Hooker Furnishings Corp (HOFT) 2025 Q4 法說會逐字稿

Good day, and welcome to the Hooker Furnishings Corporation fourth-quarter 2025 earnings webcast call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Earl Armstrong, Senior Vice President and Chief Financial Officer. Please go ahead.

大家好，歡迎參加 Hooker Furnishings Corporation 2025 年第四季財報網路廣播電話會議。（操作員指令）。請注意，今天的會議正在錄音。現在，我想將會議交給發言人、高級副總裁兼財務長 Earl Armstrong 先生。請繼續。

Thank you, Sherry, and good morning, everyone. Welcome to our quarterly conference call to review financial results for the fiscal 2025 fourth quarter and full year, both of which ended February 2, 2025. Joining me this morning is Jeremy Hoff, our Chief Executive Officer. We appreciate your participation today.

謝謝你，雪莉，大家早安。歡迎參加我們的季度電話會議，回顧 2025 財年第四季和全年的財務表現（均於 2025 年 2 月 2 日結束）。今天早上與我一起出席的是我們的執行長 Jeremy Hoff。我們感謝您今天的參與。

During our call, we may make forward-looking statements, which are subject to risks and uncertainties. A discussion of factors that could cause our actual results to differ materially from management's expectations is contained in our press release and SEC filings announcing our fiscal '25 results.

在電話會議中，我們可能會做出前瞻性陳述，這些陳述具有風險和不確定性。我們在宣布 25 財年業績的新聞稿和美國證券交易委員會 (SEC) 文件中討論了可能導致實際結果與管理層預期存在重大差異的因素。

Any forward-looking statement speaks only as of today, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after today's call. Consolidated net sales for the fourth quarter increased by $7.7 million, an approximate 8% gain over the previous year's fourth quarter.

任何前瞻性聲明僅代表截至今日的觀點，我們不承擔更新或修改任何前瞻性聲明以反映今日電話會議後的事件或情況的義務。第四季綜合淨銷售額增加了 770 萬美元，比去年同期成長約 8%。

The current quarter included 14 weeks compared to 13 weeks of the prior year's fourth quarter. On a consolidated basis, the additional week in the current period drove the increase, contributing approximately $7.7 million to consolidated net sales.

本季共 14 週，而去年第四季共 13 週。從合併口徑來看，本期額外一週推動了銷售額的成長，為合併淨銷售額貢獻了約 770 萬美元。

However, Hooker Branded and Home Meridian sales increased by 2% and 13%, respectively, based on average net sales per shipping day. These gains were partially offset by a $2 million, or 7% decrease in sales at Domestic Upholstery.

不過，根據每個運輸日的平均淨銷售額計算，Hooker Branded 和 Home Meridian 的銷售額分別成長了 2% 和 13%。這些收益被 Domestic Upholstery 的 200 萬美元（7%）銷售額下降部分抵銷。

Significant charges in the fourth quarter included $1.3 million in end-of-life inventory write-downs related to the planned exit of our Savannah facility; $878,000 in noncash tradename impairment charges; $718,000 in bad debt expense related to a large customer bankruptcy. That's in addition to $2.4 million recorded in the third quarter and about $200,000 related to our previously announced cost reduction plan.

第四季度的主要費用包括與我們計劃退出薩凡納工廠有關的 130 萬美元的報廢庫存減值； 878,000 美元的非現金商標減值費用；與大客戶破產相關的壞賬費用為 718,000 美元。這是除了第三季記錄的 240 萬美元和與我們之前宣布的成本削減計劃相關的約 20 萬美元之外的額外收入。

These $3.1 million in charges drove a consolidated operating loss of $2.7 million and a net loss of $2.3 million, or about $0.22 per diluted share for the fourth quarter. For fiscal '25, consolidated net sales were $397.5 million, a decrease of $35.8 million, or 8.3% compared to the previous fiscal year. All three reportable segments experienced sales decreases driven by continued weak demand, a depressed housing market, and broader macroeconomic uncertainties impacting nearly the entire home furnishings industry.

這 310 萬美元的費用導致第四季綜合營業虧損 270 萬美元，淨虧損 230 萬美元，或每股攤薄虧損約 0.22 美元。25 財年，合併淨銷售額為 3.975 億美元，與上一財年相比減少 3,580 萬美元，即 8.3%。由於需求持續疲軟、房地產市場低迷以及影響幾乎整個家居行業的更廣泛的宏觀經濟不確定性，所有三個報告部門的銷售額均出現下降。

Consolidated operating loss was $18.1 million for the year, primarily due to lower sales volumes and $10.8 million in charges, including $4.9 million in restructuring costs related to our cost reduction plan, $3.1 million in bad debt expense from a major customer's bankruptcy, and $2.8 million in noncash tradename impairment charges. Consolidated net loss amounted to $12.5 million, or $1.19 per share.

本年度綜合營業虧損為 1,810 萬美元，主要原因是銷售量下降和 1,080 萬美元的費用，其中包括與我們的成本削減計劃相關的 490 萬美元重組費用、因主要客戶破產而產生的 310 萬美元壞賬費用以及 280 萬美元的非現金商標減值費用。合併淨虧損達 1,250 萬美元，即每股 1.19 美元。

We expect fiscal '26 cost savings of about $1 million from the Savannah warehouse exit announced last month, net of associated transition costs. We expect annualized cost savings of $4 million to $5.7 million beginning in fiscal '27. The exact amount of savings is dependent upon the ultimate timing of the exit.

我們預計，上個月宣布的薩凡納倉庫退出將為 26 財年節省約 100 萬美元的成本（扣除相關過渡成本）。我們預計從 27 財年開始每年可節省 400 萬至 570 萬美元的成本。確切的節省金額取決於最終退出的時間。

At the same time, we are finalizing the estimates of the potential financial impact of the Savannah warehouse exit. Currently, we expect to record net charges of between $3 million to $4 million in fiscal '26. In addition to the $10 million in annualized cost savings in fiscal '25 and expected to be realized in fiscal '26, we expect additional annualized cost savings of between $8 million to $10 million, which we anticipate will be realized over the next fiscal year with full benefits being felt in fiscal '27.

同時，我們正在最終評估薩凡納倉庫退出帶來的潛在財務影響。目前，我們預計 26 財年的淨費用將在 300 萬至 400 萬美元之間。除了 25 財年實現的 1,000 萬美元年度化成本節約（預計在 26 財年實現）之外，我們預計還將額外實現 800 萬至 1000 萬美元的年度化成本節約，我們預計這將在下一個財年實現，並在 27 財年充分感受到效益。

The completion of our cost reduction plans is expected by the second half of fiscal '26. The total of these two initiatives are expected to save the company between $18 million and $20 million.

我們的成本削減計畫預計將於26財年下半年完成。預計這兩項措施將為公司節省 1,800 萬至 2,000 萬美元。

Now I'll turn the call over to Jeremy to comment on our fiscal '25 fourth-quarter and full-year results.

現在我將把電話交給傑里米，讓他對我們 25 財年第四季和全年業績發表評論。

Thank you, Earl, and good morning, everyone. Hooker Furnishings demonstrated resilience this year with important accomplishments despite extremely difficult conditions in the home furnishing space that persist with few signs of improvement in the near and possibly medium term.

謝謝你，厄爾，大家早安。儘管家居裝飾領域的條件極其艱難，短期甚至中期幾乎沒有改善的跡象，但 Hooker Furnishings 今年仍表現出韌性，並取得了重要成就。

We are focused on gaining market share and creating a pathway for profitability regardless of how long the furniture retail downturn persists. Despite the operating loss, our milestones in fiscal '25 included the Margaritaville licensing agreement, the launch of Hooker Branded's new merchandising strategy, Sunset West's East Coast expansion, key inventory investments, and share gains amid a tough market.

無論家具零售業的低迷持續多久，我們都專注於獲得市場份額並創造盈利途徑。儘管存在經營虧損，但我們在 25 財年的里程碑包括 Margaritaville 授權協議、Hooker Branded 新行銷策略的推出、Sunset West 的東海岸擴張、關鍵庫存投資以及在艱難市場中實現的份額增長。

We were encouraged to report improved sales in the fourth quarter. Even considering the extra week, Hooker Branded and Home Meridian sales increased.

我們很高興地報告第四季度的銷售額有所增長。即使考慮到額外一周的時間，Hooker Branded 和 Home Meridian 的銷量仍然有所增加。

According to an independent industry analysis, we had year-over-year market share growth of 3 to 15 basis points in each of the first three quarters of fiscal '25 in Hooker's Legacy divisions with fourth quarter data still pending. These gains build on a consistent trend of sequential market share gains in every quarter of fiscal '24.

根據獨立的行業分析，在 2025 財年的前三個季度中，Hooker's Legacy 部門的市場份額同比增長了 3 至 15 個基點，第四季度的數據仍有待公佈。這些成長建立在 24 財年每季市佔率連續成長的持續趨勢之上。

This consistent share growth, despite a contracting high-end segment, reinforces the competitive advantages we've built in our readiness to capitalize when demand rebounds. While macroeconomic headwinds, including the weakest housing market in 50 years, lower consumer confidence and tariff uncertainty persist, we remain focused on what we can control.

儘管高端市場正在萎縮，但份額的持續成長增強了我們為在需求反彈時抓住機會而建立的競爭優勢。儘管宏觀經濟逆風持續存在，包括 50 年來最疲軟的房地產市場、消費者信心下降和關稅不確定性，但我們仍然專注於我們能夠控制的事情。

Excluding the charges Earl just mentioned, our financial performance improved sequentially each quarter of the year. Due to the continued economic environment, we've accelerated cost reduction initiatives, which we believe will improve operating income and cash flow.

除去厄爾剛才提到的費用，我們的財務表現每季都連續改善。由於持續的經濟環境，我們加快了降低成本的舉措，我們相信這將改善營業收入和現金流。

These include our planned exit of the Savannah warehouse, which is expected to save $4 million to $5.7 million annually beginning in fiscal '27 and the opening of a new leased facility in Vietnam this May. When fully operational, the Vietnam warehouse will reduce domestic safety stock needs, improve product flow, enable container mixing, support margin expansion, and enable a speedier return on investment.

其中包括我們計劃退出薩凡納倉庫，預計從 27 財年開始每年可節省 400 萬至 570 萬美元，並於今年 5 月在越南開設一個新的租賃設施。越南倉庫全面投入營運後，將減少國內安全庫存需求、改善產品流動、實現貨櫃混合、支持利潤擴大、並實現更快的投資回報。

Combined with other efforts, we expect to begin to realize a portion of the $18 million to $20 million in total annual operating expense savings in fiscal '26 with full annualized expected cost savings beginning in fiscal '27.

結合其他努力，我們預計在 26 財年將開始實現 1,800 萬至 2,000 萬美元年度總營運費用節省中的一部分，並從 27 財年開始實現全部年度預期成本節省。

Now I want to turn the discussion back over to Earl, who will discuss highlights in each of our segments.

現在我想把討論交還給 Earl，他將討論我們每個部分的亮點。

Thank you, Jeremy. At Hooker Branded, fourth quarter net sales rose $3.8 million, or 10% from the prior quarter, driven by a 14% increase in unit volume. Operating income was $1.1 million, down from $3.5 million a year ago, but improved from losses in the first three quarters of fiscal '25.

謝謝你，傑瑞米。Hooker Branded 第四季淨銷售額較上一季成長 380 萬美元，增幅為 10%，主要得益於單位銷售成長 14%。營業收入為 110 萬美元，低於去年同期的 350 萬美元，但較 25 財年前三個季度的虧損有所改善。

For fiscal '25, net sales decreased $10.1 million, or 6.5% due to a 5.7% drop in average selling prices and increased discounting, partially offset by a nearly 3% rise in volume.

25 財年，淨銷售額下降 1,010 萬美元，或 6.5%，原因是平均銷售價格下降 5.7% 且折扣增加，但銷量增長近 3% 部分抵消了這一影響。

Fourth quarter orders rose 15% year over year, reversing the trend of three quarters of decreases. Year-end backlog fell 22%, driven mostly by a significantly improved in-stock position, which helped us ship goods faster.

第四季訂單年增15%，扭轉了三個季度下降的趨勢。年末積壓訂單下降了 22%，主要原因是庫存狀況顯著改善，這有助於我們更快地發貨。

Turning to Home Meridian. Fourth quarter net sales increased $6.3 million, or 21.7% year over year, driven by strong hospitality sales, offsetting softness in traditional channels. Gross profit for the quarter rose $2.4 million to $8.1 million, with gross margin reaching nearly 23%, the highest since 2016, despite the $618,000 inventory write-down tied to the Savannah exit.

轉向家鄉子午線。第四季淨銷售額比去年同期增加 630 萬美元，增幅為 21.7%，這得益於酒店銷售強勁，抵消了傳統通路的疲軟。儘管因退出薩凡納而導致庫存減記 618,000 美元，但本季毛利仍上漲 240 萬美元，達到 810 萬美元，毛利率達到近 23%，為 2016 年以來的最高水平。

The segment reported a $500,000 operating loss, despite $2.2 million in charges recorded comprised of the $618,000 inventory write-down we mentioned, $718,000 in additional bad debt, and $878,000 in tradename impairment.

該部門報告的營業虧損為 50 萬美元，儘管記錄的費用為 220 萬美元，包括我們提到的 618,000 美元的庫存減值、718,000 美元的額外壞帳和 878,000 美元的商標減值。

Fiscal '25 net sales decreased $12.7 million, or around 9% due to a nearly 30% drop in volume, with 78% of the decrease tied to the exit of unprofitable lines. Orders and backlog also decreased amid continued pressure in mega and traditional channels.

25 財年淨銷售額下降 1,270 萬美元，降幅約 9%，原因是銷量下降近 30%，其中 78% 的降幅與退出無利可圖的產品線有關。由於大型通路和傳統通路持續承壓，訂單和積壓訂單也有所減少。

In the Domestic Upholstery segment, Fourth quarter net sales decreased $2 million or about 7% year over year due to soft demand across HF Custom, Bradington-Young, and Shenandoah as well as seasonal softness at Sunset West.

在國內室內裝潢部門，由於 HF Custom、Bradington-Young 和 Shenandoah 的需求疲軟以及 Sunset West 的季節性疲軟，第四季度淨銷售額同比下降 200 萬美元或約 7%。

Fiscal '25 net sales were down $12.6 million, or about 10% with decreases across most divisions, partly offset by a 6.8% increase at Sunset West. The segment posted a $2.5 million operating loss driven by lower volume, under-absorbed overhead, and $80,000 in severance costs.

25 財年淨銷售額下降 1,260 萬美元，降幅約 10%，大部分部門的銷售額均出現下降，但 Sunset West 部門的銷售額增長 6.8% 部分抵消了這一下降。該部門的營業虧損為 250 萬美元，原因是銷售下降、間接費用吸收不足以及 8 萬美元的遣散費。

Fourth quarter orders rose 13% with double-digit growth at Bradington-Young, HF Custom, and Sunset West. Sunset West has now posted four consecutive quarters of order growth, driven by the expansion of its East Coast distribution.

第四季訂單量成長 13%，其中 Bradington-Young、HF Custom 和 Sunset West 的訂單量均達到兩位數成長。受東海岸分銷擴張的推動，Sunset West 已連續四個季度實現訂單成長。

Year-end backlog was 4% below last year, but 3% above pre-pandemic levels when excluding Sunset West since they were acquired after that time.

年底積壓訂單量比去年同期低 4%，但如果不包括 Sunset West，則高出疫情前的水平 3%，因為它們是在疫情之後被收購的。

Cash and cash equivalents stood at $6.3 million, a decrease of $36.9 million from the previous year-end. This decrease was largely due to an increase in accounts receivable and a strategic increase in inventory levels with Hooker Branded accounting for most of that inventory increase.

現金和現金等價物為 630 萬美元，比上年末減少 3,690 萬美元。這一下降主要是由於應收帳款增加以及庫存水準的策略性增加，其中 Hooker Branded 佔了庫存增加的大部分。

Additionally, we utilized our cash reserves for several key expenditures during fiscal '25, cash dividends to shareholders, development of our cloud-based ERP system, and other capital expenditures. As of yesterday, our cash stood at nearly $19 million with $41 million in available borrowing capacity under our new amended and restated loan agreement.

此外，我們還利用現金儲備進行 25 財年的幾項關鍵支出，包括向股東派發現金紅利、開發基於雲端的 ERP 系統以及其他資本支出。截至昨天，我們的現金接近 1,900 萬美元，根據我們新修訂和重述的貸款協議，可用借貸能力為 4,100 萬美元。

We strategically increased inventory in the fourth quarter to support three major new Casegoods collections and replenish our most profitable high-velocity items. This positioned us to improve product availability and speed-to-market in the second half of fiscal '25 and early fiscal '26, while also mitigating expected supply disruptions from potential port strikes in the United States and an extended Lunar New Year in Vietnam.

我們在第四季度策略性地增加了庫存，以支持三個主要的新 Casegoods 系列並補充我們最賺錢的高週轉商品。這使我們能夠在 25 財年下半年和 26 財年初期提高產品可用性和上市速度，同時還可以減輕美國潛在港口罷工和越南農曆新年延長造成的供應中斷。

We also refinanced our credit facility in the fourth quarter, which increased our borrowing capacity. In March, we announced our regular quarterly dividend, reflecting our ongoing confidence in the company's outlook and extending our over 50-year track record of uninterrupted dividend payments.

我們也在第四季度對信貸額度進行了再融資，從而提高了我們的借貸能力。今年三月，我們宣布了定期季度股息，這反映了我們對公司前景的持續信心，並延續了我們50多年來不間斷派息的記錄。

Now I'll turn the discussion back to Jeremy for his outlook.

現在我將把討論轉回給傑里米，聽聽他的看法。

There's a lot of economic uncertainty and volatility right now. We are currently evaluating a range of strategies to mitigate the current economic environment, including a 50-year low in existing home sales and the possible impact of potential additional reciprocal tariffs on our operations and profitability. Tariffs add tremendous complexity and uncertainty that require us to look at our cost structure more aggressively, particularly on the lower-margin direct container side of our business.

目前，經濟存在著許多不確定性和波動性。我們目前正在評估一系列策略來緩解當前的經濟環境，包括現房銷售 50 年來的新低以及潛在的額外互惠關稅對我們的營運和盈利能力可能造成的影響。關稅增加了巨大的複雜性和不確定性，要求我們更積極地審視我們的成本結構，特別是在利潤較低的直接貨櫃業務方面。

Consequently, in addition to the cost savings we previously announced and those we covered today, we continue to identify additional opportunities to gain efficiency by consolidating operations and we'll provide more information in the coming weeks.

因此，除了我們先前宣布的成本節約和今天介紹的成本節約之外，我們還將繼續透過整合營運來尋找提高效率的更多機會，並將在未來幾週提供更多資訊。

While evaluation of our cost footprint and implementation of further cuts are both ongoing, we continue to invest in the highest growth potential areas of our business as growing profitable sales remains an intense focus. On a positive note, inflation cooled in February and March falling to the levels experienced last summer and fall before it rose from November '24 to January '25.

雖然我們的成本足跡評估和進一步削減的實施都在進行中，但我們仍將繼續投資於業務中成長潛力最高的領域，因為增加獲利性銷售額仍然是我們關注的重點。正面的一面是，2月和3月通膨率有所下降，降至去年夏季和秋季的水平，之後在2024年11月至2025年1月期間有所上升。

Additionally, according to the US Census Bureau, year-over-year monthly furniture sales increased beginning in September '24.

此外，根據美國人口普查局的數據，自 2024 年 9 月開始，每月家具銷售額年增。

While the current environment is challenging, we believe we have positioned the company to continue gaining market share and maximizing revenues through our merchandising efforts, speed-to-market initiatives, and in-stock position on top-selling products.

儘管當前環境充滿挑戰，但我們相信，透過我們的行銷努力、快速上市計劃和暢銷產品的庫存狀況，我們已經使公司能夠繼續獲得市場份額並實現收入最大化。

This ends the formal part of our discussion. And at this time, I will turn the call back over to our operator, Sherry, for questions.

我們的討論的正式部分到此結束。現在，我將把電話轉回給我們的接線生雪莉 (Sherry)，以回答問題。

(Operator Instructions)Anthony Lebiedzinski, Sidoti & Co.

(操作員指示)Anthony Lebiedzinski，Sidoti & Co.

Good morning, Jeremy. Good morning, Earl. Thank you for taking the questions. So it's really nice to see the sales improvements at Hooker Branded and HMI. I know you guys talked about the HMI benefiting from strong hospitality sales. Just wondering if you could further comment on the Hooker Branded, whether you're seeing any additional traction from some new collections?

早上好，傑里米。早上好，厄爾。感謝您回答這些問題。因此，看到 Hooker Branded 和 HMI 的銷售表現有所提升，我們感到非常高興。我知道你們談到了 HMI 受益於強勁的飯店銷售。只是想知道您是否可以進一步評論一下 Hooker Branded，是否看到一些新系列帶來了額外的吸引力？

Maybe just give some more insight into what drove the unit volume increase at Hooker Branded? And I would love to get your take on what you're seeing so far in Q1 as you now have only about two weeks left in the first quarter.

或許可以更深入了解一下推動 Hooker Branded 銷售成長的原因是什麼？我很想了解您對第一季目前情況的看法，因為現在距離第一季僅剩大約兩週的時間了。

So first of all, the part about Hooker Branded and what's driving some of the momentum, definitely, October market had a significant positive impact, particularly on Hooker Casegoods. We brought out two new collections that really performed well in the early parts with placements and early orders and early sell-through. So we're very encouraged by that, especially in the environment we've been in to have that type of impact with two new collections, we were encouraged.

首先，關於 Hooker Branded 的部分以及推動其發展的因素，毫無疑問，十月份的市場產生了顯著的正面影響，尤其是對 Hooker Casegoods 而言。我們推出了兩個新系列，在早期階段表現非常良好，有早期的投放、早期的訂單和早期的銷售。因此，我們對此感到非常鼓舞，特別是在我們所處的環境中，透過兩個新系列產生了這種影響，我們受到了鼓舞。

I don't believe I can get into more of the first quarter yet. Sorry, Anthony.

我認為我還不能進入第一季的更多內容。對不起，安東尼。

Okay. Okay. And then as far as Domestic Upholstery, so I know you guys said that, that was down. As far as -- given the tariff announcements two weeks ago, just wondering how you guys think about the opportunities there as some retailers look to perhaps shift their sources to domestic manufacturing. Just wondering how you guys think about the potential opportunity for Domestic Upholstery?

好的。好的。然後就國內室內裝潢而言，我知道你們這麼說，那是下降了。就兩週前的關稅公告而言，我只是想知道你們如何看待那裡的機會，因為一些零售商可能希望將其來源轉移到國內製造。只是想知道你們如何看待國內室內裝潢的潛在機會？

We think it's a tremendous opportunity on the Domestic Upholstery side for obvious reasons that you pretty much just stated. We have really quite a bit of capacity if we need it in the BY and also in Bedford, HF Custom. So we're in a position that we could definitely -- we're in position to grow. And we're doing some things product-wise, program-wise that I believe are going to be well timed with that momentum coming their way.

我們認為這對國內室內裝潢業來說是一個巨大的機遇，原因很明顯，正如您剛才所說。如果 BY 以及貝德福德、HF Custom 需要的話，我們確實擁有相當大的容量。因此，我們絕對有能力實現成長。我們正在做一些產品方面和程序方面的事情，我相信這些事情會隨著這種勢頭的到來而恰逢其時。

Got you. Okay. And then as far as HMI, so obviously, you guys have done a nice job there repositioning that business. Gross margin was up nicely. I suppose that the tariffs now added wrinkle.

明白了。好的。至於 HMI，顯然你們在重新定位該業務方面做得很好。毛利率大幅上升。我認為現在的關稅又增加了麻煩。

But just thinking about like how do you think the gross margins in that segment will go from here?

但試想一下，您認為該部分的毛利率將來會如何變動？

And then just a separate question on the backlog for HMI. I know there's been a lot of changes to that business over the last couple of years with product lines changing and sales channels. So I guess on a like-to-like basis, what would be the backlog if you strip out all the noise in terms of the changes, how would that compare to pre-pandemic levels for the backlog?

然後是關於 HMI 積壓的一個單獨問題。我知道過去幾年該行業發生了很大變化，產品線和銷售管道都在發生變化。因此，我想，在類似的基礎上，如果消除所有變化方面的干擾，積壓數量會是多少，與疫情前的積壓數量相比如何？

Yeah. I don't believe we have that. I can answer the first part of that, which is there's a lot of focus on the right things at HMI, which I think is showing through in the margin expansion. There's an intense focus on growing Pulaski and on growing Samuel Lawrence Furniture.

是的。我不相信我們有這個。我可以回答第一部分，那就是 HMI 非常關注正確的事情，我認為這在利潤率的擴大中得到了體現。我們非常重視普拉斯基 (Pulaski) 和塞繆爾勞倫斯家具 (Samuel Lawrence Furniture) 的發展。

We don't have any focus on like the clubs we got out of and the ACH business, Accentrics Home business that we got out of, and we're not focused on loading up the warehouse with inexpensive, low-margin, cheap accents at this point.

我們目前沒有關注過我們退出的俱樂部、ACH 業務和 Accentrics Home 業務，而且我們目前也沒有專注於用廉價、低利潤、廉價的裝飾品填滿倉庫。

So there's a lot of really good focus. And candidly, that's why we're able to save between $4 million and $5.7 million on getting out of Savannah because 80% of that need in Savannah was based on storing or warehousing inexpensive low-margin accents.

因此，我們確實需要重點關注很多方面。坦白說，這就是為什麼我們能夠在撤出薩凡納時節省 400 萬至 570 萬美元，因為薩凡納 80% 的需求都基於存儲或倉儲廉價的低利潤配件。

So we're able to really more utilize CDC 1, CDC 2 in Martinsville, and we talked about the Vietnam warehouse as well that we're working on. So our logistics and our warehousing, we believe will substantially go down from a financial footprint, but serve us better than it has.

因此，我們能夠更好地利用馬丁斯維爾的 CDC 1、CDC 2，我們也討論了我們正在建造的越南倉庫。因此，我們相信，我們的物流和倉儲的財務足跡將大幅減少，但為我們提供的服務將比以前更好。

Understood. Okay. Well, thank you very much and best of luck.

明白了。好的。好吧，非常感謝，祝你好運。

Yeah. Thank you, Anthony. We appreciate it.

是的。謝謝你，安東尼。我們對此表示感謝。

Dave Storms, Stonegate.

戴夫‧斯托姆斯 (Dave Storms)，Stonegate。

Good morning and thank you for taking my questions. Just wanted to start with the current 90-day tariff pause. Does this open up an ability or give you any desire to be maybe a little more nimble and continue to do a strategic inventory build?

早上好，感謝您回答我的問題。我只是想從目前的 90 天關稅暫停開始。這是否會開啟一種能力或讓您希望變得更靈活並繼續進行戰略庫存建設？

Good question. We were in -- because we had -- as we said, we had taken our inventories, particularly up in Hooker Branded, which is call it, an 85% to 90% warehouse -- domestic warehouse footprint, we had already strategically increased that inventory, and that was a little bit lucky and well timed for the situation.

好問題。我們處於 - 因為我們已經 - 正如我們所說的那樣，我們已經將庫存增加，特別是在 Hooker Branded，也就是所謂的 85％ 到 90％ 的倉庫 - 國內倉庫足跡，我們已經戰略性地增加了庫存，這有點幸運，而且時機很好。

But we also are able to manage this a little easier with the Vietnam footprint we talked about because we can hold product there depending on where this goes and be ready to fill our warehouse in four- to six-weeks lead time versus a six-month lead time once we're able to see what actually happens next.

但是，透過我們談到的越南業務，我們也能夠更輕鬆地管理這一點，因為我們可以根據產品的去向將產品存放在那裡，並準備在四到六週的交貨時間內填滿我們的倉庫，而不是在我們看到接下來實際發生的情況後六個月的交貨時間內。

Understood. Very helpful. And then I also just wanted to talk, you mentioned a couple of times in the prepared remarks, the press release mentioned it. Just the strong market share gain you've had over the last year. Any main drivers to really look at this and additionally going forward, the ability to keep growing at this 3 to 15 basis points pace?

明白了。非常有幫助。然後我也想談談，你在準備好的發言中提到過幾次，新聞稿中也提到過這一點。你們去年的市佔率成長非常強勁。有沒有什麼主要驅動因素可以真正關注這一點，此外，未來是否有能力繼續以 3 到 15 個基點的速度成長？

Well, we expect that -- we believe that will improve, meaning those are fairly small numbers. They are improvement, but we believe it's -- we can do better than that. We were pleased that we weren't going backwards in this environment, which is why we started tracking market share in the first place.

嗯，我們預計——我們相信情況會有所改善，這意味著這些數字相當小。它們有所進步，但我們相信——我們可以做得更好。我們很高興在這種環境下沒有倒退，這就是我們開始追蹤市場份額的原因。

In an environment like this, it's very difficult to know, are you doing well? Are you not doing well? Where is your business? Because when things are down like they are, everything seems bad and you can't see what's actually going on.

在這樣的環境下，很難知道自己過得好嗎？你過得不好嗎？你的公司在哪裡？因為當事情進展不順利時，一切看起來都很糟糕，你看不清楚到底發生了什麼事。

So we're pleased to have that information so that we can address what we need to address. But I think we continue with the merchandising strategy, this collective living that we're doing, which really just means our legacy companies working together with one powerful presentation versus just a wood bedroom or a dining room showing by itself, you have upholstery that goes with it occasionally that goes with it.

因此，我們很高興獲得這些信息，以便我們能夠解決我們需要解決的問題。但我認為我們會繼續推行行銷策略，我們正在進行的這種集體生活，這實際上意味著我們的傳統公司透過一個強大的展示方式進行合作，而不是僅僅展示一個木質臥室或餐廳，偶爾還會展示與之相配的室內裝飾。

And we have all of those capabilities, which is also what makes Margaritaville that's upcoming in the October market so powerful because that's really where our strengths are when you combine everything together.

我們擁有所有這些能力，這也是即將在十月上市的瑪格麗塔維爾如此強大的原因，因為當你把所有東西結合在一起時，這才是我們的優勢所在。

And that really showed through. I mentioned the two collections we did very well in October. Well, those were two of our first true collective living launches, which showed that when you have -- I'll just give you an example. When you have a sofa that perfectly goes with the collection, it makes it very easy for our retail partners to say, yeah, I'll take that just like it is, and I'll put it on my floor. Whereas they don't have to figure out, okay, what can I put this with?

這一點確實表現出來了。我提到了我們在十月推出的兩個系列，它們表現得非常出色。好吧，這是我們第一次真正的集體生活發射，這表明當你有——我只是給你舉個例子。當你擁有一張與該系列完美搭配的沙發時，我們的零售合作夥伴就會很容易地說，是的，我會把它原封不動地拿走，然後把它放在我的地板上。而他們不需要弄清楚，好吧，我可以把它和什麼放在一起？

And a lot of times, if you leave it up to the partner, they're going to put something that's not our company because they'll find something else outside of Hooker Legacy companies to put with it. So it's really -- that, to me, is a very powerful direction for us, and it somewhat proved that in October.

很多時候，如果你把這件事交給合作夥伴，他們就會把不屬於我們公司的東西放進去，因為他們會在 Hooker Legacy 公司之外找到其他東西來搭配。所以對我來說，這確實是一個非常強大的方向，而且在十月也證明了這一點。

Understood. That's great color. Thank you. And then maybe just one more modeling question. With the new cost savings announced and the anticipation that they will be fully up and running by fiscal 2027, any sense of the pacing for this? Is it going to be gradual until then or fits and starts? Any color there would be great.

明白了。顏色真棒。謝謝。然後也許還有一個建模問題。隨著新成本節約計畫的宣布以及預計在 2027 財年之前全面啟動和運行，對此有什麼感覺嗎？到那時為止，進展會逐漸加快，還是會斷斷續續地加快？任何顏色都很棒。

We weren't sure. I didn't -- I couldn't understand your question. Can you please ask that one more time? I'm sorry.

我們不確定。我沒有——我不明白你的問題。你能再問一次嗎？對不起。

Yeah. Apologies. Just around the pacing of the cost savings plan to 2027, should we expect a gradual --

是的。抱歉。就在 2027 年成本節約計畫的步調左右，我們是否應該期待逐步--

You're asking about the pace of the cost savings plan. Is that what you're asking about?

您詢問的是成本節約計畫的進度。這就是你要問的嗎？

Yes, yes.

是的，是的。

Okay. So I think the way to look at it, I think if you back up and say, okay, total company spend was $109 million going into two years ago budgeted. We -- our $10 million savings we achieved throughout last year takes us to where we're a budgeted $99 million in overall spend.

好的。所以我認為，如果回顧一下，就會發現，兩年前的預算中，公司總支出為 1.09 億美元。我們 - 我們去年全年節省了 1000 萬美元，使我們的總支出達到預算的 9900 萬美元。

And then over this year, if you include Savannah and everything we're talking about, we're working on getting towards that $8 million to $10 million, which puts us in more of an $89 million to $91 million overall spend, which is really back to equivalent to what fiscal '22 roughly was.

那麼今年，如果算上薩凡納和我們正在談論的所有項目，我們正在努力實現 800 萬至 1000 萬美元的目標，這使我們的總支出達到 8900 萬至 9100 萬美元，這實際上相當於 22 財年的大致水平。

So we're pretty encouraged by that, especially being that we have with the Savannah exit, minimum $4 million of that already taken care of, and we're working on the rest of that pretty hard.

因此我們對此感到非常鼓舞，特別是因為我們已經完成了薩凡納退出項目的至少 400 萬美元，我們正在努力完成剩餘的項目。

And then I mentioned we're looking at other things to become more efficient company-wide, and we'll have more information on that in the coming weeks. Does that help?

然後我提到我們正在研究其他方法來提高全公司的效率，我們將在未來幾週內提供更多相關資訊。這樣有幫助嗎？

That's very helpful. Thank you for taking my questions and good luck.

這非常有幫助。感謝您回答我的問題並祝您好運。

Absolutely. Thank you.

絕對地。謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn the call back over to Jeremy Hoff for any closing remarks.

謝謝。我目前沒有其他問題。現在我想將電話轉回給傑里米·霍夫，請他做最後發言。

I would like to thank everyone on the call for their interest in Hooker Furnishings. We look forward to sharing our fiscal '26 first-quarter results in June. Take care.

我要感謝電話中每個人對 Hooker Furnishings 的關注。我們期待在六月分享 26 財年第一季的業績。小心。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。