Floor & Decor Holdings, Inc. (FND) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Floor & Decor Holdings, Inc. first-quarter 2026 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Floor & Decor Holdings, Inc. 2026 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Wayne Hood, Senior Vice President of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人：投資人關係資深副總裁 Wayne Hood。謝謝。您可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to Floor & Decor's fiscal 2026 first-quarter earnings conference call. Joining me today are Brad Paulsen, Chief Executive Officer; and Bryan Langley, Executive Vice President and Chief Financial Officer.

謝謝接線員，各位下午好。歡迎參加 Floor & Decor 2026 會計年度第一季財報電話會議。今天與我一同出席的有：執行長 Brad Paulsen，以及執行副總裁兼財務長 Bryan Langley。

Before we begin, 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. 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 the company's SEC filings.

在開始之前，我想提醒各位注意公司的「安全港」聲明。本次電話會議中的評論包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。任何提及對未來事件之預期、推估或其他描述（包括財務預測或未來市場狀況）的陳述，均屬前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致未來實際結果因任何原因而與前瞻性陳述所表達者存在重大差異，包括財報新聞稿末尾及公司向 SEC 提交之文件中所列者。

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陳述之義務。亦請注意，過去表現或市場資訊不保證未來結果。

During this conference call, the company will discuss certain GAAP financial measures. We believe these measures enable investors to understand better our core operating performance on a comparable basis between periods. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in the earnings press release, which is available on our Investor Relations website at ir.flooranddecor.com. A recorded replay of this call and related materials will be available on our Investor Relations website.

在本次電話會議中，公司將討論若干 GAAP 財務衡量指標。我們相信，這些指標可協助投資人以可比的期間基礎，更好地理解我們的核心營運表現。各項非 GAAP 指標與最直接可比之 GAAP 財務指標的調節表，載於財報新聞稿中；新聞稿可於我們的投資人關係網站 ir.flooranddecor.com 取得。本次電話會議的錄音重播及相關資料亦將於我們的投資人關係網站提供。

Let me now turn the call over to Brad.

接下來我把電話交給 Brad。

Thank you, Wayne, and thanks to everyone for joining us on our 2026 first-quarter earnings conference call. During today's call, I will walk through the key drivers of our performance this quarter, including the operational progress that continues to reinforce our long-term strategy. After that, Brian will discuss our updated outlook for the remainder of 2026 and how we are positioning the company to advance our strategic priorities, remain resilient in a dynamic environment, and deliver sustained long-term shareholder value.

謝謝 Wayne，也感謝各位參加我們 2026 年第一季財報電話會議。在今天的會議中，我將說明本季表現的關鍵驅動因素，包括持續強化我們長期策略的營運進展。之後，Brian 將說明我們對 2026 年剩餘期間的最新展望，以及我們如何定位公司以推進策略重點、在動態環境中保持韌性，並為股東創造可持續的長期價值。

Before I turn to our first quarter earnings, I'd like to discuss our capital allocation framework and the actions we announced today. Consistent with our disciplined capital allocation framework, we announced that our Board of Directors has authorized a share repurchase program for up to $400 million of the company's outstanding common stock. This action reflects the continued strength of our operating model, the durability of our cash flows, and the increasing efficiency of our new store investment.

在我談第一季財報之前，我想先說明我們的資本配置架構以及我們今天宣布的行動。依循我們嚴謹的資本配置架構，我們宣布董事會已核准一項股票回購計畫，最多可回購公司流通在外普通股 4 億美元。此舉反映我們營運模式的持續強勁、現金流的耐久性，以及新店投資效率的提升。

As we continue to expand our store base, we are optimizing our capital spend per location, which should drive strong returns, enabling us to both fund growth and generate meaningful excess cash flow. This positions us to flex our pace of openings over time while returning capital to shareholders, all while supporting our long-term opportunity to operate 500 warehouse format stores across the United States.

隨著我們持續擴展門市版圖，我們正優化每一據點的資本支出，這應可帶來強勁報酬，使我們既能為成長提供資金，也能產生可觀的超額自由現金流。這使我們得以隨時間調整開店節奏，同時回饋股東資本，並支持我們在美國長期營運 500 家倉儲式門市的機會。

The repurchase program is a natural extension of our capital allocation philosophy, which prioritizes capital allocation based on returns that exceed our weighted average cost of capital. First, we prioritize opening new stores and investing in our existing stores with initiatives that are expected to grow and support our core business.

回購計畫是我們資本配置理念的自然延伸；該理念優先配置於報酬高於加權平均資本成本的用途。首先，我們優先開設新店，並以預期可成長且支持核心業務的各項計畫投資既有門市。

Second, we continue to invest in our commercial flooring platforms and new growth concepts, including our outdoor and unfinished flooring offerings. Once these priorities are met, we intend to return excess capital to shareholders in ways that are designed to enhance long-term value while maintaining a strong balance sheet. We do not expect to use incremental debt to support the share repurchase program, and there is no defined time line for the share repurchase program's completion.

第二，我們持續投資於商用地板平台與新的成長概念，包括戶外與未完工地板（unfinished flooring）產品。在滿足上述優先事項後，我們擬以可提升長期價值的方式將超額資本回饋股東，同時維持強健的資產負債表。我們不預期為支持股票回購計畫而額外舉債，且回購計畫完成亦無明確時間表。

Guided by this disciplined framework, we believe the current uncertainty across the broader economic and capital markets landscape, particularly within home improvement, has created a clear disconnect between our long-term intrinsic value and our share price. This dislocation provides us with an attractive opportunity to repurchase our shares at valuations we view as compelling. That opportunity is underscored by the strength of our business model as we are uniquely positioned in the marketplace as the only national pure-play hard surface flooring retailer with a warehouse format model that delivers the broadest in-stock job lot assortment, everyday low prices through direct global sourcing, and industry-leading customer service.

在此嚴謹架構指引下，我們認為目前更廣泛的經濟與資本市場環境（尤其是居家修繕領域）的不確定性，已造成我們長期內在價值與股價之間出現明顯落差。此一錯位為我們提供了以我們認為具吸引力的估值回購股份的良機。此機會亦由我們商業模式的強勁所支撐：我們在市場上具獨特定位，為唯一全國性、專注於硬質地板（hard surface flooring）的純零售商，採倉儲式門市模式，提供最廣泛的現貨工程批量（job lot）品項，透過全球直接採購提供天天低價，並提供業界領先的客戶服務。

Our differentiated business model resonates with both Pros and homeowners, driving consistent market share gains in a highly fragmented category. With just over 55% of our US store opportunity built out and a large, underpenetrated opportunity in commercial flooring, we believe we have a substantial runway for growth ahead. As we scale, we believe our model becomes more efficient, our value proposition strengthens, and our competitive advantages deepen, creating what we believe is a durable foundation for long-term value creation and making us an attractive investment for shareholders with a multiyear horizon.

我們差異化的商業模式同時獲得專業客戶（Pros）與屋主的青睞，在高度分散的品類中持續帶動市占率提升。目前我們在美國門市機會的建置僅略高於 55%，且在商用地板領域仍有龐大、滲透率偏低的機會，我們相信未來仍有可觀的成長跑道。隨著規模擴大，我們相信模式將更有效率、價值主張更強、競爭優勢更深化，形成我們認為可長期創造價值的耐久基礎，並使我們成為具多年期投資視野股東的具吸引力投資標的。

Turning to our fiscal 2026 first quarter results. I want to begin by thanking our more than 14,000 associates across the company. We are proud of how our teams executed our strategy in a challenging demand environment for big-ticket discretionary purchases amid adverse weather mid-quarter, elevated 30-year mortgage rates, geopolitical tensions in the Middle East that contributed to higher gas prices, and a further decline in consumer sentiment. These dynamics resulted in first quarter earnings coming in weaker than we anticipated.

接著談 2026 會計年度第一季業績。首先，我要感謝公司超過 14,000 名同仁。在大額可選擇性消費（big-ticket discretionary purchases）需求疲弱的挑戰環境下，且本季中段遭遇不利天候、30 年期房貸利率維持高檔、中東地緣政治緊張推升油價，以及消費者信心進一步下滑，我們為團隊執行策略的表現感到自豪。上述因素使第一季獲利表現較我們預期疲弱。

For the quarter, we delivered diluted earnings per share of $0.37 compared to $0.45 in the same period last year. Total sales decreased 0.7% to $1,152 million from $1,161 million last year, and comparable store sales declined 3.7%. On a monthly basis, comparable store sales increased 0.4% in January, declined 6.9% in February, and declined 4% in March. Our second quarter-to-date comparable store sales declined 4.5%.

本季稀釋後每股盈餘為 0.37 美元，去年同期為 0.45 美元。總銷售額由去年的 11.61 億美元下降 0.7% 至 11.52 億美元，同店銷售下滑 3.7%。以月度來看，同店銷售 1 月成長 0.4%，2 月下滑 6.9%，3 月下滑 4%。截至第二季目前為止的同店銷售下滑 4.5%。

The decline in our first quarter comparable store sales was driven by a 5.5% decrease in transactions due in part to adverse weather, which accounted for 150 to 200 basis points of pressure, partially offset by a 1.9% increase in average ticket. Our average ticket was negatively impacted by the decline in the laminate and vinyl sales mix as well as customers taking on smaller projects, resulting in meaningfully lower square footage purchases. We continue to see strong sales growth when the designer was involved, which reinforces the value of this free design service and its ability to drive higher quality customer engagements and average ticket growth.

第一季同店銷售下滑主要由交易筆數下降 5.5% 所致，部分原因是不利天候，約造成 150 至 200 個基點的壓力；平均客單價上升 1.9% 則部分抵銷了影響。由於超耐磨地板（laminate）與乙烯基地板（vinyl）銷售組合下滑，以及客戶承作較小型專案，導致購買面積（平方英尺）明顯降低，進而對平均客單價造成負面影響。當設計師參與時，我們仍持續看到強勁的銷售成長，這再次印證此免費設計服務的價值，以及其推動更高品質客戶互動與平均客單價成長的能力。

From a geographic standpoint, our West region continued to outperform the company and delivered positive comparable store sales, excluding the impact of new store cannibalization. Our East region, followed closely by the South region was the weakest, reflecting adverse weather and broader softening demand. As a reminder, the South region is comparing against Hurricanes Helene and Milton, which benefited sales by approximately 100 basis points in the first quarter of last year.

從地理區域的角度來看，我們的西部地區持續優於公司整體表現，並在排除新店互相侵蝕（cannibalization）影響後，實現正向的同店銷售成長。我們的東部地區（其次為南部地區）表現最弱，反映出不利天候以及更廣泛的需求走弱。提醒一下，南部地區的比較基期包含去年第1季颶風 Helene 與 Milton 的影響，該因素使銷售約增加100個基點。

From a merchandise category standpoint, four departments outperformed the company's comparable store sales, including Installation Materials, Tile, Decorative Accessories and Wood. Installation Materials continued to generate year-over-year growth as we expand our share of wallet and market share with Pros. That momentum translated into a 1.4% increase in first quarter Pro sales, supported by our supply house merchandising strategies.

從商品品類的角度來看，有四個部門的同店銷售表現優於公司整體，包括安裝材料、磁磚、裝飾配件與木材。隨著我們擴大在專業客戶（Pro）中的錢包份額與市占率，安裝材料持續帶來年增成長。在我們供應商行（supply house）商品策略的支持下，這股動能帶動第1季 Pro 銷售成長1.4%。

Tile also remained a consistently strong performer, supported by the continued success of our new Vetta collection.

磁磚同樣持續穩定地表現強勁，主要受惠於我們全新 Vetta 系列持續成功。

In the Vinyl Flooring category, we introduced a series of straightforward value-driven offers, including special buys and enhanced in-store displays that group more than 20 in-stock styles priced under $2 per square foot. These additions, coupled with refinements to our price bands, are designed to meet Pros where the demand is shifting and to position us to capture market share in a category that continues to contract.

在乙烯基地板（Vinyl Flooring）品類中，我們推出一系列簡明、以價值為導向的方案，包括特別採購（special buys）以及強化的店內陳列，將超過20款現貨樣式集中展示，單價低於每平方英尺2美元。這些新增項目，加上我們對價格帶（price bands）的調整，旨在於需求轉移之處貼近 Pro 客戶，並使我們能在持續萎縮的品類中掌握市占機會。

Although still early, results from our price band refinements are encouraging with positive elasticity and improving square footage purchase trends. We have plans to expand this to additional stores in the second quarter. That said, we do expect the category to be under pressure for the remainder of 2026.

雖然仍屬早期，我們的價格帶調整結果令人鼓舞，呈現正向的價格彈性，且每次購買的平方英尺數趨勢正在改善。我們計畫在第2季擴展至更多門市。不過，我們確實預期該品類在2026年剩餘期間仍將承受壓力。

Turning to our connected customer performance. First quarter sales grew 5.4% year over year, representing approximately 19% of total sales. Connected customer remains one of our highest priority strategic growth initiatives, and we are investing accordingly in talent, technology and process enhancements.

接著談我們的連結客戶（connected customer）表現。第1季銷售年增5.4%，約占總銷售的19%。連結客戶仍是我們最高優先的策略性成長計畫之一，因此我們正相應投入人才、技術與流程強化。

With a defined road map in place and a new digital leader who has successfully executed similar transformations, we are laying the groundwork for a differentiated and more personalized online experience. Our goal is to build a platform that complements our store experience and drive stronger customer engagement and conversion.

在明確的路線圖到位，且新任數位領導者已成功執行過類似轉型的情況下，我們正在為差異化且更個人化的線上體驗奠定基礎。我們的目標是打造一個能與門市體驗互補的平台，並推動更強的客戶互動與轉換。

Let me now turn to our new warehouse store expansion. In the first quarter, we opened six new warehouse format stores compared with four stores last year, including Staten Island, New York; Dallas, Texas; Detroit, Michigan; Pittsburgh, Pennsylvania; Vacaville, California; and Fayetteville, North Carolina. These locations strengthen our presence in several large Tier 1 markets where household formation, population growth, and home improvement activity remain attractive over the long term.

接下來談我們新的倉儲型門市擴張。第1季我們開出6家新的倉儲格式門市，去年同期為4家，地點包括紐約州史泰登島（Staten Island）、德州達拉斯、密西根州底特律、賓州匹茲堡、加州瓦卡維爾（Vacaville）以及北卡羅來納州費耶特維爾（Fayetteville）。這些據點強化了我們在多個大型一級市場（Tier 1）的布局；在這些市場中，家庭形成、人口成長與居家改善活動長期仍具吸引力。

We're encouraged by the early sales performance of these new stores, which reflects both our focus on opening in Tier 1 and Tier 2 markets and the benefits of our improved new store operating processes and consistent execution. We remain on track to open 20 new stores in fiscal 2026, with development primarily concentrated in Tier 1 and Tier 2 markets where we already have a presence.

我們對這些新店的早期銷售表現感到鼓舞，這反映了我們聚焦於在一級與二級市場（Tier 1 與 Tier 2）展店，以及我們改善的新店營運流程與一致的執行所帶來的效益。我們仍按計畫在2026會計年度開出20家新店，開發將主要集中在我們已設點的一級與二級市場。

We expect approximately 50% of 2026 openings to occur in the first half of the year compared with 35% last year, providing more operating weeks and further supporting stronger first year productivity. We expect the class of 2026 new stores to average approximately 55,000 square feet. And while smaller in size, we believe this format allows us to enter more dense markets without sacrificing sales productivity.

我們預期2026年的開店約有50%將發生在上半年，去年為35%，這將帶來更多營運週數，並進一步支持更強的首年生產力。我們預期2026年新店平均面積約為55,000平方英尺。雖然規模較小，但我們相信此店型能讓我們進入更高密度的市場，同時不犧牲銷售生產力。

Looking ahead, our teams are aligned around the opportunities with the greatest potential to drive growth. We are focused on improving new store productivity and investing in initiatives that strengthen customer loyalty and expand wallet share with our Pro customers. Our team continues to be excited about the development work being done on our new Pro loyalty program and remain on track to launch this new program in the first quarter of 2027.

展望未來，我們的團隊已就最具成長潛力的機會達成一致。我們聚焦於提升新店生產力，並投資於能強化客戶忠誠度、以及擴大 Pro 客戶錢包份額的計畫。團隊對新 Pro 忠誠計畫的開發工作持續感到振奮，並仍按計畫於2027年第1季推出此新計畫。

We are also building a scalable, strategic account-driven B2B platform that supports the phased expansion of our regional commercial account managers. We were pleased with the first quarter sales performance of our regional account managers, which number 76 today, and we are continuing to expand our presence in large, strategic markets with additional hires. These multiyear asset-light investments are delivering early results and position us to win in this segment of the commercial market.

我們也正在打造一個可擴展、以策略性客戶為驅動的 B2B 平台，以支持我們區域商用客戶經理分階段擴編。我們對區域客戶經理第1季的銷售表現感到滿意，目前人數為76人，並持續透過增聘人員擴大我們在大型策略市場的布局。這些多年期、輕資產的投資已帶來初步成果，並使我們具備在商用市場此細分領域勝出的定位。

Turning to Spartan Services. Spartan's first quarter sales and earnings performance reflect the ongoing difficult conditions in the commercial market. And while we anticipated a soft start to the year, results were weaker than expected. That said, customer engagement remains solid, supported by rising quoting activity and stable sample volume. As these opportunities convert and the solid backlog begins to be released, the business is positioned for gradual improvement over the coming quarters.

接著談 Spartan Services。Spartan 第1季的銷售與獲利表現反映商用市場持續艱困的環境。雖然我們預期年初會偏弱，但結果比預期更疲弱。不過，在報價活動增加與樣品量穩定的支持下，客戶互動仍然穩健。隨著這些機會逐步轉換、以及穩健的在手訂單（backlog）開始釋出，該業務有望在未來幾季逐步改善。

As Brian will discuss, we are committed to maintaining disciplined cost management while continuing to invest in the highest return growth opportunities. This includes aligning store labor hours with sales trends, managing distribution and call center expenses with greater precision, and tightening discretionary spending across the organization. Together, these actions are designed to ensure we remain agile, protect profitability, and position the company to drive stronger performance.

如同 Brian 將會說明的，我們致力於維持嚴謹的成本管理，同時持續投資於報酬最高的成長機會。這包括使門市工時與銷售趨勢一致、更精準地管理配送與客服中心費用，以及在全組織範圍內收緊非必要支出。綜合而言，這些行動旨在確保我們保持敏捷、保護獲利能力，並讓公司具備推動更強表現的定位。

Even in a challenging hard surface flooring market, we do believe we continue to take market share based on all publicly available data, third-party industry sources, and feedback from our vendor partners. We remain confident in the resilience of our business model and firmly focus on our core business. That focus is reflected in the commitment we see across our stores where morale remains strong and our culture continues to differentiate us. I'm confident this environment creates an opportunity for us to accelerate market share gains through world-class leadership and disciplined execution.

即使在充滿挑戰的硬質地板市場中，根據所有公開可得資料、第三方產業來源以及供應商夥伴的回饋，我們確實相信我們仍在持續取得市占率。我們對商業模式的韌性仍具信心，並堅定聚焦於核心業務。這份聚焦也反映在我們門市所展現的承諾上：士氣依然高昂，而我們的文化持續成為差異化優勢。我相信這樣的環境，將透過世界級領導力與嚴謹執行，為我們加速市占提升創造機會。

With that, I'll turn the call over to Brian.

接下來，我把電話會議交給 Brian。

Thanks, Brad. Before we discuss the first quarter results, I want to begin by thanking each and every one of our associates across the company. Their commitment to serving our customers, focusing on execution, and staying resilient in this dynamic environment continues to be the foundation of our performance. We continue to achieve all-time high service scores, thanks to what they do every day in our stores to better serve our customers.

謝謝，Brad。在我們討論第1季結果之前，我想先感謝公司內每一位同仁。他們致力於服務客戶、專注於執行，並在這個多變的環境中保持韌性，持續成為我們績效的基礎。在他們每天於門市所做的一切、以更好地服務客戶的努力下，我們持續達成歷史新高的服務評分。

Now let me discuss our first quarter income statement, balance sheet, and statement of cash flows as well as our outlook for the remainder of 2026. We continue to effectively manage our gross margin with our first quarter performance exceeding our expectations. Gross profit decreased $0.7 million or 0.1% compared to the same period last year. The decline was driven by the 0.7% decrease in sales, partially offset by 20 basis points improvement in gross margin, which increased to 44.0% from 43.8% in the prior year period.

接著我將說明我們第1季的損益表、資產負債表與現金流量表，以及我們對2026年剩餘期間的展望。我們持續有效管理毛利率，第1季表現優於我們的預期。毛利較去年同期減少70萬美元，或0.1%。下滑主因為銷售下降0.7%，部分被毛利率改善20個基點所抵銷；毛利率由去年同期的43.8%上升至44.0%。

Our gross margin expansion primarily reflects the timing benefit of our strategic pricing initiatives, partially offset by higher supply chain costs that continue to work their way through our system. The growth in our distribution center network in Seattle and Baltimore was a headwind to gross margin of approximately 60 basis points year over year, in line with our expectations.

我們毛利率的擴張主要反映我們策略性定價措施所帶來的時點效益，但部分被較高的供應鏈成本所抵銷，這些成本仍持續在我們的系統中逐步反映。我們在西雅圖與巴爾的摩的配送中心網路擴張，對毛利率造成約60個基點的年對年不利影響，符合我們的預期。

SG&A expenses for the first quarter increased $11.1 million or 2.5% compared to the same period last year. The primary driver of the increase was the 22 new stores we've opened since the first quarter of 2025, which increased personnel and occupancy costs.

第一季的SG&A費用較去年同期增加1,110萬美元，或2.5%。增加的主要驅動因素是自2025年第一季以來我們新開的22家門市，推升了人事與店面占用成本。

SG&A for noncomparable stores increased $21.4 million, while SG&A for comparable stores decreased $9.0 million as we continue to tightly manage expenses. As a percentage of sales, SG&A delevered by approximately 120 basis points to 39.5% from 38.3% in the same period last year. This was mainly due to the impact of new store openings and the decline in comparable store sales.

非可比門市的SG&A增加2,140萬美元，而可比門市的SG&A則因我們持續嚴格控管費用而減少900萬美元。以銷售額百分比計，SG&A約去槓桿120個基點，由去年同期的38.3%上升至39.5%。這主要是由新店開幕的影響以及可比門市銷售下滑所致。

I am pleased to share that we successfully completed portions of our ERP implementation and are now live with financial systems and certain merchandising portions in the first quarter, which is a clear example of the investments we are making to enhance productivity and build a more scalable platform to support future growth. We will still incur implementation costs throughout 2026 as we continue to implement other merchandising portions that will go live later this year or early next year.

我很高興分享，我們已成功完成ERP導入的部分工作，並於第一季正式上線財務系統及部分商品管理模組；這清楚展現我們為提升生產力、打造更具可擴展性的平台以支援未來成長所進行的投資。隨著我們持續導入其他商品管理模組（將於今年稍晚或明年初上線），我們在2026年仍將持續發生導入成本。

Our first quarter operating income declined 18.4% to $52.4 million from the same period last year, reflecting the impact of new stores and expense deleverage driven by the 3.7% decline in comp sales. Adjusted EBITDA declined 6.4% to $121.5 million from the same period last year. Our first quarter adjusted EBITDA margin was 10.5% compared with 11.2% in the prior year period.

第一季營業利益較去年同期下滑18.4%至5,240萬美元，反映新店影響以及因可比銷售下滑3.7%所導致的費用去槓桿。調整後EBITDA較去年同期下滑6.4%至1億2,150萬美元。第一季調整後EBITDA利潤率為10.5%，去年同期為11.2%。

Our first quarter net interest expense decreased $0.4 million or 26.8% to $1.1 million compared to the same period last year, primarily due to higher interest income as a result of higher cash balances. Our first quarter income tax expense was $11.6 million compared to $13.8 million during the same period last year.

第一季淨利息費用較去年同期減少40萬美元，或26.8%，至110萬美元，主要因現金餘額較高帶來較高的利息收入。第一季所得稅費用為1,160萬美元，去年同期為1,380萬美元。

The effective tax rate was 22.5% for the first quarter compared to 22.0% in the same period last year. The year over year effective tax rate increase was primarily due to a decrease in excess tax benefits related to stock-based compensation awards.

第一季有效稅率為22.5%，去年同期為22.0%。年對年有效稅率上升主要是因與股票基礎薪酬獎勵相關的超額稅務利益減少。

Turning to the balance sheet. Our financial position remains a core strength of the company. In the first quarter, we generated $109.2 million in cash from operating activities compared with $71.2 million in the same period last year, primarily driven by $293.6 million in cash and cash equivalents and $713.6 million available under our ABL Facility. This level of liquidity provides meaningful flexibility to navigate the current environment, support working capital needs, invest in other growth initiatives. And as we announced today, our Board of Directors has authorized a share repurchase program for up to $400 million.

接著看資產負債表。我們的財務狀況仍是公司的核心優勢。第一季我們由營運活動產生的現金為1億920萬美元，去年同期為7,120萬美元，主要受惠於2億9,360萬美元的現金及約當現金，以及我們ABL融資額度下可動用的7億1,360萬美元。這樣的流動性水準提供了相當的彈性，使我們能因應當前環境、支援營運資金需求並投資其他成長計畫。此外，如同我們今天宣布的，我們董事會已核准最高4億美元的庫藏股回購計畫。

As Brad mentioned, our capital allocation framework priorities remain intact. First, we will continue to invest in new stores and reinvest in our existing stores. Second, we will continue to invest in commercial flooring platforms and new growth concepts. And lastly, we will utilize excess free cash flows to repurchase common shares while maintaining sufficient liquidity and a healthy lease-adjusted leverage ratio. Our repurchase program is discretionary and how we execute will be dependent upon the environment through both programmatic and opportunistic purchases.

如Brad所提，我們的資本配置框架優先順序維持不變。第一，我們將持續投資新店並再投資於既有門市。第二，我們將持續投資商用地板平台與新的成長概念。最後，在維持充足流動性與健康的租賃調整後槓桿比率的同時，我們將運用多餘的自由現金流回購普通股。我們的回購計畫具有裁量性，執行方式將視環境而定，包含例行性與機會性買回。

As of March 26, 2026, inventory increased 1.4% to $1.1 billion compared to December 25, 2025. This increase reflects store growth and our proactive efforts to stay ahead of demand and ensure we're well stocked to serve our customers. We closed the quarter with $198 million in debt associated with our term loan.

截至2026年3月26日，存貨較2025年12月25日增加1.4%至11億美元。此一增加反映門市成長，以及我們為領先需求並確保備貨充足以服務客戶所採取的積極作為。本季末我們與定期貸款相關的負債為1億9,800萬美元。

Before I walk through our fiscal 2026 earnings guidance, I want to frame the dynamic macro environment our teams continue to navigate and how it informs our updated earnings guidance. Consumers remain cautious about big ticket discretionary purchases, a trend reinforced by an increase in 30-year mortgage rates, higher gas prices, persistent housing affordability challenges, and unexpected geopolitical tensions in the Middle East that have all further weighed on consumer sentiment. The University of Michigan's Consumer Sentiment Index declined sharply to 53.3 in March 2026, near all-time lows.

在我說明2026會計年度獲利指引之前，我想先說明我們團隊持續面對的動態總體環境，以及其如何影響我們更新後的獲利指引。消費者對高單價的非必需性支出仍保持謹慎；此趨勢因30年期房貸利率上升、油價走高、住房可負擔性挑戰持續，以及中東地區突發的地緣政治緊張局勢而更加明顯，進一步壓抑消費者信心。密西根大學消費者信心指數在2026年3月大幅下滑至53.3，接近歷史低點。

In Housing, the National Association of Realtors reported March existing home sales were $3.98 million, down 3.6% sequentially and 1% year over year, which continues to pressure demand for hard surface flooring. Against this backdrop, our teams remain agile and are proactively mitigating portions of both direct and indirect cost pressures stemming from the recent tensions in the Middle East while continuing to strengthen our ability to gain market share.

在房市方面，全美不動產經紀人協會（NAR）報告指出，3月成屋銷售為398萬戶，較前月下滑3.6%，年對年下滑1%，持續壓抑硬質地板的需求。在此背景下，我們團隊保持敏捷，並主動緩解近期中東緊張局勢所帶來的直接與間接成本壓力，同時持續強化我們取得市占率的能力。

We are seeing rising energy costs and domestic logistics expenses. However, we believe we can effectively mitigate some of the increases and manage the residual through our disciplined approach. This positions us to navigate the uncertainty with confidence while continuing to deliver value to our customers and shareholders.

我們看到能源成本與國內物流費用上升。然而，我們相信可透過嚴謹的方法有效緩解部分漲幅，並管理其餘影響。這使我們能有信心地因應不確定性，同時持續為客戶與股東創造價值。

Given the unexpected events that emerged following our fourth quarter earnings release, we believe it is prudent to reflect a wider range of potential outcomes in our fiscal 2026 guidance. If existing home sales further deteriorate and consumer reluctance towards big-ticket discretionary purchases persist longer than previously expected, we would expect to be at the low end of our updated guidance range.

鑑於在我們第四季財報發布後出現的突發事件，我們認為在2026會計年度指引中反映更寬的潛在結果區間是審慎之舉。若成屋銷售進一步惡化，且消費者對高單價非必需性支出的遲疑持續時間長於先前預期，我們預期結果將落在更新後指引區間的低端。

At the same time, we remain focused on the elements within our control, executing with discipline, managing expenses thoughtfully, and prioritizing investments that will support profitable growth while maintaining the agility needed as conditions evolve. We are confident in our ability to continue gaining market share, effectively managing expenses, and generating strong cash flows.

同時，我們仍專注於可控因素，以紀律執行、審慎管理費用，並優先投入可支援獲利性成長的投資，同時維持在環境變化下所需的敏捷度。我們對持續提升市占率、有效管理費用並創造強勁現金流的能力充滿信心。

I want to remind everyone that fiscal 2026 includes a 53rd week, which will be reported in the fourth quarter. I will highlight the expected contribution from the 53rd week as part of our guidance.

我想提醒大家，2026會計年度包含第53週，將於第四季入帳報告。我將在指引中說明第53週的預期貢獻。

Sales are expected to be in the range of $4,770 million to $4,990 million or increase by 1.8% to 6.5% from fiscal 2025. The 53rd week is expected to contribute approximately $65 million to sales.

預期銷售額介於47億7,000萬美元至49億9,000萬美元之間，較2025會計年度成長1.8%至6.5%。預期第53週將對銷售額貢獻約6,500萬美元。

Comparable store sales are estimated to be flat to down 4%. Comp average ticket is estimated to be flat to up low-single-digits and comp transactions is estimated to be down low- to mid-single-digits.

預估可比門市銷售持平至下滑4%。預估可比平均客單價持平至低個位數成長，而可比交易筆數預估下滑低至中個位數。

Gross margin is expected to be approximately 43.6% to 43.8%. The first quarter gross margin of 44.0% is likely to represent a high point for the year. From there, we anticipate slight to modest sequential pressure as we move through the remainder of the year, driven by tariff-related costs, the approximately 25 basis points incremental wraparound effect from our distribution center openings and reinvesting into value-driven pricing strategies.

毛利率預期約為 43.6% 至 43.8%。第一季 44.0% 的毛利率很可能代表今年的高點。此後，隨著我們進入今年剩餘期間，預期毛利率將面臨輕微至溫和的連續性壓力，主要受關稅相關成本、配銷中心開設帶來約 25 個基點的額外「wraparound」效應，以及我們再投資於以價值為導向的定價策略所驅動。

SG&A as a percentage of sales is estimated to be approximately 38.0% with the first and fourth quarters being the most pressured from new stores. Interest expense net is expected to be approximately $4 million. Tax rate is expected to be approximately 22.5% to 23.0%. Depreciation and amortization is expected to be approximately $250 million.

SG&A（銷售、一般及行政費用）占銷售額比重估計約為 38.0%，其中第一季與第四季因新店因素承壓最大。淨利息費用預期約為 400 萬美元。稅率預期約為 22.5% 至 23.0%。折舊與攤銷預期約為 2.5 億美元。

Adjusted EBITDA is expected to be approximately $545 million to $580 million. The 53rd week is expected to contribute approximately $11 million to adjusted EBITDA.

調整後 EBITDA 預期約為 5.45 億至 5.80 億美元。第 53 週預期將對調整後 EBITDA 貢獻約 1,100 萬美元。

Diluted earnings per share is estimated to be approximately $1.83 to $2.08. The 53rd week is expected to contribute approximately $0.08 to diluted EPS, which implies our 52-week diluted EPS to be approximately $1.75 to $2.

稀釋後每股盈餘（EPS）估計約為 1.83 至 2.08 美元。第 53 週預期將對稀釋後 EPS 貢獻約 0.08 美元，這意味著我們 52 週的稀釋後 EPS 約為 1.75 至 2 美元。

Diluted weighted average shares outstanding are estimated to be approximately 109 million shares. CapEx is estimated to be approximately $250 million to $300 million, unchanged from our prior guidance.

稀釋後加權平均流通股數估計約為 1.09 億股。資本支出（CapEx）估計約為 2.5 億至 3.0 億美元，與先前指引一致。

Operator, we would like to now take questions.

接線員，我們現在想開始提問。

(Operator Instructions) Seth Sigman, Barclays.

(接線員指示) Seth Sigman，巴克萊。

When you look at the category trends, it's been fairly mixed, but it does seem like laminate and vinyl, it's probably been the biggest problem and continues to underperform the rest of the store. This was one of the best categories for many years, although obviously, in a very different housing backdrop.

當你看各品類趨勢時，表現相當分歧，但看起來層壓板與乙烯基（laminate and vinyl）可能是最大的問題，而且持續落後於店內其他品類。這多年來一直是表現最好的品類之一，當然那是在非常不同的房市背景之下。

So I'm just wondering, do you think the issue is still housing? Is there something else going on with the product? Is it innovation? Is it sourcing? Just any more perspective on that because that does seem like it's still one of the biggest holes.

所以我想問的是，你認為問題仍然是房市嗎？還是產品本身有其他狀況？是創新嗎？是採購/供應來源嗎？想請你再多分享一些觀點，因為這看起來仍是最大的缺口之一。

Thanks for the question. And you're right. I mean that category for us is our second largest category. When we look at the opportunity, it's really the vinyl part of laminate and vinyl. And we've seen pressure in this category really since the second half of last year.

謝謝你的提問。你說得沒錯。我的意思是，對我們而言，那個品類是我們第二大的品類。當我們看機會時，主要是在層壓板與乙烯基中的乙烯基部分。而我們在這個品類看到的壓力，確實從去年下半年就開始了。

And the dynamics that we see, we talked a little bit about this in the last call, we saw a shift in consumer preference. A portion of our consumers started to trend down to a lower quality spec and a lower price point. And that price point is sub-$2. So we've taken a really, really quick action. I think it's a reflection of how nimble we are.

我們看到的動態是——我們在上一通電話會議也稍微談過——我們看到消費者偏好出現轉移。部分消費者開始轉向較低品質規格與較低價位。而那個價位帶是在 2 美元以下。因此我們採取了非常、非常快速的行動。我認為這反映了我們的敏捷度。

And we've been really open in saying that we're going to respond to those needs or those customer preferences, but we do expect that category to be under pressure. And the reason the category is going to be under pressure at some point, it becomes a math problem. Average selling price is going to be down. We don't see a meaningful lift in square footage coming.

我們也很坦率地表示，我們會回應這些需求或顧客偏好，但我們確實預期該品類仍將承壓。而該品類之所以會承壓，某種程度上會變成一個數學問題。平均售價將會下降。我們看不到面積（square footage）會有顯著提升。

But our mindset is we're going to take share. We need that Pro in our store, and we're going to make sure as that shift continues to happen that we've got the product and price points they want.

但我們的心態是要搶市占。我們需要專業客（Pro）進到我們的店裡，我們也會確保在這個轉移持續發生時，我們有他們想要的產品與價位帶。

The flip side is we are pleased with performance in our other categories when you think about the other big categories inside of our business, Tile, Insulation Materials, Decorative Accessories. Really pleased with how they're doing. Obviously, we want to see acceleration in the short term to offset the pressure that we're seeing in laminate and vinyl. But we are squarely focused on getting laminate and vinyl to a level that's much better than what we saw certainly in the first quarter.

另一方面，當你想到我們業務中的其他大型品類——磁磚（Tile）、隔熱材料（Insulation Materials）、裝飾配件（Decorative Accessories）——我們對其表現感到滿意。對它們目前的表現真的很滿意。顯然，我們希望短期內能看到加速，以抵消我們在層壓板與乙烯基所看到的壓力。但我們的重點非常明確，就是要把層壓板與乙烯基拉回到遠優於第一季所見的水準。

Okay. Great. And then my follow-up is for Bryan. Just thinking about the EPS sensitivity to the sales shortfall, you're lowering your EPS by $0.10 to $0.15, but I think there's about $0.05 below the line. So probably lowering more like $0.05 to $0.10.

好的。很好。那我的追問是給 Bryan。就 EPS 對銷售不如預期的敏感度來看，你把 EPS 下修 0.10 到 0.15 美元，但我認為其中約有 0.05 美元是在「線下」（below the line）。所以實際上可能更像是下修 0.05 到 0.10 美元。

That's actually in line to a little bit better than the prior rule of thumb, which was $0.10 per comp point. So can you just discuss the extent that this includes the higher energy and logistic costs? And then where are you still finding some of the offsets?

這其實與先前的經驗法則一致、甚至略好一些；先前的經驗法則是同店每變動 1 個百分點約影響 0.10 美元。所以你能否談談這裡面包含了較高的能源與物流成本到什麼程度？另外，你們仍在哪些地方找到一些抵消因素？

Thank you for the question. Yeah. Look, it's something I'm most proud of with the company is just how we've reacted in this environment. We continue to pressure test the company and do the things, but we're not going to cut to the bone either. I mean you heard me say that our service scores are still the highest they've ever been.

謝謝你的提問。是的。你看，我對公司最自豪的一點，就是我們在這種環境下的反應方式。我們持續對公司進行壓力測試並採取必要作為，但我們也不會把成本砍到見骨。我的意思是，你也聽到我說，我們的服務評分仍是史上最高。

So when you think about it, I'll try to unbundle it multiple ways. So the higher energy costs are embedded in there. We do think that that is going to have a modest impact to the gross margin rate. If the current elevated environment continues longer, we would trend towards the lower end of our guidance. But as you noticed in the call, we were able to actually raise the lower end of our gross margin guidance that I gave on the original call.

所以如果你這樣想，我會嘗試用幾種方式把它拆開來說。較高的能源成本已經包含在其中。我們確實認為這會對毛利率帶來溫和影響。如果目前偏高的環境持續更久，我們會更接近指引區間的低端。但如你在電話會議中注意到的，我們其實把我在原先那通電話會議所給的毛利率指引下限上調了。

So we're at 43.6% to 43.8% versus originally, we were 43.5% to 43.8%. That allows us to take the low end up a little bit to offset some of the sales pressure.

所以我們現在是 43.6% 到 43.8%，相較於原先的 43.5% 到 43.8%。這讓我們能把低端稍微往上調，以抵消部分銷售壓力。

You're right. Historically, we've always said it's $0.10 per comp point. In this environment, again, we've taken a lot of actions. We continue to flex our labor hours to the transactions. 70% of our stores are able to move with the model and even above that a little bit, 30%.

你說得對。歷來我們一直說同店每 1 個百分點約是 0.10 美元。在這個環境下，我們再次採取了很多行動。我們持續依交易量彈性調整工時。我們有 70% 的門市能依模型調整，甚至還能略高一些；另外 30%。

We always talk about those as being not able to move those, but we've been able to actually tweak a little bit in our lower volume stores just at a reduced kind of lower rate than we can move the other 70% of our fleet.

我們總是說那 30% 是比較難調整的，但我們其實也能在低量門市做一些微調，只是調整幅度（或速度）會比另外 70% 的門市群來得更低一些。

We continue to push on discretionary spend within the four-walls. We're managing our distribution center cost in this environment. And we've continued to align our general and administrative expenses to the current environment, and we'll continue to do that as we move along.

我們持續在四面牆內的可自由裁量支出上加大控管力道。在這樣的環境下，我們也在管理我們的配送中心成本。同時，我們持續讓一般與行政費用與當前環境保持一致，並且在接下來的推進過程中也會持續這麼做。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

I wanted to ask about store opening. Can you talk about decision maybe not to slow down a little further? I realize the demand environment is a little weaker. I feel like the build-out environment is a little more costly even though you are making tweaks. So talk about that decision and relative to buying stock back or buying a higher percentage back even.

我想問一下關於開店的部分。你們能談談為什麼可能沒有再進一步放慢一點的決策嗎？我理解需求環境稍微偏弱。我覺得即使你們在做一些調整，建置環境仍然更昂貴一些。所以請談談這個決策，以及相較於回購股票或甚至提高回購比例的取捨。

Sure. So I might give you a little bit longer answer through that piece about capital allocation in there at the end. But you're right. In our prepared remarks, we said we remain committed to 20 stores. We've also been open, I think, for at least the last year saying that we view that kind of new store openings as an opportunity and something that we treat as a priority coming into the -- excuse me, 2026.

當然。我可能會給你一個稍微長一點的回答，最後也會帶到資本配置的部分。不過你說得沒錯。在我們事先準備的發言中，我們提到我們仍然致力於開出20家店。而且我想我們至少在過去一年一直很公開地表示，我們把這類新店開設視為一個機會，也是在邁向——不好意思，2026年——時我們會優先處理的事項。

And I would say it's still very early, but we're encouraged by the initial results that we're seeing in those 6 stores that we've opened, even in a really, really tough environment. In the script, we said we're very much focused on opening stores in Tier 1 and Tier 2 markets. I think the team has done a really nice job of refreshing our grand opening process.

我會說現在仍然非常早期，但即使在非常、非常艱難的環境下，我們對已開出的6家店所看到的初步成果感到鼓舞。在講稿中我們提到，我們非常專注於在一線與二線市場開店。我認為團隊在更新我們的開幕流程方面做得非常好。

Ersan and team serve a lot of credit for optimizing kind of a smaller store layout. You heard us say the average in '26 is going to be 55,000 square feet, which is a much smaller footprint than we've done in years past.

Ersan和團隊在優化較小店型的配置上功不可沒。你們也聽到我們說，2026年的平均店面將是55,000平方英尺，這比我們過去幾年做的店型面積小得多。

Question I get a lot there is, are we sacrificing the experience? Are we sacrificing the assortment in a store that's 60,000 square foot or less? And we feel like the answer is no. So really pleased with what we're seeing.

我常被問到的問題是：我們是否犧牲了體驗？在60,000平方英尺或更小的店裡，我們是否犧牲了商品組合？而我們認為答案是否定的。所以我們對目前看到的情況非常滿意。

When we think about capital allocation, for us, we still feel like opening new stores is absolutely the best use of capital that we have. It's critical to our long-term strategy. So we're going to continue to lean into that. And that really has been our capital allocation strategy for quite some time. We are fortunate and we're fortunate that we're at a point in our company's history where as we look at forward projections, we see that we're going to generate enough cash to still fund those new store openings and the reinvestment into existing stores.

當我們思考資本配置時，對我們而言，我們仍然認為開新店絕對是我們資本的最佳用途。這對我們的長期策略至關重要。因此我們會持續加碼投入。而這其實也一直是我們相當長一段時間以來的資本配置策略。我們很幸運——也很幸運的是，我們正處在公司歷史上的一個階段：當我們看向未來預測時，我們看到我們將產生足夠的現金，仍能資助這些新店開設以及對既有門市的再投資。

We can also fund any type of new growth concepts inside or outside the store that would include M&A. And then any excess cash that we have -- I shouldn't say it that way. And then we have the opportunity with excess cash to return that to shareholders in the form of a share repurchase. So we feel really good about our balance sheet, feel good about the priorities that we have in our framework. And as a management team, we are laser-focused on growing the core business.

我們也能資助店內或店外的任何新成長概念，其中也包括併購（M&A）。然後我們手上的任何多餘現金——我不該那樣說。然後我們也有機會把多餘現金以股票回購的形式回饋給股東。所以我們對資產負債表感到非常有信心，也對我們在這個框架下的優先事項感到很踏實。而作為管理團隊，我們高度聚焦在核心業務的成長。

Just as a follow-up, just to put in context on the amount of spend because what's helped us continue to open stores in this environment and have better returns is our average store cost is going to be this year approximately $7.5 million to $8 million.

補充追問一下，為了讓大家理解支出規模的背景：在這樣的環境下，能幫助我們持續開店並取得更好報酬的原因之一，是我們今年的平均單店成本大約會是750萬到800萬美元。

If you rewind the clock just a couple of years, we were as high as $11.7 million in 2023. So for all the reasons Brad talked about and what we've done within the box, that just kind of contextualizes it within the numbers for you.

如果把時間往回推幾年，2023年我們最高曾到1,170萬美元。所以基於Brad提到的所有原因，以及我們在店內（盒子內）所做的事情，這就用數字幫你把背景脈絡補齊。

The follow-up on the value proposition. I think we talked about it a quarter ago. And can you focus especially on the lower end of the value segment, some of the lower-tier product? And I know you've been trying to reassort there, but can you assess how you sit versus the market?

再追問一下價值主張。我想我們在一個季度前談過。你們能否特別聚焦在價值區間的較低端、一些較低階的產品？我知道你們一直在嘗試重新配置那部分的商品組合，但你們能評估一下相較於市場，你們目前的位置如何嗎？

Well, one of the things that's been most surprising to me, and I think the rest of the team has been how resilient the better, best part of our business has held up. I think that's a testament again to the assortment that we have, the jobs that our team do in our stores and really explain the features and benefits of the product that we have.

嗯，最讓我驚訝的一點——我想團隊其他人也是——是我們業務中「更好、最好」那一段的韌性表現得有多強。我認為這再次證明了我們的商品組合，以及我們團隊在門市所做的工作：真正把我們產品的特點與效益向顧客解釋清楚。

And we've always had a nice presence in the lower end of the spectrum. It hasn't been a high percentage of our sales. But when we do see customer preference shift, like I explained in laminate and vinyl, we can react quickly and get the share that's available in that space. So I don't think it's a huge opportunity for us to reinvent our assortment to push down to the lower end because we're really not seeing that type of preference with laminate and vinyl being the only exception.

而且我們在價值光譜的低端一直都有不錯的能見度。它並不是我們銷售額中很高的占比。但當我們看到顧客偏好轉移時——就像我在強化木地板（laminate）與乙烯基地板（vinyl）所解釋的——我們可以快速反應，並在那個區塊拿到可取得的市占。所以我不認為我們需要大幅重塑商品組合、把重心往更低端下探，因為我們其實沒有看到那種偏好變化；唯一的例外是強化木地板與乙烯基地板。

Steven Forbes, Guggenheim Securities.

Steven Forbes，古根漢證券。

Brad, maybe expanding on Simeon's question around the new stores averaging 55,000 square feet. I'd be curious if you can maybe take us to the box here and talk about some of the newer in-store merchandising initiatives. I know maybe early, right, extended aisle, F&D Express, what Inspiration Center. What are you sort of seeing around these new initiatives that gives you conviction that you're not going to sort of give up productivity or return sort of profiles with this migration. I'd love to hear just conviction behind those.

Brad，延伸Simeon關於新店平均55,000平方英尺的問題。我想請你帶我們更深入談談店內配置，並談一些較新的店內陳列／商品展示（merchandising）計畫。我知道可能還早，例如延伸走道（extended aisle）、F&D Express、Inspiration Center。你們從這些新計畫中看到了什麼，讓你們有信心在這樣的轉換下，不會犧牲生產力或報酬率的輪廓？我很想聽聽你們背後的信念來源。

Yeah. So I'll try to hit the headlines. One of the things that I've shared pretty consistently is the team has done a nice job of optimizing the layout of the store. And for those of you that have been in our store, our store really has kind of two sections, if you will. We've got the selling floor and then we have the warehouse.

好的。我會盡量抓重點來說。我一直相當一致地分享的一點是：團隊在優化店面配置方面做得很好。對於去過我們門市的人來說，我們的店大致可以分成兩個區塊。一個是銷售區，另一個是倉儲區。

So I'll start with the warehouse. I think we continue to get better and better in minimizing the amount of space that we need for warehouse so we can maximize the amount of sales floor that we have in a smaller box. And then when you come into the front of our stores, the first thing you're going to see is cash registers and you're going to see a design center.

我先從倉儲區開始。我認為我們在縮小倉儲所需空間方面持續做得越來越好，這樣即使在較小的店型裡，我們也能把銷售樓面最大化。接著當你走進我們門市前方時，你第一眼會看到的是收銀台，以及一個設計中心。

And when you think about optimizing that experience where it's a benefit to the customers and it's a benefit to our associates, I think we've hit a home run there. The example that I use, I know a lot of you are based in New York. If you get a chance to go out to Staten Island, I think it's the example of what we're talking about.

而當你思考如何優化那段體驗，讓它同時對顧客有利、也對我們的門市同仁有利，我認為我們在那裡做得非常成功。我常用的例子是——我知道你們很多人都在紐約——如果你有機會去史泰登島（Staten Island），我認為那就是我們所談內容的最佳示範。

And then from a design center perspective, which is really important to who we are and what we do every day. I think we've shrunk the experience without minimizing the experience if that makes sense. Our designers still have the ability to drive inspiration with our customers out of the design center. As we said in the script, we've had a lot of effectiveness with our designers no matter the size of the store. So we feel good about that.

接著從設計中心的角度來看，這對我們是誰以及我們每天在做什麼而言都非常重要。我認為我們縮小了體驗的規模，但並沒有削弱體驗本身（如果這樣說得通的話）。我們的設計師仍然能夠在設計中心與客戶一起激發靈感。正如我們在講稿中所說，無論店面大小，我們的設計師都展現出很高的成效。因此我們對此感到很有信心。

And when we think about our core categories, and the emphasis that we have on Pro, our Pro desk and our installation assortment is not sacrificed at all. I mean it's, in some cases, as big, if not bigger than you'd see in the larger store. And then our core categories like tile, laminate and vinyl and decorative accessories, really no kind of sacrifice in those categories either.

當我們思考核心品類，以及我們對專業客（Pro）的重視時，我們的 Pro 櫃檯與安裝相關的商品組合完全沒有被犧牲。我的意思是，在某些情況下，它的規模跟大型店相比一樣大，甚至更大。接著像磁磚、強化地板與乙烯基地板，以及裝飾配件等核心品類，也幾乎沒有任何犧牲。

On the tile, tile does take a lot of space in our stores. We've got to be creative, and you'll see different fixtures in smaller volume stores that allow us to display more SKUs than we normally would on the floor. And again, we're really excited about what we're seeing. And we don't believe that we're going to sacrifice any type of top line productivity. And that's because -- and I should have said this originally, one of the reasons we're pushing into smaller volume stores is we've got to densify urban markets.

就磁磚而言，磁磚確實會占用我們店內很多空間。我們必須更有創意；你會在較小量體的店看到不同的陳列設備，讓我們能在賣場上展示比平常更多的 SKU。而且再次強調，我們對目前看到的成果感到非常興奮。我們不認為我們會犧牲任何形式的營收端生產力。原因是——我一開始就應該提到——我們之所以推進較小量體店型，其中一個原因是我們必須提高都會市場的密度。

That's where a lot of the demand is. And the reality is the 75,000 to 80,000 square foot box isn't available in those markets. And if it is available, it's very, very expensive. So we've done this strategic pivot as an organization. And again, you can tell by my comments, we're optimistic on how it's playing out thus far.

那裡有大量需求。而現實是，在那些市場裡，7.5 萬到 8 萬平方英尺的盒子店型並不存在。即便有，也非常、非常昂貴。因此我們作為一個組織做了這個策略性轉向。同樣地，從我的評論你也看得出來，我們對目前為止的進展感到樂觀。

Steven Zaccone, Citigroup.

Steven Zaccone，花旗集團。

I wanted to follow up on the guidance change. I was hoping you could just elaborate a little bit more on why the decision to lower guidance at this point in the year. It seems a bit early, right? Because March and April sound pretty similar, and you actually saw somewhat of a two-year stack acceleration in April.

我想追問一下指引調整。我希望你能再多說明一點，為什麼會在今年這個時間點決定下調指引。看起來有點早，對吧？因為 3 月和 4 月聽起來相當類似，而且你們在 4 月其實看到兩年期疊加（two-year stack）有些加速。

So help us understand what's changed from a cadence of the year? Is this more a function of weaker second half expectations just given some step down in the existing home sales backdrop?

所以請幫我們理解，今年的節奏到底改變了什麼？這是否更多是因為對下半年預期轉弱，考量到成屋銷售的背景可能會有一些下滑？

No, I certainly appreciate the question. And if you rewind the tape to our last call, what we communicated is that we came in from a planning perspective, assuming that 2026 was going to look a lot like 2025. We said if there's any level of stability when it comes to existing home sales or improvement, we felt like we had a path to delivering positive comp sales for the first time in a few years.

不，我非常感謝這個問題。如果你回顧我們上一次電話會議，我們當時傳達的是：從規劃角度來看，我們假設 2026 年會很像 2025 年。我們也說過，如果成屋銷售在穩定或改善上有任何程度的穩定性，我們認為我們有路徑在幾年來首次實現同店銷售為正。

Since that time, obviously, a number of things have occurred that we would consider unexpected. And I think that's how we described it in our script. I'm not going to list them because we listed them more than once in our prepared comments.

自那之後，顯然發生了許多我們認為出乎意料的事情。我想這也是我們在講稿中描述的方式。我就不逐一列舉了，因為我們在事先準備的發言中已經不只一次提到。

But obviously, that's changed the demand environment for our business. And really, I assume any kind of high big ticket discretionary item. So we thought it's prudent and responsible at this point in time to recalibrate given what we know now.

但很明顯，這些因素改變了我們業務的需求環境。而且我想這也影響到任何高單價的選擇性消費品。因此我們認為，在目前這個時間點，基於我們現在所掌握的資訊進行重新校準，是審慎且負責任的做法。

When you think about the range that we provided, we'll be the first admit wider than we normally would give. But the reality is there's just uncertainty in how our demand drivers are going to play out for the rest of the year. If you look at our current run rate and assume no improvement, then we have a level of confidence that we can hit the midpoint of the guidance.

當你看我們提供的區間時，我們也會第一個承認：它比我們通常給的更寬。但現實是，對於今年剩餘時間需求驅動因素將如何發展，仍存在不確定性。如果以我們目前的運行速度（run rate）來看，並假設沒有改善，那我們有一定信心可以達到指引的中位數。

If we see any type of improvement when it comes to those demand drivers, then we feel like we can get closer to the high end of the range. But as you would expect, this is a question that we wrestled with. And we felt like, again, it was just prudent and responsible for us to reset and recalibrate at this point in time.

如果在這些需求驅動因素上看到任何改善，那我們覺得就能更接近區間上緣。但如你所預期，這確實是我們反覆權衡的問題。而我們認為，再次強調，在此時此刻重設並重新校準，對我們而言就是審慎且負責任的。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

As outsiders, it is very difficult for us to have an accurate assessment of market share. We tend to look at the performance of the big box retailers, some of the vendors in this space. And it does seem on those metrics that Floor & Decor on a same-store basis is lagging behind the industry. It's hard to explain that given the value proposition, the customer experience and all the other facets of the model.

作為外部人士，我們很難準確評估市占率。我們往往會看大型盒子零售商的表現，以及這個領域的一些供應商。而從那些指標來看，Floor & Decor 在同店基礎上的表現似乎落後於產業。考量到你們的價值主張、客戶體驗以及模式的其他面向，這點很難解釋。

So A, as you look either category by category, geography by geography, are you seeing evidence of market share gain? And B, how would you explain that market share loss and what is being done to address it? And then I have a quick follow-up.

所以 A，無論是按品類、按地理區域來看，你們是否看到市占率提升的證據？以及 B，你會如何解釋市占率流失，並且正在採取哪些措施來因應？另外我還有一個簡短的追問。

So -- and probably worth a more in-depth conversation at some point in time, but we don't see that. We don't see that we're losing share. Even on a category like laminate and vinyl, where we admittedly say our performance has been below expectations, that market is under a lot of pressure. So I'm certainly not going to sign up and say that we're taking share in laminate and vinyl in a meaningful way. But I also don't think we're losing share in a meaningful way.

所以——這可能值得在某個時間點做更深入的討論——但我們沒有看到那樣的情況。我們不認為我們正在流失市占。即便在像強化地板與乙烯基地板這類品類上，我們也坦承表現低於預期，但那個市場本身正承受很大壓力。所以我當然不會直接說我們在強化地板與乙烯基地板上以有意義的方式取得市占。但我也不認為我們以有意義的方式在流失市占。

And when I look at the other categories, insulation materials, tile, wood, deco, I feel really good about our position. And like we said, and this was part of my close in the comments, when we look at publicly available data, and that would be big box retail, when we look at other third-party data that all of you look at and then certainly, the feedback from our vendor partners, we are not getting that same interpretation of the data.

而當我看其他品類——保溫材料、磁磚、木地板、裝飾品——我對我們的定位感到非常有信心。而且如我們所說，這也是我在結語中提到的一部分：當我們看公開可得的資料（也就是大型盒子零售），當我們看你們也會看的其他第三方資料，當然還有來自供應商夥伴的回饋，我們並沒有得到同樣的資料解讀。

So we feel good about market share in a really tough environment. Do we want to have better sales performance? Absolutely, absolutely. And I would say our focus is on accelerating share gains. And as I've said kind of time and time again, if we can get any level of stability in our space, we're really, really committed to delivering positive comp sales in our business.

因此在一個非常艱難的環境中，我們對市占率感到有信心。我們是否希望銷售表現更好？當然，當然。我會說，我們的重點是加速市占提升。而且正如我一再提到的，只要我們的產業環境能有任何程度的穩定性，我們就非常、非常致力於在業務上實現同店銷售為正。

Understood. My follow-up question is on some of the pricing actions that the corporation has tested, and it sounds like we'll deploy a bit further as the year progresses. Can you quantify what the impact has been from those actions? How have you embedded those in the guidance? And why wouldn't Floor & Decor take up prices more aggressively given that folks who are probably coming in at this point with a low level of overall traffic probably are just going to be inherently less price sensitive?

了解。我的追問是關於公司測試的一些定價措施，聽起來你們會在今年進行的過程中進一步推行。你能量化這些措施帶來的影響嗎？你們如何把這些影響納入指引？以及為什麼 Floor & Decor 不更積極地調高價格，因為在目前整體來客量偏低的情況下，可能進店的顧客本來就會相對不那麼價格敏感？

Yes. The first thing that I would say is I can't compliment Ersan and his team enough and how they've executed through this environment, really performing at a high level and have kept us incredibly well positioned to take share in all of our categories. My general observations around the market and pricing, and I will answer your questions, just bear with me. I continue to see rational behavior, and I describe rational behavior from pricing, kind of low to mid-single-digit increases. We have shared that we've taken modest increases.

是的。我首先想說的是，我再怎麼稱讚Ersan和他的團隊都不為過；他們在這樣的環境下執行得非常出色，整體表現維持在很高水準，並讓我們在所有品類上都保持極佳的態勢以持續搶占市佔。我先分享一些我對市場與定價的整體觀察，然後我會回答你的問題，請稍等我一下。我持續看到理性的行為；我所說的理性行為，反映在定價上，大致是低到中個位數的漲幅。我們也分享過，我們採取的是溫和的漲價。

And the good news is we've been able to pass that price on to customers. I mentioned that better and best penetration has held up, which has been a nice surprise. And for us, we continue to test our pricing strategy. One of the areas of investment that we've made is in our pricing team. We've hired new leadership there or a new pricing leader for our business.

好消息是，我們已經能把這些價格轉嫁給客戶。我提到過，中高階與高階產品（better與best）的滲透率仍然維持得不錯，這是個令人驚喜的正面發展。對我們而言，我們會持續測試我們的定價策略。我們其中一項投資重點是在定價團隊。我們在那裡延攬了新的領導人，也就是為我們業務聘請了一位新的定價主管。

We're investing in tools. And even though we're pleased with the execution on our pricing, we know there's always more opportunity there.

我們也在投資工具。即便我們對定價執行的表現感到滿意，我們也知道那裡永遠還有更多機會。

We're going to continue to test our price bands. For the first time in a long time as we've taken price down in the laminate and vinyl, we have seen that positive reaction to square footage. And we're going to run test to see if that takes place in other categories. And on the same token, take prices up to see what that impact is. We are very, very focused on taking market share and our pricing strategy is going to be reflective of that.

我們會持續測試我們的價格帶。很久以來第一次，當我們在強化木地板與乙烯基（laminate與vinyl）品類降價時，我們看到以平方英尺計的銷量出現正向反應。我們也會進行測試，看看這樣的情況是否也會在其他品類發生。同樣地，我們也會把價格調高，觀察其影響。我們非常、非常專注於提升市佔，而我們的定價策略也會反映這個目標。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

Could you remind us how your freight contracts renew and how we should think about how higher ocean and domestic freight flows through? And then for other input cost inflation like PVC, et cetera, any thoughts on exposure or impact there and what's embedded in the guide?

你能提醒我們你們的運輸合約是如何續約的，以及我們應該如何看待較高的海運與國內運費如何反映到財務上嗎？另外，像PVC等其他投入成本的通膨，你們對曝險或影響有什麼看法？指引中已包含哪些假設？

Zach, this is Bryan. I'll take a stab at it and then Brad can jump in. Our ocean contracts, we typically renegotiate those through the spring and early summer. So we're going through that right now. Again, we typically are on multiyear contracts.

Zach，我是Bryan。我先試著回答，然後Brad可以再補充。我們的海運合約通常會在春季到初夏期間重新談判。所以我們現在正在進行中。同樣地，我們通常是簽多年度合約。

I think this go around, we're on more interim contracts, one-year kind of two-year basis versus three historically that we've kind of blended in. So a lot of those will be renegotiated now. It will take a little bit of time. It will be probably the back half before we start seeing those price changes. And then it takes anywhere from six to eight months depending on those international contracts to really kind of bleed fully through into the P&L just from a flow-through perspective.

我想這一輪我們比較多是採用較短期的合約，以一年、兩年為主，而不是過去我們通常會混合採用的三年期。所以其中很多合約會在現在重新談判。這需要一點時間。可能要到下半年我們才會開始看到那些價格變動。而且就國際合約而言，從流轉的角度來看，通常需要六到八個月才會真正完整地反映到損益表（P&L）上。

On the domestic side, it's a lot quicker than that. And so that's why we are starting to see some of the higher energy costs today. That's why I mentioned we are starting to see a modest impact today, and that will continue just depending on how long this environment continues. But for us, on that side, that's just a lot quicker because it's basically our domestic side post distribution center to our stores. So that flows through a lot quicker into what you see into our results.

在國內運輸方面，速度會快得多。因此我們今天才會開始看到一些較高能源成本的影響。這也是我提到我們今天開始看到溫和影響的原因；而這種影響會持續，取決於這樣的環境會維持多久。但對我們來說，那一端的反映更快，因為基本上是我們國內端從配送中心到門市的運輸。所以它會更快地反映到你在我們業績中看到的結果。

And on the PVC, how that input cost inflation could impact the category?

那PVC方面，這種投入成本通膨可能會如何影響該品類？

Yeah. It's still early right now. I mean, look, Ersan's team, again, getting a lot of kudos today. They've done a great job of working with our vendor partners, long-term vendor partners that we've had there. So today, where we see just minimal exposure today, I think we'll always do what we do best, which is negotiate first and foremost, with our current vendor base.

是的。目前還算早。我的意思是，Ersan的團隊今天再次獲得很多肯定。他們與我們的供應商夥伴、以及我們長期合作的供應商，協作得非常好。所以就目前而言，我們看到的曝險很小；我想我們一向會先做我們最擅長的事，也就是優先與現有供應商基礎進行談判。

If we do see any big sort of pushes or anything else, we can always diversify out. And then whatever is left, we'll push through to our consumers to the extent that we can.

如果我們確實看到任何較大的推升或其他情況，我們也隨時可以分散供應來源。然後剩下的部分，在我們能力所及的範圍內，我們會把它轉嫁給消費者。

Got it. And then on the Pro loyalty revamp, any thoughts on new features you're exploring there? I know we've talked about Pro pricing. On that note, like any updated thoughts on options in terms of discounts versus rebates and how you would plan to balance gross margin versus volume improvement potential?

了解。另外關於Pro忠誠度計畫的改版，你們正在探索哪些新功能？我知道我們談過Pro定價。就此而言，對於折扣（discounts）與回饋（rebates）等選項，你們有沒有更新的想法？以及你們打算如何在毛利率與提升銷量的潛力之間取得平衡？

I'd love to be able to share the details of that program. Unfortunately, I can't do it at this point. But as we said in the prepared remarks, really excited about the progress we're making there.

我很希望能分享該計畫的細節。但很可惜，目前我還不能透露。不過正如我們在事先準備的發言中所說，我們對那裡的進展感到非常振奮。

That is an effort that is led by Krysta Zell, our new Chief Customer Officer. She's got deep, deep expertise in building loyalty programs. She's done that at more than one stop along her career.

這項工作由我們新任首席客戶長（Chief Customer Officer）Krysta Zell主導。她在建立忠誠度計畫方面擁有非常、非常深厚的專業。在她的職涯中不只一次做過這件事。

And what I would say is our aim here is to have a differentiated program that is really a comprehensive solution for our Pro customers. And I talk a lot about service assortment and price. It's going to touch on all those components, and it's going to be supported by the right technology. And for me, I think that's going to be a real -- a key piece to how we accelerate share gains from independents. We're really excited about the potential that it has and can't wait to roll it out in the first quarter of next year.

我想說的是，我們的目標是打造一個具差異化的方案，真正為我們的Pro客戶提供一套全面性的解決方案。我經常談到服務、品類組合與價格。這個計畫會涵蓋所有這些面向，並且會由合適的科技來支撐。對我而言，我認為這將會是——是我們加速從獨立業者手中取得市佔的關鍵一環。我們對它的潛力感到非常興奮，也迫不及待想在明年第一季推出。

David Bellinger, Mizuho Securities.

David Bellinger，瑞穗證券。

How aggressive could you be -- do you plan to be in the market immediately if shares are currently trading (inaudible) could you be now and through the balance of the year?

如果目前股價正在交易於（聽不清），你們在市場上能有多積極——你們打算現在以及今年剩餘期間有多積極？

So I think the question was how aggressive do we plan to be with the share repurchase. Bryan, do you want to walk through the mechanics of how we're thinking about that program?

所以我想問題是，我們計畫在股票回購上有多積極。Bryan，你要不要說明一下我們對這個計畫的運作機制是怎麼想的？

Yeah. David, I think this is you. But obviously, we said it on the call, but this will be a discretionary repurchase program, right? We'll purchase both through programmatic and opportunistic given the current dislocation within our stock.

好的。David，我想這是你（的問題）。不過很明顯，我們在電話會議上也說過，這會是一個可自行裁量的回購計畫，對吧？考量到目前我們股價的錯位，我們會同時透過例行性（programmatic）與機會性（opportunistic）的方式進行買回。

We have a healthy balance sheet, and we'll use the excess cash to fund this program as we see fit. So more to come on it. I don't want to commit to anything in the near term or long term. But just know that we'll do both programmatic and opportunistic. We're not trying to be stock pickers, right?

我們的資產負債表很健康，我們會視情況使用多餘現金來為這個計畫提供資金。所以後續還會有更多資訊。我不想在短期或長期對任何事情做出承諾。但請知道，我們會同時採取例行性與機會性的方式。我們並不是要當選股者，對吧？

So I mean we're going to use our advisers and go through it that way. So we do plan to start executing in the second quarter, but more to come on that kind of as we move forward.

所以我的意思是，我們會運用我們的顧問，並以那種方式來推進。因此，我們確實計劃在第二季開始執行，但隨著我們往前推進，後續還會有更多資訊更新。

(Operator Instructions) Chuck Grom, Gordon Haskett.

(接線員指示) Chuck Grom，Gordon Haskett。

Curious what you're seeing from independents recently. I would imagine they're under considerable pressure and how you're attacking that opportunity. And then, Bryan, how should we be thinking about the phasing of both comps and earnings over the balance of the year?

想了解你們最近從獨立業者那邊看到的情況。我想像他們正承受相當大的壓力，以及你們如何切入並把握這個機會。另外，Bryan，我們應該如何看待今年剩餘期間同店表現與獲利的節奏分布？

Independents, as all of you know, we believe more than half of the market and very, very strong competitor in our local markets. I think I've been on record more than one saying, and I think they've done a really nice job in this environment of taking care of their Pro customers, which reinforces the importance of us having a new Pro loyalty and Pro pricing program.

各位都知道，我們認為獨立業者占市場一半以上，在我們的在地市場也是非常、非常強的競爭對手。我不只一次公開說過，我認為他們在這樣的環境下把 Pro 客戶照顧得很好，這也再次凸顯我們推出新的 Pro 忠誠計畫與 Pro 定價方案的重要性。

I think the independents that cater to the more affluent customer are doing fine in this market. I'm certainly a believer in the K-shaped economy, and there's certainly a portion of that independent. I would say a small portion of the independents that cater to that audience and the higher-end designers, I think they're doing fine. I think everyone else is struggling. That is consistent with kind of the bottom-up feedback that we hear from our store partners and also our vendor partners.

我認為，服務較富裕客群的獨立業者在這個市場表現不錯。我確實相信 K 型經濟，而獨立業者當中也確實有一部分符合這種情況。我會說，針對那類受眾以及高端設計師的獨立業者只占很小一部分，但我認為他們做得不錯。我認為其他人都在掙扎。這與我們從門市夥伴以及供應商夥伴那裡聽到的自下而上的回饋一致。

Our whole perspective, and you've heard me say it throughout the call is we want to play offense in this environment. We're going to make sure that we're positioned to take market share and really exceed our customers' expectations every single day. And we think that's going to be our path to success.

我們的整體觀點——而且你們在整場電話會議中也聽我反覆提到——是我們希望在這樣的環境下採取進攻策略。我們會確保自己處於能夠搶市占的位置，並且每天都真正超越客戶的期待。我們認為這將是我們成功的路徑。

And from a comp sequential nature, the biggest variation in the range is our transactions. I think as I alluded to on the prepared remarks, those would expect to be down low-single-digits to down mid-single-digits, where our ticket will be somewhat consistent. but flat to up low single digits is how we would get there.

就同店的序列變化而言，區間內最大的變動來自交易量。我想我在事先準備的發言中提到過，我們預期交易量會下滑低個位數到中個位數，而客單價會相對一致；也就是說，客單價持平到小幅成長低個位數，整體就會落在那個範圍。

And then from a cadence perspective, on the low end of guidance, Q3 is modeled to be kind of the high quarter for the year. And on the high end, it assumes sequential improvement as we move throughout the year.

再從節奏來看，在財測指引的低端，模型假設第三季會是今年相對較高的一季。而在高端，則假設隨著年度推進，同店表現會逐季改善。

And then just as a point of reference for you guys, as we talked about quarter-to-date being down 4.5%, I think it is important to call out that last year, we are lapping a 1.7% increase in April, which had acceleration from the Liberation Day last year as we think about that. And then May was also 0.6%. Those are the two highest points of all of 2025, just to call that out as well.

另外提供各位一個參考點：我們提到本季迄今下滑 4.5%，我認為重要的是要指出，去年我們在 4 月的比較基期是成長 1.7%，而那其中有來自去年「解放日」帶動的加速效應。而 5 月也有 0.6%。這兩個月份是 2025 年全年最高的兩個點，也一併提醒大家。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

On the competitive front, to follow up on an earlier question, I want to focus on the big box stores. There is a narrative out there that some of your big box competitors are leaning in and investing more in the flooring category. And I guess maybe the weakness that you're seeing in laminate and vinyl could sort of feed into that narrative. So I'll just ask you directly, what are you seeing from the big box stores? Are you seeing any more competition or more investment on pricing?

在競爭面上，延續先前的一個問題，我想聚焦在大型賣場。市場上有一種說法，認為你們的一些大型賣場競爭對手正在加碼投入地板品類。我想你們在強化木地板與乙烯基地板看到的疲弱，可能也會讓這種說法更有市場。所以我直接問：你們從大型賣場看到什麼？你們是否看到更多競爭或在價格上的更多投入？

Yes. So I would say, just as a reminder for the folks on the call, where we compete with big box retail is an opening price point and the good part of our assortment plus installation materials. And big box retail, terrific companies. And I would say when we think about market share, it's a little bit of a street fight. When we think about our ability to take meaningful share, it's going to be from the independents.

是的。我會說，先提醒電話會議上的各位：我們與大型賣場零售競爭的範圍主要在入門價位帶、我們品類組合中的「良好」等級，以及安裝材料。大型賣場零售都是很棒的公司。而我會說，若談到市占，這有點像街頭肉搏戰。但若談到我們取得有意義市占的能力，將會主要來自獨立業者那邊。

And the primary reason for that is a small -- a very, very small percentage of our sales comes from opening price point and good.

主要原因在於：我們的銷售中，來自入門價位帶與「良好」等級的占比非常——非常非常小。

That being said, I've heard a comment like this numerous times over the last 12 months. And actually, we don't see that. We don't see them leaning into the category. We see, in some cases, them leaning out of the category, and that's more recently than anything else. I don't see anything disruptive from any of the big box retail.

話雖如此，過去 12 個月我聽過類似的評論很多次。但實際上，我們沒有看到那樣的情況。我們沒有看到他們加碼投入這個品類。在某些情況下，我們反而看到他們在縮減這個品類，而這種情況是最近才更明顯。我沒有看到任何大型賣場零售有什麼具破壞性的動作。

But again, great companies, great competitors and companies that we watch very, very closely. But we don't feel like they are, again, having any disruptive impact on our business today.

但再次強調，他們都是很棒的公司、很棒的競爭對手，我們也非常、非常密切地關注。只是我們不覺得他們目前對我們的業務造成任何破壞性的影響。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

We wanted to ask about Spartan. You did mention that the results were weaker than expected but also seem to indicate that there is an opportunity for better results in the coming quarters. I wondered if you could maybe contextualize the timing a little bit more and what would be driving that.

我們想問一下 Spartan。你確實提到結果比預期更弱，但也似乎表示未來幾季有機會出現更好的結果。想請你能否再多一些脈絡，特別是時間點上，以及會由什麼因素驅動。

Yeah. So for Spartan, we came into the year, we knew that the first quarter was going to be a little bit softer, ended up being even softer than we expected. As we said, when we look at the leading indicators in that business, we've got a level of confidence that it's just a matter of time. So it's not an if, it's a when.

好的。就 Spartan 而言，我們在年初就知道第一季會稍微偏弱，結果實際上比我們預期的還要更弱。如同我們所說，當我們看這項業務的領先指標時，我們有一定程度的信心，這只是時間問題。所以不是會不會的問題，而是什麼時候的問題。

When you think about their core customers, it's multifamily, hospitality, health care, education and senior living, the softness that we're seeing is coming out of multifamily. In some cases, it's timing. In some cases, it's projects getting delayed for an extended period of time.

當你想到他們的核心客戶，包括多戶住宅、飯店旅宿、醫療保健、教育以及高齡照護，我們看到的疲弱主要來自多戶住宅。在某些情況下，是時點因素。在某些情況下，是專案被延後了相當長的一段時間。

The great news is we've made investment, consistent investment in that business around new sales headcount. So when you talk about taking market share, we feel really good about our ability to rebound from the first quarter, have the gradual progress that we talked about in the script and deliver a nice year from that business.

好消息是，我們已在該業務上進行投資，而且是持續性的投資，特別是在新增銷售人力編制方面。因此，當你談到搶市占時，我們對於從第一季反彈、如同講稿中所提到的逐步改善，並讓該業務交出不錯的一年，感到非常有信心。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

Brad, I had a strategy question. You're evaluating Pro-specific pricing potentially, which maybe you haven't offered in the past. And you're also looking to some smaller format stores than historical standards.

Brad，我有一個策略問題。你們正在評估可能推出 Pro 專屬定價，而這或許是你們過去沒有提供的。同時你們也在考慮比以往標準更小的店型。

I guess in the past, Floor & Decor has chose to not offer installation services to avoid conflict with Pro customers. I'm curious if your stance is any different there. Any comment would be helpful.

我想過去 Floor & Decor 選擇不提供安裝服務，以避免與 Pro 客戶產生衝突。我很好奇你們在這點上的立場是否有任何不同。任何評論都會很有幫助。

No, no. And I would say -- so no deviation from the previous strategy when it comes to how we think about installation. And even from a kind of smaller footprint store, I would say I'm building on a strategy that's already in place. One of the reasons we had confidence in our ability to deliver on a 60,000 square foot store in an urban market is because we have stores out there doing that today.

沒有，沒有。我會說——所以在我們如何看待安裝這件事上，沒有偏離先前的策略。即便是較小坪數的店型，我會說我是在既有策略的基礎上再延伸。我們之所以有信心在都會市場開出 60,000 平方英尺的店，是因為我們現在就已經有門市在這樣做。

Again, I think the team continues to refine that and optimize our experience. But short answer to your question is no, we're not going to deviate from the current strategy around installation services.

再說一次，我認為團隊會持續精進並優化我們的體驗。但對你問題的簡短回答是否定的，我們不會偏離目前關於安裝服務的策略。

Phillip Blee, William Blair.

Phillip Blee，William Blair。

So you've spoken about revamping the Pro loyalty program next year. And I know you have your own internal design program, but same thing kind of a larger scale strategy question. Would you ever consider expanding a loyalty program to the external interior design trade to try and build a relationship with that end of the market and maybe expand your customer base to a little bit of a higher income?

所以你提到明年會改造 Pro 忠誠計畫。我知道你們也有自己的內部設計方案，但同樣是比較宏觀的策略問題。你們是否曾考慮把忠誠計畫擴展到外部的室內設計產業（trade），以便與該市場終端建立關係，並可能把客戶基礎擴大到收入稍高的族群？

Wow, you're putting me in a tough spot to answer that question. Listen, I think when we look at our business today, I think we have a certain level of success with designer and that customer that really requires a trade discount. We view that as an opportunity. I'll position it that way. We view that as an opportunity that we can lean into more.

哇，你這問題讓我很難回答。聽著，我認為當我們看待目前的業務時，我們在設計師以及那類確實需要同業折扣（trade discount）的客戶上，已經取得一定程度的成功。我們把那視為一個機會。我會用這樣的方式來表述。我們認為那是一個我們可以更深入投入的機會。

Now what does that mean from our loyalty program? We're going to have to wait and see as we share that later in the year, what that framework looks like. But I think you're spot on with your observation as far as an opportunity for us to, like I said, lean into that customer segment a little bit more.

至於這對我們的忠誠計畫意味著什麼？我們得等到今年稍晚分享時，看看那個架構會長什麼樣子。但我認為你對於這是我們的一個機會、如我所說可以更深入耕耘該客群的觀察非常到位。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I wanted to follow up on the pricing actions and how it influences the ticket through the year that I think it was the flat to low single-digit ticket comp. Does that have 400 or 500 bps of same SKU inflation in it before? And is that still the same kind of number? And how do we think of that flowing through over the course of the year?

我想追問一下定價措施，以及它如何影響全年客單價（ticket）；我記得你提到客單價同店比較大概是持平到低個位數成長。這裡面是否包含先前同一 SKU 約 400 或 500 個基點的通膨？現在仍然是差不多的數字嗎？我們該如何看待它在全年逐步反映的情況？

Yeah. I don't know if I'm going to quantify that for you on that perspective. But again, the low end of our ticket being flat, we assume continued pressure in laminate vinyl kind of as Brad has mentioned, leading to smaller basket sizes and also some of the pricing pressures that we're talking about with value-driven options. Those are really kind of what's leading to the lower end of it versus the higher end. It's just the impact that those will have on the ticket itself.

是的。我不確定是否要用你那個角度替你量化。但再說一次，我們假設客單價區間的低端會持平，因為我們預期層壓板與乙烯基（laminate vinyl）仍會持續承壓，如 Brad 所提到的，這會導致每筆購物籃（basket）規模變小，另外也有我們談到的、針對價值導向選項的定價壓力。這些因素基本上就是讓低端表現相對偏弱、而不是偏強的原因。也就是它們對客單價本身所造成的影響。

Peter Benedict, Baird.

Peter Benedict，Baird。

Just one more, I guess, on the buyback. Just a clarification. First, it doesn't look like any is assumed in the outlook, the share count forecast didn't change. I just want to confirm that.

我想再問一個，關於回購。只是釐清一下。首先，看起來展望中並沒有假設任何回購，流通股數的預測也沒有改變。我只是想確認這點。

And then just, Bryan, maybe just can you help us think about the minimum amount of cash kind of the business needs to operate on as we start to think about how aggressive you could potentially be in any given quarter with the buyback?

另外，Bryan，你能否幫我們理解一下，當我們開始思考在任何一個季度你們可能在回購上有多積極時，業務營運大概需要維持的最低現金水位是多少？

Yeah. I mean, look, it's -- from where we sit today, given where we are in the year, the impact of this year isn't going to be very material. So it's incorporated within the guidance range itself within the outcomes would be the share repurchase. We do think longer term, obviously, this is going to add value to shareholders and continue to grow as we move along and do the program consistently.

是的。我的意思是，從我們目前的位置來看，考量我們在年度中的進度，今年的影響不會很重大。因此在指引區間本身的結果中，已經把股票回購納入考量。我們確實認為從長期來看，這顯然會為股東增加價值，並且隨著我們持續推進、穩定地執行該計畫而持續成長。

So as far as -- yeah. As far as minimum cash balances, yeah, I mean, we think about it from cash, but it's really liquidity. I mean, for us, we've got an ABL out there that's $800 million accordion feature, we can get up to $1 billion. We've got sufficient liquidity over $1 billion today in combination with the two. I always think about it as a minimum cash or minimum liquidity that we need to make sure that the company is healthy and in a good position.

至於——是的。至於最低現金餘額，是的，我們會從現金角度思考，但其實更重要的是流動性（liquidity）。對我們而言，我們有一筆 ABL，並帶有 8 億美元的增額（accordion）機制，可提高到 10 億美元。我們目前兩者合計有超過 10 億美元的充足流動性。我一向把它視為我們需要確保公司健康、處於良好狀態所需的最低現金或最低流動性。

For me, that's usually around $500 million, just minimum in liquidity, and that will be a balance of both cash and ABL. That's an absolute minimum. I don't think we'll get anywhere near that. But for me, that's just kind of a floor.

對我來說，通常最低流動性大約在 5 億美元左右，這會由現金與 ABL 共同構成。那是絕對的最低值。我不認為我們會接近那個水位。但對我而言，那就是一個底線。

And then on the flip side, you heard it in my prepared remarks, but we want to make sure also, Brad said it, we will not be using debt to fund this. And so for us, we'll maintain a very healthy lease-adjusted leverage ratio. Those are kind of the two financial guardrails that I look at as well as what we would do to our ROIC. And so we think about all three of those as a management team, just making sure that we don't overstretch or do those as we get into this.

另一方面，你也在我事先準備的發言中聽到了，而且 Brad 也提到，我們不會用舉債來為此提供資金。因此對我們而言，我們會維持非常健康的、經租賃調整後的槓桿比率。這些是我會看的兩個財務護欄，同時也會看我們對 ROIC 的影響。因此，作為管理團隊，我們會同時考量這三點，確保在推進這件事時不會過度拉伸或做得太過頭。

Okay. Thanks, Bryan. And thank you, everyone, for your time tonight and support. Have a great night.

好的。謝謝你，Bryan。也謝謝各位今晚撥冗與支持。祝各位晚安。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。