Lovesac Co (LOVE) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Lovesac fourth-quarter fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Lovesac 2025 財年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

At this time, it is now my pleasure to introduce Caitlin Churchill with Investor Relations. Caitlin, you may begin.

現在，我很高興向大家介紹投資者關係部門的凱特琳‧邱吉爾 (Caitlin Churchill)。凱特琳，你可以開始了。

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

謝謝。大家早安。與我一起參加電話會議的是執行長 Shawn Nelson；總裁兼營運長瑪麗福克斯 (Mary Fox)；以及財務長 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. These include statements about our future expectations, financial projections and our plans and prospects.

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。其中包括關於我們未來預期、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. For a discussion of these risks and uncertainties, you should review the company's filings with the SEC, which includes today's press release.

實際結果可能與此類聲明中所述的結果有重大差異。要了解這些風險和不確定性，您應該查看該公司向美國證券交易委員會提交的文件，其中包括今天的新聞稿。

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

您不應依賴我們的前瞻性陳述來預測未來事件。我們在本次電話會議上所做的所有前瞻性陳述均基於截至今天的假設和信念，除非適用法律要求，否則我們不承擔更新這些陳述的義務。

Our discussion today will include non-GAAP financial measures, including EBITDA and adjusted EBITDA. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. 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.

我們今天的討論將包括非 GAAP 財務指標，包括 EBITDA 和調整後的 EBITDA。這些非 GAAP 指標應被視為對我們的 GAAP 結果的補充，而不是替代或孤立於我們的 GAAP 結果。我們在新聞稿中提供了最直接可比較的 GAAP 財務指標與非 GAAP 財務指標的對賬，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. Shawn?

現在我想把電話轉給 Lovesac 公司執行長 Shawn Nelson。肖恩？

Good morning, everyone, and thank you for joining us. I'll start by sharing a high-level overview of our fourth quarter and full year fiscal 2025 results, provide an update on our Designed for Life product platforms and share some exciting news about an amazing new addition to our leadership team.

大家早安，感謝大家的收看。我將首先概述我們的 2025 財年第四季度和全年業績，提供我們「為生活而設計」產品平台的最新信息，並分享有關我們領導團隊新成員的一些令人興奮的消息。

Then Mary Fox, our President, will discuss our tailored customer acquisition engines. And finally, Keith Siegner, our CFO, will review our financial results and provide more detail on our fiscal 2026 outlook.

然後，我們的總裁瑪麗福克斯 (Mary Fox) 將討論我們量身定制的客戶獲取引擎。最後，我們的財務長 Keith Siegner 將回顧我們的財務業績，並提供有關 2026 財年展望的更多詳細資訊。

Before getting into details, I'd like to take a moment to reflect on milestone achievements for Lovesac in fiscal 2025. First, we had our most prolific year ever for new product launches, having gained significant momentum in innovation and commercialization of platform extensions, including major successes like the PillowSac Accent Chair and the early launch of the Reclining Seat.

在詳細介紹之前，我想花點時間回顧一下 Lovesac 在 2025 財年取得的里程碑式成就。首先，我們度過了有史以來新產品發布最豐富的一年，在平台擴展的創新和商業化方面取得了顯著進展，包括 PillowSac Accent Chair 和 Reclining Seat 的早期推出等重大成功。

Second, we codified our long-term strategy and value creation model, which we delivered at our first ever Investor Day and unveiled the first of three completely new product platforms that we plan to launch over the next three years, the EverCouch.

其次，我們制定了長期策略和價值創造模式，並在首個投資者日上進行了闡述，並推出了我們計劃在未來三年內推出的三個全新產品平台中的第一個：EverCouch。

Third, we strengthened the foundations of our business, having reinvented our supply chain and dramatically enhanced our CRM tools to deepen and broaden the moat around our unique omnichannel business model. Last, we have a very healthy balance sheet, which gives us substantial flexibility to weather tariff distractions, accelerate growth and enhance returns on capital for years to come.

第三，我們加強了業務基礎，重塑了供應鏈，並大幅增強了 CRM 工具，以深化和拓寬我們獨特的全通路業務模式的護城河。最後，我們的資產負債表非常健康，這為我們提供了相當大的靈活性，可以在未來幾年內抵禦關稅幹擾、加速成長並提高資本回報率。

Moving to results. It was a solid end to fiscal 2025 with fourth quarter earnings results that came in toward the high end of our outlook provided in December. With strong quote conversion in the second half of the quarter, sales slightly outpaced the high end of our guidance range. This helped close out another fiscal year of market share gains for Lovesac, a noteworthy accomplishment, even if not at the level we aspire to.

轉向結果。2025 財年有一個圓滿的結局，第四季的獲利結果已達到我們 12 月預測的高端。由於本季下半段報價轉換強勁，銷售額略微超過了我們預期範圍的高端。這有助於 Lovesac 在新的財年中實現市場份額的成長，這是一項值得注意的成就，儘管沒有達到我們所期望的水平。

While macro conditions were and remain challenging, we are optimistic as we enter fiscal 2026 in a position of strength. Lovesac's secular growth potential is massive, but our business model is also uniquely positioned to help us capitalize on macro upside whenever it does materialize.

儘管宏觀環境過去和現在都充滿挑戰，但我們對進入 2026 財年保持強勁勢頭持樂觀態度。Lovesac 的長期成長潛力巨大，但我們的商業模式也具有獨特的優勢，可以幫助我們充分利用宏觀優勢。

And that's without the need to overcommit early during periods of uncertainty. As our fourth quarter results demonstrate, we have a focused and nimble team that can deliver reliable results even in a competitive and tumultuous environment. The modular nature of our core products allow for flexibility in our supply chain, including redundant identical sourcing for our most critical SKUs across numerous countries, which allow us to ebb and flow our production to the most advantageous environments in real time.

而且在不確定時期無需提前做出過度承諾。正如我們第四季的業績所表明的那樣，我們擁有一支專注而靈活的團隊，即使在競爭激烈、動盪的環境中也能提供可靠的業績。我們核心產品的模組化特性使我們的供應鏈具有靈活性，包括在許多國家為我們最關鍵的 SKU 提供冗餘相同的採購，這使我們能夠即時地將生產轉移到最有利的環境中。

This is a competitive advantage that is unique to Lovesac's model. As for product, I want to be clear, we have step changed the metabolic rate of new product and platform launches at Lovesac. They will come faster and with greater impact over these next few years.

這是Lovesac模式獨有的競爭優勢。至於產品，我想明確一點，我們已經逐步改變了 Lovesac 新產品和平台發布的代謝率。未來幾年，這些變化將會來得更快，影響也更大。

Fiscal 2025 was just the beginning. Our clarity around the Designed for Life approach to product development is ingrained into the organization, and we've been cooking up new ideas to build a pipeline that should last for a very long time.

2025財年只是一個開始。我們對「為生活而設計」的產品開發方法的清晰認識已根植於組織之中，我們一直在醞釀新想法，以建立一個可以持續很長時間的管道。

Specifically for 2025, we had multiple successful product launches, culminating in the early introduction of our highly anticipated Reclining Seat in Q4, which expands our core total addressable market of $9.5 billion for static sectionals by an additional $4 billion for motion seating capabilities.

具體到 2025 年，我們成功推出了多款產品，最終在第四季度提前推出了備受期待的斜倚座椅，這將使我們靜態組合沙發的核心總目標市場從 95 億美元擴大到運動座椅功能的 40 億美元。

There's nothing like this recliner on the market. It represents nearly three years and more than 80,000 hours of design and engineering and development, creating a truly revolutionary power recliner that integrates seamlessly with any Sactionals configuration, new or existing.

市面上沒有類似這款躺椅的產品。它歷經近三年的時間和超過 80,000 小時的設計、工程和開發，打造出真正具有革命性的電動躺椅，可與任何新的或現有的 Sactionals 配置無縫整合。

The recliner is a marvel of engineering with zero wall clearance and the totally unique ability to function in both wide and in deep orientations. And our signature Designed for Life approach, of course, ensures that it will remain valuable and compatible for decades to come.

這款躺椅堪稱工程學上的奇蹟，它與牆壁零間隙，並且具有在寬方向和深方向上均可使用的獨特功能。當然，我們獨特的「為生活而設計」方法確保它在未來幾十年內仍將保持價值和相容性。

Since launch, the Reclining Seat has sold over 18,500 units with attachment rates and customer feedback exceeding our expectations, as well as a nearly 50-50 split between new and repeat customers. And that's all without a national marketing campaign to generate broader awareness. We only just recently launched the recliner campaign, the Recline of Civilization, and we're very encouraged about its potential.

自推出以來，這款斜倚座椅已售出超過 18,500 台，其安裝率和客戶回饋超出了我們的預期，新客戶和回頭客的比例接近 50%。而這一切都是在沒有全國性的行銷活動來提高更廣泛的知名度的情況下實現的。我們最近才發起了躺椅運動，即“文明躺椅”，我們對它的潛力感到非常鼓舞。

In addition to the recliner, this year, we successfully launched our PillowSac Accent Chair, entered the case goods category with the AnyTable, completed an overhaul of our surface products, including the drink holder, coaster and the new tray, offered the long requested insert protectors to our fans delight, and overhauled our custom fabric line, which has far outpaced our expectations for both new and repeat customers.

除了躺椅之外，今年我們還成功推出了 PillowSac Accent Chair，透過 AnyTable 進入箱包產品類別，完成了表面產品的徹底改造，包括飲料架、杯墊和新托盤，為我們的粉絲提供了期待已久的插入式保護套，並徹底改造了我們的定制面料系列，這遠遠超出了我們對新老客戶的期望。

But our sights are already set on fiscal 2026 and beyond with our third Designed for Life platform, the EverCouch, already being tested in the marketplace. The EverCouch is an optimized and elegant solution for people looking for an armchair, loveseat or sofa, where their need to differ from those of a Sactionals customer.

但我們的目光已投向 2026 財年及以後，我們的第三個 Designed for Life 平台 EverCouch 已在市場上進行測試。EverCouch 是針對尋找扶手椅、雙人沙發或沙發的人而設計的最佳化而優雅的解決方案，他們的需求與 Sactionals 客戶的需求不同。

Our insight arose as we realized that despite being thought of as a couch company, we really don't sell many couch-sized configurations, let alone loveseat or chair configurations for sure. Sactionals are amazing, but they may not be ideal from a size, style or price standpoint in the smallest of configurations.

我們意識到，儘管我們被認為是一家沙發公司，但我們實際上並不銷售很多沙發大小的配置，更不用說雙人沙發或椅子配置了。Sactionals 非常棒，但從尺寸、風格或價格的角度來看，它們在最小的配置中可能並不理想。

EverCouch fills those gaps and opens up the $14 billion couch category to us, effectively more than doubling the addressable market that we operate in currently. It's beautiful with washable covers, exchangeable arm styles, rapid shipping capability and easy assembly with no tools, of course. Even better is that it leverages Lovesac's established brand equity in couches and comfort seating.

EverCouch 填補了這些空白，為我們打開了價值 140 億美元的沙發市場，實際上使我們目前營運的潛在市場規模增加了一倍以上。它很漂亮，具有可清洗的蓋子、可更換的臂樣式、快速的運輸能力，當然，也易於組裝，無需任何工具。更好的是，它利用了 Lovesac 在沙發和舒適座椅領域已建立的品牌資產。

We aim to expand EverCouch to roughly 30 showrooms and national availability on lovesac.com in the second quarter. Initial feedback from our field teammates is very positive with customers even asking to be put on the waiting list ahead of the May launch. And let's not forget to mention, there will be more new platforms to come over the next three years as we foreshadowed at Investor Day, each an expansion into a new room of the house.

我們的目標是在第二季將 EverCouch 擴展到大約 30 個展廳，並在 lovesac.com 上實現全國覆蓋。我們現場團隊成員的初步回饋非常積極，客戶甚至要求在 5 月發布之前將我們列入等候名單。別忘了，正如我們在投資者日所預示的那樣，未來三年將會有更多的新平台出現，每個平台都會擴展到房子的一個新房間。

As we discussed in December, Lovesac is at the pivotal moment of transcending seating products and becoming a powerful brand in its own right. We recognize that we need the right kind of leadership and creativity to optimize this next phase of growth into new product categories and thereby live up to our ambition of reaching our goal of 3 million Lovesac households by 2030 and building the most loved home brand in America.

正如我們在 12 月討論的那樣，Lovesac 正處於超越座椅產品並成為強大品牌的關鍵時刻。我們認識到，我們需要正確的領導力和創造力來優化下一階段的成長，進入新的產品類別，從而實現我們的宏偉目標，即到 2030 年讓 Lovesac 家庭用戶達到 300 萬戶，並打造成為美國最受歡迎的家居品牌。

With that backdrop, we are totally thrilled to announce that Heidi Cooley will join Lovesac as our first ever Chief Brand and Marketing Officer. Heidi is a seasoned marketing executive with 20 years of experience across public and private companies, most recently serving as the Chief Marketing Officer for Crocs, where she helped transform the brand into a multibillion-dollar business over the course of her tenure there.

在此背景下，我們非常高興地宣布 Heidi Cooley 將加入 Lovesac，擔任我們的首位首席品牌和行銷長。海蒂是一位經驗豐富的行銷主管，擁有 20 年在上市公司和私人公司工作的經驗，最近擔任 Crocs 的首席行銷官，在任職期間，她幫助將該品牌轉變為價值數十億美元的企業。

She's led high-impact marketing strategies, scaled digital platforms, and driven innovation across omnichannel consumer touch points, while also emphasizing culture, community and sustainability. Heidi brings exactly the right kind of leadership and creativity that we need to fuel this next phase of growth into new product categories. Welcome to the team, Heidi.

她領導了高影響力的行銷策略、擴展了數位平台並推動了全通路消費者接觸點的創新，同時也強調文化、社區和永續性。海蒂擁有我們所需的領導力和創造力，可以推動我們進入新的產品類別的下一階段成長。歡迎加入團隊，海蒂。

Looking ahead to fiscal 2026, sure, the macro backdrop doesn't make life easy. Keith will share the specific numbers, but the principle is simple. We believe we have the necessary ingredients to grow irrespective of the category in the near term while maintaining clarity around long-term thinking and value creation.

展望 2026 財年，宏觀背景確實不會讓生活變得輕鬆。Keith 會分享具體的數字，但原理很簡單。我們相信，無論屬於哪個類別，我們都擁有在短期內實現成長的必要因素，同時保持對長期思維和價值創造的清晰認知。

While the home furnishings category continues to face challenges, our innovative product offerings, strong customer relationships and operational excellence underpin an attractive runway for growth.

儘管家居裝飾類別繼續面臨挑戰，但我們創新的產品、牢固的客戶關係和卓越的營運為成長奠定了良好的基礎。

Lovesac has large and extremely fragmented addressable markets, of which we currently enjoy a very low share even in our current platforms. This revenue growth should drive expanding flow-through of the top line to bottom line growth and thereby higher margins, even with further acceleration from an eventual category rebound.

Lovesac 擁有龐大且極度分散的潛在市場，即使在我們現有的平台上，我們的市佔率也非常低。這種營收成長應該會推動營收成長向利潤成長轉化，從而提高利潤率，甚至隨著最終類別反彈而進一步加速。

In closing, we want to thank our dedicated team members who have worked tirelessly to bring our innovations to market and deliver an exceptional customer experience. Their commitment to our mission is the foundation of Lovesac's success. We look forward to continuing our journey of reshaping the home furnishings industry with products that are truly designed for life.

最後，我們要感謝我們敬業的團隊成員，他們不知疲倦地努力將我們的創新推向市場並提供卓越的客戶體驗。他們對我們使命的承諾是 Lovesac 成功的基礎。我們期待繼續我們的旅程，透過真正為生活而設計的產品重塑家居產業。

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

接下來，我將把主題交給瑪麗，讓她更詳細地介紹我們的策略重點和進展。瑪麗？

Thank you, Shawn, and good morning, everyone. We detailed our long-term strategy and value creation model at our recent Investor Day, which is centered on our two superpowers. Shawn just shared an update on the first of these, our Designed for Life product platform, and how we believe Lovesac's secular growth potential is massive, thereby positioning us to continue to take market share for years to come.

謝謝你，肖恩，大家早安。我們在最近的投資者日上詳細介紹了我們的長期策略和價值創造模式，該模式以我們的兩大超級大國為中心。肖恩剛剛分享了其中第一個產品的最新消息，即我們的「為生活而設計」產品平台，以及我們如何相信 Lovesac 的長期成長潛力巨大，從而使我們能夠在未來幾年繼續佔據市場份額。

I'll now focus on our customer acquisition engines that are uniquely tailored to each of these Designed for Life platforms as well as on our growth enablers, especially our advantaged supply chain. Beginning with customer acquisition engines, our superpower really lies in our ability to leverage different mixes of brand and performance marketing, digital configuration through lovesac.com, incredible showroom experiences and efficient partnerships to optimally affect by product platform. Done wisely, we can efficiently generate customer awareness, convert that awareness into customers and ultimately build long-term relationships and brand love.

我現在將重點介紹我們針對每個「為生活而設計」平台量身定制的客戶獲取引擎，以及我們的成長推動因素，特別是我們的優勢供應鏈。從客戶獲取引擎開始，我們的超能力實際上在於我們能夠利用不同的品牌和績效行銷組合、透過 lovesac.com 進行的數位配置、令人難以置信的展廳體驗和高效的合作夥伴關係，以最佳地影響產品平台。如果做得明智，我們可以有效地產生客戶意識，將這種意識轉化為客戶，並最終建立長期關係和品牌熱愛。

Let's spend a few moments on each. Starting with our brand performance marketing. We had shared back in December that we were encouraged by the strong double-digit quote growth we have seen through Black Friday, but we're cautious given the lower-than-expected quote conversion to sales we're experiencing along with the compressed holiday selling season.

讓我們花點時間逐一討論。從我們的品牌績效行銷開始。我們曾在 12 月分享過，黑色星期五期間強勁的兩位數報價增長令我們感到鼓舞，但考慮到報價轉化為銷售額的水平低於預期，加上假日銷售季的壓縮，我們對此持謹慎態度。

We are pleased to share that we saw significantly higher quote conversion during the late December and January periods, leveraging personalized offers as customers focused on their homes after the compressed holiday season. While we did selectively increase discounts above recent levels, we were able to avoid resorting to the extraordinary discounting levels at many of our competitors, as you see in our gross margin.

我們很高興地告訴大家，在 12 月下旬和 1 月期間，由於客戶在緊湊的假期過後將注意力集中在自己的房屋上，因此我們利用個性化優惠實現了更高的報價轉換率。雖然我們確實有選擇地將折扣提高到近期水平以上，但正如您在我們的毛利率中所看到的那樣，我們能夠避免採取許多競爭對手的超常折扣水平。

As Shawn shared earlier, we have tremendous momentum with our newest innovation, the Reclining Seat. It surpassed all our expectations, achieving the highest attach rate of all our recent innovations, supporting higher AOV and generating strong new and repeat customer purchases. Recall, Q4 really represented a soft launch with minimal marketing support, but we've just turned on our marketing engine with our Recliner Civilization campaign that launched in March.

正如肖恩之前分享的那樣，我們的最新創新產品——斜倚座椅，為我們帶來了巨大的發展動力。它超出了我們所有的預期，實現了我們所有近期創新中最高的附加率，支援了更高的 AOV，並產生了強勁的新客戶和回頭客購買量。回想一下，第四季度實際上代表了一次軟啟動，行銷支援極少，但我們剛剛透過 3 月推出的 Recliner Civilization 活動啟動了我們的行銷引擎。

With Kathy Hilton, Jay Shetty and others, this campaign is a fun, tongue-in-cheek movement against the grind culture of today, leaving anyone who sees it yearning to recline in a Lovesac. It was developed to be social first, leveraging influencers and content creators to exponentially grow awareness.

這場活動由凱西·希爾頓 (Kathy Hilton)、傑伊·謝蒂 (Jay Shetty) 等人發起，是一場有趣、詼諧的運動，旨在反對當今的刻板文化，讓任何看到它的人都渴望躺在 Lovesac 裡。它首先被開發為社交型，利用影響力人士和內容創造者來倍增知名度。

It's worked. Nearly 5 billion earned impressions and counting, and this is a great example of where Lovesac sits at the center of cultural trends. We also had a very cool collaboration with Mr. Beast, the ultimate YouTuber, on his Last to Leave Their Circle Wins $1 million video challenge. 100 Lovesac moviesacs starred in this series that had more than 97 million views and counting. You can expect to see even more of these groundbreaking ideas as Heidi joins our team. So stay tuned.

已經成功了。已獲得近 50 億次展示，並且還在不斷增加，這是 Lovesac 處於文化潮流中心的一個很好的例子。我們也與終極 YouTuber Mr. Beast 進行了非常酷的合作，參加了他舉辦的「最後離開圈子的人贏得 100 萬美元」影片挑戰賽。該系列由 100 部 Lovesac 電影主演，觀看次數已超過 9700 萬次，並且還在增加。隨著海蒂加入我們的團隊，您可以期待看到更多這樣的突破性想法。敬請關注。

Second is our digital configurations and how we bring Lovesac to life online. We've invested significantly in our digital experience, including the re-platforming of our website to increase online conversion, customer satisfaction and enhance our SEO efforts.

第二是我們的數位化配置以及我們如何讓 Lovesac 在網路上煥發生機。我們在數位體驗方面投入了大量資金，包括重新建立我們的網站平台以提高線上轉換率、客戶滿意度並增強我們的 SEO 效果。

We also reimagined the customer experience through MyHub, furthering our goal of creating a frictionless omnichannel experience and enabling a more purposeful approach to driving repeat customer purchases. It's also working with recliner repeat sales at nearly 40% of Sactional sales to date.

我們也透過 MyHub 重新構想了客戶體驗，進一步實現了我們創造無摩擦全通路體驗的目標，並實現了更有目的性的方法來推動重複客戶購買。它還與躺椅重複銷售商合作，迄今為止，躺椅重複銷售佔 Sactional 銷售額的近 40%。

These platform investments have also set us up to launch EverCouch. I'll note, we aren't simply recreating the Sactionals experience online, but have reimagined the optimal buying experience for the more traditional chair and couch purchaser.

這些平台投資也為我們推出 EverCouch 做好了準備。我要指出的是，我們不僅在網路上重現 Sactionals 的體驗，而且還為更傳統的椅子和沙發購買者重新構想了最佳的購買體驗。

This is a perfect example of how we will tailor our customer acquisition engines by platform for maximum effect. We'll also utilize our learnings from last year's product launches to continue to drive repeat customer engagement and conversion, all with the goal of increasing customer lifetime value.

這是一個完美的例子，說明我們如何根據平台客製化我們的客戶獲取引擎以實現最大效果。我們也將利用去年產品發布的經驗，繼續推動回頭客的參與和轉化，所有這些都是為了提高客戶終身價值。

Third is our showroom experience, the physical brand amplifiers of our design for life products, the linchpin of our omnichannel model. It's an efficient use of capital to provide convenient accessibility to customers looking to experience Lovesac in real life.

第三是我們的展廳體驗，這是我們終身設計產品的實體品牌擴大機，也是我們全通路模式的關鍵。這是一種有效的資本利用方式，為希望在現實生活中體驗 Lovesac 的客戶提供便利的存取方式。

In quarter four, we embarked on the next evolution of our product demonstration selling process, the product tool. This improved selling framework helped improve quote conversion, as I mentioned earlier, but also created the pathway for new product innovations such as the recliner.

在第四季度，我們開始對產品展示銷售流程進行下一次改進，即產品工具。正如我之前提到的，這種改進的銷售框架不僅有助於提高報價轉換率，也為躺椅等新產品創新開闢了道路。

Entering fiscal 2026, we just launched a new performance-based compensation model for our field teams that retains the spirit of the customer experience, but also provides strong incentives for high performance. And finally, complementing our showroom experience is our partnership model with Costco being a great example. With Costco's more than 120 million members, our roadshow model allows us to activate pop-ups in their clubs, while owning 100% of the customer data and relationship.

進入 2026 財年，我們剛剛為現場團隊推出了一種新的基於績效的薪酬模式，該模式保留了客戶體驗的精神，同時也為高績效提供了強有力的激勵。最後，與我們的展廳體驗相輔相成的是我們的合作模式，Costco 就是一個很好的例子。憑藉 Costco 超過 1.2 億會員，我們的路演模式使我們能夠在他們的俱樂部中啟動彈出窗口，同時擁有 100% 的客戶資料和關係。

We'll continue to expand our assortment with Costco this year and have already added in StealthTech and PillowSac Accent Chair. We planned a 15% increase in roadshows over last year, further demonstrating our unique ability to sell large premium products in approximately 100 square feet.

今年我們將繼續與 Costco 合作擴大產品種類，並且已經增加了 StealthTech 和 PillowSac Accent Chair。我們計劃將路演次數比去年增加 15%，進一步展示我們在約 100 平方英尺的空間內銷售大型優質產品的獨特能力。

When combined, these four elements of our customer acquisition engines create an unmatched customer experience that drives brand love. In fact, in fiscal 2025, we recorded our highest customer satisfaction scores ever.

我們的客戶獲取引擎的這四個要素結合在一起，創造了無與倫比的客戶體驗，從而推動了品牌的喜愛。事實上，在 2025 財年，我們創下了有史以來最高的客戶滿意度分數。

We're planning to reinforce this further by launching customer-facing services. Following internal resale and trade-in tests throughout fiscal 2025, we expect to launch customer-facing pilots for both programs in select markets later this year. Our data shows that these programs really highlight our commitment to Designed for Life principle and reinforce the long-term value of our customers investments.

我們計劃透過推出面向客戶的服務來進一步加強這一點。在整個 2025 財年進行內部轉售和以舊換新測試之後，我們預計將於今年稍後在特定市場針對這兩個項目推出面向客戶的試點項目。我們的數據顯示，這些計畫確實凸顯了我們對「為生活而設計」原則的承諾，並強化了我們客戶投資的長期價值。

Nearly as important to sustained profitable growth over the long term are our growth enablers. Let's start with our supply chain, a key strength that has been a critical component of our financial success over the past few years and in preparing us to dramatically expand to new product platforms.

對於長期持續獲利成長而言，我們的成長推動因素幾乎同樣重要。讓我們從我們的供應鏈開始吧，它是我們過去幾年財務成功的關鍵因素，也是我們為大幅擴展到新的產品平台做好準備的關鍵優勢。

In fiscal 2025, we transformed our network strategy and carrier models. We implemented both transportation and order management systems, and we began work on optimizing our warehousing and outbound logistics programs, which we plan to continue through fiscal '26. As a result, we delivered healthy gross margin expansion of 120 basis points in fiscal '25, achieving a nearly 59% gross margin rate for this year.

在2025財年，我們改變了網路策略和營運商模式。我們實施了運輸和訂單管理系統，並開始優化倉儲和出站物流計劃，我們計劃持續到26財年。因此，我們在 25 財年實現了 120 個基點的健康毛利率成長，今年的毛利率接近 59%。

Having reduced our exposure to spot market rates by more than 95%, we entered fiscal '26 in a great position, which brings us to the recent news on tariffs. Let's start with some contextual information.

由於我們將現貨市場利率的風險敞口降低了 95% 以上，我們以良好的狀態進入了 26 財年，這也為我們帶來了有關關稅的最新消息。讓我們從一些背景資訊開始。

We have made significant progress in recent years to diversify our countries of origin and establish redundancy of each product across multiple countries in order to have options. Prior to the recent news, our country of origin estimates for fiscal '26 were Vietnam, about 50%, Malaysia, about 28%, China down to 13%, and Indonesia about 6%.

近年來，我們在實現原產國多元化以及在多個國家建立每種產品的冗餘度以便提供選擇方面取得了重大進展。在最近的新聞發布之前，我們對 26 財年的原產國估計是越南（約 50%）、馬來西亞（約 28%）、中國（降至 13%）和印尼（約 6%）。

We are actively continuing this effort with numerous options for additional diversification, including new geographies and are working to get China to be under 10% of the total. As we learn more in the coming weeks, we will adjust accordingly and have deployed task forces to accelerate mitigating actions.

我們正在積極地繼續這項努力，透過多種選擇實現進一步的多樣化，包括新的地理區域，並致力於使中國佔總量的比重低於 10%。隨著我們在未來幾週內了解更多信息，我們將做出相應調整，並部署工作小組來加快緩解行動。

As Keith will outline momentarily, we entered fiscal '26 with higher than normal levels of inventory across our product lines, which was purposeful just in case of this possibility. In addition, we have numerous ways to structurally manage through various tariff scenarios, but we need to be careful not to implement these in a knee-jerk manner that could confuse our customers and damage the brand.

正如 Keith 稍後將概述的那樣，進入 26 財年時，我們各產品線的庫存水平都高於正常水平，這是為了防止這種可能性。此外，我們有許多方法可以透過各種關稅方案進行結構化管理，但我們需要小心，不要以一種下意識的方式實施這些方案，因為這可能會讓客戶感到困惑並損害品牌。

These options include working with our long-term vendors for concessions, reviewing opportunities for surgical price increases, adjusting our promotional intensity and capturing other efficiencies.

這些選擇包括與我們的長期供應商合作以獲得優惠、審查手術價格上漲的機會、調整我們的促銷強度以及獲取其他效率。

Another important consideration is that our structurally higher gross margins than many other competitors mean that the effective price increases needed to offset the tariffs are relatively smaller. We believe we have the ability to selectively take price increases due to the strength of our brand and the unique and compelling nature of our Design for Life products that are loved by many.

另一個重要的考慮因素是，我們的毛利率在結構上高於許多其他競爭對手，這意味著抵消關稅所需的有效價格上漲相對較小。我們相信，憑藉我們品牌的實力以及深受大眾喜愛的「生活設計」產品的獨特性和引人注目的特性，我們有能力選擇性地接受價格上漲。

Before I turn to Keith, I wanted to briefly mention our fourth annual ESG report published in December. You may or may not know this, but our purpose as a company central to our Design for Life principles and operational model is to inspire humankind to buy better, so you can buy less.

在轉向 Keith 之前，我想簡單提一下我們在 12 月發布的第四份年度 ESG 報告。您可能知道也可能不知道，但作為一家以「為生活而設計」原則和營運模式為核心的公司，我們的宗旨是激勵人類購買更好的產品，這樣您就可以少買東西。

This updated report shows continued progress towards our goals, including our commitment to zero waste, zero emissions by 2040. We're proud to have diverted countless thousands of couches from landfills. We're proud to have passed the $300 million milestone in fiscal '25 for recycled plastic bottles used in our fabric, and so much more.

這份更新的報告顯示了我們在實現目標方面持續取得的進展，包括我們承諾在 2040 年實現零浪費、零排放。我們很自豪能夠讓無數沙發免於被掩埋。我們很自豪，我們在 25 財年為布料等使用的回收塑膠瓶創造了 3 億美元的價值。

We know that our actions today will shape the world of tomorrow, and we're leading by example. Together, we can create a future that's brighter, greener and more comfortable for generations to come. And now to Keith.

我們知道，我們今天的行動將塑造明天的世界，我們正在以身作則。我們可以共同為子孫後代創造一個更光明、更綠色、更舒適的未來。現在輪到基斯了。

Thanks, Mary. Before we begin, I want to thank everyone who attended our inaugural Investor Day, whether in person, virtually or even after the fact through the presentation, which remains available on our website. We hope it was clear how unique Lovesac is, unique in brand, unique in business model and unique in secular growth opportunity, powered by continued market share gains in our existing categories as well as expansion into new product platforms, which begins next quarter with EverCouch.

謝謝，瑪麗。在我們開始之前，我要感謝所有參加我們首屆投資者日的人，無論是親臨現場、以虛擬方式，還是事後透過簡報觀看，簡報仍可在我們的網站上查看。我們希望能夠清楚地表明 Lovesac 的獨特之處，包括獨特的品牌、獨特的商業模式和獨特的長期增長機會，這得益於我們現有類別的市場份額持續增長以及新產品平台的擴展，新產品平台將於下個季度從 EverCouch 開始。

Shawn and Mary already discussed factors that made fiscal '25 such an important year for Lovesac. So let's jump right into a quick review of the numbers and our outlook. As a reminder, the fourth quarter of fiscal '24 included a 14th week, representing the 53rd week in the prior year.

肖恩和瑪麗已經討論了使 25 財年成為 Lovesac 如此重要的一年的因素。那麼讓我們快速回顧一下這些數字和我們的展望。提醒一下，24 財年第四季包括第 14 週，代表上一年的第 53 週。

Revenues were $680.6 million for the year, which were down from $700.3 million in the prior year, owing to category headwinds of approximately 9% for the year, but we're slightly above the latest range of guidance we provided in December.

全年收入為 6.806 億美元，低於上年的 7.003 億美元，原因是全年類別逆風約為 9%，但略高於 12 月份提供的最新指引範圍。

Gross margin was nearly 59%, a solid level that provides options for navigating the current macro conditions. Net income of $11.6 million was down from fiscal '24, owing to the lower revenues, but still supported positive free cash flow for the year and a healthy cash balance that I'll speak more about in a couple of minutes.

毛利率接近 59%，此穩定水準為應對當前宏觀環境提供了選擇。由於收入減少，淨收入為 1160 萬美元，低於 24 財年，但仍然支持了當年的正自由現金流和健康的現金餘額，我將在幾分鐘後詳細討論這一點。

Moving on to the fourth quarter. Please note that all performance metric references to the fourth quarter refer to fiscal '25 unless otherwise noted. Net sales decreased $9 million or 3.6% to $241.5 million in the fourth quarter compared to the prior year.

進入第四季。請注意，除非另有說明，所有第四季的績效指標均指 25 財年。第四季淨銷售額與去年同期相比減少 900 萬美元，或 3.6%，至 2.415 億美元。

Showroom net sales decreased $2.4 million or 1.6% to $154.5 million in the fourth quarter compared to the prior year period, driven by a decrease of 9.4% in omnichannel comparable net sales, partially offset by the net addition of 27 new showrooms period over period.

第四季展廳淨銷售額與去年同期相比減少 240 萬美元（1.6%）至 1.545 億美元，因為全通路可比淨銷售額下降 9.4%，但部分被同期新增 27 家展廳所抵銷。

Internet net sales decreased $7.6 million or 9.7% to $70.5 million in the fourth quarter compared to the prior year period. Other net sales, which include pop-up shop, shop-in-shop and open-box inventory transactions increased $1.0 million or 6.7% to $16.5 million in the fourth quarter compared to the prior year period due to higher productivity of our temporary online pop-up shops on costco.com.

第四季網路淨銷售額與去年同期相比減少 760 萬美元，或 9.7%，至 7,050 萬美元。由於 costco.com 上臨時線上快閃店的生產力提高，第四季度其他淨銷售額（包括快閃店、店中店和開箱庫存交易）與去年同期相比增加了 100 萬美元（即 6.7%），達到 1,650 萬美元。

There were no open-box inventory transactions in the fourth quarter compared to $2.9 million in the prior year period. By product category, in the fourth quarter, our Sactional net sales decreased 3.8%, sac net sales decreased 3.0% and our other net sales, which include decorative pillows, blankets and accessories, increased 2.7% over the prior year period.

第四季沒有開箱庫存交易，而去年同期為 290 萬美元。按產品類別劃分，第四季度，我們的 Sactional 淨銷售額比去年同期下降 3.8%，sac 淨銷售額下降 3.0%，而我們的其他淨銷售額（包括裝飾枕頭、毛毯和配件）比去年同期增長 2.7%。

Gross margin increased 70 basis points to 60.4% of net sales in the fourth quarter versus 59.7% in the prior year period, primarily driven by decreases of 90 basis points in inbound transportation costs and 30 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.

第四季毛利率上升 70 個基點至淨銷售額的 60.4%，而去年同期為 59.7%，這主要由於入境運輸成本下降 90 個基點，出境運輸和倉儲成本下降 30 個基點，但因促銷折扣增加導致產品利潤率下降 50 個基點，部分抵消了這一影響。

SG&A expense as a percent of net sales was 28% in the fourth quarter versus 30.5% in the prior year period. The decreased percentage is primarily related to lower credit card fees, professional fees, rent, utilities and other overhead costs.

第四季銷售、一般及行政費用佔淨銷售額的百分比為 28%，去年同期為 30.5%。這一比例下降主要與信用卡費用、專業費用、租金、水電費和其他間接費用的降低有關。

The decrease in selling, general and administrative expense dollars was primarily related to a decrease of $3.8 million in credit card fees, $1.5 million in professional fees, $0.7 million in rent, $0.7 million in utilities, and $2.7 million in other overhead costs, partially offset by increases of $0.5 million in payroll and $0.2 million in equity-based compensation.

銷售、一般及行政費用的減少主要由於信用卡費用減少 380 萬美元、專業費用減少 150 萬美元、租金減少 70 萬美元、水電費減少 70 萬美元以及其他間接費用減少 270 萬美元，但工資增加 50 萬美元和股權薪酬增加 20 萬美元部分抵消了這一減少。

Rent decreased $0.7 million related to a $1.1 million reduction in percentage rent, partially offset by a $0.4 million increase in rent expense from our net addition of 27 showrooms. We estimate nonrecurring incremental fees associated with the restatement of prior period financials were approximately $0.5 million in the fourth quarter.

租金減少了 70 萬美元，因為百分比租金減少了 110 萬美元，但因我們淨增加了 27 個展廳，租金費用增加了 40 萬美元，因此部分抵消了這一影響。我們估計，第四季度與重述前期財務狀況相關的非經常性增量費用約​​為 50 萬美元。

Advertising and marketing expenses decreased $2.7 million or 9.2% to $26.8 million for the fourth quarter compared to the prior year period. Advertising and marketing expenses were 11.1% of net sales in the fourth quarter as compared to 11.8% of net sales in the prior year period.

第四季廣告和行銷費用與去年同期相比減少 270 萬美元（即 9.2%）至 2,680 萬美元。第四季廣告和行銷費用佔淨銷售額的 11.1%，而去年同期該費用佔淨銷售額的 11.8%。

Operating income for the quarter was $47.6 million, compared to $40.4 million in the fourth quarter of last year, driven by the factors we just discussed.

本季營業收入為 4,760 萬美元，而去年第四季為 4,040 萬美元，這得益於我們剛才討論的因素。

Before we turn our attention to net income, net income per diluted 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收入、每股攤薄淨收入和調整後 EBITDA 之前，請參閱我們今天早上發布的收益報告中每個調整後指標與其最直接可比較的 GAAP 指標之間的術語和對帳。

Net income for the quarter was $35.3 million or $2.13 per diluted share compared to $31 million or $1.87 per diluted share in the prior year period. During the fourth quarter, we recorded an income tax provision of $13 million as compared to $10.2 million in the prior year period. Adjusted EBITDA for the quarter was $53.9 million as compared to $48.4 million in the prior year period.

本季淨收入為 3,530 萬美元，即每股攤薄收益 2.13 美元，而去年同期淨收入為 3,100 萬美元，即每股攤薄收益 1.87 美元。第四季度，我們記錄的所得稅準備金為 1,300 萬美元，而去年同期為 1,020 萬美元。本季調整後 EBITDA 為 5,390 萬美元，而去年同期為 4,840 萬美元。

Turning to our balance sheet. We ended the fourth quarter with a very healthy balance sheet that provides substantial flexibility for Lovesac to weather macro uncertainty, accelerate growth and/or enhance returns on capital, all with a focus on optimizing long-term value creation for shareholders.

轉向我們的資產負債表。我們以非常健康的資產負債表結束了第四季度，這為 Lovesac 提供了相當大的靈活性，以應對宏觀不確定性、加速成長和/或提高資本回報率，所有這些都專注於為股東優化長期價值創造。

We reported $83.7 million in cash and cash equivalents, roughly similar to the prior year, while retaining $33 million in committed availability and no borrowings on our recently amended credit facility. This healthy cash position occurred despite two factors that highlight our flexibility.

我們報告的現金和現金等價物為 8,370 萬美元，與上年大致相同，同時保留了 3,300 萬美元的承諾可用資金，並且我們最近修改的信貸安排中沒有借款。儘管有兩個因素凸顯了我們的靈活性，但我們的現金狀況仍然保持健康。

First, our total merchandise inventory levels were up 26% versus the prior year to $124.3 million. Given our strong cash position, we saw an opportunity to build safety stock across our product portfolio in order to give ourselves additional wiggle room should there be wildcards related to tariffs or other supply chain disruptions.

首先，我們的商品庫存總額比上年增加了 26%，達到 1.243 億美元。鑑於我們強大的現金狀況，我們看到了在整個產品組合中建立安全庫存的機會，以便在出現與關稅或其他供應鏈中斷相關的意外情況時給自己更多的迴旋餘地。

Second, during the quarter, we repurchased approximately 646,000 shares of our common stock at an average price of $25.51 for approximately $16.5 million, thereby bringing our total repurchases for the fiscal year to $19.9 million.

其次，在本季度，我們以平均價格 25.51 美元回購了約 646,000 股普通股，總價值約為 1,650 萬美元，從而使本財年的總回購額達到 1,990 萬美元。

We have approximately $20.1 million remaining under our existing share repurchase authorization and plan to be opportunistic, balancing attractiveness of accretion from repurchases at current levels with uncertainty owing to the current tariff backdrop. Please refer to our earnings release for other details on our fourth quarter financial performance.

我們現有的股票回購授權剩餘約 2,010 萬美元，並計劃抓住機會，在當前水準的回購增值的吸引力與當前關稅背景帶來的不確定性之間取得平衡。有關我們第四季度財務業績的其他詳細信息，請參閱我們的收益報告。

Now for our outlook. The category has remained unpredictable month to month, but generally seems to have bounced around negative mid-single-digits on average for the last five or six months. Further complicating things is a potential tariff impact, but it's not realistic to confidently assess the final outcome of global negotiations, nor competitor and consumer response just yet.

現在談談我們的展望。該類別每個月都難以預測，但在過去五、六個月裡，總體而言平均在負中個位數左右波動。進一步複雜化事情的是潛在的關稅影響，但現在還不能自信地評估全球談判的最終結果，也無法評估競爭對手和消費者的反應。

We expect to have much more clarity in two short months when we report first quarter earnings. For the moment, we're prudently planning our outlook off a 5% full year category decline, not dissimilar from the recent trends I just discussed.

我們預計，在短短兩個月內報告第一季收益時，情況會更加明朗。目前，我們正在謹慎地規劃全年 5% 的類別下降前景，這與我剛才討論的近期趨勢並無不同。

As Mary outlined, we have many arrows in our quiver with respect to managing tariff impact above and beyond the approximate $10 million of tariff we had already included in our full year outlook under the old tariff regime. We're actively pursuing some combination of all of those options at our disposal.

正如瑪麗所概述的，在管理關稅影響方面，我們有很多辦法，除了在舊關稅制度下我們已經在全年展望中列入的約 1000 萬美元的關稅之外。我們正在積極尋求將我們掌握的所有這些選項進行組合。

Additionally, we have many secular tailwinds helping counter the category outlook and providing optimism, ranging from annualization of fiscal '25 major product launches, a 2Q launch of EverCouch, a reboot of our marketing strategies under new leadership, growth in physical showrooms, new tools for relationship management and more.

此外，我們還有許多長期的順風因素有助於抵消類別前景並帶來樂觀情緒，包括 25 財年主要產品發布的年度化、EverCouch 的第二季度發布、新領導下營銷戰略的重啟、實體展廳的增長、新的關係管理工具等等。

So let's start with the fiscal first quarter since we anticipate minimal impact from the recent tariff headlines. We estimate net sales of $136 million to $142 million, representing mid-single-digit revenue growth at the midpoint.

因此，讓我們從第一財季開始，因為我們預計最近的關稅新聞的影響將微乎其微。我們預計淨銷售額為 1.36 億美元至 1.42 億美元，中間值代表中等個位數的收入成長。

We expect adjusted EBITDA loss between $8 million and $12 million. This includes gross margins of approximately 54.5%, advertising and marketing of 13.5% as a percent of net sales, and SG&A of approximately 50% as a percent of net sales. We estimate net loss to be between $10 million and $13 million.

我們預計調整後的 EBITDA 損失在 800 萬美元至 1200 萬美元之間。其中包括約 54.5% 的毛利率、佔淨銷售額 13.5% 的廣告和行銷費用以及佔淨銷售額約 50% 的銷售、一般及行政費用。我們估計淨虧損在 1,000 萬美元至 1,300 萬美元之間。

We estimate basic loss per common share to be $0.66 to $0.85 with 14.8 million weighted average shares outstanding. For the full year fiscal '26, please note these numbers exclude any incremental impacts from recent tariff updates above and beyond those present under the old tariff regime.

我們估計每股普通股基本虧損為 0.66 美元至 0.85 美元，流通股數為 1,480 萬股加權平均數。對於 26 財年全年，請注意這些數字不包括近期關稅更新帶來的任何超出舊關稅制度的增量影響。

We estimate net sales of $700 million to $750 million. We expect adjusted EBITDA between $48 million and $60 million. This includes gross margins of approximately 59%, advertising and marketing of approximately 12.5% as a percent of net sales, and SG&A of approximately 41% as a percent of net sales. We estimate net income to be between $13 million and $22 million.

我們估計淨銷售額為 7 億至 7.5 億美元。我們預計調整後的 EBITDA 在 4800 萬美元至 6000 萬美元之間。其中包括約 59% 的毛利率、約佔淨銷售額 12.5% 的廣告和行銷費用以及約佔淨銷售額 41% 的銷售、一般及行政費用。我們估計淨收入在 1300 萬美元至 2200 萬美元之間。

We estimate diluted income per common share in the range of $0.80 to $1.36 and approximately 16.3 million diluted weighted average shares outstanding.

我們估計每股普通股攤薄收益在 0.80 美元至 1.36 美元之間，攤薄加權平均流通股數約為 1,630 萬股。

In summary, stabilization of the category and an eventual return to category growth are ahead of us, even if that timing is unclear at the moment. While in this category fog, we're balancing prudence and efficiency with our belief that it's essential to stay focused on the big picture, that's the massive long-term opportunity for tremendous value creation for all Lovesac stakeholders.

總而言之，儘管目前時間尚不明確，但該類別的穩定和最終恢復類別成長就在我們眼前。雖然處於這種類別迷霧之中，但我們在審慎和效率之間取得平衡，我們相信必須關注大局，這是為所有 Lovesac 利益相關者創造巨大價值的巨大長期機會。

We're building the Lovesac brand and investing in new product innovation that spans style, function and new categories that supports a powerful multiyear secular growth outlook with macro upside exposure as icing on the cake.

我們正在打造 Lovesac 品牌，並投資於涵蓋風格、功能和新類別的新產品創新，以支持強勁的多年長期成長前景，而宏觀上行風險則錦上添花。

I'll now turn the call back to the operator to start our Q&A session.

我現在將電話轉回給接線生，開始我們的問答環節。

(Operator Instructions)

（操作員指示）

Maria Ripps, Canaccord Genuity.

Canaccord Genuity 的 Maria Ripps。

Great, good morning and thanks for taking my question. First, sort of understanding the situation is very fluid here, but is there any color maybe you can share around how you're thinking through your inventory strategy here given sort of the 90 day tariff delay?

太好了，早安，謝謝您回答我的問題。首先，對於這裡的情況，我很難理解，但是考慮到 90 天的關稅延遲，您能否分享一下您是如何考慮庫存策略的？

I know you brought your inventory levels up in the end of the quarter, but how much of sort of inventory you're planning to pull forward from sort of countries outside of China maybe over the next couple of months?

我知道您在本季末提高了庫存水平，但您計劃在未來幾個月內從中國以外的國家調取多少庫存？

Thanks for the question. Yes. So obviously, as we said, we had built up from our inventory across all of our product lines. So we feel very good in terms of our position. The teams are actively working right now and since last week (inaudible) across countries.

謝謝你的提問。是的。顯然，正如我們所說，我們已經建立了所有產品線的庫存。因此，我們對自己的地位感到非常滿意。這些團隊目前正在積極開展工作，並且自上週以來（聽不清楚）已在多個國家開展工作。

And I think one of the great advantages of our supply chain is we have full redundancy of all of our products. So they are working that through. And we feel good in terms of where the plans are.

我認為我們的供應鏈的一大優勢是我們所有產品都具有完全冗餘。所以他們正在努力解決這個問題。我們對於計劃的進展感到滿意。

And obviously, with the news yesterday, we're really pushing through on obviously the most dominant countries that we source from, which are Malaysia or Vietnam as an example, to ensure that we continue to stay in stock, we have great inventory levels, but also obviously managing the headwinds that just recently came into bear from last week.

顯然，根據昨天的消息，我們正在大力推動我們採購的主要國家，例如馬來西亞或越南，以確保我們繼續保持庫存，我們擁有充足的庫存水平，但顯然也在應對上週剛出現的逆風。

Got it. That's very helpful, Mary. And then secondly, is there anything you can share sort of around consumer behavior here sort of more recently, maybe in February and more so in March, just given all the macro data points that we've been getting? Are you seeing any maybe softening in consumer spending here in the near term, I guess?

知道了。這非常有幫助，瑪麗。其次，根據我們所獲得的所有宏觀數據點，您能否分享一些有關最近（可能是二月或三月）消費者行為的資訊？我想，您是否認為短期內這裡的消費支出可能會減弱？

Yes. No, thank you. We (inaudible) shared in terms of on the guidance, we feel good in terms of performance quarter-to-date, strong February that continued through to today. So we see pretty much stable performance from our customers in terms of whether it be piece count, in terms of whether they're trading up. We have seen a little bit quieter between key promotions and then being stronger during events.

是的。不，謝謝。我們（聽不清楚）就指導而言，我們對本季迄今的業績感到滿意，二月份的強勁表現一直持續到今天。因此，我們看到客戶的表現相當穩定，無論是件數還是交易量。我們發現在關鍵促銷活動之間會稍微平靜一些，但在活動期間則會變得更加強勁。

And then obviously, we continue to see the quote conversion progress that we made through quarter four as well. So too early to say in terms of even just some of the more recent news and any changes, but really nothing that has changed to call out, Maria.

顯然，我們繼續看到我們在第四季度取得的報價轉換進展。所以，就最近的一些新聞和變化而言，現在下結論還為時過早，但實際上並沒有什麼變化，瑪麗亞。

That's helpful. Thank you very much for the color.

這很有幫助。非常感謝你提供的顏色。

Matt Koranda, Roth Capital Partners.

羅斯資本合夥公司的馬特‧科蘭達 (Matt Koranda)。

Hey guys, good morning. Just wanted to see if maybe you could confirm for me. It looks like the midpoint of the Q1 range might incorporate the assumption of positive omnichannel comps. So I just wanted to see if you could maybe unpack that.

大家好，早安。只是想看看您是否可以為我確認一下。看起來第一季範圍的中點可能包含了全通路正成長的假設。所以我只是想看看你是否可以解開它。

And then just quarter-to-date, it sounded like Mary, you said, February was strong, but I think that's against a relatively easy comp from last year. So maybe just talk about the trends you saw into March and April.

然後就本季迄今為止的情況而言，聽起來就像瑪麗所說的，二月表現強勁，但我認為這與去年同期相比相對容易。所以也許只談論您在三月和四月看到的趨勢。

And then lastly, just if you could maybe talk about sort of, I know it's really early and the sample size is small, but any consumer reaction function to sort of the Liberation Day announcements in terms of trends you saw over the last week?

最後，如果您可以談談，我知道現在還為時過早，樣本量也小，但就您上週看到的趨勢而言，消費者對解放日公告的反應如何？

Sure thing. I'll start off with the first two parts of that, Matt, and then kick it over to Mary. So if you look back to recent trends, you could see pretty clearly that we've been doing between 500 and 600 basis points of growth coming from the new and non-comp.

當然可以。馬特，我將先講前兩部分，然後交給瑪麗。因此，如果回顧最近的趨勢，你會很清楚地看到，透過新的和非可比產品，我們的成長已經達到了 500 到 600 個基點。

So one thing that's a little different is in fiscal '25, so last year, we had a heavily first quarter weighted new showroom opening cadence. This year, we're going to be a little bit more balanced through the year, a little less weight on Q1.

因此，25 財年有一點不同，即去年第一季我們新展廳的開幕節奏非常緊張。今年，我們將在全年保持更加平衡，減少對第一季的負擔。

So we might be slightly below that 5% to 6% contribution from new and non-comp. So when you think about the growth rate that we're implying for the first quarter, I think your assumption for flat to slightly positive, depending on where we are in that range, is definitely a possibility.

因此，我們可能略低於新業務和非新業務的 5% 至 6% 的貢獻。因此，當您考慮我們預測的第一季成長率時，我認為您假設的持平或略微正成長（取決於我們在該範圍內的哪個位置）肯定是可能的。

One thing I'm going to talk about just a little bit with the quarter and the progress to date that does make this a little bit noisy and why I'd really like urge you to focus on the quarter in entirety is if you recall in the first month of fiscal '25, we had some volatility related to a promotional strategy miss and dislocations from switching media agencies.

有一件事我想稍微談一下這個季度以及迄今為止的進展，這確實讓事情有點混亂，為什麼我真的想敦促你們關注整個季度，因為如果你還記得的話，在 25 財年的第一個月，我們經歷了一些波動，這與促銷策略失誤以及更換媒體機構造成的混亂有關。

So there's a lot of noise in our year-over-year growth rates in the first month. And then there's noise in the second and third, because Easter moved from month three to month two for us. So put that all together, and we're really encouraged to be at the levels of growth that we're talking about for Q1. So hopefully, that gives you a little bit of context.

因此，我們第一個月的年成長率存在著許多波動。然後第二個和第三個月份就出現了噪音，因為對我們來說，復活節從第三個月移到了第二個月。所以把所有這些放在一起，我們真的很高興能夠達到我們所說的第一季的成長水平。希望這能給你一些背景資訊。

Yeah. And I think, Matt, just to add to your other question, I think Keith covered kind of quarter-to-date. I think in terms of any consumer reactions, last week was a quieter week for us. So I think we really need to hold as we build through to the Easter event as we close out the quarter really to be able to learn anything more, but certainly not really seen any kind of change of any kind of materiality. So looking forward to Easter and closing out the quarter.

是的。馬特，我想補充一下你的另一個問題，我認為基斯已經涵蓋了本季迄今為止的情況。我認為，就消費者的反應而言，上週對我們來說是比較平靜的一週。因此，我認為我們確實需要堅持下去，直到復活節活動結束，我們才能在本季結束時學到更多的東西，但肯定沒有真正看到任何實質的變化。因此期待復活節的到來和本季的結束。

Okay. I appreciate that. And then maybe just wanted to see about the way that we should think about pricing in reaction to some of the tariffs if they do end up sticking after the 90 days. How should we think about Lovesac's ability to take price increases? What would those come in the form of?

好的。我很感激。然後也許只是想看看如果某些關稅在 90 天後仍然有效，我們應該如何考慮定價以應對這些關稅。我們該如何看待Lovesac承受價格上漲的能力？它們會以什麼形式出現？

Would that come in the form of a list price increase and we should expect the same sort of steady promotional cadence that you guys have been on? Just wanted to hear sort of your latest thoughts about how you sort of mitigate some of the tariff risk beyond just the change in vendor sourcing?

這會以標價上漲的形式出現嗎？我們該期待你們一直以來的那種穩定的促銷節奏嗎？只是想聽聽您的最新想法，除了改變供應商來源之外，您還想如何減輕一些關稅風險？

Yeah. No, thank you for the question. I think, obviously, the team are working very hard with some vendors on concessions, because that's a key element that can really help us in terms of sustaining some of the impact. I think the second piece, obviously, Keith shared, with our structurally higher gross margins than many other competitors, it really means that the effective surgical price increases we need to take are much smaller.

是的。不，謝謝你的提問。我認為，顯然，團隊正在與一些供應商就優惠問題進行非常努力的合作，因為這是能夠真正幫助我們維持部分影響力的關鍵因素。我認為第二點，顯然，Keith 分享道，我們的結構性毛利率高於許多其他競爭對手，這實際上意味著我們需要承擔的有效手術價格上漲幅度要小得多。

So as we really work through, we've taken price before in '21 and '23, and seen a lot of success with that without any impact around demand. So we're working actively through with the scenarios. We need to see where everything closes out, because it is changing by the day. But we have good plans around those surgical changes that we can make in the kind of mid-single level. And I think what's interesting, we track pricing competitively in the category.

因此，當我們真正努力時，我們已經在 21 年和 23 年對價格進行了評估，並且取得了很大成功，而對需求沒有任何影響。因此，我們正在積極地研究這些方案。我們需要看看一切最終會如何結束，因為它每天都在變化。但是，我們對可以在中單層級進行的那些外科手術式改變已經有了很好的計劃。我認為有趣的是，我們追蹤該類別的競爭性定價。

And we saw many competitors taking price on MSRP between 5% and 10% just in February and early March. And this is obviously done well in advance of the latest news on the tariff increases from last week. So we see opportunity, as they've already risen, that we can actually be able to execute effectively, not impact demand and continue to stay very strong to our customer value.

光是二月和三月初，我們就發現許多競爭對手的建議零售價就降低了 5% 至 10%。顯然，這是在上週有關關稅上調的最新消息公佈之前就完成的。因此，我們看到了機會，因為它們已經出現，我們實際上能夠有效地執行，不會影響需求，並繼續保持對客戶價值的強大吸引力。

I think one of the other last pieces you know, Matt, we've shared with you in the past that nearly 40% of our customers don't even cross shop us with anyone else. So we'll stay very close to it, be very meaningful in it, but obviously really need to let the full understanding of the impacts be finalized before we execute anything.

馬特，我想您知道的最後一點是，我們過去曾與您分享過，近 40% 的客戶甚至不會在我們這裡與其他任何人進行交叉購物。因此，我們會密切關注它，並對其採取非常有意義的行動，但顯然，在執行任何行動之前，我們確實需要全面了解其影響。

Okay appreciate it. I'll turn it over guys thanks.

好的，謝謝。我會把它轉交給大家，謝謝。

Thomas Forte with Maxim Group.

馬克西姆集團的 Thomas Forte。

Great, thanks for taking my questions. So I have one question on tariffs and one question not on tariffs, and I acknowledge it was hard to come up with a non-tariff question. All right. So it sounds like 13% of your sourcing is from China, and you're aiming to move it below 10%. If you wanted to, how quickly could you move it all out of China?

太好了，謝謝你回答我的問題。因此，我有一個關於關稅的問題和一個與關稅無關的問題，我承認提出一個非關稅問題很難。好的。聽起來你們的採購中有 13% 來自中國，而你們的目標是將其降至 10% 以下。如果您願意的話，您能多快將所有貨物運出中國？

Shawn is on mute.

肖恩處於靜音狀態。

Yeah, I'll jump in on this one. I'm in China right now, taking this call from China and actively moving plenty of production out of here in real time with the team. It's really exciting. As you know, I think the thing that differentiates Lovesac from a lot and really all of our key competitors is while I think every serious furniture company operates in all of these geographies in the East, Lovesac operates redundantly.

是的，我會加入這個。我現在就在中國，接聽來自中國的電話，並與團隊一起即時積極地將大量生產轉移出去。這真是令人興奮。如您所知，我認為 Lovesac 與許多主要競爭對手的不同之處在於，我認為每家正規家具公司都在東部所有這些地區開展業務，而 Lovesac 的運營卻是冗餘的。

So there are almost no critical products that are solely sourced in China, and we're able to move production, lean further on these other geographies that have now seen some abatement already. And we do see a path to getting down below 10% this year, and that's what we're actively doing.

因此，幾乎沒有關鍵產品僅來自中國，而且我們能夠轉移生產，進一步依賴目前已出現一定程度減產的其他地區。我們確實看到了今年降到 10% 以下的途徑，這也是我們正在積極努力的方向。

So ultimately, it will probably force us completely out of China, and that's fine as well. So we're excited about the headway we're making. It's happening so fast, in days really, and already in motion. And of course, our Q1 has all spoken for inventory wise.

所以最終，它可能會迫使我們徹底退出中國，這也是很好的。因此，我們對所取得的進展感到非常興奮。一切發生得如此之快，實際上只花了幾天的時間，而且已經開始了。當然，我們的第一季已經充分說明了庫存情況。

So we're talking about a very finite batch of inventory that will even have an effect on this year in terms of the biggest tariff so far. Yes. So feeling really good about our position.

因此，我們談論的是一批非常有限的庫存，就今年迄今為止最大的關稅而言，它們甚至會對今年產生影響。是的。所以對我們的地位感到非常滿意。

Thank you, Shawn. I appreciate that. All right. So for my non-tariff question, so when thinking about potential catalysts for home-related merchandise sales such as furniture, how should investors think about the potential for lower interest rates unlocking the housing market, resulting in more consumers moving.

謝謝你，肖恩。我很感激。好的。因此，對於我的非關稅問題，當考慮家具等家居相關商品銷售的潛在催化劑時，投資者應該如何看待降低利率釋放房地產市場的可能性，從而吸引更多消費者。

So recognizing it's a fluid situation, one silver lining from the market turmoil is that at times interest rates have been lower, we've read stories about large increases in mortgage demand. It seems like there's a lot of pent-up demand to move, which may be unlocked by lower rates. I would love your thoughts on this.

因此，認識到這是一個不穩定的局勢，市場動盪中的一個好消息是，有時利率會較低，我們讀到有關抵押貸款需求大幅增加的報告。似乎存在大量被壓抑的搬家需求，而較低的利率可能會釋放這些需求。我很想知道你對此的看法。

Yeah, I'll start off first, and then I'll let Shawn step in. I mean, I'll take it. We'll take it. We would love to see it. We don't even care about what drives the interest rates lower to some extent, if it's a geopolitical play on a macro basis as long as there's not a big recession underlying it, the lower interest rates will be wonderfully accepted, I think, by everybody in our category, including us.

是的，我先開始，然後讓肖恩介入。我的意思是，我會接受它。我們會接受的。我們很想看到它。在某種程度上，我們甚至不關心是什麼原因導致利率降低，如果這是宏觀上的地緣政治博弈，只要沒有出現嚴重的經濟衰退，我認為，較低的利率將會被我們這個類別的所有人欣然接受，包括我們自己。

And really, what I want to impress upon this is, we're controlling our own destiny here. We are and have already built a pipeline of truly differentiated products that should enable us to continue to take market share like we've talked about in our existing categories where we only are present in 1 million households in the US, which is shocking to us.

事實上，我想要強調的是，我們掌握著自己的命運。我們已經建立了一系列真正差異化的產品，這些產品應該能夠讓我們繼續佔領市場份額，就像我們在現有產品類別中談到的那樣，我們的產品僅出現在美國 100 萬個家庭中，這令我們感到震驚。

With our existing platforms, there's no reason we shouldn't be in many millions of households. And with the addition of all of the new products last year and the EverCouch, which is our entrance into chairs, love seats and sofas, with an appropriate style forward, price competitive, wonderful product that's launching in second quarter, we think we have a really compelling case to buck those trends and to drive growth for our business and to translate that top line growth to bottom line growth.

憑藉我們現有的平台，我們沒有理由不進入數百萬個家庭。隨著去年所有新產品的推出以及 EverCouch（我們進軍椅子、雙人沙發和沙發領域的第一步）的推出，憑藉其風格前衛、價格有競爭力、在第二季度推出的出色產品，我們認為我們有一個真正令人信服的理由來逆轉這些趨勢，推動我們的業務增長，並將頂線增長轉化為底線增長。

But because of the uniqueness of our model and because of the inventory position as we've been talking about, as soon as that lower interest rate unlocks housing turnover, we're ready to go, and we'll participate real time. We can ship in one to two weeks.

但由於我們模型的獨特性以及我們一直在談論的庫存狀況，一旦較低的利率釋放了住房週轉，我們就準備好了，並且會即時參與。我們可以在一到兩週內發貨。

We don't have to place an order for a green rolled arm couch that's going to take nine months to get here and then hope that it's on style and we can sell it. We can sell you whatever you want within one to two weeks whenever you're ready. And I think it's a super compelling element to our model. But Shawn, if you want to talk more about the big picture, go ahead.

我們不需要訂購一張需要九個月才能送到的綠色捲臂沙發，然後希望它流行起來，這樣我們就可以賣掉它。只要您準備好，我們就可以在一到兩週內賣給您任何您想要的東西。我認為這是我們模型中非常引人注目的元素。但是肖恩，如果你想多談大局，那就說吧。

Well, I'll just add that the other trend that overlays this hopeful one is couches, especially not ours, wear out. And we're coming up on that big COVID pull forward, renewing of people's couches, as people, in a lot of ways, have spent more time at home than ever over the past half a decade.

好吧，我只想補充一點，與這個充滿希望的趨勢重疊的另一個趨勢是沙發，特別是我們的沙發，會磨損。我們即將迎來新冠疫情的大規模爆發，人們的沙發也隨之更新，因為在過去的五年裡，人們在許多方面都比以前花更多的時間待在家裡。

So we're really excited about the natural turnover in the categories that we focus on the most. And now with the EverCouch coming on, helping us address whole new opportunities in urban markets and smaller rooms and other things, we think that there's a lot of trends that are going to really play to Lovesac's favor.

因此，我們對我們最關注的類別的自然營業額感到非常興奮。現在，隨著 EverCouch 的推出，它幫助我們抓住城市市場、小房間和其他領域的全新機遇，我們認為有很多趨勢將真正對 Lovesac 有利。

Finally, from an inventory perspective, we're going to, no matter what, as we proved through the last both tariff cycle back in 2018 as well as through COVID, we will not run out of stock. We never did. It's a strength of ours.

最後，從庫存的角度來看，無論如何，我們都不會缺貨，正如我們在 2018 年的上一次關稅週期以及 COVID 所證明的那樣。我們從來沒有這樣做過。這是我們的優勢。

And I can almost guarantee that, that won't be the story for some of the other players in our category. And that will be a major opportunity for us to gain market share over these next years as all of this changes. So we look forward to that.

而且我幾乎可以保證，我們這個類別中的其他一些球員不會有這樣的經驗。隨著這一切的變化，這將是我們在未來幾年獲得市場份額的重要機會。所以我們對此充滿期待。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

Alex Fuhrman, Craig-Hallum.

亞歷克斯·福爾曼、克雷格·哈勒姆。

Hey guys, thanks very much for taking my question. You've had a lot more products now than you've ever had, and it sounds like there's a lot more to come over the next couple of years.

嘿夥計們，非常感謝您回答我的問題。您現在擁有的產品比以往多得多，而且聽起來未來幾年還會有更多產品推出。

How does that impact how you think about your showroom strategy? Do you need to start opening larger showrooms or maybe start leaning on different distribution partners to market a wider range of products?

這對您對展間策略的看法有何影響？您是否需要開始開設更大的展廳，或開始依靠不同的經銷合作夥伴來行銷更廣泛的產品？

Oh, man, we are so excited to talk about this one, just probably not on this call. We have plenty of room for EverCouch in our life. Our showrooms were really built to sell couches. We just haven't been selling many. We've been selling all Sactionals.

哦，夥計，我們很高興談論這個，但可能不會在這次通話中談論。我們的生活中有足夠的空間容納 EverCouch。我們的陳列室實際上是為了銷售沙發而建造的。我們只是賣得不多。我們一直在銷售所有 Sactionals。

And so we're really excited how EverCouch is going to play into our strengths. We've established a brand that people think of, as you know, those clever couches they've seen on TV, online, social media influencers. And then in some cases, we just don't fit their lifestyle.

因此，我們非常期待 EverCouch 將如何發揮我們的優勢。我們已經建立了一個品牌，人們會想到那些在電視、網路和社群媒體上看到的巧妙的沙發。在某些情況下，我們只是不適合他們的生活方式。

So we're very comfortable introducing EverCouch. We're not concerned at all about space. And I think you're going to really see how that folds into the batter of our current showroom footprint seamlessly.

因此我們非常高興推出 EverCouch。我們根本不關心空間。我認為您將真正看到它如何無縫地融入我們當前的展廳空間。

As we move into next year, we have all kinds of really clever and exciting solutions for how we will show up in our omnichannel way and in a way that's true to Lovesac nature, in a way that really plays to our strengths. And of course, I'm being cryptic, because we're super cryptic about the biggest platform introductions until we're ready to announce them.

隨著明年的到來，我們將推出各種真正聰明和令人興奮的解決方案，以全通路的方式、符合 Lovesac 本質的方式、真正發揮我們的優勢的方式進行展示。當然，我說得比較神秘，因為我們對於最大的平台介紹都非常保密，直到我們準備好宣布它們為止。

But it's going to come probably a lot, at least the news of it and some of the explanation will -- I think we're going to be prepared to be talking about that even as this year continues. And so for now, our showrooms are small and tight and efficient, and we will continue to open, as we've said, another 30-ish this year.

但它可能還是會經常出現，至少會有關於它的消息和一些解釋——我想即使在今年繼續下去，我們也會準備好談論它。因此，目前我們的展廳規模小、空間緊湊且高效，正如我們所說，今年我們將繼續開設另外 30 個展廳。

And we're really excited about being able to grow this way and being able to adapt as we get into these other categories in what we think is a truly strategic and artful way that will be innovative in retail and omnichannel execution. So more to come.

我們真的很高興能夠以這種方式發展，並且能夠在進入其他類別時進行適應，我們認為這是一種真正具有策略性和巧妙的方式，將在零售和全通路執行方面實現創新。未來還會有更多。

Great. That's really helpful, Shawn. Thanks and looking forward to seeing some of those innovations as they happen.

偉大的。這真的很有幫助，肖恩。謝謝，並期待看到這些創新的實現。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hey, good morning. This is William Dawson on for Brian. Congratulations on a nice quarter. Yes. So my first question was on just tariff mitigation efforts. I wanted to get clarification.

嘿，早安。威廉道森 (William Dawson) 為布萊恩 (Brian) 主持節目。恭喜本季取得良好業績。是的。所以我的第一個問題是關於關稅減免措施。我想得到澄清。

So you mentioned that given structurally higher margins at Love, that price increases need to offset tariffs may be smaller. Can you elaborate on that? And then also, I guess, related, competitors have taken 5% to 10% off of MSRP recently. How has your promotional strategy changed in recent months, if at all?

所以您提到，鑑於 Love 的結構性利潤率較高，抵銷關稅所需的價格上漲幅度可能會較小。能詳細說明一下嗎？而且，我想，相關的是，競爭對手最近已經將建議零售價降低了 5% 到 10%。近幾個月來您的促銷策略有何變化？

Sure thing. I'll take the first one. What we were implying with the lower required price increases is, take the math of what our gross profit margin of near 60%, when you back out inbound freight, warehousing, last mile and other costs and things like that flow through there, you actually get to a strict product margin that's quite a bit higher, substantially higher actually even than where we're running on a full year gross profit basis.

當然可以。我要第一個。我們所說的較低的價格上漲幅度意味著，考慮到我們接近 60% 的毛利率，當你扣除入境貨運、倉儲、最後一英里和其他成本以及諸如此類的費用時，你實際上會得到一個嚴格的產品利潤率，這個利潤率要高得多，實際上甚至比我們全年毛利率的水平還要高得多。

So when you think about what that COGS actually is as a percentage of sales, you do the math as to what type of total net sales price increase would be required to offset the strict product cost. That's how you get to what we were, even in some of the really draconian tariff outlooks could probably be covered with a single-digit, high single-digit price increase, and that clearly doesn't look like it's going to be the case already.

因此，當您考慮 COGS 實際上佔銷售額的百分比時，您會計算出需要多大程度的總淨銷售價格上漲才能抵消嚴格的產品成本。這就是我們所處的境況，即使在一些真正嚴厲的關稅前景下，也可能透過個位數、高個位數的價格上漲來彌補，而這顯然看起來不會發生。

But look, we have options. We can take those price increases, we can shift the intensity of our promotional strategy, we can play around with what our finance offers are through our financing program. All of these are different ways that we can help to offset that, let alone on the cost side of the initiatives that Mary talked about before. But hopefully, that gives a little context.

但你看，我們還有選擇。我們可以接受這些價格上漲，我們可以改變促銷策略的強度，我們可以透過融資計畫調整我們的融資方案。所有這些都是我們可以幫助抵消這一問題的不同方法，更不用說瑪麗之前談到的舉措的成本方面了。但希望這能提供一些背景資訊。

Yeah. And I think, William, just to add to your other part of the question. So as we tracked with our competitors and saw them taking their MSRP up by 5% to 10% in February and March, they've also continued to be at record high levels on promotions.

是的。威廉，我想補充你問題的另一部分。因此，當我們追蹤競爭對手的情況並發現他們在 2 月和 3 月將其建議零售價提高了 5% 至 10% 時，他們的促銷活動也繼續保持創紀錄的高水平。

So that has continued. For us, as we went through President's Day and through this quarter-to-date, we've continued with our flash events, the typical handle of 30 off and even with some reduced financing that we've seen success with.

這種情況一直持續著。對我們來說，在總統日和本季迄今為止，我們繼續舉辦快閃活動，通常打七折，甚至減少一些融資，我們也看到了成功。

So we continue to drive that. We do continue also to have some pocket offers in the showroom sometimes, particularly for the larger setup, but certainly feel good in the algorithm of how we're working through in our promotions that are planned. But the team are always testing. So we're always learning, and we will continue to adjust as the year plays out and obviously to ensure that we stay very relevant and continue to gain market share.

因此我們會繼續推動這項進程。我們有時也會繼續在展廳中提供一些小額優惠，特別是針對較大的設置，但我們對我們計劃的促銷活動的演算法感到非常滿意。但團隊一直在進行測試。因此，我們一直在學習，隨著時間的推移，我們將繼續進行調整，顯然是為了確保我們保持相關性並繼續獲得市場份額。

Okay. I appreciate that. And so I may have misspoken that competitors have taken their MSRP up by 5% to 10% in recent weeks.

好的。我很感激。因此，我可能說錯了，競爭對手在最近幾週已將其建議零售價提高了 5% 至 10%。

Yes, that's correct. So they up in February and March, 5% to 10% up in MSRP, correct.

是的，正確。因此，2 月和 3 月的建議零售價上漲了 5% 到 10%，正確。

Okay. And another question that I wanted to touch on would be product launches. With your fiscal '26 guide for growth of 3% to 10%, how much of this may be from product launches versus market share gains amid broader category declines? And specifically, I just wanted to ask about how the recliner has performed versus your expectations?

好的。我想談的另一個問題是產品發布。依照您 26 財年的成長預期，成長率在 3% 至 10% 之間，其中有多少是來自新產品的推出，還是在整體品類下滑的情況下，市場佔有率的提升？具體來說，我只是想問這款躺椅的表現與您的預期相比如何？

Terrific. Thanks. I'll take the first part and then maybe kick it over to Shawn to talk about the recliner. But as I mentioned earlier, we're approaching this year from the perspective of prudent and realistic management around the macro conditions. So we've been floating around plus or minus some months better, some months worse, but the category has sort of been in this down mid-single-digits for the last five or six months, as I mentioned.

了不起。謝謝。我將負責第一部分，然後也許交給 Shawn 討論躺椅。但正如我之前提到的，我們將從審慎和現實的角度來管理今年的宏觀環境。因此，我們的業績一直在上下波動，有的月份好轉，有的月份惡化，但正如我所提到的，在過去的五、六個月裡，這個類別的業績一直處於中等個位數的下降趨勢。

That's the scenario we're building our plan for this year off of, more of the same. So in order for us to get to the total growth rates against that backdrop, we do need these new products. The physical showroom expansion, enhancements in our marketing strategy, all of these different things that I was talking about, we think can generate better than category performance.

這就是我們制定今年計畫的情景，情況大致相同。因此，為了在這種背景下實現整體成長率，我們確實需要這些新產品。我們認為，我所談論的實體展廳的擴張、行銷策略的增強以及所有這些不同的事情都可以產生比同類產品更好的表現。

And so there's a whole number of different scenarios that could come together. We're not relying on every single one of these to hit 100% by any means, not at all. We can have some of them hit and some of them miss and still hit our guidance.

因此，可能會出現多種不同的情況。我們絕不指望每一個都達到 100% 的目標，根本不是。我們可以讓其中一些命中，一些未命中，但仍然達到我們的指導。

That's kind of the approach we took to this. So we're really encouraged about the new showrooms that we're opening. We're very excited about the potential that those can contribute. We think the new products can be fantastic. We think we can sharpen our message.

這就是我們對此採取的方法。因此，我們對即將開設的新展廳感到非常鼓舞。我們對這些可能帶來的貢獻感到非常興奮。我們認為新產品將會非常棒。我們認為我們可以強化我們的訊息。

All of these things, I know I'm getting a little redundant and repetitive, but I just really wanted to hammer home the point that we've got multiple paths, we think, to achieve the top line aspirations that we set out for this year.

我知道我說的這些事情有點多餘和重複，但我只是想再次強調，我們認為我們有多條途徑可以實現我們今年設定的最高目標。

Yes. As far as the recliner goes, I think it's been our most successful product launch maybe ever, at least in our modern history, maybe since StealthTech and in many ways, even more impactful than that, and that was massive for us. So it's exceeded our expectations, it's outstripped the initial supply, and we quickly were able to recover from that.

是的。就躺椅而言，我認為它可能是我們迄今為止最成功的產品發布，至少在我們的現代歷史上，也許是自 StealthTech 以來最成功的產品發布，並且在很多方面，甚至比那更具影響力，這對我們來說意義重大。因此，它超出了我們的預期，超過了最初的供應量，我們很快就能恢復過來。

As you've seen, we really haven't had any egregious waiting periods for recliner. They're in stock now. So we've been able to demonstrate this extreme flexibility we have.

如您所見，我們確實沒有遇到任何等待躺椅的漫長等待期。現在有貨。因此，我們能夠展示我們擁有的這種極端靈活性。

And you have to appreciate that the recliner has, it's a powered recliner. If you understand Sactionals, you understand that these rectangles can be used the long ways or the deep ways, which is one of the most remarkable things about the Sactionals platform, right?

您必須欣賞這款躺椅，它是電動躺椅。如果您了解 Sactionals，您就會明白這些矩形可以以長方式或深方式使用，這是 Sactionals 平台最引人注目的事情之一，對嗎？

If you're tall, you want it deep, if you're shorter, you want it wide, or if you want to adjust the room and how it fits between two windows. This one recliner SKU works in either direction and the consumer can adjust it on the fly. It's hard to describe over a call.

如果您很高，您會希望它很深；如果您很矮，您會希望它很寬；或者如果您想要調整房間以及它如何適合兩扇窗戶。這款躺椅 SKU 可雙向調節，消費者可以隨時調整。透過電話很難描述。

But the reason I'm mentioning it is because to do all of this and do it elegantly, safely, reliably, with electronics, required 650 individual parts.

但我提到它的原因是，要用電子設備優雅、安全、可靠地完成所有這些工作，需要 650 個獨立零件。

This is by far the most complex product we've ever produced. And the fact that we've been able to do it at our high margins right at initial launch without any significant quality issues at all and been able to replenish our stock when it far outstripped our expectations.

這是迄今為止我們生產過的最複雜的產品。事實上，我們在產品首次推出時就能夠實現高利潤，而且沒有任何重大的品質問題，並且能夠在產品遠遠超出我們的預期時補充庫存。

As we've mentioned, we sold over 18,500 units, and that's just over the first few number of months, right? This is not even six months. So we're really excited about that and especially excited to see that sales are evenly split between new and repeat customers.

正如我們所提到的，我們的銷量超過 18,500 台，而這僅僅是頭幾個月的銷量，對嗎？這還不到六個月。因此，我們對此感到非常興奮，尤其高興地看到新客戶和回頭客的銷售額平均分配。

So it's working in exactly all the ways we wanted it to. We're really proud of it. And I think lastly, the best part is, of course, we hold numerous patents on it like we do all of our key products.

所以它完全按照我們想要的方式運作。我們對此感到非常自豪。最後，我認為最好的部分當然是，我們擁有它的多項專利，就像我們所有的關鍵產品一樣。

And this big investment we made in it and even to launch it, as we've just done, we had over 4 billion impressions from this Kathy Hilton campaign with The Recline of Civilization. And so we had a lot of fun with it on social media.

我們對此進行了巨大的投資，甚至為了推出它，就像我們剛剛做的那樣，凱西·希爾頓 (Kathy Hilton) 的《文明的衰退》 (The Recline of Civilization) 活動獲得了超過 40 億次的曝光量。因此我們在社交媒體上玩得很開心。

All of this investment, both in the product and in the marketing of it, we'll build on it for a decade or two decades. And that's the beautiful thing about these Designed for Life products. They have life that goes so far beyond when we take the time to build them right.

所有這些投資，包括產品和行銷方面的投資，我們都將在未來十年或二十年內繼續進行。這就是這些「為生活而設計」產品的美妙之處。當我們花時間精心照顧它們時，它們的生命力將會更加強大。

And so anyway, really excited about that and really excited that we're able to also shift production of so many SKUs so rapidly out of China, as we mentioned, because so many of the suppliers are excited by what it represents and excited that we can move so fast with them. So all good news here.

所以無論如何，我們對此感到非常興奮，也非常高興我們能夠如此迅速地將如此多 SKU 的生產轉移出中國，正如我們所提到的，因為很多供應商都對它所代表的意義感到興奮，也很高興我們能夠如此快速地與他們一起行動。這裡全是好消息。

Thank you so much. Look forward to connecting more offline.

太感謝了。期待更多線下聯動。

At this time, this will conclude our question-and-answer session, and will also conclude today's conference. We thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

到此，我們的問答環節就結束了，今天的記者會也結束了。我們感謝您的參與。現在您可以斷開線路，享受美好的一天。