Floor & Decor Holdings, Inc. (FND) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Floor & Decor Holdings second quarter 2026 conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Wayne Hood, Senior Vice President of Investor Relations. Please go ahead.

各位好，歡迎參加 Floor & Decor Holdings 2026 年第二季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在很榮幸為各位介紹投資人關係資深副總裁 Wayne Hood。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to Floor & Decor's fiscal 2026 second 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 會計年度第二季財報電話會議。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.

在開始之前，我想提醒各位注意公司「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。

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

這些陳述受到風險與不確定性影響，可能導致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 提交文件中所列之風險。Floor & Decor 不承擔更新任何此類前瞻性陳述之義務。另請注意，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 non-GAAP financial measures. We believe these measures enable investors to better understand 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 measures 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，公司將討論若干非 GAAP 財務衡量指標。我們相信，這些指標可使投資人更好地理解我們核心營運表現，並在不同期間之間以可比基礎進行比較。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投資人關係網站提供。

Let me now turn the call over to Brad.

現在我把電話交給 Brad。

Thank you, Wayne, and thanks to everyone for joining us on our fiscal 2026 second quarter earnings call. I'll start by reviewing our second quarter performance and the key drivers behind our results. After that, Bryan will share our perspective on the remainder of 2026, including how we're navigating the current environment while continuing to invest in our strategic priorities and long-term growth opportunities.

謝謝 Wayne，也感謝各位參加我們 2026 會計年度第二季財報電話會議。我將先回顧第二季表現以及推動我們結果的關鍵因素。之後 Bryan 會分享我們對 2026 年剩餘期間的看法，包括我們如何在持續投資策略重點與長期成長機會的同時，因應當前環境。

Turning to our fiscal 2026 second quarter results. We are pleased to have delivered adjusted diluted earnings per share of $0.58, unchanged from the prior year period despite a 2.1% decline in comparable store sales driven by continued softness in large discretionary foreign projects.

接著談 2026 會計年度第二季業績。我們很高興調整後稀釋每股盈餘為 0.58 美元，與去年同期持平；儘管同店銷售下滑 2.1%，主要受大型可選性對外專案（foreign projects）持續疲弱所影響。

I was pleased with how our team stayed focused on the factors within our control, delivering compelling value to our Pros and homeowners, providing an exceptional customer experience, executing our merchandising and operational initiatives and maintaining disciplined expense management. Those efforts enabled us to maintain earnings per share in line with the prior year while generating strong free cash flow, which provides the flexibility to repurchase $65.7 million in common stock during the quarter.

我很欣慰我們的團隊專注於可控因素，為專業客戶（Pros）與屋主提供具吸引力的價值，帶來卓越的顧客體驗，落實商品與營運計畫，並維持嚴謹的費用管理。這些努力使我們在產生強勁自由現金流的同時，仍能讓每股盈餘與去年持平；也因此在本季得以回購 6,570 萬美元普通股，保有充足彈性。

I want to thank our approximately 14,000 associates for their commitment and hard work throughout the quarter. Their focus and disciplined execution demonstrated the resilience of our operating model and position us to continue creating long-term value for our shareholders.

我要感謝約 14,000 位同仁在本季的投入與辛勞。他們的專注與紀律執行展現了我們營運模式的韌性，並使我們得以持續為股東創造長期價值。

Now let's take a deeper look at our second quarter results. Total sales increased 3% to $1,250.3 billion compared to $1,214.2 billion in the prior year period. Sales to Pros continued to outperform the company and grew approximately 4% from the same period last year, accounting for about 55% of sales. Comparable store sales declined 2.1%, an improvement from the 3.7% decline reported in the first quarter, reflecting steady sequential improvement throughout the quarter. Comparable store sales declined 5.1% in April, declined 1.3% in May and declined 0.3% in June.

現在更深入檢視第二季結果。總銷售額較去年同期的 1,214.2 十億美元成長 3%，至 1,250.3 十億美元。對專業客戶（Pros）的銷售持續優於公司整體，較去年同期成長約 4%，約占銷售額的 55%。同店銷售下滑 2.1%，較第一季公布的 3.7% 跌幅有所改善，反映本季期間逐月穩定改善。同店銷售在 4 月下滑 5.1%，5 月下滑 1.3%，6 月下滑 0.3%。

The improvement in comparable store sales reflected improving trends across several key metrics. First, our Net Promoter Scores remained high, driving a sequential improvement in customer conversion. This is one proof point in how our store associates are highly engaged in this environment to win every sale.

同店銷售的改善反映多項關鍵指標的趨勢好轉。首先，我們的淨推薦值（Net Promoter Scores）維持高檔，帶動顧客轉換率（conversion）較前一季改善。這也證明在此環境下，我們門市同仁高度投入、力求拿下每一筆訂單。

Second, comparable transactions also improved, declining 2.9% compared with a 5.5% decline in the first quarter. Lastly, average ticket grew 0.8% year-over-year despite lapping last year's strongest quarterly growth rate of 3.8%.

第二，同店交易筆數也有所改善，下滑 2.9%，相較第一季下滑 5.5%。最後，平均客單價年增 0.8%，儘管去年同期為全年最強的單季成長率 3.8%。

Both ticket and transactions were aided by a sequential improvement in comparable square footage sales from the first quarter. We exited the second quarter with encouraging momentum, but demand softened around the July 4 holiday period, while the housing market remained constrained by subdued existing home sales activity.

客單價與交易筆數皆受惠於同店每平方英尺銷售額較第一季的連續改善。我們在第二季結束時具備令人鼓舞的動能，但在 7 月 4 日假期前後需求轉弱，同時房市仍受既有成屋銷售活動低迷所限制。

As a result, third quarter-to-date comparable store sales declined 2.2%. Encouragingly, sales trends improved in late fiscal July and early fiscal August. Geographically, our comparable store sales improvement broadened during the second quarter. Our West region continued to outperform the company and delivered positive comparable store sales, excluding cannibalization. And encouragingly, our East region also turned positive on that basis. Furthermore, among our 16 districts, 8 reported positive comparable store sales, excluding cannibalization.

因此，第三季截至目前的同店銷售下滑 2.2%。令人鼓舞的是，銷售趨勢在 7 月下旬與 8 月上旬有所改善。就地區而言，我們第二季同店銷售的改善範圍擴大。我們西部地區持續優於公司整體，若排除自我侵蝕（cannibalization）影響，仍呈現同店銷售正成長；同樣令人振奮的是，東部地區在該基礎上也轉為正成長。此外，在我們 16 個營運區（districts）中，有 8 個在排除自我侵蝕後呈現同店銷售正成長。

From a merchandising category perspective, three departments outperformed the company's comparable store sales performance during the quarter, installation materials, tile and wood. Installation materials continued to deliver strong year-over-year growth as we expanded our share of wallet with Pros and further strengthened our position in the market. As we continue to execute our supply house strategies and expand our store base, we believe we are becoming an increasingly convenient and reliable destination for Pros to purchase installation materials.

從商品類別角度來看，本季有三個部門的同店銷售表現優於公司整體：安裝材料、磁磚與木地板。安裝材料在我們擴大專業客戶（Pros）的錢包占比並進一步強化市場地位之下，持續繳出強勁的年增成長。隨著我們持續推進供應倉（supply house）策略並擴張門市版圖，我們相信自己正逐步成為專業客戶採購安裝材料更便利且更可靠的首選目的地。

Tile remained a standout performer, supported by the continued success of key initiatives, including the Vetta Elements collection, which continues to resonate with both Pro and homeowner customers. Growth in the wood category was driven by market share gains in engineered and unfinished wood, acoustic wall panels and the success of our bulk-out strategies.

磁磚仍是表現突出的品類，受惠於多項關鍵計畫的持續成功，包括 Vetta Elements 系列，持續獲得專業客戶與屋主客群的青睞。木地板品類的成長則來自於我們在工程木與未上漆木材、吸音牆板的市占提升，以及我們 bulk-out 策略的成功。

We expect to build on this momentum in the second half of 2026 with new SKUs and opportunity buys. In the vinyl flooring category, comparable store sales and comparable square footage sales sequentially improved during the quarter, supported by a combination of merchandising, pricing and value-focused initiatives that we will continue to build on in the second half of 2026. The combination of slowing demand for vinyl and excess industry supply continues to put pressure on the category, which could continue into 2027.

我們預期在 2026 年下半年透過新品 SKU 與機會型採購（opportunity buys）延續此動能。在乙烯基地板（vinyl flooring）品類方面，同店銷售與同店每平方英尺銷售額於本季呈現連續改善，主要受商品策略、定價與價值導向計畫的組合所支撐；我們將在 2026 年下半年持續深化這些作法。乙烯基需求放緩與產業供給過剩的組合，仍持續對該品類造成壓力，且可能延續至 2027 年。

Importantly, sales penetration of our better and best offerings increased both sequentially and year-over-year, reflecting sustained customer adoption of our higher-value offerings and reinforcing the effectiveness and resilience of our strategy despite ongoing macroeconomic pressures.

重要的是，我們「較佳」與「最佳」產品（better and best offerings）的銷售滲透率無論相較前一季或去年同期皆有所提升，反映顧客對我們更高價值產品的持續採用，也在宏觀經濟壓力仍存的情況下，強化了我們策略的有效性與韌性。

In June, we are excited to launch NatureMatch, a new private label collection that brings the authentic look and feel of natural wood and stone to consumers at a more accessible price point, spanning nearly 100 SKUs across porcelain tile, luxury vinyl plank and waterproof laminate, NatureMatch reflects our ongoing commitment to technology, product innovation and value.

6 月，我們很興奮推出 NatureMatch，這是一個全新的自有品牌系列，以更親民的價格為消費者帶來天然木材與石材的真實外觀與觸感，涵蓋近 100 個 SKU，橫跨瓷質磁磚（porcelain tile）、奢華乙烯基板（luxury vinyl plank）與防水超耐磨地板（waterproof laminate）。NatureMatch 體現我們對技術、產品創新與價值的持續承諾。

In a challenging home improvement market, differentiated collections such as NatureMatch continue to drive customer engagement, support conversion and create incremental cross-category selling opportunities. By combining premium design, strong performance and a compelling value proposition, we are expanding our appeal across customer segments while continuing to gain market share.

在充滿挑戰的居家修繕市場中，像 NatureMatch 這樣具差異化的系列持續推動顧客互動、支持轉換率，並創造跨品類的增量銷售機會。透過結合高端設計、強勁性能與具吸引力的價值主張，我們正在擴大對不同客群的吸引力，同時持續提升市占率。

As we look to drive sales in what we expect will remain a challenging demand environment through the second half of 2026, our marketing strategy is focused on reaching high-intent customers at key decision points in their purchase journey through more targeted higher return tactics. Furthermore, we are aligning our marketing efforts across stores and digital channels.

展望 2026 年下半年，我們預期需求環境仍將充滿挑戰；為推動銷售，我們的行銷策略聚焦於在顧客購買旅程的關鍵決策點，以更精準、報酬率更高的策略觸及高意圖客群。此外，我們也正整合門市與數位通路的行銷作業，以達到一致協同。

Let me turn to our new warehouse store expansion. Through the first half of fiscal 2026, we opened 11 new warehouse format stores, including 5 in the second quarter. Syracuse, New York; Portland, Oregon; Mount Vernon, New York; Houston, Texas; and Sherville, Indiana. With approximately 55% of our planned 2026 locations now open compared with 35% in the prior year period, the front-loaded cadence we outlined at the start of the year is progressing in line with our expectations.

接著談我們新的倉儲型門市擴張。於 2026 會計年度上半年，我們共開出 11 家新的倉儲格式門市，其中第二季開出 5 家，分別位於紐約州雪城（Syracuse）、奧勒岡州波特蘭（Portland）、紐約州芒特弗農（Mount Vernon）、德州休士頓（Houston）以及印第安納州 Sherville。相較去年同期僅完成 35% 的年度規劃據點，目前我們約 55% 的 2026 年規劃據點已開幕；我們在年初所提出的前置開店節奏正按預期推進。

These locations extend our presence in Tier 1 and Tier 2 markets where household units, population density and home improvement activity support the long-term demand profile we target in site selection. We continue to expect the class of 2026 new stores to average approximately 55,000 square feet, a format that, while smaller than our legacy footprint, allows us to enter higher density markets without sacrificing sales productivity. We expect the balance of our 2026 store openings to be weighted to the fourth quarter.

這些地點擴大了我們在一線與二線市場的布局；在這些市場中，家庭戶數、人口密度以及居家改善活動支撐了我們在選址時所鎖定的長期需求輪廓。我們仍預期 2026 年新開門市（class of 2026）平均面積約為 55,000 平方英尺；此一店型雖小於我們過往的傳統店面規模，但可讓我們進入更高密度的市場，同時不犧牲銷售生產力。我們預期 2026 年其餘的開店將較集中於第四季。

Let me spend a moment on our omnichannel strategy and the digital capabilities we're building to support it. In the second quarter, online sales penetration reached 20.3% of total sales, up from 18.6% in the prior year period and up 110 basis points from the first quarter. This continued improvement reflects the progress we're making to enhance the customer experience across both digital and store channels. We believe delivering a best-in-class omnichannel experience represents one of our largest opportunities to accelerate growth, gain market share and achieve our long-term sales objectives.

我想花點時間談談我們的全通路策略，以及我們正在打造以支援該策略的數位能力。第二季線上銷售滲透率達到總銷售的 20.3%，高於去年同期的 18.6%，也較第一季提升 110 個基點。這項持續改善反映出我們在強化顧客於數位與門市兩個通路的體驗方面所取得的進展。我們相信，提供同級最佳的全通路體驗，是我們加速成長、提升市占並達成長期銷售目標的最大機會之一。

As customer expectations have evolved, particularly around digital engagement and convenience, we've recognized the need to strengthen our capabilities and are taking action. We have launched a comprehensive 18 to 24 month transformation to enhance the customer experience, modernize our digital capabilities and create a more seamless connection between our online and in-store experiences.

隨著顧客期待的演進，特別是在數位互動與便利性方面，我們已認知到必須強化自身能力並採取行動。我們已啟動一項為期 18 至 24 個月的全面轉型計畫，以提升顧客體驗、現代化我們的數位能力，並在我們的線上與門市體驗之間建立更無縫的連結。

Through targeted investments in talent, technology and operating capabilities, we are building a stronger foundation for long-term growth. Importantly, our strategy is centered on the distinct needs of our two core customer segments, Pros and homeowners.

透過在人才、科技與營運能力上的精準投資，我們正在為長期成長打造更穩固的基礎。重要的是，我們的策略以兩大核心客群——專業客戶（Pros）與屋主——的不同需求為中心。

For homeowners, flooring is a highly research and project-driven purchase. Our research shows that about 70% to 80% of customers search online before visiting stores. Customers seek inspiration, education, project guidance and confidence before making a buying decision. Our objective is to support them throughout that journey from initial project discovery to final installation.

對屋主而言，地板屬於高度依賴研究與專案導向的購買。我們的研究顯示，約有 70% 至 80% 的顧客會在到店前先上網搜尋。顧客在做出購買決策前，會尋求靈感、教育資訊、專案指引與信心。我們的目標是在他們的整段旅程中提供支援，從最初的專案發掘到最終的安裝完成。

For Pros, the priorities are different. They value speed, convenience, pricing, transparency, inventory visibility and tools that help them manage their businesses more efficiently. Our focus is on creating a seamless experience across every touch point, making it easier for Pros to do business with us, whether they are planning a project, purchasing materials, managing rewards or picking up an order.

對專業客戶（Pros）而言，優先事項則不同。他們重視速度、便利性、價格、透明度、庫存可視性，以及能協助其更有效率管理業務的工具。我們的重點是在每一個接觸點打造無縫體驗，讓 Pros 更容易與我們做生意——無論是規劃專案、採購材料、管理忠誠／獎勵，或是取貨。

A key component of that strategy will be the launch of our new Pro app next year, which will serve as the connective tissue across our Pro ecosystem. By bringing together purchasing, loyalty, rewards, pricing and project management capabilities in one place, we are building a differentiated Pro value proposition, particularly when compared with independent flooring retailers.

該策略的一個關鍵組成將是我們明年推出的新 Pro 應用程式（app），它將成為串聯我們 Pro 生態系的「連結組織」。透過把採購、會員忠誠、獎勵、定價與專案管理能力整合在同一處，我們正在打造差異化的 Pro 價值主張，特別是相較於獨立地板零售商。

While there is meaningful work ahead, we are encouraged by the progress we are seeing. We believe a stronger digital foundation and a more seamless omnichannel experience will increasingly drive customer acquisition, engagement, conversion, market share gains and ultimately, long-term shareholder value creation.

儘管前方仍有大量工作要做，我們對目前看到的進展感到鼓舞。我們相信，更強的數位基礎與更無縫的全通路體驗，將日益推動顧客獲取、互動、轉換、市占提升，並最終創造長期股東價值。

Let me spend a moment on our Regional Commercial Account Managers or RAMs, who operate in partnership with our warehouse stores. We continue to see meaningful opportunities to drive growth and have expanded our team of RAMs to 80 associates, significantly increasing our ability to serve customers, develop relationships and pursue nonspecified commercial product growth opportunities.

接著談談我們的區域商用客戶經理（Regional Commercial Account Managers，或 RAMs），他們與我們的倉儲型門市合作運作。我們持續看到推動成長的重大機會，並已將 RAM 團隊擴編至 80 位同仁，顯著提升我們服務客戶、建立關係，以及追求未指定（nonspecified）商用產品成長機會的能力。

As we look at the remainder of the year, our focus will now shift from adding RAMs to increasing productivity. We plan to further strengthen the infrastructure, training, analytics and operating processes needed to support long-term scalable growth. Our objective is to build a commercial organization that is increasingly productive, repeatable and scalable. While we remain early in these initiatives, we are encouraged by the progress we are seeing.

展望今年剩餘時間，我們的重點將從增加 RAM 人數轉向提升生產力。我們計畫進一步強化支援長期可擴展成長所需的基礎建設、訓練、分析與營運流程。我們的目標是打造一個生產力更高、可複製且可擴展的商用組織。雖然這些計畫仍在早期階段，但我們對目前看到的進展感到鼓舞。

Turning to Spartan Surfaces. The second quarter represented an early inflection point for the business with results improving sequentially from the first quarter and momentum building throughout the period. Second quarter sales increased 2% year-over-year, driven by strong shipment activity from the conversion of backlog into revenue.

接著談 Spartan Surfaces。第二季對該業務而言是早期的轉折點，業績較第一季呈現逐季改善，且動能在整個期間持續累積。第二季銷售額年增 2%，主要由將積壓訂單（backlog）轉為營收所帶動的強勁出貨活動所驅動。

June was one of the strongest months for written sales in the company's history. While commercial end markets remain mixed, particularly in multifamily housing, customer backlogs are beginning to recover from the lows experienced in the second half of 2025.

6 月是公司歷史上書面銷售（written sales）最強勁的月份之一。儘管商用終端市場仍呈現分化，特別是在多戶住宅（multifamily housing）領域，但客戶的積壓訂單正開始自 2025 年下半年所經歷的低點回升。

Encouragingly, sampling activity improved late in the quarter, average quoted project value increased, leading to a very strong project backlog at the end of the second quarter. Taken together, these indicators provide visibility and support our expectation for continued improvement through the second half of the year.

令人鼓舞的是，季度後段的樣品（sampling）活動有所改善，平均報價專案價值也提高，帶動第二季末形成非常強勁的專案積壓訂單。綜合而言，這些指標提供了能見度，並支撐我們對今年下半年持續改善的預期。

As we turn the page on the first half of 2026, we remain focused on driving sales, managing expenses and delivering value to our customers. We believe these actions are resonating with customers and position us well when demand conditions improve. I continue to believe that this environment creates an opportunity for us to accelerate our market share gains through world-class leadership and disciplined execution.

在翻過 2026 年上半年這一頁之際，我們仍專注於推動銷售、管理費用並為客戶創造價值。我們相信這些行動正獲得客戶共鳴，並在需求環境改善時讓我們處於有利位置。我仍相信，這樣的環境為我們提供了機會，透過世界級領導力與嚴謹執行來加速市占提升。

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

接下來，我把電話會議交給 Bryan。

Thanks, Brad. Before turning to our financial results, I'd like to add my thanks to our associates across the organization. As I reflect on the second quarter, what stands out most is our ability to stay focused on the factors within our control.

謝謝，Brad。在談到我們的財務結果之前，我想先向全體同仁致謝。回顧第二季，最突出的，是我們能夠持續專注於我們可控的因素。

The quarter reinforced one of the strengths of our company, our ability to execute consistently across a range of operating environments. We managed expenses prudently, advanced key merchandising and operational initiatives and maintained a strong focus on free cash flow and capital allocation.

本季再次印證了我們公司的優勢之一：在各種營運環境下都能穩定執行。我們審慎管理費用、推進關鍵商品與營運計畫，並持續高度聚焦自由現金流與資本配置。

These efforts enabled us to deliver adjusted diluted earnings per share of $0.58, which was above our expectations, generate strong free cash flow and returned $65.7 million to our shareholders through the repurchase of common stock during the quarter.

這些努力使我們交出調整後稀釋每股盈餘（adjusted diluted EPS）0.58 美元，高於我們的預期，並產生強勁的自由現金流；同時，我們在本季透過回購普通股向股東返還 6,570 萬美元。

Before moving to our underlying operating performance, let me discuss two items affecting comparability during the second quarter. First, we recognized a $45.2 million net pretax benefit related to the IEEPA tariff refunds, which affected gross margin, SG&A and interest income.

在進入我們的基礎營運表現之前，我先說明第二季影響可比性的兩個事項。第一，我們認列了與 IEEPA 關稅退稅相關的 4,520 萬美元稅前淨利益，該項目影響了毛利率、SG&A 與利息收入。

Second, we recognized a $1.3 million pretax loss on debt extinguishment associated with the refinancing of our credit facilities. Collectively, these items resulted in a net after-tax benefit of $32.9 million, contributing $0.31 to diluted earnings per share. Our second quarter GAAP diluted earnings per share was $0.89 and excluding these items, adjusted diluted earnings per share was $0.58, flat to the prior year period.

第二，因我們對信貸融資安排進行再融資（refinancing），認列了 130 萬美元的債務清償損失（pretax loss on debt extinguishment）。合計而言，這些項目帶來稅後淨利益 3,290 萬美元，對稀釋每股盈餘貢獻 0.31 美元。我們第二季 GAAP 稀釋每股盈餘為 0.89 美元；排除上述項目後，調整後稀釋每股盈餘為 0.58 美元，與去年同期持平。

A reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures is included in today's earnings release and additional information regarding these items is provided in our Form 10-Q.

我們的非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，已包含在今日的財報新聞稿中；關於上述項目的更多資訊，亦載於我們的 Form 10-Q。

Turning to our underlying operating performance. Our gross profit increased $70.4 million or 13.2% compared to the same period last year, driven primarily by a $56 million onetime benefit from IEEPA tariff refunds related to inventory we have previously sold through.

接著談我們的基礎營運表現。相較去年同期，我們的毛利增加 7,040 萬美元（或 13.2%），主要由 IEEPA 關稅退稅帶來的一次性利益 5,600 萬美元所驅動，該退稅與我們先前已售出的庫存相關。

The remaining amount of tariff refunds was recognized as a reduction in inventories net related to previously capitalized amounts and will be recognized as we sell through the inventory. Excluding the IEEPA tariff refunds benefit, adjusted gross profit increased $14.3 million or 2.7% compared to the same period last year. Adjusted gross margin for the quarter was 43.7%, a decrease of 20 basis points year-over-year, which was within our range of expected outcomes.

其餘的關稅退稅金額，已以先前資本化金額的方式認列為存貨淨額的減少，並將在我們銷售該等存貨時予以認列。排除 IEEPA 關稅退稅利益後，調整後毛利較去年同期增加 1,430 萬美元（或 2.7%）。本季調整後毛利率為 43.7%，年減 20 個基點，落在我們預期結果的區間內。

SG&A expenses increased $28.3 million or 6.3% in the second quarter compared with the prior year period. The increase was driven primarily by the 24 stores opened since the second quarter of fiscal 2025 as well as higher incentive compensation related to the recognition of IEEPA tariff refunds.

第二季 SG&A 費用較去年同期增加 2,830 萬美元（或 6.3%）。增加主要來自自 2025 會計年度第二季以來新開的 24 家門市，以及因認列 IEEPA 關稅退稅而提高的激勵性薪酬。

SG&A for noncomparable stores increased $26.7 million, while SG&A for comparable stores declined $13.7 million, reflecting our ongoing focus on expense management and productivity initiatives. As a percentage of sales, SG&A deleveraged 120 basis points to 38.3% from 37.1% in the prior year period. The onetime expenses related to IEEPA tariff refunds contributed approximately 110 basis points of the deleverage in the second quarter.

不可比門市的 SG&A 增加 2,670 萬美元，而可比門市的 SG&A 則減少 1,370 萬美元，反映我們持續聚焦費用管理與生產力提升計畫。以銷售額百分比計，SG&A 去槓桿 120 個基點，由去年同期的 37.1% 上升至 38.3%。與 IEEPA 關稅退稅相關的一次性費用，在第二季約貢獻了 110 個基點的去槓桿。

Adjusted EBITDA increased 1.2% to $152.0 million from the same period last year. Our second quarter adjusted EBITDA margin was 12.2% compared with 12.4% in the prior year period. Our second quarter net interest income was $2.3 million compared to net interest expense of $1.1 million in the same period last year.

調整後 EBITDA 較去年同期增加 1.2%，達 1.52 億美元。第二季調整後 EBITDA 利潤率為 12.2%，相較去年同期的 12.4%。第二季淨利息收入為 230 萬美元，相較去年同期淨利息費用 110 萬美元。

The year-over-year change was primarily driven by a onetime benefit of approximately $2.8 million in statutory interest on our IEEPA refunds, along with higher interest income from larger cash balances. Additionally, we incurred $1.3 million of debt extinguishment costs associated with the refinancing of our credit facilities.

年對年變動主要受一次性因素驅動，包含我們 IEEPA 退款所帶來約 280 萬美元的法定利息收益，以及因現金餘額較高而增加的利息收入。此外，我們因信用融資工具再融資而產生 130 萬美元的債務清償成本。

Our second quarter income tax expense was $29.1 million compared to $17.6 million during the same period last year. The effective tax rate was 23.3%, up from 21.8% in the same period last year, primarily due to a decrease in federal tax credits. Excluding the tax impacts related to the IEEPA tariff refunds and the loss on extinguishment of debt, our effective tax rate was 22.3% for the second quarter of 2026.

第二季所得稅費用為 2,910 萬美元，去年同期為 1,760 萬美元。有效稅率為 23.3%，高於去年同期的 21.8%，主要因聯邦稅額抵減減少所致。排除與 IEEPA 關稅退款及債務清償損失相關的稅務影響後，2026 年第二季的有效稅率為 22.3%。

Let me turn to our balance sheet and free cash flow, both of which remain strong. During the second quarter, we completed a comprehensive refinancing of our credit facilities that further strengthened our balance sheet and enhanced our financial flexibility. We entered into a new $200 million term loan facility maturing June 2033 and used the proceeds to repay the remaining $197.1 million outstanding under our prior facility that was scheduled to mature February 2027.

接下來談資產負債表與自由現金流，兩者仍維持強勁。第二季期間，我們完成對信用融資工具的全面再融資，進一步強化資產負債表並提升財務彈性。我們簽訂一筆新的 2 億美元定期貸款融資，於 2033 年 6 月到期，並以其所得償還先前融資項下尚未償還的 1.971 億美元，該先前融資原定於 2027 年 2 月到期。

In addition, we entered into a new $800 million ABL Facility maturing June 2031, replacing the current facility that was scheduled to mature August 2027. Collectively, these transactions extend our debt maturity profile, preserve ample borrowing base capacity and further enhance the flexibility of our capital structure.

此外，我們簽訂一項新的 8 億美元 ABL 融資，於 2031 年 6 月到期，以取代原定於 2027 年 8 月到期的現有融資。整體而言，這些交易延長了我們的債務到期結構，保留充足的借款基礎額度，並進一步提升資本結構的彈性。

We ended the quarter with $942.4 million of unrestricted liquidity, consisting of $320.6 million in cash and cash equivalents and $621.8 million of available capacity under our ABL Facility. During the 26 weeks ended June 25, 2026, we generated $278.4 million of cash provided by operating activities compared with $155.3 million in the prior year period.

本季末我們的非受限流動性為 9.424 億美元，包括 3.206 億美元的現金及約當現金，以及 ABL 融資項下 6.218 億美元的可用額度。在截至 2026 年 6 月 25 日的 26 週期間，我們由營運活動提供的現金流為 2.784 億美元，去年同期為 1.553 億美元。

We continue to make progress on our working capital and inventory productivity initiatives as evidenced by total inventory increasing only 0.7% to $1.1 billion compared with December 25, 2025. Our net cash used in investing activities was $136.7 million, leading to significant excess free cash flow.

我們持續推進營運資金與存貨生產力計畫；截至 2025 年 12 月 25 日，相較之下總存貨僅增加 0.7% 至 11 億美元，顯示成效。我們投資活動所用淨現金為 1.367 億美元，帶來顯著的超額自由現金流。

Supported by our free cash flow and financial position, we began executing against the $400 million share repurchase authorization announced on our first quarter earnings call. During the second quarter, we repurchased 1.3 million shares of common stock and returned $65.7 million to our shareholders and ended the quarter with $334.3 million remaining under the share repurchase authorization.

在自由現金流與財務狀況的支持下，我們開始執行於第一季財報電話會議宣布的 4 億美元庫藏股回購授權。第二季期間，我們回購 130 萬股普通股，向股東返還 6,570 萬美元，且季末庫藏股回購授權尚餘 3.343 億美元。

Let me now turn to the macroeconomic considerations informing our outlook for the remainder of fiscal 2026. The demand environment for large discretionary home improvement flooring projects remains choppy, consistent with what we're seeing in housing market activity and broader macroeconomic conditions.

接下來談影響我們 2026 會計年度剩餘期間展望的總體經濟考量。大型可選擇性住宅裝修地板專案的需求環境仍然起伏不定，與我們在房市活動及更廣泛總體經濟狀況中所見一致。

Although existing home sales improved modestly during the spring selling season, the recovery has yet to gain meaningful traction with June activity remaining near historically low levels of approximately 4 million annualized units. In addition, housing affordability continues to be challenged and persistent inflationary pressures as well as potential changes in tariffs continue to influence consumer behavior.

儘管春季銷售旺季期間成屋銷售小幅改善，但復甦尚未取得實質動能，6 月活動仍接近歷史低位，年化約 400 萬戶。此外，住房可負擔性仍面臨挑戰，持續的通膨壓力以及關稅可能變動也持續影響消費者行為。

As a result, our outlook assumes that consumers will remain cautious and project demand will continue to be influenced by the pace and sustainability of any improvement in housing market activity. Following our better-than-expected second quarter earnings and the anticipated greater impact from the repurchase of common stock, we have increased our fiscal 2026 earnings per share outlook.

因此，我們的展望假設消費者將維持謹慎，而專案需求將持續受到房市活動改善的速度與可持續性所影響。基於第二季獲利優於預期，以及普通股回購預期帶來更大的影響，我們上調了 2026 會計年度每股盈餘展望。

As a reminder, fiscal 2026 includes a 53 week, which will be reported in the fourth quarter. I will highlight the expected contribution from the 53 week as a part of our guidance. Sales are expected to be in the range of $4.770 billion to $4.990 billion or increase by 1.8% to 6.5% from fiscal 2025.

提醒一下，2026 會計年度包含第 53 週，將於第四季入帳。我會在指引中說明第 53 週的預期貢獻。預期銷售額介於 47.70 億至 49.90 億美元，較 2025 會計年度增加 1.8% 至 6.5%。

The 53 week is expected to contribute approximately $65 million to sales. 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.

第 53 週預期對銷售額貢獻約 6,500 萬美元。同店銷售預估持平至下滑 4%。同店平均客單價預估持平至低個位數成長，同店交易筆數預估下滑低至中個位數。

Adjusted gross margin is expected to be approximately 43.6% to 43.8%. The first quarter gross margin of 44.0% is likely to represent the high point for the year. SG&A as a percentage of sales is estimated to be approximately 38%.

調整後毛利率預期約為 43.6% 至 43.8%。第一季毛利率 44.0% 很可能是全年高點。SG&A 佔銷售額比重預估約為 38%。

From a quarterly perspective, the first and fourth quarters will be the most pressured from new stores if you exclude the onetime costs associated with IEEPA tariff refunds in the second quarter. Interest income expense net is expected to be approximately zero. This includes approximately $2.8 million of statutory interest benefit from tariff refunds.

以季度來看，若排除第二季與 IEEPA 關稅退款相關的一次性成本，新店對第一季與第四季的壓力將最大。淨利息收入／費用預期約為零，其中包含關稅退款帶來約 280 萬美元的法定利息收益。

Tax rate is expected to be approximately 23%. Depreciation and amortization expense is expected to be approximately $250 million. Adjusted EBITDA is expected to be approximately $550 million to $585 million. The 53 week is expected to contribute approximately $11 million to adjusted EBITDA.

稅率預期約為 23%。折舊與攤銷費用預期約為 2.5 億美元。調整後 EBITDA 預期約為 5.50 億至 5.85 億美元。第 53 週預期對調整後 EBITDA 貢獻約 1,100 萬美元。

Diluted earnings per share is estimated to be approximately $2.20 to $2.45. Adjusted diluted earnings per share is estimated to be approximately $1.88 to $2.13. The 53 week is expected to contribute approximately $0.08 to adjusted diluted EPS, which implies our 52 week adjusted diluted EPS to be $1.80 to $2.05. Diluted weighted average shares outstanding are estimated to be approximately 107 million shares. CapEx is estimated to be approximately $240 million to $275 million.

稀釋後每股盈餘預估約為 2.20 至 2.45 美元。調整後稀釋每股盈餘預估約為 1.88 至 2.13 美元。第 53 週預期對調整後稀釋 EPS 貢獻約 0.08 美元，意味著我們的 52 週調整後稀釋 EPS 為 1.80 至 2.05 美元。稀釋後加權平均流通股數預估約為 1.07 億股。資本支出（CapEx）預估約為 2.40 億至 2.75 億美元。

Operator, we would like to now take questions.

接線員，我們現在想開始接受提問。

(Operator Instructions)

（接線員指示）

Seth Sigman, Barclays.

Seth Sigman，巴克萊。

Hey, everybody. Nice progress in the quarter. I wanted to start with the tariff refunds. So you had this $45 million net benefit this quarter. What's that number on a full year basis? What's embedded here? And then can you talk a little bit about how you've started to deploy those dollars, I guess, either in Q2 or in Q3? And to what extent do you think that has contributed to the improvement that you saw in June? Thank you.

嗨，各位。這一季進展不錯。我想先從關稅退款談起。本季你們有 4,500 萬美元的淨收益。以全年來看這個數字是多少？這裡面包含了哪些假設？另外，你們能否談談已經如何開始運用這些資金，我想是指在第二季或第三季？以及你們認為這在多大程度上促成了你們在 6 月看到的改善？謝謝。

Seth, thanks for the question. We assumed that was going to be the first question. I want to just start off and say, really from the onset of tariffs last year through the refund, our team has executed at a really high level. Obviously, we've got multiple years of experience with this. And I would consider it an established capability at this point.

Seth，謝謝你的提問。我們就猜到這會是第一個問題。我想先說，從去年關稅開始到後來退款，我們的團隊執行得非常到位。顯然，我們在這方面有多年的經驗。就目前而言，我會把它視為一項已建立的能力。

What Bryan and I thought we would do, we're going to hand it over to him. He can unpack all things tariff for the folks on the call, and then I'll have a comment or two at the end to wrap it up. So Bryan, why don't you walk them through it?

Bryan 和我想我們會這樣做：把時間交給他。他可以為電話會議上的各位拆解所有與關稅相關的事項，然後我最後再補充一兩點作結。所以 Bryan，你來帶大家走一遍好嗎？

Yeah. Thanks, Brad. So from the mechanics of it, you'll see in the 10-Q today, you've got a little bit more detail there as well if you want to refer to that. But we filed for $87 million in total IEEPA tariff refunds, and we've received substantially all of it subsequent to the end of the quarter. So we've got all of the cash in at this point.

好的。謝謝，Brad。就運作機制而言，你們今天在 10-Q 裡也會看到更詳細的內容，如果想參考的話。我們總共申請了 8,700 萬美元的 IEEPA 關稅退款，而在季度結束後我們已收到其中幾乎全部款項。所以目前現金已全數入帳。

We recorded a $56 million onetime benefit in gross profit related to inventory that we have previously sold through. We recorded a $28 million reduction in inventory for product that was still on hand at that point in time.

我們在毛利中認列了 5,600 萬美元的一次性收益，與先前已售出的存貨相關。我們也針對當時仍在庫的產品，認列了 2,800 萬美元的存貨減少。

We'll recognize the benefit of that $28 million as we sell through the inventory, which I would anticipate the majority of that will be recognized in the back half given that we turn slightly over 2 times per year. In Q2, the benefit that we recorded from that $28 million was approximately $6 million that we saw in Q2 in the gross profit from the sell-through of that reduced inventory.

我們會在庫存逐步售罄時認列那 2,800 萬美元的效益；考量到我們一年庫存周轉略高於 2 次，我預期其中大部分會在下半年認列。在第二季，我們從這 2,800 萬美元所認列的效益約為 600 萬美元，這反映在第二季因售出該等降價庫存而帶來的毛利中。

So I think it's important for us to point out for that $6 million that Bryan just referenced for the second quarter, we obviously assumed some inflationary headwinds coming into the business. We had a set of actions that we were prepared to deploy. Once we knew that we were getting the tariff refund, we elected not to deploy those actions instead use the tariff refunds to offset that inflation. As we pivot into the second half of the year, obviously, a number of different things that we can do with the refund money.

所以我認為我們有必要針對 Bryan 剛提到第二季那 600 萬美元補充說明：我們在業務進行時，顯然已假設會有一些通膨逆風。我們原本準備了一套可採取的行動。一旦我們知道會收到關稅退稅，我們選擇不去啟動那些行動，而是改用關稅退稅來抵消通膨。當我們轉入下半年時，顯然我們可以用這筆退稅資金做許多不同的事情。

I think there are three big buckets that I would share with all of you. The first one, I just talked about it with the second quarter, we'll continue to use those funds to offset the inflationary impacts from both oil and supply chain.

我想我可以跟各位分享三個主要的運用方向。第一個，我剛剛在第二季已談到：我們會持續用這些資金來抵消油價與供應鏈帶來的通膨影響。

Number two, where it makes sense and making sense means where we see elasticity, we'll selectively invest in price to drive market share gains. And then number three, we're going to execute our capital allocation framework. Big buckets on that are invest in stores, other growth initiatives, I think commercial and other things like that. And third would be any type of excess cash that we would have, we would send back to our owner -- or excuse me, our investors through a share repurchase program.

第二，在合理的情況下——所謂合理是指我們看到需求彈性時——我們會選擇性地在價格上投資，以推動市占率提升。第三，我們會執行資本配置框架。主要方向包括投資門市、其他成長計畫，我認為也包含商用（commercial）以及其他類似事項。再者，若有任何超額現金，我們會透過庫藏股回購計畫把資金回饋給我們的股東——抱歉，是投資人。

Okay. Very helpful.

好的。非常有幫助。

Hey, Seth. Just to clarify, the difference in the $56 million and the $45 million that you see in the adjusted EBITDA add-back or the net income add-back is we had $2.7 million of statutory interest that we also received. You'll see that, that's part of the add-back. And the rest of it really is just costs associated with the IEEPA tariffs as it rolls through kind of SG&A through incentive comp and other things.

嗨，Seth。補充釐清一下：你在調整後 EBITDA 加回項或淨利加回項中看到的 5,600 萬美元與 4,500 萬美元之差異，是因為我們另外也收到 270 萬美元的法定利息。你會看到那部分也包含在加回項裡。其餘的差異基本上就是與 IEEPA 關稅相關的成本，隨著它在 SG&A 中流轉，包含激勵薪酬與其他項目。

Okay. Got it. And then I was just going to follow up and ask about the comp guidance for the rest of the year in that context. So it implies a pretty wide range, down 5% to up 3%. You're running better than that at the low end right now, comparisons get easier. So can you maybe talk about some of the scenarios to consider here? And then in that context, you also mentioned the broadening of performance that you've seen across regions and so maybe tie that in. Thanks so much.

好的，了解。接著我想在這個脈絡下追問一下今年剩餘期間的同店（comp）指引。它暗示的區間很寬，從 -5% 到 +3%。你們目前的表現其實比低端還好，而且比較基期也會變得更容易。你能否談談這裡可以考量的一些情境？另外在這個脈絡下，你也提到你們看到各區域的表現正在擴散改善，或許也能把這點連結起來。非常感謝。

So Bryan, I'll tag team this question as well. I'll start out with the second quarter. Definitely pleased with the sequential improvement that we saw through the quarter. A couple of key drivers there are three drivers that I'll talk about. First was in the script.

Bryan，我也一起來回答這題。我先從第二季談起。我們對於本季內逐步改善的趨勢感到非常滿意。這裡有幾個關鍵驅動因素，我會談三點。第一個是在講稿裡提到的。

Service continues to be really, really high. Every month, we set record levels. And I think that's a reflection of one of the culture that we have and the team that we have in the field. Second, just all things Pro. Pro continues to outpace the performance of the rest of the business.

服務水準持續非常、非常高。我們每個月都創下新高。我認為這反映了我們的文化，以及我們在第一線的團隊。第二，所有與 Pro（專業客戶）相關的表現。Pro 的表現持續領先於其他業務。

A lot of inputs into that Pro performance. We talked about installation materials. We talked about the performance in tile and certainly getting some improvement in laminate and vinyl, which is something that we talked about on our first quarter call.

推動 Pro 表現的因素很多。我們談過安裝材料；我們談過磁磚的表現；當然也看到超耐磨地板（laminate）與乙烯基地板（vinyl）有所改善，這也是我們在第一季電話會議上提到的。

And the other piece is we're starting to see some nice traction from our digital business, still very much early in that process, but starting to see some real, real benefit from that team. We talked about July. July was a really interesting month.

另外一塊是我們開始看到數位業務帶來不錯的動能；雖然整體仍處於非常早期的階段，但已開始從那個團隊看到實質效益。我們也談到 7 月，7 月是一個非常有意思的月份。

The start of the month was really, really choppy around the July 4, had some pretty ugly days that we haven't seen in a while. But as we said in the prepared remarks, really, really pleased with how we ended the month and certainly how that has continued into August. And I'd say more in line with the run rate that we saw in both May and June, which is certainly encouraging.

月初在 7 月 4 日前後波動非常大，出現了一些我們好一陣子沒見過的相當難看的日子。但如同我們在事先準備的發言中所說，我們對於月底的收尾表現非常、非常滿意，而且這樣的趨勢也確實延續到 8 月。我會說更接近我們在 5 月與 6 月看到的運行水準（run rate），這當然令人鼓舞。

The one piece that I'll say and underlying and Bryan will probably do the same when I turn over to him, still feel really good about our guidance. In the first quarter, we said, hey, we're going to go a little bit wider than normal given the uncertainty that's in the market. So we went flat to minus 4% on the sales guidance.

我想補充的一點——這也是核心重點，等我交給 Bryan 時他可能也會提到——我們仍然對指引感到非常有信心。第一季時我們說過，鑑於市場不確定性，我們會把區間拉得比平常更寬一些，所以我們把銷售指引訂在持平到 -4%。

Had some conversations about changing that coming into this call, but still feel like there's too much uncertainty out there. So feel good with the flat to minus 4%, but do have a level of confidence, high level of confidence that we're on track to hit the midpoint of that sales guidance.

在這次電話會議前我們也討論過是否要調整，但我們仍覺得外部不確定性太高。因此我們對持平到 -4% 這個區間感到良好，但同時也有一定程度、很高程度的信心，我們正朝著達成該銷售指引的中點前進。

Yeah. I think that's spot on, Brad. We would have liked to have tightened the range, but we intentionally left it a little wider just because of the uncertainty. But I think when you're thinking about just the cadence in the back half, a two year stack gets noisy because of all of the Hurricane Helene and Milton benefits and everything associated with the storms.

是的，我覺得你說得很到位，Brad。我們本來希望能把區間收斂一些，但因為不確定性，我們刻意保留得更寬。當你在思考下半年的節奏時，兩年期疊加（two-year stack）會變得很雜訊，因為颶風 Helene 與 Milton 帶來的效益，以及所有與風災相關的因素。

So if you just look at it on a three year stack comp, just to help you guys model, we would expect the high end and the midpoint to increase sequentially from Q2. And then at the low end, there would be a slight decrease sequentially from Q2 just to kind of get those. So it is a little bit wider of a range than we would typically do at the end of Q2. But to Brad's point, there's still a lot of uncertainty in the macro environment that we see today.

所以如果你改用三年期疊加同店（three-year stack comp）來看，幫助各位建模：我們預期高端與中點會相較第二季呈現連續改善（sequentially increase）。而在低端，則會相較第二季略為連續下滑（slight decrease），主要是為了把那些因素納入考量。因此這個區間確實比我們通常在第二季末會給的更寬一些。但如 Brad 所說，我們今天看到的總體環境仍有很多不確定性。

But we feel really good about the midpoint, and that is our guidance philosophy, too. And you guys will always see that with us is if things continue on the path that they are right now and the macro environment stays where it is today, we have great visibility to kind of achieving at the midpoint.

但我們對中點感覺非常好，這也符合我們的指引哲學。各位也會一直看到我們的做法：如果事情持續沿著目前的軌跡發展，而總體環境也維持在今天的水準，我們對於達成中點有很高的可視性。

Okay. Thank you.

好的，謝謝。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Hey, guys. One quick follow-up on the tariff. So the $28 million, I think I got that number right, that's like unrecognized that will happen as you sell the inventory. I guess it's not huge on a basis point basis. I haven't done the math, but you held or you're basically not changing your gross margin guide.

嗨，各位。我針對關稅再快速追問一下。所以那 2,800 萬美元——我想我數字沒記錯——是尚未認列、會在你們把庫存賣掉時才會發生的。我猜以基點（basis point）來看影響不算大。我還沒算，但你們維持、或基本上沒有調整毛利率指引。

So -- and sorry for naivety, does this mean that when you sell through that product, there should be a higher gross margin on it going forward? And is that in the guidance, did that help you keep the gross margin guide? Or does that provide an upside lever, if I understood it right?

所以——也抱歉我可能問得比較外行——這是否表示當你們把那些產品賣掉時，未來那部分的毛利率應該會更高？而這是否已經反映在指引中、也就是它幫助你們維持毛利率指引？或者如果我理解正確，這其實提供了一個上行槓桿？

Yeah. So we put $28 million back into inventory for items that we still have on hand. Of that $28 million, $6 million flowed through in Q2 to help offset some of the inflationary measures that we were seeing with higher oil costs. We're now starting to see higher domestic supply chain costs due to trucking capacity issues that we see across the industry.

是的。我們把 2,800 萬美元回沖到仍在手上的品項庫存中。在這 2,800 萬美元裡，有 600 萬美元在第二季流入損益，用來抵消我們因油價上升而看到的一些通膨措施（inflationary measures）。我們現在也開始看到國內供應鏈成本上升，原因是整個產業都面臨卡車運能問題。

We're fine from a capacity standpoint, but we're starting to see some rate changes as well as reinvesting into select pricing changes as well. And what Brad talked about with laminate vinyl and a couple of other select pricing changes that we may try to go after and be more aggressive in market share.

從運能角度我們沒有問題，但我們也開始看到運價變動；同時我們也在選擇性地再投資於部分價格調整。以及 Brad 提到的超耐磨與乙烯基地板，還有其他幾項我們可能會採取的選擇性價格調整，藉此在市占率上更積極進攻。

So all of that said, our adjusted gross margin guidance of 43.6% to 43.8% incorporates the back half being benefited. Like I said, the majority of the residual $22 million within that $28 million will flow through, but it allows us, again, in this environment to be a little more aggressive and not have to take further actions. But as we exit -- exit '26 into 2027.

綜合以上，我們 43.6% 到 43.8% 的調整後毛利率指引已納入下半年將受惠的影響。正如我所說，這 2,800 萬美元中剩餘的 2,200 萬美元大部分會逐步反映出來，但它讓我們在這樣的環境下能更具進攻性，而不必採取進一步行動。不過當我們離開——離開 2026 年、進入 2027 年時。

We've got a lot of things that we can do as a company. So again, we have a lot more to talk about whenever we think about 2027, we're not going to give you guys any clarity on that today. But we've got a ton that we can do as a company when these tariff benefits do subside. So again, it just gives us a lot of flexibility and optionality in '26 to be able to take more market share.

作為一家公司，我們有很多事情可以做。所以再說一次，當我們想到 2027 年時，我們還有更多可以談的，但今天不會就此給各位任何更清楚的說明。不過，當這些關稅帶來的好處逐漸消退時，我們作為一家公司仍有大量可採取的行動。所以這也讓我們在 2026 年具備很大的彈性與選擇性，能夠進一步取得更多市占。

Okay. Thanks for that explanation. And then one follow-up on the sales environment, more to Brad and related to the last comment. So we've had a couple of -- I don't want to say false starts, but early reads of industry bottoming, especially your business.

好的。謝謝你的說明。接著針對銷售環境再追問一題，主要想問 Brad，也和你剛剛最後的評論有關。我們之前曾經有過幾次——我不想說是「假起步」，但確實是對產業觸底的早期判讀，尤其是在你們的業務上。

It sounds like we're going through another one, and it felt a little more emphatic and I thought the language this time. So anything you can point to that this is demand stabilizing, turning more from replacement demand outside of your initiatives? Or how do you assess like could this be another false start?

聽起來我們又正在經歷一次，而且這次的語氣感覺更強烈、措辭也更明確一些。所以你能否指出一些跡象，說明這是需求正在穩定、並且更多轉向汰換需求（而非你們自身的推動措施）？或者你怎麼評估：這會不會又是另一個「假起步」？

Yeah, I'm going to be really careful here because I don't want to be the initiator of a false start, but I'll give you my perspective. Like I said certainly pleased with the sequential improvement through the quarter. One of the things that we called out in the script is if you look at our business ex cannibalization, we had two regions, two of our three regions deliver positive comp, which to me is a really, really strong story. We saw some improved traction on our commercial business.

是的，我會非常謹慎，因為我不想成為引發「假起步」的人，但我可以分享我的觀點。如我所說，我們對本季內逐月的改善感到滿意。我們在講稿中提到的一點是：如果你看我們的業務、排除自我侵蝕（ex cannibalization）的影響，我們三個區域中有兩個區域交出正向同店成長（positive comp），對我來說這是一個非常、非常強的訊號。我們也看到商用業務有一些更好的進展。

All that being said, where you sense the more emphatic approach from us is we've said that we came into 2026 saying that we need to assume the environment is going to look a lot like 2025 and that we are going to build a stack of initiatives that felt like -- that we felt like could deliver accelerated market share gains.

話雖如此，你們感受到我們語氣更強烈的原因在於：我們說過，我們在進入 2026 年時就假設環境會很像 2025 年，而我們會建立一整套我們認為能帶來更快市占提升的行動方案（initiatives）。

So we do have a level of confidence around the execution of our initiatives and feel like that's paying off. Probably at least from my perspective, amateur perspective, too early to tell if things are truly bottoming. We're going to assume that's going to continue to be the case and do everything we can to deliver a great customer experience and take as much share as possible.

因此，我們對這些行動方案的執行有一定程度的信心，也覺得正在看到成效。不過，至少以我個人的、比較業餘的角度來看，現在要判斷是否真的觸底可能還太早。我們會假設這種情況仍會持續，並盡我們所能提供很棒的客戶體驗、盡可能多拿市占。

Okay. Thanks a lot. Good luck.

好的。非常感謝。祝你們好運。

Thank you.

謝謝。

Steven Zaccone, Citigroup.

Steven Zaccone，花旗集團（Citigroup）。

Thanks. Good afternoon. Thanks very much for taking my questions. Can we talk a little bit about the laminate vinyl category? It sounds like you're expecting that weakness to continue into '27. That sounds like a new comment. Maybe what are you seeing there? And then elaborate a little bit more on the pricing environment in that category as well.

謝謝。下午好。非常感謝讓我提問。我們能談一下強化木地板與乙烯基（laminate vinyl）這個品類嗎？聽起來你們預期這種疲弱會延續到 2027 年。這似乎是新的說法。你們看到的是什麼？另外也請再多談一些該品類的定價環境。

Sure. And I'll rewind the tape a little bit with my answer. So laminate and vinyls is our second largest category. It's the only category that we sell where we're seeing any type of downward pressure. And we believe that downward pressure is a result of excess supply in the market.

當然。我先把時間軸往前倒一點來回答。強化木與乙烯基是我們第二大的品類，也是我們所有品類中唯一看到任何下行壓力的品類。我們認為這種下行壓力是市場供給過剩所造成的。

And the term that Ersan and I have used is the category has been devalued. And what we mean by that is a SKU that used to be considered a better and a good, better, best lineup is now considered and priced as a good SKU. So that obviously puts pressure on all parts of that category. And it is the vinyl part of laminate and vinyl.

Ersan 和我用過的說法是：這個品類被「貶值」了。意思是，過去在「好／更好／最好」（good, better, best）產品線中被視為「更好」的某個 SKU，現在被當成「好」的 SKU 來看待並定價。這顯然會對該品類的各個層級造成壓力。而這主要發生在強化木與乙烯基中的乙烯基部分。

We are really clear in our first quarter call to say we're going to play offense. We're going to be thoughtful around pricing. We're going to have aggressive opportunity buys, and we're going to add new SKUs to our assortment to make sure we're hitting the mark with the customers that are interested in that category.

我們在第一季電話會議上講得很清楚：我們會採取進攻策略。我們會在定價上保持審慎；我們會進行更積極的機會型採購（opportunity buys）；我們也會在商品組合中加入新的 SKU，確保能符合對該品類有興趣的客戶需求。

We did see improvement, and we're going to continue to push for more improvement for the remainder of the year. But when we say, hey, we think that pressure is going to bleed over into 2027, that's consistent with what we talked about at the first quarter.

我們確實看到改善，而且在今年剩餘期間會持續推動更多改善。但當我們說「我們認為這個壓力會延續到 2027 年」，其實與我們在第一季所談的是一致的。

We're just trying to get a sense of how quickly this excess inventory will dissipate. Tough thing to tell. I trust Ersan, he's been in the business a long time. And our sense is it's going to run through at least the first half of next year. But again, our perspective is it's an opportunity for us to take share and make that comp performance better, certainly than it was in the first quarter.

我們只是想掌握這些過剩庫存會多快消化。這很難判斷。我信任 Ersan，他在這個產業很久了。我們的感覺是，至少會延續到明年上半年。不過再說一次，我們的觀點是：這對我們而言是搶市占的機會，也能讓同店表現（comp performance）變得更好，至少會比第一季好。

Okay. Understood. And then the follow-up I had, bearing in mind some of the tariff commentary and then in this category in particular, how do you think about the pricing environment and expectations and comps for the second half of the year? Has that changed versus your original thinking? Thank you.

好的，了解。接著我的追問是：考量一些關稅相關的評論，尤其是在這個品類上，你們如何看待下半年定價環境、預期以及同店（comps）？相較於你們原先的想法，有改變嗎？謝謝。

I'll go first, Bryan, if you want to add anything, feel free. But the term that I have used pretty consistently since the start of tariff is the market has been rational. I'll add a few more words on that is I'm not seeing anything disruptive from a pricing perspective outside of what I just explained on laminate and vinyl. We've got two sets of -- really kind of two sets of competitors. You have independents who do a terrific job around service, really thoughtful pricing approach and have a sticky relationship with that Pro customer.

Bryan，我先回答，如果你想補充也請隨時。自從關稅開始以來，我一直相當一致地用一個詞來形容：市場是理性的（rational）。我再多補充幾句：除了我剛剛解釋的強化木與乙烯基之外，我沒有看到任何在定價面上具破壞性的情況。我們的競爭對手大致可分成——其實算兩類。第一類是獨立業者，他們在服務上做得非常好，定價策略也很周到，並且與專業客戶（Pro customer）維持很黏著的關係。

And then you've got big box. And for us, as a reminder, big box, we compete on opening price point in good and a good, better, best in installation materials. And we haven't seen anything that would say that the environment is becoming overly aggressive or overly promotional. We've been really consistent in saying that we will continue to take modest increases. But the nature of our business is we do have a really unique pricing model. There's always a little bit of up and a little bit of down, but it will net out to a modest increase across our categories.

第二類是大型賣場（big box）。提醒一下，對我們而言，在大型賣場的競爭上，我們主要在「入門價位」（opening price point）的「好」等級，以及安裝材料的「好／更好／最好」上競爭。我們沒有看到任何跡象顯示環境變得過度激進或過度促銷。我們也一直很一致地表示，我們會持續做溫和的漲價。但我們的業務本質是：我們有一個非常獨特的定價模型，總會有一些上調、一些下調，但整體加總後，會在各品類呈現溫和的淨上升。

And this is Bryan. Our guidance from last quarter to this quarter is the same with average ticket expected to be kind of flat to up low single digits. The pressure in laminate vinyl does put pressure on our average ticket because it's a much bigger project when somebody decides to take that on. So just overall, it's putting pressure on average ticket. But no change from last quarter and what we think is going to be embedded for the guide or assumed in the guide.

我是 Bryan。我們從上季到這季的指引相同：預期平均客單價（average ticket）大致持平到小幅成長（低個位數）。強化木／乙烯基的壓力確實會對平均客單價造成壓力，因為當消費者決定做這類案子時，通常是更大的專案。因此整體而言，它正在壓抑平均客單價。但相較上季沒有改變，這也就是我們認為會反映在指引中、或指引所假設的情況。

Okay. Thanks very much. Best of luck.

好的。非常感謝。祝你們一切順利。

Thank you.

謝謝。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Good evening. Thank you so much for taking my questions. Do you think the industry saw the same inflection that Floor & Decor has seen over the last few months? Or has your initiatives kicked in such that your market share has accelerated? And just as a part of that, why is there such a divergence between your Pro performance in the quarter versus your DIY performance in the quarter?

晚安。非常感謝讓我提問。你們認為整個產業在過去幾個月也出現了與 Floor & Decor 相同的轉折點（inflection）嗎？還是說你們的行動方案已經開始發揮作用，使得你們的市占加速提升？另外作為其中一部分，為什麼你們本季的專業客戶（Pro）表現與 DIY 表現之間會有這麼大的分歧？

So the second two questions are a lot easier to answer than the first. I think we're going to know more as some of our public competitors and manufacturers report their results. Obviously, it's a tough question to answer just because by our measure, 60% of our space is still independents, all private, really hard to get a gauge on how they're performing. Ersan does a nice job of kind of triangulating through conversations with both manufacturers and our supplier partners.

後面兩個問題比第一個容易回答得多。我想等一些上市的競爭對手與製造商公布結果後，我們會更清楚。這確實很難回答，因為以我們的衡量方式來看，我們的市場空間有 60% 仍是獨立業者，全部都是非公開公司，很難掌握他們的表現。Ersan 透過與製造商以及我們供應商夥伴的對話，做了不錯的三角驗證（triangulating）。

Our sense is, and I'll get into your second question, is our initiatives are paying off. We feel like we're focused on the right things. Some initiatives are a little bit further down the path and make more sense in this environment, and that is the Pro piece.

我們的感覺是——也呼應你的第二個問題——我們的行動方案正在奏效。我們覺得我們聚焦在正確的事情上。有些行動方案推進得更深入，在這種環境下也更合理，而那就是 Pro 的部分。

Again, going back to this idea that as a team, we said '26 is going to look a lot like '25. In order for us to deliver positive comp sales we knew we had to do that through increased share of wallet gains through the Pro customer.

再回到這個概念：作為一個團隊，我們說過 2026 年會很像 2025 年。為了交出正向同店銷售（positive comp sales），我們知道必須透過提高 Pro 客戶的錢包份額（share of wallet）來做到，也就是靠市占提升。

Why is that important? That customer is in our store every single day. We reported in the second quarter, 55 -- that customer is 55% of our sales. We think they influence up to 20% of the remaining 45% of sales. So a really, really important customer.

為什麼這很重要？因為那類客戶每天都會來我們店裡。我們在第二季報告中提到，該客戶占我們銷售的 55%。我們認為他們還會影響剩下 45% 銷售中的最多 20%。所以這是一個非常、非常重要的客戶。

And the thing, Michael, that I would point out, really pleased with installation materials. That is a driver of footsteps. So the opportunity that we have and why we're excited about the Pro initiative is we are clearly -- we clearly have a hook when it comes to installation materials. Now we have a great opportunity to sell the rest of the categories that we sell.

而且，Michael，我想指出的一點是，我們對安裝材料的導入非常滿意。那是帶動客流的驅動因素。因此，我們之所以對 Pro 計畫感到興奮、也看到機會，是因為在安裝材料方面我們顯然——我們確實有一個切入點。現在，我們也有很好的機會去銷售我們所販售的其他品類。

And one other thing that's really important as we continue to open new stores and become even more convenient for our Pro customers, I think we're going to drive traffic there. So really excited, again, and feel good about our initiatives, still somewhat early in the process, but already seeing some dividends from them.

另外一點也非常重要：隨著我們持續開新店、讓 Pro 客戶使用上更便利，我認為我們會帶動那裡的來客數。所以再次感到非常興奮，也對我們的各項舉措很有信心；雖然整體仍算是在流程的早期階段，但已經開始看到一些成果。

Great. My follow-up question is, can you help calibrate the relationship between Floor & Decor same-store sales growth and an eventual inflection in existing home sales? It's hard to necessarily use the historic relationship because Floor & Decor throughout much of the 2018 was seeing a benefit from the new stores ramping the maturity, the increase in vinyl as well as less cannibalization.

很好。我接續的問題是：你能否協助我們校準 Floor & Decor 的同店銷售成長與既有住宅銷售最終出現拐點之間的關係？因為很難直接用歷史關係來推估，畢竟 Floor & Decor 在 2018 年的大部分時間裡，受惠於新店逐步成熟、乙烯基地板占比提升，以及較少的互相侵蝕（cannibalization）。

It seems like those are going to be no longer benefits to your same-store sales as the market recovers. So is it best to think instead of maybe a high single-digit comp in a good case scenario as the market recovers, a mid-single-digit comp is the most realistic outcome in light of some of those factors?

看起來隨著市場復甦，這些因素將不再對你們的同店銷售帶來助益。因此，是否更適合這樣思考：在市場復甦的良好情境下，同店成長可能是高個位數；但考量上述因素後，最現實的結果其實是中個位數的同店成長？

Listen, it's a great question, and we are bouncing versions of that around the hallways here on what our business looks like at different points in the cycle. We still think existing home sales is the metric for us, strongly correlated to our performance. Historically, we have said as existing home sales improve, that it's generally a two to three month flash to bang before you see it in our business.

聽著，這是個很好的問題，我們在這裡走廊上也一直在討論不同版本：在景氣循環的不同階段，我們的業務會長什麼樣子。我們仍然認為既有住宅銷售是對我們最重要的指標，與我們的表現高度相關。過去我們一直說，既有住宅銷售改善後，通常要兩到三個月才會在我們的業務上反映出來。

In an environment, though, I'll say this kind of current cycle, where you're just flirting with 4 million homes kind of a little bit above it, a little bit below it, you do see outsized impact on our initiatives in different parts of the country.

不過在這種環境下——我會說像目前這一輪循環——當你只是徘徊在 400 萬戶左右、略高或略低時，你確實會看到我們在全美不同地區推動的各項舉措，對業績產生相對更大的影響。

So if you think about the West, we've consistently said, hey, the West is outperforming the rest of the country. One, that's a part of the business that is generally dealing with less cannibalization and has less density than other parts of the United States. So you're naturally going to get more traction and more benefit from some of the things that we're focused on. But as far as how we're forecasting what the business looks like from an organic growth perspective in the kind of mid-trough or kind of a more normal environment, not going to get into that level of detail on this call.

所以如果你看西部，我們一直都說，西部的表現持續優於全國其他地區。第一，那一塊業務通常面臨較少的互相侵蝕，且密度也比美國其他地區低。因此，你自然會從我們聚焦的一些事情上獲得更多動能與效益。但至於我們如何從有機成長的角度去預測，在景氣中段谷底或較正常環境下業務會是什麼樣子，這通電話上我就不會深入到那個細節層級。

Understood. Good luck. Thank you so much.

了解。祝你們好運。非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

Hi, good afternoon. Thanks for taking our questions. We wanted to speak a little bit more about the competitive environment, just in terms of what behavior you're seeing more from the home improvement competitors versus the independents and how they acted throughout the quarter.

嗨，午安。謝謝你們回答我們的問題。我們想再多談一點競爭環境，主要是你們看到家居修繕類競爭對手（相較於獨立業者）有哪些更多的行為變化，以及他們在本季的表現方式。

I do know that it seems like at least one of the larger-scale home improvement retailers seems to be partnering more with Mohawk, and there's a lot more initiatives there, it seems even more recently. So can you just talk about that piece of the competitive set? And again, just maybe tie it back to how you're thinking about the tariff refunds and how it can play a role in pricing relative to that?

我也知道，似乎至少有一家大型家居修繕零售商看起來正與 Mohawk 有更多合作，相關舉措也多了不少，甚至最近更明顯。你能否談談競爭組合中的這一塊？另外，也請再連結到你們如何看待關稅退稅（tariff refunds），以及它如何在定價上相對於他們發揮作用？

For me, big box retailers, amazing companies, like I said, have incredible locations. And for our customer hard surface flooring, that provides a level of convenience. They're always investing in their assortment. But generally speaking, where we compete with them is on opening price point, good and installation materials. And if you think about where we sell, it's primarily in the better and best. And I think that's a really important distinction when you think about our model versus the big box retailers and where we overlap and absolutely overlap, and we watch them very, very closely.

就我而言，大型賣場零售商都是很了不起的公司；如我所說，他們擁有極佳的店址。對於我們的客戶來說，硬質地板品類在那裡購買確實提供了一定程度的便利性。他們也一直在投資商品組合。但一般來說，我們與他們競爭的面向在於入門價位（opening price point）、良好等級（good）以及安裝材料。而如果你看我們的銷售結構，主要是在更好與最佳（better 和 best）區間。我認為這是理解我們模式與大型賣場零售商差異時非常重要的一點：我們在哪裡重疊、確實也有重疊，而我們也非常、非常密切地關注他們。

But as I said earlier, I don't see anything at this point that would be disruptive that would lead me to think that there is accelerated share gains from either one of them, and that's speculation because I haven't obviously heard the results. And we generally feel really good about the model that we have and how it competes against big box retail.

但如我先前所說，就目前而言我沒有看到任何會造成顛覆的事情，讓我認為他們任何一方會出現加速的市占提升；這也只是推測，因為我顯然還沒聽到他們的結果。而我們整體上對我們的商業模式，以及它如何與大型賣場零售競爭，感覺非常良好。

Steve Forbes, Guggenheim Securities.

Steve Forbes，Guggenheim Securities。

Good afternoon. Brad, maybe just following up on laminate and vinyl, I think was the con's question before. Revisiting the improvement, I think you guys talked about some merchandising initiatives within that department that you were sort of rolling out regionally and nationally.

午安。Brad，我想延續一下關於超耐磨地板（laminate）和乙烯基地板（vinyl）的問題，我想那是前一位提問者的問題。回到改善的部分，我記得你們提到在該部門有一些商品陳列（merchandising）方面的舉措，正在以區域與全國的方式逐步推行。

So curious maybe you could just remind us where those initiatives are in terms of breadth and scope. And if there's sort of any other merchandising initiatives in the pipeline, particularly for laminate and vinyl, that could maybe be a self-help story as it relates to getting that category back to growth.

所以想請你提醒我們，這些舉措目前在覆蓋範圍與規模上進展到哪裡。另外，是否還有其他商品陳列相關的舉措在規劃中，特別是針對超耐磨與乙烯基，可能作為一個自助改善（self-help）的故事，來幫助該品類回到成長？

Yeah. Great question. And three areas that we really leaned into. The quickest reaction, as you would expect, was rethinking our pricing strategy. And credit to Ersan and team, we moved really quickly. We put more aggressive pricing in the market where we saw elasticity. We watched it. We refined it, and we're in a spot now where we feel really comfortable about the investment that we've made from a price perspective to drive more market share into that business. So that's step one.

是的。很好的問題。我們主要著力在三個面向。最快的反應，如你所預期，是重新思考我們的定價策略。也要肯定 Ersan 和團隊，我們動作非常快。我們在看到需求彈性（elasticity）的市場採取更積極的定價。我們觀察、調整，現在我們覺得就價格面所做的投資已經在一個很舒服的位置，能夠為該業務帶來更多市占。所以這是第一步。

Step two, and this is kind of an order of how they hit the stores were opportunity buys. We knew we had a gap as far as our everyday current assortment relative to where customers were shopping. So we quickly leveraged the supplier partnerships we had across the US and across the world to get really aggressive opportunity buys into our stores at the right inventory levels. Those were a huge win, huge win. And that's a matter of weeks from when we identified the opportunity.

第二步——這也大致是它們進到門店的先後順序——是機會採購（opportunity buys）。我們知道，相較於顧客實際購物的選擇，我們的日常常備商品組合（everyday current assortment）存在缺口。因此我們迅速運用在全美以及全球的供應商合作關係，以合適的庫存水位，把非常有競爭力的機會採購導入門店。那是一個巨大勝利，巨大勝利。而從我們辨識到機會到落地，只有幾週的時間。

And then the third piece is we really rethought our everyday assortment and plugged those holes that the opportunity buys served as a Band-Aid on. So feel really good about how we operated. We use the term micro merchandising a lot with all of you and certainly inside of our business. And I think this is a great example on how nimble we can be when we find a situation where the market has shifted a little bit, where some of our other competitors may struggle to have that type of speed to market.

第三個部分是，我們確實重新思考了日常商品組合，並把那些缺口補上——而機會採購在那段期間只是充當了暫時性的貼布（Band-Aid）。所以我們對自己的操作方式感覺非常好。我們常常對各位、也在公司內部使用「微型商品陳列（micro merchandising）」這個詞。我認為這就是一個很好的例子，說明當我們發現市場出現一些變化時，我們能有多靈活；而某些競爭對手可能很難具備那樣的上市速度（speed to market）。

As far as where it's at, two and three opportunity buys in the reset in the assortment, that's national. And then from a pricing perspective, like I said, we're a little bit more surgical there. So that's not national. That's in the markets where we really need to win in laminate and vinyl.

至於目前進度，第二與第三項——機會採購以及商品組合重整（reset）——已經是全國性推行。至於定價面，如我所說，我們會更精準、更具針對性，因此不是全國一致，而是在我們確實需要在超耐磨與乙烯基品類取勝的市場中推行。

Thank you.

謝謝。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通。

Good evening. Thanks for taking my questions. So a two parter. I guess taking the other side of it and trying to think about what drove the slowdown on July 4. Obviously, July 4 happens every year. Is there something that you point to and you say, well, that was just an anomaly and that wasn't the improvement in the later part of July, really like the past two to three weeks isn't just a normalization of demand relative to earlier in July?

晚安。謝謝回答我的問題。我有兩個部分。先從另一個角度來看，試著理解 7 月 4 日前後放緩的原因。顯然 7 月 4 日每年都有。你們是否能指出某個因素，並說那只是一次性的異常？而且 7 月下旬後段的改善——也就是過去兩到三週——並不只是相對於 7 月上旬較早時期的需求回歸常態？

And then a follow-up question on the pricing side that most of your independents don't buy directly. What is your impression of what the wholesalers are doing? Are they lowering prices as tariff refunds come in and such that the independent market could see prices come down? And is that already happening? Thanks so much.

接著是關於定價的追問：你們多數的獨立業者客戶並不是直接採購。你對批發商的作法有何印象？當關稅退稅進來時，他們是否在降價，讓獨立市場也可能看到價格下滑？而這件事是否已經在發生？非常感謝。

Chris, great question on July. And as you can imagine, a lot of discussion here trying to dissect what actually happened in the first couple of weeks. We have three or four thoughts, but nothing that we're willing to share publicly. Now the great news, again, back half of July, we returned more to that kind of May, June performance and comp run rate, which is really encouraging.

Chris，關於 7 月的問題很棒。你可以想像，我們這裡也有很多討論，試著拆解前兩週到底發生了什麼。我們有三、四個想法，但沒有任何一個是我們願意公開分享的。不過好消息是——再次強調——7 月後半段我們的表現回到更接近 5、6 月的水準與同店成長（comp）運行速度，這非常令人鼓舞。

So right now, I'm going to say those two weeks were anomaly. If for whatever reason we see a return to that two week performance, then certainly, we're going to have more concrete answers, but it didn't continue, which, again, for us is really, really encouraging.

所以就目前而言，我會說那兩週屬於異常情況。若因任何原因我們看到表現回到那兩週的水準，那麼當然，我們就會有更具體的答案；但它並沒有延續下去，而這一點再次讓我們感到非常、非常鼓舞。

From an independent perspective, you're right, for the most part, their sourcing model is a two-step sourcing model. So one, when you think about tariff refunds because they're not the importer of record, unlikely that they're going to get those tariff refunds and be able to reinvest into their business, which because of that, I think, would prevent them from getting too aggressive around price or promotion in the second half of the year. And everything that we have seen, generally speaking, has been prices going up and certainly not going down.

從獨立的角度來看，你說得對，大多數情況下，他們的採購模式是兩步驟的採購模式。第一，談到關稅退稅，因為他們不是進口登記方（importer of record），他們不太可能拿到那些關稅退稅並能再投入到其業務中；因此，我認為這會使他們在下半年不太可能在價格或促銷方面變得過於激進。而我們所看到的一切，概括而言，是價格在上升，當然不是在下降。

Keith Hughes, Truist Securities.

Keith Hughes，Truist Securities。

Thank you. We talked a good bit about your laminate and LVP product on the call, it has been underperforming the group average. But you have other products overperforming. Is this just the consumer changing its preference for one product over the other versus real category issues?

謝謝。我們在電話會議中談了不少你們的強化木地板（laminate）和 LVP 產品，它一直低於同業平均表現。但你們也有其他產品表現優於平均。這只是消費者偏好從一種產品轉向另一種產品，還是真的是品類本身出了問題？

Yeah. Again, great questions. I had made some notes on the laminate and vinyl question. And my last bullet point that I continue to ignore is there is category shift, we believe, happening, both into wood and tile. So certainly, that's an element of the conversation off all the reasons why we're seeing pressure there, Keith, is probably the least impactful, but it's certainly a part of the conversation.

是的。再次，問題問得很好。我對強化木地板和乙烯基的問題做了一些筆記。我最後一個一直被我忽略的重點是：我們認為正在發生品類轉移，轉向木地板與磁磚。因此，這當然是我們看到那邊承壓的原因之一；Keith，就所有原因而言，這可能是影響最小的一個，但確實是討論的一部分。

And is the tile sell a better sell for Floor & Decor, i.e., it uses more accessories than LVT?

那磁磚對 Floor & Decor 來說是不是更好賣，也就是說，相較於 LVT，它會帶動更多配件銷售？

Well, we like all of our categories. Tile is our largest category. It's in the center of the store. As we take both kind of customer feedback and associate feedback, that's the one that there's kind of universal confidence around having the right products, having the right inventory, always being trend right. So we love our tile category, and we believe that's a category that we're going to -- one, we will continue to lean into and will continue to grow for us.

嗯，我們喜歡我們所有的品類。磁磚是我們最大的品類，位於門市的中心位置。無論是客戶回饋還是同仁回饋，大家普遍對這個品類很有信心：產品對、庫存對、趨勢也一直跟得上。所以我們很喜歡磁磚品類，而且我們相信這是我們會——第一，持續加碼投入；並且會持續為我們帶來成長的品類。

Keith, it's tile also, you're right, has more attachments when that happens. We still get attachment when laminate vinyl is sold, but there tends to be more when tile is sold, and IM is actually one of our best-performing categories, and that's just winning more with the Pro. So I know there was an earlier question on the outperformance within Pro, and you see that within IM, just our supply house strategies are working.

Keith，另外你說得對，磁磚在成交時也會帶來更多連帶銷售（attachments）。我們在賣強化木地板與乙烯基地板時也會有連帶銷售，但磁磚通常更多；而 IM 其實是我們表現最好的品類之一，這就是我們在專業客戶（Pro）端贏得更多份額。所以我知道前面有人問到 Pro 端的超額表現，你也能在 IM 看到；我們的建材供應商（supply house）策略正在奏效。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Thank you very much. Nice to see the sequential improvement. Brad, you did speak in the prepared remarks around your own sequential improvement in conversion. And I guess I was curious, is there something you're doing at the store level that you could speak to that is driving better execution? Is the consumer behaving differently? Just hoping you could unpack that comment a bit.

非常感謝。很高興看到環比改善。Brad，你在事先準備的發言中提到你們自身的轉換率也出現環比改善。我想請教的是：在門市層面你們是否做了什麼，能談談是什麼在推動更好的執行？還是消費者行為有所不同？希望你能再多拆解一下那段評論。

So this is a play that the team continues to execute. I mean, if you go back three years ago, one of the things that we pointed to is just really strong service. And the thing that's amazed all of us, it's continued to improve.

所以這是一套團隊持續在執行的打法。我的意思是，如果你回到三年前，我們指出的一件事就是非常強的服務。而讓我們所有人驚訝的是，這件事一直在持續改善。

The one area that I think we continue to dial in is making sure there's a consistency around what plays we're calling and the level of execution on the play, particularly with our Pro customers. And we have a level of confidence that we could go into every one of our stores at this point and ask that team, hey, how are you growing Pro share wallet? And all of our stores would have the same answer. And they would have the data to support those efforts to understand the customer where the opportunity is.

我認為我們持續在調校的一個面向，是確保我們所採用的打法以及對打法的執行水準具有一致性，特別是在我們的專業客戶（Pro）上。我們有信心，現在走進任何一家門市，問那個團隊：你們如何提升 Pro 的錢包份額（share of wallet）？所有門市都會給出相同的答案。而且他們會有數據來支撐這些努力，去理解客戶、找出機會在哪裡。

And then like I hinted at around service, we've got great teams. We've got great teams that are passionate about taking care of our customers, love helping them navigate the journey of selecting a hard surface floor. So we are well positioned around service and really refining that conversion or the inputs to driving that conversion improvement that we talked about.

然後就像我在服務方面暗示的，我們有很棒的團隊。我們的團隊非常熱衷於照顧客戶，也喜歡協助他們完成選擇硬質地板（hard surface floor）的整段旅程。因此，在服務方面我們具備很好的定位，也在持續精進轉換率，或是推動我們所談到的轉換率改善的那些投入要素。

Thank you.

謝謝。

Max Rakhlenko, TD Cowen.

Max Rakhlenko，TD Cowen。

Hey, guys. Thanks a lot. So can you provide more color on the work that your new pricing team is doing? What's ahead? And how can we see your portfolio approach to pricing evolve in the medium term?

嗨，各位。非常感謝。你們能否更具體說明一下新成立的定價團隊正在做哪些工作？接下來會做什麼？以及在中期來看，我們會如何看到你們以產品組合（portfolio）方式進行定價的做法演進？

Yeah. So when we talk about evolving our business, we talk a lot about digital. We talk about supply chain and pricing is certainly an element that is front and center. Ersan has built a world-class merchandising team that has always been top notch when it comes to pricing.

好的。當我們談到推動業務演進時，我們談很多數位化，也談供應鏈，而定價當然是其中一個核心要素。Ersan 建立了一支世界級的商品團隊，在定價方面一直都是一流的。

The other piece that's unique about our business is we have a bottom-up kind of feedback process where there are decision rights at our stores to ensure that we're appropriately positioned from a pricing perspective in every geography in which we operate.

我們業務的另一個獨特之處在於，我們有一個自下而上的回饋流程，門市擁有一定的決策權，以確保在我們營運的每個地理區域，我們在定價角度都能處於合適的位置。

At the same time, massive improvement around technology and tools that you can use to get really scientific around pricing. We've invested in team and talent and process. We're on the cusp of a technology investment. So I only expect that capability to get better and better and stronger and stronger for Floor & Decor.

同時，在科技與工具方面也有巨大的進步，讓你可以用非常科學的方法來做定價。我們已投資於團隊、人才與流程；我們也正處於一項科技投資的臨界點。因此我預期，Floor & Decor 的這項能力只會越來越好、越來越強。

As far as the portfolio approach, there isn't meaningful changes ahead. I think we've got that pretty locked in. As we introduce different categories down the road, certainly, that might be a different conversation, but we feel pretty locked in when it comes to our portfolio approach.

至於產品組合的定價方法，未來沒有重大的變動。我認為我們在這方面已經相當定型。當我們未來引入不同品類時，當然可能會是另一段討論，但就我們的產品組合方法而言，我們覺得已經很穩固。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

Great. Good evening, and thanks for squeezing me in. Brad, can you update us on what you're hearing from your Pros during roundtable sessions, maybe just regarding project backlogs. Some of the data out there is talking to kind of rising cancellation rates or postponement rates among homeowners for remodeling projects. Are your Pro roundtables revealing anything in that regard regarding project deferrals or anything along those lines? Thanks.

太好了。晚安，謝謝讓我插個問題。Brad，你能更新一下你在圓桌會議中從專業客戶（Pros）那邊聽到的情況嗎？例如專案積壓（backlog）。外部有些數據提到，屋主在裝修專案上的取消率或延後率似乎在上升。你們的 Pro 圓桌會議是否揭露了任何相關訊號，例如專案遞延（deferrals）或類似情況？謝謝。

We have not heard anything that would signal a change to that behavior versus what we experienced in the first quarter. We did talk on the commercial side a little bit about delays in the first quarter driving some of the challenges they saw there. That obviously improved in the second quarter, and we don't expect any type of project delays unless the macro changes meaningfully in the second half of the year. So short answer is no, we haven't heard any change to that from what's previously been discussed with our Pros.

我們沒有聽到任何訊號顯示這種行為相較於第一季有變化。我們確實在商用端稍微談到第一季的一些延遲，導致他們在那邊看到一些挑戰。這在第二季顯然有所改善，而我們也不預期會出現任何類型的專案延遲，除非下半年宏觀環境出現顯著變化。所以簡短回答是：沒有，我們沒有聽到與先前和我們的 Pros 討論相比有任何改變。

Thank you. We have reached the end of our question-and-answer session. This does conclude today's conference. We thank you again for your participation. You may now disconnect your lines.

謝謝。我們的問答環節到此結束。今天的電話會議也到此結束。再次感謝各位的參與。您現在可以掛線。