Hooker Furnishings Corp (HOFT) 2027 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Hooker Furnishings Corp. first-quarter 2027 Earnings Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) I would now like to hand the conference over.

大家好，感謝您撥冗等候。歡迎參加 Hooker Furnishings Corp. 2027 會計年度第一季財報電話會議。目前所有與會者將以只聽模式參與。(接線員指示) 現在我將把會議交給下一位。

Earl Armstrong, Senior Vice President and Chief Financial Officer. Sir, please go ahead.

資深副總裁暨財務長 Earl Armstrong。先生，請開始。

Thank you, Michelle, and good morning, everyone. Welcome to our quarterly conference call to review financial results for the fiscal 2027 first-quarter. Our 2027 first-quarter began on February 2, 2026, and ended on May 3, 2026. Joining me today is Jeremy Hoff, our Chief Executive Officer. We appreciate your participation.

謝謝你，Michelle，各位早安。歡迎參加我們的季度電話會議，回顧 2027 會計年度第一季的財務結果。我們 2027 會計年度第一季自 2026 年 2 月 2 日開始，至 2026 年 5 月 3 日結束。今天與我一同出席的還有我們的執行長 Jeremy Hoff。感謝各位的參與。

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 filing announcing our fiscal 2027 first-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.

在本次電話會議中，我們可能會發表前瞻性陳述，該等陳述受風險與不確定性影響。可能導致實際結果與管理層預期出現重大差異的因素討論，載於我們公布 2027 會計年度第一季業績的新聞稿及向 SEC 提交的文件中。任何前瞻性陳述僅截至今日有效，我們不承擔在今日電話會議後因事件或情況變化而更新或修訂任何前瞻性陳述之義務。

Despite continued weakness in the housing market, soft retail demand for furniture and home furnishings, and persistent macroeconomic challenges, we delivered net income of $1.1 million for the quarter, reflecting the benefits of our cost reduction initiatives. Improved gross margin performance and ongoing progress toward a leaner, higher-margin operating model.

儘管房市持續疲弱、家具與家居用品零售需求偏軟，以及宏觀經濟挑戰仍在，我們本季仍實現 110 萬美元的淨利，反映出我們成本削減措施所帶來的效益。毛利率表現改善，並持續朝向更精實、較高毛利的營運模式推進。

Consolidated net sales decreased $1.7 million or 2.4% compared to the prior year period. The decrease was primarily driven by lower sales in the ****** branded and domestic upholstery segments, partially offset by higher shipments in the all-leather components hospitality business. Despite the sales decrease, profitability improved significantly.

合併淨銷售額較去年同期減少 170 萬美元，或 2.4%。下降主要來自 ****** 品牌與國內布藝沙發（domestic upholstery）業務的銷售下滑，部分被全皮零組件餐旅（hospitality）業務出貨增加所抵銷。儘管銷售下滑，獲利能力仍顯著改善。

The consolidated gross profit increased by $2.7 million, while gross margin improved 440 basis points compared to the prior year period. This improvement was primarily driven by stronger profitability in ****** branded. For the quarter, the company generated operating income of $1.6 million compared to an operating loss of $498,000 in the prior year period.

合併毛利增加 270 萬美元，毛利率較去年同期提升 440 個基點。此改善主要由 ****** 品牌更強的獲利能力所帶動。本季公司營業利益為 160 萬美元，相較去年同期營業損失 49.8 萬美元。

Representing a $2.1 million improvement. Consolidated net income was $1.1 million or $0.10 per diluted share. These results reflect the benefit of improved gross margin, prior cost reduction initiatives, and our continued focus on building a more efficient and profitable business model.

相當於改善 210 萬美元。合併淨利為 110 萬美元，或稀釋後每股盈餘 0.10 美元。這些結果反映毛利率改善、先前成本削減措施的效益，以及我們持續聚焦打造更有效率且更具獲利性的商業模式。

Now I'll turn the call over to Jeremy for his comments on our fiscal 2027 first-quarter results.

接下來我將把電話會議交給 Jeremy，請他就 2027 會計年度第一季的業績發表評論。

Thank you, Earl, and good morning, everyone. We are encouraged to report $1.1 million in consolidated net income for the quarter, marking a $4.1 million improvement over the prior year first-quarter. These results were achieved despite a challenging demand environment characterized by depressed housing activity and low consumer confidence.

謝謝你，Earl，各位早安。我們很高興報告本季合併淨利為 110 萬美元，較去年第一季改善 410 萬美元。在房市活動低迷與消費者信心偏弱所造成的艱困需求環境下，我們仍達成上述成果。

The improvement reflects the benefit of the $17.5 million reduction in fixed costs related to continuing operations that we achieved in the prior year, as well as continued progress toward a more efficient operating model. From a segment perspective, ****** Branded performed exceptionally well despite lower sales compared to the prior year, supported by stronger gross margin performance.

此改善反映我們在去年針對持續營運業務所達成的固定成本削減 1,750 萬美元之效益，以及持續朝更有效率的營運模式推進。就事業部門而言，****** 品牌在銷售較去年下滑的情況下仍表現出色，主要受惠於更強的毛利率表現。

Domestic Upholstery's results continue to be impacted by lower sales volume but were supported by operational efficiencies implemented late last year. Looking forward, retailer commitments to Margaritaville products, galleries, and freestanding stores continue to exceed our expectations with meaningful shipments expected to begin in the second-half of fiscal '27.

國內布藝沙發（Domestic Upholstery）的業績仍受較低銷售量影響，但也受到去年底導入之營運效率提升措施的支撐。展望未來，零售商對 Margaritaville 產品、展示廳（galleries）及獨立門市（freestanding stores）的承諾持續超出我們預期，預計將於 2027 會計年度下半年開始出現具規模的出貨。

We are also encouraged by the positive retailer response and commitments to products debuted at the April 26th High Point Market. During Market, we introduced. ****** Custom Upholstery, bringing together the Sam Moore and Bradington Young brands under a unified platform. This updated market approach combines these upscale product lines under a unified premium ****** Custom Upholstery identity, supported by a refreshed showroom presentation, enhanced marketing efforts, and a mix of new introductions and established products.

我們也對零售商對於 4 月 26 日 High Point Market 發表產品的正面回應與承諾感到鼓舞。在展會期間，我們推出了。****** 客製化布藝沙發（Custom Upholstery），將 Sam Moore 與 Bradington Young 品牌整合至同一平台之下。此更新後的市場策略，將這些高端產品線整合於統一的高端 ****** Custom Upholstery 品牌識別之下，並以重新設計的展間呈現、強化的行銷投入，以及新產品導入與既有產品的組合來支撐。

The initiative is further supported by the capabilities of our new website launched in February 26. Once market conditions improve, we believe this strategy will ultimately drive higher sales by creating a more cohesive brand narrative and presenting all offerings under the ****** name, which carries the strongest brand recognition across our portfolio.

此項計畫亦由我們於 2 月 26 日上線的新網站功能所支援。一旦市場環境改善，我們相信此策略最終將透過更一致的品牌敘事，並以 ****** 名稱呈現所有產品供給（其在我們產品組合中擁有最強的品牌辨識度），進而帶動更高的銷售。

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 strategy.

現在我想把討論交回給 Earl，他將說明各事業部門的重點，以及我們的現金、負債、存貨與資本配置策略。

Starting with ****** branded, net sales decreased $1.8 million or 4.8% in the first-quarter of fiscal '27. 70% of that decrease was primarily due to lower volume in the imported upholstery part of that business. These headwinds were partially offset by higher average selling prices from price increases implemented to mitigate higher product costs.

先從 ****** 品牌開始，2027 會計年度第一季淨銷售額減少 180 萬美元，或 4.8%。其中 70% 的降幅主要來自該業務中進口布藝沙發（imported upholstery）部分的出貨量下降。上述逆風部分被平均售價上升所抵銷，該上升來自為因應較高產品成本而實施的漲價。

Despite the decrease in sales, ****** branded gross profit increased $2.9 million and gross margin increase improved 960 basis points. The segment contributed $1.2 million of the operating income to the company's consolidated operating income of $1.6 million for the quarter. Backlog increased nearly 30% compared to the prior year first-quarter, reflecting retailer commitments to new products, including Margaritaville.

儘管銷售下滑，****** 品牌毛利增加 290 萬美元，毛利率提升 960 個基點。該事業部門為本季公司合併營業利益 160 萬美元貢獻了 120 萬美元。積壓訂單（backlog）較去年第一季增加近 30%，反映零售商對新產品（包括 Margaritaville）的承諾。

With meaningful shipments expected to begin in the second-half of the current fiscal year. Turning to domestic upholstery, net sales decreased $558,000 or 1.9% in the first-quarter of fiscal '27, primarily due to the continued soft demand environment. Gross profit decreased $315,000 and gross margin decreased 80 basis points, driven primarily by lower revenue and higher overhead.

預計將於本會計年度下半年開始出現具規模的出貨。接著看國內布藝沙發（domestic upholstery），2027 會計年度第一季淨銷售額減少 55.8 萬美元，或 1.9%，主要因需求環境持續疲弱。毛利減少 31.5 萬美元，毛利率下降 80 個基點，主要由較低營收與較高間接費用所致。

The segment recorded an operating loss of $689,000, primarily driven by its indoor residential furnishings businesses. Domestic upholstery backlog increased modestly compared to both the prior year first-quarter and fiscal 2026 year end. In all other, performance was driven largely by increased sales and operating income in the hospitality division.

該事業部門錄得營業損失 68.9 萬美元，主要由其室內住宅家具業務所拖累。國內布藝沙發的積壓訂單相較去年第一季及 2026 會計年度年末均小幅增加。在其他業務方面，表現主要由餐旅（hospitality）事業部銷售與營業利益增加所帶動。

Improved operating income reflected higher sales as well as lower costs resulting from cost-cutting measures implemented in the previous fiscal year. Turning now to cash, debt, and inventory. Cash and cash equivalents stood at $10.6 million at quarter end, an increase of $9.5 million from the prior year fiscal end, and the company had no debt.

營業利益改善反映銷售增加，以及前一會計年度實施成本削減措施所帶來的成本下降。接下來談現金、負債與存貨。季末現金及約當現金為 1,060 萬美元，較上一會計年度年末增加 950 萬美元，且公司無任何負債。

Cash generated from operations was used to repay $3.6 million. In the principal amount of our outstanding loans, distribute $1.3 million in cash dividends, and fund $403,000 in capital expenditures. Inventory levels decreased by $3.7 million from $48.7 million at fiscal 2026 year-end to $45 million at the end of the first-quarter.

營運活動所產生的現金用於償還 360 萬美元。用以償還我們未償貸款的本金金額、發放 130 萬美元現金股利，並支應 40.3 萬美元的資本支出。存貨水位自 2026 會計年度年末的 4,870 萬美元下降 370 萬美元，至第一季末的 4,500 萬美元。

Despite these outflows, the company maintained its financial flexibility with $54.2 million in available borrowing capacity under its amended and restated loan agreement as of quarter end, net of standby letters of credit and no outstanding balance on the credit facility. As of yesterday, the company had over $15 million in cash on hand.

儘管出現這些資金流出，截至季度末，公司仍維持其財務彈性；在其修訂並重述的貸款協議下，可用借款額度為 5,420 萬美元（已扣除備用信用狀且信用額度項下無未償餘額）。截至昨日，公司手上現金超過 1,500 萬美元。

Finally, I'll discuss our capital allocation strategy. In late fiscal 26, we announced that our board authorized a new share repurchase program under which we intend to repurchase up to $5 million of our outstanding common shares beginning in fiscal 2027. In connection with the repurchase authorization, the board recalibrated the annual dividend to $0.46 per share, beginning with the company's December 31st, 2025 dividend payment.

最後，我將說明我們的資本配置策略。在 26 財政年度後期，我們宣布董事會已核准一項新的庫藏股回購計畫；我們擬自 2027 財政年度起回購最多 500 萬美元的已發行普通股。配合該回購授權，董事會將年度股利重新調整為每股 0.46 美元，自公司 2025 年 12 月 31 日的股利發放起適用。

The share repurchase program began on April 21st, 2026. Pursuant to a plan structured to comply with the safe harbors of rules 10B5-1 and 10B-18, which included a customary 90-day waiting period before the first purchases were made. During the quarter, we purchased about 7,600 shares of our stock for approximately $96,000 at an average price of $12.53 per share.

該股份回購計畫於 2026 年 4 月 21 日開始。依據為符合 10B5-1 與 10B-18 規則安全港而設計的計畫，其中包含首次買回前慣例性的 90 天等待期。本季度我們以約 9.6 萬美元買回約 7,600 股，平均買回價格為每股 12.53 美元。

As we position the company for sustainable growth, the new share repurchase program and adjusted dividend provide a balanced framework for returning capital to shareholders while preserving flexibility to invest in strategic priorities. We believe this approach supports both near-term returns and long-term shareholder value.

在我們為公司打造可持續成長定位之際，新的股份回購計畫與調整後的股利，提供一個在回饋股東資本與保留投資策略優先事項彈性之間取得平衡的架構。我們相信此作法同時支持短期回報與長期股東價值。

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

接下來我把討論交回給 Jeremy，請他談談展望。

Thank you, Earl. Looking at the early part of the second-quarter, consolidated incoming orders increased 8% in May compared to the prior year period, while backlog was up more than 14% year over year. This improvement was primarily driven by Margaritaville orders, which had their initial shipments in May. Retailer commitments to Margaritaville products, galleries and freestanding stores continue to exceed our expectations.

謝謝你，Earl。從第二季初期來看，5 月合併新接訂單較去年同期增加 8%，而在手訂單（backlog）年增超過 14%。這項改善主要由 Margaritaville 訂單帶動，其首批出貨於 5 月進行。零售商對 Margaritaville 產品、店中展示區（galleries）以及獨立門市的承諾持續超出我們的預期。

To date, we have commitments for 100 in-store galleries and 10 freestanding retail stores compared with approximately half those numbers when we reported in December. Meaningful shipments are expected to begin in the second-half of fiscal '27 and build through the end of the current fiscal year and beyond. While these order and backlog trends are encouraging, the broader demand environment remains challenging.

截至目前，我們已取得 100 個店內展示區與 10 間獨立零售門市的承諾；相較於我們在 12 月報告時，約為當時數量的一倍。預期具規模的出貨將於 27 財政年度下半年開始，並一路增長至本財政年度末及其後。雖然這些訂單與在手訂單趨勢令人鼓舞，但整體需求環境仍具挑戰。

Housing activity remains pressured and recent consumer confidence readings continue to reflect a very cautious consumer environment. The Department of Commerce's April advance monthly estimates showed retail sales for furniture and home furnishing stores decreased 2% from March and 3.6% from the prior year. Given these macroeconomic pressures, our outlook for fiscal '27 second-quarter remains cautious.

房市活動仍受壓抑，近期消費者信心數據也持續反映出非常謹慎的消費環境。美國商務部 4 月的零售銷售月度預估初值顯示，家具與家居用品店的零售銷售較 3 月下降 2%，較去年同期下降 3.6%。鑑於這些總體經濟壓力，我們對 27 財政年度第二季的展望仍維持審慎。

While we do not expect meaningful near-term improvement in market conditions, our more efficient cost structure and streamlined portfolio should help position us to deliver improved results versus the prior year period even if current conditions persist. Our advantage is a sharper focus on our core businesses, a more disciplined operating model, and an organization aligned around profitable growth.

雖然我們不預期短期內市場狀況會有顯著改善，但我們更有效率的成本結構與精簡後的產品組合，應可協助我們即使在目前狀況持續下，仍能較去年同期交出更佳的成果。我們的優勢在於更聚焦核心業務、更具紀律的營運模式，以及一個以獲利成長為共同目標而對齊的組織。

We believe the actions taken over the past year have positioned the company to generate improved and more consistent earnings as market conditions improve. Combined with continued momentum in incoming orders. Across our core businesses, we believe we are well positioned to capitalize on opportunities as demand recovers. This ends the formal part of our discussion.

我們相信過去一年所採取的行動，已使公司在市場狀況改善時，能產生更佳且更穩定的獲利表現。再加上新接訂單持續的動能。在我們的核心業務範疇內，我們相信在需求回升時，已具備良好條件把握機會。以上為我們正式討論的結束。

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

此時我將把電話會議交給我們的接線員 Michelle，進行問答。

(Operator Instructions) Anthony Lebiedzinski Sidoti & Company LLC.

(接線員指示) Anthony Lebiedzinski，Sidoti & Company LLC。

Thank you. Good morning, everyone, and thanks for taking the questions. Certainly nice to see the improved bottom line results here. So I guess as we look back at the just reported quarter, just wondering if you guys saw any significant monthly variations in revenue as you went from February to April, given all the geopolitical noise that we saw during the quarter.

謝謝。各位早安，感謝讓我提問。很高興看到這次的最終獲利表現有所改善。回顧剛公布的這一季，我想請教，從 2 月到 4 月，在本季期間我們看到許多地緣政治雜音的情況下，你們是否觀察到營收在各月份之間有任何顯著波動？

Yeah, just wondering since typically, seasonally speaking, fiscal Q1 tends to be lower in terms of revenue than fiscal Q4. So maybe you could just speak to that as to how the quarter flowed during, again, from February through April?

另外我也想問，因為就季節性而言，通常財政年度第一季的營收會低於第四季。所以也許你們可以談談本季的走勢，也就是同樣從 2 月到 4 月期間的情況？

I would say that. As we get further removed from what we dealt with in the latter part of last year, which was you could probably categorize as turmoil trying to sell the two companies and everything we did to position the company where we are, I think that earlier in the quarter, we're getting our feet underneath us. And as the quarter progressed, we're getting more and more focused. And I would just say that.

我會說是這樣。隨著我們逐漸走出去年後段所面對的狀況——你大概可以把它歸類為動盪，包含嘗試出售兩家公司，以及我們為了把公司調整到目前狀態所做的一切——我認為在本季較早的時候，我們還在站穩腳步。而隨著季度推進，我們變得越來越聚焦。我大概就這麼說。

The further, the longer we have, the better I think we get it to position ourselves to where we're headed, if that makes sense.

我認為時間越久、我們掌握得越好，就越能把自己定位到我們要前往的方向，如果這樣說得通的話。

Okay, got it. And then could you just speak to pricing versus unit volumes? I know you guys typically put this in your 10-Q, but if you could just maybe give us just general framework as to what pricing was versus unit volumes in the quarter?

好的，了解。接著能否談談定價與出貨量（單位數量）之間的情況？我知道你們通常會在 10-Q 裡揭露，但如果可以的話，能否給我們一個大致的架構，說明本季定價變動相對於單位數量的影響？

Anthony, we don't have that in front of us. Like you said, it'll be in the in the queue for tomorrow that we filed tomorrow afternoon. I'd say definitely. Yeah, go ahead.

Anthony，我們手邊沒有那個數據。如你所說，明天下午我們提交的 10-Q 裡會有。我會說，確實——對，你繼續。

Okay.

好的。

Go ahead, Anthony.

Anthony，你請說。

Okay, no. So, I know there was some some. Notion of increased pricing during the quarter. So, all right, so we'll wait for the details in the 10Q. That's fine. Okay, and then I guess my next question as far as the gross margin, it was up more than expected, especially at ****** branded. Was there anything unusual to speak of, or do you think this type of gross margin is sustainable going forward?

好的，沒有。所以，我知道本季有一些——關於提高定價的說法。好，那我們就等 10-Q 裡的細節。沒問題。接著我想問毛利率的部分，毛利率比預期高，尤其是在 ****** 品牌。有沒有什麼不尋常的因素？或者你們認為這樣的毛利率水準未來是否可持續？

I would say two things. One is product mix has a lot to do with where gross margin ends up for us, as usual. So depending on certain things that ship and certain things that don't, that can change that dynamic. But number two, as we're on LIFO, and that can significantly change things depending on the timing of how that LIFO plays out. So those are really the two factors.

我會說有兩點。第一，產品組合一如往常對我們的毛利率落點影響很大。因此，取決於哪些產品出貨、哪些沒有出貨，這會改變那個動態。第二，我們採用 LIFO（後進先出）法，而 LIFO 的影響會因其反映時點不同而顯著改變結果。所以主要就是這兩個因素。

Gotcha. Okay. And lastly, can you talk about what you've seen or heard from your retail partners about Memorial Day traffic, which has historically been a big holiday event for the furniture industry. So if you could just maybe speak to what you've heard in regards to your retail partners as far as what they've talked about as far as traffic and any buying activity around the key holiday?

了解。好的。最後，你能否談談你們從零售合作夥伴那邊看到或聽到的陣亡將士紀念日（Memorial Day）檔期的人流情況？這在家具產業歷來是很重要的假期活動。所以如果可以的話，請談談你們從零售合作夥伴那邊聽到的，關於人流以及在這個關鍵假期周邊的任何採購活動。

Yeah, I'd say the contacts we made with our customers and partners were pretty optimistic about what they experienced over the Memorial Day holiday with sales and whatnot and traffic they said was pretty good considering what we're in with, everything we talked about. So pretty good is the general sentiment on Memorial weekend.

是的，我會說我們與客戶和合作夥伴的聯繫顯示，他們對陣亡將士紀念日假期期間的體驗（銷售等方面）相當樂觀，而且他們表示在我們目前所處的環境下，整體人流表現算是相當不錯，這也符合我們討論到的各項情況。所以，對於陣亡將士紀念日週末，整體情緒就是「相當不錯」。

Well, all right, that sounds great. Well, thank you very much. I'll pass it along.

好，明白了，聽起來很棒。非常感謝。我會轉達。

We appreciate it. Thanks, Anthony.

我們很感謝。謝謝你，Anthony。

Dave Storms, Stonegate Capital Markets Inc

Dave Storms，Stonegate Capital Markets Inc

Good morning, and thank you for taking the questions. I wanted to start with Margaritaville. You doubled the number of commitments from 50 to 100 galleries and then added the 10 freestanding retail stores. How should we think about that going forward? As you start to shift meaningfully in the second-half year, would we expect to see those in-store commitments numbers to increase or do you think it will level out and it will be a pivot to volumes and shipments?

早安，謝謝讓我提問。我想先從 Margaritaville 談起。你們把承諾數量從 50 家畫廊增加到 100 家，然後又新增了 10 家獨立的零售門市。我們應該如何看待未來的發展？當你們在下半年開始明顯轉向推進時，我們是否應該預期這些店內承諾數字會繼續增加，還是你們認為會趨於持平，並把重點轉向銷量與出貨？

I'll answer that just based off of my experience with things that you launch with that type of magnitude, which I guess I'd have to say I've never been a part of something that we feel like is that big, which I said I think it's the largest one ****** has had. However, when you first launch. You get some customers that jump on right away.

我會先就我過去對這種規模的上市/推出經驗來回答；坦白說，我想我從未參與過我們覺得有這麼大的案子——我之前也說過，我認為這是 ****** 迄今最大的一次。不過，當你一開始推出時，會有一些客戶立刻加入。

And then if the program's right and if you execute, you can get more and more participation, more and more galleries. So I'm definitely taking a glass half full approach with it. I'm optimistic that we'll keep increasing what we've already done. And that's, of course, the goal.

接著如果這個方案設計得對、而且執行到位，就能吸引越來越多的參與者、越來越多的畫廊。所以我確實是以比較正向的角度來看。我樂觀認為我們會在既有成果上持續增加。當然，那也是我們的目標。

No, understood, so would expect some traction there. And then I guess -- and this is kind of going back to the margins question from earlier. I know your backlog is starting to represent some of the Margaritaville ordering. Is there any sense of the texture of the margin profile for that backlog? Should we expect it to be maybe similar or a little bit stronger than maybe this last quarter?

了解，所以預期會有一些動能。另外我想——這有點回到先前的毛利率問題。我知道你們的積壓訂單（backlog）開始反映部分 Margaritaville 的訂單。就這些積壓訂單的毛利結構，有沒有任何概念性的看法？我們是否應該預期它大致相近，或可能比上一季略強？

Yeah, I would say the word is consistent. We're not separating that out as a different margin profile publicly, but I would say we're going to be consistent with what we're trying to do from a margin standpoint.

是的，我會用「一致」這個詞。我們不會在公開資訊中把它拆分成不同的毛利率結構來揭露，但我會說，我們在毛利率面向的目標會保持一致。

That's very fair. Maybe one more for me. I know you mentioned or it was mentioned in your release that there were some supply constraints and shipping delays and custom upholstery. Maybe taking a more macro view on that, are you seeing any sort of supply chain constraints across the industry in terms of maybe freight increases due to the shutdown in the street or Hermews, anything like that that's causing supply chain hiccups?

這樣很合理。我再問最後一個。我知道你們在新聞稿中提到有一些供應限制、運輸延誤，以及（與）訂製布藝沙發相關的情況。如果從更宏觀的角度來看，你們是否看到整個產業有任何供應鏈限制，例如因為海運/貨運費率上升、或因為港口關閉或紅海（等事件），造成供應鏈卡關？

No. So just first of all, it wasn't custom upholstery that we said was the delay. We said that on import upholstery. Custom upholstery is our domestic upholstery business, so very different. Regarding the other part of your question, we really haven't had noticeable delays or whatnot from straight over moves or anything going on in the world, thankfully.

沒有。先澄清一下，我們說延誤的不是訂製布藝沙發。我們說的是進口布藝沙發。訂製布藝沙發是我們的國內布藝沙發業務，所以差異很大。至於你問題的另一部分，幸好我們確實沒有因為海運改道或世界上正在發生的事情而出現明顯延誤之類的狀況。

Supply chain from overseas is never perfect, but we feel pretty good about our position right now. We had -- the issues really were pretty targeted on that ****** upholstery, import upholstery model. Had a couple of factories where we had some issues, but that's not across the board.

海外供應鏈從來不會是完美的，但我們對目前的狀況相當有信心。我們遇到的問題其實相當集中在那個 ****** 布藝沙發、也就是進口布藝沙發的型號上。有幾家工廠出了一些狀況，但並不是全面性的。

Understood. Thank you for taking my questions.

了解。謝謝回答我的問題。

Yeah, you're welcome. Thank you.

不客氣。謝謝你。

John Deysher Pinnacle Value Fund.

John Deysher，Pinnacle Value Fund。

Hi, good morning. Most of my questions were answered, but I just was curious, what was the backlog and the orders numbers for the first-quarter, please?

嗨，早安。我的大部分問題都已經被回答了，但我想請問第一季的積壓訂單（backlog）和接單（orders）數字是多少，謝謝？

Second.

稍等。

Let's see. Pardon me. For ****** branded at the end of Q1.

我看看。不好意思。針對 ****** 品牌在第一季末。

You can just give me the total if it's easier.

如果比較方便的話，你直接給我合計數字也可以。

Consolidated at the end of Q1 was orders were $19.4, backlog was $39 million.

第一季末合併口徑：接單為 1,940 萬美元，積壓訂單為 3,900 萬美元。

Orders $19.4 and backlog $39 million.

接單 1,940 萬美元，積壓訂單 3,900 萬美元。

Correct.

正確。

Okay, great. And in terms of the tariffs, can you give us any feel for the rebate number that you're seeking and when that might be received?

好，很好。另外關於關稅，你們能否讓我們大概了解一下你們正在申請的退稅/退還金額，以及大概何時可能收到？

John, we've decided not to disclose that publicly, at least on the call. I think that process is still ongoing, and there will be some additional disclosure in the queue. But the way we're working with it now is we've not recorded anything in first-quarter for anticipating any of that. Under US GAAP, it's not realized or realizable at this point. The receipt is not probable, which is why we've not recognized anything.

John，我們決定暫不在公開場合揭露該數字，至少在電話會議上不會。我認為該流程仍在進行中，後續也會有更多揭露排程。但我們目前的處理方式是：第一季並未因預期收到任何款項而入帳。依照美國通用會計準則（US GAAP），目前尚未實現或可實現。收款並非「很可能」（probable），因此我們沒有認列任何金額。

But to date, we've not disclosed that number publicly just because there's so much uncertainty regarding the refunds themselves.

截至目前，我們也尚未公開揭露該數字，主要是因為退款本身仍存在很大的不確定性。

Right. Okay, that makes sense. Do you know of any other industry players have actually received checks?

了解。好，這樣說得通。你是否知道其他同業是否已經實際收到支票？

Yeah, we don't have that type of information from others, no.

是的，我們沒有掌握其他公司的那類資訊，沒有。

Okay. All right, fair enough. We'll take a look at the queue. Thank you.

好。好吧，了解。我們會再看看後續揭露排程。謝謝。

Okay, thank you.

好的，謝謝。

Thank you, and I would now like to hand the conference back over to Jeremy Hoff for closing remarks.

謝謝。接下來我想把電話會議交回給 Jeremy Hoff 做結語。

I would like to thank everyone on the call for their interest in ****** Furnishings. We look forward to sharing our fiscal '27 second-quarter results in September. Take care.

我要感謝所有參與電話會議的各位對 ****** Furnishings 的關注。我們期待在 9 月分享 2027 財年第二季的業績結果。保重。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。祝各位今天愉快。