、石材、裝飾配件和鄰近類別的總銷售額成長與去年同期相比高於公司平均水平。

The sales growth in these categories reflects successful merchandizing initiatives to grow these categories.

這些品類的銷售成長反映了成功的行銷措施。

We expect these initiatives to benefit us in 2025 and beyond.

我們預期這些措施將在 2025 年及以後使我們受益。

The sales growth in laminate and vinyl and tile were below the company average, but showed sequential improvement.

層壓板、乙烯基和瓷磚的銷售成長低於公司平均水平，但呈現連續改善。

In fiscal 2025, we are excited to continue delivering new innovative products and programs to our homeowners and pros.

在 2025 財年，我們很高興能夠繼續為我們的房主和專業人士提供新的創新產品和計劃。

We will expand our merchandise offerings and adjacent categories, including testing a high-quality, stylish, semi-custom cabinet program at approximately 40 warehouse stores and online in the first quarter.

我們將擴大我們的商品供應和鄰近類別，包括在第一季在大約 40 家倉儲商店和線上測試高品質、時尚、半訂製櫥櫃計劃。

We can now offer online semi-custom cabinets, express ship plywood cabinets, cabinet accessories, decorative hardware, and cabinet samples that we can ship to the job site.

我們現在可以提供線上半訂製櫥櫃、快遞膠合板櫥櫃、櫥櫃配件、裝飾五金件和櫥櫃樣品，並可運送到工作現場。

This initiative helps our homeowners and pro-customs complete kitchens and other cabinet projects and is expected to drive incremental sales growth to our stores.

此項措施可協助我們的房主和專業客戶完成廚房和其他櫥櫃項目，並有望推動我們商店的銷售成長。

Furthermore, we will reset decorative accessories to improve the customer experience and productivity further.

此外，我們將重新設定裝飾配件，以進一步提高客戶體驗和生產力。

We'll also continue expanding our outdoor and pool offerings and excel slat program.

我們也將繼續擴大我們的戶外和泳池產品以及 Excel 板條計畫。

I will now discuss our supply chain and how we expect to manage anticipated tariffs in 2025.

我現在將討論我們的供應鏈以及我們預計如何管理 2025 年的預期關稅。

First, we are pleased that the International Longshoremen's Association and the US Maritime Alliance reached an agreement in January.

首先，我們很高興國際碼頭工人協會和美國海事聯盟於一月達成協議。

As a result, we did not experience any material supply chain disruptions.

因此，我們沒有遇到任何材料供應鏈中斷。

As we enter fiscal 2025, our merchandise in-stock are strong.

隨著我們進入 2025 財年，我們的庫存商品強勁。

We continue to closely monitor the fluid developments regarding tariffs on products we sell, particularly trade disputes between the US and China.

我們將繼續密切關注我們所銷售產品的關稅動態，特別是美國和中國之間的貿易爭端。

These trade disputes will lead to additional tariffs beyond the 25 -- previous 25% imposed on most products that we sell that are produced in China.

這些貿易爭端將導致對我們銷售的大多數在中國生產的產品徵收超過 25% 的額外關稅——之前我們已經徵收了 25% 的關稅。

For example, on February 1, an additional 10% tariff was announced for all products from China.

例如，2月1日，美國宣布對所有來自中國的產品加徵10%的關稅。

As previously discussed, we have been actively working to mitigate tariff cost pressures over the past five years by successfully diversifying our countries of origin.

正如前面所討論的，過去五年來，我們一直積極努力，透過成功地實現原產國多元化來減輕關稅成本壓力。

In fiscal 2024, China accounted for approximately 18% of the products we sold, down from approximately 25% in fiscal 2023 and approximately 50% in fiscal 2018.

2024 財年，中國占我們銷售產品的約 18%，低於 2023 財年的約 25% 和 2018 財年的約 50%。

In the fourth quarter of fiscal 2024, China accounted for approximately 16% of the products we sold.

2024財年第四季，中國約占我們銷售產品的16%。

We expect our diversification strategies to continue to meaningfully reduce our reliance on China in 2025 and beyond.

我們預計，我們的多元化策略將在 2025 年及以後繼續大幅減少我們對中國的依賴。

We source products made in Canada and Mexico and a portion of our products sold in these countries for fiscal 2024 was not material.

我們採購在加拿大和墨西哥生產的產品，2024 財年在這些國家銷售的產品比例不大。

We are proud to report that the United States is now our largest country of manufacturer, accounting for approximately 27% of the products we sold in fiscal 2024, up from approximately 20% in fiscal 2018.

我們很自豪地報告，美國現在是我們最大的製造國，占我們 2024 財年銷售產品的約 27%，高於 2018 財年的約 20%。

Regardless of any new tariffs timings and potential impacts, our strategy remains the same.

無論新的關稅時間和潛在影響如何，我們的策略保持不變。

First, we expect to continue negotiating costs with our vendor partners to mitigate the incremental cost.

首先，我們希望繼續與我們的供應商合作夥伴協商成本，以降低增量成本。

And second, we will continue sourcing from alternative countries where it makes sense.

其次，我們將繼續從合理的其他國家採購。

Third, we will increase retail pricing as we deem appropriate, while maintaining our price gaps.

第三，我們將在維持價格差距的同時，適當提高零售價格。

We believe our scale and worldwide direct sourcing model for more than 240 vendors in 26 countries is a competitive advantage particularly amongst independent flooring retailers and distributors.

我們相信，我們的規模和 26 個國家/地區 240 多個供應商的全球直接採購模式是我們的競爭優勢，尤其是在獨立地板零售商和分銷商中。

Shifting to our connected customer pillar of growth.

轉向我們互聯的客戶成長支柱。

Our fiscal 2024 fourth-quarter connected customer sales increased by 6% compared to the same period last year, accounting for approximately 18% of sales.

我們2024財年第四季的連網客戶銷售額比去年同期成長了6%，約佔銷售額的18%。

For the full year, connected customer sales rose by 3%, accounting for approximately 19% of sales.

全年來看，連網客戶銷售額成長3%，佔銷售額的約19%。

In fiscal 2025 and beyond, we plan to continue integrating our processes and technology solutions to provide an inspirational, robust, and seamless personalized experience across all of our engagement channels.

在 2025 財年及以後，我們計劃繼續整合我們的流程和技術解決方案，以在我們所有的參與管道中提供鼓舞人心、強大且無縫的個人化體驗。

To that end, we are continuing to work towards ensuring continuity between our website and stores.

為此，我們將繼續努力確保我們的網站和商店之間的連續性。

Moreover, we plan to continue improving our website and mobile download speed and visual navigation.

此外，我們計劃繼續提高我們的網站和行動下載速度和視覺導航。

We believe we have an edge with visual shoppable content in our online image sets and galleries.

我們相信，我們的線上圖片集和畫廊中的視覺購物內容具有優勢。

These image sets and galleries promote inspiration and infuse project selling throughout the customer journey.

這些圖像集和畫廊在整個客戶旅程中激發靈感並注入專案銷售。

We are excited to add more inspiring, designer and user-generated content in 2025, which will benefit our free design services.

我們很高興在 2025 年添加更多鼓舞人心、設計師和用戶生成的內容，這將有利於我們的免費設計服務。

In support, we plan to expand our long-form content library by including care guides, refinishing guides and more in-depth articles.

為了支持，我們計劃擴展我們的長篇內容庫，包括護理指南、修補指南和更深入的文章。

Overall, we expect these strategies, among others, to further improve our brand affinity.

總體而言，我們預計這些策略將進一步提高我們的品牌親和力。

In fiscal 2024, we adopted a more convenient confirm-to-pay payment option, which allows customers to provide payment information more conveniently and allows individuals they authorize to finalize the purchase and pick up those products on their behalf.

在 2024 財年，我們採用了更便捷的確認付款付款選項，該選項允許客戶更方便地提供付款信息，並允許他們授權的個人代表他們完成購買並領取這些產品。

Confirm-to-pay is replacing an outdated paper-based process.

確認付款正在取代過時的紙本流程。

It has proven to be a successful payment option with high adoption, particularly among pros, making it easier to transact with us.

事實證明，它是一種成功的支付方式，被廣泛採用，尤其是在專業人士中，這使得與我們進行交易變得更加容易。

We believe this could slightly pressure our connected customer sales penetration metric as sales shift from point of sale from online and other payment options.

我們認為，隨著銷售從銷售點轉向線上和其他付款方式，這可能會對我們的連網客戶銷售滲透率指標造成輕微壓力。

However, we better serve our pros and homeowners with multiple seamless payment options.

然而，我們透過多種無縫支付選項為我們的專業人士和房主提供更好的服務。

This is just a change in the geography of where and how customers will transact with us.

這只是客戶與我們交易的地點和方式的地理位置的變化。

Let me comment on design services.

讓我評論一下設計服務。

We are pleased to report that design service sales growth significantly accelerated throughout fiscal 2024 with the fourth quarter being the strongest.

我們很高興地報告，整個 2024 財年設計服務銷售成長顯著加速，其中第四季成長最為強勁。

These results reflect strong transaction growth and our commitment to design and services staffing at a time when labor hours were diligently managed.

這些結果反映了強勁的交易成長以及我們在嚴格管理工時的條件下對設計和服務人員的承諾。

Additionally, our designers are focused on closing high-value design opportunities and building brand awareness and project credibility with homeowners and pros.

此外，我們的設計師致力於抓住高價值的設計機會，並向房主和專業人士建立品牌知名度和專案信譽。

Consequently, we achieved the highest Net Promoter Score for design services since we began measuring it.

因此，自從我們開始衡量設計服務以來，我們獲得了最高的淨推薦值。

In summary, we are successfully executing our strategy of offering homeowners and pros and elevated and personalized design experience across in-store, online, and in-home channels.

總而言之，我們成功地執行了我們的策略，即透過店內、線上和家庭管道為房主和專業人士提供高級和個性化的設計體驗。

These combined efforts led to a remarkable year for our design services, highlighting our commitment to excellence and customer satisfaction.

這些共同努力使我們的設計服務度過了非凡的一年，彰顯了我們對卓越和客戶滿意度的承諾。

Turning to my comments to pros.

轉向我對專業人士的評論。

We're pleased to report that the total sales to pros continued to grow in the fourth quarter of fiscal 2024, accounting for approximately 50% of our total sales.

我們很高興地報告，2024 財年第四季面向專業人士的總銷售額持續成長，約占我們總銷售額的 50%。

Pro comparable store sales improved sequentially throughout 2024.

Pro 同店銷售額在整個 2024 年持續提升。

These results demonstrate that our grassroot supply house approach is effective, focusing on engagement and nurturing strong relationships with pros.

這些結果表明，我們的基層供應商方法是有效的，注重參與並培養與專業人士的牢固關係。

We continue to benefit from partnering with native advertising platforms that provide a practical and cost-efficient way to attract and retain new pros.

我們繼續受益於與原生廣告平台的合作，這些平台提供了一種實用且經濟高效的方式來吸引和留住新的專業人士。

Additionally, we benefit from our pro service managers spending more time outside of our stores and in new ZIP codes, where they directly engage with pros to build brand awareness, understand their needs, and provide tailored solutions.

此外，我們的專業服務經理也花更多時間在我們的商店外和新的郵遞區號區域，他們直接與專業人士接觸，以建立品牌知名度，了解他們的需求並提供量身定制的解決方案，這也讓我們受益匪淺。

Finally, we successfully held 144 educational events in our stores in 2024 and plan to have 155 events in 2025.

最後，我們在 2024 年成功在門市舉辦了 144 場教育活動，並計劃在 2025 年舉辦 155 場活動。

We believe these events are industry-leading in hard surface flooring.

我們相信這些活動在硬地板領域處於行業領先地位。

In fiscal 2025, we'll focus on driving growth among new pros and reengaging in active pros.

在 2025 財年，我們將專注於推動新專業人士的成長並重新吸引活躍的專業人士。

Finally, I'll discuss our commercial business.

最後，我將討論我們的商業業務。

Fiscal 2024 fourth-quarter sales at Spartan Surfaces declined 17.9% from the same period last year.

Spartan Surfaces 2024 財年第四季銷售額較去年同期下降 17.9%。

The sales decline is primarily due to weakness in the multi-family residential market, pricing pressures in the commercial LVT market and difficult comparisons against record assemble sales at Spartan last year.

銷售額下降主要由於多戶住宅市場疲軟、商業 LVT 市場價格壓力以及與去年 Spartan 創紀錄的組裝銷售相比存在困難。

Collectively, these factors pressured Spartan's fiscal 2024 fourth-quarter and full-year gross margin and EBIT.

總的來說，這些因素給 Spartan 2024 財年第四季和全年的毛利率和息稅前利潤帶來了壓力。

In fiscal 2024, Spartan Surfaces sales grew by 10.1% to $215.2 million compared to last year, but EBIT declined 25.4% to $14.3 million from $19.1 million in fiscal 2023, primarily due to pressure on the gross margin rate.

2024財年，Spartan Surfaces銷售額較去年增長10.1%至2.152億美元，但息稅前利潤從2023財年的1910萬美元下降25.4%至1430萬美元，主要原因是毛利率面臨壓力。

In fiscal 2025, Spartan will continue to focus on the healthcare, education, senior living, and hospitality sectors.

2025 財年，Spartan 將繼續專注於醫療保健、教育、老年生活和酒店業。

As previously discussed, these are high-specification sectors of the commercial flowing market, where the opportunity for long-term growth and profitability is greatest.

如前所述，這些是商業流通市場的高規格領域，長期成長和獲利的機會最大。

These sectors generally have high quote to conversion rates, reoccurring 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。

We plan to continue making investments in sales representative growth, particularly in those sectors that are most important to us.

我們計劃繼續對銷售代表的成長進行投資，特別是在我們最重要的領域。

Additionally, we plan to continue building out Spartan's infrastructure to support growth at scale and achieve our long-term market share and profitability objectives.

此外，我們計劃繼續建造 Spartan 的基礎設施，以支持規模增長並實現我們的長期市場份額和盈利目標。

The necessary long-term investments we are making will impact Spartan's near-term EBIT with fiscal 2025 EBIT rate expected to be about flat with fiscal 2024.

我們正在進行的必要的長期投資將影響 Spartan 的近期息稅前利潤，預計 2025 財年的息稅前利潤率將與 2024 財年持平。

However, they are critical to driving significant market share growth in the coming years.

然而，它們對於推動未來幾年市場份額的大幅成長至關重要。

It's important to note that the investment cycle and return timeline and our commercial business differs from what many of you are familiar with within our retail operations, reflecting the distinct nature and opportunities of the commercial sector.

值得注意的是，投資週期和回報時間表以及我們的商業業務與你們許多人熟悉的零售業務不同，反映了商業部門的獨特性質和機會。

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

從長遠來看，Spartan Surfaces 的目標是透過建立全面的全國銷售網絡，成為指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 nationwide.

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

Let me now turn the call over to Bryan.

現在讓我把電話轉給布萊恩。

Thank you, Tom.

謝謝你，湯姆。

In fiscal 2024, we successfully grew our market share, while effectively managing our profitability, balance sheet, inventory, and cash flows, even amid a decline in demand for hard surface flooring.

在 2024 財年，即使在硬地板需求下降的情況下，我們仍成功擴大了市場份額，同時有效地管理了盈利能力、資產負債表、庫存和現金流。

I'm extremely proud of the resiliency of our business model, even though the contracting flooring industry is putting immense pressure on other specialty for retailers in this environment.

儘管在這種環境下，承包地板行業給其他專業零售商帶來了巨大壓力，但我對我們的商業模式的彈性感到非常自豪。

As Tom mentioned, we are pleased to be in a strong financial position, allowing us to continue investing in new store growth, technology enhancements and our associates.

正如湯姆所提到的，我們很高興擁有強大的財務狀況，這使我們能夠繼續投資於新店成長、技術改進和我們的員工。

Our investments in our associates training and development enable us to proudly announce that our Net Promoter Score reached a record high in January 2025.

我們對員工培訓和發展的投資使我們自豪地宣布，我們的淨推薦值在 2025 年 1 月達到了歷史新高。

This achievement underscores our associates' ongoing dedication to serving our homeowners and pros with hard surface flooring project.

這項成就彰顯了我們的員工持續致力於為房主和專業人士提供硬地板專案服務。

As we embark on fiscal 2025, we believe that we have the right teams and strategies in place to control the controllables and flex our business model as market fundamentals change.

當我們踏入2025財年時，我們相信我們擁有合適的團隊和策略來控制可控因素，並隨著市場基本面的變化調整我們的業務模式。

Now let me discuss some of the changes among the significant line items in our fourth-quarter and full-year income statement, balance sheet, and statement of cash flows as well as our outlook for 2025.

現在，讓我討論一下我們第四季和全年損益表、資產負債表和現金流量表中一些重要項目的變化以及我們對 2025 年的展望。

We continue to be pleased with how we are managing and expanding our gross margin.

我們對我們的毛利率管理和擴大方式繼續感到滿意。

Our fiscal 2024 fourth-quarter gross profit rose by 8.9% driven by a year-over-year increase of approximately 130 basis points in our gross margin rate to 43.5%.

我們的 2024 財年第四季毛利成長了 8.9%，這得益於我們的毛利率年增約 130 個基點至 43.5%。

Our fiscal 2024 full-year gross profit grew by 3.8% driven by a rise in sales and an increase in our gross margin rate of approximately 120 basis points to 43.3% from 42.1% in the same period last year.

我們的 2024 財年全年毛利成長了 3.8%，這得益於銷售額的成長以及毛利率從去年同期的 42.1% 上升約 120 個基點至 43.3%。

The full-year gross margin rate of 43.3% was in line with our previous guidance of 43.2% to 43.3%.

全年毛利率為43.3%，與我們先前預期的43.2%至43.3%一致。

The increase in gross margin rate for the fourth quarter and full year is primarily due to lower supply chain costs.

第四季及全年毛利率的上升主要得益於供應鏈成本的下降。

Our fiscal 2024 fourth-quarter selling and store operating expenses increased by 10.1% to $347.4 million from the same period last year.

我們的 2024 財年第四季銷售和店面營運費用較去年同期成長 10.1% 至 3.474 億美元。

The $31.9 million increase in selling and store operating expenses was primarily driven by $40.9 million for new stores, partially offset by a decrease of $8.3 million in our comparable stores.

銷售和店面營運費用增加 3,190 萬美元，主要由於新店增加 4,090 萬美元，但可比店面減少 830 萬美元，部分抵消了這一增長。

As a percentage of sales, selling and store operating expenses increased by approximately 130 basis points to 31.4% from the same period last year.

以佔銷售額的百分比計算，銷售及店面營運費用較去年同期增加約130個基點至31.4%。

Our fiscal 2024 full-year selling and store operating expenses increased by $123.1 million or 9.9% from last year.

我們的 2024 財年全年銷售和店面營運費用比去年增加了 1.231 億美元，即 9.9%。

The increase in these expenses was primarily driven by $156.7 million for new stores and $5.6 million at Spartan, partially offset by a decrease of $39.2 million in our comparable store expenses.

這些費用的增加主要是由於新店的 1.567 億美元和 Spartan 的 560 萬美元，但部分被可比店費用的減少 3,920 萬美元所抵消。

As a percentage of sales, selling and store operating expenses deleveraged by approximately 250 basis points to 30.6%.

以銷售額的百分比計算，銷售和店面營運費用去槓桿約 250 個基點至 30.6%。

The delevering of these expenses was better than we expected, primarily due to higher-than-forecasted sales and effective expense management, which led to strong earnings flow-through.

這些費用的去槓桿效果好於我們的預期，主要原因是銷售額高於預期，且費用管理有效，進而帶來強勁的獲利流動。

Our fiscal 2024 fourth-quarter general and administrative expenses decreased by 5.4% to $64.0 million from the same period last year.

我們的 2024 財年第四季一般和行政費用較去年同期下降 5.4% 至 6,400 萬美元。

As a percentage of sales, fourth-quarter general and administrative expenses leveraged by approximately 70 basis points to 5.8%.

作為銷售額的百分比，第四季一般及行政開支上升了約 70 個基點，至 5.8%。

A couple of expense items impacted our fourth-quarter general and administrative expense line, including an increase of $3.3 million in personnel expenses from higher incentive compensation and additional staffing costs, which was more than offset by the legal settlement recovery benefit of $6.8 million.

有幾項費用影響了我們第四季度的一般和行政費用，其中包括由於更高的激勵薪酬和額外的員工成本而導致的人事費用增加了 330 萬美元，但被 680 萬美元的法律和解恢復福利所抵消。

Additionally, expenses related to our ERP implementation were approximately $2.5 million, which was in line with our expectations.

此外，我們 ERP 實施相關的費用約為 250 萬美元，這符合我們的預期。

Our fiscal 2024, full-year general and administrative expenses increased 5.3% from the same period last year.

我們的 2024 財年全年一般及行政費用較去年同期成長 5.3%。

As a percentage of sales, general and administrative expenses deleveraged approximately 30 basis points to 6.0% from 5.7% in the same period last year.

作為銷售額的百分比，一般及行政開支從去年同期的 5.7% 下降至 6.0%，降幅約為 30 個基點。

Moving to pre-opening expenses, our fiscal 2024 fourth-quarter preopening expenses of $10.6 million decreased 16.6% from the same period last year.

至於開業前費用，我們 2024 財年第四季的開業前費用為 1,060 萬美元，較去年同期下降了 16.6%。

As a percentage of sales, pre-opening expenses leveraged by approximately 30 basis points to 0.9% compared to the same period last year.

以佔銷售額的百分比計算，開業前費用較去年同期上升約30個基點至0.9%。

This decrease resulted from a decline in the number of new store openings compared to the same period last year.

這一下降是由於與去年同期相比新店開設數量有所下降。

Our fiscal 2024 full-year pre-opening expenses decreased 3.1% from the same period last year.

我們的2024財年全年開業前費用較去年同期下降了3.1%。

As a percentage of sales, preopening expenses leveraged by approximately 10 basis points to 0.9% from 1.0% in the same period last year.

以銷售額的百分比計算，開業前費用從去年同期的 1.0% 上升至 0.9%，增幅約為 10 個基點。

Fiscal 2024 fourth-quarter interest expense net decreased to $0.9 million or approximately 103.8% from the same period last year.

2024財年第四季利息支出淨額較去年同期減少至90萬美元，約下降103.8%。

Our fiscal 2024 full-year interest expense net declined 72.0% to $2.8 million below our most recent annual guidance of approximately $4 million, driven by higher interest income on higher cash balances from the same period last year.

我們的 2024 財年全年利息支出淨額下降 72.0% 至 280 萬美元，低於我們最近的年度指引約 400 萬美元，這主要是由於去年同期現金餘額增加導致利息收入增加。

Our fiscal 2024 fourth-quarter effective tax rate increased to 19.9% from 18.1% in the same period last year.

我們的 2024 財年第四季有效稅率從去年同期的 18.1% 上升至 19.9%。

The increase was primarily due to a decrease in excess tax benefits related to stock-based compensation awards.

成長的主要原因是與股票薪酬獎勵相關的超額稅收優惠減少。

Our fiscal 2024 full-year effective tax rate declined to 18.8% from 21.0% in the same period last year, in line with our most recent guidance of approximately 18%.

我們的 2024 財年全年有效稅率從去年同期的 21.0% 下降至 18.8%，與我們最近的約 18% 的預期一致。

The year-over-year decrease was primarily due to a decrease in state income taxes and an increase in excess tax benefits related to stock-based compensation awards.

年比下降主要由於州所得稅減少以及與股票薪酬獎勵相關的超額稅收優惠增加。

Our fiscal 2024 fourth quarter adjusted EBITDA increased 11.1% to $119.8 million, exceeding total sales growth of 5.7%, primarily due to the 130-basis-point increase in our gross margin rate.

我們 2024 財年第四季的調整後 EBITDA 成長 11.1% 至 1.198 億美元，超過總銷售額 5.7% 的成長，這主要歸功於我們的毛利率增加了 130 個基點。

Our fourth-quarter adjusted EBITDA margin rate increased 50 basis points to 10.8% from 10.3% in the same period last year.

我們第四季的調整後 EBITDA 利潤率從去年同期的 10.3% 上升至 10.8%，增加了 50 個基點。

Our fiscal 2024 full-year adjusted EBITDA declined 7.0% to $512.5 million, which exceeded our most recent guidance of $490 million to $500 million. primarily due to higher-than-forecasted sales.

我們 2024 財年全年調整後 EBITDA 下降 7.0% 至 5.125 億美元，超過了我們最近預期的 4.9 億美元至 5 億美元。主要是由於銷售額高於預測。

For the fiscal 2024 full year, our adjusted EBITDA margin rate declined 100 basis points to 11.5% from 12.5% in the same period last year.

2024財年全年，我們的調整後EBITDA利潤率從去年同期的12.5%下降100個基點至11.5%。

Our fiscal 2024 full-year depreciation and amortization was $232.5 million.

我們的 2024 財年全年折舊和攤提為 2.325 億美元。

Moving on to our balance sheet and liquidity.

繼續討論我們的資產負債表和流動性。

We maintained a strong balance sheet, concluding fiscal 2024 with $200.3 million in debt and $187.7 million in cash and cash equivalents.

我們維持了強勁的資產負債表，2024 財年的債務為 2.003 億美元，現金和現金等價物為 1.877 億美元。

In terms of liquidity, we ended fiscal 2024 for with $905.7 million of unrestricted liquidity, consisting of $187.7 million in cash and cash equivalents and $718.0 million available for borrowing under our ABL facility.

在流動性方面，截至 2024 財年，我們擁有 9.057 億美元的無限制流動性，其中包括 1.877 億美元的現金和現金等價物以及 7.18 億美元可根據我們的 ABL 機制借入的資金。

As of December 26, 2024, our inventory increased by 2.4% to $1.1 billion from the same period last year.

截至 2024 年 12 月 26 日，我們的庫存較去年同期增加 2.4%，達到 11 億美元。

Fiscal 2024 capital expenditures, including those accrued at the end of the period declined to $376.3 million from $566.3 million in the same period last year and were in line with our previous guidance of $360 million to $390 million.

2024 財年資本支出（包括期末應計支出）從去年同期的 5.663 億美元下降至 3.763 億美元，與我們先前預期的 3.6 億美元至 3.9 億美元一致。

The decrease in capital expenditures was primarily due to the timing of spend for the class of 2024, occurring more in fiscal 2023 and pushing more of the class of 2025 spend into fiscal 2025.

資本支出的減少主要是由於 2024 年度支出的時間安排，更多地發生在 2023 財年，而 2025 年度的更多支出則推遲到 2025 財年。

Additionally, in the second half of fiscal 2024, we started to realize some of the $1 million to $1.5 million cost out savings from construction and optimizing the box size.

此外，在 2024 財年下半年，我們開始透過建造和優化箱子尺寸節省 100 萬至 150 萬美元的成本。

We expect to fully realize these savings for stores opening in the back half of 2025.

我們預計，2025 年下半年開業的門市將完全實現這些節省。

We believe our strong financial position provides us the flexibility to navigate the macroeconomic environment, while pursuing prudent strategic growth within our existing capital structure.

我們相信，強大的財務狀況使我們能夠靈活地應對宏觀經濟環境，同時在現有資本結構內追求審慎的策略成長。

Turning to our fiscal 2025 outlook.

談談我們的 2025 財年展望。

We enter 2025 facing considerable geopolitical and policy uncertainty and mixed leading economic indicators.

進入 2025 年，我們將面臨相當大的地緣政治和政策不確定性以及好壞參半的領先經濟指標。

While existing home sales grew modestly for the third straight month in December to 4.2 million units, affordability remains challenging and steady interest rate cuts seem less likely than they did last year.

儘管 12 月現房銷售連續第三個月小幅增長至 420 萬套，但購買力依然不容樂觀，而且穩步降息的可能性似乎低於去年。

It's unclear how these factors will flow through to the economy and the flooring industry specifically.

目前還不清楚這些因素將如何影響經濟和地板產業。

Therefore, we are carefully planning fiscal 2025 and are providing a wide range of potential earnings outcomes in our earnings guidance.

因此，我們正在仔細規劃 2025 財年，並在獲利預測中提供了廣泛的潛在獲利結果。

We expect to have better visibility for fiscal 2025, following March and April, which are more important months that should inform us better about 2025's outlook.

我們預計，繼 3 月和 4 月之後，2025 財年的前景將更加明朗，因為這兩個月更為重要，可以讓我們更了解 2025 年的前景。

As a reminder, every one point change in comparable store sales compared with our annual plan impacts earnings by approximately $0.10 per share.

提醒一下，與我們的年度計畫相比，同店銷售額每變動一個點都會影響每股收益約 0.10 美元。

Let me now share our thoughts about fiscal 2025 and our guidance.

現在，讓我分享我們對 2025 財年的想法和指導。

Total sales are expected to be in the range of $4,740 million to $4,900 million or increased by 6.5% to 10% from fiscal 2024.

預計總銷售額將在 47.4 億美元至 49 億美元之間，或較 2024 財年增長 6.5% 至 10%。

As Tom mentioned, this guidance reflects the planned opening of 25 new warehouse format stores.

正如湯姆所提到的，該指引反映了計劃開設 25 家新的倉儲式商店的情況。

Comparable store sales are estimated to be flat to an increase of 3%.

預計同店銷售額將持平或成長 3%。

Average ticket comp is estimated to be up low single digits.

預計平均票價將上漲個位數。

Transaction comp is estimated to be slightly negative to up low single digits.

交易補償預計略為負數至高數個位數。

Gross margin rate is expected to be approximately 43.4% to 43.7%.

預計毛利率約43.4%至43.7%。

Our gross margin rate is expected to be adversely impacted by approximately 60 to 70 basis points from the two new distribution centers, which is incorporated into our guidance.

預計兩個新配送中心將對我們的毛利率產生約 60 至 70 個基點的不利影響，這已納入我們的預期。

The low end of our guidance assumes our gross margin rate is approximately the same throughout the year.

我們的指導低端假設我們的毛利率全年大致相同。

The high end of our guidance assumes the second-half gross margin rate could be higher than the first half.

我們的預期高端假設下半年的毛利率可能高於上半年。

Selling and store operating expenses as a percentage of sales are estimated to be approximately 31.0% to 31.5%.

銷售及店面營運費用佔銷售額的百分比估計約為31.0%至31.5%。

General and administrative expenses as a percentage of sales are estimated to be approximately 6%.

一般及行政開支佔銷售額的百分比估計約為 6%。

General and administrative expenses include approximately $9 million related to our finance and merchandising ERP implementation.

一般及行政開支包括與我們的財務及商品 ERP 實施相關的約 900 萬美元。

Pre-opening expenses as a percentage of sales are estimated to be approximately 0.7%.

開業前費用佔銷售額的百分比估計約為0.7%。

Interest expense net is expected to be approximately $3 million Tax rate is expected to be approximately 21% to 22%.

利息支出淨額預計約為 300 萬美元，稅率預計約為 21% 至 22%。

Depreciation and amortization expense is expected to be approximately $245 million.

折舊和攤提費用預計約為 2.45 億美元。

Adjusted EBITDA is expected to be approximately $540 million to $575 million.

調整後的 EBITDA 預計約為 5.4 億美元至 5.75 億美元。

Diluted earnings per share is estimated to be in the range of $1.80 to $2.10. Diluted weighted average shares outstanding is estimated to be approximately 109 million shares.

每股攤薄收益預計在 1.80 美元至 2.10 美元之間。稀釋加權平均流通股數估計約1.09億股。

Moving on to capital expenditures, our fiscal 2025 capital expenditures are planned to be in the range of $330 million to $400 million, including capital expenditures accrued.

談到資本支出，我們規劃 2025 財年的資本支出在 3.3 億美元至 4 億美元之間，包括應計資本支出。

We intend to open 25 warehouse format stores and begin construction of stores opening in fiscal 2026.

我們打算開設 25 家倉儲式商店，並於 2026 財年開始興建開幕的商店。

Collectively, these investments are expected to require $200 million to $245 million.

預計這些投資總計需要 2 億至 2.45 億美元。

We plan to invest approximately $20 million to $25 million in new distribution centers in Seattle and Baltimore, we intend to invest approximately $50 million to $60 million in existing stores and distribution centers.

我們計劃在西雅圖和巴爾的摩的新配送中心投資約 2,000 萬至 2,500 萬美元，我們打算在現有的商店和配送中心投資約 5,000 萬至 6,000 萬美元。

And finally, we plan to continue to invest in information, technology infrastructure, e-commerce, and other store support and their initiatives using approximately $60 million to $70 million.

最後，我們計劃繼續投資於資訊、技術基礎設施、電子商務和其他商店支援及其計劃，投資額約為 6,000 萬至 7,000 萬美元。

Operator, we would now like to take questions.

接線員，我們現在想回答問題。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Good evening.

晚安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

So given the slightly weaker performance quarter to date, what do you think is driving that?

那麼，鑑於本季迄今的業績略有疲軟，您認為造成這一現象的原因是什麼？

And how have you factored in some of the potential from a change in administration into your outlook for the year, such as tighter immigration policy and the impact that that could have on the workforce who would be consuming your product?

您如何將政府變動帶來的潛在影響納入您對今年的展望中呢，例如更嚴格的移民政策以及這些政策對消費您產品的勞動力可能產生的影響？

Thank you.

謝謝。

Hey Michael, this is Tom.

嘿，邁克爾，我是湯姆。

I would preface with the slight slowdown in comp from quarter-to-date versus Q4, there's a lot of weather noise.

首先我想說的是，與第四季相比，本季迄今的銷售額成長略有放緩，因為天氣因素影響很大。

We've had parts of the country that have got snowed that don't get snowed.

我們國家有些地區下過雪，但有些地區卻沒有下雪。

The forced shutdowns and week to week, we have to close stores, and that's affected our quarter-to-date business, in my opinion; I think that's a part of it.

強制停工以及每週關閉商店，在我看來，這影響了我們本季迄今的業務；我認為這是其中的一部分。

In our business, historically, when there's been weather impacts, it comes back; we get it.

在我們的業務中，從歷史上看，當受到天氣影響時，它就會再次出現；我們明白了。

So it comes back over time.

因此它會隨著時間而回歸。

So we'll see how that plays out.

我們將看看結果如何。

We're certainly prepared for it.

我們當然已經準備好了。

Stores are in good shape, and we're ready for it.

商店狀況良好，我們已做好準備。

As far as the immigration policy changes into our forecast, it's too early to tell.

至於我們預測的移民政策變化，現在還為時過早。

We hear the same thing that you hear that there's pressure on some of the contractor workforce, but so far, I don't think that that's playing anything into our demand.

我們聽到的和您一樣，一些承包商員工面臨​​壓力，但到目前為止，我認為這對我們的需求沒有任何影響。

And as we learn more, we certainly would communicate more.

隨著我們了解更多，我們肯定會交流得更多。

My follow-up question is, you saw much greater flow-through in the fourth quarter than your normal rule of thumb would suggest.

我的後續問題是，您看到第四季度的流通量比您通常的經驗法則所顯示的要大得多。

So how telling is that experience moving forward?

那麼，這種經驗對於未來發展有多大意義呢？

Meaning if you comp up 5% this year rather than the zero to 3% that you're expecting, how should we think about the incrementality or the flow-through to the model, would it be above the $0.10 per point of comp that you guided to?

意思是，如果您今年的薪酬上漲 5% 而不是預期的 0 到 3%，我們應該如何考慮增量或模型的流通量，是否會高於您指導的每點薪酬 0.10 美元？

Thank you.

謝謝。

I'll let Bryan handle the numbers part.

我會讓布萊恩處理數位部分。

But yes, Michael, I mean, the fourth quarter is a bit of a demonstration of what happens when sales come.

但是是的，邁克爾，我的意思是，第四季度在一定程度上證明了銷售情況如何。

When sales are better than we think, we flow through pretty well.

當銷售情況好於我們的預期時，我們的進展就會順利。

I think we've done a good job over the last 18 months to 2 years of taking cost out of the business, and we're not adding it back.

我認為，在過去的 18 個月到 2 年時間裡，我們在降低業務成本方面做得很好，而且我們不會再增加成本。

So when sales surprise us in a positive way, we flow through well.

因此，當銷售情況帶給我們正面驚喜時，我們就能順利度過難關。

And if that number grew to 5, we would flow through really well.

如果這個數字增加到 5，我們的流程就會非常順利。

So we hope -- I'll let Bryan fill in the blanks from numbers side of if you want to.

所以我們希望——如果您願意的話，我會讓布萊恩從數字方面填補空白。

Michael, it's Brian.

邁克爾，我是布萊恩。

So obviously, you saw we had pretty strong flows-through.

顯然，您會看到我們的流通量相當強勁。

Just when you're looking at that, don't forget that in Q4, we also had $6.8 million benefit related to a derivative of legal settlement.

當你看到這一點時，不要忘記，在第四季度，我們還獲得了與法律和解衍生品相關的 680 萬美元收益。

So when you take that out, that was worth 60 basis points within Q4.

因此，當你將其取出時，其在第四季度的價值為 60 個基點。

So when you back that out, I think our more natural flow-through was in the low 40s.

因此，當你退出時，我認為我們更自然的流量是在 40 年代初期。

As I'm looking at it, there were a couple of other benefits that hit in Q4.

據我所知，第四季還帶來了一些其他好處。

Traditionally, our flow-through model would be low-30s to mid-30s.

傳統上，我們的流通模式會是30多歲到30多歲之間。

.

。

We communicated on the last call, as sales pick up because we've got 25% of our stores on minimum hours that we should see higher flow through.

我們在上次通話中進行了溝通，由於我們 25% 的商店都已達到最低營業時間，因此銷售額正在回升，我們應該會看到更高的客流量。

So we should see that in 2025, somewhere in the high-30s range.

因此我們應該看到，到 2025 年，這一數字將達到 30 多歲。

So you're right, that low-40 was a bit higher than what we would expect, but I still would expect if we step above our 3%, we should flow through in the high-30s at minimum.

所以你是對的，40% 以下的數字比我們預期的要高一點，但我仍然預計，如果我們超過 3%，我們至少應該可以達到 30% 以下的數字。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Good afternoon, everyone.

大家下午好。

Hey, I want to -- like to follow up on incremental margins, same topic.

嘿，我想 - 喜歡跟進增量利潤，同一主題。

The business is levering on negative comps.

該業務正在利用負面比較。

So the idea that there are not expenses that need to come back.

所以這個想法就是沒有需要回饋的費用。

And I know the guidance doesn't imply that.

我知道指導意見中並沒有暗示這一點。

And Bryan, you mentioned the 1 point of comp, $0.10 of EPS, which basically says normalcy, I think you still have ERP going on.

布萊恩，您提到了 1 個點的薪酬，即每股收益 0.10 美元，這基本上屬於正常情況，我認為您的 ERP 仍在進行中。

So what has changed?

那麼到底發生了什麼變化呢？

Or what are you doing that you can continue managing SG&A in such a range that dollars don't need to come back when the top-line returns?

或者您正在做什麼以便能夠繼續將銷售、一般和行政費用管理 (SG&A) 控制在這樣一個範圍內，使得當營業額恢復時美元不需要回來？

There'll still be investment.

仍會有投資。

I mean we flex our hours around transactions.

我的意思是我們根據交易情況彈性安排工作時間。

If you think about our stores, we still average about 55% fixed cost, 45% variable.

如果你考慮我們的商店，我們的平均固定成本仍然約為 55%，變動成本約為 45%。

The two biggest variable components are labor, like our personnel within the stores.

兩個最大的可變因素是勞動力，例如我們商店內的人員。

And so we need to make sure that we match that with transaction.

因此我們需要確保這與交易相符。

So again, on the upside or downside, we can flex those.

因此，無論是好是壞，我們都可以靈活調整。

And then there's also some discretionary spend.

還有一些可自由支配的開支。

We're constantly refreshing the stores.

我們正在不斷更新商店。

We have reflows, resets.

我們有重流、重置。

We have so much innovation and newness that we need to make sure that we showcase that.

我們有如此多的創新和新穎之處，我們需要確保將其展示出來。

Those are the two biggest buckets that we have to kind of flex within there.

這是我們必須要靈活運用的兩個最大的面向。

So that's assuming we still have the opportunity to do that.

所以假設我們仍然有機會這樣做。

Again, I think you just heard me said 25% of our stores are on minimum hours.

再說一次，我想你剛才聽到我說過，我們 25% 的商店都實行最低營業時間。

So again, if things were to step down, that's 75% of our fleet that we could still kind of flex within there.

所以，如果情況惡化，我們仍然可以在 75% 的機隊內靈活調配。

And then on the way up, again, we don't need to invest as much, which creates that higher flow-through.

然後，在上升的過程中，我們不需要投入太多，從而產生更高的流通量。

So again, you're always chasing yourself on the way up.

所以再說一遍，你總是不斷追求自我。

On the way down, you can never quite cut fast enough, but

在下降的過程中，你永遠無法足夠快地切割，但是

--

--

I'd just add a couple of things.

我只想補充幾點。

We've been investing through the downturn.

在經濟低迷時期我們一直在進行投資。

So we don't have to catch up investment.

所以我們沒必要追加投資。

So the hours will flow as they flow over 25% of the stores on minimum hours, the sales go up and that the flow-through on that is really good, because we don't add hours to that.

因此，營業時間會隨著 25% 的商店的最低營業時間而流動，銷售額就會上升，而且這種流動非常好，因為我們不會增加營業時間。

Yeah.

是的。

Over the last two years -- because I combine them -- we've taken out $42.2 million from our comparable stores over the last two years.

在過去兩年裡——因為我把它們合併了——我們從可比商店中獲得了 4220 萬美元。

And in Q4 alone, if you look at the two-year stack, we've taken out $12.9 million.

光是在第四季度，如果看一下兩年的累積，我們就已經支出了 1,290 萬美元。

So our teams have been resilient.

因此我們的團隊非常堅韌。

Our service scores as high as they've ever been.

我們的服務得分達到前所未有的高。

So we're in a good place today.

因此我們今天的處境很好。

But again, we need to make sure we take out of our customer first.

但同樣，我們需要確保首先滿足客戶的需求。

And that's

這就是

(technical difficulty)

（技術難度）

Quick follow-up on the guidance, the zero to 3% if you get to the middle to the high end in theory, you would be exiting the year in mid- to high-single-digits.

快速跟進指導，如果從理論上講達到中高端，那麼從零到 3% 的成長率將在今年結束時達到中高個位數。

I don't know if you said this in the prepared remarks, I only heard that there was some flex in store count if the backdrop changes.

我不知道您是否在準備好的評論中說過這一點，我只聽說如果背景發生變化，商店數量會有所靈活。

But curious what type of housing backdrop do you assume?

但令人好奇的是，您認為住房背景是什麼類型？

Is it just maturation or just immature stores comping into this comp base, and therefore, you're getting to those mid-single-digit comps by the end of the year?

這只是成熟還是只是不成熟的商店進入了這個競爭基礎，因此，到今年年底你會達到中等個位數的競爭水平？

Thanks.

謝謝。

Yeah.

是的。

I mean I'll start, and I'll let Bryan win a little bit. 55% of our stores are still in their maturity curve.

我的意思是我先開始，然後讓布萊恩贏一點。我們的 55% 的商店仍處於成熟期。

So we're expecting a benefit from those stores as the year -- because our comp waterfall has stayed intact.

因此，我們預計這些商店今年將帶來收益 - 因為我們的同店銷售額保持完整。

So we've opened a little bit less stores.

因此我們開設的商店少了一些。

But the waterfall stayed intact, so we should get some benefit of those stores that are immature.

但是瀑布保持完好，所以我們應該從那些未成熟的商店中獲益。

We are not expecting housing to rebound to historical levels.

我們並不預期房價會反彈至歷史水準。

We're anticipating that housing is going to bounce along and hopefully, it's better than it was a year ago.

我們預計房屋市場將會回暖，並希望比一年前更好。

As I've said on multiple calls, I believe that if the existing home sales get into a positive territory for a consistent amount of time that we should be able to grow our same-store sales in that environment because more people will be buying hard surface flooring.

正如我在多次電話中所說的那樣，我相信如果現有房屋銷售在一段持續的時間內保持正增長，那麼我們應該能夠在這種環境下增加同店銷售額，因為會有更多的人購買硬地板。

And Simeon, I just give you a little bit of color on that.

西緬，我只想給你一點這方面的資訊。

See, we do expect sequential improvement in our comp.

你看，我們確實期望我們的公司能有連續的進步。

Obviously, as Tom alluded to, quarter to date, we're down

顯然，正如湯姆所暗示的，本季迄今為止，我們的業績有所下滑

[1.7].

[1.7]。

So we expect comps in Q1 to be down just slightly, low single digits.

因此，我們預計第一季的同店銷售額將略有下降，為個位數的低點。

And you're right; it's a sequential improvement.

你是對的；這是一個持續的改進。

But we still expect low single digits throughout every quarter.

但我們仍然預期每季的成長率都將保持在個位數以下。

Q4 is going to be a little pressure just because we're lapping what we just did in Q4 of this year.

Q4 將會有點壓力，因為我們正在重複今年第四季所取得的成績。

So there was a little bit of an uptick there.

因此那裡出現了一點上漲。

But again, it should be low single digits across our average ticket.

但是，我們的平均票價應該處於個位數以下。

It's pretty much trends remain the same throughout all four quarters and its transactions, as Tom alluded to, that we expect to improve.

正如湯姆所提到的，它的四個季度的趨勢基本上保持不變，而且我們預計交易情況會有所改善。

So at the high end, the existing home sales would have to get a little bit better.

因此，在高端市場，現有房屋銷售必須有所改善。

But again, to Tom's point, not back to historic levels.

但是，正如湯姆所說，並沒有回到歷史水平。

We do still expect this to be a slow grind as we said on the last call.

正如我們上次通話中所說的那樣，我們仍然預計這將是一個緩慢的過程。

Chris Hovers, JPMorganChase & Company.

摩根大通公司的克里斯‧霍弗斯 (Chris Hovers)。

Thanks.

謝謝。

Good evening, guys.

大家晚上好。

I had a follow-up there.

我在那裡進行了跟進。

I mean, as you think about the cadence of the year, do you think the weather -- the hurricane lift is bigger in the first quarter than it was in the fourth quarter?

我的意思是，當您考慮一年的節奏時，您是否認為天氣——第一季的颶風升力比第四季度更大？

there was some pressure to start November in terms of a headwind from the actual hurricanes and insurance payments are -- seem to be more delayed.

11 月開始時，颶風帶來一些壓力，而且保險賠償似乎還有延遲。

So is that a bigger number?

那麼這個數字更大嗎？

And then on the other side of it, you're going to lap existing home sales at a little mini rebound here.

另一方面，現有房屋銷售將出現小幅反彈。

You look at pending home sales numbers are running down sort of mid-single digit.

您可以看到待售房屋銷售數字正在下降到個位數的中段。

So what is the hurricane the offset that doesn't create more of a near-term divot here in the first to second quarter from lapping that better home sales number?

那麼，颶風帶來的抵銷作用是什麼呢？

Hey.

嘿。

This is Bryan.

這是布萊恩。

I'll take a stab and then Tom can jump in.

我會嘗試一下，然後湯姆就可以加入。

The benefit so far quarter to date is in line with what we said for Q4.

本季迄今的收益與我們對第四季的預測一致。

So the offset of that is what I said, which is really just some of the storm impacts that we've seen.

所以，我所說的抵消其實只是我們所看到的一些風暴影響。

So when you think about it, that should be there -- most hurricanes for us, depends on if it's flood or if it's wind damage, but if it's flooding, we'll see the biggest impact the first two quarters, if not the third quarter.

所以當你考慮它時，應該存在這種情況——對於我們來說，大多數颶風取決於它是洪水還是風災，但如果是洪水，我們將在前兩個季度看到最大的影響，如果不是第三季度的話。

We see the arc of that usually go about 16 to 20 months, it can -- but it dissipates pretty quickly after it gets past that second to third quarter of impact.

我們看到，這種影響通常持續約 16 到 20 個月，但當影響持續到第二到第三季後，很快就會消散。

And that's what's implied in the guidance that we gave.

這就是我們給出的指導中所暗示的內容。

Okay.

好的。

So there's no tough lap on a year-over-year basis on existing home sales earlier in the year that would slow the business further?

那麼，今年稍早現有房屋銷售與去年同期相比沒有遭遇嚴峻考驗，導致業務進一步放緩嗎？

No, year over year, you're right.

不，年復一年，你是對的。

When you look at February and March, they were really strong numbers last year.

如果你看看去年二月和三月的數據，你會發現它們的數字確實非常強勁。

And then once you get past that, the number dips below 4.2 and continues kind of throughout the year and to you hit what Tom said in his prepared remarks, where October, November, December started to pick back up.

然後，一旦超過這個數字，數字就會下降到 4.2 以下，並持續全年，正如湯姆在準備好的演講中所說的那樣，10 月、11 月、12 月開始回升。

So you're right, the summer months will have much easier compares in existing home sales.

所以您說得對，夏季現有房屋銷售情況的比較會容易得多。

Zack Fadem, Wells Fargo.

富國銀行的 Zack Fadem。

Hey, good afternoon, and congrats on the progress.

嘿，下午好，祝賀你的進展。

As you think through the incremental new tariffs, the higher supply chain costs, maybe we could start with the game plan for like-for-like pricing in 2025.

當你考慮到增量新關稅和更高的供應鏈成本時，也許我們可以從 2025 年同類定價的計畫開始。

I think you mentioned some increases coming, and then when you think about your price gaps versus peers, like how have those evolved through '24?

我記得您提到過一些即將到來的成長，然後當您考慮與同行的價格差距時，這些差距在 24 年內是如何演變的？

And how do you factor that in '25?

那麼你要如何將這個因素納入考量呢？

(technical difficulty) how we can deal with it.

（技術難題）我們該如何處理。

What's happened so far, we think we can deal with the China change pretty well.

從目前發生的情況來看，我們認為我們可以很好地應對中國的變化。

We've done a good job of diversifying out of there.

我們在實現多元化方面做得很好。

We're doing a good job negotiating with our suppliers.

我們與供應商的談判進展順利。

But if we can't, then we'll take prices up.

但如果我們不能，那我們就會提高價格。

I think our -- versus our

我認為我們的—與我們的

We apologize for the technical difficulty.

我們對所造成的技術困難深感抱歉。

Zack, you may proceed with your question.

札克，​​你可以繼續你的問題。

Not sure if you heard the first question or not.

不確定您是否聽到了第一個問題。

But basically, it was on the game plan for like-for-like price increases in 2025, where your price gaps versus peers have been trending in '24, and how you factor that into the changing environment.

但基本上，這是關於 2025 年同類價格上漲的計劃，其中您與同行的價格差距在 24 年的趨勢如何，以及如何將其考慮到不斷變化的環境中。

(technical difficulty)

（技術難度）

Apologize that we are facing technical difficulties.

抱歉，我們遇到了技術困難。

Zack, if you wouldn't mind waiting for a few more moments.

札克，​​如果你不介意的話請再等一會兒。

No problem.

沒問題。

Thank you.

謝謝。

Thank you, guys, for your patience.

謝謝大家的耐心。

I believe we have the speakers back on the line.

我相信我們已經讓發言者重新回到了線上。

Yeah.

是的。

Sorry for the technology difficulty.

抱歉，技術上有點困難。

So I'm not sure if we heard the last question.

所以我不確定我們是否聽到了最後一個問題。

So go ahead.

所以繼續吧。

Yes.

是的。

Tom, it's the price gap versus peers and the price increase question.

湯姆，這是與同行的價格差距和價格上漲的問題。

I think we missed that one.

我想我們錯過了那個。

Yeah.

是的。

So when I said price gap versus peers, we still feel pretty good.

因此，當我說到與同行的價格差距時，我們仍然感覺很好。

When you look back historically, our spreads versus the people we compete with are -- they remain intact, and we're comfortable with that.

回顧歷史，我們的利差與競爭對手相比仍然保持完整，我們對此感到滿意。

And I think what I said earlier is -- and I don't know if you guys heard me on the tariff part of it, we'll deal with the tariffs, the way that we've always had.

我想我之前說過了——我不知道你們是否聽到我關於關稅部分的發言，我們將按照我們一貫的方式處理關稅問題。

We'll first negotiate with our supplier.

我們將首先與供應商進行談判。

The second is we'll try to continue to diversify out of countries that are affected.

第二，我們將繼續努力實現業務多元化，不再局限於受影響的國家。

And then third, if we have to pass price, we will.

第三，如果我們必須通過價格，我們就會通過。

Our main competition is the independents.

我們的主要競爭對手是獨立人士。

We're comfortable with our spreads, and we've got the ability to flex price if we have to flex price.

我們對自己的價差感到滿意，如果需要調整價格，我們也有能力調整價格。

So we're paying attention and trying to react to the news as it comes.

因此，我們密切關注並試圖對新聞做出反應。

Our buying from 250 suppliers in 25-plus countries is a tremendous advantage, and it gives us lots of flexibility.

我們從 25 多個國家的 250 個供應商處採購，這是一個巨大的優勢，它給了我們很大的靈活性。

So I feel good on the pricing front, feel good without -- from what I know today, I feel good about our ability to address the tariffs that could change because things are a little fluid, but we'll be prepared.

因此，我對定價方面感到滿意，對價格之外的情況也感到滿意——從我今天所了解的情況來看，我對我們應對可能發生變化的關稅的能力感到滿意，因為情況有些不穩定，但我們會做好準備。

Got it.

知道了。

And then just two quick ones for Bryan.

接下來我只想快速問 Bryan 兩個問題。

Hopefully, I only need to ask one time.

希望我只需要問一次。

First of all, 25 new store productivity, how are you thinking about that?

首先，25家新店的生產力，您是怎麼考慮的？

And then on the 60 to 70 bps of DC cost, is that even through the year, or is it more double that, but second-half weighted?

那麼，60 到 70 個基點的 DC 成本，是全年平均數嗎，還是會是這個數字的兩倍，但是下半年會加權？

.

。

So new store productivity should be similar to the past kind of two years that we're seeing.

因此，新店的生產率應該與我們看到的過去兩年相似。

It's still kind of below our historical targets as we think about that.

當我們考慮這一點時，它仍然低於我們的歷史目標。

And then on the gross margin piece, you're right, the $60 million to $70 million is the full year amount.

然後關於毛利率部分，您說得對，6,000 萬到 7,000 萬美元是全年金額。

It will start in Q1 around 30 basis points and then kind of grow throughout the year.

它將在第一季開始以大約 30 個基點的速度成長，然後在全年逐漸成長。

So we'll exit with a much higher impact, but then grow into it as we continue to open more stores.

因此，我們退出時會產生更大的影響，但隨著我們繼續開設更多商店，我們會不斷發展。

Thank you.

謝謝。

Due to the nature of the technical issue, we will extend the call for a little bit, but we please ask that you refrain to only one question for -- so we may answer as many participants as possible.

由於技術問題的性質，我們將稍微延長通話時間，但請您不要只問一個問題，這樣我們就可以回答盡可能多的參與者。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

A couple of product questions.

幾個產品問題。

Anything to read into wood and stone being positive and leading the improvement here?

有什麼可以說明木材和石材具有積極作用並引領這裡的改進嗎？

And then I'm curious on LVT.

我對 LVT 很好奇。

It did seem to improve in the quarter, but still tracking below the company average.

本季的情況似乎確實有所改善，但仍低於公司平均值。

How do you feel about that?

您對此有何感想？

Do you think that just reflects demand for the category being weak?

您是否認為這僅僅反映出該類別的需求疲軟？

Or do you think something has changed competitively for that category?

或者您認為該類別的競爭力發生了一些變化？

Thanks so much.

非常感謝。

So I'll start.

那我就開始了。

Ersan is here with me in case I've missed something.

埃爾桑 (Ersan) 一直陪著我，以防我錯過什麼。

But I'll -- so first, I would say on wood and stone, yeah, we're pleased with what we're seeing.

但是我會—首先，我想說的是，關於木材和石材，是的，我們對所看到的感到滿意。

Our merchants have done a good job continuing to improve our assortments across the lines. we're in better stock because those have come in and helped.

我們的商家在不斷改進我們各個產品線的商品組合方面做得很好。由於這些物資的到貨和幫助，我們的庫存增加。

Certainly, we've had a major competitor close some stores.

當然，我們的主要競爭對手已經關閉了一些商店。

We've probably seen some benefit from that as well.

我們可能也從中看到了一些好處。

From a stone perspective, we've rolled out an outdoor program in stores that's having a positive effect that's added categories to the stone department.

從石材角度來看，我們在商店推出了戶外計劃，該計劃正在產生積極的效果，增加了石材部門的類別。

Same thing, we've added some new products in stone that that's probably acting the -- benefiting as well, but we're pleased with that.

同樣，我們添加了一些新產品，這些產品可能也發揮了作用，但我們對此感到滿意。

I am pleased with the trajectory of vinyl and laminate.

我對乙烯基和層壓板的發展軌跡感到滿意。

If you look at it quarter by quarter, we continue to improve in a pretty significant way.

如果逐季度來看，我們會發現我們繼續以相當顯著的方式取得進步。

And we are in terrific in-stock.

我們有大量庫存。

Merchants have done a good job of new products within the category.

商家已經做好了類目內的新品上架工作。

Some new signs in the departments to make it easier to understand, but overall, we feel real good about the trajectory of what's going on in that business as well.

部門中有一些新的標誌，以便於理解，但總的來說，我們對該業務的發展軌跡感到非常滿意。

Steven Forbes, Guggenheim Securities.

古根漢證券的史蒂文福布斯。

Good afternoon, guys.

大家下午好。

Tom, Bryan, maybe a complex question, but I feel like an important one.

湯姆、布萊恩，這可能是個複雜的問題，但我覺得它很重要。

You guys mentioned the waterfall benefit to comp.

你們提到了瀑布效應對公司的好處。

And I think a lot of us are just trying to better understand sort of what's transpiring within the store cohorts.

我認為我們很多人只是想更好地了解商店群體中發生的事情。

So the question is, one, can you reframe sort of what the sales and EBITDA margin profile is at what you would define as a mature store today versus those historic disclosures?

所以問題是，第一，您能否重新定義當今成熟商店的銷售額和 EBITDA 利潤率狀況，並與歷史揭露情況進行比較？

And then any way to help us contextualize sort of what is the comp spread that you're seeing as we think about maybe the 2023 cohort versus the 2022 cohort, as we sort of try to contextualize or better understand what you're framing as the waterfall likely turns to a potential positive contributor?

然後，有什麼方法可以幫助我們理解您所看到的 2023 年群體與 2022 年群體之間的相似性，我們試圖理解或更好地理解您所建立的內容，因為瀑布可能會變成潛在的積極貢獻者？

Yeah.

是的。

I'll answer the latter first.

我先回答後者。

We've never given what that waterfall is, other than say it's a material meaningful difference between our new stores and our mature stores.

我們從來沒有給過這個瀑布是什麼，只是說這是我們的新店和成熟店之間的實質有意義的差異。

What we share you is today, obviously, with the macro environment, the way it is, our stores that are five years or older today are doing about a little over $22 million, close to $22.5 million, but they're still producing EBITDA in the low-20s.

我們今天要分享的是，顯然，在宏觀環境下，我們開業五年或五年以上的門市的營業額約為 2,200 萬美元多一點，接近 2,250 萬美元，但它們的 EBITDA 仍在 20% 出頭。

And so they're still extremely profitable.

因此他們的利潤仍然非常豐厚。

They're still producing, but obviously, the volumes have come down a little bit.

他們仍在生產，但顯然產量有所下降。

So to conceptualize again, the common waterfall, we've just never given that level of granularity.

因此，再次概念化，常見的瀑布，我們從來沒有給出過這種粒度等級。

So we've never been that specific about it other than to say there is a material difference between, obviously, our new store comp all the way down to what we would consider a mature store.

因此，我們從來沒有如此具體地說明這一點，只是說，顯然，我們的新店與我們認為的成熟店之間存在著實質的差異。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey.

嘿。

Good evening.

晚安.

Just a quick one for me.

對我來說這只是一個快速步驟。

Just with smaller peers struggling, you touched on in a minute, just curious what you're seeing from the competitive landscape?

您剛才提到，規模較小的同行正在苦苦掙扎，您只是好奇您從競爭格局中看到了什麼？

And if you think you are starting to gain share over the past few months from competitor closings.

如果您認為過去幾個月您透過競爭對手的關閉開始獲得市場份額。

Yeah, I do.

是的，我知道。

I mean we still are hearing anecdotal closes across the country of different competitors.

我的意思是，我們仍然可以聽到全國各地不同競爭對手的傳聞。

I do think I've said before, the longer that this goes on, the more that plays on our benefit because we continue to invest in the stores and continue to grow.

我確實認為我之前說過，這種情況持續的時間越長，對我們的利益就越大，因為我們會繼續對商店進行投資並繼續發展。

So I think from a competitive standpoint, we're in as good a shape as we've ever been.

因此我認為從競爭的角度來看，我們的狀態比以往任何時候都好。

Yeah.

是的。

And what is a good example -- you saw a competitor close a bunch of stores.

一個很好的例子是——你看到競爭對手關閉了許多商店。

We're probably seeing some of the benefit of that.

我們可能看到了其中的一些好處。

And if we see more close, we'll see the benefit.

如果我們觀察得更近，我們就會看到好處。

I mean, we're -- the stores are in terrific shape.

我的意思是，我們的商店狀況非常好。

Our inventory levels are great.

我們的庫存水準很高。

The new products are really good.

新產品確實很好。

We have multiple initiatives to try to control what we can control.

我們採取了多項措施來嘗試控制我們能夠控制的事情。

So we're ready when it comes.

所以當它到來時我們已經做好準備。

Its service scores are high

其服務評分很高

(multiple speakers)

（多位發言者）

Correct

正確的

Karen Short, [Melusus] Research.

Karen Short，[Melusus] 研究。

Hi.

你好。

Thanks very much.

非常感謝。

It's actually Melius, but I think you all know that.

其實是 Melius，但我想你們都知道。

I just was curious with the lower cost structure in general, could you help frame whether or not there would be more torque, I guess, on the upside to EPS with a 1% delta in comps?

我只是對整體較低的成本結構感到好奇，您能否幫助說明一下，與同類產品相比，在每股收益有 1% 的增量的情況下，是否會有更大的扭矩？

Or would you look at it as more of a scenario where you would invest and that flow-through would still be that kind of $0.10 range to EPS with the 1% all-time cost?

或者您會將其視為這樣一種情景：您會進行投資，且在 1% 的總成本下，流向 EPS 的收益仍將達到 0.10 美元左右？

Thanks.

謝謝。

So in honor of Trevor's last call, we're going to let Trevor answer that.

因此，為了紀念特雷弗的最後一次呼喚，我們將讓特雷弗回答這個問題。

Trevor?

特雷弗？

Yeah.

是的。

First, I'd say I'm so proud after eight years, it seems that we've got during these calls is doing well.

首先，我要說，我感到非常自豪，經過八年的努力，看來我們在這些通話中做得很好。

I do think.

我確實認為。

So our gross margin has gone up nicely over the last two or three years, and our cost structure has come down, as Bryan articulated earlier.

因此，正如布萊恩之前所闡述的，我們的毛利率在過去兩三年大幅上升，而成本結構則下降了。

And so sales are good.

因此銷量很好。

I mean there are certainly investments we want to make, but we'll do that in a measured pace.

我的意思是，我們當然想進行投資，但我們會適度地進行。

And so yeah, I think it's possible like you saw in that when sales are better than planned, we're going to flow through very nicely.

是的，我認為這是可能的，就像您所看到的那樣，當銷售情況好於計劃時，我們就會順利完成。

And as we've always been, if there's investments that we need to make that are going to be material, we'll disclose those.

就像我們一直以來的做法一樣，如果我們需要進行重大投資，我們就會揭露。

I mean I think the only thing I'd add to what Trevor said over the -- since we've been public, we've always had cycles where we've outperformed, and we've made decisions on what we had to invest in.

我的意思是，我認為我唯一想補充的是，自從我們上市以來，我們一直都有表現優異的周期，我們也已經決定了我們必須投資什麼。

I think in this cycle that we're in now, we'll want to see some sustained -- before we invest too much back into any infrastructure, we'll want to see performance strong for a while.

我認為，在我們現在所處的這個週期中，我們希望看到一些持續的——在我們對任何基礎設施投入過多之前，我們希望看到一段時間的強勁表現。

So that's why I do think that will flow through at the rates that Bryan talked about

所以我認為這些資金將按照 Bryan 所說的速度流出

.

。

We will.

我們將。

And just to give you guys context around it -- this is Bryan -- at the midpoint of our guide, our mature stores are actually levering in this environment.

只是為了讓大家了解相關背景 - 這是布萊恩 - 在我們指南的中間部分，我們的成熟商店實際上正在利用這種環境。

The only thing that's causing the deleverage is the new stores coming in, but exactly as Trevor alluded to, as we move up that as you start approaching 5%, the entire ecosystem starts to lever.

導致去槓桿化的唯一因素是新店的開設，但正如 Trevor 所提到的那樣，隨著槓桿率開始接近 5%，整個生態系統開始發揮作用。

So we lever even inclusive of -- because that's a question you guys always have.

因此我們甚至包括——因為這是你們一直以來的問題。

So I just wanted to tell you, if we were to get up to a 5% comp, the entire store and selling line leverage is -- and so that's always been our case is mid-single-digits.

所以我只想告訴你，如果我們要獲得高達 5% 的同比增幅，那麼整個商店和銷售線的槓桿率——所以我們的情況一直是中等個位數。

And this cost structure, it will take about a 5% comp for the entire base to lever.

在這個成本結構中，整個基礎大約需要 5% 的補償才能發揮作用。

Thank you, Bryan, and thank everyone for joining the call.

謝謝你，布萊恩，也謝謝大家參加電話會議。

Sorry, we had a little bit of technical difficulty.

抱歉，我們遇到了一點技術問題。

And hopefully, we got to everyone's questions.

希望我們能夠解答大家的疑問。

I'd like to thank Trevor.

我要感謝特雷弗。

This is Trevor's last call.

這是特雷弗的最後一通電話。

He's asked if he could come tomorrow; I've said no.

他問他明天是否可以來；我說過不。

But we appreciate all of his contributions over the last 14 years.

但我們感謝他過去 14 年來的所有貢獻。

We certainly wouldn't be here without him.

如果沒有他，我們肯定不會在這裡。

So we wish him well.

因此我們祝他一切順利。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。