Lovesac Co (LOVE) 2025 Q3 法說會逐字稿

Greetings and welcome to the Lovesac third quarter fiscal year 2025 earnings call.

歡迎參加 Lovesac 2025 財年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Ms. Caitlin Churchill, Investor Relations.

現在我想將電話轉給東道主投資者關係部門的凱特琳·邱吉爾女士。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

With me on the call is Shawn Nelson, Chief Executive Officer; Mary Fox, President and Chief Operating Officer; and Keith Siegner, Chief Financial Officer.

與我一起參加電話會議的是執行長肖恩·尼爾森 (Shawn Nelson)。瑪麗‧福克斯，總裁兼營運長；財務長基思‧西格納 (Keith Siegner)。

Before we get started, I would like to remind you that some of the information discussed will include forward-looking statements regarding future events and our future financial performance.

在我們開始之前，我想提醒您，討論的一些資訊將包括有關未來事件和我們未來財務表現的前瞻性陳述。

These include statements about our future expectations, financial projections, and our plans and prospects.

其中包括有關我們未來預期、財務預測以及我們的計劃和前景的聲明。

Actual results may differ materially from those set forth in such statements.

實際結果可能與此類聲明中提出的結果有重大差異。

For a discussion of these risks and uncertainties, you should review the company's filings with the SEC which includes today's press release.

要討論這些風險和不確定性，您應該查看該公司向 SEC 提交的文件，其中包括今天的新聞稿。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為未來事件的預測。

All forward-looking statements that we make on this call are based on assumptions and beliefs as of today and we undertake no obligation to update them, except as required by applicable law.

我們在本次電話會議中所做的所有前瞻性陳述均基於截至目前的假設和信念，我們不承擔更新這些陳述的義務，除非適用法律要求。

Our discussion today will include non-GAAP financial measures, including EBITDA and adjusted EBITDA.

我們今天的討論將包括非公認會計準則財務指標，包括 EBITDA 和調整後 EBITDA。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results.

這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。

A reconciliation of the most directly comparable GAAP financial measure to such non-GAAP financial measure has been provided as supplemental financial information in our press release.

我們的新聞稿中提供了最直接可比較的 GAAP 財務指標與此類非 GAAP 財務指標的調整表作為補充財務資訊。

Now, I would like to turn the call over to Shawn Nelson, Chief Executive Officer of the Lovesac Company.

現在，我想將電話轉給 Lovesac 公司執行長 Shawn Nelson。

Shawn?

肖恩？

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

I'll start by sharing a high-level overview of our third-quarter results and outlook.

首先，我將分享我們第三季業績和前景的高級概述。

Then Mary Fox, our President and COO, will discuss our key growth initiatives.

然後我們的總裁兼營運長瑪麗福克斯將討論我們的關鍵成長計劃。

Finally, Keith Siegner, our CFO, will review our financial results and a few other items related to our outlook in more detail.

最後，我們的財務長 Keith Siegner 將更詳細地審查我們的財務表現以及與我們的前景相關的其他一些項目。

Turning to the highlights of our Q3 results, total net sales were $149.9 million, reflecting a year-over-year decline of 2.7%.

轉向我們第三季業績的亮點，總淨銷售額為 1.499 億美元，年減 2.7%。

As you're aware, from many others in our category, headwinds clearly persisted in the pre-election period.

如您所知，從我們類別中的許多其他人看來，選舉前的不利因素顯然持續存在。

For us, we felt this in some pressure on average order size where we saw encouraging growth in quotes for very large setups, but less conversion of those quotes than we expected.

對於我們來說，我們感受到了平均訂單規模的一些壓力，我們看到非常大的設定的報價出現令人鼓舞的增長，但這些報價的轉換率低於我們的預期。

Total omni-channel comparable net sales decreased 8.3%, which was partially offset by new and non-comp touchpoint contributions.

全通路可比淨銷售額總額下降 8.3%，部分被新接觸點和非競爭接觸點貢獻所抵銷。

Adjusted EBITDA and net loss were pressured by deleverage in SG&A, partially offset by gross margin expansion and leverage in advertising and marketing.

調整後的 EBITDA 和淨虧損受到 SG&A 去槓桿化的壓力，但部分被毛利率擴張以及廣告和行銷槓桿所抵消。

Despite the quarter results being below our recent trends and expectations, the third quarter still represented market share gains against the category that was down high-single digits and saw us end the quarter with our highest pre-holiday cash balance in years.

儘管季度業績低於我們最近的趨勢和預期，但第三季度的市場份額仍然比下降了高個位數的類別有所增長，並在本季度結束時實現了多年來最高的節前現金餘額。

Underpinning our performance is our highly productive omni-channel footprint, which is built upon our Designed For Life platform, enhanced by the love evidenced in our customer engagement compounded by compelling marketing and reinforced by our accelerating focus on product innovation.

支撐我們業績的是我們高效的全通路足跡，它建立在我們的「為生活而設計」平台之上，透過客戶參與中所體現的熱愛、引人注目的營銷以及我們對產品創新的加速關注而得到加強。

Demonstrating our commitment to innovation, in Q3, we successfully entered the case goods category with our AnyTable, completed an overhaul of our service products like the drink holder, coaster, and the new tray, and addressed a common request from our fans by offering insert protectors.

體現了我們對創新的承諾，在第三季度，我們透過AnyTable 成功進入了箱式商品類別，完成了對飲料架、杯墊和新托盤等服務產品的徹底改造，並透過提供插入件來滿足粉絲的共同要求保護者。

All of these new introductions expand our prolific sactionals platform in ways that make it even more competitive in the marketplace while simultaneously driving repeat business through add-on opportunities to keep our installed base of over 1 million households coming back for more.

所有這些新推出的產品都擴展了我們豐富的消費平台，使其在市場上更具競爭力，同時透過附加機會推動回頭客業務，使我們超過 100 萬個家庭的安裝基礎保持回頭客。

More details to come.

更多細節即將到來。

As we are now well into Q4, we're also super excited to have even more new product news to share.

由於我們現在已經進入第四季度，我們也非常高興能分享更多新產品新聞。

We've recently launched the charge side extension to our StealthTech platform.

我們最近推出了 StealthTech 平台的充電側擴充。

Now you can add charging to any sactional side even without the full surround sound embedded.

現在，即使沒有嵌入完整的環繞聲，您也可以為任何側面添加充電功能。

Also, thanks to collaborative work done by many teams, we were able to pull forward and soft launch the long-awaited sactionals recliner.

此外，由於許多團隊的協作工作，我們能夠推進並軟啟動期待已久的多功能躺椅。

This is the world's most innovative power recliner.

這是世界上最具創新性的電動躺椅。

If you haven't done so already, you really need to find your way into any one of our 258 proper Lovesac showrooms to experience this sleek, sophisticated zero wall clearance, rearrangeable marvel of engineering in person.

如果您還沒有這樣做過，那麼您確實需要進入我們 258 個合適的 Lovesac 陳列室中的任何一個，親自體驗這一時尚、複雜的零牆壁間隙、可重新佈置的工程奇蹟。

Besides, kicking back and enjoying the zero-gravity positioning, take the time to remove the cushions and look under the hood.

此外，放鬆並享受零重力的定位，花點時間取下墊子並看看引擎蓋下方。

This is a thing of beauty.

這是一件美麗的事。

Nearly three years and more than [8,000] design and engineering hours went into the creation of this product that we'll be selling now for decades.

這款產品的開發花費了近三年時間和超過 [8,000] 個小時的設計和工程時間，我們現在將銷售該產品數十年。

Of course, it can be utilized seamlessly with any sactional setup ever sold.

當然，它可以與任何出售的行動裝置無縫使用。

It simply replaces one seat.

它只是取代一個座位。

It works with the sides; these are the arms and backs that our customers already own.

它與側面配合使用；這些是我們的客戶已經擁有的手臂和背部。

But even more miraculously, it can be set up to function wideways or deepways, in any sactional configuration.

但更神奇的是，它可以在任何橫向配置中設定為橫向或縱向運行。

It is smooth and silent.

它平穩而安靜。

It is durable.

它很耐用。

And of course, Lovesac-comfy.

當然，還有洛夫薩克的舒適感。

It is truly the only designed for life recliner on earth and there are numerous patents pending and issued relating to it.

它確實是地球上唯一專為生活而設計的躺椅，並且有許多與之相關的專利正在申請和頒發。

To frame up the market opportunity a bit, a full [25%] of the broader sactional category demands reclining capabilities.

為了稍微確定市場機會，整個[25%]的更廣泛的休閒類別需要傾斜功能。

As successful as we have been to date with sactionals, we believe sactionals are currently the best-selling sactional platform in the US already.

儘管我們迄今為止在 sactionals 方面取得了成功，但我們相信 sactionals 目前已經是美國最暢銷的 sactional 平台。

We have been effectively locked out of this huge recliner market until we launched this product just a few weeks ago.

直到幾週前我們推出產品之前，我們實際上一直被排除在這個巨大的躺椅市場之外。

Already, it is exceeding our expectations in terms of our internal attachment rates and customer feedback.

就我們的內部附件率和客戶回饋而言，它已經超出了我們的預期。

As I just explained, the reclining seat is reverse compatible, but it is also future compatible in ways we have not yet revealed.

正如我剛才所解釋的，傾斜座椅是反向相容的，但它也以我們尚未透露的方式兼容未來。

The reclining seat really [sets] to existing sactional customers.

可躺式座椅確實適合現有的行動型顧客。

The investment you made in sactionals maybe years ago was one of the best investments you ever made.

也許幾年前你對股票的投資是你做過的最好的投資之一。

You can trust Lovesac to continue to expand its product catalog in ways that makes your original purchase with us more valuable and compelling over time, not less.

您可以相信 Lovesac 會繼續擴大其產品目錄，使您最初在我們這裡購買的產品隨著時間的推移變得更有價值、更有吸引力，而不是更少。

This way of doing business is 100% unique to the world of consumer goods and retail.

這種經營方式在消費品和零售領域是 100% 獨特的。

This is designed for life in action.

這是為行動中的生活而設計的。

We are proud of it.

我們為此感到自豪。

Clearly, the pace of innovation has step-changed higher at Lovesac, with many more significant product launches yet to be announced even for fiscal 2026.

顯然，Lovesac 的創新步伐已經加快，甚至在 2026 財年還有許多更重要的產品發布尚未宣布。

Yes, I said even for fiscal 2026, which is only a few months away for us.

是的，我說過即使是 2026 財年，距離我們只有幾個月的時間了。

All of this innovation comes from the compounding investments made over the last five years, including numerous product engineers and industrial designers, specialists in research and marketing, and supply chain and sourcing professionals, all working in lockstep to deliver sophisticated design for life solution that we will leverage to drive new and repeat business for decades to come.

所有這些創新都來自過去五年的複合投資，包括眾多產品工程師和工業設計師、研究和行銷專家、供應鏈和採購專業人員，他們齊心協力，提供我們所提供的複雜的生活設計解決方案。在未來幾十年內推動新業務和重複業務。

We have been investing in the foundations for profitable growth for years.

多年來，我們一直在投資於獲利成長的基礎。

Despite a tough category, hopefully, you can see that these investments are now paying off, which should reinforce why we're so excited about the massive growth potential for Lovesac.

儘管是一個艱難的類別，但希望您可以看到這些投資現在正在獲得回報，這應該強化了我們對 Lovesac 巨大成長潛力如此興奮的原因。

At our upcoming Investor Day to be held in New York City next Tuesday, December 17, we'll reveal more about our strategic framework, new products and growth initiatives, commitment to operational excellence and financial ambitions, which should supercharge our growth going forward.

在即將於下週二（12 月17 日）於紐約舉行的投資者日上，我們將透露更多有關我們的戰略框架、新產品和增長計劃、對卓越運營的承諾和財務雄心的信息，這將推動我們未來的成長。

Despite our gains in new customers and some green shoots in attacking the repeat business opportunity off the back of these recent launches, the home category remains severely challenged, still not recovered from post pandemic pull forward.

儘管我們在最近推出的產品中獲得了新客戶，並且在抓住重複業務機會方面取得了一些新芽，但家居類別仍然面臨嚴峻挑戰，仍未從大流行後的拉動中恢復過來。

Black Friday gave us so much to be excited about in terms of brand buzz, double-digit quote, pipeline growth, and more.

黑色星期五在品牌熱度、兩位數報價、通路成長等方面為我們帶來了很多令人興奮的事情。

But as indicated by our outlook for fourth quarter, there is still lingering uncertainty holding the consumer back.

但正如我們對第四季的展望所示，仍然存在揮之不去的不確定性，阻礙了消費者的購買。

We're focused on converting those clearly interested customers in our quote pipeline and bringing in new customers as well.

我們專注於在我們的報價管道中轉換那些明顯感興趣的客戶，並引入新客戶。

But we believe it's wise to adjust our outlook accordingly, as Keith will share.

但我們相信相應地調整我們的前景是明智的，正如基斯將分享的那樣。

In summary, we remain focused on controlling expenses and protecting profitability even as we continue to invest prudently in what we believe is a unique and powerful secular growth story.

總而言之，儘管我們繼續謹慎投資於我們認為獨特且強大的長期成長故事，但我們仍然專注於控制費用和保護獲利能力。

One that is supported by an expanding portfolio of new Designed For Life product platforms that will drive future growth and expansion for this brand.

這一理念得到了不斷擴大的全新 Design For Life 產品平台組合的支持，這將推動該品牌未來的成長和擴張。

Our teams are at the heart of what we do day in and day out and they have all worked very hard to bring about the launch of the reclining seat months earlier than scheduled, even while executing through the all-important holiday season.

我們的團隊是我們日復一日工作的核心，他們都非常努力地工作，以比計劃提前幾個月推出可躺座椅，即使在非常重要的假期期間也是如此。

I want to thank all of them for their ongoing hard work and disciplined execution as we continue to navigate through this dynamic consumer environment.

我要感謝他們所有人在我們繼續在這個充滿活力的消費環境中不斷努力工作和嚴格執行的同時。

Lovesac's runway for growth is long and attractive with large and extremely fragmented addressable markets, of which we currently enjoy a very low share even in our current platforms.

Lovesac 的成長道路漫長且有吸引力，其潛在市場規模龐大且極其分散，但即使在我們當前的平台上，我們目前在該市場中所佔的份額也非常低。

Our strengthening market position, profitable and growing business, and solid net cash position the balance sheet all enabled our first ever share buybacks made during Q3.

我們不斷增強的市場地位、盈利且不斷增長的業務以及資產負債表中穩固的淨現金狀況，所有這些都使我們能夠在第三季度進行首次股票回購。

As Keith will review, we intend to continue to operate and deploy capital with discipline, focused on delivering long-term, sustainable, profitable growth that should create value for all our stakeholders.

正如基思將審查的那樣，我們打算繼續嚴格運作和部署資本，專注於實現長期、可持續、盈利的成長，為所有利益相關者創造價值。

We look forward to sharing more on our long-term vision during our Investor Day, attendance by invite only in New York City on December 17.

我們期待在 12 月 17 日在紐約舉行的投資者日活動上分享更多有關我們長期願景的信息，僅限受邀人士參加。

With that, I will hand it over to Mary to cover our strategic priorities and progress in more detail.

接下來，我將把它交給瑪麗，更詳細地介紹我們的策略重點和進展。

Mary?

瑪麗？

Thank you, Shawn, and good morning, everyone.

謝謝你，肖恩，大家早安。

As Shawn discussed on net sales of $149.9 million for quarter three, it was slightly down from last year, but up 11.2% on a two-year basis, even as the category remains challenging.

正如 Shawn 談到的第三季淨銷售額為 1.499 億美元，雖然比去年略有下降，但在兩年基礎上成長了 11.2%，儘管該類別仍然充滿挑戰。

Importantly, on a five-year basis, net sales are up almost two-fold from pre-pandemic levels compared to the comparable category performance of flattish.

重要的是，從五年來看，與持平的同類產品相比，淨銷售額比疫情前的水平增長了近兩倍。

Our adjusted EBITDA margin has increased 895 basis points over the same time period.

同期我們調整後的 EBITDA 利潤率增加了 895 個基點。

In quarter three, we continue to outperform the category, gaining market share underpinned by our customer- and product-centric focus and our unique omni-channel infinity flywheel.

在第三季度，我們的表現繼續優於同類產品，在以客戶和產品為中心的關注以及獨特的全通路無限飛輪的支持下獲得了市場份額。

We've built a business model and a platform unlike anyone else in the category, resulting in a total addressable market opportunity that is significant, brand health that is strong and growing, a best-in-class e-commerce experience, high-return touchpoint economics, and an advantaged supply chain.

我們建立了與該類別中其他任何人不同的商業模式和平台，從而帶來了巨大的整體可尋址市場機會、強大且不斷增長的品牌健康、一流的電子商務體驗、高回報接觸點經濟學和優勢供應鏈。

We continue to extract benefit from disciplined investments in our strategic initiatives and capabilities to set us up for enhanced underlying profitability for years to come.

我們繼續從對策略性舉措和能力的嚴格投資中獲益，為我們未來幾年提高潛在盈利能力做好準備。

I'll now provide key highlights of our go-forward plans on each of our strategic initiative.

現在，我將重點介紹我們每項策略舉措的前進計劃。

Firstly, product innovation.

一是產品創新。

We know you're excited and curious.

我們知道您感到興奮和好奇。

So let's jump right into our most recent soft launch of the ultimate power recliner.

那麼，讓我們直接進入我們最近軟發布的終極電動躺椅。

We have been targeting a quarter one fiscal '26 launch date for the recliner.

我們的目標是在 26 財年第一季推出躺椅。

But with a herculean effort from all of our teams including supply chain and commercialization, we were able to soft launch this in touch points and online, just ahead of the key holiday period.

但透過我們所有團隊（包括供應鏈和商業化）的巨大努力，我們能夠在關鍵假期之前在接觸點和在線上軟啟動此功能。

We'll lean in more aggressively to drive awareness and conversion of recliner throughout fiscal '26.

我們將在整個 26 財政年度更加積極地推動躺椅的認知和轉化。

But even without full media support, it's off to a strong start.

但即使沒有媒體的全力支持，這也是一個好的開始。

The organizational capability we have built to be able to bring Designed For Life products to market is stronger than ever.

我們為將「Designed For Life」產品推向市場而建立的組織能力比以往任何時候都更強大。

And I just want to add a few more details.

我只想添加更多細節。

Reclining seat is a breakthrough powered recliner innovation that will drive category penetration by attracting incremental customers to the sactional platform.

斜躺式座椅是一項突破性的動力躺椅創新，將透過吸引增量客戶使用斜躺式平台來推動品類滲透。

Importantly, the reverse compatibility with existing sactionals enables us to drive greater repeat customer business.

重要的是，與現有交易的反向相容性使我們能夠推動更多的回頭客業務。

The recliner delivers unparalleled comfort and flexibility while maintaining the sleek sophisticated aesthetic that Lovesac is known for.

這款躺椅提供無與倫比的舒適性和靈活性，同時保持 Lovesac 聞名的時尚精緻美感。

Unlike traditional recliners that are limited to specific spots within a couch or sactional, a single reclining seat can be positioned virtually anywhere in a sactional configuration and in multiple orientations.

與僅限於沙發或臥式座椅內特定位置的傳統躺椅不同，單一斜躺座椅幾乎可以以水平配置和多種方向放置在任何位置。

We see tremendous opportunity to open the aperture for the sactional addressable market by tapping into the recliner market and driving incremental customer lifetime value with this and future innovations.

我們看到了透過進軍躺椅市場並透過這項和未來的創新推動增量客戶終身價值來打開可操作市場的巨大機會。

We will have the full launch campaign kick off early next year and look forward to sharing more with you during our Investor Day on December 17.

我們將於明年初啟動全面的啟動活動，並期待在 12 月 17 日的投資者日期間與您分享更多資訊。

We also continue to forge brand-relevant ambassador partnerships that lean into culture real time.

我們也持續建立與品牌相關的大使合作關係，以即時融入文化。

For example, in quarter three, we partnered with Olivia Rodrigo by creating the Guts World Tour sac for her international concert tour.

例如，在第三季度，我們與奧利維亞·羅德里戈 (Olivia Rodrigo) 合作，為她的國際巡迴演唱會打造了 Guts World Tour 包。

Her first worldwide tour has been widely anticipated by [Libby], and she has more than 30 million followers on Instagram and TikTok.

她的首次全球巡演受到[Libby]的廣泛期待，她在 Instagram 和 TikTok 上擁有超過 3000 萬粉絲。

The Guts sac exploded on Instagram, both in impressions and by helping grow our follower base by more than 6 million in a matter of days.

Guts sac 在 Instagram 上爆發式增長，無論是曝光量還是幫助我們的粉絲群在幾天內增加了超過 600 萬。

Second, our omni-channel experience.

第二，我們的全通路體驗。

We continue to strengthen our position as a true omni-channel retailer through a combination of our physical touchpoints in our digital platform.

透過數位平台中的實體接觸點的結合，我們繼續鞏固我們作為真正的全通路零售商的地位。

First, during the quarter, we opened five touchpoints and we remain on track to deliver at or just over 30 net new showroom openings in fiscal '25.

首先，在本季度，我們開設了 5 個接觸點，我們仍有望在 25 財年淨開設 30 個或略多於 30 個的新展廳。

Second, during the quarter, we continue to launch website enhancements that nurture long-term relationships with new and existing customers and support our plan to have the best-in-class omni-channel experience.

其次，在本季度，我們繼續推出網站增強功能，以培養與新舊客戶的長期關係，並支持我們獲得一流全通路體驗的計畫。

We made significant enhancements to the pre- and post-purchase experiences, including an improvement to the showroom locator as well as enhancements to MyHub, improving the post-purchase customer journey with enriched order information.

我們對購買前和購買後的體驗進行了重大改進，包括改進陳列室定位器以及增強 MyHub，透過豐富的訂單資訊改善購買後的客戶旅程。

Building long-term relationships with our highly engaged addressable base of existing customers remains a significant opportunity for Lovesac and a key strategic focus as we continue to launch new products that integrate into their existing purchases.

與我們高度參與的現有客戶群建立長期關係仍然是 Lovesac 的一個重要機會，也是我們不斷推出融入他們現有購買的新產品的關鍵策略重點。

Backwards compatibility gives us a unique advantage to nurture and deepen customer relationships, long after their initial purchase.

向後相容性為我們提供了獨特的優勢，可以在客戶初次購買後很長一段時間內培養和加深客戶關係。

On the heels of the PillowSac Accent Chair, the launch of AnyTable in quarter three assisted in driving a double-digit increase in existing customer mix and sales versus last year.

繼 PillowSac Accent 椅子之後，第三季推出的 AnyTable 幫助推動了現有客戶群和銷售額與去年相比實現了兩位數的成長。

In addition to attracting new customers, we will continue to leverage our loyal base of existing customers as we launch new innovations like reclining seats and charge sides.

除了吸引新客戶外，我們還將繼續利用現有客戶的忠實基礎，推出可躺座椅和充電側等新創新產品。

Another area of strategic focus is optimizing programming for our highly engaged [open quote] holders.

策略重點的另一個領域是為我們高度參與的[公開報價]持有者優化程式設計。

Through better data capture, we are augmenting the efforts of our amazing showroom partners, enabling us to reach out more to this audience systematically with the right message at the right time.

透過更好的數據收集，我們正在加強我們出色的展廳合作夥伴的努力，使我們能夠在正確的時間系統地向觀眾傳達正確的訊息。

Third is our ecosystem, which is centered around acquiring, delighting, and maintaining relationships with loyal, loving customers.

第三是我們的生態系統，其核心是獲取、取悅和維持與忠誠、熱愛的客戶的關係。

We continue to leverage our marketing mix and spend throughout the quarter and strategically pull back on linear TV during the period leading into the 2024 election.

我們繼續利用我們的行銷組合和整個季度的支出，並在 2024 年大選之前策略性地縮減線性電視業務。

Our optimizations into video including CTV and YouTube are generating positive traffic trends and ROI, helping to offset continued inflationary pressures in paid search and social media.

我們對 CTV 和 YouTube 等影片的優化正在產生積極的流量趨勢和投資回報率，有助於抵消付費搜尋和社交媒體持續的通膨壓力。

As effective as we've been in using marketing to build this beloved brand and grow net sales through good and bad macro conditions, we see significant upside potential from expanding and enhancing our marketing approach and playbook.

儘管我們一直有效地利用行銷來打造這個深受喜愛的品牌，並透過好壞的宏觀條件來增加淨銷售額，但我們看到了擴大和增強我們的行銷方法和策略的巨大上行潛力。

With the Lovesac brand well established and anchored by a portfolio of Designed For Life product platforms, we're recruiting our first Chief Marketing Officer to shepherd us into the next chapter of growth.

隨著 Lovesac 品牌的建立和以「Designed For Life」產品平台組合為基礎，我們正在招募第一位首席行銷官，以帶領我們進入下一個成長篇章。

We will share developments as we have more information.

當我們獲得更多資訊時，我們將分享進展。

Now, an update on our first phase of launching services.

現在，我們更新第一階段推出的服務。

In quarter three, we launched a beta website offering meticulously inspected Lovesac products for resell to our internal associates in a curated experience.

第三季度，我們推出了一個測試版網站，提供經過仔細檢查的 Lovesac 產品，並以精心策劃的體驗轉售給我們的內部同事。

We've seen great results with this internal test and we're looking forward to bringing the experience to our customers, leveraging open-box inventory to fuel our endeavor and continuing to expand on our promise to create products that are designed for life and supported by circular operations.

我們在這次內部測試中看到了很好的結果，我們期待為我們的客戶帶來體驗，利用開箱庫存來推動我們的努力，並繼續擴大我們的承諾，即創造為生活而設計並獲得支援的產品透過循環操作。

Finally, making disciplined infrastructure investments and driving efficiency.

最後，進行嚴格的基礎設施投資並提高效率。

In quarter three, we delivered material cost of goods and inbound freight improvements versus last year through prudent management and planned infrastructure investments, both in capabilities and technology.

在第三季度，透過審慎的管理和有計劃的基礎設施投資（包括能力和技術），我們實現了與去年相比，貨物的材料成本和入境貨運的改善。

A key element of this is our continued diversification of manufacturing outside of China, which is delivering savings on tariff costs year over year.

其中一個關鍵因素是我們在中國境外的製造業持續多元化，這使得關稅成本逐年節省。

As we mentioned earlier this year, we enhanced our inbound logistics strategy, moving from a freight forwarder model to a direct carrier relationship, minimizing our reliance on spot rates.

正如我們今年早些時候提到的，我們增強了入境物流策略，從貨運代理模式轉向直接承運人關係，最大限度地減少了對即期費率的依賴。

This continues to benefit us both in better overall pricing and availability of containers, as well as deemphasizing the spot market pricing inflation representing significant cost avoidance.

這繼續使我們受益於更好的整體定價和貨櫃可用性，以及減少現貨市場定價通膨（代表顯著的成本規避）。

From a gross margin perspective, these savings were partially offset by an increase in promotional discounting in the quarter as we continue to see higher promotional levels in the category.

從毛利率的角度來看，這些節省被本季度促銷折扣的增加部分抵消，因為我們繼續看到該類別的促銷水平更高。

We also delivered a 3% reduction in total inventory at the end of the quarter driven by the benefits of recent investments, including our new order management system which benefits our outbound logistics effort.

由於近期投資的好處，包括我們的新訂單管理系統，該系統有利於我們的出庫物流工作，我們在本季末的總庫存也減少了 3%。

On that front, we continue to make strong advancements in our outbound logistics model and successfully introduced local parcel providers in two key markets, which is helping deliver lower costs overall and improve customer satisfaction.

在這方面，我們繼續在出境物流模式方面取得重大進展，並成功在兩個關鍵市場引入本地包裹提供商，這有助於降低整體成本並提高客戶滿意度。

We'll continue to evaluate and expand this program into next year and beyond.

我們將繼續評估該計劃並將其擴展至明年及以後。

So in summary, we're pleased with the progress on our strategic priorities as we continue to successfully expand the business and make important foundational investments to drive as well as support the substantial growth that lies ahead.

總而言之，我們對策略重點方面的進展感到高興，因為我們將繼續成功擴展業務並進行重要的基礎投資，以推動和支持未來的大幅成長。

I will now pass the call over to Keith.

我現在將把電話轉給基斯。

Thanks, Mary.

謝謝，瑪麗。

Let's jump right on into a quick review of the third quarter followed by our outlook for the rest of fiscal '25.

讓我們直接快速回顧第三季度，然後展望 25 財年剩餘時間。

At a high level, third-quarter net sales fell slightly short of our guidance for the reasons Shawn discussed.

在較高水準上，第三季淨銷售額略低於我們的指導，原因如肖恩所討論的。

The disciplined management of controllable expenses enabled us to achieve the favorable end of our guided profit ranges, regardless.

無論如何，對可控費用的嚴格管理使我們能夠實現利潤指導範圍的有利目標。

That's even despite incremental expenses related to last year's restatement of prior-period financials.

即使與去年重述前期財務數據相關的增量費用也是如此。

As we begin with performance metrics, please note that all references to the third quarter refer to fiscal '25, unless otherwise noted.

當我們從績效指標開始時，請注意，除非另有說明，所有提到第三季的內容均指 25 財年。

Net sales decreased $4.1 million or 2.7% to $149.9 million in the third quarter compared to the prior-year period.

與去年同期相比，第三季淨銷售額減少 410 萬美元，或 2.7%，至 1.499 億美元。

Showroom net sales decreased $7.7 million or 7.8% to $91 million in the third quarter compared to the prior-year period, driven by a decrease of 8.3% in omni-channel comparable net sales, partially offset by the net addition of 28 new showrooms.

與去年同期相比，第三季展廳淨銷售額下降770 萬美元，即7.8%，至9,100 萬美元，原因是全通路可比淨銷售額下降8.3%，但部分被28 個新展廳淨增加所抵消。

Internet net sales increased $4.9 million or 12.1% to $44.9 million in the third quarter compared to the prior-year period.

第三季網路淨銷售額與去年同期相比增加了 490 萬美元，即 12.1%，達到 4,490 萬美元。

Other net sales which include pop-up shop, shop-in-shop, and open-box inventory transactions decreased $1.4 million or 8.6% to $14 million in the third quarter compared to the prior-year period, primarily due to lower productivity of our temporary online pop-up shops on costco.com.

與去年同期相比，第三季其他淨銷售額（包括快閃店、店中店和開箱庫存交易）下降了140 萬美元，即8.6%，至1,400 萬美元，這主要是由於我們的生產力下降。

Open-box inventory transactions with [icon] were flattish year over year at $2.5 million in the third quarter.

第三季與 [icon] 的開箱庫存交易與去年同期持平，為 250 萬美元。

We do not currently anticipate any of these transactions in the fiscal fourth quarter.

我們目前預計第四財季不會發生任何此類交易。

By product category, in the third quarter, our sactional net sales decreased 2%.

按產品類別劃分，第三季我們的銷售淨銷售額下降了 2%。

Sacs net sales decreased 4%.

Sacs 淨銷售額下降 4%。

We continue to expect we will be largely caught up with the backlog on StealthTech and PillowSac Accent Chair in the fourth quarter.

我們仍然預計第四季度我們將在很大程度上趕上 StealthTech 和 PillowSac Accent Chair 的積壓工作。

Combined, these accounted for less than $5 million in transfer of net sales from second and third quarter to the fourth quarter.

這些合計佔第二季和第三季至第四季的淨銷售額轉移不到 500 萬美元。

Our other net sales, which includes decorative pillows, blanket,s and accessories decreased 16% over the prior-year period.

我們的其他淨銷售額（包括裝飾枕頭、毯子和配件）比去年同期下降 16%。

Gross margin increased 110 basis points to 58.5% of net sales in the third quarter versus 57.4% in the prior-year period.

第三季毛利率成長 110 個基點，佔淨銷售額的 58.5%，去年同期為 57.4%。

This is primarily driven by decreases of 120 basis points in inbound transportation costs and 40 basis points in outbound transportation and warehousing costs, partially offset by a decrease of 50 basis points in product margin driven by higher promotional discounting.

這主要是由於入境運輸成本下降了 120 個基點，出境運輸和倉儲成本下降了 40 個基點，但促銷折扣增加導致產品利潤率下降了 50 個基點，部分抵消了這一影響。

SG&A expenses a percent of net sales was 47.9% in the third quarter versus 43.9% in the prior-year period.

第三季銷售、管理及行政費用佔淨銷售額的百分比為 47.9%，去年同期為 43.9%。

The increased percentage is primarily related to investments in payroll, equity-based compensation, and rent as well as lower net sales.

百分比增加主要與工資、股權薪酬和租金投資以及淨銷售額下降有關。

The increase in selling general and administrative expense dollars was primarily related to an increase of $5 million in payroll, $1.7 million in equity-based compensation, $0.8 million in rent, partially offset by decreases of $1.4 million in professional fees, $1.0 million in credit card fees, and $0.9 million in infrastructure investments in the business to support current and future growth.

銷售一般和行政費用的增加主要與工資增加 500 萬美元、股權薪酬增加 170 萬美元、租金增加 80 萬美元有關，但部分被專業費用減少 140 萬美元、信用卡費用減少 100 萬美元所抵銷費，以及90 萬美元的業務基礎設施投資，以支持當前和未來的成長。

Rent increased by $0.8 million, related to $1.4 million increase in rent expense from the net addition of 28 showrooms, partially offset by $0.6 million reduction in percentage rent.

租金增加了 80 萬美元，與淨增加 28 個陳列室導致的租金費用增加 140 萬美元有關，但部分被租金百分比減少 60 萬美元所抵消。

We expect non-recurring incremental fees associated with the restatement of prior-period financials was approximately $3.3 million in the third quarter, which included the settlement with the SEC.

我們預計第三季與前期財務重述相關的非經常性增量費用約​​為 330 萬美元，其中包括與 SEC 的和解費用。

These are very difficult to forecast and while we would hope these should be much smaller going forward, we'll continue to highlight any, if applicable, each quarter.

這些很難預測，雖然我們希望未來這些數字會小得多，但我們將繼續在每個季度強調任何（如果適用）。

Advertising and marketing expenses decreased $1.2 million or 5.5% to $19.9 million for the third quarter compared to the prior-year period.

第三季廣告和行銷費用與去年同期相比減少 120 萬美元，或 5.5%，至 1,990 萬美元。

Advertising and marketing expenses remained flat at 13.3% of net sales in the third quarter compared to 13.7% of net sales in the prior-year period.

第三季廣告和行銷費用佔淨銷售額的 13.3%，與去年同期的 13.7% 持平。

Operating loss for the quarter was $7.7 million compared to $3.6 million in the third quarter of last year, driven by the factors we just discussed.

由於我們剛才討論的因素，本季的營運虧損為 770 萬美元，而去年第三季的營運虧損為 360 萬美元。

Before we turn our attention to net loss, net loss per common share, and adjusted EBITDA, please refer to the terminology and reconciliation between each of our adjusted metrics and their most directly comparable GAAP measurements in our earnings release issued earlier this morning.

在我們將注意力轉向淨虧損、普通股淨虧損和調整後EBITDA 之前，請參閱我們今天早上早些時候發布的收益報告中的每個調整後指標與其最直接可比的GAAP 衡量標準之間的術語和調節。

Net loss for the quarter was $4.9 million or negative $0.32 per common share compared to net loss of $2.3 million or negative $0.15 per common share in the prior-year period.

本季淨虧損為 490 萬美元，即每股普通股負 0.32 美元，去年同期淨虧損為 230 萬美元，即每股普通股負 0.15 美元。

During the third quarter, we recorded an income tax benefit of $2.1 million as compared to $1.0 million in the prior year.

第三季度，我們的所得稅收益為 210 萬美元，而前一年為 100 萬美元。

Adjusted EBITDA for the quarter was $2.7 million as compared to $2.5 million in the prior-year period.

本季調整後 EBITDA 為 270 萬美元，上年同期為 250 萬美元。

Turning to our balance sheet, we ended the third quarter with a very healthy balance sheet that provides substantial flexibility for Lovesac to invest in growth to enhance long-term value creation for shareholders.

談到我們的資產負債表，我們第三季末的資產負債表非常健康，為 Lovesac 投資成長提供了極大的靈活性，以增強為股東創造長期價值。

First, we reported $61.7 million in cash and cash equivalents while retaining $36 million in committed availability and no borrowings on our recently amended credit facility.

首先，我們報告了 6,170 萬美元的現金和現金等價物，同時保留了 3,600 萬美元的承諾可用性，並且我們最近修改的信貸安排沒有借款。

While our cash balance was slightly down sequentially, it was up meaningfully from the third quarter balances of fiscal '24 and fiscal '23.

雖然我們的現金餘額比上一季略有下降，但與 24 財年和 23 財年第三季的餘額相比顯著增加。

Third quarter has historically been our seasonally lowest cash flow balance as we build inventory ahead of the holiday selling season.

第三季歷來是我們季節性最低的現金流餘額，因為我們在假期銷售季節之前建立庫存。

So this emphasizes the strength of our net cash position.

因此，這強調了我們淨現金部位的實力。

Second, our total merchandise inventory levels are in line with our projections.

其次，我們的總商品庫存水準符合我們的預測。

We feel very good about both the quality and quantity of our inventory and our ability to maintain industry-leading in-stock positions and delivery times.

我們對庫存的品質和數量以及保持行業領先的庫存位置和交貨時間的能力感到非常滿意。

Third, during the quarter, we repurchased approximately 131,000 shares of our common stock at an average price of $26.13 for approximately $3.4 million.

第三，在本季度，我們以約 340 萬美元的平均價格 26​​.13 美元回購了約 131,000 股普通股。

This leaves approximately [$36.6 million] remaining under our existing share repurchase authorization.

這使得我們現有的股票回購授權剩餘約[3,660萬美元]。

We plan to provide more details around our strategic approach for managing potential excess capital next week at our Investor Day.

我們計劃在下週的投資者日提供有關管理潛在過剩資本的策略方法的更多詳細資訊。

Please refer to our earnings press release for other details on our third-quarter financial performance.

有關我們第三季財務業績的其他詳細信息，請參閱我們的收益新聞稿。

Now for our outlook.

現在談談我們的展望。

Our early anecdotal evidence is that the [Cyber Five] period was quite a challenge for furniture companies.

我們早期的軼事證據表明，[網路五]時期對家具公司來說是一個相當大的挑戰。

So we don't have hard numbers just yet.

所以我們還沒有確切的數字。

Our baseline assumption for a 10% full-year category decline largely still holds, so it's unclear whether the full fourth quarter will improve or deteriorate from the roughly 7% declines we saw in our fiscal third quarter.

我們對全年品類下降 10% 的基準假設在很大程度上仍然成立，因此目前尚不清楚整個第四季是否會比第三財季約 7% 的下降有所改善或惡化。

Regardless, we aspire to grow, irrespective of the category, let alone sustain market share gains.

無論如何，我們都渴望成長，無論屬於哪個類別，更不用說維持市場佔有率的成長。

We aim to recover quickly from our initial 4Q outlook and believe we have a solid secular growth plan to do so, which we'll talk a lot more about next week at the Investor Day.

我們的目標是從最初的第四季度前景中快速恢復，並相信我們有一個堅實的長期成長計劃來實現這一目標，我們將在下週的投資者日上詳細討論這項計劃。

Plus, as always, owing to our unique business model, we are primed to capitalize on the category rebound as soon as it happens in a more real time than our peers.

此外，一如既往，由於我們獨特的商業模式，一旦品類反彈比同行更即時發生，我們就準備好利用它。

As this occurs, the additional revenue should drive expanding flowthrough of topline growth to bottom line growth.

當這種情況發生時，額外的收入應該會推動營收成長向利潤成長的轉變。

For the full year fiscal '25, we are lowering our guidance ranges.

對於 25 財年全年，我們正在降低指導範圍。

We estimate net sales of $660 million to $680 million.

我們估計淨銷售額為 6.6 億至 6.8 億美元。

We expect adjusted EBITDA between $37.5 million and $48.5 million.

我們預計調整後 EBITDA 在 3750 萬美元至 4850 萬美元之間。

This includes gross margins of 58% to 59%, advertising and marketing of approximately 13% as a percent of net sales, and SG&A of approximately 42% as a percent of net sales.

其中包括 58% 至 59% 的毛利率、佔淨銷售額約 13% 的廣告和行銷以及佔淨銷售額約 42% 的銷售及管理費用 (SG&A)。

We estimate net income to be between $4.5 million and $12.5 million.

我們估計淨利潤在 450 萬美元至 1250 萬美元之間。

We estimate diluted income per common share in the range of $0.27 to $0.74 and approximately 16.9 million estimated diluted weighted average shares outstanding.

我們估計每股普通股的稀釋收入在 0.27 至 0.74 美元之間，預計稀釋加權平均流通股數量約為 1,690 萬股。

As a reminder, fiscal '25 will contain 52 weeks versus fiscal '24 which contained an additional 53rd week in the fourth quarter.

提醒一下，25 財年將包含 52 週，而 24 財年第四季又包含 53 週。

For the fourth quarter, we estimate net sales of $221 million to $241 million.

我們預計第四季的淨銷售額為 2.21 億美元至 2.41 億美元。

We expect adjusted EBITDA between $43 million and $55 million.

我們預計調整後 EBITDA 在 4300 萬美元至 5500 萬美元之間。

This includes gross margins of approximately 60.5%.

其中毛利率約 60.5%。

Advertising and marketing of approximately 11.5% as a percent of net sales and SG&A of approximately 29% as a percent of net sales.

廣告和行銷約佔淨銷售額的 11.5%，SG&A 約佔淨銷售額的 29%。

We estimate net income to be between $28 million and $36 million.

我們估計淨利潤在 2800 萬美元至 3600 萬美元之間。

We estimate diluted income per common share in the range of $1.67 to $2.14 and approximately 16.8 million estimated diluted weighted average shares outstanding.

我們估計每股普通股的稀釋收入在 1.67 美元至 2.14 美元之間，估計稀釋加權平均已發行股票約為 1,680 萬股。

In conclusion, stabilization of the category and an eventual return to category growth are ahead of us even if that exact timing remains unclear.

總而言之，儘管確切的時間尚不清楚，但該類別的穩定和最終恢復該類別的增長就在我們面前。

In the meantime, even while the category headwinds linger, we believe we can balance near-term performance and profitability with investments in product innovation and long-term growth, thereby optimally positioning us to generate stakeholder value for years to come.

同時，即使類別逆風依然存在，我們相信我們可以透過對產品創新和長期成長的投資來平衡近期業績和盈利能力，從而使我們處於最佳位置，以便在未來幾年為利益相關者創造價值。

Before I turn the call back over to the operator to start our Q&A session, we'd like to ask that the questions refer primarily to our results and near-term expectations.

在我將電話轉回接線生以開始問答環節之前，我們想詢問這些問題主要涉及我們的結果和近期預期。

We plan to provide full context and perspective around our strategic framework, new products, growth initiatives, and financial ambitions at our Investor Day next Tuesday, the 17th.

我們計劃在下週二（即 17 日）的投資者日上提供有關我們的策略框架、新產品、成長計畫和財務目標的完整背景和觀點。

This event will include formal presentations, a Q&A section.

活動將包括正式演講和問答部分。

We'll even have plenty of our amazing Designed For Life products there for folks to interact with.

我們甚至會有大量令人驚嘆的「Designed For Life」產品供人們互動。

We really hope you'll join us and please email Investor Relations at lovesac.com to request details.

我們真誠地希望您能加入我們，請發送電子郵件至lovesac.com 投資者關係部索取詳細資訊。

With that, over to you, operator.

就這樣，交給你了，操作員。

(Operator Instructions) Maria Ripps, Canaccord Genuity.

（操作員說明）Maria Ripps，Canaccord Genuity。

Great, good morning, and thanks for taking my questions.

太好了，早安，感謝您提出我的問題。

First, I just wanted to ask about your Q4 outlook.

首先，我想問一下您對第四季的展望。

So if we look at your sort of updated guidance versus prior implied outlook, can you maybe share a little bit more color on how much of that sort of delta is sort of attributable to the changes in factors that you talked about last quarter?

因此，如果我們看看您的更新指導與之前的隱含前景，您能否分享更多關於這種增量有多少歸因於您上季度談到的因素變化的信息？

Like catching up on delayed shipments, new products and just broader category improvement?

例如趕上延遲的出貨、新產品以及更廣泛的品類改良？

Sure thing.

當然可以。

Thanks.

謝謝。

I'll kick this off and then I'll pass it over to Shawn to talk a little bit more about some of the details.

我將開始這一點，然後將其傳遞給肖恩，以進一步討論一些細節。

Honestly, the biggest delta between the previous guidance and now is the category.

老實說，先前的指導意見與現在的指導意見之間最大的差異在於類別。

There were relatively few surprises in terms of the backlog amounts as we talked about last quarter, it being in the mid-single digit millions or in the single-digit millions and turned out to be a little less than $5 million.

正如我們上季度討論的那樣，積壓金額相對較少令人驚訝，積壓金額在數百萬左右或數百萬左右，結果略低於 500 萬美元。

The supply chain teams did a great job getting StealthTech back in stock after some delays in the long lead times that we had in sourcing.

在我們採購的較長交貨時間出現一些延誤之後，供應鏈團隊在幫助 StealthTech 恢復庫存方面做得非常出色。

So most of all of those factors were relatively consistent.

所以所有這些因素中的大多數都是相對一致的。

I mean, actually, from a recliner perspective, pulling it forward and soft launching, it has been very encouraging to us.

我的意思是，實際上，從躺椅的角度來看，將其向前拉動並軟啟動，這對我們來說非常令人鼓舞。

We've seen great feedback and great interest.

我們看到了很好的回饋和極大的興趣。

And I'm sure we'll get into that more on this call, but that's been quite encouraging to us.

我相信我們會在這次電話會議上更多地討論這個問題，但這對我們來說非常令人鼓舞。

Really, what it boiled down to was conversion of quotes.

實際上，歸根究底就是引號的轉換。

So Shawn, why don't you talk a little bit about more of what we've seen in terms of that dynamic?

那麼肖恩，為什麼不談談我們在這種動態方面所看到的更多內容呢？

Yeah, I think the most heartening thing about what we're seeing in the business is our quotes way up year over year.

是的，我認為我們在行業中看到的最令人振奮的事情是我們的報價逐年上漲。

This is the business functioning as it's supposed to other than a conversion, which as we're experiencing anecdotally, customers being more cautious with their spending, particularly pre-holiday.

這是業務的正常運作，而不是一種轉換，正如我們所經歷的，客戶對他們的支出更加謹慎，尤其是在節前。

Look, the year is not over and we're going to fight until the last minute to drive sales, drive revenue, and put more people into the fold of our Lovesac family because that's where the repeat process begins.

看，這一年還沒結束，我們將戰鬥到最後一刻，以推動銷售、增加收入，並讓更多的人加入我們的 Lovesac 家族，因為這就是重複過程的開始。

And now that we have a full suite of products, including the recliner that we just pulled forward to launch early, which is driving tremendous new business for us as well as repeat business.

現在我們擁有了一整套產品，包括我們剛提前推出的躺椅，這為我們帶來了巨大的新業務和回頭客業務。

Obviously, not enough to offset this headwind that we're seeing in this category that continues to persist.

顯然，這不足以抵消我們在這一類別中看到的持續存在的不利因素。

It's well over a couple of years now, going on three years of severe headwinds, and we recognize that.

現在已經過去了幾年多，經歷了三年的嚴重逆風，我們認識到這一點。

Meanwhile, we're innovating and we've got exciting news to share next week at the Investor Day.

同時，我們正在創新，我們將在下週的投資者日分享令人興奮的消息。

And so while we are paranoid about the day-to-day business and remain totally focused on driving sales, we just don't know exactly what's going to transpire with the consumer over the next few weeks that are left in our fiscal year.

因此，儘管我們對日常業務持偏執態度，並且仍然完全專注於推動銷售，但我們只是不知道在本財年剩下的接下來幾週內消費者會發生什麼。

And so the guidance that you're seeing is us being cautious as well as, of course, optimistic and focused on driving business until the end.

因此，您看到的指導是我們保持謹慎，當然也保持樂觀，並專注於推動業務直到最後。

Got it.

知道了。

And then secondly, can you maybe talk about how your recent product launches in the pipeline for next year sort of inform your approach to building brand awareness and sort of broader marketing strategy for next year?

其次，您能否談談您最近在明年推出的產品如何為您明年建立品牌知名度和更廣泛的營銷策略提供資訊？

Shawn, I think you're on mute.

肖恩，我認為你處於靜音狀態。

Yeah, you're going to see a further expansion of our Designed For Life strategy rolled out.

是的，您將會看到我們「為生活而設計」策略的進一步擴展。

I mean, what's I think most exciting is as you're seeing with all of the launches this year, the pace of innovation at Lovesac is increasing.

我的意思是，我認為最令人興奮的是，正如您在今年推出的所有產品中所看到的那樣，Lovesac 的創新步伐正在加快。

It used to be two or three new introductions a year.

過去每年都會推出兩到三個新產品。

Now, we've done more than half a dozen this year.

現在，我們今年已經做了六個以上。

And this not only provides customers with a more fulsome ability to adopt our brand into their lives, but gives us so many opportunities to drive repeat.

這不僅為客戶提供了更充分的能力將我們的品牌融入他們的生活，也為我們提供了許多機會來推動重複。

We're going to share some data in a few days that speaks to the power of this flywheel where people make often large purchases with us one time and then over a number of years, increase their spend with us as we give them opportunities to add on.

我們將在幾天內分享一些數據，這些數據說明了飛輪的力量，人們經常在我們這裡進行一次大額採購，然後在幾年內增加他們在我們這裡的支出，因為我們給他們機會增加。

And this is not just a great business outcome; this is totally unique in the landscape.

這不僅是一項偉大的商業成果，更是一項偉大的商業成果。這在景觀中是獨一無二的。

There is no other consumer company that I'm aware of that allows you to truly expand on the initial purchase.

據我所知，沒有其他消費公司可以讓您真正擴展初次購買。

And not only in this way, drive sustainability, right?

不僅如此，還可以推動永續發展，對嗎？

These are products that can actually sustain but also make that initial purchase more valuable a few years later than when you originally made it.

這些產品不僅可以真正維持下去，而且還能使最初購買的產品在幾年後比您最初購買時更有價值。

And so not only are you going to see evidence of this on the platforms you're aware of, sactionals and sacs, but we're going to speak to new platforms that are coming and that's really exciting for us.

因此，您不僅會在您知道的平台（sactionals 和 sacs）上看到這方面的證據，而且我們還將與即將到來的新平台進行對話，這對我們來說真的很令人興奮。

Yeah, I think Shawn, just to add, Maria, on your question.

是的，我想肖恩，只是補充一下，瑪麗亞，關於你的問題。

So a couple of things.

有幾件事。

We continue to drive awareness, bringing more customers into the funnel.

我們持續提高意識，吸引更多客戶進入管道。

And I think that's part of the evidence that we see in very strong quote growth with double digits and actually building even more.

我認為這是我們看到的非常強勁的兩位數報價增長並且實際上還在增長的證據的一部分。

And customers spend more than 30 minutes with us as they build their quote and choosing their ideal configuration and the cover.

客戶在我們制定報價並選擇理想的配置和外殼時花費了 30 分鐘以上的時間。

So we see that brand health continuing and awareness is obviously critical for us because we still see a huge amount of opportunity.

因此，我們看到品牌的持續健康和認知度對我們來說顯然至關重要，因為我們仍然看到了大量的機會。

I think the second thing I talked about, the fact that we're going to be hiring our first Chief Marketing Officer, very excited about that opportunity and being able to drive funnel effectiveness.

我認為我談到的第二件事是，我們將聘請第一位首席行銷官，我們對這個機會感到非常興奮，並且能夠提高通路效率。

And Shawn, you talked about the recliner launch, we haven't even [switched] on our media campaign.

肖恩，你談到了躺椅的推出，我們甚至還沒有[切換]我們的媒體宣傳活動。

This is a soft launch because we pulled it earlier just due to the herculean efforts of our teams, which is just incredible and it's such a great product.

這是一次軟發布，因為我們團隊的巨大努力讓我們提前推出了它，這真是令人難以置信，而且它是一個非常棒的產品。

And then we are going to switch on what is going to be an incredible campaign early next year to really tell people about why we have the best recliner and how they can -- current customers can come and buy it and add it into their configuration and then just attracting a lot of new customers that just wouldn't have considered us in the past because we didn't have a recliner.

然後我們將在明年初啟動一場令人難以置信的活動，真正告訴人們為什麼我們擁有最好的躺椅以及他們如何能夠——現有客戶可以來購買它並將其添加到他們的配置中，然後吸引了許多新客戶，他們過去不會考慮我們，因為我們沒有躺椅。

We now have the best recliner on the market.

我們現在擁有市場上最好的躺椅。

Great.

偉大的。

Thank you so much for the color and looking forward to Investor Day next week.

非常感謝您的顏色，並期待下週的投資者日。

Thomas Forte, Maxim Group.

托馬斯福特，馬克西姆集團。

Great, thanks.

太好了，謝謝。

So first, congrats on the recliner soft launch.

首先，恭喜躺椅試發布。

I have one question and one follow-up.

我有一個問題和一個後續行動。

So Shawn and team, how should we think about your promotional strategy and what is a highly promotional environment for the category including your willingness to lose sales to protect profitability?

那麼肖恩和他的團隊，我們應該如何考慮你們的促銷策略，以及該類別的高度促銷環境是什麼，包括你們是否願意為了保護盈利而損失銷售額？

Yeah, I'll say a couple of things and Mary can add on.

是的，我會說幾件事，瑪麗可以補充。

We have worked really hard over the past three years in particular since COVID to be thoughtful about our promotional strategy and not extend into realms further than this.

在過去的三年裡，特別是自新冠疫情以來，我們非常努力地考慮我們的促銷策略，並且不會擴展到比這更進一步的領域。

Sometimes what you'll see, 30% off on different things.

有時您會看到，不同的商品有 30% 的折扣。

This is important to us.

這對我們很重要。

In the marketplace, we're seeing significantly higher promotional levels from our peers.

在市場上，我們看到同業的促銷水準顯著提高。

And we recognize that.

我們認識到這一點。

We're seeing 40%, 50%, 60% off of a lot of different products out there.

我們看到很多不同的產品都有 40%、50%、60% 的折扣。

And our peers admittedly have a much broader catalog than we do.

誠然，我們的同行擁有比我們更廣泛的目錄。

And there are obviously advantages and disadvantages to that.

這顯然有優點和缺點。

As it pertains to Lovesac in particular, we are not promoting as heavily on our new inventions.

尤其是與洛夫薩克有關，我們不會大力宣傳我們的新發明。

For instance, like the recliner and the AnyTable and some of the new products out there.

例如，像是躺椅和 AnyTable 以及一些新產品。

And we're holding the line.

我們正在堅守陣線。

Why are we doing that?

我們為什麼要這麼做？

We're doing that because as Mary said, we're seeing double-digit quote growth year on year, right?

我們這樣做是因為正如瑪麗所說，我們看到報價同比增長兩位數，對吧？

So this is a sales and marketing machine that is functioning quite well up until the very end of conversion where we need a little bit more to get us over the hump and help us meet our original goals.

因此，這是一台銷售和行銷機器，在轉換結束之前運作良好，我們需要更多一點來幫助我們克服困難並幫助我們實現最初的目標。

We believe there's still time in the fiscal to do that, but we're being cautious.

我們相信財政年度仍有時間做到這一點，但我們持謹慎態度。

As it pertains to the go-forward, we are here to build a brand.

就前進而言，我們來這裡是為了打造一個品牌。

We're not here to just sling sofas and make a buck and myopically focused on that.

我們來這裡不是為了僅僅吊起沙發來賺錢並短視地專注於這一點。

We believe that we're building a brand that will be here for decades.

我們相信我們正在打造一個將存在數十年的品牌。

And I think as you see us expand into new categories and some of which we'll talk about in just a few days, you'll understand why we're so confident about this business in real time and of course, on the go-forward.

我認為，當您看到我們擴展到新的類別以及我們將在幾天內討論其中一些類別時，您就會明白為什麼我們對這項實時業務如此有信心，當然，在旅途中-向前。

And so, not being flippant to the current state of the category that we're in.

因此，不要對我們所處類別的當前狀態輕率。

We've built cash, we're protecting profitability through controlling SG&A.

我們已經累積了現金，我們透過控制銷售、管理和行政費用來保護獲利能力。

And so we're just not in a position where we want to go crazy with discounts and promotions.

因此，我們不想瘋狂地進行折扣和促銷。

We feel very good about the businesses that we're seeing for the most part.

我們對大部分看到的企業感覺非常好。

And I think just the last bit, Tom, is that we continue to test and learn and I think that's one of the great elements of our team; it's that agility.

湯姆，我認為最後一點是我們繼續測試和學習，我認為這是我們團隊的重要元素之一；就是這樣的敏捷性。

So we'll continue to do that.

所以我們將繼續這樣做。

But as we have always talked, as long as we have a [three] in front of our promotions, we don't need to go as deep as we see others that are 40%, 50%, 60% off.

但正如我們一直所說的，只要我們的促銷活動前面有[三]，我們就不需要像其他人那樣深入了解 40%、50%、60% 的折扣。

And again, that goes back to the power of the brand and the new innovation doesn't have a material discount at all and yet we're seeing really good uptake there.

再說一次，這又回到了品牌的力量，新的創新根本沒有實質的折扣，但我們看到那裡的採用率非常好。

So we continue to work.

所以我們繼續工作。

The team are determined to be able to pull those really strong quote pipelines through to conversion.

團隊決心能夠將那些真正強大的報價管道拉向轉換。

And we appreciate them for that and that tenacity.

我們感謝他們的這一點和堅韌。

Wonderful.

精彩的。

And then for my follow-up, how does the gross margin of the recliner compare relative to your other products?

那麼我的後續問題是，與你們的其他產品相比，躺椅的毛利率如何？

Yeah, it's in line.

是的，已經排隊了

We're really proud of this product.

我們對這個產品感到非常自豪。

We've targeted to have it be in line with our overall gross margin profile.

我們的目標是使其與我們的整體毛利率狀況保持一致。

We're proud of our gross margins.

我們對我們的毛利率感到自豪。

As you know, they're perhaps the highest in the category or amongst the highest in the category.

如您所知，它們可能是該類別中最高的或該類別中最高的之一。

And we're seeing significant adoption of the recliner at the moment, almost 50-50 between customers that exist and new customers, obviously, adding into the configurations.

目前，我們看到躺椅的使用率很高，現有客戶和新客戶之間的比例幾乎為 50-50，顯然，增加了配置。

So it's often running and we haven't even begun advertising it to its full extent.

所以它經常運行，但我們甚至還沒有開始充分宣傳它。

Thanks for taking my questions.

感謝您回答我的問題。

Matt Koranda, ROTH Capital Partners.

馬特‧科蘭達，羅仕資本合夥人。

Hey, guys, good morning.

嘿，夥計們，早安。

Just in the interest of focusing on near-term stuff.

只是為了專注於近期的事情。

Wondering if you could unpack how the fourth quarter is tracking relative to the down 7% guide?

想知道您是否可以了解第四季度相對於下降 7% 的指導方針的情況如何？

I guess, what did you see specifically during the Black Friday, Cyber Monday period?

我想，您在黑色星期五、網路星期一期間具體看到了什麼？

Was it sort of negative high-single digits in line with that guide?

這是符合該指引的負高個位數嗎？

And then maybe Keith, could you share the underlying omni comp assumption that's embedded in the fourth quarter guidance?

然後基思，您能否分享一下第四季度指導中嵌入的基本全向補償假設？

Just trying to get a sense for apples to apples comparison because we had that extra week last year.

只是想了解同類之間的比較，因為去年我們多了一周。

Totally fair question.

完全公平的問題。

We appreciate that.

我們對此表示讚賞。

Just to be clear in terms of the specific trends for Black Friday as to how they fold into our full Q4 guidance, understand we're going to be -- we're not going to be totally clear there for a couple of reasons.

只是為了清楚黑色星期五的具體趨勢以及它們如何納入我們完整的第四季度指導，請理解我們將 - 由於幾個原因，我們不會完全清楚這一點。

We still have a long way to go in this quarter.

本季我們還有很長的路要走。

We have double-digit quote pipeline growth year over year.

我們的報價管道年增兩位數。

We have seen some of the, let's call it lower conversion rates, particularly at the very large configuration size, but there's a long time to go here in this quarter.

我們已經看到了一些，我們稱之為較低的轉換率，特別是在配置規模非常大的情況下，但本季還有很長的時間才能實現這一目標。

There's tons of interest.

有很多興趣。

We have phone numbers, email, and relationships with that entire quote pipeline of people that we are focused on converting.

我們擁有電話號碼、電子郵件以及與我們重點轉換的整個報價管道之間的關係。

As Shawn mentioned, we've taken a very conservative and pragmatic approach to our ability to accelerate that conversion.

正如肖恩所提到的，我們採取了非常保守和務實的方法來加速這一轉變。

That's what's factored in.

這就是考慮的因素。

We would hope that we were able to be more successful at converting a lot like that pipeline through the rest of the quarter.

我們希望我們能夠在本季度剩餘時間內更成功地完成類似管道的轉換。

But given the backdrop right now, we're not going to lean in too much in terms of the guidance.

但考慮到目前的背景，我們不會過度依賴指導。

The Black Friday period, the Cyber Five period is fully encapsulated within that updated guidance we gave for the Q4.

黑色星期五期間、網路五期間完全包含在我們為第四季提供的更新指引中。

What I would tell you is a couple of things to think about with the omni-channel quotes and how it pertains to let's call it, say, showrooms versus web and others.

我想告訴您的是關於全通路報價需要考慮的幾件事，以及它如何與我們稱之為陳列室與網路和其他方式相關。

Just I think it would be useful for you.

只是我認為這對你有用。

So first, remember in July, we had rolled out Phase 2 of our MyHub, which is our omni-channel quote and CRM tool.

首先，請記住在 7 月份，我們推出了 MyHub 第二階段，這是我們的全通路報價和 CRM 工具。

So now, no matter where you begin your journey with Lovesac, whether it's in a showroom, whether it's on our website, whether it's any of that, you now have a full seamless omni-channel way to engage with us and close that quote.

因此，現在，無論您從何處開始您的Lovesac 之旅，無論是在陳列室，還是在我們的網站上，無論是其中任何一個，您現在都可以透過完全無縫的全通路與我們互動並結束報價。

As expected before launch and as we've talked about, we continue to see people come into the fold in the showrooms, but then execute or close on the web which is driving our internet sales growth higher.

正如發布前的預期和我們所討論的那樣，我們繼續看到人們進入陳列室，但隨後在網路上執行或關閉，這推動了我們的網路銷售成長。

So that's totally as expected.

所以這完全符合預期。

And what we want is an omni-channel brand.

我們想要的是全通路品牌。

So when you're thinking about our omni-channel quotes and the internet sales growth that you see in the queue versus others, just keep that in mind.

因此，當您考慮我們的全通路報價以及您在隊列中看到的與其他管道相比的網路銷售成長時，請記住這一點。

The trends that the -- once you take that into account, the difference between omni-channel and revenue growth really will be consistent because the contribution from the new showroom openings on a year-over-year basis is stable; Q2, Q3, Q4.

一旦考慮到這一點，全通路和收入成長之間的差異實際上將是一致的，因為新展廳開幕的同比貢獻是穩定的； Q2、Q3、Q4。

So, really, the delta will remain the same in Q4 as well.

因此，實際上，第四季的增量也將保持不變。

Okay, got it.

好的，明白了。

Wondering on the -- it sounds like we have like a near-term conversion challenge just given the double-digit growth and quotes that you guys have mentioned several times.

想知道 - 聽起來我們面臨著近期的轉換挑戰，只是考慮到兩位數的增長和你們多次提到的報價。

Maybe can you put a finer point on just the initiatives that we have in place or the tools at our disposal?

或許您能更詳細地介紹一下我們已經採取的措施或我們可以使用的工具嗎？

You start boosting conversion within this quarter.

您將在本季開始提高轉換率。

Curious on that front.

對這方面感到好奇。

And then maybe just anything on the recliner initial reads that you have in terms of attach rates to the sactionals platform, that'd be very helpful.

然後，也許您在躺椅上初始閱讀的任何內容都與sactionals 平台的附加費率有關，這將非常有幫助。

Hey, Matt, let me take those questions.

嘿，馬特，讓我回答這些問題。

So I think as we continue to test and with this quote pipeline strength that we have, we have email addresses, we have a great way to be able to connect with our customers.

因此，我認為，隨著我們繼續測試，憑藉我們擁有的報價管道優勢，我們擁有電子郵件地址，我們有一個很好的方式來與客戶聯繫。

So we'll continue to test through in terms of how to drive that conversion.

因此，我們將繼續測試如何推動這種轉換。

The question for us is, is it timing?

我們面臨的問題是，時機是否成熟？

Because we've heard a lot around with this compressed holiday shopping period.

因為我們已經聽到很多關於這個壓縮的假期購物期的消息。

People just really need to focus on gift buying.

人們確實需要專注於購買禮物。

But they came in to build a configuration because they know that they want this.

但他們進來建立一個配置，因為他們知道他們想要這個。

It's just a matter of timing in terms of getting through this holiday period.

度過這個假期只是時間問題。

So we'll stay connected with our customers.

因此，我們將與客戶保持聯繫。

We're testing.

我們正在測試。

You're going to see a couple of great events that we've got leading through into the holidays with a gift (inaudible) purchase.

您將看到我們在假期中透過購買禮物（聽不清楚）舉辦的一些精彩活動。

So it's a gift for you as well as convert for your family.

因此，它既是送給您的禮物，也是送給您家人的皈依者。

So again, the agility of the organization to be able to drive that, powered by the connections that we have with our customers and the relationships, we feel very strongly with.

同樣，我們對組織能夠推動這一目標的敏捷性，在我們與客戶的聯繫和關係的推動下，感到非常強烈。

And we'll continue that through the quarter.

我們將在整個季度繼續這樣做。

In terms of on the recliner performance, we feel really good in terms of the

就躺椅性能而言，我們感覺非常好

[staff].

[職員]。

It just launched three weeks ago into our showrooms and online as we talked about pulling that forward and just great work with the teams.

三週前，它剛剛在我們的展廳和線上推出，當時我們討論了推動這一進程以及與團隊的出色合作。

Early results are we're significantly feeding our KPIs.

早期結果是我們顯著提高了 KPI。

We've already sold over 4,000 units and that's to both customers that have a sactional already and are adding it in and they're just super excited to have that recliner component.

我們已經售出了 4,000 多個單位，這兩個客戶都已經擁有了一個躺椅並且正在添加它，他們對擁有這個躺椅組件感到非常興奮。

And then also a very great level of new customers that are coming in to add that into their initial setup.

然後還有大量新客戶加入，將其添加到他們的初始設定中。

And we've done this without switching on any of the media campaign or any material discount, as Shawn mentioned.

正如肖恩所提到的，我們在沒有開啟任何媒體宣傳活動或任何實質折扣的情況下做到了這一點。

Because we really believe in the power of this incredible innovation.

因為我們真的相信這種令人難以置信的創新的力量。

Customers are coming back and they're telling us they're just blown away by the comfort.

顧客回來後告訴我們，他們對這裡的舒適感感到震驚。

They love the fact that you're able to put it in any location of the sactional, which is just a huge advantage to anyone else.

他們喜歡這樣一個事實，即您可以將其放置在動作的任何位置，這對其他人來說是一個巨大的優勢。

And then also that you can actually have it set up flat against the wall without having to have any clearance, which is a huge advantage for that.

而且，您實際上可以將其平放在牆上，而無需留出任何間隙，這是一個巨大的優勢。

So super early days, and a lot more opportunity for us to go after the eyeballs that are buying recliners as we launch the campaign.

所以，現在還處於早期階段，當我們發起活動時，我們有更多的機會吸引購買躺椅的注意。

And in the meantime, zooming back up, the teams are all over the opportunity to be able to drive the improvements through quarter four.

同時，回過頭來看，各團隊都有機會在第四季推動改善。

As we certainly have the customers there, we just need to get them across the line.

因為我們在那裡肯定有客戶，所以我們只需要讓他們過線。

So we're very grateful for them.

所以我們非常感謝他們。

Yeah, and just to build on what Mary said, I think we're very optimistic about the period, post Christmas.

是的，根據瑪麗所說，我認為我們對聖誕節後的這段時期非常樂觀。

Remember, our fiscal year doesn't wrap up till the end of January, which is a strong month for home decor as people shift their thinking from entertaining or celebrating to studying their space for the year.

請記住，我們的財政年度要到一月底才會結束，這是家居裝飾的一個強勁月份，因為人們的想法從娛樂或慶祝轉向研究今年的空間。

And it's also, as Mary said, a shortened or as we talked about, a shortened holiday season, right?

正如瑪麗所說，這也是一個縮短的假期，或者正如我們所說的，一個縮短的假期，對吧？

And so I think the frenetic pace of holiday buying and being an election year, all these things pile on to really change the dynamic of purchasing.

因此，我認為假期購物的瘋狂步伐和選舉年，所有這些因素的疊加，真正改變了購買的動態。

So you might say, why not leave your guidance where it was or chase that?

所以你可能會說，為什麼不把你的指導留在原來的地方或追逐它呢？

Look, we're seeing these shifts in real time, we remain optimistic.

看，我們即時看到這些變化，我們保持樂觀。

We have a lot of tools at our disposal.

我們有很多工具可供使用。

And this quote pipeline that Mary speaks of is -- just to put a finer point on that, really unique to Lovesac.

瑪麗提到的這條報價管道——只是為了更詳細地說明這一點，對洛夫薩克來說確實是獨一無二的。

Let me explain why.

讓我解釋一下原因。

While it's certainly not unique in the furniture landscape to come into some of our better competitors and generate quotes for different things, there is no way to transact on sactionals, particularly a showroom without a handheld experience.

雖然在家具領域與一些更好的競爭對手競爭並為不同的東西生成報價當然不是獨一無二的，但沒有辦法進行交易交易，特別是沒有手持體驗的陳列室。

With one of our tremendous [online] salespeople, they're good at what they do.

我們擁有一位出色的[線上]銷售人員，他們擅長自己的工作。

You're going to play with some blocks, you're going to look at all the add-ons that are -- that can be quite complex, from StealthTech to deep sides to your reclining seats to your choice of arms.

你將玩一些積木，你將看到所有的附加組件，這些附加組件可能非常複雜，從隱形技術到深層側面，到你的斜躺座椅，再到你選擇的手臂。

This requires a quote process that gives us not just the customers' email but their phone number in most cases.

這需要一個報價流程，在大多數情況下，不僅向我們提供客戶的電子郵件，還向我們提供他們的電話號碼。

We're texting, we're calling, we're working and clienteling in ways that I think a lot of businesses don't and can't because either the information wasn't gathered as people wander around showrooms and look at price tags and make their own notes, which you can't really do at Lovesac.

我們發短信、打電話、工作和服務客戶的方式我認為很多企業沒有也不能這樣做，因為當人們在陳列室裡閒逛並查看價格標籤時，信息沒有被收集並做自己的筆記，而這在洛夫薩克是做不到的。

Or from our e-commerce competitors where no such clienteling is possible.

或來自我們的電子商務競爭對手，但不可能提供此類客戶服務。

And so Lovesac -- this is a really unique strength for Lovesac and that's why, I think, if we sound calm in the face of some of these headwinds, it's because we're seeing this significant quote growth.

所以洛夫薩克——這對洛夫薩克來說是一個真正獨特的優勢，這就是為什麼，我認為，如果我們在面對這些逆風時聽起來很平靜，那是因為我們看到了報價的顯著增長。

We will find a way to close a lot of it.

我們會找到一種方法來關閉其中的大部分。

It's just a question of whether we'll close it -- enough of it before the end of this fiscal year exactly.

這只是我們是否會在本財年結束前關閉它的問題。

And so we continue to charge forward and appreciate the questions.

因此，我們繼續前進並感謝這些問題。

Okay, guys.

好吧，夥計們。

Thank you for all the detail and I'll leave it there and look forward to next week.

感謝您提供的所有詳細信息，我將其留在那裡並期待下週。

Alex Fuhrman, Craig-Hallum Capital Group.

亞歷克斯·福爾曼，克雷格-哈勒姆資本集團。

Hey, guys, thanks very much for taking my question.

嘿，夥計們，非常感謝您提出我的問題。

I'd love to ask about the transition to the new media-buying agency.

我很想詢問向新媒體購買機構的過渡。

I think I remember earlier this year, there were some headwinds just during the very early days of the transition.

我想我記得今年早些時候，在過渡初期出現了一些阻力。

Now that you've had more time and some experience during the peak holiday season, can you talk about how that transition has gone?

現在您在假期高峰期已經有了更多的時間和一些經驗，您能談談這種轉變是如何進行的嗎？

And if you think that was a good move?

如果您認為這是一個好的舉措？

Hey, Alex, thank you so much.

嘿，亞歷克斯，非常感謝你。

Yes, we continue to see, based on our media performance and the return on ad spend, we feel very good about that transition and as we've shared before, it was choppy in quarter one as we moved everything across.

是的，我們繼續看到，根據我們的媒體表現和廣告支出的回報，我們對這種轉變感覺非常好，正如我們之前分享的那樣，當我們把所有東西都轉移時，第一季的情況很不穩定。

But their performance has continued to be a lot stronger, both in buying power, so their ability to get access to much better pricing as well as even just much better media spots.

但他們的表現繼續強勁得多，無論是在購買力方面，還是在獲得更好的定價甚至更好的媒體廣告的能力方面。

So we've been investing in things like MBA, which we know is having a key cultural moment.

因此，我們一直在投資 MBA 等項目，我們知道這正處於一個關鍵的文化時刻。

And a lot of our (inaudible) in terms of customers are really watching that medium, as well as even just a lot more optimization as we see inflation and paid search.

我們的許多（聽不清楚）客戶確實在關注這種媒體，甚至在我們看到通貨膨脹和付費搜尋時進行了更多的優化。

They're continually moving and driving at a lot more real time than we were able to do a year ago.

他們不斷地移動和駕駛，比我們一年前能夠做到的更加即時。

So from that side, we feel very good on their performance and obviously, that's led with our teams working with them.

因此，從這方面來看，我們對他們的表現感到非常滿意，顯然，這是我們團隊與他們合作的結果。

We do, though, see a continued opportunity as we've talked about the strength of our brands and being able to drive that accelerated conversion.

不過，我們確實看到了持續的機會，因為我們已經討論了我們品牌的實力以及推動加速轉換的能力。

So we're going to continue to test and learn.

所以我們將繼續測試和學習。

Again, they have more resources that are able to be doing that for us.

同樣，他們擁有更多資源可以為我們做到這一點。

And we're seeing even more step into things like influence and marketing that we've done a great job with, but the teams are really starting to drive that more.

我們看到在影響力和行銷等方面有了更多的進展，我們在這方面做得很好，但團隊確實開始推動這方面的發展。

And then I think the last piece is just the digital marketing efforts.

然後我認為最後一部分就是數位行銷工作。

Really heavily focused around localized targeted tactics to get shoppers in.

確實非常注重本地化的有針對性的策略來吸引購物者。

So I love that touchpoint and build a quote and have a demo, I think as Shawn talked about, is just such an important part of our media effectiveness.

所以我喜歡這個接觸點，建立一個報價並進行演示，我認為正如肖恩所說，這是我們媒體有效性的重要組成部分。

So I feel good.

所以我感覺很好。

I think we're continuing to drive that spend through quarter four, and looking forward to obviously seeing those improvements come through.

我認為我們將在第四季度繼續推動支出，並期待明顯看到這些改進的實現。

Okay, thanks very much, Mary.

好的，非常感謝，瑪麗。

Appreciate that color.

欣賞那個顏色。

Thank you, Alex.

謝謝你，亞歷克斯。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hi, this is [Andrew] on for Brian.

大家好，我是布萊恩的[安德魯]。

Thanks for taking your questions.

感謝您提出問題。

So the first is just kind of a follow-up to a lot of the commentary around Q4 guidance.

因此，第一個只是對第四季度指導的許多評論的後續。

I know in your prepared remarks, Shawn, you commented on the near-term weakness around pre-election period while also noting the market share gains and the strength and the competitive positioning around recent product launches.

肖恩，我知道您在準備好的演講中評論了選舉前期間的近期疲軟，同時也注意到了市場份額的增長以及近期產品發布的優勢和競爭定位。

So I guess the question is really, what are you seeing in this post-election period and how we should balance the commentary around product launches being positive and potentially market share gaining with also software topline guidance for Q4?

所以我想問題實際上是，您在選舉後的這段時期看到了什麼，我們應該如何平衡圍繞產品發布的積極評論和潛在的市場份額增長與第四季度的軟體頂線指導？

Yeah, great question.

是的，很好的問題。

It's a mixed bag, for sure.

當然，這是一個魚龍混雜的情況。

We are -- certainly, we're interested to see how the consumer would react post-election.

當然，我們有興趣了解消費者在選舉後有何反應。

Pre-election, choppy for all the obvious reasons and post-election for this category has continued to be about the same.

由於所有明顯的原因，選舉前的情況並不穩定，而選舉後這一類別的情況仍然大致相同。

We haven't seen a major shift in consumer behavior that perhaps we were hoping for.

我們還沒有看到消費者行為發生我們所希望的重大轉變。

On the other hand, as we said, this combination of the increased quote pipeline, people are out there.

另一方面，正如我們所說，透過增加報價管道的組合，人們就在那裡。

People are shopping.

人們正在購物。

They're just being a lot more cautious with their wallets and being more considered, especially in the shortened holiday period.

他們只是對自己的錢包更加謹慎並更加考慮，尤其是在縮短的假期期間。

As it pertains to market share gains, our comments and conclusions there come from the fact that Lovesac has continued to beat the category despite the fact that we're a little bit down or flat, depending on which metric we're talking about.

由於涉及市場份額的增長，我們的評論和結論來自這樣一個事實：洛夫薩克繼續擊敗該類別，儘管我們有點下降或持平，具體取決於我們所討論的指標。

The category is double-digit down and have been for a very long time.

該類別的銷量呈兩位數下降，並且這種情況已經持續了很長時間。

And so we feel good that we are gaining market share.

因此，我們對獲得市場份額感到很高興。

We have a real time or near real time brand tracker.

我們有一個實時或近實時的品牌追蹤器。

Lovesac is data obsessed, right?

Lovesac 沉迷於數據，對嗎？

And so we're looking at how our brand compares to other brands in the marketplace.

因此，我們正在研究我們的品牌與市場上其他品牌的比較。

We have very detailed research in the landscape that we pay close attention to, and we feel good about the efficacy of our top of funnel and mid-funnel marketing.

我們對我們密切關注的領域進行了非常詳細的研究，我們對漏斗頂部和漏斗中部行銷的效果感到滿意。

Really all the way through, we're just not closing on quite enough quotes in real time before Christmas to make us feel uber-confident about the guidance that we've set before.

實際上，從始至終，我們都沒有在聖誕節前實時關閉足夠多的報價，從而使我們對之前設定的指導感到超級自信。

And so we'll see what happens.

所以我們會看看會發生什麼。

Post Christmas, we will continue to pull levers, we will continue to find more clever ways to promote, more clever ways to communicate.

聖誕節過後，我們將繼續拉桿，我們將繼續尋找更巧妙的推廣方式，更巧妙的溝通方式。

And we're cautiously optimistic, but so far, it's been steady as she goes, which in this environment for this category, is not ideal.

我們持謹慎樂觀的態度，但到目前為止，她的發展一直很穩定，在這種環境下，對於這個類別來說，這並不理想。

And we're recognizing that.

我們正在認識到這一點。

One other thing to add on is just a dynamic that's been playing out that we're working on, understanding and addressing real time has been the use of our customers or of the Lovesac financing program.

另一件需要補充的事情是我們正在研究、理解和解決即時問題的動態，即我們的客戶或 Lovesac 融資計劃的使用。

Through the third quarter and through Black Friday, we saw almost 500 basis points less of our revenues flowing through that financing program than we saw the year before.

從第三季到黑色星期五，我們發現透過該融資計畫的收入比去年減少了近 500 個基點。

There's a number of things that could be driving that, including changes that came out through that [whole] industry earlier this year where there was program fees put in place for programs like the equal payments of interest.

有很多因素可能會推動這一趨勢，包括今年早些時候整個行業發生的變化，其中對等額利息支付等項目實行了項目費用。

And as such, we've been toying around with shorter duration types of programs that don't have the initial fee, and so on and so forth.

因此，我們一直在嘗試沒有初始費用的短期項目類型，等等。

So we're in the process of tweaking that with our partner in Synchrony to try to optimize, and see if that could be part of what's leading to less conversion at the end of the day of quotes thus far.

因此，我們正在與 Synchrony 合作夥伴一起調整這一點，以嘗試優化，看看這是否是導致迄今為止報價日結束時轉換率較低的原因之一。

So that's another opportunity for us to lean into and sort through what's the optimal approach for a financing promotional offer to help drive that quote conversion.

因此，這是我們的另一個機會，可以深入研究並整理融資促銷優惠的最佳方法，以幫助推動報價轉換。

But I did think that might be interesting.

但我確實認為這可能很有趣。

Absolutely.

絕對地。

No, I appreciate that.

不，我很欣賞這一點。

And if I could just throw a follow-up in, we appreciate your commentary around the recliner seat and the consumer reaction around that.

如果我可以跟進一下，我們感謝您對躺椅座椅的評論以及消費者對此的反應。

Any additional commentary you can provide around consumer reaction to the other various product launches you've had throughout the year?

您可以針對消費者對您全年推出的其他各種產品的反應提供任何其他評論嗎？

Shawn, you want to take it first?

肖恩，你想先拿走嗎？

No, you go.

不，你走吧。

Yeah.

是的。

So we've shared with you before, AnyTable came out in quarter three and we're seeing a great opportunity with current customers where they're adding in AnyTable and then new customers that see great opportunity to be able to have this coffee table or inline table that they can actually support how they live their lives with all of that functionality.

因此，我們之前曾與您分享過，AnyTable 在第三季度推出，我們看到當前客戶有一個很好的機會，他們正在添加AnyTable，然後新客戶看到了能夠擁有這張咖啡桌或的絕佳機會。

So we see that and we've not been promoting, as Shawn said, around on our renovations.

所以我們看到了這一點，但正如肖恩所說，我們並沒有在裝修方面進行宣傳。

So again, learning through in terms of the feedback when it is full price and where the customer engagement is.

再次強調，要根據全價時的回饋以及顧客參與度進行學習。

We're seeing customers particularly with larger configurations are really engaging in AnyTable.

我們發現，特別是配置較大的客戶非常熱衷於 AnyTable。

And then I think the other one just probably as the highlight is the PillowSac Accent Chair.

然後我認為另一個可能是亮點的是 PillowSac Accent 椅子。

As we shared before, that was off to an incredibly strong start, highlighted as the accent chair of the season.

正如我們之前分享的，這是一個令人難以置信的強勁開局，被強調為本季的特色椅子。

We did sell out.

我們確實賣完了。

So that was on us in terms of the recovery around supply chain, which is as Keith said, we're starting to see in quarter four and then be able to switch back on media there as well because with the longer lead times, we did pull that back a little bit.

因此，就供應鏈的復甦而言，這是我們的責任，正如基思所說，我們在第四季度開始看到，然後也能夠在那裡切換回媒體，因為隨著交貨時間的延長，我們做到了把它拉回來一點。

So that one in particular, we feel very excited as we build out.

尤其是這一點，我們在擴建時感到非常興奮。

And then I don't know, Shawn, if you want to talk about the other exciting innovation on the charge side that we just launched a few weeks ago?

然後我不知道，肖恩，你是否想談談我們幾週前剛推出的充電方面的其他令人興奮的創新？

Yeah, I mean, the list of innovations from Lovesac this year is our longest ever.

是的，我的意思是，Lovesac 今年的創新清單是我們有史以來最長的。

And it speaks to the bigger picture of the brand we're building and the investments that we've made.

它講述了我們正在打造的品牌和我們所做的投資的更大藍圖。

We've invested in a lot of headcount and a lot of resource in order to put out innovation faster and drive sales.

為了更快地推出創新並推動銷售，我們投入了大量的員工和資源。

And this is a big reason for our market share gains even in this down year.

即使在這個低迷的年份，這也是我們市場佔有率成長的一個重要原因。

And it's important, I think, to recognize that.

我認為認識到這一點很重要。

Were it not for these new product introductions, we would not be making the market share gains we believe that we're making.

如果沒有這些新產品的推出，我們就不會取得我們所認為的市場份額的成長。

And so, as Mary said, besides the PillowSac Accent Chair frame, which has it now -- it's kind of internet famous, this product.

因此，正如瑪麗所說，除了現在擁有的 PillowSac Accent 椅子框架之外，這款產品在網路上也頗有名氣。

It's gone viral on TikTok and Instagram.

它在 TikTok 和 Instagram 上瘋傳。

We sold out not because we order to a few, obviously, we ordered to a plan, but it would blow the cover off the ball, that product, even in this context.

我們賣完了不是因為我們訂購了一些，顯然，我們訂購了一個計劃，但即使在這種情況下，它也會揭開球的面紗，該產品。

And recently, the charge side.

而最近，充電方面。

This is the StealthTech introduction.

這是 StealthTech 的介紹。

This is a side where you can have one of those embedded chargers invisible to the touch and invisible to the eye underneath the sactionals cover.

在這一側，您可以在 sactionals 蓋下方放置一個摸不到、肉眼看不見的嵌入式充電器。

And this one, you can not just have in one position in the arm or the back.

而這個，你不能只在手臂或背部的一個位置。

By the way, they're interchangeable, right?

順便說一下，它們是可以互換的，對吧？

A sactional side can be used as an arm or a back, but the charger itself can be placed within the piece near the front, near the middle, near the back of that arm, underneath the cover.

側面可以用作手臂或背部，但充電器本身可以放置在靠近前部、靠近中間、靠近手臂後部、蓋子下方的部件內。

These are inventions that don't exist.

這些都是不存在的發明。

They don't exist in the marketplace.

它們在市場上並不存在。

We're on the cutting edge of technology embedded in furniture.

我們處於家具嵌入技術的最前線。

We're the only one doing anything like this, particularly with this degree of sophistication.

我們是唯一一家做這樣的事情的人，尤其是在這種複雜程度的情況下。

It's a faster wireless charger than the one that preceded it in the original StealthTech program.

它是一款比最初的 StealthTech 計劃中之前的無線充電器更快的無線充電器。

And we have a lot of other StealthTech innovations to come over this next year.

明年我們還將推出許多其他 StealthTech 創新。

On top of, of course, the furniture innovations, what's this all driving?

當然，除了家具創新之外，這一切的動力是什麼？

It's driving not only attachment rate, of course, and AOV up overall in the bigger picture.

當然，它不僅提高了附著率，而且還提高了整體 AOV。

But it's driving customer loyalty, right?

但這正在提高客戶忠誠度，對吧？

Because you can't -- once you're on this platform, it's a very sticky platform and it pays off.

因為你不能－一旦你進入這個平台，它就會變成一個非常黏性的平台，並且會帶來回報。

You made your sacs investment a couple of years ago, now you can add on, now you could change.

您幾年前進行了 sacs 投資，現在您可以添加，現在您可以改變。

Holy cow, I didn't even know that this thing would be able to do this stuff when I bought it a couple of years ago.

天啊，幾年前我買的時候我甚至不知道這東西能做這些事。

But it's also driving a huge repeat business.

但這也帶動了龐大的回頭客業務。

I think what's really exciting is that a few of these innovations, most of these innovations that have been mentioned, and there's more, by the way, that we're not even talking about, the surface products, we got the -- we call them (inaudible) protector, the insert protectors.

我認為真正令人興奮的是其中一些創新，大多數已經提到的創新，順便說一句，還有更多我們甚至沒有談論的表面產品，我們得到了——我們稱之為它們（聽不清）保護器，插入保護器。

These are covers within your covers to protect your animals or your kids from making messes on your sactionals and protecting that investment.

這些是您的保護套中的保護套，可保護您的動物或您的孩子免於弄亂您的物品並保護您的投資。

These are things that the customer has been asking for.

這些都是客戶一直要求的。

So what we're seeing with almost all these introductions mentioned is about 50-50 adoption, right?

所以我們看到幾乎所有提到的這些介紹都是大約 50-50 個採用，對吧？

We're seeing as much repeat business, old customers coming back and adding on as we are -- the new customers are picking it up because they're demoed in real time in the showroom.

我們看到了與我們一樣多的回頭客、老客戶的回歸和增加——新客戶之所以選擇它，是因為他們在陳列室中進行了即時演示。

So it's a really exciting time.

所以這是一個非常令人興奮的時刻。

It's frustrating that the macro is not cooperating.

令人沮喪的是宏觀經濟不配合。

And we'll see where it goes, but we're as cool as a cucumber.

我們會看看它會走向何方，但我們就像黃瓜一樣冷靜。

We are focused on the future.

我們著眼於未來。

We've got lots of cash and lots of ability to pull levers and protect SG&A and we're prudent about this business.

我們擁有大量現金和強大的能力來拉動槓桿並保護SG＆A，並且我們對這項業務持謹慎態度。

We're not here to just meet a quarter or what have you.

我們來這裡不是為了和四分之一的人見面或其他什麼的。

We're here to build a brand that's here for decades and we're going to manage the business in that manner.

我們來這裡是為了打造一個存在數十年的品牌，我們將以這種方式管理業務。

Thank you very much for that color.

非常感謝你的那種顏色。

Appreciate it.

欣賞它。

And yeah, looking forward to hearing about your initiatives next week at your Investor Day.

是的，期待在下週的投資者日聽到您的舉措。

So thank you.

所以謝謝你。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our question-and-answer session.

女士們先生們，我們的問答環節到此結束。

I'll turn the floor back to Mr. Nelson for any final comments.

我將把發言權交還給納爾遜先生，徵求最後的意見。

Yeah, we just want to say thank you to all of the investors that continue to support this business and of course, to all the Lovesac family members out there, both the employees and customers that really make this business thrive.

是的，我們只想對所有繼續支持這項業務的投資者表示感謝，當然，也要感謝所有 Lovesac 家族成員，包括真正使這項業務蓬勃發展的員工和客戶。

Hope you have a wonderful holiday season.

希望您度過一個愉快的假期。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。