Lovesac Co (LOVE) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Lovesac second-quarter fiscal 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Caitlin Churchill, Investor Relations. Thank you. You may begin.

您好，歡迎參加 Lovesac 2026 財年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、投資者關係部凱特琳·邱吉爾 (Caitlin Churchill)。謝謝。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 Keith Siegner, Chief Financial Officer.

謝謝。大家早安。與我一起參加電話會議的還有執行長肖恩·尼爾森 (Shawn Nelson)、總裁瑪麗·福克斯 (Mary Fox) 和首席財務官基思·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. These include statements about our future expectations, financial projections and our plans and prospects. Actual results may differ materially from those set forth in such statements.

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。實際結果可能與此類聲明中所述的結果有重大差異。

For a discussion of these risks and uncertainties, you should review the company's filings with the SEC, which includes today's press release. You should not rely on our forward-looking statements as predictions of future events.

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。您不應依賴我們的前瞻性陳述來預測未來事件。

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. 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 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.

我們在本次電話會議上所做的所有前瞻性陳述均基於今天的假設和信念，除非適用法律要求，否則我們不承擔更新這些陳述的義務。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 today by sharing a high-level overview of our second quarter results, provide an update on our Designed for Life product platforms and touch on our views for the remainder of the year before passing the discussion over to Mary Fox, our President. Mary will discuss our tailored customer acquisition engines and key growth enablers. Finally, Keith Siegner, our CFO, will review our financial results and provide more detail on our Q3 and fiscal '26 outlook.

大家早安，感謝大家的收看。今天，我將首先概述我們的第二季度業績，提供我們「為生活而設計」產品平台的最新信息，並談談我們對今年剩餘時間的看法，然後將討論交給我們的總裁瑪麗·福克斯 (Mary Fox)。瑪麗將討論我們量身定制的客戶獲取引擎和關鍵成長推動因素。最後，我們的財務長 Keith Siegner 將回顧我們的財務業績，並提供有關我們第三季和 26 財年展望的更多詳細資訊。

Turning to our second quarter. Overall, we are pleased to have delivered results in line with or slightly favorable to our expectations across all metrics, representing another quarter of top line growth driven by our secular growth initiatives across Designed for Life product platforms and efficient customer acquisition engines.

轉向我們的第二季。總體而言，我們很高興看到所有指標的業績都符合或略高於我們的預期，這代表著我們透過 Designed for Life 產品平台和高效的客戶獲取引擎的長期增長計劃推動的又一個季度的收入增長。

For the second quarter, total net sales were $160.5 million, reflecting a year-over-year increase of 2.5%. These results reflect market share gains despite the ongoing headwinds facing our category, which we estimate declined approximately 4% for the comparable period.

第二季總淨銷售額為 1.605 億美元，年增 2.5%。這些結果反映出，儘管我們的產品類別面臨持續的阻力，但我們的市佔率仍然有所增長，我們估計同期我們的市佔率下降了約 4%。

Total omnichannel comparable net sales increased 0.9% for the quarter with additional growth coming from new and non-comp touch point contributions. Our balance sheet remains very healthy with inventory levels and net cash providing substantial flexibility to weather tariff distractions, accelerate growth and enhance returns on capital. This is a very exciting time for Lovesac.

本季全通路可比淨銷售總額成長 0.9%，額外的成長來自新的和非可比接觸點的貢獻。我們的資產負債表仍然非常健康，庫存水準和淨現金提供了相當大的靈活性，以應對關稅幹擾、加速成長和提高資本回報率。對於 Lovesac 來說，這是一個非常令人興奮的時刻。

While the home category and high-ticket consumer goods in general have been under pressure for years now, with many in our industry waiting for an eventual recovery to the housing market and a normalized furniture replacement cycle, we've been both controlling expenses for efficiency and protecting significant investments in innovation to create meaningful long-term value for all stakeholders. And we've done this while maintaining annual profitability and a very strong balance sheet.

雖然家居類別和高價消費品總體上多年來一直承受壓力，而且我們行業中的許多人都在等待房地產市場的最終復甦和家具更換週期的正常化，但我們一直在控制費用以提高效率，並保護對創新的重大投資，從而為所有利益相關者創造有意義的長期價值。我們在保持年度盈利能力和強勁資產負債表的同時做到了這一點。

In our December 2024 Investor Day presentation, you may recall, we used the analogy of an oak tree to represent the brand that we are focused on building here at Lovesac, wide, tall, strong and durable. Currently, the outside world sees only a few of the branches of this tree, namely the Sactionals and the Sacs, along with a few accessories and ancillary products around the edges. But we promised new branches over the next coming years, some representing entire new rooms of the home.

您可能還記得，在我們 2024 年 12 月的投資者日演示中，我們用橡樹的比喻來代表我們在 Lovesac 專注於打造的品牌：寬闊、高大、堅固和耐用。目前，外界只看到這棵樹的幾個分支，即Sactionals和Sacs，以及邊緣的一些配件和輔助產品。但我們承諾在未來幾年內開設新的分店，其中一些代表著家中全新的房間。

It was then that we unveiled the first new platform launch or brand-new branch to this tree, a platform still in the living room, the EverCouch. The new EverCouch is in the midst of its debut with new fresh advertising support rolling out right now. Mary will speak to our observations and successes with EverCouch in more detail in just a few minutes. But as we refined our strategic road map for this pivotal transition from a product-focused company to a true brand, it became clear that we needed to sharpen and focus our positioning through a brand evolution refresh for Lovesac.

就在那時，我們推出了第一個新平台或這棵樹的全新分支，一個仍在客廳裡的平台，EverCouch。新款 EverCouch 正處於首次亮相階段，目前正在推出全新的廣告支援。瑪麗將在幾分鐘內更詳細地講述我們對 EverCouch 的觀察和成功經驗。但是，隨著我們完善從以產品為中心的公司轉變為真正的品牌的策略路線圖，我們清楚地認識到，我們需要透過 Lovesac 的品牌演變更新來強化和集中我們的定位。

This brand evolution work has been going on over this past year in collaboration with a world-class branding and design firm. And it's been fortuitous that our talented new CMO, Heidi Cooley, is fully onboarded now and able to spearhead this effort to its completion. This work has laid a clear and reliable foundation wherein we can build Lovesac into a multifaceted home brand with an organized and prioritized product hierarchy and merchandising strategy.

過去一年來，我們一直與一家世界級的品牌和設計公司合作進行這項品牌轉型工作。幸運的是，我們才華橫溢的新任首席行銷長 Heidi Cooley 現已完全加入並能夠帶頭完成這項工作。這項工作奠定了清晰可靠的基礎，我們可以將 Lovesac 打造成為一個具有組織有序、優先的產品層次結構和行銷策略的多元化家居品牌。

This will not only allow us to confidently extend the brand further, but also deeper into the categories where we already have strength in order to compete even more vigorously for market share. To that point, we see many opportunities to rapidly harvest Lovesac brand equity, earning more revenue and margin dollars from existing markets and customers through incremental new product development and channel expansion.

這不僅讓我們有信心進一步擴展品牌，而且還能更深入地涉足我們已經擁有優勢的類別，以便更有力地爭取市場份額。到那時，我們看到了許多快速收穫 Lovesac 品牌資產的機會，透過逐步開發新產品和擴展管道，從現有市場和客戶那裡賺取更多的收入和利潤。

We believe this is our fastest and most credible path to more profitable and secular growth in the near term, as we strengthen the core at Lovesac even before we utilize this broader framework to compete in the new rooms in pursuit of the more radical growth opportunities that are still more than a year away. This brand evolution work and new product hierarchy has also led us to rethink everything from new product naming to some new products themselves and the channels through which some of these new and even existing products can and should be offered.

我們相信這是我們在短期內實現更盈利和長期增長的最快和最可靠的途徑，因為我們在利用這個更廣泛的框架在新房間競爭以追求一年多後出現的更激進的增長機會之前就加強了 Lovesac 的核心。這項品牌演進工作和新產品層次結構也促使我們重新思考一切，從新產品命名到一些新產品本身，以及這些新產品甚至現有產品可以和應該提供的管道。

More to come on that, but yes, we see significant new channel opportunities, particularly with some of the new products that we are close to announcing that are still in the living room space. Meanwhile, to better align with this new product and channel strategy, we have chosen to rename the EverCouch product line to be called Snugg by Lovesac. The advertising went live this week with a fresh new look and feel as you will likely see on TV and digital platforms over the next few weeks.

關於這一點，我們還會有更多的了解，但是是的，我們看到了重要的新通路機會，特別是我們即將發布的一些仍在客廳領域的新產品。同時，為了更好地配合這項新產品和通路策略，我們選擇將 EverCouch 產品線重新命名為 Snugg by Lovesac。該廣告本週上線，具有全新的外觀和感覺，您可能會在接下來的幾週內在電視和數位平台上看到它。

It suits the product better as the Snugg product line, consisting of the Snugg sofa, the Snugg Love seat and the Snugg chair is everything that Lovesac has to offer. It's washable, upgradable, shippable, movable, snugly and comfortable, but in a bit smaller package that can always fit any space and look forever new. We're excited about its performance to date and its rollout recently expanded to 100 of our physical locations already. We promised to share in more detail the results of our brand evolution work, our product road map and hierarchy and channel strategy over the coming quarters as we bring incremental elements to life.

它更適合該產品，因為 Snugg 產品線包括 Snugg 沙發、Snugg Love 座椅和 Snugg 椅子，是 Lovesac 提供的所有產品。它可清洗、可升級、可運輸、可移動、貼身舒適，但體積更小，可以適應任何空間，看起來永遠嶄新。我們對其迄今為止的表現感到非常興奮，並且它的推廣最近已擴展到我們的 100 個實體地點。我們承諾在未來幾季內，隨著我們逐步實現這些元素，我們將更詳細地分享我們的品牌發展工作成果、產品路線圖、層級結構和通路策略。

But rest assured, while we are proud to have taken significant market share even in these tough years for the category, remember, we were recently ranked number 19 on the largest home furnishings retailer list by Furniture Today. Our ambition is to be much larger than that. We've made significant and fundamental investments in this brand and in new products that you are going to see unleashed in the marketplace starting now with the Snugg product line and with more to come in subsequent quarters and years.

但請放心，儘管我們很自豪能夠在這些艱難的歲月中佔據相當大的市場份額，但請記住，我們最近在《今日家具》最大的家居用品零售商名單中名列第 19 位。我們的目標遠不止於此。我們對這個品牌和新產品進行了重大且基本的投資，從現在開始，您將看到 Snugg 產品線在市場上推出，並且在接下來的幾個季度和幾年中還會有更多產品推出。

Turning to the macro. We've seen a very slight improvement in the category with overall furniture spend down 3.7% from May through July, with July being the best of the three months. It's too soon to count on July as a bend in the trend since we've seen stronger months arise occasionally in the past year.

轉向宏觀。我們看到該類別的消費略有改善，從 5 月到 7 月，整體家具消費下降了 3.7%，其中 7 月是三個月中表現最好的。現在就將 7 月視為趨勢的轉捩點還為時過早，因為我們在過去一年中偶爾會看到表現更為強勁的月份。

As such, our baseline for planning purposes remains unchanged from our initial outlook, which is a full year furniture category that is down mid-single digits. As for net sales, we remain focused on what we can control. Like I said earlier, we aim to leverage our secular growth initiatives to drive growth.

因此，我們規劃的基準與最初的展望保持不變，即全年家具類別的銷售額將下降中等個位數。至於淨銷售額，我們仍然專注於我們能夠控制的部分。正如我之前所說，我們的目標是利用長期成長計畫來推動成長。

We grew in the fiscal first and second quarters. And as Keith will detail later, we forecast growth for the full year, even without the category supporting us within our original annual net sales guidance. As for profitability, these are very unusual times with the rules changing on us regularly, especially as it pertains to tariffs. Last quarter, we highlighted that barring materially different scenarios, we felt we could cover the potential impact of tariffs increased competitive discounting and the Best Buy exit fees with our previous annual guidance.

我們在第一季和第二季實現了成長。正如 Keith 稍後將詳細說明的那樣，即使沒有我們最初的年度淨銷售額指引中支持我們的類別，我們也預測全年仍將實現成長。至於獲利能力，現在是非常不尋常的時期，規則經常發生變化，特別是有關關稅的規定。上個季度，我們強調，除非出現實質不同的情況，否則我們認為我們可以透過先前的年度指引來彌補關稅增加競爭折扣和百思買退出費的潛在影響。

We have numerous tools available to us given our unique model with high product margins, geographic redundancy and strong vendor relationships. We have made solid progress on mitigation factors, including select price increases taken early in the fiscal third quarter. However, with incremental worsening in the tariff backdrop and continued pressure on competitive discounting, we have lowered our gross margin range, which has impacted the bottom line ranges accordingly.

鑑於我們獨特的模式，我們擁有眾多可用的工具，包括高產品利潤率、地理冗餘和強大的供應商關係。我們在緩解因素方面取得了堅實進展，包括在第三財季初採取的部分價格上調。然而，隨著關稅環境的逐步惡化和競爭折扣的持續壓力，我們降低了毛利率範圍，這也對底線範圍產生了相應的影響。

Importantly, we have identified additional measures that will benefit gross margins beginning later this year as well as over the coming quarters, which we believe will support the high 50s, near 60% level we previously discussed over time. Keith will provide our updated guidance ranges in a few minutes.

重要的是，我們已經確定了額外的措施，這些措施將有利於從今年晚些時候開始以及未來幾個季度的毛利率，我們相信這將支持我們之前討論過的 50% 以上的水平，接近 60% 的水平。基斯將在幾分鐘內提供我們更新的指導範圍。

But in short, we estimate fiscal '26 to be another solid year of market share gains with absolute growth in a down category. Through selective pricing, tightly managed controllable expenses and efficiencies in marketing spend, we believe we can expand bottom line profit margins and dollars to the midpoint of the range and end the year with a strong foundation for the future.

但簡而言之，我們預計 26 財年將是市佔率穩定成長的另一年，下滑類別的絕對成長也將持續。透過選擇性定價、嚴格管理可控費用和提高行銷支出效率，我們相信我們可以將底線利潤率和美元擴大到該範圍的中點，並為今年年底的未來打下堅實的基礎。

In conclusion, we are committed to delivering on our objectives, leveraging Lovesac's innovative product offerings, strong consumer relationships and operational excellence to grow irrespective of the category in the near term while maintaining clarity around long-term thinking and value creation. Our refreshed brand evolution work now unlocks the next phase of execution against our ambition of reaching our goal of 3 million Lovesac households by 2030 and building the most loved home brand in America.

總而言之，我們致力於實現我們的目標，利用 ​​Lovesac 的創新產品、強大的消費者關係和卓越的運營，在短期內實現成長（無論屬於哪個類別），同時保持對長期思維和價值創造的清晰認識。我們煥然一新的品牌發展工作現已開啟下一階段的執行，以實現我們的宏偉目標：到 2030 年，Lovesac 覆蓋 300 萬個家庭，並打造美國最受歡迎的家居品牌。

And while we aren't sitting around waiting for it, we believe that when the replacement cycle for comfort seating ramps up and housing turnover reaccelerates, which is one day closer than it was yesterday, Lovesac will be ready to capitalize on it immediately. This added revenue growth should drive even more flow-through of top line growth to bottom line growth and additional margin expansion beyond that, that is supported by our secular initiatives.

雖然我們不會坐等這一刻，但我們相信，當舒適座椅的更換週期加快、住房週轉率重新加速時（比昨天又近了一天），Lovesac 將準備好立即利用這一機會。這種額外的收入成長應該會推動更多的收入成長轉化為利潤成長，並進一步擴大利潤率，這得到了我們長期舉措的支持。

Finally, I want to thank our dedicated team members who work tirelessly to bring our innovations to market and deliver an exceptional customer experience. Every one of you is helping to reshape the home furnishings industry with products that are designed for life and thereby creating long-term value for all stakeholders.

最後，我要感謝我們敬業的團隊成員，他們不知疲倦地工作，將我們的創新推向市場，並提供卓越的客戶體驗。你們每個人都在幫助重塑家居裝飾行業，推出專為生活而設計的產品，從而為所有利益相關者創造長期價值。

Before I hand it over to Mary, we'd ask everyone on this call for a moment of silence to remember the victims and survivors of the 9/11 attacks, the brave men and women who responded that day and the families who continue to grieve. We'll do that now.

在我將發言權交給瑪麗之前，我們請所有參加電話會議的人默哀一分鐘，以緬懷 9/11 襲擊事件的受害者和倖存者、那天奮力救援的勇敢男女以及仍在悲痛中的家人。我們現在就這麼做。

Thank you. Mary?

謝謝。瑪麗？

Thank you, Shawn, and good morning, everyone. Building on Shawn's overview of our Designed for Life platforms and our strong results for quarter two, I'll now focus on our second superpower, our customer acquisition engines that are uniquely tailored to each of our Designed for Life platforms as well as our growth enablers that are fueling our momentum.

謝謝你，肖恩，大家早安。基於 Shawn 對我們的「為生活而設計」平台的概述以及我們第二季度的強勁業績，我現在將重點介紹我們的第二個超級力量，即針對我們每個「為生活而設計」平台獨特定制的客戶獲取引擎以及推動我們發展勢頭的增長推動因素。

As a reminder, what makes our customer acquisition engine so powerful, a superpower in effect is 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.

提醒一下，我們的客戶獲取引擎之所以如此強大，實際上是一種超能力，是因為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，以最佳方式影響產品平台。

Done wisely, we can efficiently generate customer awareness, convert that awareness into customers and, ultimately, build long-term relationships and brand Love. Starting with brand and performance marketing. Shawn shared some initial highlights of our brand evolution work and what's to come, and you'll see a lot more of this work cascade through marketing in coming quarters. That said, we are already beginning to optimize our marketing mix as we build awareness of our brand and excite our customers both with our core Designed for Life platforms and our new innovations.

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。從品牌和績效行銷開始。肖恩分享了我們品牌發展工作的一些初步亮點以及未來的發展方向，您將在未來幾季看到更多此類工作透過行銷方式展開。也就是說，隨著我們建立品牌知名度並透過核心的「為生活而設計」平台和新創新激發客戶興趣，我們已經開始優化我們的行銷組合。

In quarter two, we leaned into mid-funnel tactics. Encouragingly, traffic and return on ad spend increased versus last year, driven by our refocus on CTV and YouTube with plans to expand these partnerships in the second half of the year as well as leveraging answer engine optimization with Google and Microsoft. Our social media and partnerships team did a stellar job in quarter two, keeping Lovesac on the forefront of culture spanning all of our product lines.

在第二季度，我們傾向採用中部漏斗策略。令人鼓舞的是，流量和廣告支出回報率與去年相比有所增加，這得益於我們重新關注 CTV 和 YouTube，併計劃在下半年擴大這些合作夥伴關係，以及利用與谷歌和微軟的答案引擎優化。我們的社群媒體和合作夥伴團隊在第二季度表現出色，使 Lovesac 在所有產品線的文化領域始終處於領先地位。

We partnered with influencer and author, Eli Rallo, to host an on-trend BookTok themed event at Bibliotheque in New York City. Key editors and influencers attended to experience the PillowSac chair firsthand and listened to a special reading from Eli's upcoming book release garnering over 227 million earned media impressions and 1.1 million social media impressions from 51 influencers. We also had two amazing partnerships in quarter two. For the final week of the 2025 FIFA Club World Cup, Michelob ULTRA and Lovesac popped up at the Pitchside Club in New York City.

我們與影響者和作家 Eli Rallo 合作，在紐約市 Bibliotheque 舉辦了一場以時尚為主題的 BookTok 活動。主要編輯和影響者出席了活動，親身體驗了 PillowSac 椅子，並聆聽了 Eli 即將出版的新書的特別朗讀，該書獲得了來自 51 位影響者的超過 2.27 億次媒體曝光和 110 萬次社交媒體曝光。我們在第二季度也建立了兩個令人驚嘆的合作關係。在 2025 年國際足總俱樂部世界盃的最後一周，Michelob ULTRA 和 Lovesac 出現在紐約市的 Pitchside Club。

The Lovesac Lounge was the ultimate comfort spot to watch the matches complete with Sactionals with StealthTech and custom Michelob ULTRA soccer ball themed sacks and (inaudible) We then collaborated with Van Leeuwen, a Brooklyn-based ice cream brand for their National Ice Cream Day campaign that celebrated the 10th anniversary of their best-selling flavor, Honeycomb. We created three limited edition Van Leeuwen ice cream snack covers inspired by their fan favorite flavors, including Honeycomb, Strawberry and Sicilian Pistachio.

Lovesac Lounge 是觀看比賽的終極舒適場所，配有採用 StealthTech 的 Sactionals 和定制的 Michelob ULTRA 足球主題袋，並且（聽不清）我們隨後與布魯克林的冰淇淋品牌 Van Leeuwen 合作，開展全國冰淇淋日活動，慶祝其最暢銷口味 Honeycomb 誕生 10 週年。我們製作了三款限量版 Van Leeuwen 冰淇淋零食封面，靈感來自粉絲最喜歡的口味，包括蜂巢、草莓和西西里開心果。

This was a 360-degree partnership with PR influencer events, organic social e-mail SMS coverage and website placement and garnered over 40 million total earned impressions. Lovesac's unique positioning, combined with activation capabilities allows us to move quickly at the speed of culture. And in quarter two, we jumped into viral trending topics such as Coldplay gate, Love Island and Labubu, which performed two times stronger than our benchmarks.

這是一次全方位的合作，包括公關影響力活動、自然社交電子郵件簡訊覆蓋和網站展示，共獲得超過 4000 萬次曝光。Lovesac 的獨特定位，加上活化能力，使我們能夠隨著文化的速度快速發展。在第二季度，我們開始關注酷玩樂門、愛情島和拉布布等熱門話題，這些話題的表現比我們的基準高出兩倍。

Before moving on to our digital configurations, let's spend a minute talking about our most recent innovation, Snugg, a massive opportunity for us, which puts Lovesac squarely into the $14 billion couch category. This new product line, which features not only stylishly adaptable couches, but also loveseat and chair options was soft launched in quarter two in 27 showrooms and on lovesac.com with a learning agenda focused on our selling experience.

在討論我們的數位配置之前，讓我們花一點時間談談我們最近的創新，Snugg，這對我們來說是一個巨大的機會，它使 Lovesac 穩居 140 億美元沙發類別之列。這條新產品線不僅包括時尚且適應性強的沙發，還提供雙人沙發和椅子選擇，於第二季度在 27 個展廳和 lovesac.com 上進行了試運行，學習計劃重點關注我們的銷售體驗。

Initial results from the soft launch look promising, and this will build as we've already expanded the number of showrooms in quarter two to 100 and growing. However, beginning earlier this week and with full rebranding in place, we launched our formal marketing campaign. You'll see many of the brand and performance marketing elements we've already discussed coming to life.

試運行的初步結果看起來很有希望，而且隨著我們在第二季度將展廳數量擴大到 100 個並且還在不斷增加，這一結果還將繼續擴大。然而，從本週稍早開始，隨著品牌全面重塑，我們啟動了正式的行銷活動。您會看到我們已經討論過的許多品牌和績效行銷元素都變得生動起來。

It all begins with an engaging campaign leveraging one of the hottest and culturally relevant celebrities, Brittany Snow. This is just the beginning of many new ways we plan to effectively build Lovesac into a multifaceted home brand that is trusted and loved by customers, all informed by the brand evolution work we're completing, and we look forward to sharing more in coming quarters.

一切都始於一場引人入勝的活動，該活動利用了最熱門、最具文化影響力的名人之一布蘭特妮·斯諾 (Brittany Snow) 的力量。這只是我們計劃透過多種新方式的開始，我們將有效地將 Lovesac 打造為一個深受客戶信賴和喜愛的多元化家居品牌，所有這些都源於我們正在完成的品牌演變工作，我們期待在未來幾個季度分享更多內容。

Second is our digital configurations and how we bring Lovesac to life online. As we launch new product lines, including Snugg, we continue to invest in optimizing the digital experience. Through our research, we know that customers shop differently for sectionals versus couches and chairs. And our digital team undertook extensive testing of both the website and homepage design. And as a result, we significantly improved the top navigation, implementing a more intuitive design based on furniture shopping behaviors and quicker product finding.

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。隨著我們推出包括 Snugg 在內的新產品線，我們將繼續投資優化數位體驗。透過研究，我們了解到顧客對組合沙發和沙發及椅子的購買習慣有所不同。我們的數位團隊對網站和主頁設計進行了廣泛的測試。因此，我們顯著改進了頂部導航，根據家具購物行為實現了更直觀的設計和更快的產品查找。

Since launch customers are more engaged and they're converting at a higher rate with improved bounce rates, all contributing to one of our highest recorded digital customer satisfaction scores in quarter two. We also continue to advance our customer reengagement center, MyHUB, always with the goal of being a frictionless omnichannel experience for new and repeat purchases. In quarter two, over 20% of EverCouch, now Snugg transactions were from existing customers, which further illuminates the opportunity for us to connect with our current customer base as we launch new products.

由於發布客戶的參與度更高，轉換率更高，跳出率也得到改善，所有這些都促使我們在第二季度創下了最高的數位客戶滿意度得分之一。我們也將繼續推進我們的客戶重新參與中心 MyHUB，始終致力於為新客戶和重複購買者提供無摩擦的全通路體驗。在第二季度，EverCouch（現為 Snugg）超過 20% 的交易來自現有客戶，這進一步表明我們在推出新產品時有機會與現有客戶群建立聯繫。

Third is our showroom experience, the physical brand amplifiers of our Designed for Life products and the linchpin of our omnichannel model. In quarter two, following on from the soft launch of Snugg in 27 locations and lovesac.com, we continued our expansion of this product line to just over 100 locations at the end of quarter two with the plan to complete the balance of the chain in quarter three.

第三是我們的展廳體驗，這是我們「為生活而設計」產品的實體品牌擴大機，也是我們全通路模式的關鍵。在第二季度，繼 Snugg 在 27 個地點和 lovesac.com 進行試運行之後，我們繼續將該產品線擴展到第二季度末的 100 多個地點，併計劃在第三季度完成整個連鎖店的平衡。

To support this exciting new program, our training and operations team, along with Shawn, conducted full day hands-on training sessions across our key markets. Early results are encouraging, and we've seen customers adopting this new platform even ahead of our national launch campaign. In addition to the updates to performance-based compensation that we shared in quarter one, we've advanced our efforts to provide performance visibility across the field in quarter two through the launch of improved performance dashboards.

為了支持這項令人興奮的新計劃，我們的培訓和營運團隊與 Shawn 一起在我們的主要市場進行了全天實踐培訓課程。早期結果令人鼓舞，我們甚至在全國發布活動之前就看到客戶採用了這個新平台。除了我們在第一季分享的基於績效的薪酬更新之外，我們還在第二季度透過推出改進的績效儀表板，加大了在整個領域提供績效可見度的力度。

We're supporting our retail chain through improved visibility into sales and team performance, labor efficiency and customer experience. We have also launched a digital quote management tool, which not only supports increased quote conversion, but also strengthens the omnichannel customer experience through the delivery of consistent quote follow-up and communication nationwide. Finally, complementing our showrooms is our partnership model.

我們透過提高銷售和團隊績效、勞動效率和客戶體驗的可見性來支持我們的零售連鎖店。我們還推出了數位報價管理工具，它不僅支援提高報價轉換率，而且還透過在全國範圍內提供一致的報價跟進和溝通來增強全通路客戶體驗。最後，與我們的展廳相輔相成的是我們的合作模式。

As we shared in quarter one, we've continued to evolve our thinking to support our customer acquisition engines, which includes enhancing our focus on more profitable growth and improved customer experiences. This led us to end our Best Buy partnership, which we outlined last quarter. I'm pleased to share that we successfully completed our Best Buy exit on September 2, ahead of plan and under budget.

正如我們在第一季所分享的那樣，我們不斷發展我們的思維以支持我們的客戶獲取引擎，其中包括加強對更有利可圖的成長和改善客戶體驗的關注。這導致我們終止了與百思買的合作關係，正如我們上個季度所概述的那樣。我很高興地告訴大家，我們在 9 月 2 日成功完成了百思買退出，提前完成了計劃並低於預算。

In regard to our Costco partnership in quarter two, we piloted and scaled an enhanced Costco display model that elevates the Lovesac experience within a compact footprint. Updates included the addition of StealthTech demonstration capabilities supported by a new StealthTech video test in two key markets, which is planned to expand to new markets throughout the remainder of the year.

關於我們與 Costco 在第二季的合作，我們試行並擴展了增強型 Costco 展示模型，在緊湊的空間內提升了 Lovesac 的體驗。更新內容包括增加 StealthTech 演示功能，並在兩個主要市場進行新的 StealthTech 視訊測試，計劃在今年剩餘時間內擴展到新的市場。

The updated tower design optimizes the footprint, creating space for recliner demonstrations and the addition of the Snugg chair. These enhancements position us to flex our assortment and deliver enhanced customer experience throughout our Costco roadshow events.

更新後的塔式設計優化了佔地面積，為躺椅演示和 Snugg 椅子的添加創造了空間。這些改進使我們能夠靈活地組合產品，並在 Costco 路演活動期間提供增強的客戶體驗。

When combined, these four elements of our customer acquisition engines create an unmatched customer experience that drives brand Love and enables long-term relationships, and we are reinforcing this even further with our customer-facing services. Since our quarter one launch of Loved by Lovesac in Texas, our new resale platform has rapidly expanded into five additional states, giving even more customers access to pre-Loved products.

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，推動了品牌的熱愛並建立了長期關係，而我們正在透過面向客戶的服務進一步強化這一點。自從我們第一季在德州推出 Loved by Lovesac 以來，我們的新轉售平台已迅速擴展到另外五個州，讓更多的客戶能夠購買二手 Loved 產品。

With additions like the PillowSac Chair and StealthTech combinations, we're not only expanding our range offering, we've laid the foundation to unlock trading capability for our customers. This will begin with a customer pilot later this year and will ensure a seamless experience before scaling next year. And all of these actions strengthen our value proposition of Designed for Life products that are built to last, designed to evolve and ready to be loved again.

隨著 PillowSac 椅子和 StealthTech 組合等產品的推出，我們不僅擴大了產品範圍，也為釋放客戶的交易能力奠定了基礎。這將於今年稍後從客戶試點開始，並確保在明年擴大規模之前提供無縫體驗。所有這些舉措都強化了我們的「為生活而設計」產品的價值主張，這些產品經久耐用，設計精良，隨時準備再次受到人們的喜愛。

Key to us sustaining this long-term profitable growth are our growth enablers within our supply chain playing a pivotal role. As I've shared before, our supply chain is purpose-built for scalability and design to support new product and platform introduction. Our team have done a terrific job both in transforming our supply chain and also delivering strong progress in mitigating the industry-wide exposure, tariff costs as evidenced in the outlook that Keith will share shortly.

我們維持長期獲利成長的關鍵在於我們的供應鏈中的成長推動因素發揮關鍵作用。正如我之前分享的，我們的供應鏈專為可擴展性和設計而構建，以支援新產品和平台的推出。我們的團隊在改造供應鏈和降低全行業風險、關稅成本方面都做得非常出色，正如 Keith 即將分享的展望所證明的那樣。

To address tariff headwinds, we deployed a four-point mitigation plan back in April, and I'm pleased to report strong progress across all fronts. The first is focused on managing costs by working with our long-term vendors for concessions. We've received support from every key vendor enabling us to reduce costs.

為了應對關稅阻力，我們早在四月就部署了一項四點緩解計劃，我很高興地報告各方面都取得了強勁進展。第一個重點是透過與我們的長期供應商合作以獲得優惠來管理成本。我們得到了每個主要供應商的支持，使我們能夠降低成本。

Second is manufacturing diversification, including the work to further diversify manufacturing away from China with our long-term partners. We remain on track to be mid-teens for China for the full fiscal year, but with an exit rate well below that.

第二是製造業多元化，包括與我們的長期合作夥伴一起努力，進一步實現製造業從中國向多元化發展。我們預計整個財年中國市場的銷售額將維持在 15% 左右，但退出率將遠低於這一水平。

Third is strategic pricing. And as I shared before, we executed some informed price increases. These increases were determined following a deep dive into our overarching competitive price positioning against numerous options in the consideration set for our customers. We feel very comfortable with where and how Lovesac is now positioned, appropriate for the quality, style, features and benefits each of our products has to offer.

第三是策略定價。正如我之前分享的，我們執行了一些明智的價格上漲。這些價格上漲是我們在深入研究了針對客戶考慮的眾多選擇後的整體競爭價格定位後確定的。我們對 Lovesac 目前的定位感到非常滿意，它與我們每款產品所提供的品質、風格、功能和優勢相符。

Additionally, the work helped us better understand the elements of our value proposition, and we immediately developed and rolled out training and tools throughout the field organization, making it easier for all of our team members to convey to customers the specific value inherent in our Designed for Life product platforms.

此外，這項工作幫助我們更好地了解我們的價值主張的要素，我們立即在整個現場組織中開發和推出了培訓和工具，使我們所有的團隊成員更容易向客戶傳達我們的「為生活而設計」產品平台所固有的特定價值。

And the final initiative for us was cost efficiency, and we've achieved and continue to identify cost savings across the business. Lastly, I really want to recognize our team for their swift and strategic execution. Thanks to their efforts, we believe that this four-point plan will mitigate the majority of the current tariff pressures.

我們的最後一項措施是提高成本效率，我們已經實現並將繼續在整個業務範圍內節省成本。最後，我非常想讚揚我們團隊的快速和策略執行力。我們相信，在他們的努力下，這四點計畫將能夠緩解當前大部分關稅壓力。

And with that, I'll now hand over to Keith to share more on our financial performance and our outlook. Keith?

現在，我將把時間交給 Keith，讓他進一步分享我們的財務表現和前景。基思？

Thanks, Mary. Let's jump right on into a quick review of the second quarter, followed by our outlook for the rest of the fiscal year. As we begin with performance metrics, please note that all references to the second quarter refer to fiscal '26 unless otherwise noted. Net sales increased $3.9 million or 2.5% to $160.5 million in the second quarter compared to the prior year period.

謝謝，瑪麗。讓我們快速回顧一下第二季度，然後展望本財年剩餘時間。當我們開始討論績效指標時，請注意，除非另有說明，所有對第二季的引用均指 26 財年。與去年同期相比，第二季淨銷售額增加了 390 萬美元，或 2.5%，達到 1.605 億美元。

Showroom net sales increased $10.3 million or 10.4% to $109.1 million in the second quarter compared to the prior year period, driven by an increase of 0.9% in omnichannel comparable net sales and the net addition of 16 new showrooms. Internet net sales decreased $1.8 million or 4.1% to $42.5 million in the second quarter compared to the prior year period.

第二季展廳淨銷售額與去年同期相比增加了 1,030 萬美元，即 10.4%，達到 1.091 億美元，這得益於全通路可比淨銷售額增長 0.9% 以及淨增加了 16 個新展廳。與去年同期相比，第二季網路淨銷售額減少 180 萬美元，或 4.1%，至 4,250 萬美元。

Other net sales, which include pop-up shop sales, shop-in-shop sales, open box inventory transactions and the Loved by Lovesac program decreased $4.5 million or 33.6% to $9.0 million in the second quarter compared to the prior year period. The decrease was primarily attributable to the company's decision not to engage in any barter transactions during the current period.

第二季其他淨銷售額（包括快閃店銷售額、店中店銷售額、開箱庫存交易和 Loved by Lovesac 計劃）與去年同期相比減少了 450 萬美元，降至 900 萬美元，降幅為 33.6%。下降的主要原因是該公司決定在本期間不進行任何以物易物交易。

By product category, in the second quarter, our Sactional net sales increased 4.6%. Sacs net sales decreased 22.5% and our other net sales, which includes decorative pillows, blankets and accessories, increased 2% over the prior year.

按產品類別劃分，第二季度，我們的 Sactional 淨銷售額成長了 4.6%。Sacs 淨銷售額下降了 22.5%，而我們的其他淨銷售額（包括裝飾枕頭、毛毯和配件）比上年增長了 2%。

Gross margin decreased 260 basis points to 56.4% of net sales in the second quarter of fiscal '26 versus 59.0% in the prior year period, primarily driven by increases of 110 basis points in inbound transportation costs, 50 basis points in outbound transportation and warehousing costs and a decrease of 100 basis points in product margin driven by higher promotional discounting.

26 財年第二季毛利率下降 260 個基點至淨銷售額的 56.4%，而去年同期為 59.0%，主要原因是入境運輸成本增加 110 個基點，出境運輸和倉儲成本增加 50 個基點，以及促銷折扣增加導致產品利潤率下降 100 個基點。

SG&A expense as a percent of net sales was 44.9% in the second quarter of fiscal '26 versus 47.0% in the prior year period. The decreased percentage is primarily related to lower professional fees, credit card fees and other overhead costs as well as higher net sales. The improved expense leverage compared to our prior guidance reflects tighter expense management as well as lower Best Buy costs during the transition period and tied to the final exit of the relationship.

26 財年第二季度，銷售、一般及行政費用佔淨銷售額的百分比為 44.9%，去年同期為 47.0%。百分比下降主要與專業費用、信用卡費用和其他間接費用降低以及淨銷售額增加有關。與我們先前的指導相比，費用槓桿的提高反映了更嚴格的費用管理以及過渡期間百思買成本的降低，並且與關係的最終退出有關。

On that front, during the quarter, we incurred approximately $1.9 million of total non-recurring expenses related to the exit of our relationship with Best Buy, inclusive of fixed asset impairment, closure and payroll expenses. Despite this expense, we reported a decrease in selling, general and administrative expense dollars.

在這方面，在本季度，我們因終止與百思買的關係而產生了約 190 萬美元的非經常性費用，其中包括固定資產減值、關閉和工資費用。儘管有這筆支出，但我們報告的銷售、一般和行政費用有所減少。

This was primarily related to decreases of $2.1 million in professional fees, $0.5 million in credit card fees and $1.7 million in other overhead costs, partially offset by $1.5 million of impairment charges related to the Best Buy partnership termination and increases of $0.6 million in payroll, $0.5 million in equity-based compensation, and $0.1 million in rent.

這主要與專業費用減少 210 萬美元、信用卡費用減少 50 萬美元和其它間接費用減少 170 萬美元有關，但與百思買終止合作關係相關的 150 萬美元減值費用以及工資增加 60 萬美元、股權薪酬增加 50 萬美元和租金增加 10 萬美元相抵消。

Rent increased by $0.1 million related to a $0.5 million increase in rent expense from our net addition of 16 showrooms, partially offset by $0.4 million reduction in percentage rent. We estimate non-recurring incremental fees associated with the restatement of prior period financials were approximately $0.4 million in the second quarter. Advertising and marketing expenses increased $0.2 million or 0.7% to $23.5 million for the second quarter compared to the prior year period.

租金增加了 10 萬美元，與我們淨增加 16 個展廳導致的租金費用增加 50 萬美元有關，但百分比租金減少 40 萬美元部分抵消了這一影響。我們估計，第二季與重述前期財務狀況相關的非經常性增量費用約​​為 40 萬美元。第二季廣告和行銷費用與去年同期相比增加了 20 萬美元，即 0.7%，達到 2,350 萬美元。

Advertising and marketing expenses remained relatively flat at 14.6% of net sales in the second quarter as compared to 14.9% of net sales in the prior year period. Operating loss for the quarter was $8.8 million compared to $8.4 million in the second quarter of last year, driven by the factors we just discussed.

廣告和行銷費用相對持平，第二季佔淨銷售額的 14.6%，而去年同期為 14.9%。本季營業虧損為 880 萬美元，而去年第二季為 840 萬美元，主要是受我們剛才討論的因素影響。

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 measurement in our earnings release issued earlier this morning.

在我們將注意力轉向淨虧損、每股普通股淨虧損和調整後 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的 GAAP 衡量標準之間的術語和對帳。

Net loss for the quarter was $6.7 million or negative $0.45 per common share compared to a net loss of $5.9 million or negative $0.38 per common share in the prior year period. During the quarter, we recorded an income tax benefit of $2.1 million as compared to $1.8 million in the prior year period. Adjusted EBITDA for the quarter was $0.8 million as compared to $1.5 million in the prior year period.

本季淨虧損為 670 萬美元，即每股虧損 0.45 美元，去年同期淨虧損為 590 萬美元，即每股虧損 0.38 美元。本季度，我們記錄的所得稅收益為 210 萬美元，而去年同期為 180 萬美元。本季調整後的 EBITDA 為 80 萬美元，而去年同期為 150 萬美元。

Turning to our balance sheet. We ended the second quarter with a healthy balance sheet that provides substantial flexibility for Lovesac to invest in growth to enhance long-term value creation for shareholders. We reported $34.2 million in cash and cash equivalents while retaining $36 million in committed availability and no borrowings on our credit facility. First, our total merchandise inventory levels are in line with our expectations that we outlined last quarter.

轉向我們的資產負債表。我們在第二季結束時擁有健康的資產負債表，這為 Lovesac 投資成長提供了極大的靈活性，從而增強了股東的長期價值創造。我們報告的現金和現金等價物為 3420 萬美元，同時保留了 3600 萬美元的承諾可用資金，並且我們的信貸安排中沒有借款。首先，我們的商品總庫存水準符合我們上個季度概述的預期。

We began reducing excess core inventory levels in the second quarter, which helped offset the working capital required for building EverCouch, now Snugg, weeks of stock. 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 and believe we can end fiscal '26 with lower dollars of inventory than that held at the end of both the second quarter and at the end of fiscal '25.

我們在第二季開始減少過剩的核心庫存水平，這有助於抵消建立 EverCouch（現為 Snugg）數週庫存所需的營運資金。我們對庫存的品質和數量以及保持行業領先的庫存水準和交貨時間的能力感到非常滿意，並相信我們可以在 26 財年結束時以低於第二季末和 25 財年末的庫存水準結束庫存。

Second, nothing has changed in our strategy to allocate excess capital opportunistically with a focus on long-term value creation and enhancing returns on capital. Given significant uncertainty and macro backdrop owing to tariffs and consumer spending in the near term, we did not repurchase any of our common stock during the second quarter.

其次，我們的策略並沒有改變，即擇機配置過剩資本，重點在於創造長期價值和提高資本報酬率。鑑於近期關稅和消費者支出帶來的重大不確定性和宏觀背景，我們在第二季沒有回購任何普通股。

Year to date, we've repurchased $6 million of our common stock outstanding, and we have approximately $14.1 million remaining under our existing share repurchase authorization. Please refer to our earnings press release for other details on our second quarter financial performance.

年初至今，我們已回購了 600 萬美元的流通普通股，現有股票回購授權下剩餘約 1,410 萬美元。有關我們第二季度財務業績的其他詳細信息，請參閱我們的收益新聞稿。

So now for our outlook. As Shawn mentioned, we experienced modest, but not overly material improvement in category trends in the fiscal second quarter, but nothing significant enough for us to alter our assumption in our plans for a 5% full year category decline. While our new ranges imply improving net sales growth rates in the fiscal fourth quarter, we have many secular tailwinds helping counter the category outlook and providing optimism.

現在談談我們的展望。正如肖恩所提到的，我們在第二財季經歷了類別趨勢的適度改善，但不是過於實質性的改善，但還不足以讓我們改變計劃中全年類別下降 5% 的假設。雖然我們的新系列意味著第四財季淨銷售額成長率將提高，但我們仍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。

These factors range from annualization of fiscal '25 major product launches, our recent launch of Snugg with the marketing program having just launched this week, a broader reboot of our marketing strategies informed by our brand evolution work that Shawn just discussed, growth in physical showrooms, more compelling financing offers through the Lovesac credit card and an easy comparison given missteps during the Cyber 5 holiday period last year.

這些因素包括：25 財年主要產品發布的年度化、我們最近推出的 Snugg 以及本週剛啟動的營銷計劃、根據 Shawn 剛才討論的品牌發展工作對營銷策略進行的更廣泛的重啟、實體展廳的增長、通過 Lovesac 信用卡提供的更具吸引力的融資優惠，以及考慮到去年 Cyber​​ 5 假期期間簡單的失誤而進行的比較簡單。

For the full year fiscal '26, we are tightening our net sales guidance range to reflect 4% to 9% growth for the fiscal year. We are also favorably adjusting our forecast for controllable expenses within SG&A and for efficiencies in marketing. However, while we have made great progress managing the impacts of ever-changing tariffs and to an extent, competitive discounting pressures, our guidance ranges assume some pressure from gross margins flow through to adjusted EBITDA, net income and EPS. These will be most pronounced in Q3.

對於 26 財年全年，我們將收緊淨銷售額預期範圍，以反映該財年 4% 至 9% 的成長。我們也對銷售、一般及行政費用中的可控費用和行銷效率的預測進行了有利調整。然而，儘管我們在管理不斷變化的關稅的影響以及一定程度上的競爭折扣壓力方面取得了很大進展，但我們的指導範圍假設毛利率的一些壓力會流向調整後的 EBITDA、淨收入和每股收益。這些將在第三季最為明顯。

We have identified additional measures that we expect will benefit gross margins beginning in Q4 and supporting a path to achieve the high 50s, near 60% level we've previously discussed over time. Specifically for the full year, we estimate net sales of $710 million to $740 million. We expect adjusted EBITDA between $42 million and $55 million. This includes gross margins of 57% to 58%, advertising and marketing of approximately 12% as a percent of net sales and SG&A of approximately 40% to 41% as a percent of net sales.

我們已經確定了額外的措施，預計這些措施將從第四季度開始提高毛利率，並支持實現我們之前討論過的 50% 以上的水平，接近 60% 的水平。具體來說，我們預計全年淨銷售額為 7.1 億美元至 7.4 億美元。我們預計調整後的 EBITDA 在 4,200 萬美元至 5,500 萬美元之間。其中包括 57% 至 58% 的毛利率、約佔淨銷售額 12% 的廣告和行銷費用以及約佔淨銷售額 40% 至 41% 的銷售、一般及行政費用。

We estimate net income to be between $8 million and $17 million. We estimate diluted income per common share in the range of $0.52 to $1.05 and approximately 16.3 million estimated diluted weighted average shares outstanding. For the third quarter, we estimate net sales of $151 million to $161 million, representing mid-single-digit revenue growth at the midpoint and representative of our near-term plans for tariff mitigation.

我們估計淨收入在 800 萬美元至 1700 萬美元之間。我們估計每股普通股稀釋收益在 0.52 美元至 1.05 美元之間，預計稀釋加權平均流通股數約為 1,630 萬股。對於第三季度，我們預計淨銷售額為 1.51 億美元至 1.61 億美元，代表中期個位數收入成長，並代表我們近期的關稅減免計畫。

We expect adjusted EBITDA loss between $1 million and $7 million. This includes gross margins of 56% to 57%. Advertising and marketing of 14% as a percent of net sales and SG&A of 47% to 49% as a percent of net sales. We estimate net loss to be between $8 million and $12 million. We estimate basic loss per common share to be $0.51 to $0.83 with 14.7 million weighted average shares outstanding.

我們預計調整後的 EBITDA 損失在 100 萬美元至 700 萬美元之間。其中包括56%至57%的毛利率。廣告和行銷費用佔淨銷售額的 14%，銷售、一般及行政費用佔淨銷售額的 47% 至 49%。我們估計淨虧損在 800 萬美元至 1200 萬美元之間。我們估計每股普通股基本虧損為 0.51 美元至 0.83 美元，流通股數為 1,470 萬股加權平均數。

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. In the meantime, we are 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. We are building the Lovesac brand and investing in new product innovation that spans style, function and category to support a powerful multiyear secular growth outlook with macro upside exposure is icing on the cake.

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。同時，我們在審慎和效率之間取得平衡，我們相信專注於大局至關重要。對於 Lovesac 的所有利害關係人來說，這是一個創造巨大價值的長期巨大機會。我們正在打造 Lovesac 品牌，並投資於涵蓋風格、功能和類別的新產品創新，以支持強勁的多年長期成長前景，而宏觀上行風險更是錦上添花。

With that, back to you, operator.

好了，回到你這裡，接線生。

(Operator Instructions)

（操作員指示）

Maria Ripps, Canaccord Genuity.

Canaccord Genuity 的 Maria Ripps。

Good morning and thanks for taking my question. First, so as you undertake your brand evolution sort of refresh, do you anticipate any changes to the customer acquisition approach or maybe marketing effectiveness here in the near term?

早上好，感謝您回答我的問題。首先，當您進行品牌變更和更新時，您是否預期短期內客戶獲取方式或行銷成效會發生任何變化？

Yeah. We have so much happening on the brand and marketing front that -- I think that's going to be a major theme actually for the next few quarters. We have, as you know, this brand refresh just coming to prime time. We have the Snugg campaign that launched this week.

是的。我們在品牌和行銷方面發生了很多事情——我認為這實際上將成為未來幾季的主要主題。如您所知，我們的品牌更新即將進入黃金時段。我們本週推出了 Snugg 活動。

And we have a new CMO on board who's insanely talented and really excited to be taking those controls. And so I think that you're going to see a lot change in the way that we go to market at Lovesac and the way we deliver our advertising and the way we communicate.

我們新任命了一位才華洋溢的首席行銷官，他非常高興能夠掌控這些事務。因此我認為你會看到 Lovesac 的行銷方式、廣告投放方式和溝通方式發生很大變化。

And I think you can already see it reflected in this campaign with Snugg, which is really unique. We've got one of the hottest celebrities out there right now, representing this product, aligned with the brand. You'll be seeing Brittany Snow on all the social channels. You'll be seeing a lot of really -- not just exciting creative, but a new aesthetic to it.

我想你已經可以在與 Snugg 合作的這次活動中看到這一點了，這確實很獨特。我們邀請了目前最炙手可熱的名人之一來代表該產品，與該品牌保持一致。您將在所有社交管道上看到 Brittany Snow。您將會看到很多真正令人興奮的創意，而且還有全新的美感。

And I guess the cool part is, is because of the timing of that particular launch, it really forced through a lot of the change in tone in the way that we go to market and spend our money to reach prime time faster even with Heidi Cooley's more recent onboarding. So it's all coming together great. And Mary, I don't know what you might add on customer acquisition and our spend.

我想最酷的部分是，由於那次特定發布的時機，它確實迫使我們改變了很多基調，改變了我們進入市場和花錢的方式，以便更快地進入黃金時段，即使在 Heidi Cooley 最近加入之後也是如此。所以一切都進展順利。瑪麗，我不知道您對客戶獲取和我們的支出有何補充。

No, I think, Maria, as Shawn said, you'll see it. Hopefully, you got to see the Snugg campaign launched earlier this week, and it's just so critical for us in terms of kind of the campaign is around showing the couch category that anything they can do, we can do better. And I think we're just getting a lot more confident and clear in our messaging around our value proposition and really how do we find the eyeballs that are considering a purchase in their home and how we get them to see us as the right choice and to be able to convert them.

不，我認為，瑪麗亞，正如肖恩所說，你會看到它。希望您能看到本週早些時候推出的 Snugg 活動，這對我們來說至關重要，因為該活動旨在向沙發類別展示他們可以做的任何事情，我們都可以做得更好。我認為，我們在傳達有關我們的價值主張的訊息方面變得更加自信和清晰，我們究竟如何找到正在考慮在家中購買的眼球，以及如何讓他們認為我們是正確的選擇並能夠轉化他們。

Meanwhile, we continue to just build the full funnel as we always have, and you see that in our results in terms of the success of continually gaining market share. for everything. But every platform we have, we're just very targeted in how we approach it. And as Shawn talked about some of the work under brand evo, we've built out a very clear product hierarchy. We will share more with you over time.

同時，我們將繼續像往常一樣建立完整的管道，您可以從我們的成果中看到，我們不斷獲得市場份額的成功。但是，對於我們擁有的每個平台，我們都非常有針對性地對待它。正如 Shawn 談到品牌 evo 下的一些工作時所說，我們已經建立了非常清晰的產品層次結構。隨著時間的推移，我們將與您分享更多資訊。

And it's just going to enable us to be a lot more targeted in terms of how do we maximize the potential for all of our products, whether it be in all of our showrooms or even honestly, just getting a much greater level of velocity on our website.

這將使我們在如何最大限度地發揮我們所有產品的潛力方面更有針對性，無論是在我們所有的展廳，還是老實說，只是在我們的網站上獲得更高的速度。

So it's just been really good work to really help us be able to pull open the brand in this multifaceted strategy that we have for the home, and we'll be delivering over, as Shawn said, the coming weeks with all the campaign and then months and years as we really are building this for the long term. So thank you for the question.

所以這確實是一項很好的工作，它確實幫助我們能夠在我們為家庭制定​​的多方面策略中打開品牌，正如肖恩所說，我們將在未來幾週通過所有的活動，以及接下來的幾個月和幾年中實現這一目標，因為我們確實是在為長期目標而構建它。謝謝你的提問。

Got it. That's very helpful. And then I wanted to ask about Snugg and sort of now that the product is launched in more than 100 showrooms. Can you maybe help us think about sort of the type of partnerships or distribution partnerships that would be sort of most complementary for this platform?

知道了。這非常有幫助。然後我想問一下關於 Snugg 的情況，現在該產品已經在 100 多個展廳推出。您能否幫助我們思考一下對於這個平台來說最具互補性的合作夥伴關係或分銷合作夥伴關係類型？

I think it's too early to speak to any specifics. But let's go to first principles. It's always where I'd like to start. The reality of Sactionals is that it is a wildly -- it is the simplest, wildly complex product platform you could imagine, right? Just buy a bunch of seats, buy a bunch of sites, build anything you want.

我認為現在談論任何具體細節還為時過早。但讓我們先回到最初的原則。這始終是我想要開始的地方。Sactionals 的實際情況是，它是一個極其簡單、極其複雜的產品平台，你能想像到的，對嗎？只要購買一堆座位、購買一堆站點，建造任何你想要的東西。

It could be deep, it could be long. You have pillows. And all of a sudden, the platform has complexity that is really, of course, indicative of its design for life nature, right? This is a product to be within the rest of your life. Snugg is much simpler. You still get almost all of the Lovesac benefits you're used to, right?

它可能很深，也可能很長。你有枕頭。突然之間，平台就變得複雜起來，這當然表明了它為生命而設計的本質，對吧？這是一款可以伴隨您一生的產品。Snugg 就簡單多了。您仍然可以獲得幾乎所有您習慣的 Lovesac 福利，對嗎？

It's washable, it's somewhat changeable, but it doesn't require the intricate demo in-person experience that, for instance, Sactionals has. And this product platform's ability, therefore, to appear perhaps in environments that aren't Lovesac owned and operated and staffed is apparent. And it's really influenced our thinking about future products as well.

它是可清洗的，也可以進行一定程度的更換，但不需要像 Sactionals 那樣進行複雜的現場演示體驗。因此，該產品平台可能出現在非 Lovesac 擁有、營運和配備人員的環境中的能力是顯而易見的。它也確實影響了我們對未來產品的思考。

You could imagine future products more analogous to Sactionals that deliver an extremely high Designed for Life ranking, but that requires some handholding and some demonstration. And you can imagine more products like Snugg that represent the brand well, have the best quality, but don't require such intimate demonstration experiences.

你可以想像未來的產品會更類似於 Sactionals，提供極高的「為生活而設計」排名，但這需要一些指導和演示。你可以想像更多像 Snugg 這樣的產品，它們能夠很好地代表品牌，擁有最好的品質，但不需要如此親密的簡報體驗。

And so the first and most important channel for Snugg is our website. This is a beautiful sofa that sits amazingly well, has storage big enough to fit Brittany Snow in it. As you'll see her climbing inside of it actually in some of the campaigns, it's pretty funny. And -- but represents the brand well, but doesn't necessarily need as much demonstration and whatnot. And so I'm giving you a haphazard description of this product hierarchy that we are not haphazard about.

因此，Snugg 的第一個也是最重要的管道就是我們的網站。這是一張非常漂亮的沙發，坐起來非常舒服，而且有足夠的儲存空間，可以容納布列塔尼·斯諾 (Brittany Snow)。在一些活動中，你會看到她爬進裡面，這很有趣。而且——但可以很好地代表品牌，但不一定需要那麼多的演示等等。因此，我對這個產品層次結構進行了隨意的描述，但我們對此並不隨意。

We have now a much clearer picture of how we can deliver sales and, to that end, expand our channel strategy with these products that don't require in-person demos. That's the key to it. And so I'll just leave it at that because it's too soon to announce new partnerships, but we are excited about both online and offline opportunities with products that can represent the brand in this way.

我們現在對如何實現銷售有了更清晰的認識，並為此利用這些不需要現場演示的產品來擴展我們的通路策略。這就是問題的關鍵。所以我只能就此打住，因為現在宣布新的合作夥伴關係還為時過早，但我們對能夠以這種方式代表品牌的產品的線上和線下機會感到興奮。

Got it. That's very helpful. Thank you, both.

知道了。這非常有幫助。謝謝你們兩位。

Mike Baker, DA Davidson.

麥克貝克、DA 戴維森。

Okay. Thanks. Can you talk about a little bit more detail on what has changed in terms of the EBITDA outlook versus a few months ago? You said tariffs, you said promotional activity, is one of those bigger than the other? And on tariffs, maybe I don't know if you can help us with a little more specificity. I thought sort of tariffs are coming in lower than expected. At one point, we're expecting over 100% in China. So what on the tariffs is worse than expected? And how much of the reduction in guidance is due to the promotional activity?

好的。謝謝。您能否更詳細地談談與幾個月前相比 EBITDA 前景發生了哪些變化？您說的是關稅，您說的是促銷活動，其中一個比另一個更大嗎？關於關稅，我不知道您是否可以提供更具體的資訊。我認為關稅會低於預期。我們一度預期中國市場的增幅將超過 100%。那麼關稅方面哪些方面比預期的更糟糕呢？指導價的減少有多少是因為促銷活動造成的？

Hey, Mike. Look, I'll take the tariff piece, and then I'll turn back to Keith in terms of the EBITDA outlook. So I think when we last reported back in June, you'll remember the reciprocal rates for many of the key countries that we source from such as Vietnam, Malaysia, Indonesia, we were actually sitting at 10%. And then more recently, they actually pretty much doubled with most of them at 20% or 19%. So I think that has stepped up from when we last reported. So that's built into the guidance that obviously, Keith shared through.

嘿，麥克。你看，我會討論關稅問題，然後再回到 Keith 的 EBITDA 前景。所以我想，當我們上次在六月報告時，你會記得，我們​​從越南、馬來西亞、印尼等許多主要採購國家的互惠稅率實際上為 10%。而最近，它們的比例實際上幾乎翻了一番，其中大部分達到了 20% 或 19%。因此，我認為與我們上次報告的情況相比，情況已經有所改善。因此，這顯然已經融入了 Keith 分享的指導中。

And in the meantime, we just continue to work on moving more products out of China, which has the heaviest weight of tariffs and the team have done a good job on that. Some things are a little bit slower to move out, such as some of the technology and a few custom fabrics, so it's just put a bit more weighting for us. But Keith, I'll turn to you for Mike's question on the EBITDA outlook.

同時，我們繼續努力將更多產品運出關稅最高的中國，團隊在這方面做得很好。有些東西推出得有點慢，例如一些技術和一些客製化布料，所以這對我們來說就更有意義了。但是基思，我想向你詢問麥克關於 EBITDA 前景的問題。

Yeah. Thanks, Mary, and thanks, Mike. It really is a gross margin topic, Mike, as you're aware, I think, the -- as you could see through the other line items, I think we're doing a great job managing the controllable expenses, leveraging and gaining efficiencies in marketing. So let's talk a little bit more about that gross margin piece. And also, as you look to the year-over-year deltas in the fourth quarter, we're closing that gap some -- we anticipate closing that gap somewhat. Let's talk about that for a second because the pressures are really twofold.

是的。謝謝，瑪麗，謝謝，麥克。麥克，這確實是一個毛利率話題，正如你所知，我認為——正如你透過其他項目所看到的那樣，我認為我們在管理可控費用、利用和提高行銷效率方面做得很好。那麼讓我們進一步討論一下毛利率部分。而且，當您查看第四季度的同比變化時，我們會發現我們正在縮小一些差距 - 我們預計會有所縮小。讓我們來討論這個問題，因為壓力實際上是雙重的。

It's sort of the perfect storm of the tariffs and, to be frank, the requirement that we increase the promotional discounts that we're offering given the competitive backdrop, those -- the combination of those two things were more punitive to the model in the near term than we had expected last quarter when we gave you the guidance.

這就像關稅的完美風暴，坦白說，考慮到競爭背景，我們還必須增加促銷折扣，這兩件事的結合在短期內對該模式的懲罰比我們上個季度給您指導時預期的要大。

So let's talk about the fourth quarter step-up for a second there in terms of the year-over-year delta. Look, it's important to note that the fourth quarter lapped for us from a gross margin perspective is easier than it was in either the second or third quarter. That's because last year's fourth quarter saw a meaningful step-up in our effective discount level.

那麼，讓我們從同比增量的角度來討論一下第四季的成長。值得注意的是，從毛利率的角度來看，第四季對我們來說比第二季或第三季更容易。這是因為去年第四季我們的有效折扣水準有了顯著提升。

We ramped promotions following that tough start to the holiday selling season. This is the largest single driver of the improved year-over-year delta in Q4 as it compares to Q2 and Q3. The other piece of this is partially tied also not only just to the change that Mary mentioned in the effective tariffs on a few of the countries, but it has to do with our exposure to China-sourced goods.

在假日銷售季開始遭遇困難之後，我們加強了促銷。與第二季和第三季相比，這是第四季同比成長的最大單一驅動因素。另一部分原因不僅與瑪麗提到的對一些國家實施的關稅變化有關，也與我們接觸中國產商品有關。

It's going to be lower. We anticipate it's going to be lower in Q4 than what Q3 or Q2, and that lessens the tariff burden on the P&L, but the price increases we took in Q3 actually remain consistent. So here's two things that kind of happened. First, it's been harder to get custom and StealthTech manufacturing out of China than we originally anticipated. We've made great progress. We have good visibility into it now, but it did take a little longer than we thought last quarter.

它會更低。我們預計第四季度的價格將低於第三季或第二季度，這將減輕損益表上的關稅負擔，但我們在第三季採取的價格上漲實際上保持不變。發生了兩件事。首先，將客製化和 StealthTech 製造從中國轉移出去比我們最初預想的要困難得多。我們已取得巨大進步。我們現在對此有了很好的了解，但它確實比我們上個季度預想的要長一點。

And the second piece of this is a little bit of what we anticipated from the China sourcing to hit in 2Q moved into 3Q, which concentrates that effect. It's substantially higher as a percentage of net sales in Q3 than it is in Q4 or Q2. And again, that was a little bit on the timing related to our prior guidance.

第二部分是我們預期中國採購在第二季將產生一定影響，這種影響將集中到第三季。其占第三季淨銷售額的百分比遠高於第四季或第二季。再次強調，這與我們先前的指導有一點時間上的關聯。

These are very unusual and exogenous factors that we're dealing with here. But as Shawn mentioned earlier and as I mentioned as well, we've got quite a few plans in place to get us back to those, let's call it, like long-term levels over time that we've discussed in the past.

我們在這裡處理的是非常不尋常的外生因素。但正如肖恩之前提到的以及我也提到的那樣，我們已經制定了相當多的計劃來讓我們回到我們過去討論過的長期水平。

Okay. Thanks for that color. If I could ask one question of Shawn. Shawn, I think you had said new -- maybe -- I don't know if you specifically call it the new room, but it sounds like a big new launch, new room potentially, you said at least a year away. That sounds like the end of calendar 2026. Is that -- I thought it was going to be sort of earlier in 2026. Maybe I misinterpreted that. But is that new launch, new room that you have teased, is that being pushed out at all?

好的。謝謝你這個顏色。如果我可以問肖恩一個問題。肖恩，我想你說過新的——也許——我不知道你是否具體稱之為新房間，但這聽起來像是一個大型的新品發布，潛在的新房間，你說至少還要一年時間。這聽起來就像是 2026 年曆的結束。是嗎——我以為它會在 2026 年早些時候發生。也許我誤解了這一點。但是，您所透露的新產品、新房間是否真的會推出呢？

No. I mean it's a general comment about these big changes coming in the future. I will say the idea that it would come early in calendar '26 is not realistic. I think that we do have actually a lot of action between here and the new room, if you can believe that. We have a lot of really exciting things to be announcing over the next few quarters. But as it turns -- as we -- let me put it this way.

不。我的意思是，這是對未來即將發生的重大變化的一般性評論。我想說，認為它會在 26 年初到來的想法是不切實際的。我認為我們在這裡和新房間之間確實有很多行動，如果你相信的話。在接下來的幾個季度裡，我們將宣布很多令人興奮的事情。但事實是——正如我們——讓我這樣說吧。

As we look at advancing into the next room, we've been very clear that that's coming, we will be entering that realm in a fulsome way that I think is going to be really exciting and pretty game-changing for the brand, and it's not going to be a trickle. And so we still got a little bit of time between here and there. I think that's a decent breadcrumb. But in the meantime, we also have a lot of really exciting products to launch in the living space that you're familiar with. So it's a good call out.

當我們考慮進入下一個房間時，我們已經非常清楚這即將到來，我們將以一種全面的方式進入這個領域，我認為這將是非常令人興奮的，並且會為品牌帶來相當大的改變，而且這不會是涓涓細流。所以從這裡到那裡我們還有一點時間。我認為這是一個不錯的麵包屑。但同時，我們還有許多真正令人興奮的產品即將在您熟悉的生活空間推出。所以這是一個很好的呼籲。

Got it. Okay. One more, if I could. Any change -- I mean, I presume not because we haven't talked about it, but any change in that sort of long-term outlook that you guys talked about at your Analyst Day, which, again, requires a pretty big ramp in terms of growth beyond 2025, sort of 2025, a little bit of an off year and then growth in calendar 2026 and 2027 and beyond a much, much greater ramp. Is that still the idea?

知道了。好的。如果可以的話，再說一個。任何變化——我的意思是，我認為不是因為我們沒有談論過它，而是你們在分析師日上談論的那種長期前景的任何變化，這再次要求在 2025 年以後的增長有一個相當大的提升，比如 2025 年，稍微低迷一年，然後在 2026 年和 2027 年增長，之後的增長幅度要大得多。現在還是這個主意嗎？

Yes, Mike, that's still the idea. Look, this year with all the tariff stuff, it's been a little bit of a wonky year relative to that plan. Obviously, there was no way to include that into that algorithm. And we're managing through it, and I think we've got good plans to get through it and then get back on track. Yes, so there's always going to be a couple of little things like that. It's interesting.

是的，麥克，我的想法依然如此。你看，今年由於各種關稅問題，相對於該計劃來說，這是有點不穩定的一年。顯然，沒有辦法將其納入該演算法中。我們正在努力克服這個困難，我認為我們已經制定了很好的計劃來度過難關並回到正軌。是的，總是會發生一些這樣的小事。這很有趣。

When you're at the margin levels we are at, particularly at the bottom, little deltas in basis points can make a big, big difference at the bottom-line EPS. But that's the opportunity here, too. And we get through this tariff stuff, we get back on the algorithm, there's tremendous upside at the bottom line with very small changes in basis points and flow-through from the top line. So nothing fundamentally has changed on that. A little bit of noise this year because of the distractions, but we still feel great about the long term.

當你處於我們所處的利潤水平時，特別是在底部，基點的微小變化都會對底線每股收益產生巨大影響。但這也是機會。我們解決了關稅問題，回到演算法上，基點和頂線流通的變化非常小，底線卻有龐大的上升空間。因此從根本上來說，這一點沒有發生任何改變。由於幹擾，今年出現了一些噪音，但我們對長遠前景仍然充滿信心。

Great. Thank you for the color.

偉大的。謝謝你的顏色。

Eric Des Lauriers, Craig-Hallum Capital Group.

艾瑞克‧德斯‧勞裡爾斯 (Eric Des Lauriers)，克雷格-哈勒姆資本集團。

Great. Thanks for taking my questions. I appreciate the commentary you provided on sort of the puts and takes on the EBITDA revision. It certainly sounds like it's mostly a gross margin issue here. Could you expand on the levers you have to pull on expanding gross margins sort of midway through Q4 and into next year? It sounds like you're pretty confident on your ability to do that. And would love to just get some more color if you have it.

偉大的。感謝您回答我的問題。我很感謝您對 EBITDA 修訂的利弊評論。這聽起來確實主要是毛利率問題。您能否詳細說明一下在第四季中期以及明年提高毛利率需要採取哪些措施？聽起來你對自己的能力很有信心。如果有的話，我很想得到更多顏色。

Yeah, great question. So let's first step back for a minute and look at some historical context here because I think it's important for the overall conversation. For a number of years, Lovesac reported gross margins in the low to mid-50s range.

是的，很好的問題。因此，讓我們先回顧一下，看看這裡的一些歷史背景，因為我認為這對整體對話很重要。多年來，Lovesac 報告的毛利率一直徘徊在 50% 左右。

However, over the last couple of years, we completely rebuilt the inbound logistics program. We implemented automated systems. We found other efficiencies and operating procedures. In effect, we structurally reset gross margins to the high 50s, near 60 level, right? And that's kind of what we were discussing at our Investor Day last year.

然而，在過去的幾年裡，我們徹底重建了入站物流計畫。我們實施了自動化系統。我們發現了其他效率和操作程序。實際上，我們從結構上將毛利率重置為 50% 以上、60% 左右的水平，對嗎？這正是我們去年投資人日討論的內容。

While our latest full year guidance for this year reflects a range of 57% to 58%, so still high in the historical context, it is below the high 50s, near 60% level. We have identified measures to get us back on that path, just like you talked about. So here's five, I'll give you, that we think can help.

雖然我們最新的全年預期反映了 57% 至 58% 的範圍，從歷史背景來看仍然很高，但它低於 50% 的高位，接近 60% 的水平。正如您所說，我們已經確定了讓我們重回這條道路的措施。因此，我給以下五個我們認為可以提供幫助的建議。

First, the outbound logistics opportunities still remain for us. We've made it through most of the inbound pieces, but now we can optimize warehousing, we can optimize last mile shipping. Tests for these things are in the works and they're underway. That's number one.

首先，我們仍然有出口物流機會。我們已經完成了大部分入站件的處理，現在我們可以優化倉儲，可以優化最後一英里的運輸。對這些事物的測試正在進行中。這是第一點。

Number two, we continue to work on realignment of our countries of origins to minimize tariff and other costs. That's a much bigger conversation we're happy to get into. We are not done with that effort. There's a lot of opportunity still to work there, some of which will take a couple of years to put in place, but that's a big part of this, and we're actively pursuing those levers. Number three, we're going to implement new optional delivery service levels for payment. We also have new return policies and other things that can help us mitigate some of the gross margin pressures.

第二，我們繼續致力於重新調整我們的原產國，以盡量減少關稅和其他成本。這是一個更廣泛的話題，我們很高興參與其中。我們的努力尚未結束。那裡仍有許多工作機會，其中一些需要幾年的時間才能實現，但這是其中很重要的一部分，我們正在積極地追求這些槓桿。第三，我們將實施新的可選送貨服務付款等級。我們還有新的退貨政策和其他可以幫助我們減輕一些毛利率壓力的措施。

Number four, as part of this brand evolution product hierarchy work that Shawn and Mary have talked about, we're going to evolve our promotion strategy, moving away, as Mary said, from sort of a broad-based, everything is included promotion and more toward a variable strategy across products and channels, right? We're -- this will be coming soon. And I think what that will do is help us in reducing aggregate discount levels, which puts pressure on the gross margin. And is a big part of that change in EBITDA that I talked about a little while ago for this year.

第四，作為 Shawn 和 Mary 談到的品牌演變產品層次工作的一部分，我們將改進我們的促銷策略，正如 Mary 所說，從一種廣泛的、包含所有內容的促銷策略轉向跨產品和渠道的可變策略，對嗎？我們——這很快就會到來。我認為這將有助於我們降低整體折扣水平，從而降低毛利率的壓力。這是我剛才談到的今年 EBITDA 變化的一個重要部分。

Look, and the last, but definitely not the least piece of this is, hopefully, when we come out of this category decline and get back to growth or normalization even, the competitive promotional environment settles in and takes some of the pressure off the big tent-pole moment. So like all of these things, we've got good visibility into action plans that we're going to be putting into place. So hopefully, that gives you some color.

你看，最後，但絕對不是最不重要的一點是，希望當我們走出這一類別的衰退，恢復增長甚至正常化時，競爭激烈的促銷環境能夠穩定下來，並減輕大帳篷時刻的一些壓力。因此，就像所有這些事情一樣，我們對將要實施的行動計劃有很好的了解。希望這能給你一些啟發。

Yeah. No, that was very clear and helpful here. One kind of follow-up here. You cited the product hierarchy just in that answer there. It has come up a couple of times previously in this call. Just to make sure I understand that here. Is that sort of the differences between the Sactional and the Snugg?

是的。不，這非常清楚且很有幫助。這裡有一種後續行動。您剛才在那個答案中引用了產品層次結構。這個問題在之前的通話中已經出現過幾次了。只是為了確保我理解這一點。這就是 Sactional 和 Snugg 之間的差別嗎？

Now for example, one is sort of a more complex hands-on requires a lot of demos; the other is more simple and perhaps easier to sell online kind of thing. Is that what you're referring to by product hierarchy? Or is there other aspects of it that I might be missing?

舉例來說，一種是更複雜的動手操作，需要大量的演示；另一種更簡單，也許更容易在網上銷售。這就是您所指的產品層次結構嗎？或者我可能忽略了其他方面？

That is a, I guess, front-end outcome of the product hierarchy. We haven't revealed and discuss like this overall product hierarchy that I'm kind of talking about, but it's a good representation of that kind of thinking, and it's been evolving in real time. We came up with the EverCouch invention and approach to building beautiful super comfortable sofas, armchairs, loveseats in a smaller package a while back as we've cooked up the product and whatnot.

我猜，這是產品層次結構的前端結果。我們還沒有透露和討論我所說的這種整體產品層次結構，但它很好地體現了這種思維方式，並且一直在實時發展。不久前，我們提出了 EverCouch 發明和方法，用於在較小的包裝中打造漂亮、超級舒適的沙發、扶手椅、雙人沙發，因為我們已經製作了產品等等。

As the brand has been evolving, we've been going to this brand evo work with the outside agency. So as all of this has kind of converged, which manifested itself, for instance, in the name change to Snugg, which is a better name for that product line, and it fits within this product hierarchy I'm alluding to, you get that outcome. But the -- so we'll have more to share perhaps even next quarter about this brand evo work, what it implicates for the brand, the product hierarchy, et cetera.

隨著品牌的不斷發展，我們一直與外部機構合作進行品牌升級。因此，當所有這些都融合在一起時，例如，名稱更改為 Snugg，這是該產品線的更好的名稱，並且它適合我所指的這個產品層次結構，您就會得到這樣的結果。但是——也許下個季度我們會分享更多關於這個品牌進化工作的內容，以及它對品牌、產品層次結構等的影響。

Again, you're going to see us already living with it in real time as we launch Snugg, you'll see this change in tone in the advertising and our approach to marketing in general. And it's just a really, really exciting time for Lovesac. And frankly, I think it sets us up well further out for these bigger changes that are to come.

再說一次，當我們推出 Snugg 時，您會看到我們已經即時地適應了它，您會看到廣告基調和我們整體行銷方法的這種變化。對於 Lovesac 來說，這確實是一個非常令人興奮的時刻。坦白說，我認為這為我們迎接即將到來的更大變化做好了準備。

But in the meantime, as I said just a few minutes ago, we -- given this new point of view on products for new channels, products for the Internet, especially that just don't require so much handholding, you're going to see a lot of action from Lovesac over the next number of quarters that we can be really excited about.

但同時，正如我幾分鐘前所說的那樣，鑑於我們對新通路產品、互聯網產品的新觀點，特別是那些不需要太多指導的產品，您將在接下來的幾個季度看到 Lovesac 採取許多讓我們感到非常興奮的行動。

Great. I appreciate that color there, and we'll look forward to that. Last one for me here. Just on the overall sort of marketing shift here, EverCouch to Snugg, it sounds like there'll be some more overall Lovesac fully brand-wide refreshments here. I'm just wondering how long this has been in the works?

偉大的。我很欣賞那裡的色彩，我們對此充滿期待。這是我的最後一首。就整體行銷轉變而言，從 EverCouch 到 Snugg，聽起來這裡將會有更多 Lovesac 品牌的全面更新。我只是想知道這件事已經籌備多久了？

It seems like the switch from EverCouch to Snugg is somewhat more recently. I'm wondering if there's any sort of increase in marketing expenses that you're expecting over the next quarters or years here to kind of support this. And I guess just a bit more color overall on some of the timing around this brand refresh and the overall strategy behind it. Thanks.

看起來從 EverCouch 到 Snugg 的轉變是最近才發生的。我想知道您是否預計未來幾季或幾年的行銷費用會增加以支持這一目標。我想，這只是對這品牌更新的時間安排以及背後的整體策略進行了更詳細的闡述。謝謝。

Yeah. Nothing meaningful in terms of marketing expense. In fact, we should become more efficient with our marketing. You'll see a lot of tactical changes, right? Like historically, you've seen Lovesac heavy on linear TV. It was a formula that worked really well for us. I think you'll see a pretty meaningful shift to digital.

是的。從行銷費用方面來說，沒有任何意義。事實上，我們的行銷應該變得更有效率。你會看到很多戰術變化，對嗎？就像歷史上一樣，您會在線性電視上看到 Lovesac 的大量播出。對我們來說，這是一個非常有效的方案。我認為你會看到數位化的相當有意義的轉變。

So it will be a shift in dollar spend and whatnot. But nothing -- we're not thinking about increases. We feel really good about our marketing spend levels. You can see us controlling our SG&A. And the good news is that we've made this investment already.

因此這將是美元支出等方面的轉變。但沒有什麼——我們沒有考慮增加。我們對我們的行銷支出水準感到非常滿意。您可以看到我們控制著我們的銷售、一般和行政費用 (SG&A)。好消息是我們已經進行了這項投資。

This brand refresh is now almost complete. And we've been absorbing those kind of hard costs with the agencies and everything required to do this all along the way. And this is something I'm super proud of at Lovesac. As we've said a number of times, the past three years have been brutal to the home category. It's been a really tough time overall. And I think Lovesac has weathered it well, not just hunkering down. We are controlling SG&A and whatnot. That's pretty obvious. But we've been investing.

此次品牌更新現已接近完成。我們一直在與各機構共同承擔這些硬性成本以及完成這項工作所需的一切費用。這是我在 Lovesac 感到非常自豪的事情。正如我們多次說過的，過去三年對家居產業來說是殘酷的。總的來說，這是一段非常艱難的時期。我認為 Lovesac 已經很好地度過了難關，而不是束手無策。我們控制銷售、一般及行政費用 (SG&A) 等等。這很明顯。但我們一直在投資。

And this is just one of the many investments that we've made. And so you're going to see the fruits of those labors unfold in real time all the way through holiday season this year, well into next year. And like I said, a continued launch cadence of new products that you nailed it are really appropriate for online sales, especially and new representation in the execution of those advertisements and everything else.

這只是我們眾多投資之一。因此，您將會在今年假期乃至明年即時看到這些勞動成果的展現。正如我所說的，您持續推出新產品的節奏確實適合在線銷售，尤其是在執行這些廣告和其他一切方面的新表現。

All right. I appreciate that color. So great to hear. Thanks for taking my questions.

好的。我很欣賞那個顏色。聽到這個消息真是太好了。感謝您回答我的問題。

Thomas Forte, Maxim Group.

托馬斯·福特（Thomas Forte），馬克西姆集團（Maxim Group）。

Great. Shawn, Mary, Keith, thanks for taking my questions. One question and one follow-up for me. So Shawn, as you know, I cover Apple and I've had to think about the prospect of an iPhone made in the USA. So how should investors think about the potential for Lovesac made in the USA?

偉大的。肖恩、瑪麗、基思，感謝你們回答我的問題。對我來說，有一個問題和一個後續問題。肖恩，正如你所知，我報道蘋果，我不得不考慮在美國製造 iPhone 的前景。那麼投資者該如何看待美國製造的 Lovesac 的潛力呢？

Yeah. For anyone following close enough, you know this is a passion point for me. It has been for years. I'm sorry that we haven't delivered it sooner, but we have not stood still. And the answer is we are running this down really hard for every obvious reason. But back to first principles, look, this is a brand that promotes sameness in a way that no other brand does in a way that's good for consumers, right? You buy into a Sactionals platform, even EverCouch.

是的。對於任何密切關注的人來說，你們都知道這是我的熱情點。已經好幾年了。很抱歉我們沒有早點交付，但我們並沒有停滯不前。答案是，出於各種顯而易見的原因，我們正在努力解決這個問題。但回到最初的原則，你看，這個品牌以其他品牌都沒有的方式推廣同一性，而且這種方式對消費者有利，對嗎？您購買 Sactionals 平台，甚至 EverCouch。

You'll be able to upgrade it, change it, even, I don't know, swap out the arms with the same fabric that you bought maybe four or five years ago that we will still match because that's the way not only we build the product on a component basis, but we try not to drop our fabric so that you can do what I just described. That said, you're buying into a platform that demands us to maintain sameness.

您將能夠對其進行升級、更改，甚至，我不知道，用您可能四五年前購買的相同面料更換手臂，我們仍然會匹配，因為這不僅是我們在組件基礎上構建產品的方式，而且我們盡量不掉落我們的面料，以便您可以做到我剛才描述的事情。也就是說，您購買的平台要求我們保持相同性。

These same basic SKUs, the components that make up our Designed for Life clever products should be made closer to consumers, delivered over shorter distances, more sustainably and more readily. And that's exactly what we're chasing down on a first principles basis, and we're closer to it than ever. So not ready to make any announcements yet, but I'm very confident that a significant portion of our manufacturing will be moving domestic over the next number of quarters even.

這些相同的基本 SKU，即構成我們「為生活而設計」智慧產品的組件，應該更貼近消費者，以更短的距離、更永續、更容易的方式交付。這正是我們在第一原理基礎上追尋的，而且我們比以往任何時候都更接近它。因此，目前還沒有準備好發布任何公告，但我非常有信心，我們的大部分製造業將在未來幾季內轉移到國內。

And like any big shift that will require a lot of -- it will require a folding in. It won't be overnight, but it's within our grasp. And I think we have a better path to that than almost anyone in our business because of the component basis of how we approach these inventions. It really gives us a lot of economies of scale that others may not have. So we're excited about those prospects.

就像任何需要大量投入的重大轉變一樣，它需要進行折疊。雖然這不會在一夜之間發生，但我們能夠做到。我認為，由於我們處理這些發明的組件基礎，我們比我們行業中的幾乎任何人都有更好的途徑。它確實為我們帶來了其他人可能沒有的規模經濟。因此，我們對這些前景感到興奮。

Great. Thank you for that. And then for my follow-up, I was hoping you provide an update on your e-commerce efforts. It seems like that could be a great way for you to provide extra value to consumers at a time they may be looking for it and then also a way to mitigate the impact of tariffs?

偉大的。謝謝你。然後，作為我的後續行動，我希望您提供有關電子商務工作的最新資訊。這似乎是一種很好的方式，可以在消費者需要的時候為他們提供額外的價值，同時也可以減輕關稅的影響？

Yeah. No, thank you, Tom. It's a great question. And yes, we are thrilled. As you remember, we announced back in quarter one about launching Loved by Lovesac, which is our resale platform. And initially, we went live in one state, in Texas. We've now added five more states, and you're going to see a lot more states being added.

是的。不，謝謝你，湯姆。這是一個很好的問題。是的，我們非常激動。大家還記得，我們​​在第一季宣布推出 Loved by Lovesac，這是我們的轉售平台。最初，我們在一個州，即德克薩斯州上線。現在我們又增加了五個州，而且您還會看到更多的州被添加。

And you're absolutely right. I think it helps build our value proposition because it really shows that you can have this product for the rest of your life if you choose to. And then if you change your mind, you want different covers because you just want a different aesthetic. Then we will be able to build out that trade-in element that we've also talked about. We're doing a pilot at the end of this year, and then we'll have that really rolled out next year.

你說得完全正確。我認為它有助於建立我們的價值主張，因為它確實表明，如果您願意，您可以在餘生中擁有該產品。然後，如果您改變主意，您會想要不同的封面，因為您只是想要不同的美感。然後我們將能夠建立我們討論過的以舊換新元素。我們將在今年底進行試點，並於明年正式推出。

And I think we've always talked about activating the right side of our flywheel, enabling that customer lifetime value. And it's a huge advantage for us. No one else can do it. It's something that we can do very profitably and effectively, but then also build that loyalty for our customers. So just very excited to start to see that building and look forward to sharing more as we continue to expand the state. So thank you for the question, Tom.

我認為我們一直在談論啟動飛輪的右側，以實現客戶終身價值。這對我們來說是一個巨大的優勢。沒有人能做到這一點。我們可以非常有效地完成這件事，同時也能為我們的客戶建立忠誠度。所以我很高興看到那座建築，並期待在我們繼續擴大州的同時分享更多。謝謝你的提問，湯姆。

Thanks, Mary, and thanks for taking my questions.

謝謝，瑪麗，謝謝你回答我的問題。

Matt Koranda, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Matt Koranda。

Yes, thanks. Just wanted to touch on the progression of the quarter. You mentioned the category improved, I think, across the quarter and sustained into July and perhaps into August. But did you see a pickup that was kind of commensurate with that in your own comp performance during the quarter? And how have you tracked sort of relative to the category quarter-to-date?

是的，謝謝。只是想談談本季的進展。您提到該類別在整個季度都有所改善，並且會持續到 7 月甚至 8 月。但是，您是否看到本季您自己的公司業績出現了與此相稱的成長？您如何追蹤本季迄今相對於該類別的情況？

Yeah. No, thank you, Matt, for the question. So I think quarter to date, we feel really good in terms of our underlying performance. Obviously, having got through Labor Day event, that's obviously a very key tent-pole moment for this quarter. And all of that is baked into our guidance and demonstrates us continuing to gain share because whilst Shawn talked about it at the beginning, the category showed a little bit more improvement, it's still down. And as we've shown with our results, we continue to gain that market share. I still see it being promotional.

是的。不，馬特，謝謝你提出這個問題。因此我認為，就本季迄今為止的基本表現而言，我們感覺非常好。顯然，在勞動節活動結束後，這顯然是本季非常關鍵的關鍵時刻。所有這些都已融入我們的指導中，並表明我們的份額正在繼續增加，因為儘管肖恩一開始就談到了這一點，但該類別顯示出了一點改善，但仍然處於下降趨勢。正如我們的業績所表明的那樣，我們的市場份額正在不斷擴大。我仍然認為它是一種促銷手段。

And I think you're always very close to tracking us and seeing what's happening in the category, and it's just not stepping down from those holiday peaks, which is why Keith talked about that promotional pressure. So for us, it's really how do we continue to plan knowing that the macros are still challenging. Customers are still a little bit more reserved around big purchases. So the tactics around personalized offers and really driving them into the showroom is so important. But what's also really positive for us is we're not seeing any trade down.

而且我認為您總是密切關注我們並了解該類別中發生的事情，而且它並沒有從那些假日高峰中退出，這就是 Keith 談到促銷壓力的原因。因此，對我們來說，真正的問題是我們如何在知道宏觀仍然具有挑戰性的情況下繼續規劃。顧客對於大宗採購仍持較為保留的態度。因此，圍繞個人化優惠和真正吸引他們進入展廳的策略非常重要。但對我們來說真正積極的一點是，我們沒有看到任何貿易下滑。

So Lovesoft is actually at its highest level of penetration that we've seen for a long time, and you know that's a premium fill choice. Recliner is the best innovation that we have launched, and it's being factored into so many customers purchase with us. So we just see a lot of opportunity when we give them great product, even though there are those pressures that we can win. So we stay very close. We continue to test and learn through what continues to be challenging, as Keith touched on, on the promotions, but very similar through the quarter and as we planned for the rest of the year.

因此，Lovesoft 實際上處於我們長期以來所見的最高滲透水平，您知道這是一個優質的填充選擇。躺椅是我們推出的最佳創新產品，許多顧客在購買我們的產品時都考慮到了這一點。因此，儘管我們面臨著贏得勝利的壓力，但當我們為他們提供優秀的產品時，我們看到了許多機會。所以我們保持著非常密切的關係。正如 Keith 所提到的那樣，我們將繼續測試和學習促銷活動中持續存在的挑戰，但本季的情況與今年剩餘時間的情況非常相似。

Okay. I appreciate that, Mary. And then just curious, the customer response to some of the pricing actions you guys have taken on Sactionals, especially in the last few months, has it changed conversion from the quotation pipeline in any way? Are you seeing sort of responses where folks trade into the, I guess, now Snugg? What's the way to think about sort of the customer response to those pricing actions?

好的。我很感激，瑪麗。然後我很好奇，客戶對你們在 Sactionals 上採取的一些定價行動的反應，特別是在過去幾個月中，它是否以某種方式改變了報價管道的轉換率？您是否看過這樣的反應：人們正在交易現在的 Snugg？如何看待顧客對這些定價行為的反應？

Yeah. I mean, I think, the one now I can really talk to because it's been in market for longer is, we did a surgical price increase back in quarter two. We did see a very clear opportunity in terms of kind of our value prop and all our competitors have taken price for years and even at the beginning of this year. So we feel very, very good around where we're positioned.

是的。我的意思是，我認為，現在我可以真正談論的是，因為它已經在市場上銷售很長時間了，我們在第二季度提高了手術價格。就我們的價值主張而言，我們確實看到了非常明顯的機會，而且我們所有的競爭對手多年來都採取了降價措施，甚至在今年年初也是如此。因此，我們對自己所處的位置感到非常非常滿意。

But certainly, from that, we haven't seen any trade down, which I think kind of your question down to opening price point fabrics from some of the higher fabric choices and not seeing any shift from that increase in terms of the units that people are selecting.

但可以肯定的是，從那時起，我們還沒有看到任何交易下降，我認為這是你的疑問，因為一些較高面料選擇的開價點面料，並沒有看到人們選擇的單位方面的任何變化。

So I think that one, we feel very good on. The second one, we just put in place. So it's very early days, so we're just going to keep a read on it. Customers, they expected increases because I think they hear about tariffs and price increases pretty much every day at the moment. And certainly, as our team, one of the key superpowers we have is around just the direct communication with our teams and really giving them great tools.

所以我認為我們對此感覺非常好。第二個，我們剛實施。現在還處於早期階段，我們只是繼續關注。顧客們預計價格會上漲，因為我認為他們現在幾乎每天都會聽到有關關稅和價格上漲的消息。當然，作為我們的團隊，我們擁有的關鍵超能力之一就是與我們的團隊直接溝通並真正為他們提供出色的工具。

The value proposition work we've just done actually made us feel even more confident about how great our product is and really no one else comes close to it. So we've equipped them with even more tools to be able to tell that story and not seeing any resistance to date. But again, we've got to stay close to it, certainly as the tariffs will put more pressure more broadly on the customer.

我們剛完成的價值主張工作實際上讓我們對我們的產品有多麼優秀更有信心，而且確實沒有人能與之媲美。因此，我們為他們配備了更多的工具來講述這個故事，並且迄今為止沒有看到任何阻力。但我們必須再次密切關注，因為關稅肯定會給消費者帶來更大、更普遍的壓力。

Okay. I appreciate that, Mary. And then maybe just for Keith, the gross margin progression, I know it's been covered a little bit, but I just want to make sure I understand it clearly. Third quarter, the headwind is really we're still not lapping the heavier promotions from last year. So we have the heavier promotion putting pressure on product margins and then heavier tariffs pressure as well in the third quarter.

好的。我很感激，瑪麗。然後也許只是對於 Keith 來說，毛利率的進展，我知道它已經被涉及了一點，但我只是想確保我清楚地理解它。第三季度，真正的困難是我們仍未涵蓋去年的大規模促銷活動。因此，我們面臨更大規模的促銷，這給產品利潤率帶來了壓力，而且第三季的關稅壓力也更大。

But then that flip to the positive or, I guess, flattish to positive gross margin that's implied in the guide comes from basically just lapping promos from last year? And maybe just help us -- help me understand that a little bit more.

但是，指南中暗示的毛利率轉為正值，或者說持平至正值，基本上是來自於去年的促銷活動？也許只是幫助我們——幫助我更多地理解這一點。

Yeah. So a couple of things there. Number one, generally speaking, you're right there, which is we didn't really step up the pace of promotional offers until the Q4 after the initial start for the Cyber 5 holiday came in below our expectations. That's when we dialed up the promotional intensity with gift with purchase, surgical offers that were available to our showroom folks to get conversion rates higher, all that kind of stuff. That started mid-Q4 last year and had a meaningful effect on that quarter.

是的。那裡有幾件事。首先，總體來說，您說得對，我們直到 Cyber​​ 5 假期開始後的第四季度才真正加快促銷力度，但實際效果卻低於我們的預期。那時，我們加強了促銷力度，為展廳員工提供購買贈品、手術優惠等，以提高轉換率，諸如此類。此事始於去年第四季中期，並對該季度產生了重大影響。

So we still have a lower promotional intensity lap in Q3, which is a meaningful headwind that largely goes away in Q4. That's the biggest piece. The second piece is if you think about it from a tariff impact as a relationship to sales because I can't use dollars because the sales volumes are so different by quarter. But if you think about it from like a relationship to sales, it's several hundred basis points more impact in Q3 from China tariffs and others than it was in Q2.

因此，我們在第三季的促銷強度仍然較低，這是一個重大的阻力，但在第四季基本上會消失。這是最大的一塊。第二點是，如果你從關稅影響的角度來考慮它與銷售額的關係，因為我不能使用美元，因為每季的銷售量差異很大。但如果從與銷售額的關係來考慮，第三季受中國關稅等因素的影響比第二季高出幾百個基點。

And that eases off quite a bit in Q4, not quite to the Q2 levels, but well below Q3. You put those two things together and the midpoint of the range is really more like a flat -- sort of like a flattish gross margin year-over-year. If you think of it that way, we're not actually calling for expansion in gross margins in Q4 year-over-year. But those two pieces actually give you the vast majority of the answer right there.

第四季這一數字有所減緩，雖然沒有達到第二季的水平，但遠低於第三季。如果你把這兩件事放在一起，範圍的中點實際上更像是平點——有點像同比持平的毛利率。如果你這樣想，我們其實並不要求第四季的毛利率較去年同期擴大。但這兩部分其實已經給了絕大部分的答案。

Brian Nagel, Oppenheimer & Company.

奧本海默公司的布萊恩·納格爾。

Hi, this is Andrew Chasanoff on for Brian. Thanks for taking our questions. Just a few quick ones. In terms of just gross margin, how are you guys thinking about what the unmitigated tariff cost for Love is right now? And does your guidance contemplate any further pricing actions in addition to what you already discussed?

大家好，我是 Brian 的 Andrew Chasanoff。感謝您回答我們的問題。僅舉幾個例子。僅就毛利率而言，你們認為 Love 目前的完整關稅成本是多少？除了您已經討論過的內容之外，您的指導是否考慮任何進一步的定價行動？

I'm not sure about the first part of the question. We are not building in any incremental changes to the tariff regimes right now. So for example, press that's been in place about additional considerations for furniture is a category that is not factored into the guide. So we are using the current in effect tariff rates as the basis for our outlook. There are many plans we have in place, as I discussed, that are going to -- some of which take a little bit longer to put in place to get the gross margins back to the target levels, as I explained earlier.

我不確定問題的第一部分。我們目前不會對關稅制度進行任何漸進式改革。例如，有關家具的額外考慮因素的新聞報導並未被納入指南。因此，我們將使用目前有效的關稅稅率作為我們展望的基礎。正如我之前所討論的，我們已經制定了許多計劃，其中一些計劃需要更長的時間才能實施，以使毛利率回到目標水平。

And look, if the tariff regime changes again, all those plans will change again, not just for us, but for competitors as well. So look, we -- as I said, we have lots of things we're working on in the background to improve the gross margins. We're not counting on those for the guide that you see in Q4, right?

而且，如果關稅制度再次發生變化，所有這些計劃都會再次改變，不僅對我們而言，對競爭對手而言也是如此。所以，正如我所說，我們在幕後做了很多工作來提高毛利率。我們並不指望您在第四季度看到的指南，對嗎？

That's more of a long-term several quarters get us back there play. But we'll continue to react accordingly as will most of the peer group. And if there is anything either materially negative or favorable that comes out of this, we're ready to adapt.

這更像是一個長期的、幾個季度後讓我們重返賽場的過程。但我們會像大多數同行一樣繼續做出相應的反應。如果由此產生任何實質的負面或有利影響，我們都已做好適應的準備。

Awesome. And if I could just follow up quickly on the expense side. I understand that you discussed kind of the marketing in detail, but is there any reason to think that the expense profile of the business is changing as we go into back half '25 and into '26?

驚人的。我能否快速跟進一下費用方面的問題？我知道您詳細討論了行銷方面的問題，但是否有理由認為，隨著我們進入 2025 年下半年和 2026 年，業務的費用狀況正在改變？

No, nothing material. The only thing I would point out to remind everybody is in Q4 of last year, we had an unwind of incentive compensation given the weaker-than-expected performance within the Q4. So this year, as we've said all year, we expect to have higher SG&A as a percentage of sales in Q4 than we did in Q4 of last year because, again, as we've been planning, we're not planning for an unwind of previously accrued incentive compensation like we saw last year. So that's the only thing to call out.

不，沒有什麼實質的東西。我唯一要提醒大家的是，去年第四季度，由於第四季業績低於預期，我們取消了激勵薪酬。因此，正如我們全年所說的那樣，我們預計今年第四季度的銷售、一般和行政費用佔銷售額的百分比將高於去年第四季度，因為正如我們一直在計劃的那樣，我們不打算像去年那樣取消之前累積的激勵薪酬。所以這是唯一需要呼籲的事情。

You'll see that when you back into what Q4 guidance is, which you can get to pretty cleanly from the full year minus the Q3. It is a higher SG&A in Q4, but that's the reason why there's nothing else. More structurally, as the growth continues to hopefully pick up and we get some support, that, in effect, will drive same-store omnichannel comparable sales for us, which has far greater flow-through than some of the other pieces.

當您回顧第四季度的指引時，您會發現，您可以透過全年減去第三季的數據來相當清楚地得出第四季度的指引。第四季的銷售、一般及行政費用較高，但這就是沒有其他收入的原因。更結構性地講，隨著成長有望繼續回升並且我們得到一些支持，這實際上將推動我們的同店全通路可比銷售額，其流通量遠大於其他一些部分。

So look, again, if the category bounces back, you get a big acceleration and step-up in the amount of top line that flows through to the bottom line. So that's what we're hoping for. We're not counting on it, but we'll take it.

所以，再看看，如果該類別反彈，你會發現流向底線的頂線數量會大幅加速和增加。這就是我們所希望的。我們不指望它，但我們會接受它。

Awesome. Really appreciate it. Thank you.

驚人的。真的很感激。謝謝。

This concludes our question-and-answer session. I'll turn the floor back to Mr. Nelson for any final comments.

我們的問答環節到此結束。我將把發言權交還給納爾遜先生，請他發表最後的評論。

Just a big thank you to the investors that support Lovesac and our pursuit of building the most loved home brand in America, and to all those sackers out there that have made this company so great. Onto a bright future. Thank you.

非常感謝支持 Lovesac 的投資者以及我們致力於打造美國最受歡迎的家居品牌的努力，也感謝所有讓這家公司如此偉大的員工。走向光明的未來。謝謝。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。