La-Z-Boy Inc (LZB) 2024 Q3 法說會逐字稿

Greetings, everyone, and welcome to the La-Z-Boy Fiscal 2024 third quarter conference call. (Operator instructions) I will now turn the conference over to your host, Mark Becks, CFA of La-Z-Boy Incorporated. You may begin Mark.

大家好，歡迎參加 La-Z-Boy 2024 財年第三季電話會議。（操作員指示）我現在將會議轉交給主持人 Mark Becks，他是 La-Z-Boy Incorporated 的 CFA。你可以開始馬克了。

Thank you, Jenny. Good morning, everyone, and thanks for joining us to discuss our fiscal 2024 third quarter. With us today are Melinda D. Whittington , La-Z-Boy President and Chief Executive Officer, and Bob Lucian, La-Z-Boy 's, SVP and CFO. Melinda will open and close the call and Bob will speak to segment performance and the financials midway through. We will then open the call to questions. Slides will accompany this presentation and you may view them through our webcast link, which will be available for one year and a telephone replay of the call will be available for one week beginning this afternoon.

謝謝你，珍妮。大家早安，感謝您加入我們討論 2024 財年第三季。今天與我們在一起的有 La-Z-Boy 總裁兼執行長 Melinda D. Whittington 和 La-Z-Boy 高級副總裁兼財務長 Bob Lucian。梅琳達將開始和結束電話會議，鮑勃將在中途談論部門業績和財務狀況。然後我們將開始提問。本簡報將附有幻燈片，您可以透過我們的網路廣播連結觀看它們，該連結將提供一年，並且從今天下午開始的一周內將提供電話重播。

And before we begin the presentation, I would like to remind you that some statements made in today's call, including forward-looking statements about La-Z-Boy's future performance and other matters. Although we believe these statements to be reasonable, our actual results could differ materially. The most significant risk factors that could affect our future results are described in our annual report on Form 10 K.

在我們開始演講之前，我想提醒大家，今天電話會議中所做的一些陳述，包括有關 La-Z-Boy 未來業績和其他事項的前瞻性陳述。儘管我們認為這些陳述是合理的，但我們的實際結果可能存在重大差異。我們的 10 K 表格年度報告中描述了可能影響我們未來業績的最重要的風險因素。

We encourage you to review those risk factors as well as other key information detailed in our SEC filings. Also, our earnings release is available under the news events tab on the Investor Relations page of our website and includes reconciliations of certain non-GAAP measures, which are also included as an appendix at the end of our conference call slide decks. With that, I will now turn the call over to Melinda Whittington, La-Z-Boy's core brands, President, and Chief Executive Officer. Melinda?

我們鼓勵您查看這些風險因素以及我們向 SEC 提交的文件中詳細介紹的其他關鍵資訊。此外，我們的收益發布可在我們網站投資者關係頁面的新聞事件標籤下查看，其中包括某些非公認會計準則措施的對賬，這些數據也作為附錄包含在我們的電話會議幻燈片末尾。現在，我將把電話轉給 La-Z-Boy 核心品牌總裁兼執行長 Melinda Whittington。梅琳達？

Thank you, Mark. And good morning, everyone. yesterday following the close of market, we reported results for our January ended third quarter. Highlights for the quarter included consolidated delivered sales of $500 million up 5% versus our most recent pre-pandemic third quarter and down 13% versus prior year, which benefited from delivering the above normal pandemic backlog.

謝謝你，馬克。大家早安。昨天收盤後，我們報告了一月份結束的第三季的業績。本季的亮點包括綜合交付銷售額 5 億美元，與最近的疫情爆發前第三季度相比增長 5%，與去年同期相比下降 13%，這得益於疫情期間積壓訂單高於正常水平。

Total consolidated non-GAAP gross margin up 140 basis points year over year with gross margin expansion across all segments. Non-gaap operating margin of 6.6%, non-GAAP EPS of $0.67, strong operating cash flow of $48 million for the quarter, bringing us up to $105 million year to date and continued progress against our Century vision growth strategy including completing the acquisition of six store of a six store independent La-Z-Boy Furniture Galleries network in the Midwest, and finding an agreement to acquire another two store independent network in Florida in the fourth quarter.

綜合非 GAAP 總毛利率年增 140 個基點，所有部門的毛利率均有所成長。非GAAP 營運利潤率為6.6%，非GAAP 每股收益為0.67 美元，本季營運現金流強勁，達4,800 萬美元，使我們今年迄今達到1.05 億美元，並在我們的世紀願景增長戰略上繼續取得進展，包括完成收購中西部有六家商店獨立的 La-Z-Boy Furniture Galleries 網路中的六家商店，並於第四季度達成協議，收購佛羅裡達州另外兩家商店的獨立網路。

The overall furniture and home furnishings industry is in a continued slowdown as housing turnover remains at historic lows, driven by challenging interest rates and housing affordability. January 3 month of our quarter was further affected by winter weather events across much of the U.S., which had a negative impact on traffic and related written sales at our retail stores across the central U.S.

由於利率和住房負擔能力面臨挑戰，房屋成交量仍處於歷史低位，整個家具和家居行業持續放緩。本季 1 月 3 日進一步受到美國大部分地區冬季天氣事件的影響，這對美國中部零售店的客流量和相關書面銷售產生了負面影響。

These winter weather events in the second and third weeks of January also caused multiple days of manufacturing shutdowns in our US assembly plants where the majority of our product is manufactured and disruption to our distribution, temporarily impacting our ability to produce and deliver products and causing our delivered sales and profits to fall short of the low end of our guidance range for the quarter. After January's weather disruptions, production deliveries are now back to normal in the fourth quarter as we focus on servicing our customers and consumers with the high-quality comfortable products they expect from us.

1 月第二週和第三週的這些冬季天氣事件也導致我們生產大部分產品的美國組裝工廠停工多日，並擾亂了我們的分銷，暫時影響了我們生產和交付產品的能力，並導致我們的銷售額和利潤未達到我們本季指導範圍的下限。經過一月份的天氣幹擾後，生產交付現已在第四季度恢復正常，因為我們專注於為客戶和消費者提供他們期望我們提供的高品質舒適產品。

Recapping our third quarter written sales trends. Total written sales for our company-owned retail segment were down 2% versus last year's strong third quarter written same-store sales for our company-owned retail segment in the third quarter declined 8% versus the prior year. Same-store sales grew in both November and December, but declined in January versus year ago, impacted by softening traffic against the strong January 23 comparison period and the winter weather. Although retail performance fell short of expectations due to this depressed traffic store-level execution continues to be very strong conversion rates.

回顧我們第三季的書面銷售趨勢。與去年強勁的第三季度相比，我們公司自有零售部門的總書面銷售額下降了 2%。第三季度，我們公司自有零售部門的同店銷售額比去年同期下降了 8%。11 月和 12 月同店銷售額均有所增長，但 1 月較去年同期有所下降，原因是 1 月 23 日的強勁客流量和冬季天氣影響導致客流量下降。儘管由於客流量低迷，零售業績未達到預期，但商店層級的執行轉換率仍然非常強勁。

Average ticket and design sales metrics were all improved even versus last year's strong quarter. Written same-store sales for the entire La-Z-Boy Furniture Galleries network of 353 stores followed similar patterns for the quarter and declined 6% versus prior year against the backdrop of a 7% industry contraction during our third quarter.

與去年的強勁季度相比，平均門票和設計銷售指標均有所改善。本季由 353 家商店組成的整個 La-Z-Boy Furniture Galleries 網路的同店銷售額也遵循類似的模式，在第三季度行業收縮 7% 的背景下，與去年同期相比下降了 6%。

Our stores executed well, and we expect to continue to drive comparatively positive results going forward on the strength of our brand and our execution in our La-Z-Boy Furniture Galleries. For the first nine months of our fiscal year, written same-store sales across our entire network were down 1%, while the industry was down 7%. And importantly, our fourth quarter is off to a solid start with Presidents' Day results for company-owned stores coming in on track with our expectations for the fourth quarter.

我們的商店表現良好，我們預計憑藉我們的品牌實力和 La-Z-Boy 家具畫廊的執行力，繼續取得相對積極的業績。在本財年的前 9 個月，我們整個網路的同店銷售額下降了 1%，而整個產業下降了 7%。重要的是，我們的第四季有了一個良好的開端，公司自營商店的總統日業績符合我們對第四季的預期。

Turning to labor written, sales declined 14% in the quarter versus a year ago as the online furniture market continues to be challenged consistent with the broader furniture industry. As we navigate this environment, we remain focused on providing innovative high-quality products for our customers and consumers. Favorable demographics, including the structural housing shortage and anticipated interest rate reductions later in the year will ultimately drive the return to more normalized furniture demand likely in the back half of our fiscal 25.

就勞動力書面而言，由於線上家具市場與更廣泛的家具行業一樣繼續面臨挑戰，本季銷售額年減 14%。在這種環境下，我們仍然專注於為客戶和消費者提供創新的高品質產品。有利的人口結構，包括結構性住房短缺和預計今年稍後的降息，最終將推動家具需求在 25 財年後半段恢復更加正常化。

On the foundation of our strong financial position and prudent management, we continue to strategically invest in strengthening our business for the long term as part of our Century vision growth strategy and prepare to harness those positive trends when they emerge, even as we navigate near-term industry challenges, we call. Our central vision is our strategic framework setting up La-Z-Boy Incorporated for our next 100 years as we celebrate our 1 century in 2027. This is measured by our intention to grow top line at a pace, double the market and deliver consistent double digit operating margins over the long term.

在我們強大的財務狀況和審慎管理的基礎上，我們繼續策略性地投資於加強我們的長期業務，作為我們世紀願景成長策略的一部分，並準備在這些積極趨勢出現時利用它們，即使我們正在接近我們稱之為產業挑戰一詞。我們的中心願景是在 2027 年慶祝成立 100 週年之際，為 La-Z-Boy Incorporated 建立未來 100 年的策略框架。這是透過我們的目標來衡量的，即我們的目標是快速成長收入、使市場翻倍並在長期內提供穩定的兩位數營業利潤率。

A cornerstone to our Century vision is expanding our La-Z-Boy brand reach. An imperative pillar of this expansion is growing our La-Z-Boy Furniture Galleries network and our own Company owned retail portion of that network through new stores acquired stores and remodels to provide an outstanding end to end consumer experience.

我們世紀願景的基石是擴大 La-Z-Boy 品牌影響力。這一擴張的一個重要支柱是透過新店、收購店和改造來發展我們的 La-Z-Boy 家具畫廊網路和我們自己公司擁有的該網路的零售部分，以提供出色的端到端消費者體驗。

Our total network currently stands at 353 stores, up seven from a year ago, and we see potential for continued expansion up to approximately 400 stores over the next several years. Further, we are increasing the number of company-owned stores, which now total 184 and represent 52% of our entire network.

目前，我們的總網路共有 353 家門市，比一年前增加了 7 家，我們認為未來幾年有繼續擴張至約 400 家門市的潛力。此外，我們正在增加公司自營商店的數量，目前共有 184 家，占我們整個網路的 52%。

Notably, we have nearly doubled our company-owned store count over the past decade and continue to see meaningful opportunity for expansion during the quarter. We opened one new store and completed the acquisition of an independent La-Z-Boy Furniture Galleries network of six stores across Illinois and Indiana. Further, in January, we signed an agreement to acquire an additional two store network from an independent dealer in Florida scheduled to close in the fourth quarter.

值得注意的是，在過去十年中，我們公司自營商店的數量幾乎增加了一倍，並且在本季度繼續看到有意義的擴張機會。我們開設了一家新店，並完成了對獨立的 La-Z-Boy Furniture Galleries 網路的收購，該網路由伊利諾伊州和印第安納州的六家商店組成。此外，一月份，我們簽署了一項協議，從佛羅裡達州的一家獨立經銷商處收購另外兩家商店網絡，計劃於第四季度關閉。

Completing this acquisition will bring our total to 11 acquired stores in fiscal 24. As a reminder, these store acquisitions are immediately accretive to our profitability and allow the Company to benefit from the integrated wholesale retail margin as we grow our Company owned retail our vertical are vertically integrated and primarily North American based supply chain will become an even more meaningful differentiator versus many competitors in the industry as we are able to deliver high quality custom furniture with strong speed to market.

完成此次收購將使我們在 24 財年收購的商店總數達到 11 家。提醒一下，這些商店收購會立即增加我們的盈利能力，並讓公司在我們發展公司自有零售業務時從綜合批發零售利潤中受益，我們的垂直行業是垂直整合的，主要以北美為基礎的供應鏈將變得更有意義與行業中的許多競爭對手相比，我們能夠以極快的上市速度提供高品質的定製家具。

A second key pillar of expanding La-Z-Boy brand reach is our long lived the lazy brand campaign that launched last August, along with the lazy is our most data-based marketing campaign in the Company's history, leveraging consumer insights and our brand heritage of comfort and quality to connect with a broader consumer base.

擴大La-Z-Boy 品牌影響力的第二個關鍵支柱是我們去年8 月推出的長期懶惰品牌活動，而「懶惰」是我們公司歷史上最基於數據的營銷活動，利用了消費者洞察和我們的品牌傳統舒適性和品質，以與更廣泛的消費者群體建立聯繫。

Our goal is to build top-of-mind awareness, relevance and updated perceptions of the brand. And while the impacts of the campaign are expected to gain momentum over time, our early data shows that the new campaign is already driving meaningful results in brand awareness, consideration, and purchase intent. Also encouraging are the indications this campaign is catching the attention of younger consumers beyond our La-Z-Boy brand to deliver a century vision.

我們的目標是建立品牌的首要意識、相關性和更新的認知。雖然隨著時間的推移，活動的影響力預計會增強，但我們的早期數據顯示，新活動已經在品牌知名度、考慮度和購買意願方面取得了有意義的成果。同樣令人鼓舞的是，有跡象表明該活動正在吸引 La-Z-Boy 品牌以外的年輕消費者的注意，以實現一個世紀的願景。

We continue to optimize Joybird to deliver a balance of sales growth and profitability, and we're pleased to see delivered sales grow in the quarter compared to a year ago and progress made toward profitability. The brand continues to have significant opportunity to grow share, which will be our focus as we make prudent investments. Joybird currently operates 12 stores with the November opening of our newest store in Portland, Oregon, and we have identified a total of 25 potential locations over the intermediate term with our expansion pace, depending on opportunities in real estate and overall market conditions.

我們繼續優化 Joybird，以實現銷售成長和獲利能力的平衡，我們很高興看到本季交付的銷售額與去年同期相比有所成長，並且在獲利能力方面取得了進展。該品牌繼續擁有擴大份額的重大機會，這將是我們進行審慎投資時的重點。Joybird 目前經營 12 家商店，我們最新的商店將於 11 月在俄勒岡州波特蘭市開業，我們已根據房地產機會和整體市場狀況確定了中期擴張步伐中總共 25 個潛在地點。

And finally, across our entire enterprise, we continue to progress on building a more agile business model now that we have successfully lowered our unprecedented backlog to a more normalized level, we are meaningfully improving plant productivity. Over the past year, we have made decisions to further optimize our global supply chain by closing assembly plants, inventory on and around those Mexico and shifting cut-and-sew activities back to Romulus, enabling the closure of our Paris Mexico operations. These strategic decisions are made possible through continued productivity improvements achieved across the remainder of our plant network.

最後，在我們整個企業中，我們繼續在建立更敏捷的業務模式方面取得進展，既然我們已經成功地將前所未有的積壓降到了更正常的水平，我們正在有意義地提高工廠生產力。在過去的一年裡，我們決定進一步優化我們的全球供應鏈，關閉墨西哥及其周邊地區的組裝廠和庫存，並將裁剪和縫製活動轉移回羅穆盧斯，從而關閉我們在巴黎的墨西哥業務。這些戰略決策是透過我們工廠網路其餘部分持續提高生產力來實現的。

And now let me turn the call over to Bob to review the results in more detail.

現在讓我將電話轉給鮑勃，以更詳細地查看結果。

But thank you, Melinda, and good morning, everyone. As a reminder, we presented results on both a GAAP and non-GAAP basis. We believe the non-GAAP presentation better reflects underlying operating trends and performance of the business. Non-gaap results exclude items which are detailed in our press release and in the table and the picture in the appendix section of our conference call slides on a consolidated basis, fiscal 27 quarter sales decreased 13% to $500 million versus the prior year as trends returned to more seasonal levels following a historically high comparative period in the prior year, which benefited from delivering the above normal pandemic backlog.

但謝謝你，梅琳達，大家早安。提醒一下，我們在 GAAP 和非 GAAP 基礎上公佈了結果。我們認為，非公認會計原則的演示更好地反映了基本的營運趨勢和業務績效。非 GAAP 業績不包括我們的新聞稿以及電話會議幻燈片附錄部分的表格和圖片中詳述的項目，27 財年季度銷售額與上一年相比下降 13%，至 5 億美元，趨勢如下：繼去年同期歷史最高水平之後，恢復到季節性水平，這得益於大流行病積壓量高於正常水平。

As a reminder, last year, fiscal last fiscal year benefited by an approximately $300 million increase in de-leverage sales due to the delivery of backlog of COVID related furniture orders. Consolidated GAAP operating income decreased to $33 million and non-GAAP operating income was $33 million, a decrease of 38% versus last year's third quarter.

提醒一下，去年，由於新冠肺炎相關家具訂單積壓的交付，去槓桿化銷售額增加了約 3 億美元，使去年財年受益。綜合 GAAP 營業收入下降至 3,300 萬美元，非 GAAP 營業收入為 3,300 萬美元，比去年第三季下降 38%。

Consolidated GAAP operating margin was 6.5% and non-GAAP operating margin was 6.6%, reflecting a 270-basis point decline versus last year, primarily resulting from fixed cost deleverage on lower delivered sales.

綜合 GAAP 營業利潤率為 6.5%，非 GAAP 營業利潤率為 6.6%，較去年下降 270 個基點，這主要是由於已交付銷售額下降導致固定成本去槓桿化所致。

Gaap diluted EPS was $0.66 for the third quarter versus $0.74 in the prior year quarter. Non-gaap diluted EPS was $0.67 in the current year quarter versus $0.91 last year. And as I move to the segment discussion, my comments from here will focus on our non-GAAP reporting unless specifically stated otherwise.

第三季依照美國通用會計準則 (GAAP) 攤薄後每股收益為 0.66 美元，去年同期為 0.74 美元。本季非 GAAP 攤薄後每股收益為 0.67 美元，去年同期為 0.91 美元。當我進入分部討論時，除非另有明確說明，否則我的評論將集中在我們的非公認會計準則報告上。

Starting with the retail segment for the quarter, delivered sales were $205 million, an 18% decrease over the prior year's third quarter, which benefited from higher deliveries of backlog, while weather events in January during this year's third quarter negatively impacted our ability to deliver products.

從本季的零售部門開始，交付銷售額為2.05 億美元，比去年第三季下降18%，這得益於積壓交付量的增加，而今年第三季1 月份的天氣事件對我們的交付能力產生了負面影響產品。

Importantly, sales were 22% higher than our fiscal 2020 third quarter, a 5% compound annual growth rate over that four year period. Retail non-GAAP operating margin decreased to 10.9% versus 17.6% in the prior year quarter, while gross margin improvements and the favorable shift in product mix were more than offset by higher SG&A as a percentage of sales with fixed cost deleverage due to lower delivered sales volume.

重要的是，銷售額比 2020 財年第三季高出 22%，這四年期間的複合年增長率為 5%。零售非GAAP 營業利潤率下降至10.9%，而去年同期為17.6%，而毛利率的改善和產品組合的有利轉變被由於交付量較低而導致的SG&A 在固定成本去槓桿化銷售額中所佔百分比的上升所抵消。銷售數量。

Retail margins were also negatively impacted by winter weather, preventing the production and delivery of retail orders Britten earlier in the quarter for our wholesale segment delivered sales for the quarter declined to $356 million, a 13% decrease versus the prior year period, which benefited from pandemic backlogged production and deliveries additionally delivered sales were negatively impacted by lost production due to multiple days of plant shutdowns at our US assembly plants as a result of the winter weather conditions across the central US in mid-January.

零售利潤率也受到冬季天氣的負面影響，阻礙了零售訂單的生產和交付Britten 在本季度早些時候為我們的批發部門交付的銷售額下降至3.56 億美元，比去年同期下降13%，這得歸功於疫情導致生產和交貨積壓，此外，由於 1 月中旬美國中部冬季天氣狀況，我們的美國組裝工廠停產多日，導致生產損失，對銷售造成負面影響。

Non-gaap operating margin for the wholesale segment was 6.4% versus 6.6% in last year's third quarter, reflecting strong gross margin improvement, which was more than offset by fixed cost deleverage on lower sales and higher marketing to support the long. We have delayed the campaign across all channels. Gross margin improved from lower input costs including improved sourcing and reduced commodity prices, partially offset by selective pricing actions and temporary plant inefficiencies from winter weather effects in January and temporary inefficiencies related to our Mexico supply chain optimization project, which remains on track to be completed by the beginning of fiscal 25.

批發部門的非公認會計準則營業利潤率為6.4%，而去年第三季為6.6%，反映出毛利率的強勁改善，但銷售額下降和行銷增加以支持長期的固定成本去槓桿化抵消了這一改善。我們已經推遲了所有管道的活動。毛利率因投入成本下降（包括採購改善和商品價格下降）而有所改善，部分被選擇性定價行動和一月份冬季天氣影響導致的工廠臨時效率低下以及與墨西哥供應鏈優化項目相關的臨時效率低下所部分抵消，該項目仍在按計劃完成到25財年年初。

Gerber reported in corporate and other had delivered sales of $34 million, an 18% increase versus the prior year quarter, driven by mix and pricing benefits and comparison against a challenged base period you referred made Joybird made meaningful progress on improving profitability in the quarter with strengthened product mix and improved return on advertising spend.

格柏在企業和其他方面報告稱，在組合和定價優勢以及與您提到的充滿挑戰的基期的比較的推動下，Joybird 在提高本季度盈利能力方面取得了有意義的進展，實現了3400 萬美元的銷售額，比去年同期成長了18%加強產品組合並提高廣告支出回報。

Putting all this all of this together for the quarter, consolidated non-GAAP gross margin improved across all reportable segments and for the entire Company improved by 140 basis points versus the prior year. Third quarter gross margin expansion was attributed to lower input costs from improved sourcing and reduced commodity prices, partially offset by selective pricing actions and plant inefficiencies resulting from winter weather events and January.

將本季度的所有這些綜合起來，所有可報告部門以及整個公司的綜合非 GAAP 毛利率均比上一年提高了 140 個基點。第三季毛利率的成長歸因於採購改善和商品價格下降的投入成本降低，但部分被選擇性定價行動和冬季天氣事件和一月份造成的工廠效率低下所抵消。

To note, at the beginning of this fiscal year, we made a voluntary reclassification of certain distribution costs from SG&A to cost of sales. At the same time, we retrospectively adjusted our historical numbers to the comparisons are on a consistent basis, thus the 140-basis point improvement in gross margin reflects real underlying growth.

值得注意的是，在本財年年初，我們自願將某些分銷成本從銷售成本、管理費用重新分類為銷售成本。同時，我們對歷史數據進行了追溯調整，使比較結果保持一致，因此毛利率140個基點的改善反映了真正的潛在成長。

Sg&a non-GAAP expense dollars decreased $3 million year over year and $5 million sequentially from the second quarter. Non-gaap SG&A as a percentage of sales for the third quarter increased by 410 basis points compared with the same period last year, primarily due to sales deleverage against last year's backlog aided top line results.

SG&A 非 GAAP 費用年減 300 萬美元，較第二季較上季減少 500 萬美元。第三季非公認會計原則 SG&A 佔銷售額的百分比與去年同期相比增加了 410 個基點，這主要是由於針對去年積壓訂單的銷售去槓桿化有助於營收業績。

Our effective tax rate on a GAAP basis for the third quarter was 20.2% compared to 27.7% for the prior year period favorably impacted by return to provision adjustments, primarily related to an increase in US R&D tax credits and a reduction in taxes on foreign earnings. Absent these discrete items the effective tax rate would have been 25.6%. Recall, our effective tax rate varies from the 21% federal statutory rate, primarily due to state taxes. We expect our effective tax rate to be in the range of 25% to 25.5% for the full fiscal 2024.

我們第三季以 GAAP 計算的有效稅率為 20.2%，而去年同期為 27.7%，這主要受到撥備調整回報的影響，主要與美國研發稅收抵免的增加和海外收入稅的減少有關。如果沒有這些離散項目，有效稅率將為 25.6%。回想一下，我們的有效稅率與 21% 的聯邦法定稅率有所不同，這主要是由於州稅所致。我們預計 2024 財年的有效稅率將在 25% 至 25.5% 之間。

Turning to liquidity, we ended the quarter with a robust balance sheet, $333 million in cash and no externally funded debt. We generated $48 million in cash from operating activities in the quarter solid cash generation was primarily driven by profit performance and improved cash collections through the first three quarters.

談到流動性，我們在本季結束時擁有穩健的資產負債表、3.33 億美元的現金，並且沒有外部融資債務。我們本季的經營活動產生了 4,800 萬美元的現金，穩定的現金產生主要是由利潤表現和前三個季度現金回款的改善所推動的。

Cash flow from operations was $105 million, down from last year due to lower sales after fulfilling our pandemic backlog, which still at very healthy levels. We spent $12 million in capital expenditures during the quarter, primarily related to retail store openings and remodels and upgrades in our manufacturing and distribution facilities.

營運現金流為 1.05 億美元，較去年有所下降，原因是我們的大流行積壓訂單完成後銷售額下降，但仍處於非常健康的水平。本季我們花了 1200 萬美元的資本支出，主要與零售店開業以及製造和分銷設施的改造和升級有關。

We also spent $18 million on the acquisition of a six-store independent La-Z-Boy Furniture Galleries network in the Midwest, including the purchase of buildings and land for five of those stores. For the quarter, we returned $29 million to shareholders via dividends and share repurchases, including $9 million paid in dividends in the third quarter.

我們還斥資 1800 萬美元收購了中西部擁有六家商店的獨立 La-Z-Boy Furniture Galleries 網絡，包括為其中五家商店購買了建築物和土地。本季度，我們透過股利和股票回購向股東返還 2,900 萬美元，其中第三季支付的股利為 900 萬美元。

Additionally, we repurchased 567,000 shares in the quarter, which leaves 6 million shares available under our existing share repurchase authorization. We view share repurchases and our dividend as an attractive use of our cash and positive return to shareholders. With our stated target of 50% of our capital allocation reinvested back into the business and about 50% in share repurchases and the dividend over the line over the long term.

此外，我們在本季回購了 567,000 股股票，根據我們現有的股票回購授權，還剩 600 萬股可用。我們認為股票回購和股息是對我們現金和股東積極回報的一種有吸引力的用途。我們的既定目標是將 50% 的資本配置重新投資回業務，約 50% 用於股票回購和長期股利。

In the near term, we have numerous strategic investments to make as we execute central vision and anticipate capital allocation to be more heavily weighted to investments in the business where our arise or two times our cost of capital.

短期內，我們有大量的策略投資要做，因為我們執行中心願景，並預期資本配置將更加重視對我們所在業務的投資，或是我們資本成本的兩倍。

Now before Kurt, turning the call back to Melinda, let me highlight several important items for fiscal 2024 and our fourth quarter. Consistent with our Century business strategy, we continue to target sales growth, double the industry growth, right and double-digit margins over the long term. When I first outlined our expectations for fiscal 24 during our fiscal 23-yearyear-end earnings call back in June, I noted that we expected further industry demand would in dollar terms be flat to down 5% versus the prior year.

現在，在 Kurt 將電話轉回給 Melinda 之前，讓我強調一下 2024 財年和第四季的幾個重要事項。與我們的世紀業務策略一致，我們繼續以銷售成長為目標，使產業成長翻倍，長期實現正確和兩位數的利潤率。當我在 6 月的 23 財年年終收益電話會議上首次概述我們對 24 財年的預期時，我指出，我們預計以美元計算的行業需求將與上年持平或下降 5%。

And I call out our expectation to grow total company sales ahead of the industry. After adjusting for last year's backlog related sales deliveries well, nine months into our fiscal year, the environment has actually materialized to be much more challenging than expected for furniture.

我指出，我們期望公司總銷售額的成長領先於該行業。在對去年積壓相關的銷售交付進行了很好的調整之後，進入我們財年的九個月，家具的環境實際上比預期的更具挑戰性。

Despite these trends, though, we are able to report that we have significantly outperformed the industry specifically over the first nine months, the furniture industry has been down about 7%, while our total furniture network written same-store sales were down only 1%, such as a tale of two cities in which we are currently operating strengthening our enterprise capabilities and preparing to leverage eventual tailwinds of housing shortages and improved affordability, all while navigating very challenging short-term trends.

儘管有這些趨勢，我們可以報告說，我們的表現顯著優於行業，特別是在前九個月，家具行業下降了約 7%，而我們的家具網絡總同店銷售額僅下降了 1% ，例如我們目前正在運營的兩個城市的故事，我們正在加強我們的企業能力，並準備利用住房短缺和負擔能力提高的最終順風車，同時應對非常具有挑戰性的短期趨勢。

With this in mind, we are planning prudently for the near term while investing and building for the long term and therefore expect sales in the range of $505 million to $535 million and non-GAAP operating margins in the range of 7% to 8% for the fourth quarter.

考慮到這一點，我們在進行長期投資和建設的同時，正在謹慎規劃近期，因此預計銷售額將在 5.05 億至 5.35 億美元之間，非 GAAP 營業利潤率將在 7% 至 8% 之間。第四季。

We expect our tax rate for the full fiscal year to be in the range of 25% to 25.5%. We anticipate non-GAAP adjustments for purchase accounting charges for the year to be in a range of $0.01 to $0.03 per share. We expect capital expenditures to be in the range of $50 million to $60 million for fiscal 2024 as we invest to strengthen the Company for the future, consistent with our Century vision strategy and finally, presuming no significant worsening and macroeconomic trends, we expect to continue share repurchases at dollar levels consistent with pre-COVID levels.

我們預計整個財年的稅率將在 25% 至 25.5% 之間。我們預計今年採購會計費用的非 GAAP 調整將在每股 0.01 美元至 0.03 美元的範圍內。我們預計2024 財年的資本支出將在5,000 萬至6,000 萬美元之間，因為我們投資是為了增強公司的未來實力，這符合我們的世紀願景戰略，最後，假設宏觀經濟趨勢沒有明顯惡化，我們預計將繼續以與新冠疫情爆發前一致的美元水準回購股票。

And now I will turn the call back to Melinda.

現在我將把電話轉回給梅琳達。

Thanks, Brian. We continue to execute on our strategic initiatives and are appropriately investing in strengthening our brands and our capabilities to deliver our Century vision goals and disproportionately leverage more normalized computer consumer trends when they emerge. We are engaging with an even broader consumer base than we have in the past.

謝謝，布萊恩。我們繼續執行我們的策略舉措，並適當投資於加強我們的品牌和能力，以實現我們的世紀願景目標，並在更規範的電腦消費趨勢出現時不成比例地利用它們。我們正在接觸比過去更廣泛的消費者基礎。

And although the macroeconomic environment remains challenging, we will continue to focus on driving our business, delighting the consumer, and continuously improving our execution. We have every intention of growing gaining share and believe the best is yet to come as we deliver long-term profitable growth and returns for all stakeholders.

儘管宏觀經濟環境仍然充滿挑戰，但我們將繼續專注於推動我們的業務、取悅消費者並不斷提高我們的執行力。我們致力於不斷擴大份額，並相信最好的尚未到來，因為我們將為所有利益相關者提供長期的獲利成長和回報。

Finally, today, I want to highlight the recent publication of our fiscal 23 Sustainability Report delivering sustainable comfort. This is the second sustainability report published in our company's history and highlights our continued progress aligned with our core values. We empower courage first, sustainable culture, embrace curiosity for sustainable design and operate with compassion for a sustainable planet. As always, I want to thank the entire La-Z-Boy, Incorporated team for their hard work and solid progress toward our goals even in this challenging environment. And we thank you for your time this morning. I'll turn the call back to Mark.

最後，今天我想強調我們最近發布的 23 財年永續發展報告，該報告提供了永續的舒適感。這是我們公司歷史上發布的第二份永續發展報告，強調了我們與核心價值一致的持續進步。我們賦予勇氣第一、永續文化，擁抱對永續設計的好奇心，並懷著對永續地球的同情心開展業務。一如既往，我要感謝整個 La-Z-Boy, Incorporated 團隊的辛勤工作，即使在這個充滿挑戰的環境中，他們也為我們的目標取得了堅實的進展。我們感謝您今天早上抽出時間。我會把電話轉回馬克。

Thank you, Melinda. We will now begin the question-and-answer period. Jenny, please review the instructions for getting into the queue to ask questions.

謝謝你，梅琳達。我們現在開始問答環節。珍妮，請查看排隊提問的說明。

(Operator instructions)

（操作員說明）

Thank you.

謝謝。

Bobby Griffin, Raymond James. Bobby, your line is live.

鮑比·格里芬、雷蒙德·詹姆斯。鮑比，您的線路已上線。

Good morning, everybody. Thanks for taking my questions for any value order cash so I guess the first question I had was on the retail margins and I and Bob, you gave some good detail on the year over year, but I was just curious if we kind of look at this from a sequential performance or just the prior two quarters this year, revenue pretty stable plus or minus on a $6 million to $10 million bucks I looks like on, but the margins did step down as you kind of compare to fiscal 1Q and 2Q. So just curious if there's had some one-time investments in there from a marketing standpoint or any kind of weather-related costs that might have caused that to move down from maybe the mid-10s to the low double digits?

大家早安。感謝您提出有關任何價值訂單現金的問題，所以我想我的第一個問題是關於零售利潤率，我和鮑勃，您提供了一些關於逐年的詳細信息，但我只是好奇我們是否看一下從連續業績或今年前兩個季度來看，收入相當穩定，正負在600 萬至1000 萬美元之間，我看起來是這樣，但與第一財季和第二財季相比，利潤率確實有所下降。所以只是好奇，從行銷的角度來看，是否有一些一次性投資，或者任何與天氣相關的成本可能導致價格從 10 多美元下降到低兩位數？

The big.

大。

Yes. And I think body sorry, the, um, there's really two things. One is the third quarter is generally speaking. One of our I guess our first quarter is always the lowest margin because it's the beginning of a fiscal and there's not a whole lot of furniture being sold in the first quarter. The third quarter is also a slightly lower margin type of a business for us for two reasons for two reasons.

是的。我認為身體抱歉，嗯，確實有兩件事。一是整體來說是第三季。我想我們的第一季利潤率總是最低的，因為這是財政年度的開始，第一季並沒有售出大量家具。對我們來說，第三季也是利潤率略低的業務類型，有兩個原因。

One is we're spending a lot of money on marketing during that holiday period. And the second piece is we have a lot of plant shutdowns over the holidays. And as a result, we have a difficult time making and delivering all the product that gets written during that quarter.

一是我們在假期期間在行銷上花費了大量資金。第二件事是我們在假期期間關閉了許多工廠。因此，我們在製作和交付該季度編寫的所有產品方面遇到了困難。

So that's typically something that always pressures a little bit that third quarter margin possible home time will pay more commissions on those sales that general and exactly the second piece of this particular quarter had we not had that weather event.

因此，這通常會帶來一點壓力，即第三季度的利潤率可能會在主場時間為這些銷售支付更多的佣金，而如果我們沒有遇到那樣的天氣事件，那麼這將是本特定季度的第二部分。

Those sales would have been and higher than what you saw there. And you know that either the fixed cost leverage and deleverage associated with sales going up and down the gross margins on those most furniture retail businesses are in the 55% range. So a lost sale. When I say lost sale, it's just a nice deal that wasn't delivered and was postponed into the next quarter has a big impact on margin. So our margins would have been not as high as the first were the previous quarter, but it would have been definitely higher than what we delivered because of the lost sales that we saw in retail associated with the weather.

這些銷售額將會比你在那裡看到的還要高。而且您知道，大多數家具零售企業的毛利率與銷售升降相關的固定成本槓桿和去槓桿都在 55% 範圍內。所以銷售失敗了。當我說銷售損失時，這只是一筆不錯的交易，但沒有交付並被推遲到下個季度，這對利潤率產生了很大影響。因此，我們的利潤率不會像上一季的第一季那麼高，但肯定會高於我們交付的利潤，因為我們看到零售業與天氣相關的銷售損失。

Okay.

好的。

And just from just to kind of build off that. I mean still feeling comfortable about the kind of low double digit margin profile for retail on this revenue base are not doing anything are you seeing anything from a cost perspective, this change in the industry?

只是為了以此為基礎。我的意思是，仍然對這種低兩位數的零售利潤狀況感到滿意，在這個收入基礎上沒有採取任何行動，您從成本角度看到了行業的這種變化嗎？

Yes.

是的。

No, we're still very comfortable with that.

不，我們對此仍然很滿意。

Okay. And we're kind of as we've talked before, we continue to move as we go forward to get that up consistently up in the mid the mid double digits, and we'll continue working on that.

好的。正如我們之前所說，我們將繼續前進，將其持續提高到兩位數中間，我們將繼續為此努力。

Okay.

好的。

That's very helpful. On I guess it looks like there's he knows, I think, six stores during this the quarter you acquired two afterwards. There's some good activity on the independent on side of the business and acquisitions. Is that just timing all working out or is that or is that market in those independent galleries becoming a little bit more active given some of the pressures we've seen in the industry last longer than I think you and I and a lot of people in the industry would have probably guessed.

這非常有幫助。我猜，他知道，在這個季度裡，你收購了兩家商店，我想，他知道有六家商店。獨立業務和收購方面有一些良好的活動。是不是這一切都在計時，或者是那些獨立畫廊的市場變得更加活躍了一些，因為我們在這個行業中看到的一些壓力比我認為你和我以及很多人持續的時間更長業界可能已經猜到了。

Yes, I'd say it's and it's a combination.

是的，我想說它是並且它是一個組合。

You know, over recent years, we have been working really closely with our independently-owned Furniture Gallery dealers, one to make sure we're partnering so that there's a seamless experience to the consumer regardless of if the store is owned by us or owned by an independent on and making sure that kind of in a rising tide strengthens all boats.

您知道，近年來，我們一直與獨立擁有的 Furniture Gallery 經銷商密切合作，以確保我們的合作夥伴關係，以便為消費者提供無縫的體驗，無論商店是我們擁有的還是我們擁有的通過獨立並確保在漲潮中加強所有船隻。

That said, we're strategically working with those dealers as well to help them understand what an exit could look like, what looked like if they're interested. We know that those are immediately accretive to us when we're able to when we're able to buy those dealers back because we have that integrated margin on and we can control the entire brand experience. And at the same time, a lot of our dealers have owned these businesses sometimes often for decades and sometimes multigenerational. And so there's just sort of a natural flow of when people might start to explore what makes sense for them.

也就是說，我們也在與這些經銷商進行策略性合作，幫助他們了解退出可能會是什麼樣子，以及如果他們感興趣的話會是什麼樣子。我們知道，當我們能夠回購這些經銷商時，這些對我們來說會立即增值，因為我們擁有綜合利潤，並且我們可以控制整個品牌體驗。同時，我們的許多經銷商擁有這些業務，有時長達數十年，有時甚至是幾個世代。因此，人們可能會開始探索對他們有意義的事物，這是一種自然的過程。

So net a little bit of both, I would say.

所以我想說，兩者兼具。

Okay, thank you.

好的謝謝。

And I guess lastly for me, just maybe on how some of the trends during the quarter on? Look, it looks like you guys indicated business did improve in February, maybe with some of the changes in weather. Is it right to think presence day in that kind of flipped positive on a written basis? Or is it just less bad than maybe what January implied is? It does imply January's written trends were fairly negative?

我想最後對我來說，也許只是本季的一些趨勢如何？聽著，你們似乎表示二月的生意確實有所改善，可能是因為天氣的一些變化。認為在書面基礎上出現這種積極轉變的存在日是否正確？或者只是沒有一月所暗示的那麼糟？這是否意味著一月份的書面趨勢相當負面？

Yes, I mean we feel pretty good about trends overall. I'd say in oh eight months of the year, we were I think, nine, as Bob mentioned in his comments rate in an industry that was down 7% for our first nine months of the year. You know, we were across our entire network down one, right. And so January, you pull January out of that. And our numbers actually for the eight months flipped positive across the network.

是的，我的意思是我們對整體趨勢感覺很好。我想說，在一年中的八個月裡，我們是九個月，正如鮑勃在他的評論率中提到的那樣，今年前九個月我們的行業下降了 7%。你知道，我們整個網路都癱瘓了，對吧。所以一月，你把一月從中拉出來。事實上，過去八個月我們的數據在整個網路上都呈現正值。

So what we saw it, what we're seeing so far in early February with Presidents' Day looks a lot more like the rest of the year and not so much late sort of I challenged January, which again, I think January was a couple of things across the industry January a year ago was a stronger month and our business was particularly strong last January. And then the weather just made everything a little bit crazy for the one month, very good.

所以我們所看到的，到目前為止，我們在二月初的總統日所看到的情況看起來更像今年剩餘的時間，而不是我挑戰一月的那麼晚，我再次認為一月是一對夫婦整個行業的情況 一年前的一月是一個強勁的月份，去年一月我們的業務尤其強勁。然後天氣讓這一個月裡的一切都變得有點瘋狂，非常好。

I appreciate the details. I'll turn it over to others of best of luck here on wrapping up February and moving forward and finalize voting.

我很欣賞細節。我將在二月結束時將其交給其他祝你好運的人，並繼續完成投票。

Thank you very much.

非常感謝。

Anthony Lebiedzinski, Sidoti & Co.

萊別津斯基 (Anthony Lebiedzinski)，Sidoti & Co.

Anthony, your line is Good morning and thank you for taking the questions. So I just wanted to talk a little bit about pricing. So you mentioned in your 10 Q that part of your sales decline was due to selective pricing and promotional actions. So I wanted to see if you guys could perhaps quantify that? And how should we think about pricing for the balance of the fiscal year and maybe even early fiscal 25?

安東尼，您的台詞是早安，感謝您提出問題。所以我只想談談定價問題。因此，您在 10 個問題中提到，銷售額下降的部分原因是選擇性定價和促銷活動。所以我想看看你們是否可以量化這一點？我們該如何考慮本財年剩餘時間甚至 25 財年初期的定價？

Thanks.

謝謝。

Anthony. V. on the pricing that we've talked about and we've been talking about it now for a number of quarters is really to make sure that we maintain competitiveness. And particularly we've been focusing that it has been across the board has been very specific as to what where we're pricing a lot of opening price point or some of the manual products and things like that to make sure that we are protect our margins and protect our floor space. We'll continue to do that as we move forward.

安東尼.V. 關於我們已經討論過的定價，我們已經討論了好幾個季度了，這實際上是為了確保我們保持競爭力。特別是我們一直關注的是，對於我們定價大量開盤價或一些手動產品之類的東西，它一直非常具體，以確保我們保護我們的產品利潤並保護我們的佔地面積。我們將在前進的過程中繼續這樣做。

There are no plans right now for price declines to be occurring in the future, not driven by us. I think we're priced where we where we are. We're price now where we are based on what's happening from a competitive standpoint, we'll always, as we always say, continue to look at that and adjust as that occurs.

目前沒有計劃在未來發生價格下跌，而不是由我們推動。我認為我們的定價就在我們所處的位置。我們現在的價格是基於從競爭的角度來看正在發生的事情，正如我們常說的，我們將始終繼續關注這一點並在發生時進行調整。

Looking forward is for me to tell you what we're going to do on pricing. I have to guess what the competition is going to do on pricing. And I have on the input costs, yes, expanding in-house, et cetera, but that those are things I don't have a crystal ball into. So we'll continue to operate the way we've been operating.

接下來我將告訴您我們將在定價方面採取哪些措施。我必須猜測競爭對手將如何定價。我有投入成本，是的，內部擴張等等，但這些是我沒有水晶球的東西。因此，我們將繼續按照我們一直以來的運作方式進行營運。

Understood. Thanks for that. And then so I realize that certainly the vast majority of your products are made in North America, but you do use a lot of imported components. Can you guys talk about the ocean freight costs and what's going on with the issues in the Red Sea and the Suez Canal?

明白了。感謝那。然後我意識到，你們的絕大多數產品當然是在北美製造的，但你們確實使用了大量進口零件。你們能談談海運成本以及紅海和蘇伊士運河的問題是怎麼回事嗎？

Yes.

是的。

I mean, broadly, it's always a factor, right?

我的意思是，從廣義上講，這始終是一個因素，對吧？

And making sure that we don't end up with a lot of disruptions in there. And there definitely are I would say in a dramatic cost impacts. But for us, because of our final assembly here and because many the majority of our components are more locally sourced, it's less of an impact for us than some players in the industry.

並確保我們最終不會造成太多幹擾。我想說的是，這肯定會帶來巨大的成本影響。但對我們來說，由於我們在這裡進行最終組裝，而且我們的大部分零件更多是在本地採購的，因此與行業中的一些參與者相比，這對我們的影響較小。

Okay.

好的。

That's encouraging to hear of.

聽到這個消息真是令人鼓舞。

And then longer term, so that as you look to grow to 400 stores in a few years, which geographic markets will you be mostly targeting and the and also, as you go through this process, how should we think about the improvement in the operating margins because of this?

然後從長遠來看，當你希望在幾年內發展到 400 家商店時，你將主要瞄準哪些地理市場，而且，當你經歷這個過程時，我們應該如何考慮營運方面的改進利潤率是因為這個嗎？

as far as targeting where those stores are, it's pretty widespread, Anthony, in May, in many cases, it's a matter of markets that we're already in where we see the opportunity for them to be serviced by more stores in a couple of occasions. It's maybe fleshing out as we've gotten in some in some higher rent districts. I'll say where historically five, ten years ago when we were operating in a way that our margins were lower on retail, we maybe couldn't consider getting into. But now with the efficiency of our operations. We can expand into some of those areas where we know the consumer wants our product, but it's a little bit higher rent district to get into. So it's pretty broad based overall.

至於瞄準這些商店的位置，安東尼，五月，在很多情況下，這是我們已經進入的市場問題，我們看到有機會在幾個國家/地區為他們提供更多商店的服務場合。隨著我們在一些租金較高的地區的一些項目的實施，它可能會變得更加充實。我想說的是，從歷史上看，五、十年前，當我們的零售利潤率較低時，我們可能不會考慮進入。但現在我們的營運效率提高了。我們可以擴展到一些我們知道消費者想要我們的產品的地區，但進入這些地區的租金要高一些。所以整體來說它的基礎相當廣泛。

And to your point then on just margins overall, as we've talked about the getting to a sustainable double digit margin for our company, remember that say getting wholesale margins back to around that 10%, some of that that we had pre-pandemic, which we're slowly making our way there and then really having the retail margins in our in this double digit and ultimately sort of a sustain mid 10s kind of range. And each of those are around proof points of what we've done or are doing and continuing to make progress and then it will take leveraging a little bit of a tailwind from a more normalized furniture demand as well to help flesh out the final pieces of that.

就你的觀點而言，就整體利潤率而言，正如我們談到的那樣，我們公司要實現可持續的兩位數利潤率，請記住，讓批發利潤率回到10% 左右，其中一些是我們在大流行前的水平，我們正在慢慢地實現這一目標，然後零售利潤率真正達到兩位數，最終維持在 10 多歲左右的範圍內。每一個都圍繞著我們已經做過或正在做的事情以及繼續取得進展的證據點，然後還需要利用更加標準化的家具需求帶來的一點推動力，以幫助充實最終的內容。

The other pieces like BOP for alternate avenues, just as we add stores, particularly more adding stores into on DMAs, where we currently have stores, we do get some fixed cost leverage as it relates to the regional managers, the regional merchandisers, the marketing that we're doing in that area, et cetera, we see some leverage from a cost perspective there. So now that coupled with same-store growth will also be a key factor as we as we move up into the mid-10s.

其他部分，例如用於替代途徑的BOP，就像我們添加商店一樣，特別是在DMA 上添加更多商店（我們目前有商店），我們確實獲得了一些固定成本槓桿，因為它與區域經理、區域採購商、行銷人員相關我們在該領域所做的事情等等，從成本角度來看，我們看到了一些槓桿作用。因此，隨著我們進入 10 年代中期，同店成長也將成為關鍵因素。

Well, sounds good. Thank you very much and best of luck.

嗯，聽起來不錯。非常感謝您，祝您好運。

Thanks, Anthony.

謝謝，安東尼。

And thank you very much.

非常感謝你。

Zachary Donnelly, KeyBanc Capital Markets. Zachary your line is live.

Zachary Donnelly，KeyBanc 資本市場。札卡里，你的線路已上線。

Hey, good morning, everyone. I'm on for Brad this morning. So thanks for taking our questions. Diane, based on unwritten order trends, just kind of focusing in on January, is there any way you can quantify maybe what were in order trends may have looked like for areas or geographies that weren't really impacted by the winter weather events.

嘿，大家早安。今天早上我要去見布拉德。感謝您提出我們的問題。黛安，根據不成文的訂單趨勢，只是專注於一月份，有沒有什麼方法可以量化那些沒有真正受到冬季天氣事件影響的地區或地區的訂單趨勢。

Now I don't I don't have that at my fingertips here. I mean what I would tell you overall is again against an industry that for our nine months of the year of our year has been down 7%. Our same-store written for our entire network is down 1%. If I exclude January, it was actually plus 1%. So that just tells you January was a pretty weird month. And given that we are spread all over North America, you get you get a significant impact in some of those, particularly some of those in those central and southern areas that just got hit with some pretty dramatic ice events and cold events that are in areas that they just they don't get those type of weather events.

現在我不知道了，我手邊沒有這個。我的意思是，我要告訴你的是，總體而言，這個行業在今年的 9 個月裡下降了 7%。我們整個網路的同店寫入量下降了 1%。如果我排除一月份的話，實際上是增加了 1%。所以這只是告訴你一月是一個非常奇怪的月份。考慮到我們遍布北美各地，你會發現其中一些地區受到了重大影響，特別是中部和南部地區的一些地區，這些地區剛剛遭受了一些相當嚴重的冰災和寒冷事件。他們只是沒有遇到此類天氣事件。

Josh, I appreciate that. And I apologize. There's an alarm going on in the background right now.

喬什，我很感激。我道歉。現在後台正在響起警報。

But yes, I can hear it, but I'm sure it's distracting for you is kind of what do you have,

但是，是的，我能聽到，但我確信它會讓你分心，因為你擁有什麼，

I guess moving on beyond that, just kind of touching base on the Century vision strategy. I know two quarters ago in fiscal 1Q, you'd mentioned your new partnership with Rooms To Go. I was just wondering if you could share any learnings from that that you've kind of had over the course of the past couple of months or any kind of update you have on that or how that's going Sure.

我想除此之外，只是觸及世紀願景戰略的基礎。我知道兩個季度前的第一個財季，您提到了與 Rooms To Go 的新合作關係。我只是想知道您是否可以分享您在過去幾個月中學到的任何知識，或者您對此的任何更新或進展如何。

We feel really good about what we're doing there. And the reality is the furniture industry is particularly through this sustained challenging time. And you're seeing a lot of unfortunately, right, a lot of the smaller furniture stores, the ones and twos around really kind of struggling.

我們對我們在那裡所做的事情感覺非常好。現實情況是，家具業正在經歷這個持續充滿挑戰的時期。不幸的是，你會看到很多小型家具店，周圍的人確實在苦苦掙扎。

And so it's important that we're looking at the right partnerships that are really able to play to a consumer that's otherwise not going to be attracted into our furniture galleries to the La-Z-Boy brand, but have find some of these important partnerships, Rooms To Go is a has been a good win for us.

因此，重要的是，我們正在尋找真正能夠吸引消費者的正確合作夥伴關係，否則這些消費者不會被La-Z-Boy 品牌吸引到我們的家具畫廊，但我們已經找到了其中一些重要的合作夥伴關係，Rooms To Go 對我們來說是一個很好的勝利。

They are and active advertisers and good partners on our brand. And there are some exciting things coming up on what they're planning to do with the brand. So we are we're feeling really good about where we are from a starting point with them. And it's really about a, you know, about a strategic alliance that is good for our brand and good for them.

他們是我們品牌的活躍廣告商和良好合作夥伴。他們計劃對該品牌做一些令人興奮的事情。因此，我們對與他們的起點感到非常滿意。這實際上是關於一個策略聯盟，這對我們的品牌和他們都有好處。

So we're up to up to a great start.

因此，我們即將迎來一個好的開始。

Got you. I appreciate that, I think, but that's it for us. Thank you,

明白你了。我想我很感激這一點，但我們就這樣了。謝謝你，

thank you,

謝謝你，

thank you,

謝謝你，

Thank you very much. (Operator instructions)

非常感謝。（操作員說明）

Budd Bugatch, Water Tower Research. Budd your line is live.

巴德·布加奇，水塔研究。老兄，您的線路已上線。

Good morning and thank you for taking my question. I guess on Lloyd, I was wondering if you could give us maybe an update on what the acquisition funnel looks like for some of the lazy boy's existing network? I know you've got two stores you're planning to look to acquire on this quarter. And I wondered if you could maybe give us a read on what you see as the motivation for the dealers now and how much what that funnel looks like going for the next year or two.

早安，感謝您提出我的問題。我想勞埃德，我想知道你是否能為我們介紹這個懶惰男孩現有網路的收購管道的最新情況？我知道您計劃在本季收購兩家商店。我想知道您是否可以向我們介紹一下您認為經銷商現在的動機是什麼，以及該通路在未來一兩年的發展。

So good to hear from you, but yes, you know, a couple of things, as I said, it is I guess there are two strategic priorities when it comes to the independent furniture galleries for us. The first one is to make sure, but we are actively partnering with those independently owned galleries so that we have a seamless consumer experience.

很高興收到你的來信，但是，是的，你知道，有幾件事，正如我所說，我想對我們來說，獨立家具畫廊有兩個戰略重點。第一個是確保，但我們正在積極與那些獨立擁有的畫廊合作，以便我們擁有無縫的消費者體驗。

I think I mentioned a few quarters back that in the summer we had a big a big conference on the first one of its kind in over a decade where we brought in we had 100% of our independent galleries represented and went through, you know, our plans on Century vision, our branding, our product plans and so forth.

我想我幾個季度前就提到過，夏天我們召開了一次大型會議，這是十多年來的第一次此類會議，我們邀請了 100% 的獨立畫廊參加，你知道，我們的世紀願景計劃、我們的品牌、我們的產品計劃等等。

And really just had had a great and a great event to get everybody excited about what leads the way brand can do for all of us at the same time. Those dealers where you know that we still have we still have almost 50 dealers out there and that are most of them in multiple decades of ownership. Oftentimes multiple generations.

確實，剛剛舉辦了一場偉大而偉大的活動，讓每個人都對品牌能夠同時為我們所有人做的事情感到興奮。您知道我們仍然擁有的那些經銷商，我們仍然有近 50 個經銷商，其中大多數擁有數十年的所有權。通常是多代。

And I think particularly given the last couple of years of in a challenging furniture market, people are in different places. They've either weathered it and then they're they've doubled down and they're ready to go for an extended period, and they may be starting to think about exit events. And so we are trying to be very proactive to be out there for people to understand what that exit strategy would look like and take advantage of our strong financial position to bring in to bring in any of those that makes sense. And as many of those as makes sense. And we've been fortunate that we've been on a pretty and pretty regular cadence here of having those kind of conversations. And I think we'll continue to see that.

我認為，特別是考慮到過去幾年家具市場充滿挑戰，人們處於不同的地方。他們要么已經經受住了考驗，然後他們加倍努力，準備好長期前進，他們可能開始考慮退出事件。因此，我們正在努力非常主動地讓人們了解退出策略會是什麼樣子，並利用我們強大的財務狀況來引入任何有意義的策略。其中盡可能多的都是有道理的。我們很幸運，我們一直以相當定期的節奏進行此類對話。我想我們會繼續看到這一點。

Do you think you'll see more than two for the fourth quarter?

您認為第四季會看到兩個以上嗎？

We were able to close more. I'm sure you're in conversation with many of those 50 who have either generation or financial concerns for their retirements to come to consider to sell their on their long term networks.

我們能夠關閉更多。我確信您正在與這 50 個人中的許多人交談，他們對退休後的世代或財務問題感到擔憂，並考慮出售他們的長期網絡。

So on what should go, what should investors expect over the next year or so?

那麼未來一年左右應該發生什麼，投資人該期待什麼？

Yes, I know I won't speculate into the future, but in general, we know that given where the conversations are, as we said, we've got one in the hopper that we expect to close here in the fourth quarter. And that's a two-store network. And that's the one that's the one that's now contracted. So we're looking forward to bring in that group into the fold.

是的，我知道我不會推測未來，但總的來說，我們知道，正如我們所說，考慮到對話的情況，我們已經有了一個預期將在第四季度結束的對話。這是一個擁有兩家商店的網路。這就是現在簽約的那個。因此，我們期待將該團隊納入其中。

I see. And in the quarter that just closed, you say you bought I think five of the six some physical locations or in terms of those six dealers, that average what I think $3 million or $3 million per if I if I did the math right, how much of that was real estate and how much of it was for operations, that's how that value separate.

我懂了。在剛結束的季度中，你說你買了六個實體店中的五個，或者就這六個經銷商而言，我認為平均每家300 萬美元或300 萬美元，如果我計算正確的話，如何其中大部分是房地產，有多少是用於運營，這就是價值的區別。

We don't see. We don't typically provide the break down on that some so that yes, it's the real estate is going to be in. Generally speaking, the real estate will be worth more than the specific business on a per on a per store basis. But we don't generally speaking and we won't go provide F&I real estate and the business.

我們沒有看到。我們通常不會提供其中一些的詳細信息，所以是的，這就是房地產。一般來說，以每家商店計算，房地產的價值將高於特定業務的價值。但一般來說我們不會，也不會去提供F&I房地產和業務。

And also this is one of the first ones we've done in a while where we purchased the real estate, we don't go off and ask for that. But sometimes the dealers say that they're interested in completely exiting the business as opposed to being a landlord for us once they sell their business. And so again, these don't go off and actively pursue, but buying the properties, we'll take a look at this property and we'll keep an eye on it. And if there's opportunities for a beneficial sale and leaseback will currently, I think about that as well.

這也是我們購買房地產一段時間以來所做的第一批事情之一，我們不會提出這樣的要求。但有時經銷商表示，他們有興趣完全退出業務，而不是在出售業務後成為我們的房東。再說一次，這些不會去積極追求，但購買房產時，我們會看看這個房產，我們會密切關注它。如果目前有有利的出售和回租機會，我也會考慮這一點。

It's the benefit not only a strong balance sheet can help those transactions through.

這不僅是強大的資產負債表可以幫助這些交易完成的好處。

Yes, I understand that because as a former retailer, I know that the real estate was typically the retirement job idea for the for the owner and what he sold his network. He showed Cecil that network.

是的，我理解這一點，因為作為一名前零售商，我知道房地產通常是業主及其銷售網絡的退休工作理念。他向塞西爾展示了那個網絡。

And last for me is, can you maybe give us a feel of where the undelivered backlog with the disruptions in January? How do you look at undelivered for both wholesale and retail going into the next quarter.

最後對我來說，您能否讓我們了解一月份未交付的積壓以及中斷的情況？您如何看待下一季批發和零售的未交付情況？

We don't provide that level of detail. The way the way I'd have you think about that is just look at the range that we provided for Q4 on what we expect to deliver and that encompasses all of that.

我們不提供那麼詳細的資訊。我想讓你思考這個問題的方式是看看我們為第四季度提供的我們期望交付的範圍，其中涵蓋了所有這些。

Okay.

好的。

And variable, I would add to that, we've been running mostly pretty much back to China for a six-week delivery. We had that short term disruption here fell behind by a week or two, but we feel good about that being caught up again.

我想補充一點，可變的是，我們大部分時間都跑回中國進行為期六週的交付。我們在這裡遇到的短期幹擾落後了一兩週，但我們對再次趕上來感到高興。

And was that there were $4 million this quarter versus the average ticket, the upper bound for them for your retail network? The one you own

本季的平均票價是否為 400 萬美元，即您的零售網路的上限？屬於你的那個

as we as we mentioned in the call, our conversion rates were higher than year ago and our average ticket was higher than year ago.

正如我們在電話中提到的，我們的轉換率高於一年前，我們的平均門票也高於一年前。

Yes, that's why we're really pleased with the execution.

是的，這就是為什麼我們對執行感到非常滿意。

Even though the even though traffic continues to be challenged.

儘管交通仍然受到挑戰。

Okay. Thank you very much.

好的。非常感謝。

I think we have reached the end of our questions session, so I'll now turn it back to turn it back over to the management for any closing.

我認為我們的問題會議已經結束，所以我現在將其轉回給管理層以進行結束。

Thanks, Jenny.

謝謝，珍妮。

Melinda and Bob and I will be in our offices today to take any follow-up calls. Have a wonderful day.

梅琳達、鮑伯和我今天將在我們的辦公室接聽任何後續電話。祝你有美好的一天。

Thank you very much everyone.

非常感謝大家。

This does conclude today's conference. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

今天的會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。