Floor & Decor Holdings Inc (FND) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Floor & Decor Holdings first quarter 2025 conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Floor & Decor Holdings 2025 年第一季電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（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, Senior Vice President of Investor Relations, Wayne Hood. Thank you, Wayne. You may begin.

現在我很高興向你們介紹主持人、投資者關係高級副總裁韋恩·胡德 (Wayne Hood)。謝謝你，韋恩。你可以開始了。

Thank you, operator. And good afternoon, everyone. Welcome to Floor & Decor's fiscal 2025 first quarter earnings conference call. Joining me on our call today are Tom Taylor, Chief Executive Officer; Brad Paulsen, President and Bryan Langley, Executive Vice President and Chief Financial Officer.

謝謝您，接線生。大家下午好。歡迎參加 Floor & Decor 2025 財年第一季財報電話會議。今天與我一起參加電話會議的還有執行長湯姆·泰勒 (Tom Taylor)；總裁布拉德·保爾森 (Brad Paulsen) 和執行副總裁兼首席財務官布萊恩·蘭利 (Bryan Langley)。

Before we start, I want to remind everyone of the company's Safe Harbor language. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risk and uncertainties. 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.

在我們開始之前，我想提醒大家注意公司的安全港語言。本次電話會議和網路廣播期間發表的評論包含《1995 年私人證券訴訟改革法案》所定義範圍內的前瞻性陳述，這些陳述具有風險和不確定性。任何涉及預期、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. Floor & Decor assumes no obligation to update any such forward-looking statements. Please note that past performance or market information is not a guarantee of future results.

本公司的實際未來業績可能因任何原因（包括其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業績存在重大差異。Floor & Decor 不承擔更新任何此類前瞻性聲明的義務。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。我們相信，非公認會計準則揭露可以讓投資人更了解我們各個時期可比較的核心經營績效。

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

這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳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。本次電話會議的錄音重播及相關資料將在我們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 2025 first quarter earnings conference call. During today's conference call, Brad, Bryan and I will discuss some of our fiscal 2025 first quarter earnings highlights. Then Bryan will share our thoughts about fiscal 2025.

感謝韋恩和大家參加我們的 2025 財年第一季財報電話會議。在今天的電話會議中，布拉德、布萊恩和我將討論我們 2025 財年第一季的一些獲利亮點。然後 Bryan 將分享我們對 2025 財年的想法。

We are pleased to deliver fiscal 2025 first quarter diluted earnings per share of $0.45, compared to $0.46 per share in the same period last year. This result exceeded the low end of our first quarter earnings expectations, even though comparable store sales were at the lower end of our forecast. Our fiscal year 2025 first quarter total sales increased by 5.8% to $1.161 billion from $1.97 billion in the same period last year.

我們很高興地宣布，2025 財年第一季每股攤薄收益為 0.45 美元，而去年同期每股攤薄收益為 0.46 美元。儘管同店銷售額處於我們預測的低端，但這一結果超出了我們第一季獲利預期的低端。我們的 2025 財年第一季總銷售額從去年同期的 19.7 億美元成長 5.8% 至 11.61 億美元。

Brad and I have visited many of our stores over the past few months, giving us a great opportunity to see firsthand the dedication and hard work of our associates, who engage with and serve our homeowners and professional customers every day. We could not be more pleased, than our first quarter results demonstrate how effectively they continue executing our growth strategies, achieving record customer satisfaction scores, managing our expenses and profitability, and growing our market share even as sales and the hard surface flooring industry contract. The first quarter results are a testament to how we are focused on what we can control during this uncertain period.

在過去的幾個月裡，布拉德和我參觀了我們的許多商店，這讓我們有機會親眼目睹我們的員工的奉獻精神和辛勤工作，他們每天與我們的房主和專業客戶互動並為他們提供服務。我們非常高興，第一季的業績證明了他們如何有效地繼續執行我們的成長策略，實現創紀錄的客戶滿意度分數，管理我們的費用和盈利能力，並在銷售和硬質地板行業萎縮的情況下增加我們的市場份額。第一季的業績證明了我們如何在這段不確定的時期專注於我們能夠控制的事情。

As you know, we are operating in an economic environment marked by high volatility, uncertainty, lack of clarity and the tail risk of a recession. While we don't know how this could impact consumer spending for the remainder of fiscal 2025, we have a proactive, flexible plan we are implementing and executing. First, as many of you know, we successfully managed an increase in tariffs back in 2018 and 2019 by pursuing strategies to grow our market share and protect our profitability. Today, we intend to employ similar strategies to achieve these goals in 2025 and beyond.

眾所周知，我們所處的經濟環境具有高波動性、不確定性、缺乏清晰度以及經濟衰退尾部風險等特徵。雖然我們不知道這將如何影響 2025 財年剩餘時間的消費者支出，但我們正在實施和執行一項積極主動、靈活的計畫。首先，正如你們許多人所知，我們透過實施擴大市場份額和保護獲利能力的策略，成功應對了 2018 年和 2019 年的關稅上調。今天，我們打算採用類似的策略來實現2025年及以後的這些目標。

That said, unlike in 2018 and 2019, we believe managing today's tariffs, uncertainty and complexity at scale and speed could be more challenging for some competitors in the hard surface flooring industry. To address this increased complexity, we have organized tariff Steering Committee. This committee will ensure we stay focused on executing our top priorities and remain agile in our operational plans as needed.

話雖如此，但與 2018 年和 2019 年不同，我們認為，對於硬地板行業的一些競爭對手來說，管理當今的關稅、不確定性和複雜性（規模和速度）可能更具挑戰性。為了解決這種日益複雜的問題，我們組織了關稅指導委員會。該委員會將確保我們專注於執行我們的首要任務，並在需要時保持營運計劃的靈活性。

For instance, following the US announcement of a 90 day pause on all reciprocal tariffs, excluding China, we expedited purchase orders to maximize the likelihood they arrive before the end of the pause on July 9, 2025. This exemplifies how we are executing and will continue to execute at speed and scale. Second, we are actively negotiating and collaborating with our vendors to mitigate the higher incremental tariffs on the products we sell.

例如，在美國宣布暫停所有對等關稅（中國除外）90天后，我們加快了採購訂單的處理速度，以最大限度地提高它們在2025年7月9日暫停期結束前到達的可能性。這體現了我們如何執行並將繼續快速且大規模地執行。其次，我們正在積極與供應商談判和合作，以減輕我們銷售的產品所受的更高增量關稅。

As we have successfully done with prior tariff increases, we believe we have the strategic option to thoughtfully widen our price gaps further, reinforcing our everyday low price value proposition against independence and to grow our market share. We have already observed some retailers and distributors communicate price increases of high single digits to as much as 50%.

正如我們之前成功提高關稅一樣，我們相信，我們有策略選擇，可以進一步深思熟慮地擴大我們的價格差距，強化我們相對於獨立的日常低價價值主張，並擴大我們的市場份額。我們已經觀察到一些零售商和經銷商傳達的價格上漲幅度高達個位數甚至 50%。

Third, we will continue to effectively implement our sourcing diversification strategies to find the highest quality products at the lowest possible price for both our homeowner and professional customers. Our scale and worldwide direct sourcing model, which involves over 240 vendors and 26 countries, provide us with flexibility and a competitive advantage, particularly compared to independent flooring retailers and distributors.

第三，我們將繼續有效實施採購多樣化策略，為我們的房主和專業客戶以最低的價格找到最優質的產品。我們的規模和全球直接採購模式涉及 240 多家供應商和 26 個國家，這為我們提供了靈活性和競爭優勢，尤其是與獨立地板零售商和分銷商相比。

Fourth, it is likely that we'll need to raise prices to mitigate some of the incremental tariffs following our negotiations. If we do so, we'll continue to use the balanced portfolio approach to product pricing, ensuring a consistent pricing structure across different product categories, while managing our gross margin rate and profitability. Fifth, customers are asking for products produced in the United States, and we have already taken action to identify American made products in our stores.

第四，我們可能需要提高價格來緩解談判後增加的一些關稅。如果我們這樣做，我們將繼續採用平衡組合方法進行產品定價，確保不同產品類別的定價結構一致，同時管理我們的毛利率和獲利能力。第五，顧客要求購買美國生產的產品，我們已經採取行動，在我們的商店中標識美國製造的產品。

As we discussed in our fiscal 2024 fourth quarter earnings call, we are proud to report that the United States is now our largest country of manufacture, accounting for approximately 27% of the products we sold in fiscal 2024, up from approximately 20% in fiscal 2018.

正如我們在 2024 財年第四季財報電話會議上所討論的那樣，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%。

Turning to China. In fiscal year 2024, China accounted for 18% of the products we sold, declining from approximately 25% in fiscal 2023, and approximately 50% in fiscal 2018. In the fourth quarter of fiscal 2024, this figure dropped to approximately 16%.

轉向中國。2024 財年，中國占我們銷售產品的 18%，低於 2023 財年的約 25% 和 2018 財年的約 50%。2024財年第四季，這一數字下降至約16%。

Based on current market conditions and the universal tariffs that are in place, we anticipate our receipts from China to approximate mid to low single digits of our total receipts as we exit fiscal 2025.

根據目前的市場狀況和現行的普遍關稅，我們預計，到 2025 財年結束時，來自中國的收入將占我們總收入的約中低個位數。

For instance, in the first quarter of fiscal 2025, we placed our last purchase order from China for laminate and vinyl, our largest product category, successfully diversifying to other countries. Additionally, we paused all purchase orders from China to evaluate the fluid environment and our assortments relative to our competition.

例如，在 2025 財年第一季度，我們從中國下了最後一份層壓板和乙烯基的採購訂單，這是我們最大的產品類別，成功地將產品多元化到了其他國家。此外，我們暫停了所有來自中國的採購訂單，以評估不斷變化的環境以及我們相對於競爭對手的產品組合。

While some specific products can only be sourced from China, our industry leading broad assortment and innovation enable us to offer homeowners and professional customer's alternative options if product costs from China become untenable to US consumers. We believe our size and growth potential position us well to navigate the uncertainty in the market.

雖然某些特定產品只能從中國採購，但如果中國產品的成本對美國消費者來說變得難以承受，我們行業領先的廣泛產品種類和創新使我們能夠為房主和專業客戶提供替代選擇。我們相信，我們的規模和成長潛力使我們能夠很好地應對市場的不確定性。

We are proud to be the second largest retailer of hard surface flooring in the United States. This underscores the strength of our differentiated business model and the effectiveness of our growth strategies we meticulously pursued since our inception in 2000.

我們很自豪能夠成為美國第二大硬地板零售商。這凸顯了我們差異化商業模式的優勢以及我們自 2000 年成立以來精心推行的成長策略的有效性。

Let me turn my comments to new warehouse and store format growth. In the first quarter of fiscal 2025, we opened four new warehouse-format stores, including openings in Venice, Florida; Covington, Louisiana; Tualatin, Oregon; and Gilroy, California.

讓我把我的評論轉向新倉庫和商店格式的成長。2025 財年第一季度，我們開設了四家新的倉儲式商店，包括在佛羅裡達州威尼斯開設的商店；路易斯安那州科文頓；俄勒岡州圖拉丁；以及加州吉爾羅伊。

As part of our market optimization efforts, we elected to close our oldest store and smallest store in Austin, Texas as the lease expired. We have been strategically positioning other nearby Floor & Decor stores in Austin to maximize the market potential.

作為我們市場優化工作的一部分，我們決定在租約到期時關閉位於德克薩斯州奧斯汀的最古老的商店和最小的商店。我們一直在策略性地定位奧斯汀附近的其他 Floor & Decor 商店，以最大限度地發揮市場潛力。

We plan to open two new warehouse-format stores in the second quarter of fiscal 2025, including Kissimmee, Florida, which opened in April, and San Antonio, Texas later this month.

我們計劃在 2025 財年第二季開設兩家新的倉儲式商店，包括 4 月開幕的佛羅裡達州基西米店和本月稍後開幕的德州聖安東尼奧店。

As we discussed in prior earnings conference calls, if the macroeconomic conditions become less favorable than anticipated, we have the flexibility to lower our annual store opening plan as most openings were slated for the second half of fiscal 2025.

正如我們在先前的收益電話會議上所討論的那樣，如果宏觀經濟條件不如預期，我們可以靈活地降低年度開店計劃，因為大多數開店計劃在 2025 財年下半年進行。

With that in mind and the potential for slowing economic growth in the second half of fiscal 2025, we plan to open 20 new warehouse-format stores in fiscal 2025, compared with our prior expectation of 25 warehouse-format stores, mainly across large and mid-size existing markets. We will push the delayed five store openings from fiscal 2025 to our 2026 new warehouse store pipeline.

考慮到這一點以及 2025 財年下半年經濟成長可能放緩的情況，我們計劃在 2025 財年開設 20 家新的倉儲式商店，而我們之前預計的倉儲式商店數量為 25 家，主要分佈在現有的大中型市場。我們將把 2025 財年延後的五家門市開幕時間延後到 2026 年開設新的倉儲門市。

If economic conditions worsen from our current expectations, we have the ability to further reduce fiscal 2025 openings. It is important to note that our company is built for more than 20 new annual warehouse store openings per year when macroeconomic conditions improve.

如果經濟狀況比我們目前的預期更糟，我們有能力進一步減少 2025 財年的職缺。值得注意的是，當宏觀經濟條件改善時，我們公司每年都會開設 20 多家新的倉儲商店。

Let me now turn the call over to Brad.

現在讓我把電話轉給布萊德。

Thanks, Tom. As Tom mentioned, we spent the majority of my first two months visiting stores and interacting with both our team members and customers. These visits have served us an incredible process for me to learn our business and better appreciate the special people first culture here at Floor & Decor.

謝謝，湯姆。正如湯姆所提到的，我前兩個月的大部分時間都在拜訪商店，與我們的團隊成員和客戶互動。這些訪問為我提供了一個令人難以置信的過程，讓我了解我們的業務並更好地欣賞 Floor & Decor 特殊的以人為本的文化。

At each stop during our travels, I've been highly impressed with the talent of our teams, their passion for serving our customers, and the team's overall excitement about the future potential of our business.

在我們旅程的每一站，我們團隊的才華、他們為客戶服務的熱情以及團隊對我們業務未來潛力的整體興奮都給我留下了深刻的印象。

Let me now discuss our sales. First quarter fiscal 2025 comparable store sales decreased by 1.8% from the same period last year at the low end of our expectations. From a regional perspective, comparable store sales in the West Division outperformed the company's 1.8% decline. By month, our company comparable store sales declined by 1.4% in January, 1.5% in February, and 2.2% in March.

現在讓我來討論一下我們的銷售情況。2025 財年第一季同店銷售額較去年同期下降 1.8%，處於我們預期的低端。從區域角度來看，西部地區的同店銷售額表現優於公司1.8%的降幅。分月來看，我公司同店銷售額1月下降1.4%，2月下降1.5%，3月下降2.2%。

We estimate the first quarter benefit to our comparable store sales from Hurricanes Helene and Milton was approximately 100 basis points compared with approximately 110 basis points in the fourth quarter of fiscal 2024. We estimate the adverse impact of winter storms on our comparable store sales was approximately 50 basis points.

我們估計，颶風海倫和米爾頓為我們同店銷售額帶來的第一季收益約為 100 個基點，而 2024 財年第四季則約為 110 個基點。我們估計冬季風暴對我們同店銷售額的不利影響約為 50 個基點。

In the second quarter of fiscal 2025, we are pleased that our quarter-to-date comparable store sales increased by 1.1%. Among our major merchandise categories, first quarter fiscal 2025 sales growth was strongest in laminate, and luxury vinyl plank, wood, installation materials, and adjacent categories.

在 2025 財年第二季度，我們很高興看到本季迄今的同店銷售額成長了 1.1%。在我們的主要商品類別中，2025 財年第一季的銷售成長最強勁的是層壓板、豪華乙烯基板、木材、安裝材料和鄰近類別。

In adjacent categories, we successfully expanded our merchandise offering with a high-quality, semi-custom cabinet program available in approximately 42 warehouse stores and online. We now offer online semi-custom cabinets, express ship plywood cabinets, cabinet accessories, decorative hardware, and cabinet samples that we can ship directly to the job site.

在相鄰類別中，我們成功地擴展了我們的商品供應，在約 42 家倉儲商店和網上推出了高品質、半訂製櫥櫃計劃。我們現在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，我們可以直接運送到工作現場。

As we look ahead to the remainder of fiscal 2025, we are excited to continue delivering new, innovative products and programs to our homeowners and pros. This includes new designs, colors, textures, and enhanced realism on tile and vinyl products that closely mimic some natural products. Cabinets, outdoor products, and the expansion of our XL slab program will represent our largest projects in fiscal 2025.

展望 2025 財年剩餘時間，我們很高興繼續為房主和專業人士提供新的創新產品和計劃。這包括新的設計、顏色、紋理以及瓷磚和乙烯基產品的增強真實感，與一些天然產品非常相似。櫥櫃、戶外產品以及 XL 板計劃的擴展將成為我們 2025 財年最大的項目。

Shifting to our connected customer pillar of growth, our first quarter fiscal 2025 connected customer sales increased by 2.1% from the same period last year, now accounting for approximately 18.3% of sales. We were pleased with the strong year-over-year growth in weekly active users, organic traffic, and sequential improvement in our comparable average ticket.

轉向我們的互聯客戶成長支柱，我們 2025 財年第一季的互聯客戶銷售額較去年同期成長 2.1%，目前約佔銷售額的 18.3%。我們很高興看到每週活躍用戶、自然流量和可比較平均票價的連續改善同比強勁增長。

Building on these gains, we enhanced our online design scheduler, resulting in a notable increase in first-quarter design appointments. Additionally, in collaboration with our merchants and supplier partners, our connected customer team expanded our website offering with a wide selection of fully assembled semi-custom cabinets.

基於這些成果，我們增強了線上設計調度程序，導致第一季的設計預約量大幅增加。此外，透過與我們的商家和供應商合作夥伴合作，我們的互聯客戶團隊擴展了我們的網站，提供多種完全組裝的半訂製櫥櫃供您選擇。

To support the launch of these semi-custom cabinets, our connected customer team also partnered with our marketing team to develop a dedicated cabinet blog. Looking ahead, we remain excited about adding more inspiring designer and user-generated content in 2025.

為了支持這些半訂製櫥櫃的推出，我們的互聯客戶團隊還與我們的行銷團隊合作開發了一個專門的櫥櫃部落格。展望未來，我們仍然對在 2025 年增加更多鼓舞人心的設計師和用戶生成的內容感到興奮。

Overall, we expect these strategies, among others, to improve the customer experience and further grow our brand affinity. Let me comment on design services. We are pleased to report that our design services have maintained strong momentum into the first quarter of fiscal 2025.

整體而言，我們希望這些策略能夠改善客戶體驗並進一步增強我們的品牌親和力。讓我對設計服務進行評論。我們很高興地報告，我們的設計服務在 2025 財年第一季保持了強勁勢頭。

Sales growth was significantly above the overall company performance and is well balanced between comparable transactions and comparable average ticket growth. These results reflect our commitment to design services, which include having trained designers in our stores, providing a personalized design experience, and collaborating with pros on projects.

銷售額成長明顯高於公司整體業績，並且在可比較交易量和可比較平均票價成長之間實現了良好的平衡。這些結果反映了我們對設計服務的承諾，包括在我們的商店配備訓練有素的設計師、提供個人化的設計體驗以及與專業人士合作進行專案。

We will build on this success and continue to focus on converting high-value design opportunities. It is important to remember that when our talented designers are involved in a project, the average ticket amount more than doubles and the gross margin rate increases significantly. This underscores our designers vital role in driving our success with an elevated and personalized in-store and online design experience.

我們將在此成功的基礎上繼續致力於轉化高價值的設計機會。重要的是要記住，當我們的才華橫溢的設計師參與一個專案時，平均票價會增加一倍以上，毛利率也會大幅提高。這凸顯了我們的設計師透過提供高端、個人化的店內和線上設計體驗在推動我們的成功方面發揮的重要作用。

Turning my comments to pro, we are pleased to report that sales and comparable store sales to PROs continued to grow in the first quarter of fiscal 2025 compared to the same period last year, accounting for approximately 50% of total sales. This growth surpassed the company's overall sales performance from growth in both comparable transactions and comparable ticket.

談到專業人士，我們很高興地報告，與去年同期相比，2025 財年第一季 PRO 的銷售額和同店銷售額持續成長，約佔總銷售額的 50%。這一增長超過了公司可比交易和可比票價增長帶來的整體銷售業績。

These results continue to demonstrate that our supply house approach is effective, focusing on engagement and nurturing strong relationships with PROs. We are focused on speed and accuracy in the load out process and ensuring we have the best support at the PRO desk. As a result, we maintain a high PRO Net PROmoter Score.

這些結果繼續證明我們的供應商方法是有效的，並專注於參與並培養與 PRO 的牢固關係。我們專注於裝載過程的速度和準確性，並確保我們在 PRO 服務台獲得最佳支援。因此，我們保持了較高的 PRO Net PROmoter 分數。

To attract new PROs, we are building brand awareness with our PRO marketing and tools to generate leads and contacts. Our marketing and awareness strategies include email campaigns to drive awareness of new products.

為了吸引新的 PRO，我們正在利用 PRO 行銷和工具來建立品牌知名度，以產生潛在客戶和聯絡人。我們的行銷和宣傳策略包括電子郵件活動，以提高人們對新產品的認識。

We continue to benefit from partnering with advertising platforms that provide a practical and cost efficient way to attract and retain new PROs. We plan to enhance this program with a new strategy targeting lapsed and infrequently shopping PROs.

我們繼續受益於與廣告平台的合作，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 PRO。我們計劃針對已失效和不經常購物的 PRO 制定新策略來加強該計劃。

We also continue to benefit from our PRO Service Managers spending more time outside our stores and in new ZIP codes where they directly engage with PROs to build brand awareness, understand their needs, and provide tailored solutions.

我們也繼續受益於我們的 PRO 服務經理花費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 PRO 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。

Finally, in the first quarter, we successfully held 46 educational events in our stores, which is part of our plan to have 155 events in fiscal 2025. We believe these events are industry-leading in the hard surface flooring industry.

最後，在第一季度，我們成功地在門市舉辦了 46 場教育活動，這是我們 2025 財年舉辦 155 場活動的計畫的一部分。我們相信這些活動在硬地板行業是行業領先的。

Finally, I will discuss our commercial business. Overall, economic uncertainty continues to pressure the commercial market, particularly the multifamily segment. This uncertainty, coupled with a potential for slowing economic growth, is leading to a more cautious industry outlook around starting new projects and quotes in fiscal 2025.

最後，我將討論我們的商業業務。總體而言，經濟不確定性繼續給商業市場，特別是多戶型住宅市場帶來壓力。這種不確定性，加上經濟成長放緩的可能性，導致業界對 2025 財年啟動新專案和報價的前景更加謹慎。

Nonetheless, Spartan Surfaces' first quarter fiscal 2025 sales increased by 3.8% from the same period last year as we lapped our most difficult comparison to last year. EBIT increased by 1.7% from the same period last year, in line with our expectation.

儘管如此，Spartan Surfaces 2025 財年第一季的銷售額較去年同期成長了 3.8%，這是我們與去年進行的最困難的比較。息稅前利潤較去年同期成長1.7%，符合我們的預期。

In fiscal 2025, Spartan will continue to execute its plan to diversify away from multifamily and focus on developing a comprehensive national presence in the healthcare, education, senior living, and hospitality sectors.

在 2025 財年，Spartan 將繼續執行其多元化計劃，不再局限於多戶型住宅，而是專注於在醫療保健、教育、老年生活和酒店領域建立全面的全國影響力。

These are high specification sectors of the commercial flooring market, where the opportunity for long term growth and profitability is greatest. These sectors generally have high quote-to-conversion rates, recurring revenue, and more attractive profitability.

這些是商業地板市場的高規格領域，長期成長和獲利的機會最大。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。

Additionally, we are pleased that Spartan's gross margin rate is benefiting from growth in higher margin private label brands and buying synergies with Floor & Decor.

此外，我們很高興看到 Spartan 的毛利率受益於利潤率更高的自有品牌的成長以及與 Floor & Decor 的購買協同效應。

As we discussed during our fiscal 2024 fourth quarter earnings call, we are making the necessary investments to support Spartan's long-term growth prospects. These investments, coupled with the economic uncertainty, are likely to mean Spartan's fiscal 2025 EBIT could be approximately flat compared to fiscal 2024, unchanged from our prior expectation.

正如我們在 2024 財年第四季財報電話會議上所討論的那樣，我們正在進行必要的投資以支持 Spartan 的長期成長前景。這些投資加上經濟的不確定性，可能意味著 Spartan 2025 財年的息稅前利潤可能與 2024 財年基本持平，與我們之前的預期相同。

Let me now turn the call over to Bryan.

現在讓我把電話轉給布萊恩。

Thank you, Brad and Tom. We are pleased with our financial performance for the first quarter of fiscal 2025. Our team's resilience and dedication were evident as they demonstrated excellent execution across both operations and merchandising, and delivered tight expense control amid uneven consumer spending.

謝謝你，布拉德和湯姆。我們對 2025 財年第一季的財務表現感到滿意。我們團隊的韌性和奉獻精神顯而易見，他們在營運和銷售方面都表現出了出色的執行力，並在消費者支出不均衡的情況下實現了嚴格的費用控制。

Our gross margin continued to be well managed exceeding our expectations. As Tom mentioned, these efforts enabled us to report first quarter fiscal 2025 diluted earnings per share of $0.45, exceeding the lower end of our expectation.

我們的毛利率繼續得到良好管理，超出了我們的預期。正如湯姆所提到的，這些努力使我們能夠報告 2025 財年第一季每股攤薄收益為 0.45 美元，超過了我們預期的下限。

We are in a strong financial position with ample liquidity to navigate the economic uncertainty. As we have in the past, we can continue making prudent growth investments in new stores, product innovation and newness inventory, new distribution centers, technology, and most importantly, our people to grow our market share.

我們的財務狀況良好，擁有充足的流動性來應對經濟不確定性。正如我們過去所做的那樣，我們可以繼續對新店、產品創新和新品庫存、新配送中心、技術以及最重要的員工進行審慎的成長投資，以擴大我們的市場份額。

Now, let me discuss some of the changes among the significant line items in our first quarter fiscal 2025 income statement, balance sheet, and statement of cash flows, as well as our outlook for 2025. We continue to be pleased with how we are managing and expanding our gross margin. Our first quarter fiscal 2025 gross profit rose by 8.1% from the same period last year.

現在，讓我討論一下我們 2025 財年第一季損益表、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。我們對我們的毛利率管理和擴大方式繼續感到滿意。我們的2025財年第一季毛利較去年同期成長8.1%。

The increase in gross profit was primarily driven by the 5.8% increase in sales and a 100 basis point increase in gross margin rate to 43.8% from the same period last year, primarily due to lower supply chain costs.

毛利的成長主要得益於銷售額成長5.8%以及毛利率較去年同期上升100個基點至43.8%，主要得益於供應鏈成本的降低。

Our first quarter fiscal 2025 selling and store operating expenses increased by 10.3% to $368.8 million from the same period last year. The increase in selling and store operating expenses was primarily driven by $38.5 million for new stores, partially offset by a decrease of $5.0 million at our comparable stores.

我們的 2025 財年第一季銷售和店面營運費用較去年同期成長 10.3% 至 3.688 億美元。銷售和店面營運費用的增加主要是由於新店 3,850 萬美元，但可比店面 500 萬美元的減少部分抵消了這一增長。

As a percentage of net sales, selling and store operating expenses increased by approximately 130 basis points to 31.8% from the same period last year. The expense deleverage was primarily attributable to the addition of new stores and deleverage from a decrease in comparable store sales.

銷售及店面營運費用佔淨銷售額的百分比較去年同期增加約 130 個基點，至 31.8%。費用去槓桿主要歸因於新店的增加以及可比店銷售額下降導致的去槓桿。

Our first quarter fiscal 2025 general and administrative expenses increased by 3.5% to $69.1 million from the same period last year. The increase was primarily attributed to the investments we continue to make to support our store growth, including growth of $2.9 million in personnel expenses. As a percentage of sales, first quarter general and administrative expenses leveraged by approximately 10 basis points to 6.0% from the same period last year.

我們的 2025 財年第一季一般及行政開支較去年同期增加 3.5% 至 6,910 萬美元。這一增長主要歸因於我們為支持門市成長而持續進行的投資，其中包括 290 萬美元的人事費用增長。作為銷售額的百分比，第一季的一般及行政開支較去年同期增長了約 10 個基點，達到 6.0%。

Our ERP expenses in the first quarter were $1.8 million in line with our expectations. Our first quarter fiscal 2025 pre-opening expenses decreased $3.6 million, or 37.5%, compared to the same period last year.

我們第一季的 ERP 費用為 180 萬美元，符合我們的預期。我們的 2025 財年第一季開業前費用與去年同期相比減少了 360 萬美元，即 37.5%。

The decrease was primarily due to a decrease in the number of future stores that we were preparing to open compared to the same period last year. First quarter fiscal 2025 interest expense net decreased $0.4 million, or 20.8% from the same period last year due to lower average interest rates and lower average outstanding borrowings.

下降的主要原因是與去年同期相比，我們準備開設的未來商店數量有所減少。2025 財年第一季利息支出淨額較去年同期減少 40 萬美元，或 20.8%，原因是平均利率下降和平均未償還借款減少。

Our first quarter fiscal 2025 effective tax rate increased 22.0% from 12.8% in the same period last year. The effective tax rate increase was primarily due to a decrease in excess tax benefits related to stock-based compensation awards.

我們的 2025 財年第一季有效稅率較去年同期的 12.8% 成長了 22.0%。有效稅率的增加主要是由於與股票薪酬獎勵相關的超額稅收優惠的減少。

Our first quarter fiscal 2025 adjusted EBITDA increased 5.5% to $129.8 million from the same period last year. The growth was primarily due to the 5.8% increase in sales and the 100 basis points increase in our gross margin rate. Our first quarter adjusted EBITDA margin rate was 11.2% flat from the same period last year.

我們 2025 財年第一季的調整後 EBITDA 較去年同期成長 5.5%，達到 1.298 億美元。成長主要歸因於銷售額成長 5.8% 以及毛利率提高 100 個基點。我們第一季調整後的 EBITDA 利潤率為 11.2%，與去年同期持平。

Moving on to our balance sheet and liquidity. We maintained a strong balance sheet and are pleased with our ability to manage our inventory. In terms of liquidity, we ended the first quarter of fiscal 2025 with $949.8 million of unrestricted liquidity, consisting of $186.9 million in cash and cash equivalents, and $762.9 million available for borrowing under our AVL facility. Our inventory, as of March 27, 2025, increased by 5% to 1.2 billion from December 26, 2024.

繼續討論我們的資產負債表和流動性。我們維持了強勁的資產負債表，並對我們管理庫存的能力感到滿意。在流動性方面，截至 2025 財年第一季度，我們擁有 9.498 億美元的無限制流動性，其中包括 1.869 億美元的現金和現金等價物，以及 7.629 億美元可根據我們的 AVL 機制借入的資金。截至 2025 年 3 月 27 日，我們的庫存比 2024 年 12 月 26 日增加了 5%，達到 12 億。

Turning to our fiscal 2025 outlook. Since we provided fiscal 2025 earnings guidance on February 20, 2025, the global economic and political environment has become increasingly uncertain, unclear and complex. In March, existing home sales fell by 5.9% from February, reaching a seasonally adjusted annual rate of 4.02 million, the lowest reading for March since 2009, and a 2.4% decline year-over-year.

談談我們的 2025 財年展望。自從我們在 2025 年 2 月 20 日提供 2025 財年獲利預測以來，全球經濟和政治環境變得越來越不確定、不明確和複雜。3月份，現房銷售量較2月份下降5.9%，經季節性調整後的年率為402萬套，為2009年以來3月份的最低水平，年減2.4%。

Housing affordability challenges, driven by higher mortgage rates and elevated home prices, continue to pose obstacles to sustained growth in existing home sales. The current environment has the potential to increase inflation, low economic and consumer spending growth, and carry the tail risk of a recession. Consequently, we are updating our fiscal 2025 earnings guidance to take into consideration the uncertain economic environment. This guidance still carries risk due to the ongoing uncertainties.

受抵押貸款利率上升和房價上漲的影響，住房負擔能力挑戰繼續對現有房屋銷售的持續增長構成障礙。當前的環境有可能導致通貨膨脹加劇、經濟和消費者支出成長放緩，並帶來經濟衰退的尾部風險。因此，我們正在更新 2025 財年的獲利預測，以考慮不確定的經濟環境。由於持續存在的不確定性，該指引仍存在風險。

Let me share some thoughts about our fiscal 2025 guidance. The guidance assumes the impact of universal tariffs, but does not contemplate reciprocal tariffs outside of China. Total sales are expected to be in the range of $4,660 million to $4,800 million, or increase by 5% to 8% from fiscal 2024. We are planning to open 20 new warehouse format stores, comparable store sales are estimated to be down 2% to an increase of 1%.

讓我分享一些關於我們 2025 財年指導的想法。該指南假設了普遍關稅的影響，但沒有考慮中國以外的互惠關稅。預計總銷售額將在 46.6 億美元至 48 億美元之間，比 2024 財年增長 5% 至 8%。我們計劃開設20家新的倉儲式商店，預計可比店銷售額將下降2%至成長1%。

Average ticket comp is estimated to be up low to mid-single digits. Transaction Comp is estimated to be down low to mid-single digits. Gross margin rate is expected to be approximately 43.5% to 43.8%. As a reminder, our gross margin rate is expected to be adversely impacted by approximately 60 basis points to 70 basis points from the two new distribution centers, which is incorporated into our guidance.

預計平均票價將上漲低至個位數中段。交易補償預計將下降至低至中等個位數。預計毛利率約43.5%至43.8%。提醒一下，預計我們的毛利率將受到兩個新配送中心約 60 個基點至 70 個基點的不利影響，這已納入我們的指導範圍。

We estimate that our second quarter gross margin rate will represent the high water mark for the year, and the back half of the year will be lower than the first half in both the high-end and low-end of guidance.

我們預計第二季的毛利率將達到全年最高水平，而下半年的毛利率無論是指引的高端還是低端都將低於上半年。

Selling and store operating expenses as a percentage of sales are estimated to be approximately 31.5% to 32%. The high end of the guidance assumes our first and fourth quarters are the most pressured from a rate perspective, due to the timing of new stores.

銷售和店面營運費用佔銷售額的百分比估計約為 31.5% 至 32%。該指引的高端假設是，由於新店開業的時間安排，我們的第一季和第四季從利率角度來看壓力最大。

General and administrative expenses, as a percentage of sales are estimated to be approximately 6%. General and administrative expenses include approximately $9 million related to our finance and merchandising ERP implementation. Pre-opening expenses as a percentage of sales are estimated to be approximately 0.6%.

一般及行政開支佔銷售額的百分比估計約為 6%。一般和行政費用包括與我們的財務和商品 ERP 實施相關的約 900 萬美元。開業前費用佔銷售額的百分比估計約為0.6%。

Interest expense net is expected to be approximately $5 million. Our tax rate is expected to be approximately 21% to 22%. Depreciation and amortization expense is expected to be approximately $245 million.

預計利息支出淨額約 500 萬美元。我們的稅率預計約為21%至22%。折舊和攤提費用預計約為 2.45 億美元。

Adjusted EBITDA is expected to be approximately $520 million to $560 million. Diluted earnings per share is estimated to be in the range of $1.70 to $2. Diluted weighted average shares outstanding is estimated to be approximately 109 million shares.

調整後的 EBITDA 預計約為 5.2 億美元至 5.6 億美元。每股攤薄收益預計在 1.70 美元至 2 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 $310 million to $360 million, including capital expenditures accrued. We intend to open 20 warehouse format stores and begin construction on stores opening in fiscal 2026.

談到資本支出，我們規劃 2025 財年的資本支出在 3.1 億美元至 3.6 億美元之間，包括應計資本支出。我們計劃開設 20 家倉儲式商店，並於 2026 財政年度開始建造商店。

Collectively, these investments are expected to require approximately $200 million to $235 million. The reduction of new store openings from 25 to 20 does not have a material impact on our fiscal 2025 capital expenditures, as most of the capital spending for these stores will still be in fiscal 2025.

預計這些投資總計約 2 億至 2.35 億美元。新店開業數量從 25 家減少到 20 家不會對我們 2025 財年的資本支出產生重大影響，因為這些門市的大部分資本支出仍將在 2025 財年。

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 $55 million in existing stores and existing 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。我們打算在現有商店和現有配送中心投資約 5,000 萬至 5,500 萬美元。

And finally, we plan to continue to invest in information technology infrastructure, e-commerce and other store support center initiatives using approximately $40 million to $45 million.

最後，我們計劃繼續投資資訊科技基礎設施、電子商務和其他商店支援中心計劃，投入約 4,000 萬至 4,500 萬美元。

Also, we will incur an additional $20 million of deferred SaaS ERP implementation costs in other assets not included in capital expenditures.

此外，我們還將在未包含在資本支出中的其他資產中額外產生 2,000 萬美元的遞延 SaaS ERP 實施成本。

Operator, we would now like to take questions.

接線員，我們現在想回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Seth Sigman, Barclays.

謝謝。我們現在將進行問答環節。（操作員指示）塞思·西格曼，巴克萊銀行。

Great. Thanks. Hey, everybody. I wanted to just follow-up on the guidance and confirm the tariff impact and how you're thinking about it here. Sounds like it includes the 145% in China. And then universal tariffs outside of that. Can you talk more specifically about how you've embedded the impact in here, how you're thinking about pricing and the margin impact, because you're lowering EPS slightly? Seems like mostly for sales. So is the message that you can basically offset the tariff impact. Thanks so much.

偉大的。謝謝。嘿，大家好。我只是想跟進指導並確認關稅的影響以及您對此的看法。聽起來其中包括中國的145%。除此之外還有普遍關稅。您能否更具體地談談您如何在這裡嵌入影響，您如何考慮定價和利潤影響，因為您略微降低了每股收益？似乎主要用於銷售。這個訊息基本上可以抵消關稅的影響。非常感謝。

Yeah. So there's a lot into that. Seth, this is Tom. I'll start. And just --first off, as we said in our prepared comments, we have experience in dealing with tariffs before, our merchants have done an outstanding job looking at what's on the table today and with the universal tariffs and making the necessary negotiations, necessary moves and contemplating necessary price increases to offset the impact of those tariffs.

是的。這裡面有很多內容。塞斯，這是湯姆。我先開始。首先，正如我們在準備好的評論中所說，我們以前有處理關稅的經驗，我們的商家在研究當今的議題和普遍關稅方面做得非常出色，他們進行了必要的談判、採取了必要的行動，並考慮了必要的提價，以抵消這些關稅的影響。

As we also mentioned, China, we've made really good progress in diversifying outside of China. And as we said, by the end of the fourth quarter, we anticipate our receipts to be down to that mid-single digit range, which is from if you go back to 2017, we were -- 50% of our sales were coming out of China. So we've continued to make nice efforts along that.

正如我們所提到的，中國，我們在中國以外的多元化發展方面取得了非常好的進展。正如我們所說，到第四季末，我們預計我們的收入將下降到中等個位數範圍，如果你回顧 2017 年，我們 50% 的銷售額來自中國。因此，我們一直在為此不懈地努力。

And with that, we've expected to offset we'll have some modest price increases if the tariffs go in. But looking at what we're hearing from what we're seeing in the marketplace today, we can do that and maintain our spreads pretty easily.

因此，我們預計，如果徵收關稅，價格將會出現適度上漲。但從我們今天在市場上看到的情況來看，我們可以做到這一點，並且相當輕鬆地維持我們的利差。

And the only thing I would add is, in my prepared remarks, you heard me say it embedded in the average ticket comp being up mid-single digits to up low single digits, that incorporates a little bit of modest retail, as Tom mentioned. And so again, it's universal tariffs. Ersan and team have done a great job of first negotiating with the vendors. And so we believe that we can maintain our margin rate versus in the past where we really maintain gross profit dollars. We think this go around, just given the impact, that's embedded within the guide.

我唯一想補充的是，在我準備好的發言中，您聽到我說過，正如湯姆提到的，平均票價上漲幅度在中個位數到低個位數之間，其中包括一點適度的零售。所以，這又是普遍關稅。Ersan 和他的團隊在與供應商的初步談判中表現出色。因此，我們相信，我們可以維持我們的利潤率，而過去我們確實維持了毛利。我們認為，考慮到這一影響，它已經包含在指南中。

Okay. Thank you for that. And then as you think about reducing your exposure to China, can you talk a little bit more about how you're going to manage the gap in the assortment? Do you foresee any sort of transition period as it relates to product and availability? And I guess, ultimately, looking out, does it have any margin implications in the future? Thanks.

好的。謝謝你。然後，當您考慮減少對中國的依賴時，您能否再談談如何管理產品組合中的差距？您是否預見到與產品和可用性相關的任何過渡期？我想，最終來看，它對未來的利潤率有影響嗎？謝謝。

We feel good about the efforts we've made to diversify outside of China. That has been an ongoing plan. We have accelerated a bit from how we were planning to do it because of the size of the tariff that's been imposed.

我們對於在中國以外實現業務多元化的努力感到滿意。這是一個持續進行的計劃。由於徵收的關稅金額較大，我們的進度比原計劃有所加快。

We don't anticipate there's -- if we had product gaps, there are certain things that you can only get out of China, but it's modest. And it would be -- like I said, we'll be down the mid-single digits. I feel comfortable that we're not going to have with our broad assortments that we carry in the store that we're not going to have lack of product availability from what our customers want.

我們預計不會有——如果我們有產品差距，有些東西只能從中國買到，但差距很小。就像我說的，我們的收入將下降到個位數的中段。我感到很放心，因為我們店裡的商品種類繁多，所以我們不會缺少顧客想要的產品。

And I mean, throughout this entire process, any time we diversify, we'll be able to get at, if not better specifications at, if not better cost as well. That's what's helped us expand our gross margin throughout this process.

我的意思是，在整個過程中，只要我們多樣化，我們就能夠獲得更好的規格，甚至更低的成本。這有助於我們在整個過程中擴大毛利率。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good evening. Thank you so much for taking my question. So there's a perception out there that the business has gotten weaker. You've taken down your guidance even before the impact of the tariffs both occurs to your business as well as the broader economy, which is going to usher in the potential for further downside risk and the guidance reduction may not fully take that into account. So why is that wrong? (technical difficulty) minimum earnings number that you're thinking about for this year if indeed a recession occurs and that has a further impact on the flooring category?

晚安.非常感謝您回答我的問題。因此，人們認為業務已經變弱了。在關稅對您的業務以及整體經濟產生影響之前，您就已經下調了預期，這將帶來進一步下行風險的可能性，而下調預期可能並未充分考慮到這一點。那麼這為什麼是錯的呢？（技術難題）如果確實出現經濟衰退，並且對地板類別產生進一步影響，您認為今年的最低收入數字是多少？

Michael, this is Tom. I will do my best with that answer, but I would just -- this is a bit of unprecedented times. As we've said in our script, we are going to control what we can control. It's very difficult to predict consumer demand in the back half of the year. I feel like our stores, our assortment, our service, the way we're executing is as high as it's ever been. I believe that we are taking share. I like the trends that we're seeing today, but I don't know what's going to happen in the back half. There's things that are out of our control.

邁克爾，這是湯姆。我會盡力回答這個問題，但我只是——這是一個前所未有的時代。正如我們在腳本中所說的那樣，我們將控制我們能夠控制的事情。預測下半年的消費需求非常困難。我覺得我們的商店、我們的產品種類、我們的服務以及我們的執行方式都達到了前所未有的水平。我相信我們正在佔據份額。我喜歡我們今天看到的趨勢，但我不知道後半段會發生什麼。有些事情是我們無法控制的。

But from the tariff standpoint, we'll manage it to the best of our abilities like we've done. From an expense standpoint, we certainly have a plan in place for all scenarios. If sales continue to drop, we have scenarios in place to reduce cost and manage the business the best that we can. So it's a good argument to say how bad things will get, but I don't think any of us really know what that answer is. And in the meantime, we'll execute the best that we can.

但從關稅的角度來看，我們會盡最大努力，就像我們所做的那樣。從費用的角度來看，我們當然針對所有情況都制定了計劃。如果銷售額持續下降，我們會制定方案來降低成本並盡最大努力管理業務。因此，談論事情會變得多麼糟糕是一個很好的論點，但我認為我們中沒有人真正知道答案是什麼。同時，我們將盡最大努力。

Yeah, this is Bryan. Just to give a little bit of clarity, the guidance assumes that things stay kind of similar from a sales perspective at the high end, but the low end does assume things do drop off. And so we do assume that sequentially, it would decline in the low end. When you think about it from a comp perspective, the high end of the guidance assumes comps are positive, low single-digits kind of throughout the remainder of the year, with Q3 being the peak.

是的，這是布萊恩。為了稍微澄清一下，該指南假設從銷售角度來看高端情況保持相似，但低端情況確實會下降。因此，我們確實假設低端數量會連續下降。從比較角度考慮時，指導的高端假設比較結果是正的，在今年剩餘時間內保持低個位數成長，而第三季是高峰。

Just remember, we've got a much harder compare in Q4 when you guys are thinking about that due to lapping the hurricane benefit and improved existing home sales in Q4 last year as they stepped up. So we are being prudent.

請記住，當你們考慮到這一點時，我們在第四季度面臨著更困難的比較，因為去年第四季颶風帶來的收益和現有房屋銷售的改善加劇了這種情況。所以我們很謹慎。

We are being thoughtful. And when you look at our Q1 sales, as we mentioned on the call, they were towards the low end of our guidance for Q1 comps. And so that's really what we're looking at.

我們正在深思熟慮。正如我們在電話會議上提到的那樣，當您查看我們的第一季銷售額時，它們處於我們對第一季銷售額預期的低端。這就是我們真正關注的。

That plus kind of the start to Q2 just gives us that range that we settled at. So I mean, we do have a little bit of a drop in the low end. So we're not necessarily just holding action.

再加上第二季的開始，我們就達到了預定的範圍。所以我的意思是，我們的低端確實有一點下降。所以我們不一定只是採取行動。

Very helpful. My follow-up question is on the tariffs. It's obviously a very dynamic and fluid situation. Have you already seen price increases across the industry? Could you quantify that? And has Floor & Decor taken price -- the higher cost inventory. When do you expect to start to see?

非常有幫助。我的後續問題是關於關稅的。這顯然是一個非常動態和多變的情況。您是否已經看到整個行業的價格上漲？你能量化一下嗎？Floor & Decor 是否已定價——成本較高的庫存。您預計什麼時候開始看到？

Yeah, Michael we have we have seen prices come up in independence and we've seen some of the larger flooring suppliers put announcements out that prices will be going up.

是的，邁克爾，我們已經看到價格獨立上漲，我們看到一些較大的地板供應商發佈公告稱價格將上漲。

So yes, we have seen that. We have not taken prices yet beyond our normal course of business, where we're always moving price around up and down, depending on what's going on in the competitive marketplace.

是的，我們已經看到了。我們的價格還沒有超出我們的正常業務範圍，我們總是根據競爭市場的狀況上下調整價格。

But because of the way we turn our inventory and our, our preparation for this event, um, we haven't had to take price yet. So that will begin that as we get, you know, past the next couple of months.

但是由於我們庫存的周轉方式以及我們為這次活動所做的準備，嗯，我們還沒有定價。因此，這將在接下來的幾個月內開始。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hey, everyone. Thanks. So my first question is on the store, the unit growth, how did you arrive at 20? Instead of a different number? I guess if you did, you contemplate going lower and then the scenario, Tom, in which you take it even lower, obviously, recession. That could -- it's self-explanatory. If existing home sales dip below $4 million, what's the criteria in -- which you're using at this point? You know, outside of recession?

嘿，大家好。謝謝。所以我的第一個問題是關於商店，單位成長，你是如何達到 20 的？而不是其他數字？我想，如果您這樣做了，您會考慮降低價格，然後會出現這樣的情況，湯姆，您會將其降得更低，顯然，這是經濟衰退。這是可以的——這是不言而喻的。如果現有房屋銷售量跌至 400 萬美元以下，您目前使用的標準為何？您知道，除了經濟衰退之外嗎？

Yeah. I mean, going down to 20, it was just the first batch. We looked at. And we debated going back going down further. We haven't seen evidence. We need to go down further yet, these are good locations. We believe in them over the long-term. And as we reported, quarter to date, our sales are positive comping. It's been a while since we've been able to say that.

是的。我的意思是，降到 20，這只是第一批。我們看了看。我們討論是否要繼續往下走。我們還沒有看到證據。我們還需要進一步深入，這些都是很好的位置。我們長期相信他們。正如我們所報告的，本季迄今為止，我們的銷售額呈正成長。我們已經有一段時間沒有這麼說了。

But, yeah, if things turn worse and it's not so much an existing home sales barometer, although there's a great correlation to that, to our comps. But it would really be if we saw deterioration in the business and if we started to see ourselves falling beyond the low end of our guide, then would contemplate pushing the store count down even lower.

但是，是的，如果情況變得更糟，它就不再是一個現有房屋銷售的晴雨表，儘管這與我們的同類產品有很大的相關性。但如果我們看到業務惡化，並且開始發現自己跌至指導價的低端以下，那麼我們就會考慮將門市數量進一步減少。

But we haven't seen that yet, so no need to take more action. My guess is, by the time we get to the next quarter's call, we'll have more information. And if we need to go down further, we have the ability to do that.

但我們還沒有看到這種情況，所以不需要採取更多行動。我的猜測是，到下個季度的電話會議時，我們將獲得更多資訊。如果我們需要進一步深入，我們有能力做到這一點。

Okay. My follow-up -- it's two parts. On the Q2 the pickup, the quarter-to-date. Is that ticket or is that orders turnover? And then related. I think Brian answered this earlier on tariffs. If you're taking price [um], and you know, in some places. I guess why is that? Why is the top line outlook lower? Was that just for the first quarter? And the back half outlook is higher implied? Maybe I missed that.

好的。我的後續行動分為兩部分。第二季度迄今有所回升。那是票還是訂單營業額？然後相關。我認為布萊恩早些時候已經回答過有關關稅的問題。如果你考慮價格[嗯]，你知道，在某些地方。我猜這是為什麼呢？為何營收前景較低？這僅僅是第一季的情況嗎？下半年前景是否暗示會更高？也許我錯過了。

So I'm not sure I understand the second part, but I will do my best to answer it. I think first, when we look at our guide and we're contemplating some ticket, increase historically when we've taken our prices up, that's been a net positive for our sales line.

所以我不確定我是否理解第二部分，但我會盡力回答。我認為首先，當我們查看指南並考慮一些門票時，從歷史上看，當我們提高價格時，門票價格就會上漲，這對我們的銷售線來說是淨利好。

We see some small erosion in transaction but offset by average ticket historically. But because the back-end is a little bit unpredictable with how the consumer is going to behaving, we want it to be prudent in the way we think about that. There's a lot of other economic pressures on force on the consumer side. So we don't know exactly sure, if history is going to repeat itself when we take modest price increase. So that's the first part of it.

我們看到交易量出現小幅下滑，但從歷史上看，平均票價有所抵消。但由於後端對於消費者的行為有點難以預測，因此我們希望以謹慎的方式考慮這一點。消費者方面還面臨許多其他經濟壓力。因此，我們並不確切知道，當我們適度提高價格時，歷史是否會重演。這是第一部分。

Yeah. I mean, look, Tom touched on it a little bit, but operating in the back half is also just general demand, okay, just given the environment that we're in. So they may not be necessarily correlated to us taking prices up or down. But it's really just how much spin can there be, how much PC is correlated to flooring and those kinds of things. So it's us just looking at the environment and trying to call it.

是的。我的意思是，你看，湯姆稍微提到了這一點，但後半部分的運營也只是一般需求，好吧，只是考慮到我們所處的環境。因此，它們可能與我們提高或降低價格沒有必然關聯。但實際上，這只是旋轉的程度，以及 PC 與地板的關聯程度等問題。所以我們只是觀察環境並嘗試呼叫它。

Yeah. The other part of the question was the improvement in trend. It's really -- we've seen improvement trend across everything. Transactions have gotten a little bit better, tickets gotten a little bit better. And we're just seeing a little bit better strength in more areas in the country than just the West. So all those things has impacted the improvement.

是的。問題的另一部分是趨勢的改善。確實——我們看到了各方面都在改善的趨勢。交易情況有所好轉，門票情況也有所改善。我們看到，除了西部地區以外，全國更多地區的經濟實力都在稍微增強。所有這些因素都影響了改進。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Thanks. Good evening guys. So I guess following up on that. The acceleration that you've seen in the first month of the quarter, is that just like some of the weather headwinds abating, or do you think the consumer knows that or thinks that fluorine is an imported item where there could be some acceleration in demand maybe just pulling, getting their contractor to move faster and potentially creating a divot later on?

謝謝。大家晚上好。所以我想繼續跟進。您在本季第一個月看到的加速，是否就像一些天氣不利因素減弱一樣，或者您認為消費者是否知道或認為氟是一種進口​​產品，其需求可能會加速，可能只是拉動，讓他們的承包商行動更快，並可能在以後造成損失？

I don't know, Chris. I think that that's possible, but we saw a bit of improvement when the announcement was made about tariffs, not a bit of -- yeah, we saw a bit of a sales trend improvement, but it's continued. And it's been pretty consistent.

我不知道，克里斯。我認為這是可能的，但是當關稅公告發佈時，我們看到了一點改善，而不是一點——是的，我們看到銷售趨勢有所改善，但這種改善仍在繼續。而且一直都非常一致。

So I think the initial news of it may have spurred some immediate closing of sales that may have been delayed further, but we've continued to be pretty good from -- throughout this first month of the quarter. So I don't know.

因此，我認為最初的消息可能會促使一些銷售立即結束，雖然這些銷售可能會進一步推遲，但從本季度的第一個月開始，我們的業績一直保持良好。所以我不知道。

I mean, I know when, I look at ourselves from last year, our in stocks are a bit better. We've got some newness. We're we've got this outdoor department rolling out that's contributing. We've just rolled out kitchens, which we're starting to see some signs of life. So we're doing other things that are helping. So long way around of -- I don't think there's a lot of pull forward from tariffs.

我的意思是，我知道，回顧去年的情況，我們的庫存情況要好一些。我們有一些新鮮事物。我們已經成立了這個戶外部門來做出貢獻。我們剛剛推出了廚房，我們開始看到一些生氣。因此我們正在做其他有幫助的事情。繞了這麼遠的路——我不認為關稅能帶來多大的推動作用。

I don't think people have come in and said, oh, my gosh, you know, it's going to happen. There may have been a little bit of that happen, but not a lot. I think it's more in just the way we're executing within the business.

我不認為人們會走進來說，哦，天哪，你知道，這將會發生。這種情況可能發生過一點，但不多。我認為這更多的是我們在業務中執行的方式。

This is Brian. And more of the pickup sequentially was ticket -- both transactions and ticket have picked up. But ticket has led the way. So that tells me that's not necessarily pull forward as much.

這是布萊恩。隨後，票務數量也隨之增加——交易量和票務數量都有所增加。但票已引領潮流。所以這告訴我，這不一定要往前拉那麼多。

Thank you. So my follow-up is you navigated the global supply chain crisis really well. You've moved your sourcing really quickly. As you think about that structural advantage that you have from a sourcing perspective, does sort of the potential post-tariff world diminish that in any way?

謝謝。因此，我的後續問題是，您很好地應對了全球供應鏈危機。您的採購轉移非常快。當您從採購角度考慮自己所擁有的結構性優勢時，潛在的後關稅時代是否會以某種方式削弱這種優勢？

Like, given that there's more opportunity to source domestically, that's a lot less complex, less costly for your competitors in the Independent. So does that somehow diminish? Like at the end of the day, do you source from a fewer number of countries and more in the US than you did prior to the tariffs? Thanks very much.

例如，鑑於國內採購的機會更多，對於獨立競爭對手來說，這將變得簡單得多，成本也更低。那麼這種情況會以某種方式減少嗎？就像到最後，與關稅實施之前相比，你們從更少的國家採購，而從美國採購更多嗎？非常感謝。

I don't, -- it's a difficult question to answer, but we're in today's world as we sit here today, we're actually buying from more countries, not less than we were a few years ago. So we you know, we've gone up now, I think a couple years ago we're like 22 countries now. We're 26 countries. And there's just there's not enough domestic capacity to satisfy the category.

我不知道——這是一個很難回答的問題，但就我們今天坐在這裡的當今世界而言，我們實際上從更多的國家購買產品，而不是比幾年前少。所以，你知道，我們現在已經上升了，我想幾年前我們已經有 22 個國家了。我們有 26 個國家。但國內產能不足以滿足此一類別的需求。

So I don't anticipate that our advantage of buying from around the world is going to change so significantly in the future. Ersan?

因此，我預計我們在全球採購的優勢在未來不會發生太大的變化。二三？

Hi. This is Ersan. I just want to add a few other things to. I mean, first of all, Tom, kind of said it that there is not enough US production capacity to satisfy the US demand. And this will impact the whole industry. And -- but at the same time, there are some product types that are not producing US at all. It has to come as an import. And even with some universal tariff numbers, the still bringing from overseas is cheaper than some of the prices in the United States. That's why the advantage is still there. And diversification with buying from many different countries give us the flexibility to switch from one to another a lot easier.

你好。這是 Ersan。我只是想補充幾點。我的意思是，首先，湯姆說過，美國的生產能力不足以滿足美國的需求。這將影響整個行業。但同時，有些產品類型根本沒有在美國生產。它必須作為進口品進來。而且即使有一些通用的關稅數字，從海外帶來的商品仍然比美國國內的一些價格便宜。這就是為什麼優勢仍然存在。透過從許多不同的國家進行採購，實現多樣化，我們可以更輕鬆地從一個國家轉換到另一個國家。

Steven Forbes, Guggenheim Securities.

古根漢證券公司的史蒂文福布斯。

Good evening. Tom, maybe just following up on sort of the philosophical approach to deploying growth capital here. As we think about the 2026, should we be sort of thinking about it differently than we have in the past?

晚安.湯姆，也許只是在這裡跟進部署成長資本的哲學方法。當我們思考 2026 年時，我們是否應該以不同於過去的方式來思考它？

And maybe in the idea of more profit management or balancing profit with growth, any sort of like higher level thoughts on how you sort of steering the team in the business as we think about just the deployment of growth capital? Not just this year, but also over the coming years as you're trying to sort of manage margin, manage profitability in a complex backdrop here.

也許在更多的利潤管理或平衡利潤與成長的想法中，當我們考慮成長資本的部署時，您對如何指導業務團隊有什麼更高層次的想法嗎？不僅是今年，而且在未來幾年，您都需要在複雜的背景下管理利潤和管理盈利能力。

Yes, I mean complex backdrop would be an understatement. But it's too early to talk about 2026 for sure. We're having those discussions today. We still have lots of real estate opportunity and lots of white space in front of us to grow into. It's going to depend on how we see, if there's a line of sight to interest rates coming down, if there's a line of sight to existing home sales improving.

是的，我的意思是複雜的背景還不足以說明一切。但現在談 2026 年還為時過早。我們今天正在進行這些討論。我們面前仍有許多房地產機會和大量空白空間有待發展。這將取決於我們如何看待，是否預期利率會下降，是否預期現有房屋銷售會改善。

Then I would anticipate our sales would follow that and then we would have -- then we would go and we would push to open more stores than we're opening today. But it's just -- it's too early to tell. We will be thoughtful in managing growth and profit.

然後我預計我們的銷售額也會隨之成長，然後我們就會去——然後我們就會努力開設比現在更多的商店。但現在還言之過早。我們將周到地管理成長和利潤。

We're trying to be -- manage our balance sheet incredibly well, that provides a ton of flexibility. And so a long way around of saying, I don't have the answer for 2026 if things stayed like they were today, then yeah, I would anticipate us to continue to have batten down the hatches and run the business the best that we can. If we see a line of sight towards improvement, then we would increase our store rate from here.

我們正在努力——非常好地管理我們的資產負債表，這提供了極大的靈活性。所以，如果情況保持今天的樣子，我就無法為 2026 年找到答案，那麼，是的，我預計我們會繼續做好準備，盡我們所能地經營好業務。如果我們看到改善的跡象，那麼我們就會從現在開始提高我們的店鋪率。

And there are strategic opportunities as well. We could always push towards a commercial or other things to have --

其中也蘊藏著戰略機會。我們總是可以推動商業或其他事情--

That's correct. Yeah, we have other things to invest into for sure.

沒錯。是的，我們肯定還有其他事情要投資。

And then maybe just a follow up on that. I think you guys have spoken in the past that the new store cohorts sort of have moved in tandem here, right, where year one, year two, year three, year four, year five productivity profile has sort of moved in conjunction with one another. Are you seeing any difference today?

然後也許只是對此進行跟進。我想你們過去曾說過，新店群體在某種程度上是同步發展的，第一年、第二年、第三年、第四年、第五年的生產力概況在某種程度上是同步發展的。今天看到有什麼不同嗎？

Like where year two comps may be breaking out versus year four comps versus sort of how the proforma model is changing or are we still sort of seeing the store classes perform like for like, right, versus the performance.

例如，第二年的比較結果可能會與第四年的比較結果相比較，而形式模型則發生了變化，或者我們是否仍然看到商店類別的表現與業績表現類似。

This is Brian. It's our comp waterfall is still intact. It's compressed slightly, but it's still intact. It's just albeit all at a lower base now. So we are still seeing growth in year two, year three, year four, and then year five to towards maturing. So you know in today's environment, even in the environment we're in, we're still seeing kind of that comp maturation and that comp waterfall.

這是布萊恩。我們的公司瀑布仍然完好無損。它被稍微壓縮了，但仍然完好無損。儘管現在一切都處於較低水平。因此，我們仍然看到第二年、第三年、第四年的成長，然後第五年走向成熟。所以你知道，在今天的環境中，即使在我們所處的環境中，我們仍然看到那種公司成熟度和公司瀑布式的成長。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Great. Good afternoon. Thanks very much for taking my question. I wanted to understand the guidance revision because the sales guidance cut is a little bit bigger than your typical or excuse me, the EPS guidance cut is a little bit less than your typical, down one comp is $0.10 of EPS. So maybe Bryan, can you just flush out how you feel about managing the SG&A side of the P&L? Are you able to scale down minimum hours to greater than 25% of the fleet? Just help us understand that.

偉大的。午安.非常感謝您回答我的問題。我想了解指導修訂，因為銷售指導削減幅度比典型值要大一點，或者對不起，每股收益指導削減幅度比典型值要小一點，每股收益下降 0.10 美元。那麼，布萊恩，你能否簡單談談你對管理損益表中銷售、一般及行政費用方面的感受？您能否將最低工作時間縮減至車隊的 25% 以上？只需幫助我們理解這一點。

So I'll answer the second part first, and then and then go into the first part. So in today's environment, we're actually -- about 30% of our stores are on minimum hours. So there's still 70% that we can look at from a transaction basis and flex those hours.

因此我將先回答第二部分，然後再討論第一部分。因此，在當今環境下，我們實際上約有 30% 的商店實行最低營業時間。因此，我們仍然可以從交易基礎的角度來考慮 70% 並靈活調整這些工作時間。

I just want to set the stage because again, you're asking about how much is left. And again, kudos goes to all of our teams and the stores and operating teams specifically. We took $3 million out of our comp stores in Q4 of 2023. Last year, we were able to take out $39 million. This year in Q1 already we've taken out $5 million. So when you add up across those six quarters, we've taken out approximately $47 million of costs from our comparable stores.

我只是想先介紹一下背景，因為你又問還剩下多少。再次向我們所有的團隊、特別是商店和營運團隊表示敬意。2023 年第四季度，我們從同店獲利 300 萬美元。去年，我們籌集了 3900 萬美元。今年第一季我們已經支出了 500 萬美元。因此，當你把這六個季度加起來時，我們從可比商店中扣除了大約 4700 萬美元的成本。

So the teams are just doing an incredible job controlling what they can control. And again, we've still got about 70% of our stores. Labor is that biggest kind of item that we can flex. There's still a little bit of discretionary spend that we can look at. There's a little bit in advertising and some other things. So I do think that there still is more run room, if we need, to feel good about where we are today. And you're right, every comp point traditionally is worth $0.10 a comp.

因此，這些團隊在控制他們能夠控制的事情方面做得非常出色。而且，我們仍然保留著大約 70% 的商店。勞動力是我們能夠靈活運用的最大項目。我們仍然可以考慮一些可自由支配的開支。還有一點廣告和其他一些東西。因此我確實認為，如果需要的話，我們還有更多的發展空間，可以對目前的狀況感到滿意。您說得對，每個補償點傳統上價值 0.10 美元。

So our original guidance was flat to up three. The new guidance is down two to up one. So you would assume that that two-point flex would have dropped us to 190. It's because of the cost controls and also reducing the store count from 25 to 20. Some of the pre-opening expenses, you'll have a little bit of savings there. So there are couple of things embedded in the guidance that help us get back up to that two. But really as reduction of store count, just great cost management and also gross margin, right.

因此，我們最初的預期是持平至上漲 3%。新的指導價下降了 2 點，上升了 1 點。因此，你會認為那兩點彎曲會讓我們降至 190。這是因為成本控制以及將商店數量從 25 家減少到 20 家。對於一些開業前的費用，你會節省一點。因此，指南中包含了一些內容，可以幫助我們回到這兩個目標。但實際上，隨著商店數量的減少，成本管理和毛利率也得到了很好的控制，對吧。

Our gross margin is running a little bit higher than we anticipated in Q1 as well. So again, it's a combination of all of those things that that gives us the confidence to only have to drop it $0.10 on the high end versus what you would traditionally see as 20.

我們第一季的毛利率也比預期略高一些。所以，所有這些因素的綜合作用讓我們有信心只需將其最高價降低 0.10 美元，而不是傳統意義上的 20 美元。

Okay. And then just a follow up, in terms of gross margin, then the impact from tariffs, it sounds like it's basically gross margin neutral. Is that the right way to think about it?

好的。然後就毛利率而言，關稅的影響聽起來基本上對毛利率沒有影響。這是正確的思考方式嗎？

Our goal is to maintain our gross margin rate. So previous I think what Bryan said earlier in the call was that historically, we would try to manage to the dollars. But we believe we can manage to gross margin rate if the universal terroristic, not if reciprocal tariffs goes in place, that's a different story. And we'll update you if that happens.

我們的目標是維持我們的毛利率。所以我認為布萊恩在電話會議早些時候說過，從歷史上看，我們會盡力控制美元。但我們相信，如果發生全球恐怖主義，我們就能設法提高毛利率，而不是實施互惠關稅，那是另一回事。如果發生這種情況，我們會及時通知您。

Okay. Understood. Thanks. Best of luck.

好的。明白了。謝謝。祝你好運。

And just to follow up on that. If reciprocal tariffs do come in, depending on the timing, again we turn two times a year. So that really will impact 2026 a lot more heavily than '25. So as you guys are building that out, more conversations around that later. But even if after the pause reciprocal tariffs do come in, it really will start to impact us more in 2026.

只是為了跟進這一點。如果確實實施了互惠關稅，根據時間安排，我們每年也會調整兩次。因此，這對 2026 年的影響確實會比 2025 年大得多。因此，當你們正在構建這一點時，稍後會圍繞這一點進行更多的討論。但即使在暫停之後確實實施了互惠關稅，它也將在 2026 年開始對我們產生更大的影響。

(Operator Instructions) Oliver Wintermantel, Evercore ISI.

（操作員說明）Oliver Wintermantel，Evercore ISI。

Hi, guys. Just a clarification, did you guys mention what ticket versus traffic was in the first quarter?

嗨，大家好。只是澄清一下，你們有沒有提到第一季的票務量與客流量是多少？

Bryan?

布萊恩？

Its -- ticket is -- average ticket was up 2.1, transactions were down 3.8, that's how we get to that negative 1.8 comp in Q1.

其平均票價上漲了 2.1，交易量下降了 3.8，這就是第一季出現負 1.8 的現象的原因。

Perfect, thanks. And then just on the second quarter to date trend, did you see any trade down in those numbers or maybe from a category perspective, have you seen any difference there versus the first quarter?

非常好，謝謝。那麼就第二季迄今為止的趨勢而言，您是否看到這些數字有任何下降，或者從類別角度來看，與第一季相比，您是否看到有什麼差異？

Nope, we haven't. It's very consistent. We measure what happens with our better and best products and we've continued to see customers, when they come into the store, they're still buying better and best, so no change in consumer behavior.

沒有，我們沒有。非常一致。我們衡量了更好和最好的產品的情況，我們不斷看到顧客，當他們走進商店時，他們仍然會購買更好和最好的產品，因此消費者行為沒有改變。

Robbie Holmes, Bank of America.

羅比‧霍姆斯，美國銀行。

Hey, thanks for taking my question. I was hoping you guys could give a little bit more on the maintaining the gross margin percent goal. Maybe could you sort of rank order? How you would do that from? Is pricing probably the number one thing?

嘿，謝謝你回答我的問題。我希望你們能夠在維持毛利率目標方面做出更多努力。也許您可以按順序排列一下？您將如何做呢？定價可能是最重要的因素嗎？

How much, I mean, supply chain costs coming down help the gross margin again this quarter? How much more room is there, and other things that maybe you haven't mentioned that give you the confidence in that goal to maintain the gross margin in this tariff environment?

我的意思是，供應鏈成本下降對本季的毛利率有多大幫助？還有多少空間，以及其他您可能沒有提到的因素，讓您有信心在這種關稅環境下維持毛利率的目標？

I don't know that I'll rank them for you, but I'll mention them for you. So yeah, we've been able to yield some better costs as we move products around the world. The consumer continues to buy up in our assortments, which provide a better rate of the product that the consumers are buying. That is a benefit. We have continued to benefit from supply chain costs year-over-year, and year-over-year we're seeing that the benefit of that is in our gross margin, and that is being helpful.

我不知道我是否會為您對它們進行排名，但我會為您提及它們。是的，當我們將產品銷往世界各地時，我們已經能夠獲得更好的成本。消費者繼續購買我們的產品，這為消費者購買的產品提供了更好的價格。這是一個好處。我們逐年持續受益於供應鏈成本，逐年看到其帶來的好處體現在我們的毛利率上，這是有幫助的。

We have an emphasis on design and our designers when their designer sales are up in the company. We've got more designers in the company we've had historically. And in their sales, we tend to run a higher gross margin rate than we do if the designer's not engaged in the project. So all of those things give us good feeling that we can continue to grow gross margin.

當公司設計師的銷售量上升時，我們就會重視設計和我們的設計師。與過去相比，我們公司擁有更多的設計師。在他們的銷售中，如果設計師沒有參與項目，我們的毛利率往往會比實際的毛利率更高。所有這些事情都讓我們感覺良好，我們可以繼續提高毛利率。

And the last lever is price. In the event that we can continue to grow gross margin. And the last lever is price in the event that we can't diversify to the right place. If we can't negotiate enough, then looking at the spreads versus our competition, we feel like we can still take price to protect that rate.

最後一個槓桿是價格。如果我們能夠繼續提高毛利率。如果我們不能將投資分散到正確的地方，那麼最後一個槓桿就是價格。如果我們不能進行足夠的談判，那麼看看與競爭對手的利差，我們覺得我們仍然可以採取價格來保護該利率。

So it will be a little bit of everything that helps us get there. And again, this is in the universal tariff environment, and it's not easy. I'm not saying that, this is going to be an easy task, but so far we've demonstrated we've been able to manage gross margin pretty well over the last few years.

所以，我們需要採取各種措施來幫助我們實現目標。再說一次，這是在普遍關稅環境下實現的，這並不容易。我並不是說這將是一項簡單的任務，但到目前為止，我們已經證明，在過去幾年中我們能夠很好地管理毛利率。

And the power of that is really demonstrated when you look at the impact from the two new distribution centers. I think as we said on the call, it's going to impact 60 to 70 basis points, but that drag was really 30 basis points in line with our expectations from Q1. And that will sequentially get larger and larger kind of as you go throughout the year as we start operating those facilities. And so everything we're doing is even in the face of that, so when you think about the power, our gross is even more than just year-over-year

當你看到這兩個新配送中心的影響時，它的威力就得到了真正的體現。我認為，正如我們在電話會議上所說的那樣，它將影響 60 到 70 個基點，但拖累實際上是 30 個基點，符合我們對第一季的預期。隨著我們開始營運這些設施，這一規模將會逐年擴大。因此，我們所做的一切都是為了應對這種情況，所以當你考慮到這種力量時，我們的總收入甚至比去年同期還要多

David Bellinger, Mizuho Securities.

瑞穗證券的戴維·貝林格。

Hey, everyone. Thanks for the question. One for Bryan, on the guidance, just a clarification of what exactly is in there? If it's China, 145% versus rest of the world, is that in the guide to the balance of the year? Or does something change once the 90-day pause lapses?

嘿，大家好。謝謝你的提問。給 Bryan 的問題，關於指導，只是澄清一下其中到底有什麼？如果是中國，則為 145%，而世界其他地區則為 145%，這是否在年度平衡指南中？或者一旦 90 天的暫停期結束，情況會改變嗎？

And then also in the China, exposure going from 18 down to mid-single digits? Can you talk about where that sourcing is going to? Is there a one or two or three specific countries that are picking up those volumes? Thank you.

那麼在中國，曝光率是否也從 18% 下降到了中位數個位數？能談談這些採購的去向嗎？是否有一、二或三個特定國家正在吸收這些數量？謝謝。

I'll take the first part.

我將選擇第一部分。

And I'll take the second.

我將選擇第二個。

Go ahead and take the second.

繼續，選擇第二個。

Okay. So on the on the second, certainly we said in our script you heard us talk about that we're proud that the USA now represents 27% of what we sell. They've been a big recipient of some manufacturing coming to the country and then us sourcing a little bit more from -- to the country.

好的。因此，第二點，正如您在腳本中聽到的那樣，我們當然說過，我們很自豪美國現在占我們銷售額的 27%。他們一直是該國製造業的主要受益者，然後我們也從該國採購了一些製造業產品。

But really it's everywhere. Our merchants, you know, as I mentioned, a couple of questions ago, we've actually increased the amount of countries that we bought from, and we've actually increased our vendor count. We used to be in that 220, 225 range. Now we're up to 240 suppliers.

但實際上它無所不在。我們的商家，正如我之前幾個問題中提到的，我們實際上增加了購買國家的數量，並且實際上增加了供應商的數量。我們曾經處於 220 到 225 的範圍內。現在我們的供應商已達 240 家。

But it's really gone around the world and it'll continue to go around the world. I mean, we do -- the one thing we don't talk a lot about. We do product line reviews on every category that we deal in. We do it a couple times of year, and when we do that, we scour the world. We have more merchants dedicated to category than anybody. We scour the world. We find the right place to buy the product, and that's where we get it from and that will continue. So that answers the first part.

但它確實已經傳遍了世界各地，並且將繼續傳遍世界各地。我的意思是，我們確實有一件事情我們很少談論。我們對所經營的每個類別的產品線進行審查。我們每年都會這樣做幾次，當我們這樣做的時候，我們會搜尋世界各地。我們擁有比任何人都多的專注於某一類別的商家。我們搜尋全世界。我們找到了購買產品的正確地點，我們就從那裡獲得產品，並將繼續這樣做。這回答了第一部分。

Second part. So embedded in the guidance is universal tariffs for the remainder of the year, except for China. So after the 90 day pause we're just assuming that that the universal tariffs will stay in place. If that changes, obviously we'll update the assumptions within our guidance.

第二部分。因此，指導意見中包含了今年剩餘時間除中國以外地區實施統一關稅的內容。因此，我們假設 90 天的暫停期過後，普遍關稅將保持不變。如果情況發生變化，我們顯然會更新指導中的假設。

But again, even after the 90 day pause, if reciprocal tariffs do come into place, given our turns and given the lead times of our inventory, it really will be an impact more so to 2026 than 2025. There will be a little bit of impact in Q4.

但是，即使在 90 天的暫停期之後，如果互惠關稅確實實施，考慮到我們的周轉率和庫存的交貨時間，它對 2026 年的影響將大於 2025 年。第四季會產生一點影響。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科 (Max Rakhlenko)，TD Cowen。

Hey, guys. Thanks a lot. Just curious how differentiated do you think your sourcing mix is compared to the peer set? As far as country of origin and specifically China, as obviously you have the ability to be quite nimble, which I'm guessing that most of your peers will not be able to do?

嘿，大家好。多謝。只是好奇您認為您的採購組合與同業相比有何不同？就原籍國而言，特別是中國，顯然您有能力相當靈活，我猜您的大多數同行都做不到這一點？

Hi. We believe that our China dependency that favorable rates compared to our competition. Looking at the skew count with the competition, and I think we are more diverse than any other country, and we believe that it's an advantage, even though there's universal across to many countries. But we believe that we can constantly adjust from moving from country to country based on where the geopolitical risks arise.

你好。我們相信，與我們的競爭對手相比，我們對中國的依賴程度有更優惠的價格。透過觀察與競爭對手的偏差計數，我認為我們比任何其他國家都更加多樣化，我們相信這是一個優勢，儘管許多國家都有普遍性。但我們相信，我們可以根據地緣政治風險出現的位置，不斷調整從一個國家轉移到另一個國家的過程。

And just to clarify, just for everybody on the call.

只是為了向電話會議中的每個人澄清。

Sorry, I just want to -- real quick clarification even for the last answer as well, the mid-single digits to low single digits is on purchases. So that's really us talking about the exposure risk. Sales will be higher than that as we're bleeding through the inventory that we have. So I just want to be clear on that as you guys are thinking about modeling and as we're talking about --

抱歉，我只是想——快速澄清一下，即使是最後一個答案也是如此，中等個位數到低個位數是關於購買的。所以這就是我們真正在談論的暴露風險。由於我們正在消耗庫存，因此銷售額將會更高。所以我只是想明確這一點，當你們正在考慮建模時，當我們談論--

I do think -- the question of competitive advantage, I do believe at the end of this, the longer this cycle lasts, the harder it is that our sourcing model will be a competitive advantage, and it will be very hard for the independent hard surface flooring companies to survive.

我確實認為——關於競爭優勢的問題，我確實相信，到最後，這個週期持續的時間越長，我們的採購模式就越難成為競爭優勢，獨立的硬質地板公司也將很難生存。

I mean, they have to buy from a middleman and it's very difficult to source. So the way we do it has been an advantage and will remain an advantage and I think the longer this lasts, the less competition will exist when we come out of it.

我的意思是，他們必須從中間商購買，很難找到貨源。因此，我們的做法一直是一種優勢，並將繼續是一種優勢，我認為這種做法持續的時間越長，當我們擺脫這種優勢時，競爭就會越少。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey, thanks very much. Getting down to 5% is a big number for you guys from China exposure. Just thinking about it from a different angle and innovation as you move away from China, and does that get diminished at all or do you still feel comfortable in your ability to grow the category?

嘿，非常感謝。對你們來說，從中國市場來看，降到 5% 是一個很大的數字。只是從不同的角度思考一下，當您離開中國時，創新是否會減弱，或者您仍然對自己發展該類別的能力感到滿意？

And then separately as you think about the competition to that last question and for intense pressure, would it make sense to lean into price a little bit more to try to gain market share or have you found enough to be effective in the past? So I guess a couple of philosophical questions.

然後，當您分別思考最後一個問題的競爭和巨大的壓力時，稍微傾向於價格來嘗試獲得市場份額是否有意義，或者您是否發現過去有足夠的有效方法？所以我猜想這是幾個哲學問題。

Yeah. So I'll give my philosophical opinion and Ersan can weigh in if you disagree. I believe innovation in fashion and durability comes from around the world. I think we've had our vendors -- We've had good ideas come out of China, and -- but we've had good ideas come out of Italy, and we've had great ideas come out of the US. So I think that innovation comes from around the world. So I don't believe that we will lose any advantage from that standpoint. I don't think category will lose any advantage from that standpoint. Ersan, you agree, disagree?

是的。因此，我會給出我的哲學觀點，如果你不同意，Ersan 可以發表意見。我相信時尚和耐用性的創新來自世界各地。我認為我們的供應商——我們有來自中國的好主意——但我們也有來自義大利的好主意，我們有來自美國的偉大主意。所以我認為創新來自世界各地。因此，我認為從這個角度來看我們不會失去任何優勢。從這個角度來看，我認為該類別不會失去任何優勢。Ersan，你同意，還是不同意？

Okay. And then the second philosophical question, historically, we tried taking prices down in our level one flooring SKUs and historically that has led to less sales. If we trade -- we get customers trading amongst our own SKUs because our spread versus the competition is pretty decent. And so it hasn't -- the only place it's really worked is in installation materials and we continue to experiment in installation materials and drive more demand there.

好的。然後是第二個哲學問題，從歷史上看，我們嘗試降低一級地板 SKU 的價格，但從歷史上看，這導致了銷量下降。如果我們進行交易——我們會讓客戶在我們自己的 SKU 之間進行交易，因為我們與競爭對手的價差相當不錯。但事實並非如此——它真正起作用的唯一地方是安裝材料，我們將繼續在安裝材料方面進行實驗，並在那裡推動更多需求。

We do see this that the only bright side of this is we feel like it's a share -- a share taking opportunity. So certainly we'll be aggressive where we can be aggressive and we'll learn from the pricing pilots that we've done over the last bit of time and apply them as we look forward.

我們確實看到了這一點，這件事唯一的好處是我們覺得這是一個分享的機會。因此，我們肯定會在力所能及的範圍內積極進取，並從過去一段時間進行的定價試點中吸取教訓，並在未來加以運用。

So I appreciate the philosophical questions. Thank you.

所以我很欣賞這些哲學問題。謝謝。

And that concludes -- appreciate it, man. So look, I want to thank everyone for joining the call today and thank everyone for their interest. I was hoping for more questions for Brad. I guess next time we'll get more questions for Brad. Brad's done great. We're excited to what he's contributing already in such a short early time. And we look forward to updating you in the next quarter. Thank you.

就這樣結束了——感謝你，老兄。所以，我要感謝大家今天參加電話會議，感謝大家的關注。我希望能向布拉德提出更多問題。我想下次我們會問布拉德更多問題。布拉德做得很好。我們很高興看到他在如此短的時間內所做的貢獻。我們期待在下一季向您更新最新情況。謝謝。

Goodbye.

再見。