Haverty Furniture Companies Inc (HVT) 2025 Q1 法說會逐字稿

Greetings, and welcome to Haverty's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Haverty 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Richard Hare, Chief Financial Officer. Thank you, sir. You may begin.

現在我很高興向大家介紹主持人、財務長理查德‧黑爾 (Richard Hare)。謝謝您，先生。你可以開始了。

Thank you, operator, and good morning. During this conference call, we'll make forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those made or implied in such statements, which speak only as the date they are made and which we undertake no obligation to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company's reports filed with the SEC.

謝謝接線員，早安。在本次電話會議中，我們將做出前瞻性陳述，這些陳述受風險和不確定性的影響。實際結果可能與此類聲明中做出或暗示的結果有重大差異，這些聲明僅代表其做出之日的觀點，我們不承擔公開更新或修改的義務。可能導致實際結果不同的因素包括經濟和競爭條件以及公司向美國證券交易委員會提交的報告中詳述的其他不確定因素。

Our President and CEO, Steve Burdette, will provide additional commentary about our business.

我們的總裁兼執行長史蒂夫·伯德特 (Steve Burdette) 將對我們的業務提供更多評論。

Good morning. Thank you for joining our 2025 first-quarter conference call. While the first quarter has felt more like a rollercoaster ride with the ups and downs. We are very satisfied with our results. Our Q1 sales were $181.6 million, which was down 1.3% with comps down 4.8%.

早安.感謝您參加我們的 2025 年第一季電話會議。而第一季則感覺像坐雲霄飛車一樣，有起有落。我們對我們的結果非常滿意。我們第一季的銷售額為 1.816 億美元，下降 1.3%，同店銷售額下降 4.8%。

Total written sales were down 2.6% with comps down 6.3%. Gross margins remained strong for the quarter, coming in at 61.2% compared to 60.3%. Our pre-tax profits for the quarter were $5.3 million or 2.9% operating margin compared with $3.2 million or 1.7% operating margin in Q1 2024. Richard will provide additional details later on this call.

總書面銷售額下降 2.6%，同店銷售額下降 6.3%。本季毛利率依然強勁，達到 61.2%，而去年同期為 60.3%。本季我們的稅前利潤為 530 萬美元，營業利潤率為 2.9%，而 2024 年第一季的稅前利潤為 320 萬美元，營業利潤率為 1.7%。Richard 稍後將在此次電話會議中提供更多詳細資訊。

Despite the housing market continuing to operate at 30-year lows, fueled by affordability issues, inflated interest rates and declining consumer confidence, the quarter's written sales began positively. However, by mid-January, our business faced disruptions from several winter storms over the next 30 days, impacting several markets throughout our footprint.

儘管受負擔能力問題、利率上升和消費者信心下降等因素影響，房地產市場繼續處於 30 年來的最低水平，但本季的書面銷售額開局良好。然而，到 1 月中旬，我們的業務在接下來的 30 天內遭遇了幾場冬季風暴，影響了我們業務範圍內的多個市場。

The presidential inauguration on January 20, shifted the move from optimism to cautious concern due to the magnitude of executive orders coming from the White House and the potential tariff discussion. Sales for our biggest event of the quarter, President's Day, were disappointing, down roughly 10% over the two-week period. However, we saw a bounce back in written sales to roughly flat after President's Day until the end of March.

1 月 20 日的總統就職典禮，由於白宮發布的大量行政命令以及潛在的關稅討論，人們的情緒從樂觀轉為謹慎擔憂。本季我們最大的活動—總統日的銷售額令人失望，兩週內下降了約 10%。然而，我們看到書面銷售量在總統日之後至三月底出現反彈，基本上持平。

While our traffic did soften over the quarter, it remained positive in the low single digit.

儘管本季我們的客流量確實有所下降，但仍保持在較低的個位數。

Conversion rates continue to stabilize with some improvement compared to last year. Our average ticket rose by approximately 4% to just over $3,300. Our design business continued to improve to approximately 33% of our business or 15%-plus of our tickets driven by our special order business. Our designer average ticket grew to over $7,400, which was up over 9%. The merchandising team is continuing to push new products to our floors, creating excitement for the sales and design teams as well as our customers.

轉換率持續穩定，與去年相比有所改善。我們的平均票價上漲了約 4%，達到 3,300 美元多一點。我們的設計業務持續改善，在特殊訂單業務的推動下，設計業務佔比達到約 33%，或占票證的 15% 以上。我們的設計師平均票價成長至 7,400 多美元，漲幅超過 9%。商品銷售團隊正在繼續向我們的樓層推出新產品，為銷售和設計團隊以及我們的客戶帶來興奮。

Motion furniture with zero gravity recline and triple power, stationary upholstery with color options and bedrooms and more contemporary designs with upholstered beds and sleep clean line. While our upholstery, bedroom and mattress categories are performing in line with our business, we have seen some weakness in our dining and occasional categories.

具有零重力傾斜和三重動力的運動家具、具有顏色選項的固定裝飾和臥室以及更多帶有軟墊床和睡眠清潔線條的現代設計。雖然我們的室內裝潢、臥室和床墊類別的表現與我們的業務一致，但我們發現餐飲和休閒類別存在一些疲軟跡象。

As mentioned in our last call, we will begin rolling out our new point of purchase and tagging program later this quarter. This initiative will improve the in-store customers' experience by centralizing our special order fabrics to improve the ease of choice and introducing a new tagging system that visually provides our customers with more choices that are not shown on the floors. Also, it simplifies for our sales and design consultants, the available configurations by collection. We aim to complete this rollout by Labor Day. Our merchants have been working very closely with our suppliers to address the ongoing tariff issue.

正如我們上次電話會議中提到的，我們將在本季稍後開始推出新的購買點和標籤計劃。這項措施將集中我們的特殊訂購布料以提高選擇的便利性，並引入新的標記系統，以直觀的方式為我們的顧客提供更多未在店內展示的選擇，從而改善店內顧客的體驗。此外，它還簡化了我們的銷售和設計顧問按集合提供的配置。我們的目標是在勞動節前完成這項工作。我們的商家一直與供應商密切合作，以解決持續存在的關稅問題。

The 90-day reprieve on April 9 was very helpful from the percentages that were first being floated out. Resolving the tariff issues beyond the 90-day period will enable us to make longer-term decisions around our pricing and supply chain.

從最初浮動的百分比來看，4 月 9 日的 90 天寬限期非常有幫助。解決 90 天期限以外的關稅問題將使我們能夠就定價和供應鏈做出更長期的決策。

Our suppliers have been great partners, helping us navigate through these difficult times of uncertainty. Due to their partnership, we were able to keep our inventories moving without any disruption. We will see price increases for products from Vietnam, Cambodia, India, Indonesia and Europe due to the tariffs. However, these increases will be minimal due to our suppliers' support. Also, there will be pricing impacts on our domestic upholstery suppliers who source parts and fabric from China.

我們的供應商一直是我們優秀的合作夥伴，幫助我們度過這些充滿不確定性的困難時期。由於他們的合作，我們能夠保持庫存流動而不發生任何中斷。由於關稅，我們將看到來自越南、柬埔寨、印度、印尼和歐洲的產品價格上漲。然而，由於我們供應商的支持，這些成長將是微不足道的。此外，這將對從中國採購零件和布料的國內室內裝潢供應商的價格產生影響。

The majority of our products from Mexico will not see any price increases as this product is exempt from tariffs under the USMCA agreement implemented in 2020. We have halted most direct shipments from China due to the tariffs, which would be applied to our products at an additional 145%. We expect this to cause some temporary supply disruptions for these suppliers as they look to move production to Vietnam, Cambodia or Mexico. Currently, approximately 15% of our total purchases come directly out of China, mainly in motion and stationary leather.

我們來自墨西哥的大部分產品不會漲價，因為根據2020年實施的USMCA協議，這些產品免關稅。由於關稅將對我們的產品額外徵收 145% 的稅，我們已暫停了大部分來自中國的直接出貨。我們預計這將導致這些供應商暫時的供應中斷，因為他們希望將生產轉移到越南、柬埔寨或墨西哥。目前，我們總採購量的約 15% 直接來自中國，主要是運動和固定皮革。

What will happen after the 90 days expires in early July is a guessing game right now, making supply chain planning very difficult. We need the administration to provide clarity around these tariffs to prevent further disruption for the consumer. Our supply chain team started executing our strategy to increase inventories of best-selling products during Q1. Inventories have risen approximately $5 million or about 6% since year-end 2024, and our expectations are that they will continue to rise another $3 million to $5 million in Q2. Our initial expectations to increase inventories was focused on providing faster service to our customers as we felt we became too dependent on just-in-time inventory with our suppliers.

7 月初 90 天期限到期後會發生什麼現在還是一個謎，這使得供應鏈規劃變得非常困難。我們需要政府對這些關稅做出明確規定，以防止對消費者造成進一步的干擾。我們的供應鏈團隊在第一季開始執行增加暢銷產品庫存的策略。自 2024 年底以來，庫存已增加約 500 萬美元，約 6%，我們預計第二季庫存將繼續增加 300 萬至 500 萬美元。我們最初增加庫存的期望主要集中在為客戶提供更快的服務，因為我們覺得我們過度依賴供應商的準時庫存。

However, we have inadvertently pushed the impact of the tariffs out into the latter part of Q2 or early Q3 because most of this inventory increase will be tariff-free.

然而，我們無意中將關稅的影響推遲到了第二季後半段或第三季初，因為大部分的庫存增加都是免關稅。

Our merchants have proactively collaborated with the marketing and store operation teams to test more impactful promotions within our stores during Q1. We marked the kickoff of our 140th anniversary by sending a private e-mail to our current e-mail subscribers, expressing gratitude for their loyal support by presenting them with a special savings offer. This initiative was extremely successful, generating over $8 million in revenue in Q1.

我們的商家積極與行銷和店鋪營運團隊合作，在第一季測試我們店內更有影響力的促銷活動。我們透過向現有電子郵件訂閱者發送私人電子郵件來紀念我們成立 140 週年，並透過向他們提供特別優惠來表達對他們忠誠支持的感謝。這項措施非常成功，第一季創造了超過 800 萬美元的收入。

Our credit costs remain well controlled. We are implementing additional promotional strategies and credit offerings to increase the saving storing and our marketing in stores, further enhancing the purchasing decisions of our customers.

我們的信貸成本仍然得到良好的控制。我們正在實施額外的促銷策略和信貸優惠，以增加儲蓄和店內行銷，進一步增強客戶的購買決策。

We continue our push to open five new stores a year, but we will be cautious in our approach based on current conditions. We are relocating our Daytona store due to a lease expiration. Our real estate team has secured an old Bed Bath & Beyond location, which opens tomorrow, enabling us to remain in the same area to serve our customers.

我們將繼續努力每年開設五家新店，但根據目前的情況，我們將採取謹慎的做法。由於租約到期，我們正在搬遷代托納商店。我們的房地產團隊已獲得一處舊的 Bed Bath & Beyond 店鋪，該店鋪將於明天開業，這使我們能夠繼續在同一區域為客戶提供服務。

Also, we are planning our third store in Houston to open in the Valley Ranch area of Northeast Houston in late Q3. Additionally, we are looking to open two more stores in the Houston market in mid- to late 2026, giving us five stores in the Houston area, moving us closer to our goal of having six-plus stores to properly serve the market. We have decided to close two stores this year, our Buckhead store in the Atlanta, Georgia market on June 30 and our Waco, Texas store on September 30.

此外，我們計劃在第三季末在休士頓東北部的 Valley Ranch 地區開設第三家店。此外，我們還計劃在 2026 年中後期在休士頓市場再開設兩家門市，這樣一來，我們在休士頓地區的門市總數將達到五家，從而更接近擁有六家以上門市以更好地服務市場的目標。我們決定今年關閉兩家商店，位於喬治亞州亞特蘭大市場的 Buckhead 商店將於 6 月 30 日關閉，位於德克薩斯州韋科的商店將於 9 月 30 日關閉。

Our decisions regarding closures are always based on lease expirations and the store's long-term profitability. While we have several stores that are in the LOI phase in existing markets, we are unable to provide any further updates at this time.

我們關於關閉商店的決定始終基於租約到期情況和商店的長期盈利能力。雖然我們在現有市場有幾家商店處於意向書 (LOI) 階段，但目前我們無法提供任何進一步的更新。

Our goals remain to leverage our current distribution network as we grow the company during these very uncertain times.

我們的目標仍然是利用我們現有的分銷網絡來發展公司，度過這段非常不確定的時期。

Our distribution, home delivery and customer service teams continue to furnish happiness to our customers. Our regret-free experience is an integral part of our service that we provide to our customers. We are able to flex the staffing in these areas of our business with the current business trends due to the natural turnover, which has allowed us to maintain nice controls over our expenses. The issues facing us today, housing affordability, high interest rates, tariffs, market volatility, inflation concerns and recession fears are something we have experienced many times in our 140-year history. We are well positioned to grow from these challenges due to our strong brand, debt-free balance sheet, consistency in our operations, integrity, customer focus and our people.

我們的分銷、送貨上門和客戶服務團隊繼續為我們的客戶提供滿意的服務。無悔的體驗是我們為客戶提供的服務不可或缺的一部分。由於自然的人員流動，我們能夠根據當前的業務趨勢靈活地安排這些業務領域的人員配置，這使我們能夠很好地控制開支。我們今天面臨的問題，住房負擔能力、高利率、關稅、市場波動、通膨擔憂和經濟衰退恐懼，都是我們在 140 年歷史上經歷過多次的問題。憑藉我們強大的品牌、無債務的資產負債表、一致的營運、誠信、以客戶為中心以及我們的員工，我們完全有能力應對這些挑戰。

I will now turn the call over to Richard.

現在我將電話轉給理查。

Thanks, Steve. In the first quarter of 2025, we reported net sales of $181.6 million, a 1.3% decrease over the prior year quarter. Comparable store sales were down 4.8% over the prior year period. Our gross profit margin increased [9] basis points to 61.2% from 60.3%. This increase was due to product selection and merchandise mix.

謝謝，史蒂夫。2025 年第一季度，我們報告淨銷售額為 1.816 億美元，比去年同期下降 1.3%。同店銷售額較去年同期下降4.8%。我們的毛利率從 60.3% 增加了 [9] 個基點至 61.2%。這一增長是由於產品選擇和商品組合。

SG&A expenses decreased $2.2 million or 1.9% to $107.2 million. As a percentage of sales, these costs approximated 59%, down from 59.4% in the prior year quarter. We experienced decreased selling costs, advertising, warehouse and delivery expenses during the quarter.

銷售、一般及行政費用減少 220 萬美元（即 1.9%）至 1.072 億美元。以銷售額的百分比計算，這些成本約為 59%，低於去年同期的 59.4%。本季度，我們的銷售成本、廣告、倉庫和運輸費用均有所下降。

Income before income taxes increased $2.1 million to $5.3 million. Our tax expense was $1.5 million for the first quarter of 2025, which resulted in an effective tax rate of 28.6% compared to an effective tax rate of 25.1% in the prior year quarter. The primary difference in the effective rate and the statutory rate is due to the expected state income taxes and non-deductible items for the year. Net income for the first quarter of 2025 was $3.8 million or $0.23 per diluted share on our common stock compared to net income of $2.4 million or $0.14 per share in the comparable quarter last year.

稅前收入增加 210 萬美元，達到 530 萬美元。2025 年第一季我們的稅費為 150 萬美元，有效稅率為 28.6%，而去年同期的有效稅率為 25.1%。實際稅率和法定稅率的主要差異是由於預期的年度州所得稅和不可扣除項目造成的。2025 年第一季的淨收入為 380 萬美元，即每股普通股攤薄收益 0.23 美元，而去年同期的淨收入為 240 萬美元，即每股 0.14 美元。

Now turning over to our balance sheet. At the end of the first quarter, our inventories were $88.7 million, which was up $5.3 million from December 31, 2024, and down $3.4 million versus Q1 2024 balance. At the end of the fourth quarter, our customer deposits were $42.8 million, which was up $2 million from the December 31, 2024 balance and up $1.8 million versus the Q1 2024 balance. We ended the quarter with $111.9 million of cash and cash equivalents, and we have no funded debt on our balance sheet at the end of Q1 2025.

現在轉到我們的資產負債表。截至第一季末，我們的庫存為 8,870 萬美元，比 2024 年 12 月 31 日增加 530 萬美元，比 2024 年第一季餘額減少 340 萬美元。截至第四季末，我們的客戶存款為 4,280 萬美元，比 2024 年 12 月 31 日的餘額增加了 200 萬美元，比 2024 年第一季的餘額增加了 180 萬美元。本季末，我們的現金和現金等價物為 1.119 億美元，截至 2025 年第一季末，我們的資產負債表上沒有已償付債務。

Looking at some of our cash flow usage. CapEx was $6.1 million for Q1 2025, and we also paid out $5.2 million of regular dividends during the quarter. We purchased approximately $2 million of common shares under our share repurchase program during the first quarter of 2025, and we have approximately $6.1 million of existing authorization in our buyback program. Our earnings release list out several additional forward-looking statements indicating our future expectations of certain financial metrics. I'll highlight a few, but please refer to our press release for additional commentary.

查看我們的部分現金流量使用情況。2025 年第一季的資本支出為 610 萬美元，我們還在本季支付了 520 萬美元的定期股利。我們在 2025 年第一季根據股票回購計劃購買了約 200 萬美元的普通股，並且我們在回購計劃中擁有約 610 萬美元的現有授權。我們的收益報告列出了幾個額外的前瞻性陳述，顯示了我們對某些財務指標的未來預期。我將重點介紹其中幾點，但請參閱我們的新聞稿以獲取更多評論。

Our 2025 guidance includes tariffs currently in effect as of April 30 and does not include the effect of additional proposed tariffs that have been caused by the Trump administration.

我們的 2025 年指引包括截至 4 月 30 日有效的關稅，不包括川普政府造成的額外擬議關稅的影響。

We expect our gross margins for 2025 to be between 60% and 60.5%. We anticipate gross profit margins will be impacted by our current estimates of product and freight costs. Our fixed and discretionary type SG&A expenses for 2025 are expected to be in the $291 million to $293 million range, which is an increase over the prior year resulting primarily from our store growth and inflation. The variable type costs within SG&A for 2025 are expected to be in the range of 18.6% to 19%. We anticipate continued reductions in third-party credit costs and warehouse and delivery expenses.

我們預計 2025 年的毛利率將在 60% 至 60.5% 之間。我們預計毛利率將受到我們目前對產品和運費成本的估計的影響。我們 2025 年的固定和可自由支配類型的銷售、一般和行政費用預計在 2.91 億美元至 2.93 億美元之間，比上一年有所增加，主要原因是我們的門市成長和通貨膨脹。預計 2025 年銷售、一般及行政費用中的變動成本將在 18.6% 至 19% 之間。我們預期第三方信貸成本以及倉儲和運輸費用將持續減少。

Our planned CapEx for 2025 has been reduced to $24 million. Anticipated new or replacement stores, remodels and expansions account for $19.6 million. Investments in our distribution network are expected to be $1.8 million and investments in our information technology are expected to be approximately $2.6 million.

我們計劃的 2025 年資本支出已減少至 2,400 萬美元。預計新建或更換商店、改建和擴建的費用為 1,960 萬美元。我們對分銷網絡的投資預計為 180 萬美元，對資訊科技的投資預計約為 260 萬美元。

Our anticipated effective tax rate for 2025 is expected to be 26.5%. This projection excludes the impact from vesting of stock awards and any potential new tax legislation.

我們預計 2025 年的有效稅率為 26.5%。該預測不包括股票獎勵歸屬和任何潛在的新稅法的影響。

This completes my commentary on the first quarter financial results. Operator, we would like to open the call up for questions at this time.

我對第一季財務表現的評論到此結束。接線員，我們現在想開放電話回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

(Operator Instructions)

（操作員指示）

Anthony Lebiedzinski, Sidoti & Co.

安東尼·萊比津斯基（Anthony Lebiedzinski），Sidoti＆Co.

Good morning everyone and thank you for taking the questions and certainly nice to see the better-than-expected Q1 results. So thanks for providing the information about the monthly trends, how that progressed. Any way to put a number as far as the impact of the winter storms? And just also curious whether you saw any notable changes in terms of the geographic composition of your written comps?

大家早安，感謝大家回答問題，很高興看到第一季的業績優於預期。感謝您提供有關月度趨勢及其進展的資訊。有沒有什麼方法可以量化冬季風暴的影響？並且同樣好奇，您是否發現書面作品的地理構成方面有任何顯著的變化？

Let me start off, Anthony, with our written business trends by month, and then Steve can give some additional commentary. But January, we were down almost 2% in written business. Then February, we were down on a same day week basis, about 5% and then we were flat in March. We saw some pretty good improvement there in March for the quarter being down about 2.6%.

安東尼，首先讓我先介紹一下我們按月寫下的業務趨勢，然後史蒂夫可以提供一些補充評論。但一月份，我們的書面業務下降了近2％。然後到了二月份，我們以同一天當週計算下降了約 5%，然後三月持平。我們看到 3 月該季度出現了相當好的改善，下降了約 2.6%。

Yes, Anthony, this is Steve. We don't quantify -- we usually don't talk about weather, but there was just an inordinate amount of storm. I think it was about four to five different storms that impacted us. And it impacted -- usually, that will impact one or two stores. They just tended to impact greater quantity.

是的，安東尼，這是史蒂夫。我們沒有量化——我們通常不談論天氣，但這次的風暴實在太大了。我認為大約有四到五次不同的風暴影響了我們。它通常會影響一兩家商店。它們只是傾向於影響更大的數量。

We did not quantify that exactly have an exact number on that. But certainly, that plus what -- as we got in the latter part after the inauguration, we started to see things slow. We were disappointed in President's Day, as we said. That event was not. And I think the industry, the retail world was a little disappointed at that time.

我們沒有對此進行量化，也沒有確切的數字。但可以肯定的是，隨著就職典禮的後期，我們開始看到事情進展緩慢。正如我們所說，我們對總統日感到失望。那次活動並非如此。我認為當時整個產業、零售業都有點失望。

But we did. We were very encouraged what we saw after the fact, as Richard just said, ending the quarter out in March.

但我們做到了。正如理查德剛才所說，我們對三月結束的季度結果感到非常鼓舞。

Got you. Okay. And so given the increased tariffs, have you guys implemented any price increases so far this quarter in response to that?

明白了。好的。那麼，鑑於關稅上調，本季到目前為止，你們是否實施了任何價格上調來應對？

Yeah, we are. We're going to get in front of that like we did before, but it won't be across the board deal. It will be targeted. Our merchandising team is looking at that based on the product and the vendor and whether we're trying to maintain our good, better, best price points. So -- but there will be price increases that will go into effect basically immediately, and then we'll kind of monitor that as we go forward.

是的，我們是。我們將像以前一樣解決這個問題，但這不會是全面的解決方案。它將成為目標。我們的銷售團隊根據產品和供應商來考慮這個問題，以及我們是否試圖保持良好、更好、最佳的價格點。所以——價格上漲基本上會立即生效，然後我們會在前進的過程中對其進行監控。

But they will be minimal, as I said. Our suppliers have worked with us. And if the tariffs stay where they are right now, I really don't see much impact to the consumer and that we will be able to navigate through this fine. If tariffs go back to 40% and 50% of where they were, that will be a different story.

但正如我所說，這些影響將是微不足道的。我們的供應商已經與我們合作。如果關稅維持在目前的水平，我認為對消費者不會有太大影響，而且我們也能安然度過這筆罰款。如果關稅回到原來的40%和50%，情況就不同了。

Okay. So it sounds like you think it's not going to have much of an impact on unit volumes, whatever price increases you'll be putting in place?

好的。所以聽起來您認為無論價格上漲多少都不會對銷售產生太大影響？

We're not anticipating that. Right now where we are.

我們沒有預料到這一點。我們現在就在那裡。

Okay. And then just thinking about like what's going on here as of late here, have you seen any notable changes from the competition in your markets just in response to everything that's going on with concerns about the economy and also tariffs?

好的。然後想想最近這裡發生的事情，您是否看到您所在市場的競爭對手發生了任何顯著變化，以應對對經濟和關稅的擔憂？

We've seen some marketing where people are trying to take advantage of the tariffs and trying to get out in front of that to push that out to the consumer, but -- and trying to keep the price points, advertise their price point deals. But April is not a big marketing month, especially with Easter in it overall for the industry. But as far as President's Day itself, I mean, it was a typical pretty aggressive promotions and whether it's credit or whether it was discount percentages that our competitors were advertising.

我們看到一些行銷人員試圖利用關稅，並試圖搶先一步將其推銷給消費者，但同時又試圖保持價格點，宣傳他們的價格點交易。但四月並不是一個重要的行銷月份，尤其是對整個產業來說，復活節也在其中。但就總統日本身而言，我的意思是，這是一個典型的相當激進的促銷活動，無論是信用額度還是我們的競爭對手所宣傳的折扣百分比。

Understood. Okay. And lastly for me, as far as the reduction in CapEx guidance, I think it was about $3 million less. What exactly is that for? Just wanted to get more color on that.

明白了。好的。最後，就資本支出指引的減少而言，我認為減少了約 300 萬美元。那到底是做什麼用的？只是想獲得更多的色彩。

Yeah. So we took out about $3 million for right now in terms of our store expansion. Steve talked about in his comments earlier, we're focused on Houston. But just with the tariff uncertainty, we thought it'd be wise to just kind of hold back a little bit on CapEx until the dust settles.

是的。因此，我們目前在門市擴張方面投入了約 300 萬美元。史蒂夫在之前的評論中談到，我們的重點是休士頓。但由於關稅的不確定性，我們認為在塵埃落定之前，最好在資本支出上稍微保留一點。

Understood. Alright, well thank you very much guys and best of luck.

明白了。好的，非常感謝你們，祝你們好運。

Thank you.

謝謝。

Cristina Fernandez, TAG.

克里斯蒂娜·費爾南德斯，TAG。

Hi, good morning and congratulations on the good results for the quarter. I had a couple of questions as well. The first one is on the tariff. I just want to confirm on the guidance that what you're assuming on the gross margin is that the tariffs that are in place now as of yesterday are in place for the full year. Is that what you're assuming that the 10% tariff on Vietnam and all of the Asian countries gets extended and stays that way?

大家好，早安，恭喜本季取得良好業績。我也有幾個問題。第一個是關於關稅的問題。我只是想確認一下，您對毛利率的假設是，截至昨天實施的關稅將持續到全年。您是否認為對越南和所有亞洲國家徵收 10% 的關稅會延長並保持下去？

That's correct. And we feel comfortable with that guidance.

沒錯。我們對這項指導感到滿意。

Okay, thanks. Okay. And then on the piece that's out of China, that 15% that you're currently pausing, I guess at what point do you need to make a decision whether to ship that out to other countries or place some orders just to not have big holes in your assortment as we move through the year?

好的，謝謝。好的。然後，關於目前暫停生產的 15% 的中國以外的產品，我想您什麼時候需要做出決定，是將其運送到其他國家還是下一些訂單，以免在全年產品組合中出現大的缺口？

Our vendors have already been in that, and we're already ahead of that in the first quarter moving in case something were to happen. So they are securing or in the midst of securing additional production in, like I said, in either Vietnam, Cambodia or Mexico and some already had production there. So they're just -- they've got to move what they were producing in China to those particular factories. So that will be some of the disruption. But again, Cristina, I mentioned about our inventories increasing.

我們的供應商已經採取了這項措施，我們在第一季就已經做好了準備，以防萬一發生意外。因此，他們正在確保或正在確保在越南、柬埔寨或墨西哥增加產量，就像我說的，有些公司已經在那裡生產了。所以他們只是——他們必須將在中國生產的產品轉移到那些特定的工廠。所以這將會造成一些混亂。但是克里斯蒂娜，我再次提到了我們的庫存正在增加。

We brought in a lot of inventory ahead of time on our best sellers. So we don't think that will be an impact and will allow us time or allow them time to get repositioned.

我們提前進貨了大量暢銷商品的庫存。因此，我們認為這不會造成影響，這將給我們時間或給他們時間重新定位。

Okay. That's helpful. And then I wanted to go back to the performance on some of the big weekends. I mean President Day's weekend this year seems like there was a weather impact as well. But more broadly, as you look at some of the big events and weekends over the past year, we've definitely seen some weakness on some of the prior ones.

好的。這很有幫助。然後我想在一些重要的周末回去表演。我的意思是今年總統日的周末似乎也受到了天氣的影響。但從更廣泛的角度來看，當你回顧過去一年中的一些大型活動和週末時，我們確實看到之前的一些活動存在一些弱點。

I know a lot of players are getting very competitive on promotional in those weekends. So do you feel like it's the consumer or perhaps that Haverty's is not being as promotional as others are on those weekends and that's leading to some share losses?

我知道很多球員在那些週末的促銷活動中競爭非常激烈。那麼，您是否覺得是消費者的原因，或者是 Haverty's 在周末沒有像其他公司那樣大力促銷，導致市場份額下降？

I don't think it's the promotional activity. We were -- last year, President's Day 2024, we were very pleased. We had a very, very good President's Day. Memorial Day, Labor Day were disappointing. July 4 was a good promotion for us after Thanksgiving was good for us and New Year's was good for us.

我不認為這是促銷活動。去年，也就是 2024 年總統日，我們感到非常高興。我們度過了一個非常非常好的總統日。陣亡將士紀念日、勞動節令人失望。繼感恩節和新年之後，7 月 4 日也成為了我們促銷的好日子。

So I don't think that's it. But I mentioned in my commentary there that we certainly are looking -- we did some testing of things we did, and we're going to get more aggressive with our promotional activities to make sure we're there, and we're looking forward to Memorial Day, which is the biggest holiday event of the first half of the year.

所以我不認為是這樣。但我在評論中提到，我們當然在關注——我們對所做的事情做了一些測試，我們將更積極地開展促銷活動，以確保我們能夠實現這一目標，我們期待著陣亡將士紀念日，這是今年上半年最大的節日活動。

And then my last question is on the new store openings last year. It seems like they're doing well based on the spread between total written orders and the comp orders. So can you talk more about how those stores are ramping up? What kind of benefit you're seeing? I think some of them have been open for six, nine months.

我的最後一個問題是關於去年新店開業的情況。從總書面訂單和補償訂單之間的差距來看，他們似乎做得很好。那麼，您能否詳細談談這些商店的擴張情況呢？您看到了什麼樣的好處？我認為其中一些已經開業六到九個月了。

So any color on the new stores would be helpful.

因此，新店的任何顏色都會有幫助。

Yeah. We've been very pleased overall with the new stores. It allows us to leverage because we're using our current distribution. And of course, that's a strength of ours. And you've seen our expenses there, we've been able to control it.

是的。整體而言，我們對新店非常滿意。它使我們能夠利用，因為我們正在使用我們當前的分佈。當然，這是我們的優勢。而且您已經看到了我們的開支，我們能夠控制它。

So it's created more leverage certainly within our distribution. We still got opportunities with them, Cristina, they're new stores. Our conversion rate, our closing rates tend to take a little bit of time to grasp with the new team as we go forward. But we certainly are pleased with where they're moving. Houston was new, opening up in December and February.

因此它無疑在我們的分銷中創造了更多的槓桿作用。克里斯蒂娜，我們仍然有機會與他們合作，他們是新店。隨著我們不斷前進，我們的轉換率和成交率往往需要新團隊花一點時間來掌握。但我們確實對他們的行動感到滿意。休士頓是新開業的，於 12 月和 2 月開業。

We need to get that store count there, and so we can increase our marketing. But we -- initial reports and initial traffic has been good, and we're pleased with where we're heading. So overall, all positive, and we're looking forward to getting that third store open in Houston in third quarter. And of course, we're looking forward to the relocation of Daytona that happens tomorrow. But that should be -- that's basically within right next to where we were.

我們需要增加那裡的商店數量，這樣我們才能擴大行銷。但是我們——初步報告和初步流量都很好，我們對我們的發展方向感到滿意。總體而言，一切都是積極的，我們期待在第三季在休士頓開設第三家店。當然，我們期待明天舉行的代托納搬遷儀式。但那應該——那基本上就在我們所在位置的旁邊。

We just moved buildings because of lease expiration.

由於租約到期，我們剛剛搬遷了大樓。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

There are no further questions at this time. I would now like to turn the floor back over to Richard Hare for closing comments.

目前沒有其他問題。現在我想把發言權交還給理查德·黑爾，請他發表最後評論。

Well, thank you for your participation in today's call, and we look forward to talking to you in the future when we release our second quarter results later this year.

好的，感謝您參加今天的電話會議，我們期待在今年稍後發布第二季業績時與您交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。