Hamilton Beach Brands Holding Co (HBB) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Hamilton Beach Brand's third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表漢美馳品牌歡迎各位參加今天的2025年第三季財報電話會議。（操作說明）

Thank you. So with further ado, I will turn the call over to Brendon Frey, partner with ICR. Brandon, you have the floor.

謝謝。那麼，事不宜遲，我將把電話交給 ICR 的合夥人 Brendon Frey。布蘭登，現在輪到你發言了。

Thank you, Tamika. Good afternoon, everyone, and welcome to the third-quarter 2025 earnings conference call and webcast for Hamilton Beach Brands. Earlier today, after the stock market closed, we issued our third quarter 2025 earnings release, which is available on our corporate website.

謝謝你，塔米卡。各位下午好，歡迎參加 Hamilton Beach Brands 2025 年第三季財報電話會議和網路直播。今天早些時候，股市收盤後，我們發布了 2025 年第三季財報，該報告可在我們公司網站上查閱。

Our speakers today are Scott Tidey, President and CEO; and Sally Cunningham, Senior Vice President, Chief Financial Officer, and Treasurer.

今天的演講嘉賓是總裁兼執行長 Scott Tidey；以及資深副總裁、財務長兼財務主管 Sally Cunningham。

Our presentation today includes forward-looking statements. These statements are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in either our prepared remarks or during the Q&A. Additional information regarding these remarks and uncertainties is available in our 10-Q, our earnings release, and our annual report on Form 10-K for the year ending December 31, 2024.

我們今天的報告包含前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與我們在準備好的發言稿或問答環節中表達的結果有重大差異。有關這些評論和不確定性的更多信息，請參閱我們的 10-Q 季度報告、盈利報告以及截至 2024 年 12 月 31 日的 10-K 表格年度報告。

The company disclaims any obligation to update these forward-looking statements, which may not be updated until our quarterly conference call, our next quarterly conference call, if at all. The company will also discuss certain non-GAAP measures. Reconciliation for Regulation G purposes can be found in our earnings race.

本公司聲明不承擔更新這些前瞻性聲明的義務，這些聲明可能要等到我們的季度電話會議、下一次季度電話會議（如果會更新的話）才會更新。公司也將討論一些非GAAP指標。為符合 G 條例要求而進行的調整，請參閱我們的獲利競賽報告。

With that, I'll now turn the call over to Scott. Scott?

接下來，我將把電話交給史考特。史考特？

(technical difficulty) Brendon, and good afternoon, everyone. Thank you for joining us today. Our third quarter performance represents a step in the right direction towards normalization following the significant disruption our industry faced after higher tariffs were implemented in April.

（技術故障）布蘭登，大家下午好。感謝您今天蒞臨。在4月實施更高關稅後，我們的產業遭受了重大衝擊，而我們第三季的業績標誌著我們正朝著正常化邁出正確的一步。

As the third quarter progressed, retailers started to resume more typical buying patterns after destocking inventory purchases -- purchased (technical difficulty) evident and sequential improvement in our year-over-year sales trend compared with the second quarter.

隨著第三季的推進，零售商在清倉採購後開始恢復更典型的採購模式——採購（技術困難）與第二季相比，我們的年比銷售趨勢明顯且逐週改善。

While profitability declined more meaningful than revenue in Q3, this was driven primarily by one-time incremental tariff cost of $5 million and, to a lesser extent, a timing mismatch between ongoing tariff rate increases and our pricing adjustments. This significant headwind was partially offset by a favorable mix shift led by increased penetration of our higher-margin Commercial and Health businesses.

雖然第三季獲利能力下降幅度比收入下降幅度更大，但這主要是由於一次性增加的關稅成本 500 萬美元，其次是由於持續的關稅稅率上漲與我們的價格調整之間的時間錯配。這一重大不利因素被有利的組合轉變部分抵消，這種轉變主要得益於我們高利潤率的商業和健康業務滲透率的提高。

Importantly, we have fully absorbed the impact on gross margins from the peak tariff rate and have moved forward with a more balanced inventory position and a clear line of sight on returning gross margins more in line with historical levels. This will be achieved over the coming quarters through the strategic actions we've taken in response to higher tariffs. To review, we meaningfully accelerated our manufacturing diversification efforts away from China to other APAC countries and remain nimble as multiple trade negotiations played out and agreements are finalized.

重要的是，我們已經完全消化了高峰關稅對毛利率的影響，並朝著更平衡的庫存狀況邁進，同時清晰地看到了毛利率恢復到歷史水平的前景。我們將透過應對關稅上漲而採取的策略行動，在未來幾季實現這一目標。回顧過去，我們實際加快了製造業多元化進程，將生產重心從中國轉移到其他亞太國家，並在多項貿易談判進行和協議最終敲定之際保持靈活應對。

With a more diversified geographical sourcing structure, we have the ability to quickly shift our procurement to markets that are in the best economic interests of the business. We (technical difficulty) at the end of June and August that align with the current tariff rate increases.

透過更多元化的地域採購結構，我們能夠迅速將採購轉向最符合企業經濟利益的市場。我們在 6 月底和 8 月底遇到了技術難題，這與目前的關稅稅率上漲相吻合。

Our retail partners have been understanding and (technical difficulty) price adjustments which were carefully balanced to maintain our competitive market position while protecting margins. Our strong brand equity and market leadership have enabled us to take these necessary steps on maintaining our value proposition to consumers. (technical difficulty) enacted comprehensive cost management measures across the organization that generated $10 million in annualized savings with the benefit of these actions starting to materialize in the third quarter.

我們的零售合作夥伴一直很理解，並進行了（技術困難）價格調整，這些調整經過仔細權衡，以在保持我們市場競爭力的同時保護利潤率。我們強大的品牌資產和市場領導地位使我們能夠採取這些必要措施，以維護我們對消費者的價值主張。 （技術難題）我們在整個組織內實施了全面的成本管理措施，每年可節省 1000 萬美元，這些措施的效益已於第三季開始顯現。

Looking at the performance highlights by business division, our Core business continued to expand its reach as we shift our Kitchen Collections by Hamilton Beach Line to a leading mass market retailer nationwide. This commercial -- this broader rollout increases our already significant retail presence and reinforces our market-leading position across the small appliance space. Looking ahead, our robust pipeline of new products and high-growth categories like blender kitchen systems, specialty coffee, and air fryers should position us for further market share gains.

從各業務部門的業績亮點來看，我們的核心業務繼續擴大其覆蓋範圍，我們將 Hamilton Beach 廚房系列產品推向了全國領先的大眾市場零售商。此次商業推廣—這次更廣泛的推廣活動，進一步增強了我們已有的強大零售影響力，並鞏固了我們在小家電領域的市場領先地位。展望未來，我們強大的新產品線和高成長品類（如攪拌機廚房系統、特色咖啡和氣炸鍋）將使我們進一步獲得市場份額。

Our Premium business continues to perform well, highlighted by the successful launch of our high-end Lotus brand. Initial sell-through results have exceeded expectations by strong double-digits, which is remarkable for a new premium line, especially as the majority of our initial advertising support for Lotus is planned for November and December.

我們的高端業務持續表現良好，其中最突出的是我們成功推出了高端 Lotus 品牌。初步銷售結果超出預期，達到兩位數，這對於一條新的高端產品線來說非常了不起，尤其是考慮到我們對 Lotus 的初步廣告支援大部分都計劃在 11 月和 12 月進行。

Based on this performance, we are actively negotiating to increase shelf space, positioning Lotus for even broader market reach. Beyond Lotus, we also have new innovative launches planned across our CHI and Clorox brand partnerships in the coming quarters that should help fuel further growth.

基於這項業績，我們正在積極洽談增加貨架空間，使 Lotus 能夠觸及更廣泛的市場。除了 Lotus 之外，我們還計劃在未來幾季透過與 CHI 和 Clorox 品牌的合作推出新的創新產品，這將有助於推動進一步成長。

Our Commercial business delivered outstanding results in the third quarter. In fact, we believe inventory constraints limited our performance, which speaks to the strong and growing underlying demand for our innovative commercial solutions. Our recent Sunkist brand launch continues to be a resounding success with branded commercial juicers and sectionizers continuing to deliver outsized results.

我們的商業業務在第三季取得了優異的業績。事實上，我們認為庫存限制影響了我們的業績，這說明市場對我們創新商業解決方案有著強勁且不斷增長的潛在需求。我們最近推出的 Sunkist 品牌持續取得巨大成功，品牌商用果汁機和分切機繼續帶來超乎尋常的業績。

Looking ahead, we are focused on accelerating our Commercial business expansion through new channel penetration and expansion of our relationships with large food and hospitality chains. Furthermore, we are diversifying our manufacturing base for our Commercial line to make sure we are positioned to fully capture the growing market opportunity ahead.

展望未來，我們將專注於透過開拓新管道和擴大與大型食品和酒店連鎖企業的關係來加速商業業務的擴張。此外，我們正在使我們的商業產品線生產基地多元化，以確保我們能夠充分掌握未來不斷增長的市場機會。

Our newest division, Hamilton Beach Health, achieved a major milestone by reaching positive operating profit for the first time this quarter. We're seeing new partnership deals develop, including a new specialty pharmacy partnership with Centerwell and Lumicera, both of which are top 15 specialty pharmacies in the US.

我們最新的部門 Hamilton Beach Health 在本季度首次實現正營業利潤，取得了重大里程碑式的成就。我們看到新的合作協議正在形成，包括與 Centerwell 和 Lumicera 建立新的專業藥房合作關係，這兩家公司都是美國排名前 15 的專業藥房。

Additionally, we saw the successful launch of a new HealthBeacon Harmony software product with Novartis Ireland, with strong interest for expansion into other markets. Beyond these product advancements, the team has also recently implemented several digital improvements resulting in a smoother patient experience, lower patient acquisition cost, and higher conversion rates.

此外，我們也成功推出了與諾華愛爾蘭合作的全新 HealthBeacon Harmony 軟體產品，並引起了其他市場對該產品擴張的濃厚興趣。除了這些產品進步之外，該團隊最近還實施了幾項數位化改進，從而帶來了更流暢的患者體驗、更低的患者獲取成本和更高的轉換率。

These new developments, along with expanding our patient subscription base by 50% this year, and the conditions treated using our Smart Sharp system, leave us very excited about HealthBeacon's future.

這些新進展，加上我們今年患者訂閱用戶數量增加了 50%，以及使用我們的 Smart Sharp 系統治療的疾病，讓我們對 HealthBeacon 的未來感到非常興奮。

Finally, our digital initiatives continue to gain traction this quarter. We exceeded our point-of-sale expectations during one of the largest digital retail events of the year. Looking ahead, we're placing a large emphasis on digital growth in Q4 to capitalize on the important holiday shopping season.

最後，本季我們的數位化措施持續取得進展。在年度最大的數位零售盛會之一中，我們的銷售點業績超出了預期。展望未來，我們將在第四季度重點發展數位化業務，以充分利用重要的假期購物季。

In closing, we have greater clarity into our cost and pricing architecture now that tariff rates on certain Chinese imports have moderated significantly from the peaks reached in the second quarter and trade relations have improved. While uncertainty in the marketplace remains, we expect the strength of our brand portfolio, recent sourcing diversification efforts, and pricing actions will lead to further top-line and margin recovery in the fourth quarter.

最後，隨著中國部分進口商品的關稅稅率從第二季的高峰大幅回落，貿易關係也得到改善，我們現在對成本和定價體係有了更清晰的認識。儘管市場仍存在不確定性，但我們預計，憑藉我們強大的品牌組合、近期採購多元化努力以及定價策略，第四季度營收和利潤率將進一步回升。

With that, I'll turn it over to Sally.

這樣，我就把麥克風交給莎莉了。

Great, thank you, Scott. Good afternoon, everyone. As Scott detailed, our third-quarter sales trend improved compared with the second quarter. And while growth margins were down year over year, the pressure was largely temporary, and the impact from the peak tariff rate on China is now fully behind us.

太好了，謝謝你，斯科特。大家下午好。正如斯科特詳細闡述的那樣，我們第三季的銷售趨勢比第二季有所改善。儘管成長率同比下降，但這種壓力在很大程度上是暫時的，對中國徵收最高關稅的影響現在已經完全過去了。

Turning to our results, starting with revenue, total revenue in the third quarter was $132.8 million, down 15.2% from last year's third quarter, but up 300 basis points compared with the second quarter's year-over-year performance. The revenue decline was primarily driven by lower volumes in our US Consumer business, reflecting overall softness in consumer demand, as well as timing of retailer purchases, specifically one large retailer that delayed orders for most of the third quarter.

再來看我們的業績，首先是收入，第三季總收入為 1.328 億美元，比去年第三季下降了 15.2%，但比第二季年增了 300 個基點。收入下降主要是由於美國消費者業務銷售下降，反映出消費者需求整體疲軟，以及零售商採購時間表的問題，特別是某大型零售商在第三季度的大部分時間裡推遲了訂單。

As a reminder, some retailers paused buying in the second quarter to assess inventory levels and price increases flowing from the new tariffs implemented by the United States in April 2025. While most retailers resumed buying in the second quarter, the pause negatively affected volumes during the early part of the third quarter.

提醒一下，一些零售商在第二季暫停了採購，以評估庫存水準和美國於 2025 年 4 月實施的新關稅而導致的價格上漲。雖然大多數零售商在第二季恢復了採購，但暫停採購對第三季初的銷售量產生了負面影響。

Turning to gross profit and margin. Gross profit was $28 million or 21.1% of total revenue in the third quarter, compared to $43.9 million or 28% in the year-ago period. The decline in gross profit margins was primarily due to the flow of one-time incremental tariff costs of $5 million, the majority of which are related to the temporary 125% China tariff costs that were in effect for a period of time earlier this year.

接下來討論毛利和毛利率。第三季毛利為 2,800 萬美元，佔總營收的 21.1%，而去年同期為 4,390 萬美元，佔總營收的 28%。毛利率下降主要是由於一次性增加的關稅成本 500 萬美元，其中大部分與今年稍早生效的 125% 的中國臨時關稅成本有關。

Additionally, gross margin was impacted by a delay between tariff-related rising costs and the effective date of pricing adjustments. This created a temporary compression of gross profit margin that we expect to normalize in future periods. It is important to note that excluding the $5 million of 125% one-time tariff costs, gross margin would have been $33 million or 24.8% of total revenue.

此外，由於關稅相關成本上漲與價格調整生效日期之間存在時間差，毛利率也受到了影響。這導致毛利率暫時下降，我們預計未來一段時間內毛利率將恢復正常。值得注意的是，如果排除 500 萬美元的 125% 一次性關稅成本，毛利將為 3,300 萬美元，佔總收入的 24.8%。

Selling, general ,and administrative expenses decreased $8.2 million to $25.1 million or 18.9% of total revenue, compared to $33.3 million or 21.2% of total revenue in the third quarter of 2024. The decrease was primarily driven by $6.8 million of lower personnel costs, including reduced stock-based compensation expense due to the changes in our stock price year over year, as well as benefits associated with the restructuring actions we took in the second quarter.

銷售、一般及行政費用減少了 820 萬美元，至 2,510 萬美元，佔總收入的 18.9%，而 2024 年第三季該費用為 3,330 萬美元，佔總收入的 21.2%。此次下降主要由人員成本降低 680 萬美元所致，其中包括由於股價同比變化而減少的股票期權費用，以及我們在第二季度採取的重組措施帶來的收益。

Operating profit was $2.9 million or 2.2% of total revenue, compared to $10.6 million or 6.8% of total revenue in the third quarter of 2024 as the temporary impact on gross margins from the peak tariff rate more than offset the expense leverage we delivered in the third quarter. Excluding the $5 million 125% one-time tariff costs, operating profit would have been $7.9 million or 5.9%.

營業利潤為 290 萬美元，佔總收入的 2.2%，而 2024 年第三季為 1,060 萬美元，佔總收入的 6.8%，原因是關稅高峰對毛利率的暫時性影響超過了我們在第三季實現的費用槓桿作用。如果排除 500 萬美元的 125% 一次性關稅成本，營業利潤將為 790 萬美元，即 5.9%。

Income before taxes is $2 million compared to $2.7 million. The prior-year period included a one-time non-cash charge of $7.6 million related to the termination of the company's overfunded pension plan. Income tax expense was $0.4 million in the third quarter compared to income tax expense of $0.7 million a year ago. Net income was $1.7 million or $0.12 per diluted share compared to net income of $1.9 million or $0.14 per diluted share a year ago.

稅前收入為 200 萬美元，而去年同期為 270 萬美元。上年同期包括一筆與公司超額注資退休金計畫終止相關的 760 萬美元一次性非現金支出。第三季所得稅支出為 40 萬美元，而去年同期所得稅支出為 70 萬美元。淨利為 170 萬美元，即每股攤薄收益 0.12 美元，而去年同期淨利為 190 萬美元，即每股攤薄收益 0.14 美元。

Now turning to our balance sheet and cash flows for the nine months ended September 30, 2025. Net cash used for operating activities was $14.6 million dollars compared to net cash provided of $35.2 million for the nine months ended September 30, 2024. The decrease was primarily due to a $27.5 million change in accounts payable due to lower purchasing activity from decreased sales volume and inventory turnover, as well as shorter payment terms with new suppliers under the company's China diversification initiatives.

現在來看看截至 2025 年 9 月 30 日的九個月的資產負債表和現金流量表。截至 2024 年 9 月 30 日的九個月，經營活動所用的現金淨額為 1,460 萬美元，而同期產生的現金淨額為 3,520 萬美元。此次下降主要是由於應付帳款減少了 2,750 萬美元，原因是銷售量和庫存週轉率下降導致採購活動減少，以及公司在中國多元化發展計劃下與新供應商的付款期限縮短。

During the three months ended September 30, 2025, the company repurchased approximately 39,000 shares, totaling $0.6 million and paid $1.6 million in dividends. On September 30, 2025, our net debt position or total debt minus cash and cash equivalents and highly liquid short-term investments was $32.8 million, compared to a net debt position of $22.5 million at the end of the prior-year period.

截至 2025 年 9 月 30 日的三個月內，該公司回購了約 39,000 股股票，總計 60 萬美元，並支付了 160 萬美元的股息。截至 2025 年 9 月 30 日，我們的淨債務狀況（即總債務減去現金及現金等價物及高流動性短期投資）為 3,280 萬美元，而上年同期末的淨債務狀況為 2,250 萬美元。

In closing, we are encouraged with how we have navigated the dynamic trade environment this year. With greater clarity around the go-forward tariff rates for most all of the US' trade partners, the situation continues to stabilize. We anticipate that our fourth-quarter results will show further progress towards improving our sales trend and gross margins. And while our continued recovery won't be linear in 2026, we expect our annual performance to benefit nicely from the actions we've taken this year, diversifying our sourcing structure and lowering our fixed cost base.

最後，我們對今年應對瞬息萬變的貿易環境的方式感到鼓舞。隨著美國大部分貿易夥伴未來關稅稅率的更加明朗，局勢持續趨於穩定。我們預計第四季度業績將顯示我們在改善銷售趨勢和毛利率方面取得進一步進展。雖然我們在 2026 年的持續復甦不會是線性的，但我們預計，由於我們今年採取了採購結構多元化和降低固定成本基礎等措施，我們的年度業績將得到很好的促進。

This concludes our prepared remarks. We will now turn the line back to the operator for Q&A.

我們的發言稿到此結束。現在我們將線路交還給接線員進行問答環節。

(Operator Instructions) Adam Bradley, AJB Capital.

（操作說明）Adam Bradley，AJB Capital。

Thank you for the color around the margin -- gross margins. Can you please clarify? The 370-basis point or $5 million dollar tariff cost, was that a charge or is -- how should we think about that? In the past, I believe you used FIFO accounting and it's taken time for costs to flow through the P&L, and this seems different. What we hear you saying is that the $5 million charge was recognized in the quarter that those purchases were made. Just some clarity around that to help us understand that better.

謝謝你為毛利率加上了邊距的顏色。請問您能解釋一下嗎？370 個基點或 500 萬美元的關稅成本，這究竟是費用還是其他什麼——我們該如何看待這個問題？過去，我相信你們採用的是先進先出法（FIFO）會計，成本需要一段時間才能反映在損益表中，而現在的情況似乎有所不同。您的意思是，這 500 萬美元的費用已在進行這些採購的季度中確認。只是想澄清一下這一點，以便我們更好地理解。

Okay, sure. Hi Adam. So the costs relate to the 125% tariff that was temporarily put in place in the April timeframe earlier this year. So you are right, these are costs that were incurred in April of this year that did flow through our P&L in the third quarter. And what it really represents is some containers that we had on the water when this spike in tariff occurred that we are not able to or we made the decision to not pass on to the consumer. And so for us to absorb as a one-time cost, and that flowed through in its entirety in the third quarter.

好的，沒問題。嗨，亞當。因此，這些成本與今年稍早在 4 月臨時實施的 125% 關稅有關。所以你說得對，這些是今年四月產生的費用，已經計入了我們第三季的損益表。而它真正代表的是，在關稅飆升時，我們有一些貨櫃在水上，我們無法或決定不將這部分成本轉嫁給消費者。因此，我們需要將這筆費用作為一次性成本承擔，而這筆費用已全部計入第三季。

And I think that's a little bit different from kind of the more go-forward increased tariffs that we're seeing from IEPA in -- from China and other Asian countries, which we do consider part of our go forward kind of cost structure and that we have taken actions to cover the additional expenses.

我認為這與我們目前看到的國際出口促進署（IEPA）對中國和其他亞洲國家提高關稅的做法略有不同，我們認為這是未來成本結構的一部分，我們已經採取措施來彌補額外的支出。

Okay, thank you. So the $5 million that you paid, you didn't -- it's not a charge on the P&L separately. It just flowed through in your cost of goods?

好的，謝謝。所以你支付的 500 萬美元並沒有——它並沒有單獨計入損益表。它直接計入你的商品成本了嗎？

Correct.

正確的。

Okay, thanks. I'll hold off here and jump back in and see -- give someone else a chance to ask a question.

好的，謝謝。我先暫停一下，過段時間再看看──給其他人一個提問的機會。

(Operator Instructions) Adam Bradley.

（操作說明）亞當·布拉德利。

And can you expand a little bit on a more normalized rate from your largest retailer? Can you give us a little bit more color around that? The second-quarter earnings report you shared that they had pretty -- I may be paraphrasing here but paused orders -- and then it sounds like from what you are stating in this Q3 report that they continued to pause orders.

您能否詳細介紹一下貴公司最大零售商的更標準化的費率？能再詳細說說這方面的狀況嗎？你分享的第二季財報中提到他們暫停了訂單——我可能在這裡是轉述——然後從你在第三季財報中的說法來看，他們似乎繼續暫停了訂單。

Did you lose shelf space? Did -- are you back to normal ordering patterns? Are you almost back? What kind of color can you give us on that to help us understand sales trends?

你是不是損失了貨架空間？你們的訂購模式恢復正常了嗎？你快回來了嗎？為了幫助我們了解銷售趨勢，您能提供哪種顏色的圖表？

Hey, Adam, this is Scott. So yeah, on that on that customer and specifically they -- you're right, they did pause placing orders. Their inventories got lower throughout that time period. But if you look now, we've been shipping them now for several months. And we feel like the business is back on track. As we indicated, we had a very robust promotional event in October, and that customer was included. And we exceeded our expectations with that customer.

嘿，亞當，我是史考特。是的，關於那位客戶，特別是他們——你說得對，他們確實暫停了下單。在此期間，他們的庫存有所下降。但如果你現在查看，你會發現我們已經發貨好幾個月了。我們感覺公司業務已經重回正軌。正如我們之前提到的，我們在十月舉辦了一場非常成功的促銷活動，那位客戶也參與其中。我們對這位客戶的服務超出了預期。

And we really -- looking into the fourth quarter, we feel like we're going to be having a record number of promotional activities this fourth quarter and that customer along with many of our other retailers will be part of that.

展望第四季度，我們預計第四季度將開展創紀錄的促銷活動，該客戶以及我們的許多其他零售商都將參與其中。

Thanks. Are you experiencing any catch up of inventory to replace what was lost or is it more of a normal flow?

謝謝。你們是否需要補貨以彌補損失，還是庫存流動基本上正常？

I think we're kind of in a normal flow right now. I mean, we had a little bit of a catch-up. The market has been a little bit different depending on the category of -- lower in units but up in dollars because of price increases, but I think we're kind of back into a normalized pattern with this customer.

我認為我們現在一切都處於正常狀態。我的意思是，我們稍微聊了一下近況。市場情況因類別而異——銷量下降，但由於價格上漲，銷售額上升，但我認為我們已經基本恢復了與該客戶群的正常模式。

Okay, great. Thank you for that. Are you seeing the different behavior from other large customers or is it consistent with some of the larger ones?

好的，太好了。謝謝。您是否觀察到與其他大客戶不同的行為，還是與其他一些大客戶的行為一致？

No, I think for the most part, we feel like we're in a normal cadence with a lot of our -- a lot of -- I mean, actually probably with all of our retail partners. There was definitely that time period where they stalled in the second quarter, took a hard look.

不，我認為在大多數情況下，我們感覺我們與很多——很多——我的意思是，實際上可能與我們所有的零售合作夥伴都保持著正常的節奏。在第二節比賽中，他們確實經歷了一段停滯不前的時期，並對此進行了認真反思。

Some people were sitting on higher cost inventory that -- due to these surprising 125% tariffs. And everybody's trying to figure that out. But I think really for the last -- most of the third quarter with the exception of this one retailer, we were shifting as normal and promoting.

由於這些出乎意料的 125% 關稅，有些人積壓了成本較高的庫存。大家都在努力弄清楚這一點。但我認為，在第三季的大部分時間（除了這一家零售商之外），我們都在正常地進行調整和促銷。

At this time, there are no further audio questions. I will now hand the call back over to our speakers for any closing remarks.

目前沒有其他音訊問題。現在我將把電話交還給各位發言人，請他們作總結發言。

Thank you, Tamika. I think that's it from the Hamilton Beach Brands. I appreciate everybody's time.

謝謝你，塔米卡。我想這就是漢美馳品牌的全部了。感謝大家抽出時間。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。