Hooker Furnishings Corp (HOFT) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Hooker Furnishings Corp. third-quarter 2026 earnings webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎收看 Hooker Furnishings Corp. 2026 年第三季財報網路直播。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Earl Armstrong. Please go ahead.

現在我謹將會議交給今天的主講人厄爾·阿姆斯特朗先生。請繼續。

Thank you, Kevin. And good morning, everyone. Welcome to our quarterly conference call to review financial results for the fiscal 2026 third quarter which began August 4 and ended November 2, 2025. Joining me this morning is Jeremy Hoff, our Chief Executive Officer. We appreciate your participation today. During our call, we may make forward-looking statements, which are subject to risks and uncertainties.

謝謝你，凱文。大家早安。歡迎參加我們的季度電話會議，回顧 2026 財年第三季（從 2025 年 8 月 4 日開始，到 2025 年 11 月 2 日結束）的財務表現。今天早上和我一起的是我們的執行長傑里米·霍夫。感謝您今天的參與。在電話會議期間，我們可能會發表一些前瞻性聲明，這些聲明有風險和不確定性。

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 filing announcing our fiscal 2026 third quarter results. 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. For the third quarter, consolidated net sales from continuing operations were $70.7 million, a decrease of $11.9 million or 14.4% compared to the prior year period.

有關可能導致我們的實際業績與管理層預期存在重大差異的因素的討論，請參閱我們發布的 2026 財年第三季度業績新聞稿和提交給美國證券交易委員會的文件。任何前瞻性陳述僅代表截至今日的觀點，我們不承擔任何義務在今日電話會議之後更新或修改任何前瞻性陳述以反映後續事件或情況。第三季度，持續經營業務的合併淨銷售額為 7,070 萬美元，比去年同期減少了 1,190 萬美元，降幅為 14.4%。

The decline was largely due to the timing of shipments in our hospitality business, where several large projects shipped in last year's third quarter. These impacts were partially offset by solid sales in our core operations with domestic upholstery up 3% and Hooker Branded up 1.1%. Gross profit decreased by $2.4 million, which was expected given the lower sales volume However, gross margin improved to 25.6%, up from 24.8% last year, reflecting margin expansion at Hooker Branded and stable performance in domestic upholstery which helped to offset the volume-driven margin pressure within our hospitality business.

此次下滑主要是由於飯店業務的出貨時間表所致，去年第三季有多個大型專案出貨。這些影響部分被我們核心業務的穩健銷售所抵消，其中國內家具銷售額增長了 3%，Hooker 品牌銷售額增長了 1.1%。毛利減少了 240 萬美元，這在預期之內，因為銷售量下降了。然而，毛利率從去年的 24.8% 提高到 25.6%，這反映出 Hooker Branded 的利潤率擴張以及國內家具業務的穩定表現，這有助於抵消我們酒店業務中銷量驅動的利潤率壓力。

Our operating results for this quarter also reflect a $22.1 million or net of tax and noncash impairment charges. These charges included $14.5 million on Sunset West goodwill million for certain Home Meridian trade names, of which $2.6 million related to the discontinued businesses and $558,000 for the remaining and $556,000 for Bradington-Young trade name.

本季我們的經營業績也反映出 2,210 萬美元的稅後及非現金減損支出。這些費用包括 Sunset West 商譽的 1,450 萬美元，其中 260 萬美元與已終止的業務有關，558,000 美元與剩餘業務有關，556,000 美元與 Bradington-Young 商號有關。

The noncash impairment charges also include $3.9 million associated with the sale of the discontinued operations. Similar to the volatility experienced in 2020, today's macroeconomic environment is creating unusual pressure across the home furnishings and the broader consumer discretionary sectors. These pressures contributed to a sustained decline in our share price during the third quarter, which dropped to a low not seen in quite some time. This triggered an interim impairment analysis under US GAAP, the market-based valuation inputs, including trading multiples and discount rates were adversely affected, and this resulted in the impairment.

非現金減損費用還包括與出售已終止經營業務相關的 390 萬美元。與 2020 年經歷的波動類似，當前的宏觀經濟環境給家居用品和更廣泛的非必需消費品行業帶來了異常壓力。這些壓力導致我們的股價在第三季持續下跌，跌至一段時間以來的最低點。這引發了根據美國通用會計準則進行的臨時減值分析，基於市場的估值輸入（包括交易倍數和折現率）受到了不利影響，從而導致了減值。

Importantly, these are noncash accounting charges, they do not change our strategic view of these brands or businesses nor affect our liquidity in our ongoing operations. Additionally, we recorded approximately $600,000 in restructuring costs this quarter, primarily severance associated with our cost-reduction initiatives. After incorporating these items, operating loss from continuing operations totaled $16.3 million and net loss from continuing operations was $12.5 million or $1.18 per diluted share.

重要的是，這些都是非現金會計費用，它們不會改變我們對這些品牌或業務的策略看法，也不會影響我們持續經營的流動性。此外，本季我們錄得約 60 萬美元的重組成本，主要是與我們的削減成本計畫相關的遣散費。計入這些項目後，持續經營業務的營業虧損總計 1,630 萬美元，持續經營業務的淨虧損為 1,250 萬美元，即每股攤薄虧損 1.18 美元。

Turning to the year-to-date results. Consolidated net sales from continuing ops for the first nine months were $211.1 million, down $22 million or 9.4% compared to the prior year. Similar to the quarterly trend, the decline was driven by lower hospitality shipments following unusually large project activity in the prior fiscal year. This was partially offset by a 1.1% increase in Hooker Branded sales, while domestic upholstery remained essentially flat for the nine-month period. Gross profit for the nine-month period decreased $2.9 million, but consolidated gross margin improved to 25%, up from 23.9% in the prior year period.

接下來來看看年初至今的業績。前九個月持續經營業務的合併淨銷售額為 2.111 億美元，比去年同期減少 2,200 萬美元，降幅為 9.4%。與季度趨勢類似，此次下滑是由於上一財年異常龐大的專案活動導致飯店用品出貨量下降所致。Hooker品牌銷售額成長1.1%，部分抵消了這一影響，而國內家具銷售額在九個月期間基本保持穩定。前九個月的毛利減少了 290 萬美元，但綜合毛利率提高到 25%，高於去年同期的 23.9%。

This margin expansion reflects meaningful improvements in domestic upholstery supported by lower direct labor, warehousing labor and material cost, while margins at Hooker Branded remained stable. Operating loss from continuing operations was $17.4 million, which includes the same $15.6 million impairment charge and $1.7 million in restructuring costs. Net loss from continuing ops for the nine-month period was $13.6 million or $1.29 per diluted share.

利潤率的擴大反映了國內家具業的顯著改善，這得益於直接人工、倉儲人工和材料成本的降低，而 Hooker Branded 的利潤率則保持穩定。持續經營業務的營業虧損為 1,740 萬美元，其中包括 1,560 萬美元的減損費用和 170 萬美元的重組成本。前九個月持續經營業務淨虧損為 1,360 萬美元，即每股攤薄虧損 1.29 美元。

Also, as previously disclosed on December 1, 2025, the company announced a strategic divestiture of value-priced home furnishings brands, Pulaski Furniture and Samuel Lawrence Furniture formerly held within the Home Meridian segment. These brands are being reported for the fiscal 2026 third quarter as discontinued operations and held for sale. The remaining former division of HMI Samuel Lawrence Hospitality will be redesignated to the all other category within our segment reporting. We expect to close on this transaction later this month.

此外，正如先前在 2025 年 12 月 1 日披露的那樣，該公司宣布戰略性剝離先前在 Home Meridian 部門持有的低價家居品牌 Pulaski Furniture 和 Samuel Lawrence Furniture。這些品牌在 2026 財年第三季被列為終止經營並待售。HMI Samuel Lawrence Hospitality 的剩餘原部門將被重新歸類到我們分部報告中的「其他所有類別」。我們預計將於本月稍後完成這筆交易。

Speaking to discontinued operations, combined net sales for PFC and SLF declined down $11.3 million in the third quarter and $22.5 million year-to-date, driven by significantly lower unit volume as macroeconomic pressures and tariff-related hesitation continued to weigh on value-oriented consumers. We also incurred $2.6 million in restructuring charges for the quarter and $4.1 million year-to-date tied to the exit of our Savannah warehouse in the third quarter.

就終止經營業務而言，PFC 和 SLF 的合併淨銷售額在第三季度下降了 1,130 萬美元，年初至今下降了 2,250 萬美元，主要原因是宏觀經濟壓力和關稅相關的猶豫繼續對注重價值的消費者造成影響，導致銷量大幅下降。本季我們也產生了 260 萬美元的重組費用，今年迄今為止，由於我們在第三季退出了薩凡納倉庫，我們產生了 410 萬美元的重組費用。

Now, I'll turn the call over to Jeremy for his comments on our fiscal 2026 third quarter results.

現在，我將把電話交給傑里米，請他對我們 2026 財年第三季業績發表評論。

Thank you, Earl. And good morning, everyone. During one of the most persistent downturns in industry history, we've spent the past two years taking disciplined actions to reshape Hooker furnishings into a higher margin design-driven company. As part of this strategy, it became increasingly apparent we needed to exit low-margin, more tariff sensitive categories and direct our focus towards our strongest brands.

謝謝你，厄爾。大家早安。在業界歷史上持續時間最長的低迷時期之一，過去兩年我們採取了有條不紊的措施，將 Hooker 家具公司重塑為一家利潤率更高、設計驅動型的公司。作為該策略的一部分，我們越來越清楚地意識到，我們需要退出利潤率低、對關稅更敏感的類別，並將重點放在我們最強大的品牌上。

At the same time, our multiphase cost reduction measures have reset our expense structure driving over $25 million in annualized savings through structural improvements that we believe will result in profitability even in a sustained tough environment. With our stronger balance sheet $7.5 million returned through dividends and $63.8 million of available borrowing capacity at quarter end, we're also enhancing shareholder returns through a new share repurchase authorization and a recalibrated dividend that preserves flexibility today while building long-term shareholder value.

同時，我們分階段實施的成本削減措施重塑了我們的支出結構，透過結構性改進實現了每年超過 2500 萬美元的節省，我們相信即使在持續艱難的環境下，這些改進也將帶來盈利。憑藉更強勁的資產負債表，我們在季度末透過股息返還了 750 萬美元，並擁有 6,380 萬美元的可用借款能力，我們還透過新的股票回購授權和重新調整的股息來提高股東回報，這既保持了當前的靈活性，又為股東創造了長期價值。

Our operations delivered modest sales and margin improvements this quarter in Hooker Branded and Domestic Upholstery. We are encouraged by commitments to our new Margaritaville license collection at the recent Fall High Point Market. Margaritaville represents a significant organic growth opportunity supported by the immersive 14,000 square foot showroom experience we debuted at High Point Market and the 55 committed retail galleries across the US.

本季度，Hooker品牌和國產軟墊家具的銷售額和利潤率均略有提高。在最近的秋季高點市場展上，我們對新推出的 Margaritaville 授權產品系列獲得了許多承諾，這讓我們倍感鼓舞。Margaritaville 代表著巨大的有機成長機會，這得益於我們在 High Point Market 上推出的沉浸式 14,000 平方英尺展廳體驗，以及遍布美國各地的 55 家指定零售畫廊。

The excitement for this launch and the initial purchase commitments we've received are beyond historic levels for any Hooker product line the company has launched by about 3 to 4 times. We believe Margaritaville home furnishings will drive meaningful incremental revenue across the business, especially moving into the second half of next year when the collection is shipped and placed at retail.

這次新品發布引發的熱情以及我們收到的首批購買承諾，都超過了 Hooker 公司以往推出的任何產品線的歷史水平，大約高出 3 到 4 倍。我們相信，Margaritaville 家居用品將為整個業務帶來可觀的增量收入，尤其是在明年下半年該系列產品發貨並上架零售後。

We also believe that Margaritaville's growth will be truly incremental, not cannibalizing existing product placements and will be a profitability driver as well.

我們也相信，Margaritaville 的成長將是真正的漸進式成長，不會蠶食現有的產品植入，也將成為獲利的驅動力。

We think we have essentially created a whole new business for Hooker. We believe the launch of Margaritaville together with the recently announced expected sale of Pulaski and Samuel Lawrence Furniture enables us to realign our portfolio around our strongest brands and position Hooker furnishings for consistent long-term performance. At the same time, we have made significant strides with our cost reduction initiatives to achieve higher-than-anticipated savings and have completed our new expense structure which will provide continued savings in fiscal '27.

我們認為我們已經為 Hooker 創造了一個全新的業務。我們相信，Margaritaville 的推出，以及最近宣布的 Pulaski 和 Samuel Lawrence Furniture 的預期出售，使我們能夠圍繞我們最強大的品牌重新調整我們的產品組合，並使 Hooker 家具獲得持續的長期業績。同時，我們在降低成本方面取得了重大進展，實現了比預期更高的節約，並完成了新的費用結構，這將在 2027 財年繼續節省開支。

Together with the major shift in our warehousing strategy, we've also been able to mitigate tariff exposure and better serve customers by allowing collections from our various suppliers to be mixable in single containers and provide 6- to 10-week fulfillment to our customers' door. We are more confident today that Hooker has the potential to shift from a cost reduction story to an organic growth story, and we see a clear path to profitable growth by focusing on our core expertise of better to best home furnishings.

隨著倉儲策略的重大轉變，我們也能夠降低關稅風險，並透過允許將來自不同供應商的貨物混合裝入單個集裝箱，並在 6 至 10 週內將貨物送到客戶家門口，從而更好地服務客戶。如今我們更加確信，Hooker 有潛力從降低成本轉型為實現有機增長，並且我們看到了一條清晰的盈利增長之路，那就是專注於我們不斷改進和完善家居用品的核心專長。

I'd also like to comment on our adjustments to import tariff increases and uncertainties over 40% of our net sales are produced or assembled domestically, significantly reducing our tariff exposure. We believe the tariff environment has largely stabilized with a 20% tariff on casegood imports from Vietnam and a 30% lumber tariff on all imported upholstery, upholstered furniture implemented November 1.

我還想就我們應對進口關稅上漲和不確定性的調整發表一些看法，我們超過 40% 的淨銷售額是在國內生產或組裝的，這大大降低了我們的關稅風險。我們認為關稅環境已基本穩定，自 11 月 1 日起，對越南進口的箱裝家具徵收 20% 的關稅，對所有進口的軟墊家具徵收 30% 的木材關稅。

In addition, since tariffs disproportionately affect the more value-priced HMI lines that are held for sale, divestiture will be beneficial in mitigating current or future tariffs, coupled with targeted pricing actions and strong vendor partnerships we have largely mitigated the tariff impact.

此外，由於關稅對價格更有價值、待售的人機介面產品線的影響尤其嚴重，因此剝離業務將有助於減輕當前或未來的關稅影響。再加上有針對性的定價措施和強大的供應商合作關係，我們基本上已經減輕了關稅的影響。

Now, I want to turn the discussion back over to Earl, who will discuss highlights in each of our segments, along with our cash, debt, inventory and capital allocation strategies.

現在，我想把討論交還給厄爾，他將討論我們各個業務板塊的亮點，以及我們的現金、債務、庫存和資本配置策略。

Thank you, Jeremy. Beginning with Hooker Branded. Net sales increased 1.1% in both the third quarter and the nine-month period, driven by higher average selling prices despite lower unit volume. Gross revenue was essentially flat, but reduced discounts and lower returns and allowances slightly lifted net sales. Gross profit rose $1.2 million in the quarter with a 300 basis point margin improvement supported by price increases and reduced discounts.

謝謝你，傑瑞米。從 Hooker Branded 開始。儘管銷量下降，但由於平均售價上漲，第三季和前九個月的淨銷售額均成長了 1.1%。毛收入基本上持平，但折扣減少、退貨和折讓略微提高了淨銷售額。本季毛利成長 120 萬美元，毛利率提高 300 個基點，這得益於價格上漲和折扣減少。

Warehousing costs increased modestly due to higher rent and labor tied to consolidation activities. For the nine-month period, gross profit increased $653,000 while gross margin stayed flat as price increases and lower returns were offset by reduced margins on discounted inventory balancing and slightly higher warehousing costs. S&A expenses decreased $990,000 in the quarter or 310 basis points with current year restructuring costs of $390,000 compared to $950,000 last year.

由於整合活動導致租金和勞動力成本上漲，倉儲成本略有增加。九個月期間，毛利增加了 653,000 美元，而毛利率保持不變，因為價格上漲和退貨率下降被折扣庫存平衡利潤率下降和倉儲成本略有上升所抵消。本季銷售、管理及行政費用減少了 99 萬美元，降幅達 310 個基點；本年度重組成本為 39 萬美元，而去年同期為 95 萬美元。

Over nine months, S&A fell by $1.7 million, with lower compensation and spending partly offset by other costs. The segment reported GAAP operating income of $711,000 for the third quarter compared to a loss of $1.5 million. Hooker Branded backlog grew 17.2% from fiscal year-end and 7.9% from the prior quarter, supported by a 4.1% increase in incoming orders. On the domestic upholstery front, its net sales rose $870,000 or 3% in the third quarter and were essentially flat for the nine-month period.

九個月內，S&A 支出減少了 170 萬美元，薪資和支出的減少部分被其他成本所抵消。該部門第三季以美國通用會計準則 (GAAP) 計算的營業收入為 711,000 美元，而上一季則虧損 150 萬美元。Hooker Branded 的積壓訂單較上一財年末成長 17.2%，較上一季成長 7.9%，這得益於新訂單成長 4.1%。在國內家具市場方面，其第三季淨銷售額成長了 87 萬美元，增幅為 3%，而前九個月基本持平。

Gross profit increased $261,000 in the third quarter with gross margin remaining consistent year-over-year as major cost components held steady. For the nine-month period, gross profit rose $1.5 million and gross margin improved 170 basis points due to lower direct material and labor costs and improved production efficiencies.

第三季毛利成長 26.1 萬美元，毛利率與去年同期持平，主要成本組成維持穩定。前九個月，由於直接材料和人工成本降低以及生產效率提高，毛利增加了 150 萬美元，毛利率提高了 170 個基點。

S&A expenses in that segment decreased $262,000 in the third quarter, with restructuring costs significantly lower than last year. Over nine months, S&A expenses declined $560,000. The segment reported GAAP operating loss of $14.7 million for the third quarter, driven entirely by the $15.6 million in noncash intangible impairment charge. Domestic upholstery backlog fell from year-end but rose year-over-year on a 3.5% increase in orders.

該部門的銷售、管理和行政費用在第三季減少了 26.2 萬美元，重組成本也比去年大幅降低。九個月內，銷售、管理和行政費用減少了 56 萬美元。該部門第三季以美國通用會計準則 (GAAP) 報告的營業虧損為 1,470 萬美元，全部原因是 1,560 萬美元的非現金無形資產減損支出。國內家具裝潢積壓訂單較上年末下降，但較去年同期成長，訂單量成長了 3.5%。

Concerning discontinued operations, combined net sales for PFC and SLF declined, falling $11.3 million in the third quarter and $22.5 million over the nine-month period. Profitability there was further impacted by a $2.5 million fixed asset write-off tied to the Savannah warehouse exit, elevated freight costs and low sales volumes that caused under-absorption of warehouse and international operating expenses. Persistently low sales, and unfavorable product and customer mix, restructuring costs and $2.6 million trade name impairment contributed to the significant operating losses in both periods.

關於終止經營的業務，PFC 和 SLF 的合併淨銷售額下降，第三季下降 1,130 萬美元，前九個月下降 2,250 萬美元。薩凡納倉庫退出導致 250 萬美元的固定資產減值，加之貨運成本上升和銷售量低，導致倉庫和國際營運費用未能充分消化，進一步影響了該業務的盈利能力。持續低迷的銷售額、不利的產品和客戶組合、重組成本以及 260 萬美元的商號減值，導致這兩個時期都出現了重大的營運虧損。

Turning to cash, debt and inventory. Cash and cash equivalents stood at $1.4 million, a decrease of $4.9 million from year-end as cash generated from ops was used to repay $17.9 million of the term loan, distributed $7.5 million in cash dividends and fund 2.4 million in capital expenditures. Inventory levels decreased from $66.2 million at year-end to $52.1 million at quarter end. Despite these outflows, the company maintained its financial flexibility with $63.8 million in available borrowing capacity under its amended and restated loan agreement as of quarter end. This was net of standby letters of credit.

轉向現金、債務和庫存。現金及現金等價物為 140 萬美元，較年末減少 490 萬美元，原因是經營活動產生的現金用於償還 1790 萬美元的定期貸款、發放 750 萬美元的現金股息以及為 240 萬美元的資本支出提供資金。庫存水準從年末的 6,620 萬美元下降到季度末的 5,210 萬美元。儘管有這些資金流出，但截至季度末，該公司仍保持了財務靈活性，根據其修訂和重述的貸款協議，其可用借款額度為 6,380 萬美元。這已扣除備用信用證。

As of December 9, 2025, the company had approximately $2 million in cash on hand with $63.7 million in available borrowing capacity, again, net of standby letters of credit. We also announced today that our Board has authorized a new share repurchase program, under which we may repurchase up to $5 million of our $5 million of our outstanding common shares.

截至 2025 年 12 月 9 日，該公司手頭現金約 200 萬美元，可用借款能力為 6,370 萬美元，同樣扣除備用信用證。我們今天也宣布，董事會已批准一項新的股票回購計劃，根據該計劃，我們可以回購超過 500 萬美元的流通普通股。

In connection with the repurchase authorization, the Board is recalibrating the annual dividend, which will result in a 50% reduction to $0.46 per share annually beginning with our expected December 31, 2025 dividend payment of $0.15 per share. We believe these actions appropriately balance capital return and liquidity needs and will enhance long-term shareholder value.

鑑於回購授權，董事會正在調整年度股息，這將導致年度股息減少 50%，至每股 0.46 美元，從我們預計 2025 年 12 月 31 日的每股 0.15 美元股息支付開始生效。我們認為這些措施能夠適當地平衡資本回報和流動性需求，並將提升股東的長期價值。

As we transition to a leaner growth-oriented company, the new repurchase program, coupled with a reduced dividend, allows us to continue returning capital to shareholders while providing greater balance sheet flexibility to continue investing in the company. This action also reflects direct feedback we've received from shareholders regarding the dividend and broader capital allocation strategies.

隨著我們向更精簡、以成長為導向的公司轉型，新的股票回購計劃，加上減少的股息，使我們能夠繼續向股東返還資本，同時提供更大的資產負債表靈活性，以便繼續投資公司。這項措施也反映了我們從股東收到的關於股利和更廣泛的資本配置策略的直接回饋。

This repurchase authorization does not obligate us to acquire a specific number of shares during any period. does not have an expiration date, but it may be modified, suspended or discontinued at any time at the discretion of the Board. repurchases may be made from time to time in the open market or through privately negotiated transactions or otherwise in compliance with applicable loss rules and regulations and subject to the company's cash requirements for other purposes, compliance with covenants under our loan agreements and other factors that deems relevant. Now, I'll turn the discussion back to Jeremy for his outlook. The incoming orders for branded segments have increased quarter-over-quarter.

本回購授權並未要求我們在任何期間內回購特定數量的股份。本授權沒有到期日，但董事會可隨時酌情對其進行修改、暫停或終止。回購可不時在公開市場進行，或透過私下協商交易或其他方式進行，但須遵守適用的虧損規則和法規，並受公司其他用途的現金需求、貸款協議項下契約的約束以及其他相關因素的限制。現在，我將把討論轉回給傑里米，聽聽他的看法。品牌產品訂單量較上季成長。

Two consecutive quarters. While macroeconomic headwinds, including elevated housing prices, inflation, low consumer confidence and ongoing tariffs remain largely unchanged. These challenges were most acute in the higher-volume, lower-margin discontinued business. With our more efficient cost structure and sharper portfolio, we believe we are better positioned to improve profitability even in a prolonged downturn.

連續兩個季度。宏觀經濟逆風因素，包括高房價、通貨膨脹、消費者信心低迷和持續的關稅，基本上維持不變。這些挑戰在銷量高、利潤低的停產業務中最為嚴峻。憑藉更有效率的成本結構和更精準的產品組合，我們相信即使在經濟長期低迷的情況下，我們也能更好地提高獲利能力。

Our real advantage going forward is focus. Our team is now fully aligned around our core businesses, enabling us to drive organic growth and build sustainable profitability. This ends the formal part of our discussion.

我們未來的真正優勢在於專注。我們的團隊現在已完全圍繞核心業務達成一致，使我們能夠推動內生成長並建立可持續的獲利能力。至此，我們正式討論的部分就結束了。

And at this time, I will turn the call back over to our operator, Kevin, for questions.

現在，我將把電話轉回給我們的接線生凱文，回答大家的問題。

(Operator Instructions) Anthony Lebiedzinski, Sidoti.

（操作說明）Anthony Lebiedzinski，Sidoti。

So first, just wanted to go over some of the timing of shipments in your hospitality division. You did note that impacted sales. Any way to put a number on that as far as how much of an impact that had on the quarter?

首先，我想了解貴公司飯店部門的貨物運輸時間安排。您確實注意到這影響了銷售額。有沒有辦法量化這件事對本季業績的影響程度？

No, we've not really typically disclose that individually for that brand. I can tell you that, that brand last year was fortunate enough to have a huge part in two of the largest hotel projects in the United States. It's a project-based business, and they just unfortunately, don't repeat like that every time.

不，我們通常不會單獨披露該品牌的此類資訊。我可以告訴你，去年該品牌非常幸運地參與了美國兩個最大的酒店項目，並發揮了重要作用。這是一個以專案為基礎的業務，但很遺憾，他們不可能每次都重複這樣的專案。

Okay. Got you. All right. So you guys have certainly done a lot to improve the business certainly with these changes strategically. So as we think about the core business, Hooker Branded and Domestic Upholstery both had the sales gains, which was good to see in the quarter here. How should we think about your ability to sustain these sales gains kind of going forward, I would love to hear your thoughts on that.

好的。抓到你了。好的。所以你們確實做了很多工作來改善業務，尤其是在策略層面上的這些變革。因此，當我們考慮核心業務時，Hooker Branded 和 Domestic Upholstery 的銷售額均有所增長，這在本季度是一個令人欣喜的現象。我們該如何看待您未來能否維持這些銷售成長？我很想聽聽您的看法。

I would -- Anthony, I would say that those -- both domestic upholstery and Hooker branded, we feel we feel some momentum from a product standpoint in both of those segments. And in our industry, it's product is what wins the game. So we've had -- we've put together several markets in a row of significant product introductions.

安東尼，我想說，無論是國內的室內裝潢產品還是 Hooker 品牌的產品，我們都感覺從產品角度來看，這兩個領域都取得了一些進展。在我們這個產業，產品才是致勝的關鍵。因此，我們已經連續推出了一系列重要的產品，並在多個市場上取得了成功。

And of course, this last one we just talked about that being the kind of the biggest ever that we've had as far as amount of commitments that we came out of a market with. So having said all that, we can't really do anything about the the environment we're in macro economic-wise. But I feel as good as I felt about those areas of our business as far as how we can compete and how we can compete for market share, for sure.

當然，我們剛才提到的最後一個項目，就我們從市場中獲得的承諾數量而言，是我們迄今為止規模最大的一次。綜上所述，就宏觀經濟環境而言，我們實際上無能為力。但就我們業務的這些領域而言，例如我們如何參與競爭以及如何爭奪市場份額，我感覺和以前一樣好。

Got you. And just curious, what have you guys heard from your retail partners about Black Friday sales and traffic to their stores. Any sort of -- can you give us any sort of commentary that you've heard from your customers?

抓到你了。我很好奇，你們從零售合作夥伴那裡了解到的關於黑色星期五的銷售情況和門市客流量情況如何？您能否提供一些您從客戶那裡聽到的回饋意見？

I mean there's still -- I'm hearing relative positivity from our customers at these peak retail times. I mean we heard it for Labor Day. I think Black Friday is coming back is fairly good. But we just need in our markets. We just -- everyone needs more consistency.

我的意思是，即使在零售業的旺季，我仍然能從顧客那裡聽到相對正面的回饋。我的意思是，我們在勞動節那天就聽到了。我認為黑色星期五的回歸相當不錯。但我們只需要在我們的市場中做到這一點。我們只是──每個人都需要更穩定的環境。

We need more consistent demand. And I think you could say that for every business out there. So we're -- I think these peaks are pretty good, but we just need the the rest of the times to be better than they are currently.

我們需要更穩定的需求。我認為這句話適用於所有企業。所以我覺得——這些峰值表現相當不錯，但我們需要其他時間段的表現也比現在更好。

Understood. Okay. Got you. Okay. And then -- so as we think about the discontinued operations, can you give us a sense as to how much revenue those two brands did for HMI for last fiscal year or maybe the trailing 12 months? And how much of a drag was that on your operating income as we look to recalibrate our models.

明白了。好的。抓到你了。好的。那麼——當我們考慮已終止的業務時，您能否讓我們了解這兩個品牌在上個財政年度或過去 12 個月為 HMI 帶來了多少收入？在我們重新調整模型之際，這對您的營業收入造成了多大的影響？

Last question first. It was a significant drag on operating income. We're going to -- I believe the statements that you'll see in the 10-Q which we expect to file on time in the day, Friday. And then there's also an associated 8-K that will have some pro forma financial information in there. I think that will that will help.

最後一個問題先回答。這嚴重拖累了營業收入。我相信，我們將在周五當天按時提交的 10-Q 表格中闡述我們的立場。此外，還有一份相關的 8-K 表格，其中包含一些模擬財務資訊。我認為這會有幫助。

I would tell you now, but we're still in the process of quality checks and finalizing those to make sure we're spot on.

我現在本來想告訴你，但是我們仍在進行品質檢查和最終確認，以確保萬無一失。

Understood. Okay. Got you. I guess, Lee, last question, think about the business longer term. So obviously, recognize that the current environment is still choppy or challenging.

明白了。好的。抓到你了。李，我想問最後一個問題，要從長遠角度來考慮業務發展。所以很明顯，要認識到當前環境仍然動盪不安，充滿挑戰。

But as we look back historically before HMI was acquired approaching 10 years ago, I think, eight or nine years ago. As we think about the company back then that you guys were posting operating margins in the high single digits, approaching 10% actually, I think, one year. So with all these changes to the business that you've put in place, is it reasonable that when things get better, you guys could back to the historical type of operating margins?

但回顧歷史，在 HMI 被收購之前，大約是 10 年前，我想，應該是八、九年前。回想當年，你們公司的營業利益率高達個位數，有一年甚至接近 10%。鑑於你們對業務進行了這麼多改變，當情況好轉時，你們是否有可能恢復到以往的營業利潤率水準？

Yes.

是的。

Okay. That's great to hear. All right. Well, best of luck, and I'll pass it on to others.

好的。聽到這個消息真是太好了。好的。祝你好運，我會把這個訊息傳遞給其他人。

Dave Storms, Stonegate.

戴夫·斯托姆斯，斯通蓋特。

Appreciate you taking my questions I did want to start with one check. I noticed on the announcement for the HMI sales that the lease for the High Point showroom will be a part of that. Are you expecting to maintain your showrooms in Atlanta and Vegas? Or are those also operations that you're looking to exit in the near future?

感謝您回答我的問題，我確實想先檢查一件事。我在 HMI 銷售公告中註意到，High Point 展廳的租賃也將包含在內。你們打算繼續保留在亞特蘭大和拉斯維加斯的展廳嗎？或者，這些也是您計劃在不久的將來退出的業務嗎？

We've already -- we exited at land, I believe, last year, Pearl. Is that correct? And we have our flagship showroom, I'll call it at Showplace which will, of course, remain -- and we will keep probably a small presence in Las Vegas, which is really somewhat insignificant from a cost standpoint.

我們已經──我相信，我們去年就從陸地撤離了，珍珠港。是這樣嗎？我們還有旗艦展廳，我稱之為 Showplace，它當然會保留——我們可能還會保留在拉斯維加斯的一小部分業務，從成本角度來看，這真的微不足道。

Excuse me for speaking around the Atlanta.

請原諒我繞道亞特蘭大。

No, that's okay.

不，沒關係。

Perfect. Appreciate that. My next question, I did want to touch on Margaritaville. There's obviously a lot of excitement around that going into next year. Is there anything you could do to help us understand maybe what the margin profile for that new line will look like maybe relative to your current margin profile or some of the other backlog that you're seeing right now?

完美的。謝謝。我的下一個問題，我想談談瑪格麗塔維爾。顯然，大家對明年充滿期待。您能否提供一些信息，幫助我們了解一下新產品線的利潤率情況，例如與您目前的利潤率情況或其他積壓訂單相比如何？

I would say if you just simply look at historical Hooker Branded margins, and it's actually somewhat of a hybrid. So you have some domestic upholstery in there, too, and maybe look at it from a 60-40, which is our company makeup of percentage of case goods to domestic upholstery. I think if you look at it kind of from that standpoint, you could come up with a pretty close answer.

我認為，如果你簡單地看一下 Hooker Branded 的歷史利潤率，它實際上是一種混合型產品。所以你們那裡也有一些國產軟墊家具，也許可以用 60/40 的比例來看，這是我們公司家具和國產軟墊家具的比例。我認為，如果你從這個角度來看，你就能得到相當接近的答案。

That's perfect. And then I did want to ask one question around maybe cost cutting. I know you guys are well ahead of your targets there. It was mentioned that you're looking to see continued savings in fiscal '27 any sense of maybe the magnitude or the areas of focus there? Is that going to look like just regular corporate cost cutting? Or is there going to be a number put on it the way you did with this last round of cost cutting?

那很完美。然後，我還想問一個關於削減成本的問題。我知道你們那邊的進度已經遠遠超額完成了目標。有人提到您希望在 2027 財年繼續節省開支，請問您能否透露節省的規模或重點領域？這看起來會不會只是普通的企業成本削減？還是會像上次削減成本那樣，給它設定一個具體的數字？

I would say we'll be able to better hone in on a number at our next when we announce Next. And then if you think about the fact we just got out of the high point, we're getting out of the High Point showroom for HMI, that was a major expense. There are things that -- the reason -- one of the biggest reasons we're able to get additional savings is the divestiture of those brands.

我認為，當我們宣布 Next 計劃時，我們將能夠更好地確定一個具體數字。而且，想想我們剛離開 High Point，離開 HMI 在 High Point 的展廳，那是一筆巨大的開銷。有些事情——原因——我們能夠節省更多成本的最大原因之一就是剝離這些品牌。

And that's going to create additional opportunity -- having said that, we did hit over the $25 million mark at the end of the third quarter, as we had said in the previous call, which we're really proud of, and it really puts us in a strong position in our cost structure to win. And I said in my comments that shifting from cost savings to organic growth store I can tell you, I'm very excited about that. That's a lot more fun to talk about. So we're looking forward to getting into that mode.

這將創造更多機會——話雖如此，正如我們在上一次電話會議中所說，我們在第三季度末確實達到了 2500 萬美元的里程碑，我們為此感到非常自豪，這確實使我們的成本結構處於有利地位，從而贏得勝利。我在評論中說過，從節省成本轉向有機成長，我可以告訴你，我對此感到非常興奮。那才是更有趣的話題。所以我們很期待進入那種狀態。

No, perfectly reasonable. I appreciate that. One more question, if I could. We've seen the Fed has been cutting rates that ended quantity of tightening. You mentioned the branded orders are improving.

不，完全合理。我很感激。如果可以的話，我還有一個問題。我們看到聯準會一直在降息，這結束了貨幣緊縮的局面。您提到品牌訂單正在改善。

Are there any other green shoots that you're starting to see that might show demand coming back? I know you're well positioned for when demand does come back, but just anything that you're seeing that might indicate that time line for some of that demand to come back.

您是否也觀察到其他任何可能表明需求正在回升的跡象？我知道你們已經做好了充分準備，迎接需求的回升，但你們是否觀察到任何可能預示需求回升時間表的跡象呢？

I wouldn't say that we're necessarily seeing green shoots. I would say that we're seeing a level of cautious optimism from our partners, our retailers are you hear from designers. So the market was very optimistic. But it's not really necessarily from as you stated green shoots. So we're looking for those daily, and we're ready to see them.

我不會說我們已經看到了復甦的跡象。我想說，我們的合作夥伴、零售商以及設計師們都表現出謹慎樂觀的態度。所以市場當時非常樂觀。但它不一定像你所說的來自綠芽。所以我們每天都在尋找這些，並且我們隨時準備好看到它們。

But on a really positive note, we feel really confident where we are from an expense structure standpoint and from a business standpoint to kind of weather whatever this is for a period of time.

但從正面的方面來看，我們對目前的支出結構和業務狀況都非常有信心，足以應對一段時間內的任何情況。

Understood. That's all very helpful. I appreciate the time, and good luck in the next quarter.

明白了。這都很有幫助。感謝您抽出時間，祝您下個季度一切順利。

Thank you.

謝謝。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Jeremy for any further remarks.

我目前不會再提出其他問題。我想把電話交還給傑里米，讓他再補充一些內容。

I'd like to thank everyone on the call for their interest in Hooker furnishings. We wish everyone happy holidays and a prosperous and healthy new year. We look forward to sharing our fiscal 2026 full year results in April '26. Take care.

我要感謝所有參加電話會議的各位對胡克家具的關注。祝大家節日快樂，新年快樂，身體健康，萬事如意。我們期待在 2026 年 4 月與大家分享 2026 財年全年業績。小心。

Thank you. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

謝謝。女士們、先生們，今天的演講到此結束。現在您可以斷開連接了，祝您度過美好的一天。