La-Z-Boy Inc (LZB) 2025 Q3 法說會逐字稿

Good morning and welcome to the La-Z-Boy fiscal 2025 third quarter conference call.

早安，歡迎參加 La-Z-Boy 2025 財年第三季電話會議。

(Operator Instructions)

（操作員指令）

I will now turn the conference over to your host, Mark Becks, Director of Investor Relations and Corporate Development. Mark, the floor is yours.

現在，我將會議交給主持人、投資者關係和企業發展總監馬克貝克斯 (Mark Becks)。馬克，現在你來發言。

Thank you, Jenny. Good morning, everyone, and thanks for joining us to discuss our fiscal 2025 third quarter.

謝謝你，珍妮。大家早安，感謝您加入我們討論 2025 財年第三季。

With us today are Melinda Whittington, La-Z-Boy Incorporated Board Chair, President and Chief Executive Officer, Taylor Luebke, La-Z-Boy's SVP and CFO, and Bob Lushin, La-Z-Boy's retiring CFO.

今天與我們一起的有 La-Z-Boy Incorporated 董事會主席、總裁兼首席執行官 Melinda Whittington、La-Z-Boy 高級副總裁兼首席財務官 Taylor Luebke 以及 La-Z-Boy 即將退休的首席財務官 Bob Lushin。

Melinda will open and close the call, and Taylor will speak to segment performance in 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.

梅琳達將開始和結束電話會議，泰勒將在中途介紹財務部門的表現。然後我們將開始提問。幻燈片將隨本次演講一起提供，您可以透過我們的網路直播連結觀看，該連結將開放一年，並且從今天下午開始，電話重播將開放一周。

Before we begin the presentation, I would like to remind you that some statements made in today's call include 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.

在我們開始簡報之前，我想提醒您，今天電話會議中的某些陳述包括有關 La-Z-Boy 未來表現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。

The most significant risk factors that could affect our future results are described in our annual report on Form 10K.

我們的 10K 表年度報告中描述了可能影響我們未來績效的最重要風險因素。

We encourage you to review those risk factors as well as other key information detailed in our SEC filings. Also, our earnings releases available under the news and events tab on the investor relations page of our website, and it includes reconciliation of certain non-gap measures which are also included as an appendix at the end of our conference called slide deck.

我們鼓勵您查看這些風險因素以及我們向美國證券交易委員會提交的文件中詳述的其他關鍵資訊。此外，我們的收益報告可在我們網站投資者關係頁面的新聞和事件選項卡下找到，其中包括某些非缺口指標的對賬，這些指標也作為附錄包含在我們會議結束時的幻燈片中。

With that, I will now turn the call over to Melinda Whittington, La-Z-Boy Incorporated Board Chair, President and Chief Executive Officer. Melinda.

現在，我將把電話轉給 La-Z-Boy Incorporated 董事會主席、總裁兼執行長 Melinda Whittington。梅琳達。

Thank you, Mark, and good morning, everyone.

謝謝你，馬克，大家早安。

Yesterday following the close of the market, we reported results for our January ended third quarter. Our results reflect the steady progress we've made to build a more agile business and create our own momentum to drive growth in what is still a very challenged furniture industry.

昨天收盤後，我們公佈了截至一月份的第三季業績。我們的業績反映了我們在打造更靈活的業務和創造自身動力以推動仍面臨巨大挑戰的家具產業成長方面所取得的穩步進展。

We delivered sales growth across each of our segments led by retail and punctuated by strong same store sales growth, and within our wholesale segment, our core North American La Z-Boy brand continues to post sales growth and margin expansion.

我們各部門的銷售均實現了成長，以零售為首，同店銷售額強勁成長，而在批發部門，我們的核心北美品牌 La Z-Boy 繼續實現銷售額成長和利潤率擴大。

Highlights for the quarter included consolidated delivered sales of $522 million up 4% versus the prior year. Non-GAAP operating margin expansion up 20 basis points versus last year. GAAP and non-GAAP diluted EPS of $0.68.

本季的亮點包括綜合交付銷售額 5.22 億美元，較上年增長 4%。非公認會計準則營業利潤率較去年同期上升 20 個基點。GAAP 和非 GAAP 稀釋每股盈餘為 0.68 美元。

And within these total company results, our retail segment sales increased an impressive 11%, led by same store sales growth. Results were also buoyed by acquisitions and new stores as we continue progress against our Century Vision growth strategy.

在公司整體業績中，我們的零售部門銷售額大幅成長了 11%，其中同店銷售額的成長最為顯著。隨著我們繼續推進「世紀願景」成長策略，收購和新店的開設也推動了業績的成長。

During the quarter, we opened three new company-owned La-Z-Boy furniture galleries, completed the acquisition of a two-store independent network in Ohio, and signed an agreement to acquire another two-store independent dealer in Michigan, which is expected to close in the fourth quarter.

本季度，我們開設了三家新的公司自營 La-Z-Boy 家具展廳，完成了對俄亥俄州兩家獨立門市網路的收購，並簽署了收購密西根州另外兩家獨立經銷商的協議，預計將於第四季度完成。

These strong results reflect delivered sales and non-GAAP operating margin above a year ago and at the high end of our guidance range. Additionally, we posted topline sales growth for the third consecutive quarter, despite the general malaise of the broader furniture industry.

這些強勁的業績反映了銷售額和非公認會計準則營業利潤率高於一年前，並達到我們預期範圍的高點。此外，儘管整個家具業普遍不景氣，我們仍連續第三個季度實現了銷售成長。

Our relentless focus on solving the needs of the consumer with comfort and quality and controlling what we can control with strong execution has kept La-Z-Boy top of mind.

我們堅持不懈地致力於透過舒適性和品質來滿足消費者的需求，並透過強大的執行力來控制我們能夠控制的事情，這使得 La-Z-Boy 始終位居榜首。

The environment in which we operate continues to be volatile, and the fundamentals within the furniture and home furnishing industry continue to be challenged with existing home sales near 30-year lows and steep mortgage rates. However, these trends will eventually turn in the favour of our industry.

我們的經營環境持續不穩定，家具和家居行業的基本面繼續面臨挑戰，現有房屋銷售接近 30 年來的最低水平，抵押貸款利率高企。然而，這些趨勢最終將有利於我們的產業。

And in the meanwhile, in spite of these industry headwinds, La-Z-Boy Incorporated is growing. Our vertically integrated model and custom handcrafted furniture with strong speed of delivery is what consumers are valuing in a highly dynamic environment.

同時，儘管面臨這些產業阻力，La-Z-Boy Incorporated 仍在不斷發展。我們的垂直整​​合模式和訂製手工家具以及強大的交付速度正是消費者在高度動態的環境中所重視的。

This foundation has led La-Z-Boy Incorporated to be successful for the past century and will continue to be the cornerstone of our philosophy for our century vision strategy over the next 100 years.

這個基礎使得 La-Z-Boy Incorporated 在過去的一個世紀裡取得了成功，並將在未來 100 年裡繼續成為我們世紀願景戰略理念的基石。

Shifting to written sales trends during the quarter, total written sales for our company-owned retail segment increased an impressive 15% versus last year's third quarter. And importantly, written same store sales for the segment, which exclude the benefit of newly opened stores and acquired stores, increased 7% versus the prior year third quarter.

本季的書面銷售趨勢顯示，我們公司自有零售部門的總書面銷售額與去年第三季相比成長了 15%。重要的是，該部門的同店銷售額（不包括新開店和收購店的收益）較去年同期第三季成長了 7%。

Same store sales were positive across each month of the third quarter and strongest in November around the key holiday sales period. Traffic, while still negative, improved from the double-digit declines experienced at the beginning of our fiscal year.

第三季每個月的同店銷售量都呈現正成長，其中 11 月（即關鍵假日銷售期）的銷售量最高。儘管客流量仍為負值，但較之財年初的兩位數下滑有所改善。

We believe our marketing campaigns are resonating to expand reach of the La-Z-Boy brand, and superior in-store execution again led to higher conversion rates, average ticket, and design sales year over year. Written same store sales for the entire La-Z-Boy Furniture Galleries network of 362 stores increased 5% versus the prior year.

我們相信，我們的行銷活動產生了良好的效果，擴大了 La-Z-Boy 品牌的影響力，而出色的店內執行力也再次帶來了逐年提高的轉換率、平均票價和設計銷售額。La-Z-Boy 家具商場整個網路（包括 362 家門市）的同店銷售額比上年增長了 5%。

And on our Joybird business, written sales increased 10% in the quarter versus a year ago. We're pleased to see this business gaining momentum even in the challenged environment with improved retail traffic and strengthening execution across the business, particularly in store.

就我們的 Joybird 業務而言，本季的書面銷售額與去年同期相比成長了 10%。我們很高興看到這項業務即使在充滿挑戰的環境中也獲得了發展勢頭，零售流量有所改善，整個業務的執行力得到加強，特別是在店內。

According to recently released US Census Bureau data, the furniture and home furnishing industry grew 5% during our fiscal third quarter, November through January. The furniture specific subcategory reflecting only November and December as it's reported on a one month lag, increased 6%.

根據美國人口普查局最近發布的數據，我們財政第三季（11 月至 1 月）期間家具和家居裝飾行業增長了 5%。家具特定子類別僅反映 11 月和 12 月的數據，因為報告滯後一個月，增加了 6%。

Across our businesses, our written sales compare favorably to these industry results and reflect continued market share gains in the quarter.

在我們的業務中，我們的書面銷售額與這些行業業績相比表現出色，並反映出本季市佔率持續成長。

Looking to the longer term, I want to recap our Century Vision initiatives to strengthen our enterprise for the future. Recall, this is our strategic framework setting up La-Z-Boy Incorporated for the next 100 years as we celebrate our first century in 2027, driving top line growth at a pace double the market and delivering consistent double-digit operating margins over the long term.

放眼長遠，我想重述我們的世紀願景計劃，以增強我們企業的未來發展。回想一下，這是我們為 La-Z-Boy Incorporated 未來 100 年制定的策略框架，我們將在 2027 年慶祝公司成立一百週年，以兩倍於市場的增速推動營收成長，並在長期內實現持續的兩位數營業利潤率。

The continued growth in our business in the quarter is a testament that our Century Vision strategy is working. The furniture and home furnishings category is highly fragmented and is one of the largest brands in North America, we are well positioned to continue to strategically grow our business and gain share.

本季我們業務的持續成長證明了我們的世紀願景策略正在發揮作用。家具和家居用品類別高度分散，是北美最大的品牌之一，我們有能力繼續策略性地發展業務並獲得份額。

We have consistently expanded La-Z-Boy's brand reach over the past several years and will continue to execute the strategy to disproportionately benefit when we do experience sustained industry tailwinds.

過去幾年來，我們一直在不斷擴大 La-Z-Boy 的品牌影響力，並將繼續執行該策略，以便在我們經歷持續的行業順風時獲得不成比例的利益。

A key pillar of our expanded brand reach is our total furniture galleries' network, which ended the quarter at 362 stores. We remain on track to grow the total La-Z-Boy's Furniture Galleries network to over 400 stores within the next several years, with nearly 20 net additions in the last two years alone.

我們擴大品牌影響力的一個重要支柱是我們的整個家具廊網絡，截至本季末，該網絡共有 362 家門市。我們仍有望在未來幾年內將 La-Z-Boy 家具展廳網路擴大到 400 多家門市，僅在過去兩年就淨增近 20 家。

Additionally, we are expanding the company owned portion of the network. Our retail segment has increased to 197 stores, up 13 in the last year, and now represents 54% of the total La-Z-Boy Furniture Galleries' network.

此外，我們正在擴大公司擁有的網路部分。我們的零售部門已增至 197 家門市，比去年增加了 13 家，目前佔 La-Z-Boy 家具商場網路總量的 54%。

We opened three new company owned stores in the quarter in Queen Creek, Arizona, Newington, New Hampshire, and Bellingham, Washington, and closed one. Furthermore, we acquired two independently owned stores in Ohio during the 3rd quarter and signed an agreement to acquire two more in Michigan in the fourth quarter.

本季度，我們分別在亞利桑那州皇后溪、新罕布夏州紐因頓和華盛頓州貝靈厄姆開設了三家新自營商店，並關閉了一家。此外，我們在第三季在俄亥俄州收購了兩家獨立經營的商店，並簽署了第四季度在密西根州收購另外兩家商店的協議。

Growing our company owned furniture gallery stores is a key driver to our success as we control the entire end to end consumer experience and develop more value-added consumer insights, and these store acquisitions are immediately accretive to our profitability, allowing the company to benefit from the integrated wholesale and retail margins.

擴大我們公司自有的家具畫廊商店是我們成功的關鍵驅動力，因為我們控制整個端到端消費者體驗並開發更多增值的消費者洞察，這些商店的收購立即增加了我們的盈利能力，使公司能夠從綜合批發和零售利潤中受益。

We're also growing the business through our refined channel strategy. The La-Z-Boy brand is showing up in more showrooms as we are expanding strategic distribution while increasing our share of voice in the marketplace to provide a broader range of consumers access to the La-Z-Boy brand.

我們也透過完善的通路策略來發展業務。隨著我們擴大策略性分銷，同時增加我們在市場上的份額，以便讓更廣泛的消費者能夠接觸到 La-Z-Boy 品牌，La-Z-Boy 品牌也出現在了更多的展廳中。

As our business scales, we continue to incorporate a more data-driven approach to product development. These deeper consumer insights enable us to design more on trend merchandise. A great illustration of this is our expanded motion furniture offerings where we launched a new consumer relevant assortment at High Point Furniture Market last fall.

隨著業務規模的擴大，我們將繼續採用更數據驅動的方法進行產品開發。這些更深入的消費者洞察使我們能夠設計出更多符合潮流的商品。一個很好的例子就是我們擴大了運動家具產品範圍，去年秋天我們在高點家具市場推出了一系列新的與消費者相關的產品。

Our North American supply chain gives us the ability to produce a wide variety of customized fabric and leather options with speed to market in as little as four to six weeks. This will continue to provide a key point of differentiation and allows us to solve for the growing desire for personalization in consumers' homes.

我們的北美供應鏈使我們能夠生產各種客製化布料和皮革產品，並在短短四到六週內快速上市。這將繼續提供一個關鍵的差異點，並使我們能夠解決消費者家庭日益增長的個人需求。

Another core pillar of Century Vision growth strategy to expand La-Z-Boy reach is through our long live the lazy brand campaign. In just a short time since launching the campaign, we are expanding both consideration and purchase intent across the broader range of consumers, including millennials and Gen X.

Century Vision 成長策略的另一個核心支柱是透過我們的「懶人萬歲」品牌活動來擴大 La-Z-Boy 的影響力。自活動啟動以來的短短時間內，我們就在更廣泛的消費者群體中擴大了考慮和購買意向，包括千禧世代和 X 世代。

This is achieved by targeting the confidently comfortable consumer and winning more business while also staying true to our heritage of comfort and quality. La-Z-Boy is becoming more socially relevant and leaning into cultural trends when appropriate, and we continue to look for new and innovative ways to connect with brighter audiences.

這是透過瞄準自信舒適的消費者並贏得更多業務來實現的，同時我們也忠於舒適和優質的傳統。La-Z-Boy 正變得越來越具有社會意義，並在適當的時候順應文化潮流，我們將繼續尋找新的創新方式來與更聰明的受眾建立聯繫。

In November, we introduced a test and learn concept store in Lincoln Park in Chicago. This smaller format store was designed with an intent to capture a new generation of consumers. A recliner runway highlighting our most foundational products in a new and innovative way, is surrounded by lifestyle rooms from gamer to heritage.

11月，我們在芝加哥林肯公園開設了一家測試與學習概念店。這家小型商店的設計旨在吸引新一代消費者。躺椅走道以新穎和創新的方式展示我們最基礎的產品，周圍環繞著從遊戲玩家到傳統文化的生活方式房間。

Included in our learning agenda will gain deep consumer insights that will inform next steps to use in updating our approach in our existing footprint as well as inform experiments with entirely new concepts.

我們的學習議程將包括獲得深入的消費者洞察，這將為我們在現有足跡中更新方法的下一步提供信息，並為全新概念的實驗提供資訊。

Joybird is another core pillar of our Century vision, where we're optimizing the brand to deliver a balance of sales growth and profitability. Joybird had a strong quarter with positive delivered and written sales trends and operating performance improving against the prior year and resulting in break-even profit.

Joybird 是我們世紀願景的另一個核心支柱，我們正在優化品牌以實現銷售成長和獲利能力的平衡。Joybird 本季表現強勁，交付和書面銷售趨勢良好，經營業績較上年同期有所改善，並實現盈虧平衡。

The digitally Native brand is benefiting from strong execution in its retail footprint as it delivers a seamless omnichannel experience and enables consumers to bring their own personalized styles to life. I'm excited to highlight Joybird's most recent collaboration, the Joybird Pantone Collection, a first of its kind furniture collaboration.

這個數位原生品牌受益於其零售足跡的強大執行力，因為它提供了無縫的全通路體驗，並使消費者能夠將自己的個人化風格帶入生活。我很高興重點介紹 Joybird 的最新合作，即 Joybird Pantone 系列，這是首個此類家具合作。

Joybird had the honour of being the first and exclusive furniture partner for Pantone's Color of the Year 2025 release. The collection features Joybird's top selling performance fabric, Royale, and stars the Pantone Color of the Year 2025 Mocha Mousse in more than 300 silhouettes. The collaboration leverages Pantone's color authority and decades-long expertise while showcasing Joybird's collar centric brand focus.

Joybird 很榮幸成為 Pantone 2025 年度流行色發布的首家獨家家具合作夥伴。該系列採用 Joybird 最暢銷的高性能面料 Royale，並在 300 多種款式中運用了 Pantone 2025 年度流行色摩卡慕斯。此次合作充分利用了 Pantone 的色彩權威和數十年的專業知識，同時展示了 Joybird 以衣領為中心的品牌重點。

Strengthening our foundational capabilities, including building a more agile supply chain, is our final pillar of Century vision.

加強我們的基礎能力，包括建立更靈活的供應鏈，是我們世紀願景的最後一個支柱。

In this challenging global landscape, we view our North American manufacturing footprint with the majority of final assembly in the United States as a key differentiator in our ability to manufacture high quality, comfortable custom furniture with quick speed to market.

在這個充滿挑戰的全球環境中，我們認為我們的北美製造基地（大部分最終組裝都在美國進行）是我們能夠生產高品質、舒適的定製家具並快速推向市場的關鍵差異化因素。

We're driving gross margin expansion in our core business as we improve efficiencies in our supply chain. We're also expanding our assortment of on trend merchandise in our main upholstery categories, particularly reclining in motion.

隨著我們供應鏈效率的提高，我們正在推動核心業務的毛利率擴大。我們也正在擴大主要室內裝飾類別中的流行商品種類，尤其是運動斜倚產品。

And notably we're pleased, we were pleased during the quarter to be named Newsweek's 2025 on Newsweek's 2025 list of America's responsible companies recognizing our commitment to responsible manufacturing operations and business practices. This award, based on quantitative data gathered from independent surveys, highlights our commitment to doing what is right for our business and all stakeholders.

值得注意的是，我們很高興，我們很高興在本季被《新聞週刊》評為 2025 年美國負責任公司，這是對我們對負責任的製造營運和商業實踐的承諾的認可。該獎項基於獨立調查收集的定量數據，凸顯了我們致力於為我們的業務和所有利益相關者做正確的事情的承諾。

As we enter the final quarter of our fiscal year, we continue to expect a choppy macro environment. Overall housing fundamentals and housing affordability remain challenging, and we also continue to monitor and plan against the evolving global tariff and trade environment.

隨著我們進入財政年度的最後一個季度，我們預計宏觀環境仍將波動。整體住房基本面和住房負擔能力仍然充滿挑戰，我們也將繼續監測和規劃不斷變化的全球關稅和貿易環境。

However, the structural housing shortage and pent-up demand of the category remain key opportunities as we look to the future. And in the meantime, we remain optimistic about our ability to continue to outperform the market while investing in our business through our Century Vision strategy.

然而，展望未來，結構性住房短缺和被壓抑的需求仍然是關鍵機會。同時，我們對自己透過世紀願景策略投資業務並繼續超越市場的能力仍然持樂觀態度。

Now let me turn the call over to Taylor to review the financial results in more detail. Taylor.

現在，讓我將電話轉給泰勒，讓他更詳細地回顧財務結果。泰勒。

Thank you, Melinda, and good morning everyone. As a reminder, we present our 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.

謝謝你，梅琳達，大家早安。提醒一下，我們是根據 GAAP 和非 GAAP 來呈現我們的業績的。我們認為非公認會計準則的呈現方式能更能反映業務的基本營運趨勢和績效。

Non-GAAP results exclude items which are detailed in our press release and in the tables in the appendix section of our conference call slots.

非公認會計準則結果不包括我們新聞稿中以及電話會議附錄部分錶格中詳細說明的項目。

On a consolidated basis, fiscal 2025 third quarter sales grew 4% to $522 million versus the prior year, driven by strong same store sales, acquisitions in new stores in our retail business, momentum in our core North America La-Z-Boy wholesale brand, and strong sales in our Joybird business.

從綜合數據來看，2025 財年第三季銷售額較上年增長 4% 至 5.22 億美元，這得益於強勁的同店銷售、零售業務新店的收購、核心北美 La-Z-Boy 批發品牌的發展勢頭以及 Joybird 業務的強勁銷售。

Consolidated GAAP operating income was $35 million and non-GAAP operating income was $35 million an increase of 7% versus last year's third quarter.

合併 GAAP 營業收入為 3,500 萬美元，非 GAAP 營業收入為 3,500 萬美元，較去年第三季成長 7%。

Consolidated GAAP operating margin was 6.7% and non-GAAP operating margin was 6.8%, reflecting a 20 basis point increase versus last year, driven by lower input costs, including reduced commodity prices and improved sourcing, partially offset by the impact of the significant customer transition in our international wholesale business.

合併 GAAP 營業利潤率為 6.7%，非 GAAP 營業利潤率為 6.8%，較去年同期成長 20 個基點，這得益於投入成本降低（包括商品價格降低和採購改善），但國際批發業務重大客戶轉型的影響部分抵消了這一影響。

GAAP diluted EPS was $0.68 for the third quarter versus $0.66 in the prior year quarter. Non-GAAP diluted EPS was $0.68 versus $0.67 last year.

第三季 GAAP 稀釋每股收益為 0.68 美元，去年同期為 0.66 美元。非 GAAP 稀釋每股收益為 0.68 美元，去年同期為 0.67 美元。

As I move to the segment discussion, my comments from here will focus on our non-GAAP reporting unless specifically stated otherwise.

當我轉到分段討論時，我的評論將集中於我們的非 GAAP 報告，除非另有明確說明。

Starting with the retail segment for the quarter, delivered sales were $228 million up 11% over the prior year's third quarter due to foundational same store sales growth, independent La-Z-Boy furniture galleries acquisitions, and new stores. 7% written same store sales growth was driven by solid conversion rates, average ticket, and design sales, all of which once again improved year over year.

從本季的零售部門開始，由於基礎同店銷售額的成長、獨立 La-Z-Boy 家具畫廊的收購以及新店的開設，交付銷售額為 2.28 億美元，較去年同期第三季成長 11%。 7% 的同店銷售額成長得益於穩定的轉換率、平均票價和設計銷售額，所有這些都比去年同期再次提高。

Retail non-GAAP operating margin was 10.7% versus 10.9%, holding relatively stable as we absorb the increased selling expenses and fixed costs supporting our long-term strategy of growing our retail business.

零售非 GAAP 營業利潤率為 10.7%，而去年同期為 10.9%，保持相對穩定，因為我們吸收了增加的銷售費用和固定成本，以支持我們發展零售業務的長期策略。

For our wholesale segment, delivered sales for the quarter increased 2% to $363 million driven by our core North America La-Z-Boy brand through favourable shift in product and channel mix as a result of higher sales to our La-Z-Boy furniture galleries, partially offset by the customer transition in our international business.

就我們的批發部門而言，本季交付銷售額成長 2%，達到 3.63 億美元，這主要得益於我們核心的北美 La-Z-Boy 品牌，這是由於我們的 La-Z-Boy 家具廊的銷售額增加導致產品和通路組合發生有利轉變，但國際業務的客戶部分抵消了這一影響。

Non-GAAP operating margin for the wholesale segment was 6.5% versus 6.4% in last year's third quarter, increasing 10 basis points year over year driven by gross margin expansion, including lower input costs and favourable foreign exchange and margin expansion in our core North American La-Z-Boy branded wholesale business. This progress was again partially offset by significant leverage in our international wholesale business.

批發部門的非公認會計準則營業利潤率為 6.5%，而去年第三季為 6.4%，比去年同期增加 10 個基點，主要得益於毛利率的擴大，包括投入成本的降低、有利的外匯因素以及我們核心的北美 La-Z-Boy 品牌批發業務的利潤率擴大。這項進展再次被我們國際批發業務的巨大槓桿部分抵消。

Recall, we are working through a significant customer transition in our UK business as we move to a new strategic partnership with DFS, the leading UK furniture retailer.

回想一下，隨著我們與英國領先的家具零售商 DFS 建立新的策略合作夥伴關係，我們的英國業務正在經歷重大的客戶轉型。

Our strategic partnership with DFS will benefit our UK business and grow the La-Z-Boy brand, but it will take time to fully complete the transition as we optimize our merchandizing and go to market approach in the midst of a highly challenged UK consumer demand environment.

我們與 DFS 的策略合作夥伴關係將有利於我們的英國業務並促進 La-Z-Boy 品牌的發展，但由於我們需要在充滿挑戰的英國消費者需求環境中優化我們的商品行銷和行銷方法，因此全面完成過渡將需要時間。

For Joybird, reported incorporate and other, delivered sales grew to $37 million, up 9% versus the prior year quarter driven by improved retail traffic and execution across the business.

Joybird 報告顯示，包括其他業務在內，其銷售額成長至 3,700 萬美元，較去年同期成長 9%，這得益於零售流量和業務執行力的改善。

Joybird operating margin performance also saw year over year improvement from higher gross margins driven by favourable product mix and SGA leverage on higher sales. This resulted in break-even operating profit for the quarter as this business achieves foundational stability from which to grow.

由於有利的產品組合和 SGA 銷售額上升帶來的毛利率上升，Joybird 的營業利潤率表現也較去年同期有所改善。由於該業務實現了成長的基礎穩定，因此本季實現了收支平衡的營業利潤。

Moving on to our consolidated non-GAAP gross margin and SGA performance for fiscal 2025 third quarter. Consolidated non-GAAP gross margin increased 160 basis points versus the prior year third quarter.

繼續討論我們 2025 財年第三季的綜合非 GAAP 毛利率和 SGA 業績。綜合非公認會計準則毛利率較去年同期第三季增加了 160 個基點。

Gross margin expansion was driven by the positive shift in consolidated mix towards our retail segment, which has a higher gross margin rate than our wholesale segment, along with lower input costs and favourable foreign exchange.

毛利率的擴大主要得益於綜合業務結構向零售部門的積極轉變，零售部門的毛利率高於批發部門，同時投入成本較低且外匯條件有利。

Non-GAAP SGNA as a percent of sales for the quarter increased by 140 basis points compared with the same period last year, primarily due to changes in consolidated mix to our retail segment, which carries a higher fixed cost structure relative to wholesale and reduced leverage in our wholesale segment due to lower sales in our international business.

本季度非公認會計準則 SGNA 佔銷售額的百分比與去年同期相比增加了 140 個基點，這主要由於我們零售部門的綜合組合變化，該部門相對於批發具有更高的固定成本結構，並且由於我們國際業務的銷售額下降導致批發部門的槓桿率降低。

Our effective tax rate on a GAAP basis for the third quarter was 25.1% compared to 20.2% for the prior year. The increase in our effective tax rate was primarily the result of favourable return to provision adjustments impacting the prior year. Absent these discrete items, the effective tax rate would have been 25.6% for the prior year third quarter.

根據 GAAP 計算，我們第三季的有效稅率為 25.1%，去年同期為 20.2%。我們有效稅率的增加主要是因為前一年撥備調整帶來的有利報酬。除去這些單項項目，去年同期第三季的實際稅率為 25.6%。

Turning to cash, we ended the quarter once again with a strong balance sheet, $315 million in cash and no externally funded debt. We generated $57 million in cash from operating activities in the quarter, an 18% increase versus last year. Year-to-date, cash flow from operations was $125 million up 19% from last year's comparable period.

談到現金，我們在本季結束時再次擁有強勁的資產負債表，現金 3.15 億美元，沒有外部融資債務。本季我們從經營活動中產生了 5,700 萬美元的現金，比去年同期成長了 18%。年初至今，營運現金流為 1.25 億美元，較去年同期成長 19%。

We invested $19 million in capital expenditures during the quarter, primarily related to La-Z-Boy Furniture Galleries driven by new stores and remodels. We also spent $7 million on acquisitions during the period.

我們在本季投資了 1,900 萬美元的資本支出，主要用於新店和改造推動的 La-Z-Boy 家具畫廊。在此期間，我們還花了 700 萬美元進行收購。

For the quarter we returned approximately $20 million to shareholders via dividends and share purchases, including $9 million paid in dividends. Additionally, we repurchased 271,000 shares in the quarter, which leaves 4 million shares available under our existing share repurchase authorization.

本季度，我們透過股息和股票購買向股東返還了約 2000 萬美元，其中包括 900 萬美元的股息。此外，我們在本季回購了 271,000 股，這意味著我們現有的股票回購授權下還有 400 萬股可用。

Year-to-date, $90 million has been returned to shareholders, up approximately 40% versus the prior year comparable period.

年初至今，已向股東返還 9,000 萬美元，較去年同期成長約 40%。

We continue to view share purchases and our dividend as an attractive use of our cash and positive return to shareholders. Our capital allocation target is to reinvest 50% of operating cash flow back into the business and return 50% to shareholders and share repurchases and dividends over the long term.

我們繼續將股票購買和股息視為現金的有吸引力的用途以及為股東帶來積極的回報。我們的資本配置目標是將50%的營運現金流重新投資於業務，並將50%返還給股東以及長期的股票回購和股利。

Before turning the call back to Melinda, let me highlight several important items for the remainder of our fiscal 2025 fourth quarter. Consistent with our Century Vision strategy, we continue to target sales growth, double the industry growth rate, and double-digit operating margins over the long term with the benefit of more normalized industry performance.

在將電話轉回給梅琳達之前，讓我先強調一下 2025 財年第四季剩餘時間的幾個重要事項。與我們的「世紀願景」策略一致，我們將繼續以銷售成長、產業成長率翻倍和長期兩位數的營業利潤率為目標，並受益於更正常化的產業表現。

Assuming no significant changes in tariffs, we expect fourth quarter delivered sales in the range of $545 million to $565 million. Further, we expect fourth quarter non-GAAP operating margin to be in the range of 8.5% to 9.5%. Recall significant winter weather events in January last year resulted in some shifting of delivered sales from Q3 to Q4 in last year's results.

假設關稅沒有重大變化，我們預期第四季的銷售額將在 5.45 億美元至 5.65 億美元之間。此外，我們預計第四季非 GAAP 營業利潤率將在 8.5% 至 9.5% 之間。回想一下，去年 1 月發生的重大冬季天氣事件導致去年業績中的交付銷售額從第三季轉移到第四季。

Accounting for this shift in base period results and at the midpoint of our fourth quarter range, we expect to grow 2% in the second half of our fiscal year. On the external front, the current situation on tariffs and global trade policies is dynamic, and we have plans ready for a range of scenarios that leverage the strength and agility of our supply chain as well as potential pricing actions.

考慮到基期業績的變化以及第四季度範圍的中點，我們預計本財年下半年將成長 2%。在外部方面，當前關稅和全球貿易政策的情況是動態的，我們已經為一系列情景做好了計劃，以利用我們供應鏈的優勢和靈活性以及潛在的定價行動。

Across the network, we will open five to seven new La-Z-Boy Furniture Gallery stores in the fourth quarter, depending on final permit timing. This will bring new store openings for the year to 14 to 16 of which the majority are company owned.

在整個網路中，我們將在第四季度開設五到七家新的 La-Z-Boy 家具畫廊商店，具體取決於最終的許可時間。這將使今年新開店數量達到 14 至 16 家，其中大多數為公司自營店。

We expect our tax rate for the full fiscal year to be in the range of 25.5% to 26.5%. We anticipate non-GAAP adjustments for purchase accounting charges for the year to be in the range of $0.01 to $0.03 per share.

我們預計整個財年的稅率將在 25.5% 到 26.5% 之間。我們預計本年度非公認會計準則購買會計費用調整將在每股 0.01 美元至 0.03 美元之間。

We expect capital expenditures to be in the range of $70 million to $80 million for fiscal '25 as we invest to strengthen the company for the future consistent with our Century Vision strategy. And finally, presuming no significant worsening in macroeconomic trends, we expect to continue share repurchases at dollar levels consistent with pre-COVID levels. I will now turn the call back to Melinda.

我們預計 25 財年的資本支出將在 7,000 萬至 8,000 萬美元之間，因為我們的投資將增強公司的未來發展，符合我們的世紀願景策略。最後，假設宏觀經濟趨勢沒有顯著惡化，我們預期股票回購金額將繼續以與疫情先前水準一致的美元水準進行。我現在將電話轉回給梅琳達。

Thanks, Taylor.

謝謝，泰勒。

I'm excited about the momentum that is building across our enterprise. Our strong execution, even despite a still challenging industry backdrop, is leading to both sales growth and margin expansion. We are thoughtfully and efficiently controlling what we can control.

我對我們企業正在形成的良好勢頭感到非常興奮。儘管產業環境依然充滿挑戰，但我們強勁的執行力仍推動著銷售額和利潤率的提高。我們正在深思熟慮並有效地控制我們能夠控制的事情。

And we'll continue to drive our Century Vision strategy with focus on expanding our La-Z-Boy brand reach, disproportionately growing our company owned retail segment. Improving agility across their supply chain and driving efficiency and margin expansion.

我們將繼續推動我們的世紀願景策略，重點擴大我們的 La-Z-Boy 品牌影響力，並大力發展我們公司自有的零售部門。提高整個供應鏈的靈活性並提高效率和利潤率。

Before we close our prepared remarks, I'd like to note that La-Z-Boy Incorporated has been named to Forbes' list of America's best large employers for 2025. This is a remarkable achievement and our first time ranking among this distinguished list, which is determined using a collection of independent survey data.

在我們結束準備好的演講之前，我想指出，La-Z-Boy Incorporated 已被《福布斯》評為 2025 年美國最佳大型雇主之一。這是一個了不起的成就，也是我們第一次躋身這一傑出榜單，該榜單是透過收集獨立調查數據來確定的。

And finally, I'd like to congratulate and thank our entire team for yet another quarter of outstanding results. With that, I'll turn it back to Mark.

最後，我要祝賀並感謝我們整個團隊又一個季度取得了優異的業績。說完這些，我就把話題轉回給馬克。

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

謝謝你，梅琳達。我們現在開始問答部分。珍妮，請查看排隊提問的說明。

(Operator Instructions)

（操作員指令）

Brad Thomas, KeyBanc Capital.

布拉德‧托馬斯 (Brad Thomas)，KeyBanc Capital。

Hey, good morning, everyone. This is Taylor Zick for Brad this morning. Congrats on a good quarter. Just curious, Melinda, if you can speak a little bit more to cadence on the trends, cadence of trends throughout the quarter, I know you spoke to positive months throughout the quarter with, November being strong, but I think Taylor had mentioned January had a little bit of a shift.

嘿，大家早安。這是今天早上布拉德的泰勒齊克 (Taylor Zick)。恭喜本季取得良好業績。只是好奇，梅琳達，您是否可以再多談談趨勢節奏，整個季度的趨勢節奏，我知道您談到了整個季度的積極月份，其中 11 月表現強勁，但我認為泰勒提到 1 月份出現了一些變化。

So, is there any additional color you can provide? And then related to that, any thoughts on what you're seeing so far in this fourth quarter?

那麼，您可以提供其他顏色嗎？與此相關，您對第四季目前的情況有何看法？

Yeah, good morning. So, a couple of thoughts. We, certainly, we've been talking for a while about the consumer is coming out more around those peak holidays, those key holidays that we've always seen, but even more so here in this kind of malaise industry. So, our strength, during the quarter was strongest during the holiday period.

是的，早安。因此，有幾點想法。當然，我們已經討論了一段時間了，消費者在假日高峰期，也就是我們經常看到的關鍵假日期間外出消費的情況會更多，但在這種低迷的行業中，消費者外出消費的情況更是如此。因此，我們本季的實力在假期期間最為強勁。

But overall year on year strength across all three months of our quarter as far as February is concerned, I mean we're still super early in our quarter, super early in the month, and really still just seeing, President's Day results starting to come in from across all of our businesses, overall, again pleased with execution, feel comfortable with what we're doing there.

但就二月份而言，本季度所有三個月的業績總體同比強勁，我的意思是，我們仍處於本季度的早期階段，仍處於本月的早期階段，而且實際上仍在看到總統日的業績開始從我們所有業務中傳來，總體而言，我們對執行情況感到滿意，對我們在那裡所做的事情感到滿意。

We didn't see traffic as robust this President's Day, across the industry as what we had n in some of the other recent holidays, but still way too early to tell kind of is that just weather related, Last year, the end of January was bad this year it's early February. It seems to be bad across more of the states. So, time will tell. It continues to be a choppy environment.

我們發現，今年總統日，整個產業的客流量不如最近其他假期那麼旺盛，但現在還不能確定這是否僅僅是天氣原因，去年 1 月底的客流量就很大，今年已經是 2 月初了。看來大多數州的情況都不太好。所以，時間會證明一切。目前的環境依然動盪不安。

And on the phasing question, I would just point Melinda references more to the written trends that more impacted our ability to deliver product.

關於分階段的問題，我只想指出梅琳達更多地參考了書面趨勢，這些趨勢對我們交付產品的能力影響更大。

Winter weather last year shut down some of our plants, complicated being able to deliver imprecise calculation on exactly what shifted, which is why we look at our total back half of the year, which we're really proud, to outlook, about a 2% growth year over year across the period.

去年的冬季天氣導致我們的一些工廠關閉，這導致我們無法對具體發生了哪些變化進行不精確的計算，這就是為什麼我們要看今年下半年的總體情況，我們對此感到非常自豪，預計整個期間的同比增長率約為 2%。

Got you. Thank you. And maybe if I could just touch on margins, Taylor, is there any more color you can kind of provide and some of the puts and takes for the 8.5 to 9.5 operating margin you're going to for this fourth quarter, I guess what would get you to the low end and high end and anything to keep in mind.

明白了。謝謝。泰勒，如果我可以談談利潤率，您能否提供更多信息，以及您計劃在第四季度實現 8.5 到 9.5 的營業利潤率的一些利弊，我想什麼會讓您的利潤率達到最低端和最高端，以及任何需要注意的地方。

Yeah, I'd start with a couple of points. One is we're incredibly pleased that the sustainability of margin progression on our core North America La-Z-Boy wholesale business, which is the one part of the business that was most thrown into, I call it volatility through the pandemic and out of it, and we've seen really good margin expansion now three consecutive quarters.

是的，我想先說幾點。一是我們對核心北美 La-Z-Boy 批發業務利潤率的持續增長感到非常高興，這是我們投入最多的業務部分，我稱之為疫情期間的波動，而且我們已經連續三個季度看到了非常好的利潤率增長。

Also, very pleased with where Joyer's at, which you know this time last year losing money to now break even, which is a good foundation for future growth. And on retail, it's kind of where we want it to be as we, deal with the general lays in the broader industry, but we're controlling what we can control and standing up new furniture galleries as well as completing independent acquisitions.

此外，我對 Joyer 的現狀非常滿意，你知道，去年這個時候該公司還在虧損，現在卻實現了收支平衡，這為未來的成長奠定了良好的基礎。在零售方面，這正是我們想要的，因為我們要處理更廣泛行業的一般問題，但我們正在控制我們能夠控制的事情，建立新的家具畫廊以及完成獨立收購。

So, those are all positives looking into quarter four, and then on the opposite we have challenges on our international businesses talked in their prepared remarks which have, from a wholesale segment, a 50 basis point impact on that business and, it will improve over time, but it's going to take some time to grow our partnership with DFS.

因此，這些都是對第四季度的積極影響，而另一方面，我們在國際業務方面面臨著挑戰​​，正如他們在準備好的評論中提到的那樣，從批發部門來看，這些挑戰對該業務產生了 50 個基點的影響，並且會隨著時間的推移而改善，但發展與 DFS 的合作夥伴關係需要一些時間。

So, kind of what we saw in quarter three, we expect to transition to quarter four and positively looking forward, we're standing up a lot of new stores. We still have three this quarter, three last quarter, Outlooking five to seven and quarter four.

因此，正如我們在第三季度看到的那樣，我們預計將過渡到第四季度，並且積極展望未來，我們將開設許多新店。本季我們仍有三家，上季有三家，展望五到七年和第四季。

Those have a little bit of short-term impacts, but it's exactly what it's exactly what we said we would do and then over time in the next year we'll start to see those margins benefit the total segment.

這些都會產生一些短期影響，但這正是我們說過要做的，隨著時間的推移，在明年，我們將開始看到這些利潤率使整個部門受益。

Got you. Thank you. And then maybe if I could just you know sneak one more in here maybe from Melinda, you've talked about the strategic partnerships you've had, success with Slumberlands, Room to go, and others, but can you kind of update us on the progress of those partnerships and maybe speak to, the pipeline of potentially, rolling out some more strategic partnerships.

明白了。謝謝。然後我可以再偷偷問梅琳達嗎？您談到了您與 Slumberlands、Room to go 和其他公司建立的策略合作夥伴關係，以及雙方取得的成功，您能否向我們介紹一下這些合作夥伴關係的進展，並談談可能推出更多策略合作夥伴關係的管道。

Absolutely along a couple of lines those B2B partners are foundational to us and remain important to our focus. Across some of our smaller partners, we continue to invest in what we call our comfort studios, which is branded space within the space, and we have call it 500 plus of those type of spaces, and really making sure the branding comes through with those.

絕對地，從某些方面來看，這些 B2B 合作夥伴對我們來說都是基礎的，對於我們的重點仍然很重要。在我們的一些較小的合作夥伴中，我們繼續投資於所謂的舒適工作室，即空間內的品牌空間，我們已經有 500 多個這樣的空間，並真正確保品牌透過這些空間得到體現。

So, that's something that's been again foundational that we're not walking away from and in fact we're refreshing. We've got quite a few of those in the pipeline to refresh, with updated brand materials and everything.

所以，這又是一個基礎性的東西，我們不會放棄，事實上，我們正​​在進行革新。我們正在對其中許多內容進行更新，包括更新品牌材料和所有內容。

But to your point, those bigger regional strategic partnerships, what we're seeing in the industry is those that are doing better in this ongoing challenging environment tend to be of the multi-branded retailers are those they call them, a little bit larger regional entities and what we like them for a couple of reasons.

但就您所說的，那些更大的區域戰略合作夥伴關係，我們在行業中看到的是，那些在持續充滿挑戰的環境中表現更好的往往是多品牌零售商，他們稱之為稍大一些的區域實體，我們喜歡它們有幾個原因。

One, we've talked a lot about partnerships like rooms to go up here in the north it's Gardener White in the Detroit area. Longtime partner Slumberland that advertise heavily and that's great because that reminds the consumer about our brand regardless of where they choose to shop and so that really increases our share of voice as well as helps us get our products, select product out to consumers that we might not otherwise capture with our furniture galleries.

首先，我們討論了許多關於合作關係的問題，例如在北方建立的房間，以及底特律地區的 Gardener White。長期合作夥伴斯林百蘭 (Slumberland) 大力宣傳，這一點非常好，因為無論消費者選擇在哪裡購物，廣告都會讓他們想起我們的品牌，這確實增加了我們的話語權，並幫助我們將我們的產品、精選產品推向消費者，而我們的家具展廳可能無法吸引到這些消費者。

I know recently we've expanded our furniture row partnership. It's been about two years into the rooms to go, and there does continue to be a pipeline out there, but I think equally as important will be just growing with those existing partnerships and really doing more with those strategic ones as you mentioned.

我知道我們最近擴大了家具行夥伴關係。房間投入使用已經大約兩年了，並且確實有一系列的準備工作正在繼續，但我認為同樣重要的是發展現有的合作夥伴關係，並真正與你提到的戰略合作夥伴關係做更多的事情。

Great. Thank you. I'll pass it along.

偉大的。謝謝。我會傳達的。

Thank you.

謝謝。

Thank you.

謝謝。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Thank you. Good morning, everybody. Appreciate you taking my questions. Congrats on the good momentum during the quarter as well. I guess the first aspect I want to hit on, we're making some progress in inside the core wholesale segment.

謝謝。大家早安。感謝您回答我的問題。也對本季的良好勢頭表示祝賀。我想談的第一個方面是我們在核心批發領域取得了一些進展。

So, maybe can we talk a little bit about that on the margin front some more where from an efficiency standpoint, where are we in getting back that business back to the efficient, efficiency levels that you kind of are used to in wholesale and I guess exclude the international disruption where we can kind of think about it on a core on core basis.

因此，也許我們可以從效率的角度再多談一談利潤方面的問題，我們如何才能讓業務恢復到批發業務所習慣的高效水平，我想排除國際幹擾，我們可以從核心的角度來考慮這個問題。

I mean, Bobby, thanks for the question. We're pleased with the progress that mentioned, particularly on our core North America wholesale business, which has now grown margin. The first three quarters of the year versus the comparable period.

我的意思是，鮑比，謝謝你的提問。我們對提到的進展感到滿意，特別是我們的核心北美批發業務，目前該業務的利潤率已經成長。今年前三個季度與同期相比。

So, our supply chain from procurement through manufacturing through distribution is making headway across all fronts. So, we're really pleased with the progress.

因此，我們從採購到製造再到分銷的供應鏈正在各個方面取得進展。因此，我們對進展感到非常滿意。

End of the day, what really needs to get us back to our longer-term goal is we need volume, which right now is still depressed from where we used to be, primarily driven by the fundamentals which drive the furniture industry is really a healthy housing market, whether new home starts, existing home sales which all be it we've seen a little bit of a tick up the last couple of months, is still at decade decades low.

歸根結底，真正需要讓我們回到長期目標是我們需要交易量，目前的交易量仍低於過去的水平，這主要受推動家具行業的基本面所驅動，這確實是一個健康的房地產市場，無論是新屋開工，還是現有房屋銷售，我們都看到過去幾個月有所上升，但仍處於十年來的低位。

So, we continue to focus on what we can control, which is the improvements in efficiencies that we can drive but end of the day to get over the hump per se, we need some sustained industry growth to get us.

因此，我們將繼續專注於我們能夠控制的事情，即我們可以推動的效率改進，但最終為了克服困難，我們需要持續的產業成長來實現這一目標。

And Taylor, I think you mentioned you're talking to La-Z-Boy branded. What about the non-La-Z-Boy branded stuff that goes through wholesale? I mean, how is that running today? Is there opportunities there from an efficiency standpoint?

泰勒，我想您提到您正在談論 La-Z-Boy 品牌。那麼透過批發銷售的非 La-Z-Boy 品牌商品呢？我的意思是，今天運行得怎麼樣？從效率的角度來看，那裡有機會嗎？

And I guess I'm just getting that ex the international transition or we just basically left with volume, and you know you guys have got the factories back where you want them is what I'm trying to kind of get at.

我想我只是得到了國際轉型，或者我們基本上只剩下了數量，你知道你們已經把工廠放回了你們想要的地方，這就是我想得到的。

I would say the general theme on volume is consistent across our entire wholesale segment. I mean, whether it's La-Z-Boy wholesale, whether it's our England division, whether it's our case goods, it's all impacted by the general industry health--

我想說，我們整個批發部門的銷售整體主題是一致的。我的意思是，無論是 La-Z-Boy 批發，還是我們的英格蘭分部，還是我們的箱包商品，都受到整個行業健康狀況的影響——

But certainly, we continue to drive ongoing efficiency and improvement on our wholesale business, and you saw it this quarter, even at the, even at challenge volume levels, our team and the chain is doing two things.

但可以肯定的是，我們將繼續推動批發業務的持續效率和改進，正如您在本季度看到的，即使在挑戰量水平下，我們的團隊和連鎖店也在做兩件事。

They're creating an agility and building an agility for this macro environment that is unlike anything we've had in the past while still making progress towards, getting back to the kind of margins that we touched on just before the pandemic. So, to your point, Bobby, yes, there is still headroom volume helps a lot, but meanwhile, every quarter, particularly in that core business, we are seeing progress.

他們正在為這種宏觀環境創造和建構一種敏捷性，這種敏捷性與我們過去所經歷的任何環境都不一樣，同時他們仍在朝著回到我們在疫情爆發前觸及的那種利潤率的方向前進。所以，正如你所說，Bobby，是的，仍然有足夠的空間，這對銷量有很大幫助，但與此同時，每個季度，特別是在核心業務方面，我們都看到進展。

Okay, and then when you think about the international transition that's taking place there and some of that disruption, are we past kind of the peak in that disruption? And I guess where I'm getting at is that become an incremental tailwind, a little bit less of a headwind in FY26, or is there, should we assume that that headwind continues for FY26 against the wholesale margin?

好的，那麼當您考慮到正在發生的國際轉型以及其中的一些混亂時，我們是否已經度過了混亂的高峰期？我想說的是，這會成為一種漸進的順風，在 2026 財年逆風會稍微減弱一些，還是說，我們是否應該假設這種逆風會在 2026 財年繼續影響批發利潤？

I would expect you'll see incremental improvement, but it'll be slow and steady. I mean you really, you've taken our you've taken our largest customer globally and completely changed them out, so I actually just met with that team at Vegas Market a few weeks ago. They're super happy with where the where the partnership is, but it's a brand-new ground up partnership, so it's going to take some time--

我希望你會看到逐步的改善，但它會緩慢而穩定地進行。我的意思是，你真的把我們全球最大的客戶完全改變了，所以實際上我幾週前剛在拉斯維加斯市場見過那個團隊。他們對目前的合作關係非常滿意，但這是一個全新的合作關係，所以還需要一些時間——

And in the meantime, we're not just waiting for it to organically improve. We're driving both that top to top on call it commercial levers growth partnership, but we also continue to look in action efficiencies across our international organization, including right sizing our manufacturing capacity to help you improve those results sequentially looking forward.

同時，我們不會只是等待它有機地改善。我們正在從上到下推動所謂的商業槓桿成長夥伴關係，但我們也將繼續關注整個國際組織的行動效率，包括正確調整我們的製造能力，以幫助您逐步改善這些結果。

Perfect, and then maybe just on the guidance unpacking it a little further. Kind of when you look at the midpoint price roughly flat year over year, you guys just throughout the prior three quarters have grown on a year to year basis.

完美，然後也許只是在指導下進一步解開它。當您看到中間價與去年同期相比基本持平時，您會發現，前三個季度的銷量同比均有所增長。

Is that only just the function of the shift that you talked about, or did you see kind of something to end the quarter that gives you a little bit more caution than maybe what we were seeing earlier in the quarter? Some marked checks, I guess, have indicated, some strength in November, but then a slowdown, to kind of start our kind of as we moved into '25.

這僅僅是您談到的轉變的功能嗎，或者您是否看到了本季度末的某種情況，讓您比本季度早些時候看到的更加謹慎？我想，一些標記的檢查表明，11 月份有一些強勁增長，但隨後出現放緩，就像我們進入 25 年時開始出現的那樣。

Yeah Bobby, I would answer it in a couple of ways. One is the international we just talked to, we'll have again a shorter tournament back in quarter four, so that doesn't just alleviate within the next quarter.

是的，Bobby，我會從幾個方面來回答這個問題。一個是我們剛剛談到的國際賽事，我們將在第四季度再次舉辦一場時間較短的錦標賽，所以這種情況不會在下個季度得到緩解。

Two, as mentioned, we have plans to stand up five to seven again new La-Z-Boy furniture gallery stores that has a moment in time called it profit impact as we start to ramp those up and that's on top of six, we've stood up in quarter three and quarter two.

二，如上所述，我們計劃再開設五到七家新的 La-Z-Boy 家具畫廊店，隨著我們開始增加這些商店，這些商店將在某個時刻產生利潤影響，而這是在六家的基礎上，我們在第三季度和第二季度已經開設了六家。

So, we have that shorter term impact on our retail business, which is fine, which is exactly what we said we were going to do and what we want to do.

因此，我們的零售業務受到了短期影響，這很好，這正是我們說過要做的和我們想做的事。

So, those I think are the primarily two impacts to the ranges as outlook in the weather shifting again and as precise does have some level of impact as regards to exiting the quarter, we saw a strong November as talked in the written remarks, again more positive, balance in the quarter, but as we look forward, we expect the consumer to still be choppy.

因此，我認為這是對範圍的主要兩個影響，因為天氣前景再次發生變化，並且對於退出本季度確實有一定影響，正如書面評論中提到的，我們看到 11 月份表現強勁，再次更加積極，本季度平衡，但展望未來，我們預計消費者仍然會不穩定。

The fundamentals underneath again, the furniture industry, primarily housing are still kind of status quarter where we've been. So, all of that together, it affects the guidance we put out.

再說一下基本面，家具業，主要是住房，仍然處於我們所處的狀態。所以，所有這些因素綜合起來就會影響我們發布的指導。

Perfect. And I guess last thing for me, Joybird, a nice bright spot in the quarter as well, returning to break even and it's nice growth. I think in the very marks it mentioned foundation for future growth, so maybe you can unpack that a little bit and what you see from the Joybird brand and, is there any update or different view on what the potential is, on a multi-year basis for that brand.

完美的。最後，對我來說，Joybird 也是本季的亮點，重新實現收支平衡，並且實現了良好的成長。我認為在評分標準中提到了未來成長的基礎，所以也許您可以稍微解釋一下這一點，以及您對 Joybird 品牌的看法，以及對於該品牌多年期潛力是否有任何更新或不同的看法。

Sure, we, as you recall, you know Joybird was on a really nice growth trajectory in the middle of the pandemic, and, along with many, primarily [econ] digital kind of businesses.

當然，正如您所記得的，我們知道 Joybird 在疫情期間與許多主要是 [經濟] 數位類型的企業一樣，處於非常好的成長軌跡。

We've pulled back when a lot of them went out of business, we've pulled back to really get the fundamentals right on that business, and I feel like we're there and that is that's not just on the like sort of the map, the financial fundamentals, but it's on the execution of who we are as a brand and how are we going to bring that to life.

當許多企業倒閉時，我們就撤退了，我們撤退是為了真正讓這些企業的基本面正確起來，我覺得我們已經到了那裡，這不僅僅是在地圖上，財務基礎上，而是在我們作為一個品牌的執行上，以及我們如何將其變為現實。

And we need to keep in mind where Joybird fits to sort of our capabilities as a as an enterprise is that because of this same North America based footprint Joybird can offer customization and enable the consumer to really express themselves, and then Joybird's brand stands for that expressive, color forward if you will, kind of customized furniture.

我們需要牢記 Joybird 與我們作為一家企業的能力相匹配，由於 Joybird 擁有相同的北美業務足跡，因此它可以提供定制服務並讓消費者真正地表達自己，而 Joybird 的品牌則代表著那種富有表現力、色彩鮮明的定製家具。

So, I feel good about knowing what the brand stands for as well as the financial discipline, as we move forward, so with that, we talked several years ago about seeing a near term footprint, or at least a medium-term footprint to 25 stores. We got to 12 and we paused that. We've turned that funnel back on.

因此，我很高興了解品牌所代表的意義以及財務紀律，隨著我們不斷前進，幾年前我們就談到過近期的足跡，或者至少是中期的足跡，達到 25 家門市。我們到了 12 就暫停了。我們已重新開啟該漏斗。

Now that takes a little bit of time to start up, but I would see us at a pace of color three to four stores next year for Joybird and then you know we'll continue we're going to be cautious because the environment is still challenged, but we feel like the fundamentals are there and we're ready to start investing back into seeing Joybird grow while still keeping a close eye on making progress on that bottom line.

現在，啟動需要一點時間，但我認為明年我們將以彩色化的速度為 Joybird 開設三到四家門店，然後我們會繼續保持謹慎，因為環境仍然充滿挑戰，但我們覺得基本面已經存在，我們已準備好開始重新投資，以期看到 Joybird 成長，同時密切關注盈利方面的進展。

Thank you, I appreciate the details and best of luck here wrapping up the fiscal year.

謝謝，我很欣賞這些詳細信息，並祝您財政年度順利結束。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Anthony Lebiedzinski, Sidoti & Company.

安東尼·萊比津斯基（Anthony Lebiedzinski），Sidoti & Company。

Thank you and good morning everyone and thanks for taking the questions and it's certainly nice to see the trends in the written sales being up. Just curious, did you guys see any notable differences in terms of your different markets or regions, anything to call out there as far as the third quarter trends?

謝謝大家，早安，謝謝你們回答問題，很高興看到書面銷售的趨勢上升。只是好奇，你們是否看到不同市場或地區之間存在顯著差異，就第三季的趨勢而言有什麼需要注意的嗎？

Nothing that really stands out dramatically, of course, again, at any given time there's what other weather event or whatever, but nothing dramatic across markets.

當然，沒有什麼真正引人注目的事情，在任何特定時間都會有其他天氣事件或其他什麼，但整個市場都沒有什麼戲劇性的事情。

Got you. Okay, thanks, Melinda. And then, in the retail segment, your operating margin was down slightly given increased selling expenses and fixed costs. Is that primarily advertising or can you share more details and how should we think about these expenses going forward?

明白了。好的，謝謝，梅琳達。然後，在零售領域，由於銷售費用和固定成本的增加，您的營業利潤率略有下降。這主要是廣告嗎？或者您能否分享更多細節，以及我們應該如何考慮今後的這些費用？

Yeah, Anthony, it's really, a couple of things. It's, the pace of new stores that we've stood up both in the quarter as well as quarter two, so six stores over a very short period of time again, those don't start at a going level. It takes time to ramp up as well as, over quarter three is one of our bigger written periods around the holidays, so we have more commissions that hit us in the quarter.

是的，安東尼，確實有幾件事。這是我們在本季和第二季開設新店的速度，因此在很短的時間內開設六家新店，這並不是持續的水平。這也需要時間來提升，因為第三季是我們假期前後的較大訂單時段之一，因此本季我們有更多的佣金。

So, I think those are the two primary drivers for retail.

所以，我認為這是零售業的兩個主要驅動力。

All right, thanks, Taylor. And then as far as thinking about the potential impact of tariffs, obviously your guidance, as you said, excludes any tariff impact obviously it needs to be a dynamic situation, but can you provide any sort of more details as far as how you think about that if there are tariffs on Canada and Mexico and elsewhere, any additional things you can highlight as to how you're thinking about that.

好的，謝謝，泰勒。然後就考慮關稅的潛在影響而言，顯然您的指導，正如您所說，不包括任何關稅影響，顯然它需要是一個動態的情況，但是您能否提供更多細節，說明您如何看待如果對加拿大和墨西哥以及其他地方徵收關稅，您可以強調的任何其他事項，說明您是如何考慮的。

Yeah, Anthony, so on the tariff front our hope is it's just noise because we think at the end of the day it's going to more challenge a consumer who's been challenged now for a while, and we like a healthy consumer. But with that being said, since November we've been planning on a wide range of scenarios whether Mexico, Canada, or other markets.

是的，安東尼，所以在關稅方面，我們希望這只是噪音，因為我們認為到最後它將對已經面臨挑戰的消費者構成更大的挑戰，而我們喜歡健康的消費者。但話雖如此，自 11 月以來，我們一直在為墨西哥、加拿大或其他市場等多種場景進行規劃。

So, we've developed a playbook to respond to whatever could happen which will again leverage our global supply chain from sourcing through where we manufacture as well as potential pricing actions to ensure we're mitigating whatever could be put into place.

因此，我們制定了應對可能發生的任何事情的劇本，這將再次利用我們的全球供應鏈，從採購到製造，以及潛在的定價行動，以確保我們減輕可能採取的任何影響。

So, we're planning for all eventualities and we're acting on what's fact today there's not much of that and what has gone into place, we've taken action to ensure we're mitigating the impact.

所以，我們正在為所有可能發生的情況做好計劃，並根據目前的情況採取行動，但這種情況並不多，我們已經採取了行動，以確保減輕影響。

Got it. All right. Well, thank you very much and best of luck.

知道了。好的。好吧，非常感謝你，祝你好運。

Thanks Anthony.

謝謝安東尼。

Thank you Anthony.

謝謝你，安東尼。

Thank you very much. Well, we appear to have reached the end of our question-and-answer session. I will now hand back over to the management team for any closing remarks.

非常感謝。好吧，我們的問答環節似乎已經結束了。現在我將把發言權交還給管理團隊，由他們作最後發言。

Thanks everyone for joining us. Melinda, Taylor and I will be in our offices to take any follow-up calls. Thanks, and have a great day.

感謝大家的參與。梅琳達、泰勒和我將在辦公室接聽任何後續電話。謝謝，祝您有愉快的一天。

Thank you very much. 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.

非常感謝。今天的會議到此結束。此時您可以斷開電話線並享受美好的一天。感謝您的參與。