Floor & Decor Holdings Inc (FND) 2025 Q3 法說會逐字稿

Greetings and welcome to the Floor & Decor Holdings, Inc., third-quarter 2025 Conference Call.

各位來賓，歡迎參加 Floor & Decor Holdings, Inc. 2025 年第三季電話會議。

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

（操作說明）提醒各位，本次會議正在錄音。

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

現在我榮幸地向大家介紹投資者關係高級副總裁韋恩·胡德。請繼續。

Thank you, operator. Good afternoon, everyone. Welcome to Floor & Decor's fiscal 2025 third-quarter earnings conference call.

謝謝接線生。大家下午好。歡迎參加 Floor & Decor 2025 財年第三季財報電話會議。

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.

今天與我一起參加電話會議的有：執行長湯姆·泰勒；總裁布拉德·保爾森；以及執行副總裁兼財務長布萊恩·蘭利。

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.

在開始之前，我想提醒大家注意公司的安全港條款。本次電話會議中發表的評論包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。任何提及對未來事件的預期、預測或其他描述的陳述，包括財務預測或未來市場狀況，都是前瞻性陳述。

These statements are subject to risk 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 our earnings release and in the company's SEC filings.

這些聲明存在風險和不確定性，可能導致實際未來結果與這些前瞻性聲明中表達的結果存在重大差異，原因包括但不限於我們在盈利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，過去的業績或市場資訊並不保證未來的結果。

During this conference call, the company will discuss certain non-GAAP financial measures. We believe these measures enable investors to better understand our core operating performance on a comparable basis between periods.

在本次電話會議中，公司將討論一些非GAAP財務指標。我們相信，這些措施能夠幫助投資人更了解我們不同時期核心經營績效的可比性。

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.

您可以在我們的投資者關係網站 ir.flooranddecor.com 上找到獲利新聞稿，其中包含了這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的調整表。

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

本次電話會議的錄音回放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.

現在我把電話交給湯姆。

Thank you, Wayne and everyone, for joining us on our fiscal 2025 third-quarter earnings conference call.

謝謝韋恩和各位參加我們2025財年第三季財報電話會議。

During today's conference call, Brad, Bryan, and I will discuss our third-quarter earnings highlights. Then, Bryan will share our thoughts about the remainder of fiscal 2025.

在今天的電話會議上，布拉德、布萊恩和我將討論我們第三季的收益亮點。接下來，布萊恩將分享我們對 2025 財年剩餘時間的看法。

Before we get started, I want to share some exciting news that was announced this afternoon, alongside our earnings release. I am thrilled to announce that our Board of Directors has appointed Brad Paulsen, currently serving as President, to succeed me as Chief Executive Officer and become a Member of the Board of Directors, effective at the start of our fiscal 2026 year.

在正式開始之前，我想和大家分享一些今天下午與我們的收益報告一同發布的令人興奮的消息。我很高興地宣布，董事會已任命現任總裁布拉德·保爾森接替我擔任首席執行官，並成為董事會成員，該任命將於 2026 財年開始生效。

I am looking forward to transitioning into the role of Executive Chair of the Board, where I will focus on shaping our long-term strategic vision and unlocking new avenues for growth. I am incredibly proud of what we accomplished over the past 13 years but we have even greater opportunities ahead.

我期待著過渡到董事會執行主席一職，屆時我將專注於塑造我們的長期策略願景，並開闢新的成長途徑。我為過去13年我們所取得的成就感到無比自豪，但我們未來還有更大的機會。

Brad is an excellent partner for that journey. From day one, his deep experience across retail, commercial, and services has been evident. He brings strengths and perspectives that complement mine and, more importantly, align with the needs of our future. He's a trusted partner, a proven leader, and someone I'm confident will lead our exceptional teams and guide our company forward with clarity and purpose.

布拉德是這段旅程的絕佳夥伴。從一開始，他在零售、商業和服務領域的豐富經驗就顯而易見。他擁有與我互補的優勢和視角，更重要的是，這些優勢和視角都符合我們未來的需求。他是一位值得信賴的合作夥伴，一位久經考驗的領導者，我相信他能夠帶領我們優秀的團隊，並以清晰的目標和方向引領公司向前發展。

Let me now pass the call over to Brad.

現在我把電話轉給布萊德。

Thanks, Tom.

謝謝你，湯姆。

Over the past eight months, I've had the privilege of working closely with Tom and our incredible team and gaining a deep understanding of Floor & Decor's unique culture and business model. I'm excited and honored to step into this role and lead our next phase of growth, scaling towards 500 warehouse stores and accelerating our Commercial flooring expansion.

在過去的八個月裡，我有幸與 Tom 和我們優秀的團隊密切合作，並深入了解了 Floor & Decor 獨特的企業文化和商業模式。我很榮幸也很興奮能夠擔任這個職位，領導我們進入下一個成長階段，將倉庫門市數量擴展到 500 家，並加速我們的商業地板業務擴張。

Our associates are the heart of this company. Together, we'll continue delivering an exceptional value and service to homeowners and pros across the country. I'm excited about what's ahead and grateful to the Board and Tom for the opportunity to help shape our future.

我們的員工是公司的核心。我們將繼續攜手為全國各地的房主和專業人士提供卓越的價值和服務。我對未來充滿期待，並感謝董事會和湯姆給我這個機會來幫助塑造我們的未來。

Let me now turn the call back to Tom.

現在我把電話轉回給湯姆。

Thanks, Brad.

謝謝你，布拉德。

Let's now turn to our third-quarter earnings results. We are pleased to report fiscal 2025 third-quarter diluted earnings per share of $0.053, a 10.4% increase over the prior year's $0.048. This result exceeded the high end of our guidance range and marks our second consecutive quarter of double-digit earnings per share growth, underscoring our operational discipline amid persistently soft demand in the hard surface flooring industry. Total sales grew 5.5% to $1,180,000,000, while comparable store sales declined 1.2% from the same period last year, approaching the low end of our expectations.

現在讓我們來看看第三季的獲利情況。我們很高興地宣布，2025財年第三季稀釋後每股收益為0.053美元，較上年同期的0.048美元成長10.4%。這項業績超過了我們預期範圍的上限，也是我們連續第二季實現兩位數的每股盈餘成長，這凸顯了我們在硬地面材料產業需求持續疲軟的情況下所展現出的營運紀律。總銷售額成長 5.5% 至 11.8 億美元，而同店銷售額較去年同期下降 1.2%，接近我們預期的下限。

We're proud of our disciplined expense management and gross margin performance, which reflect the successful execution of our tariff-mitigation strategies. We believe these efforts enable us to maintain healthy merchandising price gaps on like items compared with our competition, protect our profitability, and position ourselves strategically for accelerated growth when the hard surface flooring market rebounds.

我們為嚴格的費用管理和毛利率表現感到自豪，這反映了我們關稅緩解策略的成功執行。我們相信，這些努力使我們能夠與競爭對手保持同類商品健康的商品價格差距，保護我們的盈利能力，並在硬質地面材料市場反彈時，為加速增長做好戰略準備。

I want to acknowledge the focus, agility, and operational excellence our teams have demonstrated throughout this quarter and year. We are especially pleased to share that in September, our stores achieved their highest Net Promoter Scores ever, a clear reflection of the outstanding service they continue to deliver every day. Their ability to execute our strategies in an uncertain and complex environment has been a key driver of our performance and continues to reinforce the strength of our operating model.

我要表揚我們的團隊在本季和本年度所展現出的專注、敏捷和卓越的營運能力。我們尤其高興地宣布，9 月份，我們的門市獲得了有史以來最高的淨推薦值，這清楚地反映了他們每天持續提供的卓越服務。他們在不確定和複雜的環境中執行我們策略的能力一直是推動我們績效的關鍵因素，並不斷鞏固我們營運模式的優勢。

We remain confident that existing home sales and demand for hard surface flooring will recover over time. When that happens, we believe we'll be well-positioned with more stores, lower costs, greater market share, superior customer experience, and a leaner operating model. We're playing the long game with discipline and intention, as we build long-term earnings power.

我們仍然相信，現有房屋銷售和對硬地面材料的需求會隨著時間的推移而恢復。我們相信，屆時我們將擁有更多門市、更低的成本、更大的市場份額、更優質的客戶體驗和更精簡的營運模式，從而佔據有利地位。我們著眼長遠，以嚴謹的紀律和明確的目標，建立長期的獲利能力。

Let me now discuss our new warehouse format store growth. During the third quarter of fiscal 2025, we opened five new stores, with most opening later in the quarter. This expansion included re-entering the Charlotte market with our first store opening there in over two years; and establishing our presence in Myrtle Beach, South Carolina, our first entry into this market.

現在讓我來談談我們新的倉儲式門市模式的成長。在 2025 財年第三季度，我們開設了五家新店，其中大部分是在本季稍後開業的。擴張包括時隔兩年多重返夏洛特市場，在那裡開設了我們的第一家門市；以及在南卡羅來納州默特爾比奇建立業務，這是我們首次進入該市場。

Year to date, through the third quarter, we opened 12 new locations and closed one. ending the period with 262 stores, a 9% increase from 241 stores in the same period last year. We're on track to open 20 new stores in fiscal 2025, primarily across markets where we already have a presence; and plan to maintain this pace with another 20 openings in fiscal 2026.

今年截至第三季末，我們新開了 12 家門市，關閉了 1 家門市。截至該季度末，我們共有 262 家門市，比去年同期的 241 家門市成長了 9%。我們計劃在 2025 財年開設 20 家新店，主要集中在我們已經開展業務的市場；併計劃在 2026 財年保持這一速度，再開設 20 家新店。

To support our growth in the western region, we opened our fifth distribution center during the third quarter. A 1.1 million square foot facility in the Seattle-Tacoma metropolitan area. This addition enhances our supply chain capacity, further diversifies our ports of entry, and enables faster, more efficient service to our stores.

為了支持我們在西部地區的成長，我們在第三季開設了第五個配送中心。位於西雅圖-塔科馬都會區的一座佔地 110 萬平方英尺的設施。此次新增設施增強了我們的供應鏈能力，進一步豐富了我們的入境口岸，並為我們的門市提供了更快、更有效率的服務。

These openings, along with our expanded distribution capabilities, reflect our broader store growth strategy. We are deliberately maintaining flexibility to adjust the pace and location of new store openings in response to any near-term shifts in the economic and housing landscape, while capitalizing on emerging site opportunities.

這些新店的開業，以及我們不斷擴大的配送能力，體現了我們更廣泛的門市成長策略。我們有意保持靈活性，以便根據經濟和住房狀況的近期變化調整新店開幕的速度和地點，同時抓住新興的選址機會。

This agile, responsive approach enables us to optimize capital deployment amid the decline in the hard surface flooring category and reinforces our commitment to delivering sustainable long-term value for shareholders.

這種靈活、反應迅速的方法使我們能夠在硬地面材料市場下滑的情況下優化資本部署，並加強我們為股東創造可持續長期價值的承諾。

We're steadily advancing towards our long-term goal of operating 500 warehouse format stores across the United States.

我們正穩步朝著在美國各地開設 500 家倉儲式門市的長期目標邁進。

Our development pipeline reflects a strategic mix of store sizes and market types, including Tier 1 locations such as North Scottsdale, Arizona, which opened in September; and Staten Island, New York, scheduled to open next year. We're also expanding into smaller volume markets like Winston-Salem, North Carolina, and Boise, Idaho, where we've successfully tailored store footprints and assortments to meet expected local demand. Capital spending and operating expenses in these smaller volume markets are calibrated to meet our return thresholds.

我們的開發計劃體現了不同規模和市場類型的策略組合，包括一線城市，例如 9 月開業的亞利桑那州北斯科茨代爾，以及計劃明年開業的紐約州斯塔滕島。我們也在向北卡羅來納州溫斯頓-塞勒姆和愛達荷州博伊西等規模較小的市場擴張，並成功地調整了門市佈局和商品種類，以滿足當地預期的需求。在這些交易量較小的市場中，資本支出和營運費用都經過調整，以達到我們的回報門檻。

While these smaller volume locations have always been a deliberate part of our growth strategy, they are not expected to represent most of our store footprint, as we scale towards 500 locations. Most of our locations are expected to be in large and mid-sized markets.

雖然這些規模較小的門市一直是我們成長策略的有意組成部分，但隨著我們朝著 500 家門市的目標邁進，預計它們不會占我們門市總數的大部分。我們的大部分門市預計都將位於大中型市場。

We are pleased to have made meaningful progress in reducing our overall new store construction costs. The initial investment for our fiscal 2025 class of new stores is estimated to be about $1.5 million lower than our fiscal 2023 class, with further meaningful improvement expected for the Class of 2026.

我們很高興在降低新店建設總成本方面取得了實質進展。我們預計 2025 財年新店的初始投資將比 2023 財年新店的投資減少約 150 萬美元，預計 2026 財年新店的投資將進一步大幅改善。

The Class of 2026 will benefit from our efforts to reduce costs and optimize the store size over the past year, as well as more second-use sites in the pipeline. We are managing these costs diligently while continuing to invest in our stores, store experience, and associates to drive returns, as industry conditions improve.

2026 屆學生將受益於我們過去一年來為降低成本和優化門市規模所做的努力，以及更多正在籌建的二次利用場地。隨著產業狀況的改善，我們正在努力控制這些成本，同時繼續投資我們的門市、門市體驗和員工，以推動回報。

Our disciplined approach to expansion and capital allocation is validated by the performance of recent store classes. Despite persistent macroeconomic pressures and a prolonged downturn in the hard surface loin industry, our 2021 through 2024 store classes have achieved comparable store sales growth, even when accounting for cannibalization. This performance highlights the resilience of our business model and our ability to grow our market share in a declining market.

近期門市業績證明了我們嚴謹的擴張和資本配置方法是正確的。儘管宏觀經濟壓力持續存在，硬質表面腰肉產業也長期低迷，但即使考慮到蠶食效應，我們 2021 年至 2024 年的門市類別仍然實現了可比門市銷售成長。這項業績凸顯了我們商業模式的韌性，以及我們在市場下滑的情況下擴大市場佔有率的能力。

It's important to contextualize our results with the broader industry backdrop. We've been operating in an environment marked by sustained softness in consumer demand and limited category growth over the past few years. In addition to these macroeconomic pressures, we encountered construction and permitting delays in some large and mid-sized markets.

將我們的研究結果置於更廣泛的行業背景下進行解讀非常重要。過去幾年，我們一直處於消費者需求持續疲軟和品類成長有限的環境。除了這些宏觀經濟壓力之外，我們在一些大中型市場還遇到了建設和批准延誤的問題。

As a result, we elected to open more stores in small markets to mitigate these headwinds. Taken together, these factors have reshaped short-term performance benchmarks for first-year store opening. We recognize that we are not immune to their effects.

因此，我們選擇在小市場開設更多門市，以應對這些不利因素。綜合來看，這些因素已經重塑了新店開幕第一年的短期業績基準。我們意識到我們並非不受其影響。

While our new store classes are achieving comparable store sales and market share growth, average first-year sales among Classes of 2023, 2024, and 2025 are approximately $11 million, which is below our long-term target of $14 million to $16 million.

雖然我們的新門市類別實現了可比門市銷售額和市場份額的成長，但 2023 年、2024 年和 2025 年類別的平均第一年銷售額約為 1,100 萬美元，低於我們 1,400 萬美元至 1,600 萬美元的長期目標。

Nonetheless, this performance aligns with what we would anticipate in a contracting industry and what we believe could be trough-level performance.

儘管如此，這種表現符合我們對承包業的預期，也是我們認為的最低水準表現。

As a relatively young company, we're gaining experience with the full spectrum of flooring cycles. While we've seen what peak performance can look like coming out of COVID-19 period, with first-year store sales exceeding our long-term target range of $14 million to $16 million, this is our first time operating through a sustained downturn in the category.

作為一家相對年輕的公司，我們正在累積地板施工各個環節的經驗。雖然我們已經看到了新冠疫情后業績達到頂峰的景象，第一年的門市銷售額超過了我們設定的 1400 萬至 1600 萬美元的長期目標範圍，但這是我們第一次經歷該品類的持續低迷。

We know what trough-level ROI metrics look like and, importantly, how they continue to exceed our weighted average cost of capital. The actions we have taken strengthen our strategic edge and position us to accelerate growth and return metrics as the industry recovers.

我們知道低谷期的投資報酬率指標是什麼樣的，更重要的是，我們知道它們是如何持續超過我們的加權平均資本成本的。我們採取的行動增強了我們的策略優勢，使我們能夠在產業復甦之際加速成長並提高回報指標。

Let me now turn the call over to Brad.

現在我把電話交給布拉德。

Thanks, Tom.

謝謝你，湯姆。

I want to echo your appreciation for the incredible work our teams have delivered this quarter and year to date. In an environment marked by persistent housing market pressures and evolving consumer preferences, their ability to stay focused, agile, and customer-centric has been nothing short of exceptional.

我謹代表團隊，對本季和今年迄今所取得的卓越成就表示衷心的感謝。在房屋市場壓力持續存在、消費者偏好不斷變化的環境下，他們能夠保持專注、靈活和以客戶為中心，這堪稱卓越。

Achieving our highest ever net promoter scores in September is a clear signal that our focus on experience and engagement is resonating. It's also a reminder that even in a tough macro backdrop, excellence in execution drives loyalty, trust, and long-term growth.

9 月我們獲得了有史以來最高的淨推薦值，這清楚地表明，我們對體驗和參與度的關注正在產生共鳴。這也提醒我們，即使在嚴峻的宏觀環境下，卓越的執行力也能帶來忠誠、信任和長期成長。

Let me now discuss our fiscal 2025 third-quarter and early-fourth-quarter-to-date sales. Comparable store sales declined by 1.2% in the third quarter compared to the same period last year. On a monthly basis, comparable store sales decreased by 0.6% in July, 0.4% in August, and 2.2% in September, reflecting sustained pressure on discretionary spending from elevated 30-year mortgage rates, which remains stubbornly above 6% in stretched housing affordability.

現在讓我來談談我們 2025 財年第三季和第四季初至今的銷售情況。第三季同店銷售額較去年同期下降1.2%。按月計算，7 月同店銷售額下降 0.6%，8 月下降 0.4%，9 月下降 2.2%，反映出高企的 30 年期抵押貸款利率持續對可自由支配支出構成壓力，而該利率在住房負擔能力緊張的情況下仍然頑固地高於 6%。

Existing home sales continue to hover around an annualized pace of 4 million units, showing little meaningful improvement. These persistent housing market challenges, combined with a modestly tougher year-over-year October sales comparison and continued consumer preference for smaller projects, contributed to a 2% decline in our comparable store sales for the fourth quarter to date.

二手房銷售量繼續徘徊在每年 400 萬套左右，幾乎沒有任何實質改善。持續的房屋市場挑戰，加上 10 月同比銷售額略有下降，以及消費者繼續偏愛小型項目，導致我們第四季迄今的同店銷售額下降了 2%。

As a reminder: The fiscal 2024 fourth-quarter benefit toward comparable store sales from Hurricanes Helene and Milton was approximately 110 basis points, which makes for a more difficult fourth-quarter sales comparison in 2025. This is expected to contribute to a fiscal 2025 fourth-quarter decline in comparable store sales.

提醒一下：颶風海倫和米爾頓對 2024 財年第四季同店銷售額的貢獻約為 110 個基點，這使得 2025 年第四季的銷售額比較更加困難。預計這將導致 2025 財年第四季同店銷售額下降。

From a performance driver perspective, the third quarter decline in comparable store sales. It was driven by a 3% decrease in transaction, partially offset by a 1.8% increase in average ticket. The decline in transactions aligned with the midpoint of our expectations, while average ticket was at the low end of our guidance. The sequential decline in average ticket is primarily due to changes in our product mix.

從業績驅動因素來看，第三季同店銷售額下降。交易量下降 3%，部分被平均客單價上漲 1.8% 抵銷。交易量下降幅度與我們預期的中位數相符，而平均客單價則處於我們預期範圍的下限。平均客單價季減主要是因為產品組合的變化。

Regionally, third-quarter comparable store sales in the West Division continue to outperform the company average for both the quarter and year to date, underscoring the relative strength of that division.

從區域來看，西部地區第三季同店銷售額持續優於公司本季和年初至今的平均水平，凸顯了該地區的相對優勢。

Looking ahead, we remain committed to delivering a strong value proposition through our low prices and differentiated high-quality range of flooring solutions and services that inspire our customers and drive sustainable long-term growth.

展望未來，我們將繼續致力於透過低廉的價格和差異化的高品質地板解決方案和服務，為客戶創造強大的價值，並推動可持續的長期成長。

Throughout the year, we've continued to launch innovative products and programs tailored to meet the evolving needs of our diverse customer base. These offerings feature fresh designs, expanded color palettes, enhanced textures, and heightened realism, authentically capturing the look and feel of natural materials.

在過去的一年中，我們不斷推出創新產品和項目，以滿足我們多元化客戶群不斷變化的需求。這些產品採用全新設計、擴展的色彩範圍、增強的紋理和更高的逼真度，真實地捕捉了天然材質的外觀和觸感。

Some of our core strategic priorities for the year remain unchanged and include rolling out kitchen cabinets to approximately 200 stores by the end of 2025, expanding our outdoor and pool product assortments to around 80 stores, and growing our XL slab program to nearly 200 locations.

今年我們的一些核心策略重點保持不變，包括到 2025 年底將廚房櫥櫃推廣到大約 200 家門市，將我們的戶外和泳池產品系列擴展到大約 80 家門市，以及將我們的 XL 板材計劃擴展到近 200 個地點。

Turning to our design services and connected customer pillars of growth, design services continue to deliver robust year-over-year sales growth fueled by sustained increases in customer transactions. Both total and comparable store sales for design services significantly outperform the company for the quarter and year to date. We view design services as a competitive moat, a differentiated capability anchored in deep customer engagement, project-based selling, and operational excellence.

回到我們的設計服務和相關的客戶成長支柱，設計服務在客戶交易持續成長的推動下，持續實現強勁的年比銷售成長。設計服務的總銷售額和同店銷售額均顯著優於公司本季和今年迄今的整體業績。我們認為設計服務是一項競爭優勢，一種以深度客戶互動、專案式銷售和卓越營運為基礎的差異化能力。

Our top-performing stores consistently demonstrate strong leadership involvement, collaborative team culture, and disciplined execution across staffing, training, and task management. Some of the biggest wins come from following up on open quotes, where our sales teams actively connect customers with designers to drive conversion and attachment.

我們業績最好的門市始終展現出強大的領導參與、協作的團隊文化以及在人員配備、培訓和任務管理方面的嚴謹執行。一些最大的成功來自於跟進未完成的報價，我們的銷售團隊積極地將客戶與設計師聯繫起來，以推動轉換和建立合作關係。

Looking ahead, we expect continued momentum by prioritizing quote follow-up and enhancing our sales mix across adjacent categories and installation materials.

展望未來，我們期待透過優先跟進報價和增強相鄰類別及安裝材料的銷售組合，繼續保持成長勢頭。

In the third quarter, connected customer sales rose 2% year over year, representing 18.8% of total sales. Connected customer average ticket continued to grow from last year, while transactions remain under pressure.

第三季度，連網客戶銷售額年增 2%，佔總銷售額的 18.8%。聯網客戶的平均客單價較去年持續成長，但交易量仍面臨壓力。

Turning my comments to pro and homeowner sales, sales to pro customers rose year over year in the third quarter, modestly outpacing overall company growth and representing approximately 50% of total sales. Comparable store sales for pros were essentially flat versus the same period last year, driven by a slight decline in transactions and a small increase in average ticket.

談到專業人士和房主的銷售情況，第三季的專業客戶銷售額年增，略微超過了公司整體的成長速度，約佔總銷售額的 50%。受交易量略有下降和平均客單價小幅上漲的影響，專業用戶的同店銷售額與去年同期基本持平。

These results aligned with direct feedback from our pro customer base, who cite economic headwinds and reduced activity and remodels. Reflecting these dynamics, we continue to see a shift towards smaller projects, such as tile-focused bathroom projects, kitchens, and restoration work.

這些結果與我們專業客戶群的直接回饋相符，他們指出經濟逆風以及活動和改造減少。受這些動態的影響，我們繼續看到專案規模逐漸縮小，例如以瓷磚為主的浴室專案、廚房和修復工作。

Pro satisfaction remains high, with strong engagement across tile, insulation materials, and wood categories, underscoring their loyalty beyond a single category. Our product quality, service, and in-stock reliability remain strong with pros.

專業客戶滿意度仍然很高，在瓷磚、保溫材料和木材等各個類別中都表現出了很強的參與度，這凸顯了他們對單一類別之外的客戶忠誠度。我們的產品品質、服務和庫存可靠性在專業人士中依然保持強勁勢頭。

Meanwhile, comparable store sales among homeowners, though still negative, showed meaningful sequential improvement in the third quarter. This was fueled by improvement in new and returning customers, supported by targeted campaigns, and data-informed meet-up planning.

同時，雖然房主同店銷售額仍為負值，但第三季較上季出現了顯著改善。這得歸功於新舊客戶的增加，以及有針對性的行銷活動和數據驅動的見面會策劃。

Finally, let me discuss our Commercial business. Amid ongoing softness in Commercial multifamily housing projects, Spartan Surfaces delivered 13.3% year-over-year sales growth in the third quarter.

最後，我想談談我們的商業業務。儘管商業多戶住宅項目持續疲軟，但 Spartan Surfaces 第三季仍實現了 13.3% 的同比增長。

Many multifamily developers have sequentially paused or delayed purchase orders due to tighter financing, elevated construction costs, and cautious capital markets. This slowdown has contributed to elevated promotional activity in luxury vinyl tile, a category heavily used in multifamily applications.

由於融資收緊、建築成本上升和資本市場謹慎，許多多戶住宅開發商已陸續暫停或推遲購買訂單。這種經濟放緩促使豪華乙烯基瓷磚的促銷活動增加，該品類在多戶住宅應用中被廣泛使用。

(inaudible) growing presence in high-specification sectors, such as healthcare, education, hospitality, and senior living helps mitigate some of these headwinds.

（聽不清楚）在醫療保健、教育、酒店和養老等高規格行業的日益增長的影響力有助於緩解這些不利因素。

Let me now turn the call over to Brian.

現在我把電話交給布萊恩。

Thank you, Tom and Brad.

謝謝湯姆和布拉德。

Our third-quarter results underscore the strength of our operating model and our disciplined approach to growth and expense management. Our balance sheet remains a source of strength.

第三季業績凸顯了我們營運模式的優勢以及我們在成長和費用管理方面採取的嚴謹方法。我們的資產負債表依然穩健。

We ended the quarter with $893.5 million in unrestricted liquidity, including $204.5 million in cash and cash equivalents, reinforcing our financial flexibility and capacity to invest in growth, capture market share, and deliver long-term value for shareholders, even amid a challenging demand environment.

本季末，我們擁有 8.935 億美元的非限制性流動資金，其中包括 2.045 億美元的現金及現金等價物，這增強了我們的財務靈活性和投資增長、獲取市場份額以及為股東創造長期價值的能力，即使在充滿挑戰的需求環境下也是如此。

Now, let's walk through the key changes in our third-quarter income statement, balance sheet, and statement of cash flows.

現在，讓我們一起來看看第三季損益表、資產負債表和現金流量表中的主要變化。

Our fiscal 2025 third-quarter gross margin rate decreased by approximately 10 basis points to 43.4% from 43.5% in the same period last year, in line with our expectations. The year-over-year decrease is primarily due to an increase in distribution center costs, from the opening of our Seattle distribution center and costs related to the future opening of our second Baltimore distribution center. These costs impacted the third quarter by approximately 90 basis points, partially offset by favorable product margin. The sequential decrease in our gross margin rate from 43.9% in the second quarter was primarily due to the increase in our distribution center cost.

我們2025財年第三季的毛利率較去年同期下降約10個基點至43.4%，而去年同期為43.5%，這與我們的預期相符。年比下降主要是由於配送中心成本增加，包括西雅圖配送中心的開業成本以及與未來在巴爾的摩開設第二個配送中心相關的成本。這些成本對第三季業績產生了約 90 個基點的影響，但部分被有利的產品利潤率所抵銷。我們的毛利率從第二季的 43.9% 環比下降，主要是由於配送中心成本增加所致。

Our fiscal 2025 third-quarter selling and store operating expenses increased by 7.3% to $363.8 million from the same period last year, better than our expectations. The growth in selling and store operating expenses is primarily driven by an increase of $30.1 million from non-comparable stores. As a percentage of sales, these expenses rose approximately 50 basis points to 30.8%, a modest increase that came in better than expected.

我們 2025 財年第三季的銷售和門市營運費用比去年同期成長 7.3%，達到 3.638 億美元，優於我們的預期。銷售和門市營運費用的成長主要是由於非同店銷售額增加 3,010 萬美元所致。這些費用佔銷售額的百分比上升了約 50 個基點，達到 30.8%，這是一個小幅增長，好於預期。

This deleverage was mainly due to new store openings and a decline in comparable store sales. We were pleased with how we diligently managed expenses among our mature stores compared to the same period last year.

這種去槓桿化主要是因為新店開幕和同店銷售下降所造成的。與去年同期相比，我們對成熟門市的支出管理感到滿意。

Our fiscal 2025 third-quarter general and administrative expenses of $67.6 million were flat compared to the same period last year, slightly better than our expectations. As a percentage of sales, general and administrative expenses decreased by approximately 40 basis points to 5.7%, primarily driven by the leverage of our general administrative costs on higher net sales.

我們 2025 財年第三季一般及行政費用為 6,760 萬美元，與去年同期持平，略優於我們的預期。佔銷售額的百分比，一般及行政費用下降了約 40 個基點，至 5.7%，這主要是由於我們的一般行政成本利用了更高的淨銷售額。

We are pleased that our expenses were flat to last year, while we continue to open stores and see sales growth.

我們很高興看到，在繼續開設新店並實現銷售成長的同時，我們的支出與去年持平。

Our fiscal 2025 third-quarter pre-opening expenses decreased by 32.2% to $8.6 million from the same period last year, in line with our expectations. The decrease was primarily due to a decrease in the number of stores that we opened and lower relocation expenses compared to the corresponding prior year period.

我們 2025 財年第三季開業前支出較去年同期下降 32.2% 至 860 萬美元，符合我們的預期。與去年同期相比，營業額下降的主要原因是新開店數量減少以及搬遷費用降低。

Our fiscal 2025 third-quarter net interest expense increased by $0.4 million to $0.6 million from the same period last year, better than our expectations. The increase in interest expense is due to a decrease in interest capitalized, partially offset by lower average interest rates and lower average outstanding borrowings.

我們 2025 財年第三季淨利息支出較去年同期增加 40 萬美元至 60 萬美元，優於我們的預期。利息支出增加是由於利息資本化減少，但部分被平均利率下降和平均未償借款減少所抵銷。

Our fiscal 2025 third-quarter effective tax rate decreased to 19.8% from 21.8% in the same period last year, better than our expectations. The decrease is primarily due to lower state income taxes and higher federal tax credits. The favorability to our expectations in interest expense and tax expense contributed approximately $0.002 of benefit to diluted earnings per share below operating income.

我們 2025 財年第三季的實際稅率從去年同期的 21.8% 降至 19.8%，優於我們的預期。下降的主要原因是州所得稅降低和聯邦稅收抵免增加。利息支出和稅收支出符合預期，這為稀釋後每股收益帶來了約 0.002 美元的收益，低於營業收入。

Our fiscal 2025 third -quarter adjusted EBITDA increased 4.4% to $138.8 million. Our third-quarter adjusted EBITDA margin rate was 11.8%, a decline of approximately 10 basis points, primarily due to expense deleverage from the decline in our comparable store sales.

我們 2025 財年第三季調整後 EBITDA 成長 4.4% 至 1.388 億美元。我們第三季調整後的 EBITDA 利潤率為 11.8%，下降了約 10 個基點，主要原因是同店銷售額下降導致費用槓桿化降低。

Moving on to our balance sheet and cash flow, at the end of the third quarter, inventory increased by approximately 2.8% to $1.2 billion compared to December 26, 2024, and was up 11.3% year over year. The year-over-year increase was primarily driven by new stores and the need to support the opening of our new Seattle distribution center. Despite the inventory build and the decline in trade accounts payable, we generated $257.8 million of net cash from operating activities year to date.

接下來來看我們的資產負債表和現金流量，截至第三季末，庫存較 2024 年 12 月 26 日成長約 2.8%，達到 12 億美元，年成長 11.3%。同比成長主要由新店開幕和支持西雅圖新配送中心開幕的需求所推動。儘管庫存增加且應付帳款減少，但我們今年迄今的營運活動仍產生了 2.578 億美元的淨現金。

Turning to our fiscal 2025 outlook, with two months left in fiscal 2025, we anticipate little divergence from the prevailing housing sector trends. Consumer spending is likely to remain restrained, particularly on big-ticket discretionary durable goods, with a preference for smaller scale projects. Recent indicators suggest that the existing home sales market may be stabilizing, as mortgage rates have moved lower and may continue to ease.

展望 2025 財年，2025 財年還剩兩個月，我們預計不會與目前的房屋產業趨勢有太大出入。消費者支出可能仍將受到抑制，尤其是在高價非必需耐用品方面，而更傾向於規模較小的項目。近期跡象表明，二手房銷售市場可能正在趨於穩定，因為抵押貸款利率已經下降，並且可能繼續走低。

September existing home sales rose 1.5% month over month and 4.1% year over year, holding steady at approximately 4.06 million units. This consistency may signal and inflection point, as we head into 2026.

9 月成屋銷售較上季成長 1.5%，年增 4.1%，維持穩定約 406 萬套。這種穩定性可能預示著2026年將出現轉折點。

While signs of stabilization are emerging, we believe the strength and slope of any recovery remain uncertain, reflecting broader macroeconomic crosscurrents and evolving customer sentiment.

儘管出現了穩定跡象，但我們認為復甦的力度和速度仍然不確定，這反映了更廣泛的宏觀經濟和不斷變化的消費者情緒。

Let me now discuss our updated fiscal 2025 earnings guidance. Total sales are expected to be in the range of $4,660,000,000 to $4,710,000,000 or increase by 5% to 6% from fiscal 2024. We are planning to open 20 new warehouse format stores.

現在讓我來談談我們更新後的2025財年獲利預期。預計總銷售額將在 46.6 億美元至 47.1 億美元之間，比 2024 財年增長 5% 至 6%。我們計劃開設20家新的倉儲式門市。

Comparable store sales are estimated to be down 2% to down 1%. Average ticket comp is estimated to be up low-single digits. Transaction comp is estimated to be down low- to mid-single digits. The gross margin rate is expected to be approximately 43.6% to 43.7%.

同店銷售額預計下降 2% 至 1%。平均而言，門票折扣預計將增長個位數百分比。交易額較去年預計將下降個位數百分比。預計毛利率約為 43.6% 至 43.7%。

As a reminder: Our gross margin rate is expected to be adversely impacted by approximately 70 basis points for fiscal 2025 from the two new distribution centers, which is incorporated into our guidance. The impact was approximately 30 basis points in Q1, 60 basis points in Q2, 90 basis points in Q3, and estimated to be approximately 100 basis points in Q4.

再次提醒：由於兩個新的配送中心，預計我們 2025 財年的毛利率將受到約 70 個基點的不利影響，這已納入我們的業績指引。第一季影響約為 30 個基點，第二季影響約為 60 個基點，第三季影響約為 90 個基點，預計第四季影響約為 100 個基點。

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

銷售和門市營運費用佔銷售額的百分比估計約為 31.5%。該指引假設，由於新店開業的時間表，我們第一季和第四季的利率壓力最大。

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.

一般及行政費用佔銷售額的比例預計約為 6%。一般及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。

As a reminder: The fourth quarter of fiscal 2024 included a benefit of $6.8 million or $0.005 of earnings per share related to a derivative litigation settlement.

提醒一下：2024 財年第四季包含與衍生訴訟和解相關的 680 萬美元收益，即每股收益 0.005 美元。

Reopening expenses as a percentage of sales are estimated to be approximately 0.6%. Interest expense, net, is expected to be approximately $4 million. Tax rate is expected to be approximately 21%. Depreciation and amortization expense is expected to be approximately $240 million. Adjusted EBITDA is expected to be approximately $530 million to $545 million. Diluted earnings per share is estimated to be in the range of $1.87 to $1.97. The looted weighted average shares outstanding is estimated to be approximately 108.5 million shares.

重新開業的費用預計佔銷售額的0.6%左右。預計淨利息支出約 400 萬美元。預計稅率約為21%。預計折舊和攤提費用約為 2.4 億美元。調整後 EBITDA 預計約 5.3 億美元至 5.45 億美元。稀釋後每股收益預計在 1.87 美元至 1.97 美元之間。被掠奪的加權平均流通股數量估計約為 1.085 億股。

Moving on to our capital expenditures, our fiscal 2025 capital expenditures are planned to be in the range of $280 million to $300 million, including capital expenditures accrued.

接下來談談我們的資本支出，我們 2025 財年的資本支出計畫在 2.8 億美元至 3 億美元之間，其中包括已提列的資本支出。

We intend to open 20 warehouse format stores and begin construction on stores opening in fiscal 2026. Collectively, these investments are expected to require approximately $180 million to $200 million.

我們計劃開設 20 家倉儲式門市，並於 2026 財年開始興建門市。這些投資預計總共需要約 1.8 億美元至 2 億美元。

We plan to invest approximately $20 million in new distribution centers in Seattle and Baltimore. We intend to invest approximately $45 million in existing stores and existing distribution centers. Finally, we plan to continue to invest in information technology infrastructure, e-commerce, and other store support center initiatives using approximately $35 million.

我們計劃在西雅圖和巴爾的摩投資約 2,000 萬美元建造新的配送中心。我們計劃投資約 4,500 萬美元用於現有門市和現有配送中心。最後，我們計劃繼續投資約 3500 萬美元用於資訊技術基礎設施、電子商務和其他門市支援中心項目。

Additionally, we anticipate incurring approximately $30 million in deferred SaaS ERP implementation costs, which are included in other long-term assets and not in capital expenditures.

此外，我們預計將產生約 3,000 萬美元的遞延 SaaS ERP 實施成本，這些成本計入其他長期資產，而不是資本支出。

Before we turn it over for questions, I'd like to take a moment to recognize and thank our associates across the organization. The results we've discussed reflect their continued commitment to operational excellence and to delivering outstanding service to our customers. Their efforts remain pivotal to our success and are fundamental to the strength of our current performance and in driving our long-term growth.

在進入提問環節之前，我想藉此機會感謝我們整個組織的同事們。我們討論的結果反映了他們對卓越營運和為客戶提供優質服務的持續承諾。他們的努力對我們的成功至關重要，是我們當前業績強勁和推動我們長期成長的根本所在。

Operator, we would now like to take questions.

操作員，現在我們來回答問題。

Christopher Horvers, J.P. Morgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks. Good evening.

謝謝。晚安.

Tom, you're rightly viewed by investors as a Founder, CEO for Floor & Decor. The business model and culture really took off when you got involved in it and it got better as you built. Whether valid or not, the extended period of subdued sales and the impact on lower new store productivity that you talked about is also coincident with the timing of you stepping back to the Executive Chair role, while there's a bigger emphasis on growing Commercial as a company growth driver.

湯姆，投資者們把你視為 Floor & Decor 的創始人兼首席執行官，這是理所當然的。當你參與其中時，商業模式和企業文化才真正開始蓬勃發展，並且隨著你的加入而不斷改進。無論這種說法是否屬實，您提到的銷售長期低迷以及對新店生產力降低的影響，也恰好與您重新擔任執行主席一職的時間相吻合，同時公司也更加重視將商業發展作為公司增長的驅動力。

So how do you respond to investors that might perceive the timing as something more concerning, regarding the timing of a potential recovery or the core store growth opportunity?

那麼，對於那些可能對潛在復甦的時機或核心門市成長機會的時機感到擔憂的投資者，您該如何回應？

Chris, I would say -- look, I appreciate your opening comments. It's been -- yeah, Floor & Decor is certainly near and dear to my heart but I'm not going anywhere.

克里斯，我想說——你看，我很感謝你的開場白。是的——沒錯，Floor & Decor 對我來說意義非凡，但我不會離開。

We were fortunate to find Brad. Brad has come in and hit the ground running. He's got a proven track record. He's been accepted by our team. We've got an excellent team in place.

我們很幸運找到了布拉德。布拉德一加入團隊就迅速進入工作狀態。他擁有出色的業績記錄。他已被我們團隊接納。我們擁有一支非常優秀的團隊。

I felt like, now, to let you know, you can't thread the needle on when the market's going to recover perfectly but I'm not going anywhere. Brad and I are a partnership. We're going to work side by side to continue to grow the business.

我覺得，現在，要告訴你的是，你無法準確預測市場何時會完全復甦，但我不會離開。布萊德和我是合夥人。我們將攜手合作，持續發展業務。

I explained my thoughts on the new store productivity. We tried to outlay it the best that we could. We know what the trough period looks like. We've got a good group of stores for next year. We've taken more costs out. We think the class of next year, the cost will be less than they are even this year, which is significantly down since 2023.

我闡述了我對新門市生產力的看法。我們盡力把它安排得井井有條。我們知道低谷期是什麼樣子。我們明年已經有一批不錯的門市了。我們進一步削減了成本。我們認為明年這屆學生的費用會比今年還要低，而今年的費用自 2023 年以來已經大幅下降。

I said, a couple of calls ago, that we were going to start to make sure that we're pivoting into more mid-tier and top-tier markets. Our Class of '26 represents that.

我在之前的幾次電話會議中說過，我們將開始確保我們向更多的中高端市場轉型。我們2026屆的畢業生就體現了這一點。

We're a young company, as I said in the script. We're learning what a peak period looks like, what a trough period looks like. And so I am comfortable, at the time of the transition. Brad's the right guy to lead the next chapter of our company.

正如我在劇本裡所說，我們是一家年輕的公司。我們正在了解高峰期是什麼樣子，低谷期是什麼樣子。因此，在過渡時期，我感到很自在。布拉德是帶領我們公司開啟下一個篇章的合適人選。

And then, this gives me plenty of opportunity to work on what's next. There's a lot to do on the growth side. I'm excited to roll my sleeves up and spend more time on that side of the business.

這樣一來，我就有充足的時間來著手下一步的工作了。在成長方面還有很多工作要做。我很興奮能擼起袖子，花更多時間在這方面工作上。

Thanks, I appreciate that response.

謝謝，我很感激您的回覆。

As you think about -- if you just take mortgage rates now and think about what that might do to existing home sales in '26 versus where we are year to date to your point on maybe we are at trough, it looks like maybe existing home sales could be up 3% to 4%, even if we hold around a [low-6%] mortgage rate.

仔細想想——如果只考慮現在的抵押貸款利率，想想這會對 2026 年的二手房銷售產生什麼影響，再看看今年到目前為止的情況，正如你所說，我們可能已經觸底了，即使抵押貸款利率保持在 [6% 左右]，二手房銷售似乎也可能增長 3% 到 4%。

How do you think about -- what does the comp look like? What does the business look like in that environment? On one hand, does the new store waterfall make that a bigger number than the 3% to 4%? But on the other hand, there's some big markets of yours like Texas and Florida where there's actually -- home prices are going down, affordability, maybe overbuilding -- and that could be a headwind?

你覺得──比賽會是什麼樣子？在這種環境下，企業的業務狀況如何？一方面，新的門市瀑布式銷售模式是否會使這個數字超過 3% 到 4%？但另一方面，像德州和佛羅裡達州這樣的一些大市場，實際上存在房價下降、住房負擔能力下降、可能存在過度建設等問題，這可能會成為一個不利因素？

So how do you wrap that all in in a hypothetical 3% to 4% existing home sales environment next year?

那麼，在明年二手房銷售成長率假設為 3% 至 4% 的情況下，你該如何將所有這些因素納入考量呢？

First, I'll preface my comments with it's too early to talk about next year. I've said over the last couple of quarters, at least, that I believe that if existing home sales are comping positive, that gives the company a good shot to comp positive. We're modestly up -- and we're modestly up for one month. Let's see how sustained that is.

首先，我要說明的是，現在談論明年還為時過早。至少在過去的幾個季度裡，我一直認為，如果現有房屋銷售實現正成長，那麼公司就有很大的機會實現正成長。我們略有成長——而且這種小幅成長只持續了一個月。讓我們看看這種情況能持續多久。

We do feel good that existing home sales are starting to show a little signs of life. We'd like them to show more signs of life. But I believe if in the country or across the country, if existing home sales are comping positively, then we have a good ability to comp.

我們很高興看到二手房銷售開始出現一些復甦跡象。我們希望它們能表現出更多生命跡象。但我相信，如果全國現有房屋銷售情況良好，那麼我們就有很強的競爭力。

We still are opening new stores. That does have a little bit of a benefit on the waterfall. It's not what it was four years ago, five years ago but it's still a benefit.

我們仍在開設新店。這對瀑布流確實有一定好處。雖然不如四年前、五年前那麼好，但仍然是有益的。

As I said in my comment too, all the stores we've opened in the last three classes, even with us opening stores around some of them, they're all still comping as a class. Each class is comping positive.

正如我在評論中所說，我們在過去三屆課程中開設的所有門市，即使我們在某些​​門市周圍開設了門市，它們仍然作為一個整體在盈利。每個班級的成績都是正面的。

The fact that almost 50% of our stores are less than five years old, if we can get a little bit of benefit of existing home sales and the newness of those stores, I believe we can post a good comp.

鑑於我們近 50% 的門市開業時間不到五年，如果我們能從現有的房屋銷售和這些新店的優勢中稍微獲益，我相信我們可以取得不錯的業績。

But we're not ready to talk about '26. We're still in the planning process. But that's my early read.

但我們還沒準備好談2026年。我們仍在規劃階段。但這只是我初步的解讀。

Thanks so much.

非常感謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi. This is Zach, on for Simeon. Thanks for taking our questions.

你好。這是紮克，他代表西蒙上場。謝謝您回答我們的問題。

Home equity lines of credit are starting to rise so are there any signs the funds are being used or deployed towards flooring or may be able to do so in the near term?

房屋淨值信貸額度開始上升，是否有任何跡象表明這些資金正在用於或可能在短期內用於地板鋪設？

Well, when home equity lines -- this is Tom -- increase, that's usually good for home improvement. I'd say it's too early to say.

嗯，當房屋淨值貸款額度（我是湯姆）增加時，通常對房屋裝修是有利的。我覺得現在下結論還太早。

We are seeing -- when you look across the country, we are seeing good green shoots in lots of our regions where we're seeing positive same-store sales growth. So that could be some benefit of it. But it's really early to tell.

放眼全國，我們看到許多地區都出現了良好的復甦跡象，同店銷售額實現了正成長。所以這可能是它的一個好處。但現在下結論還為時過早。

Historically, that would say, if home equity lines are increasing and people are taking money out of their homes, they're going to reinvest in home improvement. That should be good for us over the long term.

從歷史經驗來看，如果房屋淨值貸款額度增加，人們從房屋中提取資金，他們就會將資金再投資於房屋裝修。從長遠來看，這應該對我們有利。

That's helpful. Just as a quick follow-up, appreciate the color you've given on the new store performance by vintage, can you speak to how you're able to attribute the slowdown to a contracting industry versus something else, like, potentially greater competition or something like that?

那很有幫助。作為後續問題，我很欣賞您對新店按年份劃分的業績所做的分析，您能否談談您是如何將業績放緩歸因於行業萎縮，而不是其他因素，例如競爭加劇或其他類似因素？

I would say it's much more a contracting issue. when you look across the competitive landscape of publicly reported flooring retailers to the manufacturers of hard surface flooring, everyone's been in a negative environment and our total growth has been positive.

我認為這更多的是一個收縮問題。縱觀公開揭露的地板零售商和硬地面材料製造商的競爭格局，每個人都處於不利的環境中，而我們的整體成長卻是正的。

So it's just -- we're opening stores in small -- over the last few years, we've opened stores in smaller markets, the declining market, and where the competitors seem to be doing worse than Floor & Decor is. So that's why I feel confident that as the market turns, our new store performance will improve from where it is today.

所以，我們只是——在過去幾年裡，我們在較小的市場、下滑的市場以及競爭對手似乎比 Floor & Decor 做得更差的地區開設了門市。所以，我相信隨著市場好轉，我們新店的業績會比現在有所改善。

That's a portfolio number. We still have new stores, even the past three classes, that have performed very well in their first-year sales in highly competitive markets. So we know that we still see that even today.

這是一個投資組合數字。我們仍然有一些新店，甚至包括最近三屆新店，在競爭激烈的市場中，第一年的銷售表現都非常出色。所以我們知道，即使在今天，這種情況仍然存在。

And so we do believe it's the market backdrop.

所以我們認為這是市場環境造成的。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good evening. Thank you very much for taking my question.

晚安.非常感謝您回答我的問題。

The narrative for a long time is the longer the downturn that goes on, the more likely it is that F&D was going to gain share from the independents and regional chains closing. There has been some store closings, like (inaudible) Flooring. You now have Tile Shop de-listing. You're attributing the weakness just to malaise across the flooring category but it does seem like your same-store sales are getting worse.

長期以來，人們普遍認為，經濟低迷持續的時間越長，食品和飲料就越有可能從倒閉的獨立零售商和區域連鎖店獲得市場份額。有些商店已經關門了，例如（聽不清楚）地板店。您現在已將 Tile Shop 下架。您將這種疲軟歸咎於整個地板品類的低迷，但您的同店銷售額似乎確實在惡化。

Why, in light of all of that, are you seeing a degradation in the trend?

鑑於以上所有因素，您為何認為這種趨勢正在惡化？

Yeah. I don't believe, Michael, they're getting that much worse. We're bouncing along the bottom.

是的。邁克爾，我不認為情況會惡化到那種程度。我們正在底部徘徊。

Last quarter, we posted a positive comp. This quarter, slightly down at a [1.2]. I would tell you: All the data points that we look at from the standpoint of how hard surface flooring is doing, we seem to be doing better.

上個季度，我們實現了正成長。本季略有下降[1.2]我會告訴你：從硬地面材料的表現來看，我們所有的數據點都表明，我們做得越來越好了。

To be able to grow last quarter as a total company over 5% and when hard surface flooring continues to be like in a recessionary period, I think we're doing better than the people we're competing with.

上個季度公司整體成長率超過 5%，而硬地面材料市場在經濟衰退時期依然低迷，我認為我們比競爭對手做得更好。

Michael, when you look at it on a two-year stack, every quarter is sequentially improving. That's something to keep in mind too, as we continue to go through this and things start to stabilize. We've been on a downward trajectory so the comps become a much harder compare as we move throughout this process.

邁克爾，如果你從兩年的時間跨度來看，每季都在逐季改善。這也是我們需要牢記的一點，因為我們將繼續經歷這一切，並且情況會開始穩定下來。我們一直處於下滑趨勢，因此隨著這個過程的推進，比較的難度也越來越大。

So I think Q1 was a negative [13.3] on a two-year stack. Q2 was a negative [8.6]. Q3 was a negative [7.6]. Even at the low end of guide, it's implied that that will improve into Q4.

所以我認為，在兩年的股票組合中，第一季虧損了13.3%。第二季結果為負。[8.6] 第三季結果為負[7.6].即使按照指引值的下限來看，也暗示著第四季情況會有所改善。

Your guidance does imply quite a significant improvement in the two-year stack. What is driving your optimism? Are you seeing any signs that the big boxes are becoming more aggressive in exploring end, related categories that would necessitate you responding and sacrificing some gross margin in the process? Thank you.

您的指導確實意味著兩年的技術堆疊會有相當大的改進。是什麼讓你如此樂觀？您是否發現任何跡象表明，大型零售商在探索末端相關類別方面變得更加積極主動，這需要您做出回應，並在過程中犧牲一些毛利率？謝謝。

Look, it's -- we pay attention to how the big boxes compete with us all the time. They're worthy competitors. I don't believe they're any more irrational than they were a quarter ago or a quarter before that.

你看，我們一直都在關注大型連鎖超市是如何與我們競爭的。他們是值得尊敬的競爭對手。我不認為他們比一個季度前或上個季度更不理性。

We adjust prices across the country for different competitors every single week. Our stores are fanatic on who they compete with, whether it's an independent or a big box, and prices fluctuate across the country.

我們每週都會根據不同競爭對手的情況調整全國範圍內的價格。我們的門市非常在意競爭對手是誰，無論是獨立門市還是大型連鎖店，全國各地的價格都有波動。

I don't feel like we're giving up gross margin because of that. I think we've done -- in fact, we've done just the opposite: living through the tariff environment, mitigating that.

我不認為我們會因此而損失毛利率。我認為我們已經做到了——事實上，我們恰恰相反：我們經歷了關稅環境，並減輕了其影響。

Transitioning SKUs from around the world in a continuing tough environment and to be able to grow gross margin in that environment, I feel pretty good about what we've been able to do.

在持續艱難的環境下，我們成功地將來自世界各地的 SKU 進行過渡，並且能夠在這樣的環境下提高毛利率，我對我們所取得的成就感到非常滿意。

Like I said, from a competition standpoint, yes, it's a desperate market out there but we feel good about our price and spreads and we feel like we're able to handle who we're competing with.

正如我所說，從競爭的角度來看，是的，這是一個競爭非常激烈的市場，但我們對我們的價格和價差感到滿意，並且我們覺得我們能夠應對我們的競爭對手。

When you look at our gross margin, we were down 10 basis points year over year, with 90 basis points pressure from our distribution centers. That tells you that our product margin was up 80 basis points year over year. So the teams are doing an incredible job to actually push that even in this environment.

從我們的毛利率來看，年比下降了 10 個基點，其中配送中心承受了 90 個基點的壓力。這說明我們的產品利潤率年增了 80 個基點。所以，即使在這樣的環境下，各隊也做得非常出色，真正推動了這個目標的實現。

From a company perspective, Michael, I'll actually -- just the very first part of your question, whenever we build it, we don't build it to a comp. We're looking at sales trends. We're building it that way. So at the midpoint of our guide, sales would continue the way they were through Q3, through that exit rate. Even though the comp on a two-year stack is implying it's improving on a three-year, it's in line.

從公司的角度來看，Michael，實際上——就你問題的第一部分而言，無論何時我們構建它，我們都不會將其構建成一個競爭對手。我們正在研究銷售趨勢。我們就是這樣建造的。因此，根據我們的預測，銷售額將按照第三季的水平繼續保持，直到達到預期的退出率。儘管兩年期投資組合的比較結果暗示它比三年期投資組合有所改進，但它仍然符合預期。

So for us, it really is just looking at the sales trends, continuing those trends. We're expecting things to basically be steady through Q4, from the exit rate of Q3.

所以對我們來說，關鍵在於觀察銷售趨勢，並延續這些趨勢。我們預計第四季情況將基本保持穩定，與第三季的收盤價持平。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Thanks. Tom, Brad, congrats to both of you guys.

謝謝。湯姆、布萊德，恭喜你們兩位。

I wanted to follow up on the distribution of your store performance. You alluded to some green shoots that you're seeing across the store base. With comps still down overall across the company, I'm curious how concentrated are the declines, perhaps, among a small subset of [problem] stores? Obviously, I'm adjusting or excluding for the hurricanes here but just trying to figure out the concentration of the declines; and is there a small group of stores that are dragging down the rest of the base?

我想跟進一下您店舖的業績分佈。你提到在商店的各個角落都看到了一些復甦的跡象。由於公司整體同店銷售仍下降，我很好奇這種下滑趨勢是否集中在少數問題門市？顯然，我在這裡對颶風的影響進行了調整或排除，只是想弄清楚下跌的集中程度；是否有一小部分商店拖累了其他商店的業績？

I wouldn't say -- yes, it is more isolated today than it's been over the last three years. I think Chris mentioned it when he's the first question, about the pressure in housing in Texas and in Florida. We've got a high volume, large concentration of stores there. They're under a lot of pressure because of what's going on with existing home sales.

我不會說——是的，它現在比過去三年更加孤立了。我認為克里斯在第一個問題中就提到了這一點，即德克薩斯州和佛羅裡達州的住房壓力。那裡的門市數量很多，密度也很高。由於現有房屋銷售的情況，他們面臨很大的壓力。

When you look across the rest of the country, the West has been pretty good for a while now. We've seen the Northern markets get better and other markets across the country get better.

放眼全國其他地區，西部地區近來發展得相當不錯。我們看到北方市場好轉，全國其他地區的市場也好轉。

But some of our oldest, most mature markets are the ones where existing home sales are under the most pressure. We have to try to offset that.

但是，我們一些歷史最悠久、最成熟的市場，正是那些現有房屋銷售面臨最大壓力的市場。我們必須想辦法抵消這種影響。

Hopefully, as we see some benefit in lowering interest rates, we see some improvement of existing home sales, hopefully, that transfers to those states in due time.

希望隨著利率下降帶來一些好處，二手房銷售也能有所改善，希望這種改善能及時轉移到其他州。

Thank you for that. And then, just thinking about pricing for a second here, there have been some growing concerns across retail about elasticity as other retailers have taken price up, not just in your category but broader.

謝謝。然後，我們不妨稍微思考一下定價問題，零售業對價格彈性越來越感到擔憂，因為其他零售商不僅在你們的品類中提價，而且在更廣泛的範圍內也提價了。

Can you quantify the price changes that you've made to date in the consumer response? Thank you.

你能根據消費者的回饋，量化一下你迄今為止所做的價格調整嗎？謝謝。

We've taken modest price increases as the year has gone on. Our better and best products continue to outperform our good products. So I think when customers are electing to do the job, they still continue and they buy what they want. If that's in the better end of the spectrum that's a better value for them, they still get it.

隨著時間的推移，我們進行了小幅漲價。我們更好的產品和最好的產品在性能上繼續優於我們良好的產品。所以我認為，當顧客選擇自己完成這項工作時，他們仍然會繼續購買他們想要的東西。如果這是性價比較高的選擇，他們還是會選擇它。

I said for a couple of quarters now that I don't know how inflation is going to affect -- as consumers have to stomach tariff pricing going up in other retailers and in other categories, how that's going to affect their consumer confidence and how that's going to affect the category. I think that's been a bit of an unknown.

我在過去幾個季度一直說，我不知道通貨膨脹會如何影響消費者——因為消費者必須忍受其他零售商和其他類別的關稅價格上漲，這會如何影響他們的消費信心，以及這會如何影響這個類別。我認為這一直是個未知數。

But within our store -- and when I see what's selling in our store when customers are coming to buy -- they're buying the more expensive products and the better products. They're just doing less square footage and less projects.

但是，在我們店裡——當我看到顧客來店裡購買的商品時——他們購買的都是更貴、更好的產品。他們只是減少了建築面積和項目數量。

Stephen Forbes, Guggenheim Securities.

史蒂芬福布斯，古根漢證券。

Good evening. Congrats, Tom; and Brad, as well.

晚安.恭喜湯姆，也恭喜布拉德。

Tom, this transition to bigger picture, shaping the long-term strategic vision, loved to maybe hear you share some words with us on where you're going to prioritize your time, as you think about the greatest opportunities for Floor & Decor and for Brad to take over.

湯姆，在向更宏觀的視角過渡，塑造長期戰略願景的過程中，我很想聽你和我們分享一下，在你思考 Floor & Decor 的最大機遇以及布拉德接任之際，你將把時間優先分配在哪裡。

Is there anything you're willing to share with us on how you think about customer mix opportunities, product mix, service opportunities? We'd love to just hear high-level thinking here.

您能否與我們分享您對顧客組合機會、產品組合、服務機會的看法？我們很想聽聽大家的高層次思考。

Sure. I plan on torturing (inaudible).

當然。我打算折磨（聽不清楚）

I would say, first off, I've -- we've got three segments of growth objectives that I really think are worthy of mentioning; and that we're paying attention to.

首先，我想說的是──我們有三個成長目標值得一提，我們也正在關注這些目標。

In the short term, we've got an outdoor department that we're rolling out across the country. We've got a kitchen cabinet opportunity that we're rolling out across the country. We've got slab opportunity that we're rolling out across the country. We're in the middle of rethinking about our loyalty program and how that works.

短期內，我們將在全國推廣戶外部門。我們正在全國推廣組成內閣的機會。我們正在全國推廣一種新型的模組化建築方案。我們正在重新思考我們的會員忠誠度計劃及其運作方式。

And so those are short-term objectives that I look forward to leaning in on; and really working side-by-side with [Ursa] and Steve and the team and helping them get off and running. They're all a little bit different businesses but they all can give us the benefit in our existing stores, regardless of what's going on with hard surface flooring. It gives us an opportunity. Those categories can grow and be incremental and help grow same-store sales next year.

所以這些都是我期待著全力以赴的短期目標；我非常期待與[Ursa]、Steve和團隊並肩工作，幫助他們啟動並運行。雖然它們的業務略有不同，但無論硬地面鋪裝行業現狀如何，它們都能為我們現有的門市帶來好處。這給了我們一個機會。這些品類可以成長，實現增量成長，並有助於明年同店銷售額的成長。

In the mid-term -- the initial focuses are those, in the mid-term, we can go faster in Commercial. Brad's brought some tremendous expertise and got some good ideas but he'll need help in thinking about that with Kevin Jablon. I plan on trying to help us go a little bit faster on the Commercial space.

中期來看－最初的重點是，在中期內，我們可以加速商業發展。布拉德帶來了非常豐富的專業知識和一些好想法，但他需要凱文賈布隆的幫助才能把這些想法付諸實現。我計劃盡力幫助我們在商業領域加快發展速度。

We've got some larger ideas in our outdoor. Even though we're rolling out a department within the store, we've got some bigger ideas on that.

我們在戶外方面有一些更大的想法。雖然我們正在店內推出一個新部門，但我們對此還有一些更大的想法。

And then, adjacent categories seem to be an incredible opportunity. We can increase our TAM, if we do them better, get more out of the stores. So I plan on leaning into that.

此外，鄰近類別似乎蘊藏著巨大的機會。如果我們做得更好，就能提高我們的TAM（總潛在市場規模），從門市獲得更多收益。所以我打算順應這個方向。

And then, finally, over the long term, we've got a design studio concept, which we haven't really been paying much attention to. We've been trying to keep our head above water. We're going to get back focusing on that.

最後，從長遠來看，我們有一個設計工作室的概念，但我們之前並沒有真正重視它。我們一直在努力維持生存。我們將重新把重點放在那件事上。

We've got international opportunities. We know that we can go outside of the United States. Again, that's something that just takes time and commitment.

我們擁有國際發展機會。我們知道我們可以去美國以外的地方。這同樣需要時間和投入。

And then, we've got opportunities outside the lower [48] that we're looking into that will also take some extra work.

此外，我們在美國本土48州以外也有一些機會正在考慮，這些機會也需要我們付出額外的努力。

So I'm energized by that kind of stuff. I look forward to rolling up my sleeves with the team. I think -- my goal, -- I'm not the Founder here but I came in really early when it was a small store base and we've got an identified plan to get us to 500 stores. We've got a Commercial starting. But I'm really hoping to get us to be much larger than that and to create the second chapter of growth for Floor & Decor that's outside of just the 500 stores.

所以，這類事情能讓我充滿活力。我期待著和團隊一起擼起袖子加油乾。我認為——我的目標是——我不是創始人，但我很早就加入了，當時門市數量還很少，我們已經制定了明確的計劃，目標是發展到 500 家門市。我們的商業廣告即將開始。但我真心希望我們能發展得比這更大，並為 Floor & Decor 開啟第二個成長篇章，而不僅限於 500 家門市。

I appreciate that. Maybe just a quick follow-up on one of the short-term initiatives, kitchen cabinets, in particular. We'd love to hear how we should think about this roll-out, right? The current vignette or display in the stores, is there a plan in place to maybe expand that, create a bigger showroom or experience for the customer; even thinking about, like, is 2026 a period of time where maybe there's some remodel capital or existing store capital, as well?

我很感激。或許可以快速跟進其中一項短期舉措，特別是廚房櫥櫃專案。我們很想知道應該如何考慮這次推廣方案，對吧？目前商店裡的展示區或陳列區，是否有計畫擴大規模，為顧客打造更大的展廳或體驗空間？甚至考慮過，例如 2026 年是否有資金用於改造或現有商店的升級？

Certainly. Because the cost of our new stores are coming down, we can put some investment behind; certainly, our outdoor strategy and our kitchen strategy. We do have things that we're working on. We'll talk more about them as they get up and running. But, certainly, a broader display of kitchen cabinets and more space within the design center in the kitchen cabinets.

當然。由於我們新店的成本正在下降，我們可以投入一些資金；當然，可以投入到我們的戶外策略和廚房策略。我們確實有一些正在進行的項目。等它們步入正軌後，我們會再詳細討論。當然，廚房櫥櫃的展示範圍要更廣，廚房櫥櫃設計中心的空間也要更大。

We're in early stages of getting a pilot up and running so that we can monitor that. It's a tremendous opportunity in the store. We don't even have the initial display up. It's supposed to go one in the pro area, one in the kitchen, one in the department. That's not even up in all of our stores yet so we've got to finish getting that rolled out.

我們目前正處於試點計畫啟動和運行的早期階段，以便對其進行監測。這是店裡一個絕佳的機會。我們甚至連初始顯示器都還沒架設好。應該一台放在專業區域，一台放在廚房，一台放在部門。這項服務甚至還沒有在我們所有的門市上線，所以我們還需要完成推廣工作。

And then, we've got some larger ideas that we'll be working on and sharing, as we get into next year.

然後，我們還有一些更大的想法，我們將在明年著手研究並與大家分享。

(Operator Instructions)

（操作說明）

Zach Faden, Wells Fargo.

扎克法登，富國銀行。

Hey. Good afternoon. I just missed the cut-off here for two. But Brad and Tom, congrats to you both.

嘿。午安.我剛好錯過了兩人名額的截止時間。但是布拉德和湯姆，恭喜你們兩位。

Actually, I got a question for Bryan. You talked about the 80 basis points of core margin improvement when you exclude the DC impact. Maybe you could walk us through expectations on that line for 2026.

其實，我有個問題想問布萊恩。您提到，如果排除資料中心的影響，核心利潤率將提高 80 個基點。或許您可以為我們介紹一下2026年該線路的預期情況。

It's probably a little too early for us to talk about 2026 at this point. Whenever we look at it, the guidance I would give you is I don't really see a reason why that would go backwards. We're still in the planning process to figure out what next year is going to look like.

現在談2026年可能還為時過早。無論我們怎麼看待這個問題，我的建議是，我真的看不出有什麼理由會倒退。我們仍在規劃過程中，以確定明年的發展方向。

We've got a lot of things in the hopper, as Tom just talked about; a lot of things to figure out. And so as we model those and get those incorporated, we'll have more to communicate.

正如湯姆剛才所說，我們有很多事情正在籌備中；有很多事情需要解決。因此，當我們對這些模型進行建模並將它們整合起來後，我們將有更多的資訊可以交流。

But from where we sit today, we feel really good about where our gross margin rates are running from a product perspective. There'll be a little bit of DC headwinds still to come, as we fully operate our second Baltimore distribution center.

但就我們目前的情況來看，從產品角度來看，我們對毛利率的運作狀況感到非常滿意。接下來，我們還會面臨一些來自華盛頓特區的阻力，因為我們的第二個巴爾的摩配送中心即將全面運作。

So when you're thinking about modeling from a product margin perspective, where we sit today, we feel comfortable with. There may be slight movements within that.

所以，從產品利潤率的角度來看建模時，我們目前所處的位置讓我們感到很滿意。其中可能存在輕微的波動。

But what you will see a movement in is when we start to fully operate our second Baltimore distribution center, because in Q3, we started to operate Seattle. Now, that's fully embedded within our numbers.

但您將會看到一個變化，那就是當我們開始全面運作我們在巴爾的摩的第二個配送中心時，因為在第三季度，我們才開始經營西雅圖配送中心。現在，這一點已經完全體現在我們的數據中了。

But as you step into next year, there is a slight step investment. But that really is just for the people to operate the building. We're already getting hit with a lot of the rent and other fixed costs that you see within that.

但進入明年，需要進行一些小幅投資。但這其實只是為了方便人們操作這棟大樓。我們已經承擔了很多租金和其他固定成本。

So as you think about gross margin and stepping into next year, there's still a lot of planning to do, as Tom mentioned. I'm not ready to talk about '26. But, hopefully, that can help give a little bit of guardrails.

所以，正如湯姆所提到的那樣，在考慮毛利率和展望明年時，還有很多計劃要做。我還沒準備好談2026年。但希望這能起到一定的防護作用。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hey. Thanks and congrats to both you guys.

嘿。謝謝你們，也恭喜你們兩位。

The question is on Commercial. You've talked about moving faster. Curious if you could discuss how you're evaluating the build versus buy decision, while also taking advantage of the retail opportunity as well.

問題出在商業領域。你之前說過要加快速度。我很想知道您是如何權衡自建還是購買的，同時又如何利用零售機會的。

Yeah. I'll start on Spartan. And then, (inaudible) can talk a little bit about the Commercial opportunity within the store. This is Tom.

是的。我先從斯巴達開始。然後，（聽不清楚）可以稍微談談店內的商業機會。這是湯姆。

I would say we challenged Kevin, our CEO of Spartan. As we ended last year and we're going into this year, we wanted this year to be a year of investment. In that business, we know him being a little bit more aggressive in incurring some cost in the beginning to add more sales folks will turn into a greater return as we get towards the end of the year and into next year. We saw that in the initial stages of our investment. We're going to see it again, we believe, going forward.

我想說，我們向斯巴達公司的執行長凱文提出了挑戰。去年年底，今年伊始，我們希望今年成為投資之年。我們知道，在這個行業裡，他一開始更積極地投入一些成本來增加銷售人員，到年底和明年就會帶來更大的回報。我們在投資初期就看到了這一點。我們相信，未來還會看到這種情況再次發生。

So we pushed him on the internal side. After Brad got here -- and I would say probably 90 days into Brad's tenure -- and spent a little bit more time up there -- we told him, bring us more opportunities and bring them quicker.

所以我們從內部提拔了他。布拉德來到這裡之後——我估計大概是布拉德上任 90 天之後——我們在那裡待了一段時間——我們告訴他，給我們帶來更多的機會，而且要快點帶來。

So when we're ready to share more, we will share more. But we think that Kevin can do both. We think that we have the ability to grow Spartan by doing some acquisition like we did when we originally bought the company and added a couple of bolt-ons and growing internally with our salesforce.

所以，當我們準備好分享更多資訊時，我們會分享更多資訊。但我們認為凱文可以兩者兼顧。我們認為，我們有能力透過收購來發展 Spartan，就像我們最初收購這家公司時所做的那樣，再加上一些附加業務以及透過我們的銷售團隊進行內部發展。

So this year, it's been much more about the sales people being added to the organization. But as we get towards the end of this year and into next year, our hopes are that we'll be bringing a little bit more acquisitive and inquisitive environment.

所以今年，公司主要的工作重點是增加銷售人員。但隨著今年接近尾聲，進入明年，我們希望能夠創造一個更具探索性和求知欲的環境。

We know we've got the right team in there to handle both.

我們知道我們有合適的團隊來處理這兩件事。

Yeah. When we think about the total Commercial umbrella, we always talk about three segments. Tom just talked about Spartan. That customer, again, is high complexity, high specification. That is going to be a combination of build-and-buy, like he just described.

是的。當我們談到整個商業領域時，我們總是會談到三個部分。湯姆剛才談到了斯巴達。這位客戶同樣具有高度複雜性和高要求。那將是建立與購買結合的方式，就像他剛才描述的那樣。

We then have our PRO Desk in the store that serves a professional customer that's generally lower complexity, low specification. That's going to be built. We feel really good about our experience there. We're at the right maturity level.

我們在店內設有 PRO Desk，服務通常較簡單、規格較低的專業客戶。那東西要蓋了。我們在那裡的經歷非常棒。我們已經達到了合適的成熟度。

But we're also excited about the share of wallet gains that we think we're going to get over time with some of the initiatives that we've talked about, externally, over the past few months.

但我們也對我們認為隨著過去幾個月我們在外部討論的一些舉措的實施，我們將在消費者錢包份額上取得的增長感到興奮。

And then, all the space in between Spartan and our PRO Desk is what we've targeted for our RAM team, Regional Account Managers. That also will be a build. We've brought new leadership into the organization over the last 90 days.

然後，Spartan 和我們的 PRO Desk 之間的所有空間，都是我們為 RAM 團隊（區域客戶經理）設定的目標。那也將是一個建設項目。過去90天裡，我們為公司引進了新的領導階層。

As I've shared with many of you right now, the focus is building the right foundation, the go-slow to go-fast, ensuring that we have the right people, process, and technology in place.

正如我剛才和你們許多人分享的那樣，重點是打好基礎，從慢到快，確保我們擁有合適的人員、流程和技術。

But we're really excited. We're really excited. We think that's a big opportunity. It's a huge market for us, where we have currently really small share.

但我們真的很興奮。我們非常興奮。我們認為這是一個絕佳的機會。這是一個巨大的市場，但我們目前在該市場的份額非常小。

David Bellinger, Mizuho Securities.

David Bellinger，瑞穗證券。

Hey, guys. Thanks for the question. Congrats to everybody.

嘿，夥計們。謝謝你的提問。恭喜大家。

I want to ask about design services. That seems to be performing well. What do you need to do in order to get that more top of mind for customers? Do you need installation capabilities? Is it a higher advertising intensity? What do you need to do? What are the plans to unlock a higher level of design services?

我想諮詢一下設計服務。看起來效果不錯。為了讓客戶更早想到你的品牌，你需要做些什麼？您需要安裝服務嗎？廣告投放力道是否更高？你需要做什麼？有哪些計劃來提升設計服務水準？

Okay. This is Tom. I will start. I think we can tell our story better. I think we can do that through better marketing and communicating with our customers directly on how our design services work.

好的。這是湯姆。我先開始。我認為我們可以更好地講述我們的故事。我認為我們可以透過更好的行銷，並直接與客戶溝通，讓他們了解我們的設計服務是如何運作的，來實現這一點。

I do not think it has to do with installation. We do not install today. We don't have any plans to get into the installation business. We think the relationship with our professional customers is important and we want our professional customers sending their customers into our store and be comfortable that we're not going to lose a sale because Floor & Decor installs something.

我認為這與安裝無關。我們今天不提供安裝服務。我們目前沒有進軍安裝業的計畫。我們認為與專業客戶的關係非常重要，我們希望專業客戶將他們的客戶介紹到我們的商店，並且確信我們不會因為 Floor & Decor 負責安裝而失去銷售機會。

We won't see that change. But we can do a better job of telling the story. We have lots of efforts where we're getting our designers out of the design center, where they're roaming around the store, looking for customers and engaging and explaining our design services to them.

我們不會看到這種改變。但我們可以把這個故事講得更好。我們做了很多努力，讓我們的設計師走出設計中心，在商店裡四處走動，尋找顧客，與他們互動，並向他們解釋我們的設計服務。

We think it is a big part of the moat around our castle, the service that those designers provide. When we look at our service scores, when a designer's with them, it's better, the ticket's higher, the margin blends better. We just got to continue to tell the story.

我們認為，設計師提供的服務是我們城堡周圍護城河的重要組成部分。當我們查看服務評分時，如果設計師參與其中，服務品質會更好，客單價會更高，利潤率也會更高。我們只需要繼續講述這個故事。

We have hired -- did that announcement spill out? No. Okay. So we're excited about the design business.

我們已經招募了人——這個消息洩漏了嗎？不。好的。所以我們對設計產業充滿熱情。

Yeah. The only thing that I would say -- and Tom hit the nail on the head when we talk about design, just telling the story, driving awareness; but also, [Steve Denny], who's responsible for that organization, really focused and, I'd say, being thoughtful around how we can increase the frequency of interactions between designer and customers that come into the store. That's both homeowner and pro.

是的。我唯一想說的是——湯姆在談到設計時一針見血地指出，設計就是講述故事，提高意識；此外，負責該組織的[史蒂夫·丹尼]也非常專注，並且認真思考如何增加設計師與進店顧客之間的互動頻率。這既適用於房主，也適用於專業人士。

I agree with Tom's point. We think it's differentiated from a service perspective. If you look at other competitors like us, they don't offer that service, especially free service. So you're going to hear more about that in the future but we're certainly encouraged by what we're seeing, right now.

我同意湯姆的觀點。我們認為它在服務方面有所不同。如果你看看其他像我們一樣的競爭對手，他們都不提供這種服務，尤其是不提供免費服務。所以未來你們還會聽到更多相關消息，但就目前來看，我們確實受到了鼓舞。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Thank you very much. Tom, congrats. You've done a great job during your tenure there. I look forward to working with you more closely.

非常感謝。湯姆，恭喜你。你在那裡任職期間做得非常出色。我期待與您更緊密地合作。

Let me follow up on the last question. I'm curious what you guys are doing from a brand awareness and advertising standpoint. We're seeing a number of other companies in home-related areas that have advertised consistently start to bounce off the bottom. So are you guys increasing, decreasing ad spend; and then, looking to raise awareness? Are you looking at other channels like social media? What are you doing to lead in there?

我想就上一個問題再補充一點。我很好奇你們在品牌知名度和廣告宣傳上都做了些什麼。我們看到，許多其他家居相關領域的公司，由於持續投放廣告，開始從低谷反彈。所以你們是在增加還是減少廣告支出？然後，你們是否在尋求提高品牌知名度？您是否也在考慮其他管道，例如社交媒體？你打算如何發揮領導作用？

Great question. That's a part of our business that we're always looking at. We're blessed with a very good team here. I think our capabilities continue to get better and better.

問得好。這是我們業務中一直關注的一部分。我們很幸運擁有一支非常優秀的團隊。我認為我們的能力正在不斷提高。

When we think about how we allocate our spend across our total budget, that's changed over the last couple of years.

當我們考慮如何在總預算中分配支出時，過去幾年情況發生了變化。

As a brand that's not well-known like other competitors in the space, a big part of where we spend our money is telling the story of who is Floor & Decor. That's going to be an area that we continue to invest in because we think we've got a great story to tell.

作為一個不像其他競爭對手那樣廣為人知的品牌，我們把錢花在講述 Floor & Decor 的故事上，這是我們投入資金的重要部分。這將繼續是我們投資的領域，因為我們認為我們有一個很棒的故事要說。

At the same time, in this environment where we know there's limited demand, we've got to be really tactical and technical giving as much of that demand as possible.

同時，在這種需求有限的環境下，我們必須採取非常講究的策略和技術手段，盡可能地滿足需求。

So I think we've executed well, always room for progress.

所以我覺得我們執行得不錯​​，但總是有進步的空間。

The other piece is -- that's a space where technology feels like it's changing every day on how you talk to customers. We're doing our best to stay in front of that.

另一方面，在這個領域，科技似乎每天都在改變你與客戶溝通的方式。我們正在盡最大努力保持領先地位。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great. Good afternoon. Thanks for taking my question.

偉大的。午安.謝謝您回答我的問題。

It was on labor inflation. Curious what you're seeing there in terms of wages for industry tradespeople. Anything you've been hearing from [IME] in the second half that may be different from the first half, again, on the labor side versus the product side?

這是由於勞動成本上漲所造成的。很好奇你那邊行業技工的薪資水準如何。在下半年，您從[IME]那裡聽到的任何消息，與上半年相比有何不同？再次強調，是在勞動力還是產品方面？

Thanks so much.

非常感謝。

I'll start. Bryan, you can weigh in. This is Tom.

我先來。布萊恩，你也來說說你的看法。這是湯姆。

I Have not heard of labor inflation or the cost of the install going up because of the lack of labor. That could be the case in some markets. But, overall, I would say that that's not something that we're dealing with.

我沒有聽說過因為勞動力短缺而導致勞動成本上漲或安裝成本增加的情況。在某些市場，情況可能確實如此。但總的來說，我認為我們目前遇到的問題並不是這個。

In fact, I think because of the pressure in the category, on the installation side, I think the contractors are being very aggressive, themselves, to keep a book of business. So they're probably a little less expensive than they've been.

事實上，我認為正是由於這個領域的壓力，在安裝方面，承包商們為了維持業務量，自身也變得非常積極主動。所以它們的價格可能比以前便宜一些。

But there may be pockets in the country where there's been some impact where they've lost some professional flooring installers. That may be causing an issue.

但該國某些地區可能受到了一定影響，一些專業的地板安裝工人因此失業。這可能是造成問題的原因。

But I think, in general, for the company, that's not the case.

但我認為，總的來說，對於公司而言，情況並非如此。

Stephen Zaccone, Citi.

史蒂芬‧扎科內，花旗集團。

Thanks very much for squeezing me in. Congrats, Tom and Brad, on the changes there.

非常感謝您擠出時間幫我。恭喜湯姆和布拉德，你們那裡發生了變化。

My question is on average ticket. You said it was at the low end of your expectations. You cited mixed. Can you elaborate a bit more what that means? Are you seeing any signs of trade down out of the better and best?

我的問題是平均票價。你說它低於你的預期。你引用了混合的例子。能再詳細解釋一下這是什麼意思嗎？你觀察到優質產品價格下跌的跡象嗎？

And then, what's embedded in your outlook for fourth -quarter comps, transactions versus ticket?

那麼，您對第四季同店銷售、交易量與客單價的預期中，有哪些因素需要考慮？

Thanks.

謝謝。

I'll take the first half and then, hand it over to Bryan for the second.

我先接手前半部分，然後把後半部分交給布萊恩。

As a reminder: Ticket came in at plus 1.8%, low end of our guidance. Really, two primary drivers to that.

再次提醒：票務收益率為+1.8%，處於我們預期範圍的下限。實際上，主要有兩個驅動因素。

One was a shift in product mix. The primary headwind that we saw there was in laminate and vinyl. We saw a slower growth in that category. That is a higher-ticket category inside of our stores.

一是產品組合的變化。我們看到的主要不利因素是層壓板和乙烯基材料。我們看到該類別的成長速度放緩。這是我們店內價格較高的商品類別。

The second -- and Tom talked about this in his answer -- we have seen a slight tick down in job size, which puts pressure on average square footage for each job.

第二點——湯姆在他的回答中也談到了這一點——我們看到工程規模略有下降，這給每個工程的平均面積帶來了壓力。

So those two together put a little bit of pressure on the average ticket.

所以，這兩件事加起來對平均票價造成了一些壓力。

Bryan, you want to take the second half of that?

布萊恩，你想接下半部嗎？

Yeah. Steve, the implied guide for ticket is essentially flat for Q4. And so when you take that implied in transactions, it's low- to mid-single digits (inaudible) for Q4. That'll wrap up for the full year in the guide that I gave earlier.

是的。史蒂夫，第四季的票務指導價基本上持平。因此，考慮到交易中隱含的因素，第四季的增幅為個位數（聽不清楚）。以上就是我之前提供的指南中全年內容的總結。

That concludes the questions. I want to thank you all for joining.

問題到此結束。感謝各位的參與。

In closing, I just want to take a minute for a couple of words.

最後，我想花一分鐘說幾句話。

I want to underscore our unwavering commitment to playing the long game, with discipline, focus, and a clear strategy to build long-term earnings power.

我想強調我們堅定不移地致力於打好長遠，以紀律、專注和清晰的策略來建立長期的獲利能力。

Over the past two years, we reduced operating expenses in our comparable stores by approximately $50 million and continue to identify new opportunities to scale with greater efficiency. We've meaningfully lowered new store construction costs, created a more leverageable growth model that allows us to expand faster and more profitable as the market strengthens.

過去兩年，我們透過降低同店營運成本，減少了約 5,000 萬美元，並持續尋找新的機會，以更有效率的方式擴大規模。我們大幅降低了新店建設成本，創造了更具槓桿效應的成長模式，使我們能夠隨著市場走強而更快、更盈利地擴張。

With nearly 50% of our locations less than five years old, the fleet is modern, requiring no major reinvestment to support growth. These efficiencies are not temporary, they're foundational, allowing future revenue to scale.

我們近 50% 的營業場所建成時間不到五年，車隊現代化程度高，無需進行重大再投資即可支持業務成長。這些效率提升並非暫時的，而是基礎性的，能夠使未來的收入規模化成長。

As industry conditions improve, will be growing with a larger fleet of stores, lower operating expenses, stronger market share, and a superior customer service experience, all powered by a leaner, more agile operating model.

隨著產業狀況的改善，我們將擁有更大的門市網路、更低的營運成本、更強的市場份額和更優質的客戶服務體驗，所有這一切都得益於更精簡、更靈活的營運模式。

We're not just preparing for the future, we're actively shaping it.

我們不僅在為未來做準備，而且還在積極塑造未來。

Thank you for your interest in the call. We look forward to talking to you next quarter.

感謝您對本次通話的關注。我們期待下個季度與您再次洽談。

Thank you. This concludes today's conference.

謝謝。今天的會議到此結束。

You may disconnect your lines at this time. Thank you for your participation.

您可以在此時斷開線路。感謝您的參與。