Floor & Decor Holdings Inc (FND) 2025 Q2 法說會逐字稿

Greetings and welcome to the Floor & Decor Holdings second-quarter 2025 conference call. (Operator Instructions) Please note that this call is recorded.

問候並歡迎參加 Floor & Decor Holdings 2025 年第二季電話會議。（操作員指示）請注意，此通話已被錄音。

I will now turn the conference over to your host, Wayne Hood, Senior Vice President of Investor Relations. Thank you. You may begin.

現在我將會議交給主持人、投資人關係資深副總裁 Wayne Hood。謝謝。你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to Floor & Decor's fiscal 2025 second-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.

謝謝接線員，大家下午好。歡迎參加 Floor & Decor 2025 財年第二季財報電話會議。今天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) 和執行副總裁兼財務長布萊恩蘭利 (Bryan Langley)。

Before we start, I want to remind everyone of the company's safe harbor language. Comments made during this call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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。本次電話會議中的評論包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。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。

These statements are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed in these forward-looking statements for any reason, including those listed at the end of the earnings release and in the company's SEC filings.

這些聲明受到風險和不確定性的影響，這些風險和不確定性可能導致未來的實際結果因任何原因與這些前瞻性聲明中表達的結果存在重大差異，包括在收益報告末尾和公司向美國證券交易委員會提交的文件中列出的原因。

Floor & Decor assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

Floor & Decor 不承擔更新任何此類前瞻性聲明的義務。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 call, the company will discuss certain non-GAAP financial measures. We believe these measures enable investors to understand better our core operating performance on a comparable basis between periods.

在本次電話會議中，本公司將討論某些非公認會計準則財務指標。我們相信，這些措施能夠使投資人更了解我們不同時期的核心經營績效。

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in the earnings 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.

以上各項非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳表可在收益報告中查看，收益報告可在我們的投資者關係網站 ir.flooranddecor.com 上取得。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 2025 second quarter earnings conference call. During today's conference call, Brad, Bryan and I will discuss some of our second-quarter earnings highlights. Then Bryan will share our thoughts about the remainder of fiscal 2025.

感謝韋恩和大家參加我們的 2025 財年第二季財報電話會議。在今天的電話會議中，布拉德、布萊恩和我將討論我們第二季的一些獲利亮點。然後，布萊恩將分享我們對 2025 財年剩餘時間的看法。

We are pleased to report that for the second quarter of fiscal 2025, our diluted earnings per share increased by 11.5% to $0.58 compared to $0.52 in the same period last year, reaching the high end of our expectations. Sales for the quarter rose by 7.1% to $1.214 billion.

我們很高興地報告，2025 財年第二季度，我們的每股攤薄收益為 0.58 美元，較去年同期的 0.52 美元增長 11.5%，達到我們預期的高端。本季銷售額成長 7.1%，達到 12.14 億美元。

Comparable store sales increased by 0.4%, marking the first quarterly increase since the fourth quarter of fiscal 2022. These results reflect the strength of our business fundamentals and the steadfast dedication of our associates. In a period marked by continued economic uncertainty, heightened complexity and shifting market conditions, our team rose to the challenge.

同店銷售額成長0.4%，這是自2022財年第四季以來的首次季度成長。這些結果反映了我們業務基礎的強勁以及員工堅定的奉獻精神。在經濟持續不確定、複雜性加劇和市場條件不斷變化的時期，我們的團隊迎接了挑戰。

They remain focused in executing our strategic priorities with unwavering discipline and resolve. We are truly grateful for their contributions.

他們始終以堅定不移的紀律和決心專注於執行我們的策略重點。我們由衷感謝他們的貢獻。

Let me now discuss our new warehouse format store growth. In the second quarter of fiscal 2025, we opened three new warehouse format stores in Kusumi, Florida, San Antonio, Texas and Chula Vista, California. We are especially pleased to have opened in Chula Vista as it marks our first warehouse format store to open in California in close to three years.

現在讓我來討論一下我們新的倉庫形式商店的成長。2025財年第二季度，我們在佛羅裡達州庫蘇米、德克薩斯州聖安東尼奧和加利福尼亞州丘拉維斯塔開設了三家新的倉儲式商店。我們特別高興能在丘拉維斯塔開設分店，因為這是我們近三年來在加州開設的第一家倉儲式商店。

Year-to-date, we have opened seven new warehouse format stores ending the second quarter with 257 locations, up approximately 12% from 230 stores in the same period last year. We have a busy second half of the year, new warehouse format store opening schedule with most openings scheduled for the late third quarter and early fourth quarter.

年初至今，我們已開設了 7 家新的倉儲式商店，截至第二季末，門市總數為 257 家，比去年同期的 230 家門市成長約 12%。下半年我們將會非常忙碌，新倉儲式商店的開幕計畫大部分安排在第三季末和第四季初。

We remain on track to open 20 new warehouse format stores in fiscal 2025, primarily across large and midsized existing markets.

我們仍計劃在 2025 財年開設 20 家新的倉儲式商店，主要分佈在現有的大中型市場。

Looking ahead to fiscal 2026, we currently anticipate opening at least 20 new warehouse format stores. As previously discussed, our company is well positioned to support the opening of more than 20 new warehouse format stores annually once housing market conditions improve.

展望 2026 財年，我們目前預計將開設至少 20 家新的倉儲式商店。正如前面所討論的，一旦房屋市場狀況好轉，我們公司將有能力支持每年開設 20 多家新的倉儲式商店。

That said, we remain committed to a disciplined and agile growth strategy. Should the housing market a broader economic environment underperform relative to our expectations, we are prepared to adjust our expansion plans accordingly to ensure prudent capital allocation and long-term value creation.

儘管如此，我們仍然致力於嚴謹且靈活的成長策略。如果房地產市場和更廣泛的經濟環境表現不如我們的預期，我們準備相應調整擴張計劃，以確保審慎的資本配置和長期價值創造。

As you are aware, one of the most consequential challenges we and others across our industry continue to face is mitigating the impact of tariffs on our products. To assist with our execution in an uncertain and complex environment, we have continued to rely on our dedicated tariff-steering committee.

正如你們所知，我們以及整個行業的其他企業繼續面臨的最重大挑戰之一是減輕關稅對我們產品的影響。為了幫助我們在不確定和複雜的環境中執行任務，我們繼續依靠專門的關稅指導委員會。

This committee is tasked with guiding alignment on our top priorities and maintaining agility and discipline in our operational planning. This committee builds on our proven track record of managing prior tariffs and duties, leveraging both our experience and scale and flexibility of our operations to position us to navigate today's uncertainty and complexity, which we believe is significantly better than many of our competitors.

該委員會的任務是指導我們首要任務的協調，並保持我們營運規劃的靈活性和紀律。該委員會以我們管理先前關稅和關稅的良好記錄為基礎，利用我們的經驗以及營運的規模和靈活性，使我們能夠應對當今的不確定性和複雜性，我們相信這比我們的許多競爭對手要好得多。

With that context in mind, I'd like to take a minute to outline and update the key actions we're taking to mitigate universal, reciprocal, and sectoral tariffs to position the business for continued growth.

考慮到這一背景，我想花點時間概述和更新我們為減輕普遍、互惠和部門關稅而採取的關鍵行動，以使業務持續成長。

First, we continue to actively negotiate and collaborate with our vendors to mitigate the higher incremental tariffs on the products we sell as we have successfully done with prior tariff increases.

首先，我們繼續積極與供應商進行談判和合作，以減輕我們所銷售產品的更高增量關稅，就像我們在之前提高關稅時成功做到的那樣。

Second, we continue to execute our product diversification and sourcing strategies with strong momentum. This includes a broad range of products we sell as well as the countries in which we source them. Our direct global sourcing network spans over 240 vendors across 26 countries, enabling us to secure the highest quality products at the most competitive prices.

第二，我們持續以強勁的勢頭執行產品多樣化和採購策略。這包括我們銷售的廣泛產品以及我們採購這些產品的國家。我們的直接全球採購網絡涵蓋 26 個國家的 240 多家供應商，使我們能夠以最具競爭力的價格獲得最高品質的產品。

In fiscal 2025, we continue to onboard more suppliers factories and products further enhancing our agility and supply chain resilience. We believe our scale and direct global sourcing model provides a significant competitive advantage, particularly over the independent flooring retailers and distributors.

在 2025 財年，我們將持續吸收更多供應商的工廠和產品，進一步增強我們的敏捷性和供應鏈彈性。我們相信，我們的規模和直接全球採購模式提供了顯著的競爭優勢，尤其是相對於獨立的地板零售商和分銷商。

Third, we continue to apply a balanced portfolio approach to product price while effectively managing our gross margin rate and overall profitability. As we noted on our first quarter conference call, we've seen some independent retailers and distributors implement high single-digit or even higher price increases in response to tariffs. We believe tariffs will continue to pressure independents who are already contending with weak industry fundamentals that have persisted over the past three years.

第三，我們持續對產品價格採取平衡組合方式，同時有效管理毛利率和整體獲利能力。正如我們在第一季電話會議上指出的那樣，我們看到一些獨立零售商和分銷商為了應對關稅而實施了高個位數甚至更高的價格上漲。我們認為，關稅將繼續給獨立企業帶來壓力，因為過去三年來，這些企業一直在應對行業基本面疲軟的問題。

Amid the challenging market environment, we have also observed a shift among some retailers towards emphasizing opening price point products, which often feature lower product specifications as compared to our offerings. As discussed during our first quarter earnings conference call, we will continue to adjust our retail prices, both upward and downward as needed, to help mitigate the impact of tariffs and competition.

在充滿挑戰的市場環境中，我們也觀察到一些零售商開始強調入門價位產品，這些產品的產品規格通常低於我們的產品。正如我們在第一季財報電話會議上所討論的那樣，我們將繼續根據需要上調或下調零售價格，以幫助減輕關稅和競爭的影響。

That said, we remain committed to maintaining our pricing gaps and reinforcing our everyday low price message. It is important to note that our broad and diverse merchandise assortments provide customers with more pricing options than our competitors, further strengthening our market position.

儘管如此，我們仍然致力於保持我們的價格差距並強化我們每天的低價訊息。值得注意的是，我們廣泛且多樣化的商品種類為客戶提供了比競爭對手更多的定價選擇，進一步鞏固了我們的市場地位。

Put simply, we believe our competitive moat is enhanced when we combine price leadership and other key business attributes such as broad assortments, in-stock job lot quantities, inspirational new products, service offerings and knowledgeable associates that meet the evolving needs of our customers.

簡而言之，我們相信，當我們將價格領先地位和其他關鍵業務屬性（例如廣泛的產品種類、庫存批量、鼓舞人心的新產品、服務產品和滿足客戶不斷變化的需求的知識淵博的員工）結合起來時，我們的競爭優勢就會得到增強。

And finally, as we mentioned in our first quarter earnings call, customers are asking for products produced in the United States, and we have already taken action to identify American-made products in our stores. 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.

最後，正如我們在第一季財報電話會議上提到的那樣，客戶要求在美國生產的產品，我們已經採取行動在我們的商店中標識美國製造的產品。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%。

Let me now turn the call over to Brad.

現在讓我把電話轉給布萊德。

Thanks, Tom. I'd like to take a moment to express my sincere appreciation to our entire team for their strong performance in the second quarter. These results are a clear reflection of the disciplined execution of our growth strategies, the agility of our operations and the unwavering commitment of our associates.

謝謝，湯姆。我想花點時間對我們整個團隊在第二季的出色表現表示誠摯的感謝。這些結果清楚地反映了我們成長策略的嚴格執行、我們營運的靈活性以及員工的堅定承諾。

I'm especially proud of how we've navigated the challenges posed by tariffs and a global supply chain shift. We believe that our proactive approach and operational flexibility continue to set us apart in the industry.

我對我們成功應對關稅和全球供應鏈轉移帶來的挑戰感到特別自豪。我們相信，我們的積極主動的方法和營運靈活性將繼續使我們在行業中脫穎而出。

Let me now discuss our second-quarter sales. As Tom mentioned, our second-quarter comparable store sales increased 0.4% year over year, which was at the midpoint of our expectations and an improvement from the 1.8% decline in the first quarter.

現在讓我來討論一下我們第二季的銷售情況。正如湯姆所提到的，我們第二季的同店銷售額年增了 0.4%，處於我們預期的中間值，並且比第一季 1.8% 的降幅有所改善。

Second-quarter comparable transactions declined 3.3%, and comparable average ticket increased 3.8% from the same period last year. By month, our comparable store sales increased by 1.7% in April, 0.6% in May and declined 0.8% in June. From a regional perspective, comparable store sales in the West division continued to outperform the company for the quarter and year-to-date.

第二季可比交易量較去年同期下降 3.3%，可比平均票價上漲 3.8%。按月來看，我們同店銷售額4月成長1.7%，5月成長0.6%，6月下降0.8%。從區域角度來看，西部地區同店銷售額在本季和年初至今持續優於公司。

We estimate the second-quarter benefit to our comparable store sales from Hurricanes Helene and Milton was approximately 40 basis points compared with 100 basis points in the first quarter and 110 basis points in the fourth quarter of fiscal 2024. Our fiscal 2025 third quarter-to-date comparable store sales have declined by 1%.

我們估計，颶風海倫和米爾頓將為我們第二季度的同店銷售額帶來約 40 個基點的收益，而 2024 財年第一季為 100 個基點，第四季為 110 個基點。我們 2025 財年第三季迄今的同店銷售額下降了 1%。

In the second quarter, we saw the strongest relative sales growth across several merchandise categories, including wood, installation materials and adjacent categories. We are pleased that customers continue to gravitate towards our better and best tier products where our value proposition is most compelling and our price advantage is most evident.

在第二季度，我們看到多個商品類別的相對銷售成長最為強勁，包括木材、安裝材料和鄰近類別。我們很高興看到客戶繼續青睞我們更好、最好的產品，我們的價值主張最引人注目，我們的價格優勢也最明顯。

As we look ahead to the remainder of fiscal 2025, we're excited to continue introducing a range of innovative products and programs tailored to meet the evolving needs of our customers. These include new designs, expanded color pallets, enhanced textures and products with heightened realism that closely replicate the look and feel of natural materials.

展望 2025 財年剩餘時間，我們很高興繼續推出一系列創新產品和計劃，以滿足客戶不斷變化的需求。這些包括新的設計、擴展的調色板、增強的紋理和具有高度真實感的產品，可以緊密複製天然材料的外觀和感覺。

Our largest initiatives this year remain unchanged and include the continued rollout of kitchen cabinets, the expansion of our outdoor product assortment and the growth of our excel slab program. These efforts reflect our commitment to delivering differentiated high-quality solutions that inspire customers and drive long-term growth.

我們今年最大的舉措保持不變，包括繼續推出廚櫃、擴大戶外產品種類以及發展我們的 Excel 板材計劃。這些努力體現了我們致力於提供差異化的高品質解決方案，以激勵客戶並推動長期成長。

Turning to our connected customer and design services pillars of growth. In the second quarter of fiscal 2025, connected customer sales rose by 2% year over year, now accounting for approximately 19% of sales. We're encouraged by our key engagement metrics, including healthy growth in weekly active users, a notable increase in organic traffic and conversions and a sequential improvement in our comparable average ticket.

轉向我們的互聯客戶和設計服務成長支柱。2025財年第二季度，連網客戶銷售額年增2%，目前約佔銷售額的19%。我們的主要參與度指標令我們感到鼓舞，包括每週活躍用戶的健康成長、自然流量和轉換率的顯著增長以及可比較平均票價的連續改善。

Our design services continues to be a standout performer in the second quarter, delivering strong sequential and year-over-year growth. Year-to-date, both total and comparable store sales also significantly outpaced the company average, fueled by a sharp increase in customer transactions.

我們的設計服務在第二季度繼續表現出色，實現了強勁的環比和同比增長。今年迄今為止，由於客戶交易量的急劇增加，總店銷售額和同店銷售額也大幅超過了公司平均水平。

This performance highlights the strength of our design services model, combining expert in-store designers, personalized customer experience and collaboration with pros on complex projects. These elements are driving deeper engagement and higher value outcomes. When our designers are involved, the impact is clear.

這項業績凸顯了我們的設計服務模式的優勢，結合了專業的店內設計師、個人化的客戶體驗以及與專業人士在複雜專案上的合作。這些因素正在推動更深入的參與和更高價值的成果。當我們的設計師參與時，影響是顯而易見的。

The average ticket is significantly higher and gross margin rates rise substantially. This reinforces the strategic importance of design services and elevating our brand and driving profitable growth. We're excited to build on this momentum by continuing to invest in our design talent and convert more high-value opportunities, both in-store and online.

平均票價明顯上漲，毛利率大幅上升。這加強了設計服務的策略重要性，提升了我們的品牌並推動了獲利成長。我們很高興能夠繼續投資我們的設計人才，並在店內和線上創造更多高價值機會，從而保持這一勢頭。

Turning my comments to pro. We're pleased to report that in the second quarter of fiscal 2025, total and comparable store sales to pros once again outpaced the company's overall growth, accounting for approximately 50% of sales.

將我的評論轉向專業。我們很高興地報告，在 2025 財年第二季度，專業人士的總銷售額和可比店銷售額再次超過了公司的整體成長，約佔銷售額的 50%。

This strong performance was fueled by increases in both transactions and average ticket size. A key driver of this momentum is our commitment to delivering a consistent best-in-class pro experience at the pro desk, which contributed to a significant year-over-year increase in our pro Net Promoter Score during the quarter.

這一強勁表現得益於交易量和平均票價的增加。這一勢頭的關鍵驅動因素是我們致力於在專業服務台上提供始終如一的一流專業體驗，這有助於我們本季的專業淨推薦值同比大幅增長。

Furthermore, our pro service managers are actively engaging pros in the field, expanding into new zip codes to better understand their needs and provide tailored solutions. We're also deepening pro loyalty through community events and partnerships with trade associations with a strong focus on education.

此外，我們的專業服務經理正在積極與該領域的專業人士合作，擴展到新的郵遞區號，以更好地了解他們的需求並提供量身定制的解決方案。我們也透過社區活動和與行業協會的合作來加深職業忠誠度，並專注於教育。

In the second quarter alone, we hosted 43 in-store educational events, part of our broader plan to hold 155 events in fiscal 2025, reinforcing our commitment to supporting pros with valuable resources and expertise.

僅在第二季度，我們就舉辦了 43 場店內教育活動，這是我們在 2025 財年舉辦 155 場活動的更廣泛計劃的一部分，這加強了我們透過寶貴資源和專業知識支持專業人士的承諾。

To further build brand awareness and drive engagement, we're executing targeted pro marketing blitzes and leveraging lead generation tools supported by cost-efficient advertising platforms that help us attract and retain new pros. These efforts are delivering results as we continue to see the benefits of our focus on high-quality lead generation and strengthening relationships with both new and existing pros.

為了進一步建立品牌知名度和推動參與度，我們正在執行有針對性的專業行銷閃電戰，並利用由具有成本效益的廣告平台支援的潛在客戶生成工具來幫助我們吸引和留住新的專業人士。這些努力正在取得成果，我們繼續看到專注於高品質潛在客戶開發和加強與新舊專業人士的關係所帶來的好處。

Finally, let me discuss our commercial business. Spartan Surfaces delivered stronger-than-expected sales and EBIT results for the second quarter of fiscal 2025 with sales rising approximately 7% year over year. Notably, June marked the strongest month in the company's history.

最後，讓我來討論一下我們的商業業務。Spartan Surfaces 2025 財年第二季的銷售額和息稅前利潤表現強於預期，銷售額年增約 7%。值得注意的是，六月是該公司歷史上表現最強勁的月份。

Spartan continues to build momentum by focusing on establishing a strong national presence in high specification sectors such as health care, education, hospitality and senior living. These sectors offer compelling long-term growth and profitability potential characterized by higher quote to conversion rates, recurring revenue streams and more attractive margins.

Spartan 繼續致力於在醫療保健、教育、酒店和老年生活等高規格領域建立強大的全國影響力，從而積累發展勢頭。這些行業具有引人注目的長期成長和獲利潛力，其特點是更高的報價轉換率、經常性收入流和更具吸引力的利潤率。

We're also encouraged by the growing success of Spartan's private label brands, which is leading to increased quotes and orders. To support long-term growth, Spartan is making targeted investments in expanding its sales force across key verticals and markets as well as in its leadership team.

我們也對 Spartan 自有品牌的持續成功感到鼓舞，這導致報價和訂單增加。為了支持長期成長，Spartan 正在進行有針對性的投資，以擴大其在關鍵垂直行業和市場的銷售團隊以及領導團隊。

These investments, combined with ongoing economic uncertainty may result in fiscal 2025 EBIT remaining roughly flat compared to fiscal 2024. This outlook is consistent with our previous expectations. We continue to believe that Spartan's strategic priorities position the company for growth and long-term value creation.

這些投資加上持續的經濟不確定性可能會導致 2025 財年的息稅前利潤與 2024 財年相比基本持平。這一前景與我們先前的預期一致。我們仍然相信，Spartan 的策略重點將使公司實現成長和長期價值創造。

In closing, we remain focused on driving market share growth and long-term shareholder value as we navigate an extended bottom in the housing market. We believe the momentum we built in the first half of fiscal 2025 positions us well for the remainder of the year and beyond.

最後，在房地產市場持續低迷之際，我們仍將專注於市場份額的成長和長期股東價值。我們相信，我們在 2025 財年上半年建立的勢頭將為我們在今年剩餘時間及以後的發展奠定良好的基礎。

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. As Tom highlighted, we are very pleased with our second-quarter financial performance. We believe this performance speaks to the strength and execution of our growth strategies and our continued focus on cost discipline.

謝謝你，布拉德和湯姆。正如湯姆所強調的，我們對第二季的財務表現非常滿意。我們相信，這項業績反映了我們成長策略的實力和執行力，以及我們對成本控制的持續關注。

These efforts contributed to us reporting second-quarter comparable store sales growth of 0.4%, our first positive comparable store sales since the fourth quarter of 2022, and diluted earnings per share of $0.58, up 11.5% from last year.

這些努力促使我們報告第二季同店銷售額成長 0.4%，這是自 2022 年第四季以來我們首次實現同店銷售額正成長，每股攤薄收益為 0.58 美元，比去年增長 11.5%。

The second quarter is a clear demonstration of how we believe our team is driving value to increase our market share in a challenging macro environment that we expect will continue for the remainder of 2025.

第二季清楚地表明了我們相信我們的團隊正在推動價值，以在充滿挑戰的宏觀環境中增加我們的市場份額，我們預計這種狀況將持續到 2025 年剩餘時間。

Let me now discuss some of the changes among the significant line items in our second-quarter income statement, balance sheet and statement of cash flows as well as our updated outlook for fiscal 2025. We continue to be pleased with how we are managing and expanding our gross margin rate.

現在，讓我討論一下我們第二季損益表、資產負債表和現金流量表中重要項目的一些變化，以及我們對 2025 財年的最新展望。我們對我們的毛利率管理和擴大的方式繼續感到滿意。

In the second quarter, gross profit rose by 8.5% compared to the same period last year. The growth in gross profit was primarily driven by a 7.1% increase in sales and an approximately 60 basis points improvement in the gross margin rate, which rose to 43.9%, primarily due to lower supply chain costs.

第二季毛利較去年同期成長8.5%。毛利的成長主要得益於銷售額成長7.1%以及毛利率提高約60個基點，毛利率上升至43.9%，主要得益於供應鏈成本的降低。

Second-quarter selling and store operating expenses of $376.2 million increased by 10.2% from the same period last year. The increase in selling and store operating expenses was primarily driven by $33.8 million for new stores.

第二季銷售和店面營運費用為3.762億美元，較去年同期成長10.2%。銷售和店鋪營運費用的增加主要是由於新店建設費用為 3,380 萬美元。

As a percentage of sales, selling and store operating expenses increased by approximately 90 basis points to 31.0% from the same period last year. The expense deleverage was primarily attributable to the addition of new stores.

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90個基點至31.0%。費用去槓桿主要歸因於新店的增加。

Second-quarter general and administrative expenses of $69.4 million increased 2.6% from the same period last year. The increase was primarily attributed to the investments we continue to make to support our store growth, including a $3.5 million increase in personnel expenses, partially offset by a $2.1 million decrease in other operating expenses.

第二季一般及行政開支為 6,940 萬美元，較去年同期成長 2.6%。這一增長主要歸因於我們為支持門市成長而繼續進行的投資，其中包括人事費用增加 350 萬美元，但其他營運費用減少 210 萬美元，部分抵消了這一增長。

As a percentage of sales, general and administrative expenses decreased by approximately 30 basis points to 5.7%, reflecting both a decline in other operating expenses and the leverage of our G&A cost on higher sales volume. ERP-related expenses totaled $2.2 million for the quarter, in line with our expectation.

作為銷售額的百分比，一般及行政開支下降了約 30 個基點，至 5.7%，這反映了其他營運開支的下降以及我們的一般及行政開支對更高銷售量的槓桿作用。本季 ERP 相關費用總計 220 萬美元，符合我們的預期。

Second-quarter preopening expenses of $5.1 million decreased $5.5 million or 51.8% compared to the same period last year. The decrease was primarily due to a reduction in the number of stores opened and future stores that we were preparing to open compared to the same period last year.

第二季開業前費用為 510 萬美元，與去年同期相比減少了 550 萬美元，降幅為 51.8%。下降的主要原因是與去年同期相比，已開業門市數量和我們準備開業門市數量減少。

Second-quarter net interest expense of $1.1 million increased $0.4 million or 62.3% from the same period last year. The increase was due to a decrease in interest capitalized partially offset by higher interest income as a result of higher cash balances. The second-quarter effective tax rate increased to 21.8% from 19.8% in the same period last year.

第二季淨利息支出為 110 萬美元，較去年同期增加 40 萬美元，增幅為 62.3%。增加的原因是資本化利息減少，但現金餘額增加導致利息收入增加，部分抵銷了這一減少。第二季有效稅率從去年同期的19.8%上升至21.8%。

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

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。

Second-quarter adjusted EBITDA of $150.2 million increased 9.7% from the same period last year. Our second-quarter adjusted EBITDA margin rate was 12.4%, an increase of approximately 30 basis points from the same period last year. The growth was primarily due to higher sales and an increase in our gross margin rate.

第二季調整後EBITDA為1.502億美元，較去年同期成長9.7%。我們第二季的調整後 EBITDA 利潤率為 12.4%，比去年同期成長了約 30 個基點。成長主要歸因於銷售額增加和毛利率提高。

Moving on to our balance sheet. At the end of the second quarter, inventory increased by 7% to $1.2 billion compared to December 26, 2024. On a year-over-year basis, inventory was up 17% primarily driven by the timing of receipts and the need to support the opening of our Seattle distribution center. Looking ahead, we expect inventory to be up modestly at the end of fiscal 2025 compared to last year.

繼續我們的資產負債表。第二季末，庫存較2024年12月26日增加7%，達12億美元。與去年同期相比，庫存增加了 17%，這主要受收貨時間以及支持西雅圖配送中心開業的需求所致。展望未來，我們預計 2025 財年末的庫存將比去年略有增加。

In terms of liquidity, we ended the quarter with $876.9 million in unrestricted liquidity, consisting of $176.9 million in cash and cash equivalents and $700 million available under our ABL facility.

在流動性方面，本季末我們擁有 8.769 億美元的無限制流動性，其中包括 1.769 億美元的現金和現金等價物以及 7 億美元的 ABL 信貸額度可用資金。

Turning to our fiscal 2025 outlook. The US consumer remains broadly resilient supported by a solid labor market, low unemployment and steady job growth, sustaining household incomes. While personal consumption expenditures on services continue to show resilience, spending on discretionary big-ticket durables and large projects remains challenged amid ongoing economic uncertainty, elevated mortgage rates and persistent housing affordability headwinds.

談談我們的 2025 財年展望。在穩固的勞動力市場、低失業率和穩定的就業成長的支持下，美國消費者總體上仍保持韌性，並維持了家庭收入。儘管個人服務消費支出繼續表現出韌性，但在持續的經濟不確定性、抵押貸款利率上升和持續的住房負擔能力阻力下，非必需的大件耐用品和大型項目的支出仍然面臨挑戰。

Affordability remains a major constraint as mortgage rates continue to hover above 6.6% and home prices are at all-time highs, discouraging both first time and existing buyers.

由於抵押貸款利率持續徘徊在 6.6% 以上且房價處於歷史高位，負擔能力仍然是一個主要限制因素，這讓首次購房者和現有購房者都感到沮喪。

Existing home sales sequentially fell 2.7% in June to a seasonally adjusted annual rate of 3.93 million units, marking the lowest level in nine months.

6月現房銷售季減2.7%，經季節性調整後年率為393萬套，為九個月以來的最低水準。

Looking ahead, we do not expect significant changes in consumer behavior or housing activity for the remainder of 2025. The labor market is likely to remain a stabilizing force, and while inflation and policy uncertainty may continue to weigh on sentiment, the underlying fundamentals point to a steady, if cautious, consumer and housing market. Our guidance reflects the impact of all negotiated tariffs, and for countries not finalized, we incorporated universal tariffs.

展望未來，我們預計 2025 年剩餘時間內消費者行為或住房活動不會發生重大變化。勞動力市場可能仍將是一股穩定的力量，儘管通膨和政策不確定性可能繼續影響市場情緒，但基本面表明消費和房地產市場將保持穩定，儘管謹慎。我們的指導反映了所有談判關稅的影響，對於尚未最終確定的國家，我們納入了普遍關稅。

Let me now discuss our updated fiscal 2025 earnings guidance. Total sales are expected to be in the range of $4.660 billion to $4.750 billion or increased by 5% to 7% from fiscal 2024. We are planning to open 20 new warehouse format stores. Comparable store sales are estimated to be down 2% to flat. Average ticket comp is estimated to be up low to mid-single digits.

現在讓我來討論一下我們更新後的 2025 財年獲利預測。預計總銷售額將在 46.60 億美元至 47.50 億美元之間，或比 2024 財年增長 5% 至 7%。我們計劃開設 20 家新的倉儲式商店。同店銷售額預計將下降 2% 至持平。預計平均票價將上漲低至個位數中段。

Transaction comp is estimated to be down low to mid-single digits. The gross margin rate is expected to be approximately 43.5% to 43.7%. As a reminder, 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.

交易額預計將下降至個位數的低點至中位數。預計毛利率約43.5%至43.7%。提醒一下，我們的毛利率預計將受到兩個新配送中心約 60 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 of 43.9% will represent the high quarter for the year. Selling and store operating expenses as a percentage of sales are estimated to be approximately 31.5% to 32%.

我們預計第二季的毛利率為43.9%，將是今年以來的最高水準。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%。

The high end of our guidance assumes our first quarter and fourth quarters are the most pressured from a rate perspective due to the timing of new stores.

我們的指導高端假設我們的第一季和第四季由於新店開業時間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 the finance and merchandising ERP implementation.

一般及行政開支佔銷售額的百分比估計約為 6%。一般及行政開支包括與財務及商品 ERP 實施相關的約 900 萬美元。

Preopening expenses as a percentage of sales are estimated to be approximately 0.6%. Interest expense net is expected to be approximately $5 million. Our tax rate is expected to be approximately 21% to 22%.

開業前費用佔銷售額的百分比估計約為 0.6%。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%。

Depreciation and amortization expense is expected to be approximately $245 million. Adjusted EBITDA is expected to be approximately $520 million to $550 million. Diluted earnings per share is estimated to be in the range of $1.75 to $2. Diluted weighted average shares outstanding is estimated to be approximately 109 million shares.

折舊和攤提費用預計約為 2.45 億美元。調整後的 EBITDA 預計約為 5.2 億美元至 5.5 億美元。每股攤薄收益預計在 1.75 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 $280 million to $320 million, including capital expenditures accrued. We intend to open 20 warehouse format stores and began construction on stores opening in fiscal 2026.

繼續討論資本支出。我們計劃在 2025 財年將資本支出設定在 2.8 億美元至 3.2 億美元之間，其中包括應計資本支出。我們計劃開設 20 家倉儲式商店，並開始建造於 2026 財年開業的商店。

Collectively, these investments are expected to require approximately $180 million to $205 million. We plan to invest approximately $20 million to $25 million in new distribution centers in Seattle and Baltimore. We intend to invest approximately $45 million to $50 million in existing stores and existing distribution centers.

預計這些投資總計約 1.8 億至 2.05 億美元。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 4,500 萬至 5,000 萬美元。

And finally, we plan to continue to invest in information technology infrastructure, e-commerce and other store sports center initiatives using approximately $35 million to $40 million. Additionally, we anticipate incurring approximately $20 million in deferred SaaS ERP implementation costs, which are not included in capital expenditures.

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體育中心計劃，投資額約為 3,500 萬至 4,000 萬美元。此外，我們預計將產生約 2,000 萬美元的遞延 SaaS ERP 實施成本，這筆費用不包括在資本支出中。

Before I close, I want to extend a heartfelt thank you to our store associates across the country. Your dedication, hard work and daily commitment to serving our customers are what drive our results. We are incredibly grateful for everything you do to support our business and our customers. Thank you.

在結束之前，我想向全國各地的店員表達衷心的感謝。您的奉獻、辛勤工作以及每天致力於服務客戶的承諾是我們取得成果的動力。我們非常感謝您為支持我們的業務和客戶所做的一切。謝謝。

Operator, we would now like to take questions.

接線員，我們現在想回答問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作員指示）摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers)。

It's Barath Rao on for Chris. So ticket was up nicely during the quarter. Curious on how much of that was tariff-induced pricing increases versus any trade up to better and best, as you mentioned. And then going off of that, it seems like the narrative so far has been low to mid-single price increases with the expectation to go higher as the year goes on. How are you thinking about price throughout the year given your inventory cycle? And any chance to come in higher than the low to mid-single-digit ticket comp?

巴拉斯·拉奧 (Barath Rao) 替換克里斯。因此本季的票價上漲幅度很大。我很好奇其中有多少是關稅引發的價格上漲，有多少是像您提到的那樣，透過交易來提高價格以達到更好和最佳。然後從這一點來看，到目前為止的情況似乎是單次價格上漲幅度處於低點到中位，預計隨著時間的推移價格會繼續上漲。考慮到您的庫存週期，您如何考慮全年的價格？有沒有機會獲得比低到中位數個位數票價更高的收入？

A lot of questions in there. This is Tom. I will do my best. If I miss something, one of the team will jump in. I would say for the second quarter that we just finished, much of the benefit that came in average ticket came from mix.

這裡面有很多問題。這是湯姆。我會盡力的。如果我遺漏了什麼，團隊中的某個人就會介入。我想說，對於我們剛結束的第二季來說，平均票價的大部分收益來自於組合。

Our best performing department is wood, which carries a higher average ticket. So that effect helped us. Additionally, the price changes that we did in the second quarter were not material. We took some prices up, took some prices down. So I would say between wood and between better and best and minor price increase would have affected ticket in the second quarter.

我們業績最好的部門是木材部門，其平均票價較高。所以這種效果對我們有幫助。此外，我們在第二季所做的價格調整並不重大。我們提高了一些價格，也降低了一些價格。所以我想說，木材和更好與最好之間的價格小幅上漲將會影響第二季的票價。

We will take some price in the back half of the year. We don't believe it will be that modest with what we know today. Things could change. But with what we know today about tariffs, we think we've done a good job in mitigating a lot of it through moving SKUs into negotiating with our vendors will take some modest price increases. But we think we'll be able to manage it fairly well.

下半年我們會採取一些價格措施。以我們今天所了解的情況來看，我們認為它不會那麼溫和。事情可能會改變。但根據我們今天對關稅的了解，我們認為我們已經通過將 SKU 轉移到與供應商的談判中來很好地緩解了很多關稅問題，這將帶來一些適度的價格上漲。但我們認為我們能夠很好地處理它。

And this is Bryan. I mean, obviously, in the prepared remarks, our average ticket comp is assumed to be up low single digits to mid-single digits. So that helps put the framework around what we believe through initiatives as well as modest price increases. And just as a heads up, Q4 will be the most pressure because we'll be lapping Hurricanes Milton and Helene from last year. So that will put a little bit of pressure on our ticket in Q4. That should help give you a sense of magnitude of what we haven't been.

這是布萊恩。我的意思是，顯然，在準備好的評論中，我們的平均票價補償預計將上漲低個位數到中等個位數。因此，這有助於透過舉措以及適度的價格上漲來建立我們所相信的框架。需要注意的是，Q4 的壓力最大，因為我們將超越去年的颶風米爾頓和海倫。所以這會給我們第四季的票務帶來一點壓力。這應該有助於讓你了解我們尚未達到的程度。

And maybe just go three for three here. I think an important piece just to think about our philosophy in the second half. We talked a lot about our merchandising team and how proud we are at what they do for us day in and day out. And I think they've really earned their stripes through this process. When I think about how we're going to handle pricing, the first thing is we've invested in pricing tests really certainly in the first half and going back into 2024.

也許這裡就三對三吧。我認為，思考下半場的理念是很重要的一點。我們談論了很多關於我們的銷售團隊的事情，以及我們為他們日復一日為我們所做的工作感到多麼自豪。我認為他們確實透過這個過程贏得了自己的地位。當我考慮如何處理定價時，我首先想到的是，我們已經在上半年以及 2024 年對定價測試進行了投資。

So we understand the elasticity of both categories and also the line structure inside the category. So I think we're well positioned to understand how price moves are going to impact customer demand.

因此，我們了解這兩個類別的彈性以及類別內部的線路結構。因此我認為我們能夠很好地了解價格變動將如何影響客戶需求。

And then the second piece to it that I think is really important is we're not doing a peanut butter spread here. Because we have that level of intelligence, we can be very surgical. And as we said in the prepared remarks, we can have that balanced portfolio approach to how we're going to tackle the pricing that's in front of us.

然後我認為第二點非常重要的一點是，我們這裡不做花生醬塗抹。因為我們擁有這種程度的智力，所以我們可以做到非常精準。正如我們在準備好的演講中所說的那樣，我們可以採用平衡的投資組合方法來應對我們面臨的定價問題。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Two parts to my first question. The second half implied negative. And I think, Bryan, you just clarified a little bit on the fourth quarter. Curious if you'd be willing to react to a consensus number for '26. I know it's early.

我的第一個問題分為兩個部分。下半場則暗示負面。布萊恩，我認為你剛剛對第四季的情況做了一些澄清。好奇您是否願意對 26 年的共識數字做出反應。我知道還早。

I think the consensus is showing 4%. And thinking about the macro maybe not changing or getting better, tariffs, which should help in the immature stores, just thinking about the natural curve of the progression of this business, how would you react to that 4% number that's out there right now?

我認為普遍共識是4%。考慮到宏觀經濟可能不會改變或變得更好，關稅應該會對不成熟的商店有所幫助，只考慮這個業務發展的自然曲線，您對現在的 4% 這個數字有何反應？

So this is Tom. I guess this one is for me. Yes. All right. So it's a little too early to react to 2026.

這就是湯姆。我想這個適合我。是的。好的。因此，現在對 2026 年做出反應還為時過早。

We continue to hope that we see some improvement in existing home sales. I mean we're just not seeing that yet. If you look at the last release on existing home sales 3.93 million annualized. Rates continue to hover between 6.6% to 6.9%, making household affordability and turnover a bit of a challenge. So it's too early to know.

我們繼續希望看到現有房屋銷售有所改善。我的意思是我們還沒有看到這一點。如果你看一下最新發布的現房銷售數據，年化銷售量為 393 萬套。利率繼續徘徊在 6.6% 至 6.9% 之間，給家庭負擔能力和周轉帶來一些挑戰。所以現在下結論還太早。

You're right, we'll get some benefit out of our new store maturing. Those things will work in our favor. We'll be lapping easier numbers. Those things work in our favor. We'll have to take some price because of tariff.

你說得對，新店的成熟會為我們帶來一些好處。這些事情對我們有利。我們將討論更簡單的數字。這些事情對我們有利。由於關稅，我們必須接受一些價格。

Those things work in our favor. But all that said, it's a little too early to react to next year's guide -- not next year's guide, next year's consensus.

這些事情對我們有利。但儘管如此，現在對明年的指南做出反應還為時過早——不是明年的指南，而是明年的共識。

Yes. I mean thinking about this year, I alluded to some of it that you had, but you're right. The midpoint of our guidance assumes that we stay at the current trends. So we're bouncing around the bottom. The high end would assume things get slightly better.

是的。我的意思是，考慮到今年，我提到了你的一些想法，但你是對的。我們的指導中點假設我們保持當前的趨勢。因此我們在底部徘徊。高端人士認為情況會稍微好轉。

Obviously, the low end would assume things get slightly worse. The high end from a comp perspective would assume the second half are up low single-digit positive, with Q3 being the peak. As I mentioned before, we will be lapping both the hurricane benefit and EHS that picked up in Q4 of last year. So we had both of those. And then the low end would assume that we sequentially declined each quarter as you guys are modeling now.

顯然，低端會認為情況會變得稍微糟糕一些。從同類產品的角度來看，高端產品預計下半年將出現低個位數正成長，而第三季將達到高峰。正如我之前提到的，我們將同時享受去年第四季颶風帶來的福利和 EHS 福利。所以我們同時擁有這兩者。然後低端會假設我們每季都會連續下降，就像你們現在建模的那樣。

I think the only thing I'd probably add, Simeon, that we didn't mention -- I mean, we're not -- this is a really difficult macro that we're facing and that affects the category, but we're not sitting still. We are doing other things to try to drive sales. We're continuing to add newness within the categories. We're continuing to add things to our adjacency category assortments. We've got outdoor rolling out, hopefully, by the end of this year.

我想我唯一要補充的是，西緬，我們沒有提到——我的意思是，我們不是——這是我們面臨的一個非常困難的宏觀問題，它影響到類別，但我們不會停滯不前。我們正在採取其他措施來推動銷售。我們將繼續在類別中新增內容。我們正在繼續向我們的鄰接類別分類中添加東西。希望在今年底前，我們能推出戶外推廣活動。

It will be in closer to 70 stores in outdoor program that really we're not doing -- we haven't done before and then just really improving our design experience. So we're doing everything we can and why we're bouncing along this bottom of existing home sales and the challenges that puts it on us. We're not -- still we're trying to uncover every stone to drive that top line.

該項目將在近 70 家商店中實施，這是我們以前從未做過的，只是在真正改善我們的設計體驗。因此，我們正在盡我們所能，並解釋為什麼我們在現有房屋銷售的底部徘徊，以及我們面臨的挑戰。我們還沒有——我們仍在努力挖掘每一塊石頭來推動這項營收成長。

Yes, that's fair. And just tied within that follow-up is the spread between immature versus mature, is that -- how is that changing? Is it getting better? Is it getting worse? And could that alone be the driver?

是的，這很公平。與此相關的是，不成熟與成熟的差距是如何改變的？有好轉嗎？情況變得更糟了嗎？這本身就是驅動因素嗎？

And I know you're not reacting to that 4% number, but could that alone be the biggest driver next year, assuming the macro doesn't change much?

我知道您對 4% 這個數字沒有反應，但假設宏觀經濟沒有太大變化，這是否能成為明年最大的驅動力？

Simeon, this is Bryan. The waterfall comp is still intact as we've mentioned. It hasn't gotten really better or worse over the last 12 months. I would say it's compressed a little bit from historical trends. Obviously, you would expect that, but immature stores are outperforming our most mature stores, as you would expect.

西緬，這是布萊恩。正如我們所提到的，瀑布組合仍然完好無損。在過去的 12 個月裡，情況並沒有真正變好或變壞。我想說的是，它與歷史趨勢相比有所壓縮。顯然，您會預料到這一點，但正如您所預料的那樣，不成熟的商店的表現優於我們最成熟的商店。

And so we will get a benefit from the stores we're opening. And I think you heard us say it as a lot of those stores will open September, October, November, so late Q3, early Q4. So we'll start lapping those, but we will get comp benefit from the class of '24 as those are maturing into 2026 as well once they come into the comp base. So we will get a pickup from that. Again, not ready to commit to anything in 2026, but...

因此，我們將從開設的商店中獲益。我想您已經聽到我們說過了，因為很多商店將在 9 月、10 月、11 月開業，也就是第三季末、第四季初。因此，我們將開始對這些進行改進，但我們將獲得 24 級產品的競爭優勢，因為一旦它們進入競爭基礎，它們也將在 2026 年成熟。因此我們會從中得到一些收穫。再說一次，我還沒有準備好在 2026 年做出任何承諾，但...

As things -- if and when as existing home sales get better too, you get some benefit of the stores over the last three years because they were softer openings. And they should ramp it at a nice level as things get better.

如果現有房屋銷售情況也好轉，那麼過去三年的商店開業情況就會比較好，因此你會從中受益。隨著情況好轉，他們應該將其提升到一個良好的水平。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Throughout this conversation and up until now, the messaging has been Floor & Decor and the flooring market has been bouncing along the bottom. We continue to debate the timing and magnitude of a recovery. But what if this is simply the new norm where interest rates remain elevated, existing home sales remain subdued? How do you approach running the business differently? And how do you approach creating shareholder value differently?

在整個對話過程中以及到目前為止，訊息一直是地板和裝飾，地板市場一直在底部徘徊。我們繼續討論復甦的時間和幅度。但如果這只是利率持續走高、現有房屋銷售持續低迷的新常態呢？您如何以不同的方式經營企業？您如何以不同的方式創造股東價值？

So I would say that if things were to continue to run at this rate and if this was norm, because of what we're lapping, our business should start to grow over the course of time. I would say that we've continued to invest in our in-store experience to get more out of our stores.

所以我想說，如果事情繼續以這種速度發展，如果這是常態，那麼由於我們正在努力，我們的業務應該會隨著時間的推移而開始成長。我想說的是，我們一直持續投資於店內體驗，以從我們的商店獲得更多收益。

We've got lots of commercial opportunities that we're excited about what's going on at commercially now. We would continue to invest in our commercial space. Brad's coming in has found additional opportunities of ways we can get better, and we would put investment behind that.

我們有很多商業機會，我們對目前的商業進展感到非常興奮。我們將繼續投資我們的商業空間。布拉德的到來為我們找到了更多進步的機會，我們會為此投入資金。

But it is a possibility that we could bounce along at this rate of existing home sales for time. But because we're bouncing along at this rate, it's not getting worse. Our promise has been getting worse over the last few years. So if we stabilize here, we think we got enough initiatives that we can continue to grow.

但我們有可能在一段時間內以這樣的速度維持現有房屋銷售。但因為我們以這個速度向前發展，所以情況並沒有變得更糟。過去幾年來，我們的承諾變得越來越糟。因此，如果我們在這裡穩定下來，我們認為我們就有足夠的主動權來繼續發展。

Got you. And what does that translate to, Tom, from a volume basis, meaning sales per store? How does that look right now? And what is that -- if you assume that you grow simply by bouncing along the bottom? What does that look like for -- in terms of the profitability of the business over time?

明白了。那麼湯姆，從數量角度（即每家商店的銷售額）來說，這意味著什麼呢？現在看起來怎麼樣？那又怎樣——如果你認為你只是在底部彈跳就能成長？從長期來看，這對企業的獲利能力有何影響？

So I think, look, our job is to continue to grow our earnings and to continue to improve our in-store productivity. So we have lots of initiatives that will help enhance that. So I'm not exactly sure I can predict the part of inflection when things get better. But if they don't get better, I think we've demonstrated we have the ability to improve our gross margin rates. We have the ability to get sales from some of the new stuff we're adding within the store. We keep leaving no stone unturned.

所以我認為，我們的工作是繼續增加我們的收入並繼續提高我們的店內生產力。因此，我們有很多措施可以幫助加強這一點。因此，我不太確定我能否預測情況好轉時的變化部分。但如果情況沒有好轉，我認為我們已經證明我們有能力提高毛利率。我們有能力透過在商店中添加的一些新商品來提高銷量。我們將繼續竭盡全力。

Yes. Michael, just to give you a sense of magnitude, our stores that are five years and older are averaging approximately $22 million today. But from a profitability, they're still at 23% EBITDA. And so the stores are doing incredibly well from a flow-through perspective and from an earnings perspective. To Tom's point, we have a ton of internal initiatives where we'll continue to take market share.

是的。邁克爾，只是為了讓你了解一下規模，我們五年及五年以上的商店今天的平均價值約為 2200 萬美元。但從獲利能力來看，他們的 EBITDA 仍然為 23%。因此，從流通角度和獲利角度來看，這些商店的表現都非常好。正如湯姆所說，我們有大量的內部舉措，我們將繼續佔領市場份額。

So even if things bounce around the bottom, we should be able to continue to put pressure on the competition, continue to take market share. We should be able to grow as long as things stabilize.

因此，即使情況在底部反彈，我們也應該能夠繼續對競爭對手施加壓力，繼續佔領市場份額。只要情況穩定，我們就能夠發展。

Exactly to Tom's point. So I mean there's a lot that we're doing internal to do that, and we'll keep a focus on cost as well. So (inaudible), we still believe in that goal of mid-teens EBITDA. That's -- we're still on that path.

完全符合湯姆的觀點。所以我的意思是，我們在內部做了很多工作來實現這一點，而且我們也會專注於成本。所以（聽不清楚），我們仍然相信 EBITDA 達到十幾歲的目標。那是——我們仍在那條道路上。

And Bryan, that's very helpful. If you could frame your reference to where that cohort stood in 2019 or prior to this downturn, just to give some relative sense for those financial metrics today versus where they've been in the past

布萊恩，這非常有幫助。如果您能參考一下該群體在 2019 年或經濟衰退之前的狀況，那麼就能比較一下這些財務指標目前與過去相比的情況

Yes. Michael. I mean if you're looking for peak to trough and those things, I mean, at peak, those stores we're doing about $28 million in volume. Today, they're doing $22 million. Back in '19 it was (inaudible).

是的。麥可。我的意思是，如果你正在尋找從高峰到低谷的那些東西，我的意思是，在高峰期，這些商店的銷售額約為 2800 萬美元。如今，他們的收入已達 2,200 萬美元。早在 19 年，（聽不清楚）。

And so without giving specifics -- because we've quoted in the past what that was. So peak to trough, I mean, we hope we're bouncing along the bottom, right? I mean we just hit 3.9 million units over the past 12 to 18 months, been somewhere around 4, 4.1, 3.9, just keeps bouncing along, and we're still at $22 million.

因此，我們不再提供具體細節——因為我們過去已經引用過具體內容。所以從峰頂到谷底，我的意思是，我們希望我們能沿著底部反彈，對嗎？我的意思是，在過去的 12 到 18 個月裡，我們的銷量剛剛達到 390 萬台，之前大概在 400 萬台、410 萬台、390 萬台左右，一直在穩步增長，目前我們的銷售額仍為 2200 萬美元。

And that's with the impact of cannibalization, strategic cannibalization as well. And so when we look at our stores, we do think that we are bouncing along at the bottom at the 22 at peak, again, back post '22, late '22, I think on the trailing 12 months, they were right around $28 million.

這也是蠶食、策略蠶食的影響。因此，當我們查看我們的商店時，我們確實認為我們在 22 年的峰值底部反彈，再次回到 22 年後，22 年末，我認為在過去 12 個月中，它們的銷售額約為 2800 萬美元。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to focus on pricing and market share maybe as a follow-up there. You talked about seeing high single-digit price increases across the industry. It seems like you've been more patient or perhaps able to raise just less than others. How do you see price gaps changing right now? And any signs that your market share could be accelerating on the back of this? Obviously, we see those gains in wood, but maybe outside of that.

我希望將後續重點放在定價和市場份額上。您談到整個行業的價格都出現了個位數的高漲。看起來你比其他人更有耐心，或者籌集的資金可能比其他人少一些。您認為目前價格差距如何變動？有什麼跡象顯示您的市場佔有率會因此加速成長？顯然，我們在木材方面看到了這些收益，但也許除此之外還有其他收益。

Yes. I mean I think when you look at -- on a market share perspective, as we look at the industry, our total sales grew over 7% in the second quarter. And we had a positive same-store sales increase. And looking across spectrum of publicly traded flooring companies and people that sell our category, we feel like we're doing better, and we feel like we are taking share. I do think that the independent channels have taken price earlier, quicker because they had to.

是的。我的意思是，我認為從市場份額的角度來看，當我們觀察這個行業時，我們的總銷售額在第二季度增長了 7% 以上。我們的同店銷售額實現了正成長。縱觀所有上市地板公司和銷售我們產品類別的商家，我們感覺自己做得更好，而且我們正在佔據市場份額。我確實認為獨立管道之所以能夠更早、更快地定價是因為他們不得不這麼做。

And we're able -- because the way we turn. This is when the benefit of slow turning inventory is beneficial. -- we were able to hold off and take less price increases. So I think that gap has probably widened a bit, and we feel good about that. And what was...

我們能夠做到──因為我們的轉變方式。這時，緩慢週轉庫存的好處就顯現出來了——我們能夠推遲並減少價格上漲。所以我認為差距可能已經擴大了一點，我們對此感到高興。那是什麼...

I would just reinforce the point that I made earlier about the understanding around the elasticity that we have in our categories. I think if you pair that with the micro pricing efforts that we have in local market, it gives us a really good sense of how the customer is responding to our moves.

我只是想強調我之前提出的關於我們類別的彈性的理解的觀點。我認為，如果將其與我們在當地市場採取的微定價措施結合起來，我們就能很好地了解客戶對我們舉措的反應。

And collectively from the get-go, as we enter this tariff environment, we felt like we were going to be better positioned than our competition to navigate through this environment. And we absolutely view this as a market share gain opportunity.

從一開始，當我們進入這個關稅環境時，我們就覺得我們將比我們的競爭對手處於更有利的位置來應對這個環境。我們絕對將此視為增加市場佔有率的機會。

Now it's a very (inaudible) environment. And again, because of that micro process that we have in place, we think we can react to changes at the local level while maintaining a really good perspective here in Atlanta through our merchant team.

現在這是一個非常（聽不清楚）的環境。而且，由於我們已經建立了微觀流程，我們認為我們可以對地方層面的變化做出反應，同時透過我們的商家團隊在亞特蘭大保持良好的視角。

Yes. I'd say the other thing too, the one thing we gained market share when you look at how we compete with others in the market, whether it's the independent flooring stores or the big boxes, price is one part of our moat. Our moat expands into service.

是的。我還想說另一件事，當你看看我們如何與市場上的其他公司競爭時，我們獲得了市場份額，無論是獨立的地板商店還是大型商店，價格都是我們護城河的一部分。我們的護城河延伸至服務。

Our service scores were at an all-time high. When you look at our assortments, our assortments are still a bit larger than everyone else's, and we've continued to do PLRs and bring in new products across every category that we sell.

我們的服務得分達到了歷史最高水準。當您查看我們的商品種類時，您會發現我們的商品種類仍然比其他人的要多一些，並且我們一直在進行 PLR 並在我們銷售的每個類別中引入新產品。

Our in-stock is at an all-time high. We've got plenty of inventory. So the other pieces of the moat are improving versus the competition. And while we -- and our prices improve, but if it gets more competitive, we're in a really good place.

我們的庫存量處於歷史最高水準。我們有充足的庫存。因此，相對於競爭對手，護城河的其他部分也在不斷改善。雖然我們的價格有所提高，但如果競爭力增強，我們就會處於非常有利的地位。

Okay. Great. Very helpful. And then just from a margin perspective, as I think about tariffs, you talked about a lot of the mitigation efforts, but also how timing helps this year just based on the inventory turns. So I'm curious, when you look at the incremental tariffs today and what's changed versus even just three months ago, how does that change your view on what the impact could potentially be next year?

好的。偉大的。非常有幫助。然後，僅從利潤率的角度來看，當我想到關稅時，您談到了很多緩解措施，但也談到了今年時機如何根據庫存週轉率提供幫助。所以我很好奇，當您看到今天的增量關稅與三個月前相比有什麼變化時，這會如何改變您對明年可能產生的影響的看法？

So I'll start, Bryan, then you can weigh in. So our margin, we've been able to manage it really well over the last couple of the years through the tariff environment. We are going to have some challenges with distribution centers coming online.

那我先開始，布萊恩，然後你再參與。因此，在過去幾年中，我們能夠透過關稅環境很好地管理我們的利潤。隨著配送中心的上線，我們將面臨一些挑戰。

There's a cost that will impact our gross margin and make it more of a challenge, but those are onetime costs and we burn those off over the course of time. So I believe with what we know today with tariffs, we're going to do all we can to try to protect our rate and feel like confident we can do that with the exception of having to deal with our distribution centers.

有些成本會影響我們的毛利率，並帶來更大的挑戰，但這些都是一次性成本，我們會隨著時間的推移將其消耗掉。因此，我相信，根據我們今天對關稅的了解，我們將竭盡全力保護我們的關稅，並且有信心我們可以做到這一點，但必須處理我們的配送中心。

Yes. As we said on the last call, it was just universal tariffs and the 10%. We felt very confident in maintaining the rate. We knew reciprocal tariffs have put into place and put a little bit of pressure. But because of the job that Brad and Tom has talked about from our merchandising team, we've been able to mitigate a lot of that exposure.

是的。正如我們在上次通話中所說的那樣，這只是普遍關稅和 10%。我們對維持這利率非常有信心。我們知道互惠關稅已經實施，並施加了一點壓力。但由於布萊德和湯姆談到了我們行銷團隊的工作，我們已經能夠減輕很多風險。

And so there may be slight pressure, but it's going to be very minimal pressure on gross margin rate from tariffs. More of it is going to come from what Tom talked about with some of the step investments that we have with the two new distribution centers coming online.

因此可能會有輕微的壓力，但關稅對毛利率的壓力將非常小。更多資金將來自湯姆談到的我們對兩個新配送中心上線的一些逐步投資。

Steven Forbes, Guggenheim Securities.

古根漢證券公司的史蒂文福布斯。

Tom, I was -- and Brad, maybe I was hoping to maybe just explore the company's reach from an income demographic standpoint, right? And the thought here is how far up do the income bands go based on the model that you guys put in the market today? Is the design studio format really giving you access to a new customer?

湯姆，我──還有布萊德，也許我只是希望從收入人口統計的角度來探索公司的影響力，對嗎？這裡的想法是，根據你們今天在市場上推出的模型，收入區間會上升到什麼程度？設計工作室的形式真的能讓你接觸到新客戶嗎？

And if it's not, right, like how do you guys think about potentially evolving the format, the assortment, right, and/or just other growth opportunities to make sure that you're drawing that higher income consumer into the brand in an environment, right, where the higher income consumer may lead us out of whatever we're in today?

如果不是，那麼你們如何考慮潛在地改進格式、分類、對吧，和/或其他成長機會，以確保在高收入消費者可能帶領我們擺脫當前所處境況的環境中吸引高收入消費者加入品牌？

Yes. I think there's two sides. We don't -- one is we don't talk about studios much, but we are in the middle of revisiting our studio strategy. We're excited about how they're performing. And we've got a new leader.

是的。我認為有兩面性。我們不——首先我們不怎麼談論工作室，但我們正在重新審視我們的工作室策略。我們對他們的表現感到非常興奮。我們有了一位新領導人。

We took one of our top merchants and put them in charge of our design -- our in-store design experience and our studios. And more to come on that as we get closer to the end of this year. We'll give you more of an update on how we're thinking about the studios. Our stores do attract all different income levels of customers.

我們聘請了一位頂級商家，讓他們負責我們的設計—我們的店內設計體驗和工作室。隨著今年年底的臨近，我們將收到更多相關資訊。我們將向您提供更多關於我們對工作室的看法的最新資訊。我們的商店確實吸引了不同收入水平的顧客。

We've -- over the course of the last 10 years, we've continued to drift into better and best category that appeals to all income levels. We got stores in very expensive zip codes, and we've got stores in very modest income level zip codes, and they do well. I think we're going to continue to push the envelope in better and best.

在過去的 10 年裡，我們不斷朝著更好、最好的類別邁進，以滿足所有收入水準的需求。我們在非常昂貴的郵遞區號區設有商店，我們在收入水平非常適中的郵遞區號區設有商店，而且它們的經營狀況都很好。我認為我們將繼續突破極限，力求更好、更好。

And more of that is because in every market that we serve, irregardless of the income level, that's what the customers are buying. If they elect to do a project and hard service, they're stepping up within the category. So we'll continue to push that envelope.

更重要的是，在我們服務的每個市場中，無論收入水平如何，客戶都會購買這些產品。如果他們選擇做一個專案並提供艱苦的服務，他們就會在該類別中不斷進步。因此，我們會繼續挑戰這一極限。

I do think -- we do like to think ourselves a Costco. we appeal to higher-end customers. We -- our income levels do slant higher. And if you walk in the store today, you see the type of product that would appeal to a very expensive homes. So we'll continue to push it.

我確實認為——我們確實喜歡把自己視為好市多 (Costco)。我們吸引的是高端客戶。我們——我們的收入水準確實偏高。如果你今天走進商店，你會看到這種產品會吸引非常昂貴的家庭。因此我們會繼續推動。

We are thinking differently about the studios, more to come on that. That will even appeal to even a higher-end customer, but we'll fill you on that when we get more work done around it.

我們對工作室有不同的看法，未來還會有更多相關內容。這甚至會吸引更高端的客戶，但當我們完成更多工作時，我們會向您告知這一點。

And then maybe just a follow-up. You mentioned commercial being excited about various things to come. So maybe a two-part question on that. The first is that we just revisit the Spartan profitability pressure, confirming that, that is all investment. And then second, can you give us any teasers on the broader commercial growth plans here, the RAM strategy or what you see on the horizon here as potential future uses of your capital?

然後也許只是後續行動。您提到商業界對即將發生的各種事情感到興奮。所以這個問題可能分成兩個部分。首先，我們只是重新審視了斯巴達的獲利壓力，確認這都是投資。其次，您能否向我們透露這裡的更廣泛的商業成長計劃、RAM 策略，或您認為未來資本的潛在用途？

Yes. So we're pleased with what's going on with Spartan. We have invested heavy in the beginning part of this year in sales reps to continue to grow our sales. We're happy with the results and we're happy with the book of bids that they have that -- and the trajectory of the business. We're pleased with what it's going.

是的。因此，我們對 Spartan 的進展感到滿意。今年年初，我們在銷售代表方面投入了大量資金，以繼續提高我們的銷售額。我們對結果很滿意，對他們的投標書以及業務發展軌跡也很滿意。我們對目前的情況很滿意。

We're pushing that team to bring us ideas to grow even faster. We slowed that back on the acquisitive side a little while ago as we were in a downturn, but we feel like we've got our -- we've got the ability to do more in commercial. And as we do more, you will know more.

我們正在推動該團隊為我們帶來更快成長的想法。由於經濟不景氣，我們不久前放慢了收購步伐，但我們覺得我們有能力在商業領域做更多的事情。隨著我們做得更多，您就會了解更多。

From a RAM perspective, we've hired in a new leader of our RAM organization. She comes with a great background. She had been with Home Depot Supply, and she had been with Grainger before that. So she comes -- she's got a great pedigree and thinks differently of how we can continue to grow the commercial space that we generate out of our stores.

從 RAM 的角度來看，我們已經聘請了一位新的 RAM 組織領導。她有著很好的背景。她曾在 Home Depot Supply 工作過，之前也曾在 Grainger 工作過。所以她來了——她有著出色的背景，並且對我們如何繼續擴大我們商店的商業空間有不同的看法。

So we're going to continue to lean in that. We think they're both huge growth vehicles for us. We think we can -- that we're still in the early stages of what will be in commercial.

因此我們將繼續傾向於此。我們認為它們都是我們巨大的成長動力。我們認為我們可以——我們仍處於商業化的早期階段。

Zack Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Can you level set us on how you're mixing today across good, better and best since we know the latter has been outperforming for a while now? And Tom, you also mentioned some competitors shifting downstream a bit to opening price points. Any thoughts on how your opening price points are performing and if that elevated competition is having an impact?

您能否向我們說明一下您今天如何將好、更好和最好進行混合，因為我們知道後者的表現已經超過了一段時間？湯姆，您還提到一些競爭對手正在向下游轉移以開放價格點。您對開盤價表現如何以及激烈的競爭是否會產生影響有何看法？

So a better and best has outcomped good for the last three years or so. So I think that continues to be the case within our assortments. There's not a material difference in how the good is performing as some of the competition has drifted into more opening price point. Even though there's more of it and it's more competitive, our opening price point is still better than their opening price point. We think that our features and benefits when you really look apples-to-apples, we feel pretty good about how we compete on it.

因此，在過去三年左右的時間裡，「更好」和「最好」已經超越了「好」。所以我認為在我們的產品系列中仍然如此。由於部分競爭對手已經轉向更高的開盤價位，因此商品的表現並沒有實質的差異。儘管數量更多、競爭更激烈，但我們的開盤價仍然比他們的開盤價更優惠。我們認為，當你真正比較我們的功能和優勢時，我們對我們的競爭方式感到非常滿意。

So while some competition, both on the big box and on the independent side are leaning more in that. I think it's just desperately looking for growth in the category and trying anything. But I feel good the way we compete there. And the performance of each segment is pretty consistent.

因此，儘管大型影院和獨立影院方面的一些競爭都更傾向於此。我認為它只是拼命尋求類別的成長並嘗試一切方法。但我對我們在那裡的競爭方式感到滿意。而且各個部分的表現都比較一致。

Got it. And then is it still fair to say that better and best, you're maintaining a wider price gap relative to peers compared to good? So as you think potential price increases, can you just talk through where you think you may have the most flexibility or opportunity? And would it be more on that better and best as opposed to good?

知道了。那麼，是否可以公平地說，與「好」相比，您與同行保持了更大的價格差距？因此，當您考慮潛在的價格上漲時，您能否談談您認為在哪些方面可能擁有最大的靈活性或機會？這是否意味著“更好”和“最好”與“好”相對立？

Well, we have -- I'll let -- it goes back to what Brad said a little bit earlier about the way we price. We do have to try to maintain price by family. We can't just go and go, okay, because we don't compete with someone on x tile, we're going to price it optimum. We want our customers to be able to logically walk up from opening price point to the next price point to the best. So you want to add to what you said, Brad?

好吧，我們有——我會讓——這又回到布拉德之前所說的我們的定價方式。我們確實必須盡力維持家庭價格。我們不能就這樣繼續下去，好吧，因為我們不會與 x 塊瓷磚上的其他人競爭，所以我們會給出最優價格。我們希望我們的客戶能夠合理地從起始價位上升到下一個最佳價位。那麼你想補充一下你所說的內容嗎，布萊德？

I think you nailed it for us. Having that surgical approach has allowed us to really make decisions where we think we're going to drive benefit to the organization. I would say, generally speaking, the gaps on opening price point and good are going to be tighter than what you would find on better and best.

我認為你為我們搞定了這件事。透過這種精準的方法，我們能夠真正做出我們認為能夠為組織帶來利益的決策。我想說，一般來說，開盤價和好的之間的差距會比更好和最好之間的差距更小。

So yes, you're naturally going to have more flexibility from a dollars and cents perspective as you move up the line structure. But we've taken action from opening price point all the way up to best. So we feel really good about the strategy that we've implemented at this point. But as I've said a couple of times, it's very fluid, and we're watching both big box and independent actions very closely.

所以是的，隨著您在產品線結構中向上移動，從金錢角度來看，您自然會擁有更多的靈活性。但我們已經採取了從開盤價一直到最佳價位的行動。因此，我們對目前實施的策略感到非常滿意。但正如我多次說過的，它非常不穩定，我們正在密切關注大型企業和獨立企業的行動。

(Operator Instructions) Steven Zaccone, Citi.

（操作員指示）花旗銀行的 Steven Zaccone。

I wanted to just understand the second half thinking a bit more because it seems like the demand environment is coming in weaker than we all expected, but that's offset by a bit better pricing, which is helping ticket. So maybe just help us understand how your view on the demand environment has changed.

我只是想更多地了解下半年的情況，因為需求環境似乎比我們預期的要弱，但這被更好的定價所抵消，這有助於票務。所以也許可以幫助我們了解您對需求環境的看法是如何改變的。

And then drilling down into the third quarter versus fourth quarter, can you just help us understand the comp progression? Because 4Q does have a little bit of a tougher compare lapping the hurricane, some ticket there. So just help us think through the third quarter versus fourth quarter.

然後深入研究第三季與第四季的對比，您能幫助我們了解同期的進展嗎？因為 4Q 確實比颶風更難應對，所以那裡有一些票。所以請幫助我們思考一下第三季和第四季的差異。

Yes. Look, I'll start with the latter, Steve. So I think I said it earlier, but the high end would assume that the second half comps are low single-digit positive, with Q3 being the peak exactly as what you just mentioned is we're going to be lapping Helene, Milton and then also stronger EHS. So if you look at our cadence, we were down 1.8% in Q1. We just finished with a positive 0.4%.

是的。瞧，我將從後者開始，史蒂夫。所以我想我之前就說過了，但高端會假設下半年的比較是低個位數正值，而第三季度是峰值，正如你剛才提到的，我們將超越 Helene、Milton，然後是更強大的 EHS。因此，如果你看一下我們的節奏，你會發現我們在第一季下降了 1.8%。我們剛剛取得了 0.4% 的正成長。

So in the back half, again, we would need to be positive to get to that flat comp at the high end of the guide. Down to the low end, obviously, would assume that we sequentially decline each quarter. And so in the low end, we have baked in some assumption around demand decay. We're not sure. The environment is still fluid as Brad is mentioning.

因此，在後半部分，我們需要再次保持積極態度，以達到指南高端的平穩水平。顯然，下降到低端將假設我們每季都會連續下降。因此，在低端，我們已經考慮到了一些關於需求衰減的假設。我們不確定。正如布拉德所提到的，環境仍然不穩定。

So we've got both bounds. But if things just stay the same from where we are, that's right down the fairway right down the midpoint of our guidance. So we're saying if we bounce around the bottom, we should be right there in the middle or the midpoint.

因此我們得到了兩個界限。但如果事情保持不變，那麼我們就處於指導方針的中點。所以我們的意思是，如果我們在底部反彈，我們應該就在中間或中間點。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Tom, you had mentioned that you're targeting more than 20 stores for next year and you think you can do more than 20. I guess when we'll say, housing has stabilized. Trying to think about like longer-term store opening rate. You did peak for a couple of years there at 30. So is it fair to say you'll probably land somewhere between 20 to 30 openings per year as we look out three to five years?

湯姆，你曾提到你計劃明年開設 20 多家門市，你認為你可以開設超過 20 家門市。我想我們會說，房屋市場已經穩定下來了。試著思考長期的商店開業率。你在 30 歲時確實有幾年達到了巔峰狀態。那麼，從我們展望的三到五年來看，是否可以說您每年可能會獲得 20 到 30 個職缺？

So what I said in my script was that our plan as of today is to open 20 stores in next year. And we've allowed ourselves flexibility if things were to get worse, we could back off that number. If things were to get better, we have the ability to increase that number. As we look out to the next year, it's going to depend on what happens with demand. It's going to depend on what happens with existing home sales.

所以我在腳本中說的是，我們今天的計畫是明年開設 20 家商店。如果情況變得更糟，我們也可以靈活地減少這個數字。如果情況好轉，我們有能力增加這個數字。展望明年，這將取決於需求的變化。這將取決於現有房屋銷售的情況。

and then we'll make those decisions. We have the ability -- there's enough real estate pipeline, and we have the talent on the team to go much faster. But we're trying to be prudent with how we're managing our capital. And want to make sure that we think about it in the right way. But if things got better, we would open more than 20 in the next couple of years. But we just have to wait and get to that environment.

然後我們再做這些決定。我們有能力——我們有足夠的房地產儲備，而且我們團隊的人才可以更快地發展。但我們正努力謹慎地管理我們的資本。並希望確保我們以正確的方式思考這個問題。但如果情況好轉，我們將在未來幾年開設 20 多家門市。但我們必須等待並進入那個環境。

Peter, this is Bryan. Yes. I mean our infrastructure is built for more than 20. So when things get better, we can accelerate from that 20. Not ready to commit to where a cap would be, but it would be north of 20.

彼得，這是布萊恩。是的。我的意思是我們的基礎建設已經超過 20 年了。因此，當情況好轉時，我們可以從 20 開始加速。尚未準備好確定上限，但上限應在 20 以上。

And we're built for more than 20 today, if things were to be better.

如果情況變得更好的話，我們今天的目標已經超過 20 年了。

Peter Keith -- I'm sorry, Kate McShane, Goldman Sachs.

彼得·基斯——對不起，高盛的凱特·麥克沙恩。

You did mention that 26% of your product is now made in the US. And we've heard anecdotally that even US manufacturers are now starting to feel higher costs as a result of tariffs and maybe just being in a more inflationary environment. We were just wondering if you're seeing this at all on that particular side of product.

您確實提到過，目前你們 26% 的產品是在美國製造的。我們也聽說，由於關稅和通膨環境加劇，就連美國製造商現在也開始感受到成本上升。我們只是想知道您是否在產品的某一特定方面看到了這一點。

This is Ersan. I mean for -- US is 27% of our sales at this point. And we have not seen cost increases yet from the US. But if that happens, I mean, as we normally do with the -- every other country that in case of costs go up, we look at the -- all our options across the globe and we try to diversify. But at this point, we have not seen that.

這是 Ersan。我的意思是——目前美國占我們銷售額的 27%。我們還沒有看到美國的成本增加。但如果發生這種情況，我的意思是，就像我們通常對待其他國家一樣，如果成本上升，我們會考慮全球所有的選擇，並嘗試多樣化。但目前我們還沒有看到這一點。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

You guys have done a great job framing up the gross margin line in 2025 here. And notwithstanding the 60 to 70 basis points of pressure that probably wraps from the DC openings into next year. But can you help us think about the puts and takes beyond this year on the gross margin line? And what could drive it higher? Do you want to drive it higher? Or do you feel like 44% is a good long-term rate?

你們在製定 2025 年毛利率線方面做得非常出色。儘管 DC 開通可能會給明年帶來 60 至 70 個基點的壓力。但是您能幫助我們思考今年以後毛利率的利弊嗎？那麼什麼因素可以推動其進一步上漲呢？您想讓它更高嗎？還是您覺得 44% 是一個不錯的長期利率？

This is an excellent question and one that we internally debate often. So we've got lots of puts and takes in gross margin. So on the good side of gross margin and how we can continue to increase, we do believe that within the category that consumers are going to continue to gravitate upwards and they're going to buy better and best product. That would be a benefit to gross margin. We do believe that we're -- while we're executing well on our service line, we can be even better on our design services and do even more.

這是一個很好的問題，也是我們內部經常討論的問題。因此，我們的毛利率有很多的投入和產出。因此，從毛利率的好的一面以及我們如何能夠繼續提高毛利率來看，我們確實相信，在這一類別中，消費者將繼續受到向上的吸引，他們將購買更好、最好的產品。這將有利於毛利率。我們確實相信—雖然我們的服務系列表現良好，但我們的設計服務可以做得更好，做得更多。

And when a designer engages with a customer, it's a benefit to the gross margin line. That would be a positive. We are doing a good job as we -- as Ersan and his team have done a good job of moving product from one vendor to another around the world. In some cases, we're seeing some margin benefit from that because we're able to buy it better. So that will be a good thing.

當設計師與客戶互動時，這會為毛利率帶來好處。那將是一件正面的事情。我們做得很好，因為 Ersan 和他的團隊在將產品從世界各地的一個供應商轉移到另一個供應商方面做得很好。在某些情況下，我們會從中看到一些利潤收益，因為我們能夠更好地購買。所以這將是一件好事。

On the things that could work against us as our commercial business gets stronger, that runs at a slightly lower gross margin. So if that grows at a faster rate, that would put a challenge on gross margin. And some of the adjacent categories that we're trying, we bring them in and they don't have -- they don't carry the same margin level. We're okay with that in some cases because there's not a heavy lift to sell them and. And they're just -- they -- they flow through above the store's operating margin, and we're okay with that.

隨著我們的商業業務變得更加強大，可能會對我們產生不利影響，那就是毛利率會略低。因此，如果成長速度更快，這將對毛利率帶來挑戰。我們正在嘗試的一些相鄰類別，我們將它們引入，但它們沒有 - 它們的利潤水平不同。在某些情況下，我們對此沒有意見，因為出售這些商品並不需要花費太多的力氣。而且它們只是——它們——它們的流量超過了商店的營業利潤率，我們對此沒意見。

So a long way around of we are running at a very high gross margin today. I don't believe that we peak, but I don't know when it improves. We've got to burn through two distribution centers next year. We've got a lot of other internal initiatives. But I -- there's no reason that we couldn't go higher from where we are today.

因此，我們今天的毛利率非常高。我不相信我們會達到頂峰，但我不知道什麼時候會改善。明年我們必須用完兩個配送中心。我們還有很多其他內部舉措。但我——沒有理由我們不能在目前的基礎上更上一層樓。

But it will be -- we're not ready to give an ultimate gross margin target, but I think it could be better, but there'll be -- it will be a slow line to get there.

但這將是——我們還沒有準備好給出最終的毛利率目標，但我認為它可能會更好，但這將是一條緩慢的路線。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

I'd love to follow up on the progression of comps in the second quarter and then even more into the back half. If I just think about tariffs coming in the majority of the product, I get 300 or 400 basis points of ticket if it were to flow through. Is it fair to say that you're expecting transactions growth or units per basket to go down to offset that with the comp trend remaining flattish?

我很樂意關注第二季以及後半段的進展。如果我只考慮大多數產品的關稅，那麼如果這些產品流過，我將獲得 300 或 400 個基點的票面收益。您是否預期交易量會成長或每籃子單位數會下降，以抵銷競爭趨勢保持平穩的影響？

This is Bryan. I'll take that. So yes, I mean, look, we've got a little bit of compression in our ticket assumed in the guide. We think there may be a little bit of pressure on job size, but transactions also are going to be down. So you're right.

這是布萊恩。我會接受的。是的，我的意思是，看，我們的票證中假設了一點壓縮。我們認為工作規模可能會面臨一點壓力，但交易量也會下降。所以你是對的。

Average ticket is still assumed to be up single digits to that mid-single digit. But within that, also with a little bit of compression in basket size or project size potentially embedded in the ticket. And then transactions obviously would be down low single digits to mid-single digits to get to that flat to down 2%.

預計平均票價仍將上漲個位數至中個位數。但在這其中，購物籃大小或項目大小也可能略有壓縮，並可能嵌入票據。然後交易量顯然會降低個位數到中等個位數，達到持平或下降 2% 的水平。

Remember, the hurricane had a benefit to average ticket and the hurricane had a benefit to transactions, and we'll be lapping that as we get past October.

請記住，颶風對平均票價有好處，颶風對交易也有好處，我們將隨著十月的到來而解決這個問題。

David Bellinger, Mizuho Securities.

瑞穗證券的戴維·貝林格。

I wanted to ask on Spartan Surfaces. I think you mentioned in the prepared remarks that you saw one of the best months in the company's history. That's despite all these external pressures we've been talking about throughout this call.

我想在 Spartan Surfaces 上詢問。我想您在準備好的演講中提到過，這是公司歷史上最好的月份之一。儘管我們在整個通話過程中一直在談論所有這些外部壓力，但情況仍然如此。

So what's behind that strength? Is there some new unlock that potentially enables a higher pace of growth from here? What's going on with Spartan and why that outperformed despite a still slow external macro here?

那麼這種實力的背後又是什麼呢？是否存在一些新的解鎖機會，有可能實現更高的成長速度？Spartan 發生了什麼事？為什麼儘管外部巨集仍然很慢，但它的表現仍然優異？

Yes. Just to build on Tom's comments from earlier, we are very pleased with Spartan. Love that business, very strong management team. And I think we've communicated in the past, there has been a shift from a vertical prioritization. We called it out in the prepared remarks, a big focus now on education, hospitality, health care and senior living.

是的。就湯姆之前的評論而言，我們對 Spartan 非常滿意。喜歡那家公司，管理團隊非常強大。我認為我們過去曾進行過溝通，優先順序已經從垂直方向發生了轉變。我們在準備好的演講中提到，現在專注於教育、酒店、醫療保健和老年生活。

We've moved away from multifamily or I should say, less focus on multifamily, which has certainly helped. And then the second piece, we've added some really good talent from a salesperson perspective. And while there is a ramp on that, generally, we are seeing nice returns from that investment.

我們已經不再關注多戶型住宅，或者應該說，不再關注多戶型住宅，這無疑有所幫助。第二部分，我們從銷售人員的角度增加了一些非常優秀的人才。儘管這一過程存在一定難度，但總體而言，我們從這項投資中獲得了不錯的回報。

Robby Ohmes, Bank of America.

羅比·歐姆斯（Robby Ohmes），美國銀行。

My question is I was hoping you could maybe compare and contrast what you're seeing between the homeowner customer and the pro customer. I mean the first side would be, is there any -- what have you seen in pull forward overall?

我的問題是，我希望您可以比較和對比一下房主客戶和專業客戶之間的差異。我的意思是，首先，有沒有──你在整體上看到了什麼？

And is there any difference between those two sides of the business? Is there any difference in what the pro is buying versus a homeowner in terms of that move towards better and best? Is there any -- do you think it stays 50-50? Or do you think the pro is going to keep moving up? Just would love to get thoughts on that.

那麼這兩個業務方面有什麼差別嗎？在追求更好和最佳方面，專業人士購買的東西和房主購買的東西有什麼區別嗎？有沒有——您認為它會保持 50-50 的比例嗎？或者您認為職業選手會繼續進步嗎？只是想聽聽對此的看法。

Thank God for our pros. We're very pleased with our professional business. Our businesses, when you look at it by day, the weekend are where we're under challenged, and that's where the homeowners, we need more homeowners engaged in the category. And we think existing home sales drive a lot of that homeowner interest. People fix up their home before or after they sell.

感謝上帝賜給我們優勢。我們對我們的專業業務感到非常滿意。從白天來看，我們的業務在周末面臨挑戰，而這正是房主面臨的挑戰，我們需要更多的房主參與這一領域。我們認為現有房屋的銷售在很大程度上激發了房主的興趣。人們在出售房屋之前或之後都會對其進行修繕。

So as long as that's under pressure, negative year over year, in that $3 million -- high $3 million range, that customer is going to be under pressure. The behavior of the two customers is not a lot different. When you look at when a homeowner comes in to buy and even what a professional buy, they're buying for a homeowner somewhere. And they continue to buy in the better and best sectors of our business. So we haven't seen a real change in behavior.

因此，只要面臨壓力，年比下降，在 300 萬美元至 300 萬美元的高點範圍內，客戶就會面臨壓力。兩位顧客的行為並沒有太大的差異。當您看到房主來購買房屋，甚至是專業人士購買時，他們都是為某個地方的房主購買的。他們繼續購買我們業務中更好、最好的部分。所以我們還沒有看到行為的真正改變。

The only change in behavior we saw with the homeowner is as existing home sales slow, they're doing smaller projects. They're doing backsplashes versus full kitchens. They're not doing the whole house. They're doing bathrooms. So that's it.

我們看到的房主行為的唯一變化是，隨著現有房屋銷售放緩，他們開始進行較小的項目。他們正在做後擋板而不是完整的廚房。他們沒有打掃整棟房子。他們正在建造浴室。就是這樣。

So we're doing everything we can to drive that homeowner interest. We're -- our marketing points towards making -- recreating new space, making dreams come true, showing off inspiration. We're putting a ton of emphasis behind our design initiative to get customers to engage in the category. But really pleased with what's going on with pro. Pleased with the what's going on with the homeowner.

因此，我們正在盡一切努力來激發房主的興趣。我們的行銷重點是創造新的空間，讓夢想成真，展現靈感。我們非常重視我們的設計計劃，以吸引客戶參與該類別。但我真的很高興看到專業版的進展。對房主的情況感到滿意。

We just want more of them in the store.

我們只是希望商店裡能有更多這樣的商品。

So with that, that is our last question, I'd like to thank everyone for joining us on the call today. For our associates who are listening to the call, thank you for all your hard work, for delivering excellent execution really on the financial side and on the soft side -- on the service side. We couldn't be happier. So we look forward to updating you on the next call. Thank you.

這是我們的最後一個問題，我想感謝大家今天參加我們的電話會議。對於正在收聽電話會議的同事，感謝你們的辛勤工作，感謝你們在財務方面以及軟體方面（服務方面）的出色表現。我們非常高興。因此，我們期待在下次通話中向您通報最新情況。謝謝。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。各方均可斷開連線。祝你有美好的一天。