La-Z-Boy Inc (LZB) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the La-Z-Boy fiscal 2025 fourth-quarter conference call. (Operator Instructions) Please note, this conference is being recorded.

大家早安。歡迎參加 La-Z-Boy 2025 財年第四季電話會議。（操作員指示）請注意，本次會議正在錄音。

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，現在請你發言。

Thank you, Jenny. Good morning, everyone, and thanks for joining us to discuss our fiscal 2025 fourth quarter. Joining me on today's call are Melinda Whittington, La-Z-Boy Incorporated's Board Chair, President and Chief Executive Officer; and Taylor Luebke, La-Z-Boy's SVP and CFO. Melinda will open and close the call, and Taylor will speak to segment performance and the financials midway through. After our prepared remarks, we will open the line for questions.

謝謝你，珍妮。大家早安，感謝您加入我們討論 2025 財年第四季。參加今天電話會議的還有 La-Z-Boy Incorporated 董事會主席、總裁兼執行長 Melinda Whittington 和 La-Z-Boy 高級副總裁兼財務長 Taylor Luebke。梅琳達將開始和結束電話會議，泰勒將在中途介紹部門業績和財務狀況。在我們準備好發言之後，我們將開放提問熱線。

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

本次簡報將附有幻燈片，您可以透過我們的網路廣播連結觀看，該連結將開放一年。從今天下午開始，本次通話的電話重播將保留一週時間。我想提醒您，今天電話會議中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會存在重大差異。我們的 10-K 表格年度報告中描述了可能影響我們未來績效的最重要風險因素。

We encourage you review those risk factors as well as other key information detailed in our SEC filings. Also, our earnings release is available under the News and Events tab on the Investor Relations page of our website, and it includes reconciliations of certain adjusted measures, which are also included as an appendix at the end of our conference call 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」標籤下找到，其中包括某些調整後的指標的對賬，這些指標也作為附錄包含在我們電話會議幻燈片的末尾。

I would also like to call your attention to two changes in our presentation format beginning this quarter. As company-owned stores now represent well over half of our total network, we will be focusing our discussion on company-owned retail metrics only and no longer report written same-store sales for the entire La-Z Boy Furniture Galleries network. We believe this will provide appropriate perspective on current consumer trends while eliminating potential confusion.

我還想提醒大家注意，從本季開始，我們的報告格式將有兩項變更。由於公司自營門市目前已占到我們整個網路的一半以上，我們將僅討論公司自營零售指標，不再報告整個 La-Z Boy Furniture Galleries 網路的書面同店銷售額。我們相信，這將為我們提供更準確的視角來了解當前的消費趨勢，同時消除潛在的混淆。

Additionally, to be more consistent with current industry practice, we have renamed all of our non-GAAP financial measures to adjusted financial measures. For example, non-GAAP diluted EPS has been renamed to adjusted diluted EPS. Importantly, the methodology for calculating these measures remains unchanged. And therefore, any previously reported non-GAAP financial measures that are renamed to corresponding adjusted financial measures remain unchanged.

此外，為了與目前行業慣例更加一致，我們已將所有非公認會計準則財務指標更名為調整後財務指標。例如，非 GAAP 稀釋每股盈餘已更名為調整後稀釋每股盈餘。重要的是，計算這些指標的方法保持不變。因此，任何先前報告的非 GAAP 財務指標在重新命名為相應的調整後財務指標後均保持不變。

With that, I will now turn the call over to Melinda.

說完這些，我現在將電話轉給梅琳達。

Thank you, Mark, and good morning, everyone. Yesterday, following the close of market, we reported our April ended fourth quarter and fiscal year. We delivered strong results despite continued economic and industry volatility, driving growth and successfully executing on our Century Vision strategy. Highlights for the quarter included consolidated delivered sales of $571 million, growing 3% versus the prior year. Retail segment sales growing 8% led by new stores and acquisitions.

謝謝你，馬克，大家早安。昨天，市場收盤後，我們報告了截至四月的第四季度和財政年度。儘管經濟和產業持續動盪，我們仍取得了強勁的業績，推動了成長並成功執行了我們的世紀願景策略。本季的亮點包括綜合交付銷售額 5.71 億美元，較上年增長 3%。零售部門銷售額成長 8%，主要得益於新店和收購。

During the quarter, we opened our 200th company-owned La-Z-Boy Furniture Galleries store, and we now own 55% of the total network. And our wholesale segment sales grew 2%, led by our core North American La-Z-Boy wholesale business. Highlights for the year included consolidated delivered sales of $2.1 billion, growing 3% versus the prior year.

本季度，我們開設了第 200 家公司直營的 La-Z-Boy 家具廊商店，目前我們擁有整個網路的 55% 份額。我們的批發部門銷售額成長了 2%，這主要得益於我們的核心北美 La-Z-Boy 批發業務。本年度的亮點包括綜合交付銷售額達 21 億美元，較上年增長 3%。

And within these total company results, our retail segment sales grew 5% for the year, led by the new stores and acquisitions as we continued progress against our Century Vision, direct-to-consumer growth strategy. During the fiscal year, we opened a total of 11 new company-owned La-Z-Boy Furniture Galleries, the most in over two decades and acquired seven independently owned stores.

在公司整體業績中，我們的零售部門銷售額全年增長了 5%，這主要得益於新店和收購，因為我們繼續推進世紀願景和直接面向消費者的成長策略。在本財政年度，我們共開設了 11 家新的公司自營 La-Z-Boy 家具展廳，這是二十多年來最多的一次，並且收購了 7 家獨立經營的商店。

Our wholesale segment sales grew 2% for the year, led by sales growth in our core North American La-Z-Boy wholesale business across all four quarters. We generated $187 million in operating cash flow for the year, up 18% versus prior year and returned $113 million to shareholders through share repurchase and dividends, including increasing our dividend 10% for the fourth consecutive year. And finally, we continue to maintain a strong balance sheet with $328 million in cash and no external debt.

我們的批發部門銷售額全年成長了 2%，這主要得益於我們核心的北美 La-Z-Boy 批發業務在四個季度的銷售額成長。我們全年的經營現金流為 1.87 億美元，比上年增長 18%，並透過股票回購和股息向股東返還 1.13 億美元，其中連續第四年增加 10% 的股息。最後，我們繼續保持強勁的資產負債表，擁有 3.28 億美元現金，沒有外債。

I'm extremely proud of the results delivered by this organization throughout the fiscal year with four consecutive quarters of sales growth, including fourth quarter delivered sales that exceeded the high end of our guidance range and adjusted operating margin at the high end of our guidance range, even in the midst of significant external volatility. The success we achieved this year is a testament to strong execution across our company as we progress our Century Vision.

我對本組織在整個財年取得的成績感到非常自豪，銷售額連續四個季度增長，其中第四季度的銷售額超過了我們指導範圍的高端，調整後的營業利潤率也達到了我們指導範圍的高端，即使是在外部波動很大的情況下。我們今年的成功證明了我們公司在推進世紀願景過程中的強大執行力。

We are controlling what we can control to drive growth, and this quarter was yet another proof point. Even as we expect global economic uncertainty to continue challenging consumers in the near term, we are confident in the strength of our business model to outperform our peers and deliver strong financial performance.

我們正在控制我們能夠控制的事情來推動成長，而本季又是另一個證明點。儘管我們預計全球經濟不確定性將在短期內繼續對消費者構成挑戰，但我們對我們的商業模式實力充滿信心，相信我們能夠超越同行並實現強勁的財務業績。

Our vertically integrated model and agile supply chain give us the foundation to navigate this environment. Approximately 90% of our upholstered units sold in North America are produced in the United States with our Mexican operations supporting most of the balance. And our US-centric footprint has been core to our competitive advantage to delight our consumers with customized product at speed for decades.

我們的垂直整​​合模式和敏捷的供應鏈為我們應對這種環境奠定了基礎。我們在北美銷售的軟墊家具約有 90% 是在美國生產的，其餘大部分則由我們的墨西哥工廠生產。幾十年來，我們以美國為中心的業務佈局一直是我們競爭優勢的核心，能夠快速地以客製化產品取悅消費者。

In addition, our Mexican-based cut and sew operations support more than two-third of this North American upholstered unit production, transforming raw cover sourced from multiple countries around the globe. The vast majority of the products produced and exported out of Mexico are US MCA compliant and therefore, not subject to tariffs under current tariff policies.

此外，我們位於墨西哥的裁剪和縫紉業務支援了北美三分之二以上的軟墊家俱生產，將來自全球多個國家的原始家具布料進行轉化。墨西哥生產和出口的絕大多數產品均符合美國《行動通訊協定》的規定，因此根據現行關稅政策，無需繳納關稅。

Of course, we will continue to carefully monitor the evolving global trade situation and adjust accordingly, leveraging strategic inventory moves, sourcing adjustments and continued vendor diversification as well as nominal pricing actions to manage the evolving landscape as necessary.

當然，我們將繼續密切關注不斷變化的全球貿易狀況並做出相應調整，利用策略性庫存變動、採購調整和持續的供應商多樣化以及名目定價行動來根據需要管理不斷變化的情況。

As part of our Century Vision foundational pillars, we will continue to invest in even further strengthening and increasing the agility of our supply chain. This spring, we kicked off a multiyear project to redesign our distribution network and home delivery program, further enhancing our ability to deliver high-quality, comfortable custom furniture with quick speed to market.

作為我們「世紀願景」基石的一部分，我們將繼續投資，進一步強化和提升供應鏈的敏捷性。今年春季，我們啟動了一項為期多年的項目，旨在重新設計我們的分銷網絡和送貨上門計劃，進一步提升我們快速向市場提供高品質、舒適的定製家具的能力。

We are leveraging our scale to drive efficiencies across the enterprise, reducing the total number of distribution facilities and reducing the total mileage products travel, while at the same time supporting a growing network and driving an even better consumer experience. This initiative to transform our distribution network and home delivery program will also help deliver our broader objective of double-digit margins in our wholesale segment over the long term.

我們正在利用規模優勢提升整個企業的效率，減少配送中心總數，降低產品運輸總里程，同時支援不斷擴張的網絡，並提升消費者體驗。這項旨在轉型配送網絡和送貨上門計畫的舉措，也將有助於我們實現批發業務長期兩位數利潤率的宏偉目標。

And before leaving the topic of supply chain, I'd like to highlight a recent example of agility. In May, our upholstery manufacturing facilities in Siloam Springs, Arkansas, suffered extreme damage from a major storm, which included strong winds and hail. Thankfully, all of our employees are safe, and the facility was not occupied at the time of the storm. But the damage impacted the manufacturing facility and damaged the front office area to the point of requiring a complete rebuild. I am proud to say that with the help of support teams from across the company, we rebuild infrastructure, losing just one week of production at the facility, shifted some work between plants and ultimately minimized consumer and customer delays.

在結束供應鏈主題之前，我想強調一下最近的一個敏捷性範例。五月，我們位於阿肯色州西羅亞姆斯普林斯的室內裝潢製造工廠遭受了一場強風暴的嚴重破壞，風暴期間伴隨著強風和冰雹。值得慶幸的是，我們所有員工都安然無恙，而且工廠在風暴來襲時無人值守。但此次損壞影響了製造設施，並損壞了前台辦公區域，需要徹底重建。我很自豪地說，在公司各支援團隊的幫助下，我們重建了基礎設施，僅損失了工廠一周的生產時間，在工廠之間轉移了一些工作，最終最大限度地減少了消費者和客戶的延誤。

This incredible effort and collaboration reinforces the strength of our supply chain and broader enterprise coordination and is another proof point of the resiliency of our teams and ability to navigate whatever comes our way.

這種令人難以置信的努力和合作增強了我們的供應鏈和更廣泛的企業協調的實力，也是我們團隊的韌性和應對任何挑戰的能力的另一個證明。

Now turning towards the consumer-facing aspects of our business and written sales trends. During the fourth quarter, total written sales for our company-owned retail segment increased 3% versus last year's fourth quarter. Written same-store sales for the Retail segment, which excludes the benefit of newly opened stores and acquired stores, decreased 5% versus prior year fourth quarter.

現在談談我們面向消費者的業務和書面銷售趨勢。第四季度，我們公司自營零售部門的書面銷售總額較去年同期增加了3%。零售部門的同店銷售額（不包括新開店和收購店的收益）較去年第四季下降 5%。

Stubbornly high mortgage rates and increased volatility in the global economy negatively influenced consumer sentiment and had an adverse impact on industry traffic. Industry data for the quarter was extremely mixed with public company peers noting same-store sales of relatively flat to decline in the mid-teen range. while industry data as reported by the US Census Bureau indicated an increase in the mid-single digits.

持續居高的抵押貸款利率和全球經濟波動加劇對消費者情緒產生了負面影響，並對行業流量產生了不利影響。本季的產業數據極為複雜，上市公司同業指出同店銷售額相對持平或下降，降幅約十幾歲。而美國人口普查局報告的行業數據顯示銷售額增加了十幾歲的個位數。

Our objective remains unchanged: to continuously grow and gain share in the large and fragmented furniture and home furnishings industry, regardless of existing market conditions. We are leveraging the strength of our iconic brand, new and innovative marketing, strong product offerings and excellent in-store execution to delight and inspire consumers. Our retail network is growing and our ability to deliver mass personalization with speed to market differentiates La-Z-Boy. These competitive advantages are unlocking a long-term runway for growth.

我們的目標始終不變：無論市場環境如何，都要在龐大且分散的家具家居產業持續成長，並不斷提升市場份額。我們正憑藉著標誌性品牌的優勢、創新的行銷策略、強大的產品線以及卓越的店內執行力，為消費者帶來愉悅和靈感。我們的零售網路正在不斷擴大，我們能夠快速向市場提供大規模個人化產品，這使 La-Z-Boy 脫穎而出。這些競爭優勢正在為長期成長開闢道路。

On our Joybird business, written sales trends decreased 21% in the quarter versus a year ago. As a digitally native brand, we believe the Joybird consumer has been more significantly impacted by rising macro uncertainty. This pressure is likely to persist in the near term amid ongoing macroeconomic volatility and we are making appropriate adjustments to prudently navigate during this time. Notably, we are seeing relatively stronger written trends in our Joybird physical stores where we are able to more fully serve the consumer and overcome these purchase barriers.

Joybird 業務本季的書面銷售趨勢較去年同期下降了 21%。作為數位原生品牌，我們認為 Joybird 消費者受到宏觀不確定性加劇的影響更為顯著。在宏觀經濟持續波動的情況下，這種壓力可能在短期內持續存在，我們正在做出適當的調整，以謹慎地度過這段時期。值得注意的是，我們在 Joybird 實體店中看到了相對較強的書面趨勢，在那裡我們能夠更全面地為消費者服務並克服這些購買障礙。

Turning to our broader strategic road map. I'd like to spend a few minutes recapping progress over the year on our Century Vision objectives. Recall, Century Vision is our strategic framework setting up La-Z-Boy Incorporated for continued growth in the future as we celebrate our centennial in 2027 and beyond, driving top line growth at a pace double the market and delivering consistent double-digit operating margins over the long term. We have successfully expanded La-Z-Boy's brand reach over the past several years and will continue to execute this strategy.

談到我們更廣泛的策略路線圖。我想花幾分鐘時間回顧我們過去一年在世紀願景目標的進展。回想一下，世紀願景是我們的策略框架，它為 La-Z-Boy Incorporated 未來的持續成長奠定了基礎，我們將在 2027 年及以後慶祝百年華誕，推動營收以兩倍於市場的速度增長，並在長期內實現持續的兩位數營業利潤率。我們在過去幾年裡成功擴大了 La-Z-Boy 的品牌影響力，並將繼續執行這項策略。

Our total Furniture Galleries network ended the year with 366 stores. We remain on track to grow the total network to over 400 stores led by strong growth in company-owned stores. During the year, our company-owned retail segment surpassed the 200th-store milestone, nearly doubling our store count over the last 10 years and ending the year with 203 company-owned stores. We opened 11 new stores in the year, the most in two decades, and purchased seven stores from independent owners.

截至本財年，我們的家具廊網路門市總數達366家。在公司自營門市強勁成長的帶動下，我們仍有望將門市總數擴張至400多家。本財年，我們公司自有零售部門的門市數量突破了 200 家大關，在過去 10 年中門市數量幾乎翻了一番，年底公司自有門市數量達到 203 家。我們今年開設了 11 家新店，是二十年來最多的一年，並且從獨立業主手中收購了 7 家店。

The company-owned store footprint now represents 55% of the total La-Z-Boy's Furniture Galleries network, up from 34% a decade ago. We will continue to grow our direct-to-consumer business, where we own the entire end-to-end consumer experience, can delight the consumer, and are able to collect and leverage even more value-added consumer insights to strengthen the flywheel.

目前，該公司自營商店的覆蓋範圍佔 La-Z-Boy 家具展廳網路總量的 55%，而十年前這一比例僅為 34%。我們將繼續發展直接面向消費者的業務，我們擁有整個端到端的消費者體驗，可以取悅消費者，並能夠收集和利用更多增值的消費者洞察來加強飛輪。

In Wholesale, we continue to expand our brand reach with compatible strategic partners to serve more consumers. This strategic initiative is driving increased share of voice for the La-Z-Boy brand and providing a broader range of consumers access to our brand. There remains considerable opportunity in growing with existing strategic regional partners like Rooms to Go, Gardner White, Furniture Row and Slumberland, while also selectively expanding our pipeline of new strategic partners. Additionally, we will continue to invest in our Comfort Studios and branded spaces that offer a unique store within a store branding at larger independent retailers.

在批發方面，我們繼續與相容的策略合作夥伴擴大我們的品牌影響力，以服務更多的消費者。這項策略性舉措正在提高 La-Z-Boy 品牌的話語權，並為更廣泛的消費者提供了解我們品牌的機會。我們與 Rooms to Go、Gardner White、Furniture Row 和 Slumberland 等現有戰略區域合作夥伴攜手發展，同時選擇性地拓展新的戰略合作夥伴，這為我們帶來了巨大的發展機會。此外，我們將繼續投資於舒適工作室 (Comfort Studios) 和品牌空間，為大型獨立零售商打造獨特的「店中店」品牌體驗。

Brand building is another core pillar of our Century Vision growth strategy. Recall, when we embarked on Century Vision, we conducted extensive consumer research and we continue to do so. One of our earliest learnings was that while La-Z-Boy had the highest brand awareness in furniture, much of that was driven by distant memory.

品牌建立是我們「世紀願景」成長策略的另一個核心支柱。回想一下，在啟動「世紀願景」策略時，我們進行了廣泛的消費者調查，並且我們仍在繼續這樣做。我們最早了解到的情況之一是，雖然 La-Z-Boy 在家具領域擁有最高的品牌知名度，但這很大程度上是由遙遠的記憶所驅動的。

When we launched the Long Live the Lazy campaign, our intent was to go back to our roots of comfort and quality while being more relevant for today's consumers. Our next phase of this journey is launching a new brand identity this summer, continuing to make our brand more relevant while reaching a broader audience. Our refreshed brand identity will consist of a new look and feel, tone, and brand voice and be more applicable to today's digital world. Today's presentation slides provide a sneak peek into the new look and feel with more to come in August around National Lazy Day.

我們發起「懶人萬歲」活動時，旨在回歸舒適與品質的本源，同時更貼近當今消費者的需求。我們下一階段的計畫是在今年夏天推出全新的品牌形象，並持續提升品牌的相關性，同時觸及更廣大的受眾。我們煥然一新的品牌形象將包含全新的外觀、風格和品牌聲音，更貼合當今的數位世界。今天的簡報投影片將帶您一睹全新形象和風格，更多精彩內容將於八月全國懶人日期間發布。

Another core pillar of our Century Vision is to optimize the Joybird brand to drive sales, growth, and profitability. Joybird had a solid year with sales increasing 5% and adjusted operating margin slightly positive for the year. And this past month, we opened our 13th Joybird store in Costa Mesa, California, our first new location since November '23.

我們的世紀願景的另一個核心支柱是優化 Joybird 品牌以推動銷售、成長和獲利能力。Joybird 全年業績穩健，銷售額成長 5%，調整後營業利潤率略有上升。上個月，我們在加州科斯塔梅薩開設了第 13 家 Joybird 門市，這是自 2023 年 11 月以來的首家新店。

While the Joybird core consumer is particularly challenged in the current economic uncertainty, the brand continues to have significant opportunity to grow share and we remain committed to disciplined investments in the business to position the brand for long-term success with three to four total new stores planned for fiscal '26.

儘管 Joybird 核心消費者在當前經濟不確定性中面臨特別大的挑戰，但該品牌仍然擁有巨大的市場份額增長機會，我們仍然致力於對該業務進行嚴格的投資，以使該品牌獲得長期成功，我們計劃在 26 財年開設三到四家新店。

The final pillar of Century Vision is strengthening our foundational capabilities and agility across our supply chain, technology, and people. As I noted earlier, navigating external uncertainty and weather challenges and initiating our distribution redesign are great examples of recent progress and continued opportunity for even more progress, with distribution redesign being a key enabler towards systemic strengthening of our wholesale operating margins.

世紀願景的最後一個支柱是加強我們供應鏈、技術和人員的基礎能力和敏捷性。正如我之前提到的，應對外部不確定性和天氣挑戰並啟動我們的分銷重新設計是近期進展的很好例子，也是繼續取得更多進展的良好機會，而分銷重新設計是系統性加強我們批發營業利潤率的關鍵推動因素。

As we begin fiscal '26, we're optimistic about our ability to continue to outperform the market, consistent with our performance in fiscal '25. While challenged in the near term, we still believe our industry will experience a meaningful period of growth longer term as addressing the structural housing shortage and eventual further interest rate cuts will enable a rebound in housing fundamentals. We continue to grow our business and strengthen our foundation to disproportionately benefit from that industry rebound when it occurs.

在開始 26 財年之際，我們對自己繼續跑贏市場的能力充滿信心，這與 25 財年的表現一致。儘管短期內面臨挑戰，但我們仍然相信，從長遠來看，我們的行業將經歷一段有意義的增長期，因為解決結構性住房短缺問題和最終進一步降息將使住房基本面反彈。我們將繼續發展業務，加強基礎，以便在行業反彈時獲得不成比例的利益。

And 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 adjusted basis, formerly referred to as non-GAAP. We believe the adjusted presentation better reflects underlying operating trends and performance of the business. Adjusted results exclude items, which are detailed in our press release and in the tables in the appendix section of our conference call slides.

謝謝你，梅琳達，大家早安。提醒一下，我們以 GAAP 和調整後的基礎（以前稱為非 GAAP）呈現我們的結果。我們相信，調整後的呈現方式可以更好地反映業務的基本營運趨勢和績效。調整後的結果不包括一些項目，這些項目在我們的新聞稿和電話會議投影片附錄部分的表格中有詳細說明。

On a consolidated basis, fiscal 2025 fourth-quarter sales grew 3% to $571 million versus the prior year, primarily driven by acquisitions and new stores in the retail segment and continued momentum in our core North America La-Z-Boy wholesale business. Consolidated GAAP operating income was $30 million, and adjusted operating income was $54 million, an increase of 3% versus last year's fourth quarter.

從綜合來看，2025 財年第四季銷售額較上年增長 3% 至 5.71 億美元，主要得益於零售領域的收購和新店以及我們核心北美 La-Z-Boy 批發業務的持續增長勢頭。合併 GAAP 營業收入為 3,000 萬美元，調整後營業收入為 5,400 萬美元，較去年第四季成長 3%。

Consolidated GAAP operating margin was 5.2% and adjusted operating margin was 9.4%, flat versus a year ago as lower input costs, including reduced commodity prices and improved sourcing and better leverage on marketing investments, were offset by the impact of the significant ongoing customer transition in our international wholesale business as well as incremental tariff expenses in the quarter.

合併 GAAP 營業利潤率為 5.2%，調整後營業利潤率為 9.4%，與去年同期持平，因為較低的投入成本（包括降低商品價格、改善採購和更好地利用行銷投資）被我們國際批發業務中持續的重大客戶轉型以及本季度增量關稅費用的影響所抵消。

Diluted earnings per share totaled $0.36 on a GAAP basis and $0.92 on an adjusted basis, both of which include a $0.10 impact from unfavorable foreign tax discrete items. As I move to the segment discussion, my comments from here will focus on our adjusted reporting, unless specifically stated otherwise.

以 GAAP 計算，每股攤薄收益總計 0​​.36 美元，按照調整後計算，每股攤薄收益總計 0​​.92 美元，均包括不利的外國稅收單項項目造成的 0.10 美元影響。當我轉到分段討論時，我的評論將集中於我們的調整後報告，除非另有明確說明。

Starting with the retail segment. For the fourth quarter, delivered sales were $247 million, up 8% over the prior year's fourth quarter, driven primarily by new and acquired stores. Retail adjusted operating margin was 13.1% versus 14.2% primarily due to investment in new stores as we absorb the increased selling expenses and fixed costs supporting our long-term strategy of growing our retail business.

從零售領域開始。第四季度，交付銷售額為 2.47 億美元，比去年同期成長 8%，主要得益於新店和收購門市的推動。零售調整後營業利潤率為 13.1%，而去年同期為 14.2%，這主要歸因於對新店的投資，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。

Expanding the La-Z-Boy Furniture Galleries network is a key element of our Century Vision growth strategy, and we made substantial progress in Q4 and the full fiscal year with 5 new stores and 2 acquisitions for the quarter, and 11 new stores and 7 acquisitions for the full year.

擴大 La-Z-Boy 家具展廳網路是我們世紀願景成長策略的關鍵要素，我們在第四季和整個財年都取得了實質進展，本季新增 5 家門市並進行 2 項收購，全年新增 11 家門市並進行 7 項收購。

For our wholesale segment, delivered sales for the quarter increased 2% to $402 million, driven by growth in our core North America La-Z-Boy wholesale business through favorable shift in product and channel mix as a result of higher sales to our La-Z-Boy Furniture Galleries, partially offset by the continued impact of a significant customer transition in our international wholesale business.

就我們的批發部門而言，本季交付銷售額成長 2%，達到 4.02 億美元，這得益於我們核心的北美 La-Z-Boy 批發業務的增長，這是透過 La-Z-Boy 家具展廳銷售額的增加導致產品和通路組合的有利轉變而實現的，但部分抵消了我們國際批發業務中重大客戶轉型的持續影響。

Adjusted operating margin for the wholesale segment was 8.5%, flat versus last year's fourth quarter, as gross margin and SG&A as a percent of sales were largely unchanged. Continued margin expansion in core North America La-Z-Boy wholesale business was offset by the margin impact of a significant customer transition in the international wholesale business as well as incremental tariff expense in the quarter. To note, this significant customer transition triggered an impairment of the goodwill related to our UK business during the quarter.

批發部門的調整後營業利潤率為 8.5%，與去年第四季持平，因為毛利率和銷售、一般及行政費用佔銷售額的百分比基本上沒有變化。北美核心 La-Z-Boy 批發業務的利潤率持續擴大被國際批發業務的重大客戶轉型以及本季增量關稅費用對利潤率的影響所抵消。值得注意的是，這一重大的客戶轉變引發了本季與我們英國業務相關的商譽的減損。

As background, we acquired the UK wholesale distribution business in fiscal 2017 followed by the UK manufacturing business in fiscal 2022. We remain committed to growth of the La-Z-Boy brand in the UK and our new strategic partnership announced last September with DFS, the market leader in the UK.

作為背景，我們在 2017 財年收購了英國批發分銷業務，隨後在 2022 財年收購了英國製造業務。我們將繼續致力於 La-Z-Boy 品牌在英國的發展，並於去年 9 月宣布與英國市場領導者 DFS 建立新的策略合作夥伴關係。

For Joybird, reported in corporate and other, delivered sales were $36 million, down 2% versus the prior year quarter as positive retail store growth was more than offset by declines in the online business. Importantly, Joybird adjusted operating margin was positive in the fourth quarter, relatively flat versus prior year fourth quarter and slightly positive for the year.

Joybird 的已交付銷售額為 3,600 萬美元，較去年同期下降 2%，因為零售店銷售額的正成長被線上業務的下滑所抵消。值得一提的是，Joybird 第四季調整後營業利潤率為正，與去年同期相比基本持平，全年略有成長。

Moving on to fullyear results for fiscal 2025. Sales grew 3% to $2.1 billion, driven by acquisitions and new stores in our La-Z-Boy retail business and growth in our core North America La-Z-Boy wholesale business. In addition, Joybird grew 5% for the fiscal year.

展望 2025 財年全年業績。銷售額成長 3%，達到 21 億美元，這得益於我們 La-Z-Boy 零售業務的收購和新店以及核心北美 La-Z-Boy 批發業務的成長。此外，Joybird 本財年成長了 5%。

Consolidated GAAP operating income was $136 million and adjusted operating income was $161 million, a 1% increase versus fiscal 2024. Consolidated GAAP operating margin was 6.4% and adjusted operating margin was 7.6%, down 20 basis points versus fiscal 2024. GAAP diluted EPS was $2.35 for fiscal 2025, and adjusted diluted EPS was $2.92 for the year versus $2.98 in fiscal 2024. GAAP diluted EPS and adjusted diluted EPS for fiscal 2025 both include a $0.10 impact from unfavorable foreign tax discrete items.

合併 GAAP 營業收入為 1.36 億美元，調整後營業收入為 1.61 億美元，較 2024 財年成長 1%。合併 GAAP 營業利益率為 6.4%，調整後營業利益率為 7.6%，較 2024 財年下降 20 個基點。2025 財年的 GAAP 稀釋每股收益為 2.35 美元，全年調整後稀釋每股收益為 2.92 美元，而 2024 財年為 2.98 美元。 2025 財年的 GAAP 稀釋每股收益和調整後稀釋每股收益均包括不利的外國稅收單項項目產生的 0.10 美元的影響。

Moving on to our consolidated adjusted gross margin and SG&A performance for fiscal 2025 full year. Fiscal year consolidated adjusted gross margin for the entire company increased 70 basis points versus the prior year. Gross margin expansion was primarily driven by the shift in consolidated mix towards our retail segment, which has a higher gross margin rate than our wholesale segment as well as lower input costs led by reduced commodity prices and improved sourcing.

接下來是我們的 2025 財年全年合併調整後毛利率和銷售、一般及行政費用 (SG&A) 業績。本財年公司整體合併調整後毛利率較上年成長70個基點。毛利率成長主要得益於合併業務結構向零售部門的轉變，該部門的毛利率高於批發部門，同時由於商品價格下降和採購管道改善，投入成本也隨之降低。

Adjusted SG&A as a percent of sales for the fiscal year increased by 90 basis points compared with last year, primarily driven by growth in our retail segment due to investment in acquisitions in new stores, which carries a higher fixed cost structure relative to wholesale and fixed cost deleverage on lower sales in our international wholesale business due to a significant customer transition.

本財年調整後的銷售、一般及行政費用佔銷售額的百分比與去年相比增加了 90 個基點，這主要得益於我們零售部門的增長，原因是對新店收購的投資，相對於批發而言，零售部門的固定成本結構更高，而且由於客戶的重大轉變，我們的國際批發業務的銷售額較低，固定成本去槓桿率也較低。

Our effective tax rate on a GAAP basis for the fiscal year was 31.4% versus 24.8% in fiscal 2024. The increase in effective tax rate in fiscal 2025 compared with the prior year was primarily a result of a onetime tax effect of a nondeductible goodwill impairment charge related to the United Kingdom reporting unit along with the impact from unfavorable foreign tax discrete items. This increase disproportionately impacted the fourth quarter, where our effective tax rate on a GAAP basis was 52.1% compared to 25.5% in the prior year.

我們本財政年度以 GAAP 計算的有效稅率為 31.4%，而 2024 財年為 24.8%。2025 財年有效稅率與前一年相比有所增加，主要是由於與英國報告單位相關的不可抵扣商譽減損費用的一次性稅收影響以及不利的外國稅收單項項目的影響。這一增長對第四季度產生了不成比例的影響，第四季度我們按照 GAAP 計算的有效稅率為 52.1%，而去年同期為 25.5%。

Absent these discrete items and nondeductible goodwill impairment, the effective tax rate would have been 23.2% for the fourth quarter and 24.9% for the full fiscal year. We expect our effective tax rate to be in the range of 26% to 27% for fiscal 2026.

如果不計入這些單項項目和不可抵扣的商譽減值，第四季的有效稅率將為 23.2%，全年的有效稅率將為 24.9%。我們預計 2026 財年的有效稅率將在 26% 至 27% 之間。

Turning to liquidity. We ended the year with a robust balance sheet, $328 million in cash and no externally funded debt. We generated $187 million in cash from operating activities, an increase of 18% versus fiscal 2024 and ended the year strong with $62 million in operating cash generated in the fourth quarter, up 17% versus last year's fourth quarter.

轉向流動性。我們以穩健的資產負債表結束了本財年，現金流達3.28億美元，且無外部融資債務。我們經營活動產生的現金流達1.87億美元，較2024財年成長18%。第四季度，我們以6,200萬美元的營運現金流強勁收官，較去年同期成長17%。

We invested $74 million in capital expenditures during the year, primarily related to La-Z-Boy Furniture Galleries new stores and remodels and manufacturing-related investments. We also spent $30 million on acquisitions of seven independent La-Z-Boy Furniture Galleries during the year.

我們在本年度投資了 7,400 萬美元的資本支出，主要用於 La-Z-Boy 家具畫廊的新店和改造以及製造相關的投資。今年我們還花了 3000 萬美元收購了七家獨立的 La-Z-Boy 家具畫廊。

During the fiscal year, we returned $113 million to shareholders through dividends and share repurchases, up 32% versus the prior year comparable period, including $35 million paid in dividends. In November, we increased the dividend 10% for the fourth consecutive year. Additionally, we repurchased 2 million shares in the year, which leaves 3.7 million shares available on our existing share repurchase authorization.

在本財年，我們透過股息和股票回購向股東返還了 1.13 億美元，比去年同期成長 32%，其中包括支付的股息 3,500 萬美元。11月，我們連續第四年將股利調高10%。此外，我們今年回購了200萬股，這意味著我們現有的股票回購授權中剩餘370萬股可供回購。

We continue to view share repurchases in our dividend as an attractive use of our cash and positive return to shareholders. In fiscal 2025, our capital allocation was 48% reinvested into the business and 52% return to shareholders.

我們繼續將股息中的股票回購視為對現金的有吸引力的用途，並為股東帶來積極的回報。在 2025 財年，我們的資本配置有 48% 再投資於業務，52% 被回饋給股東。

Before turning the call back to Melinda, let me highlight several important items for fiscal 2026 and our first 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 conditions.

在將電話轉回給梅琳達之前，請容許我強調一下 2026 財年和我們第一季的幾個重要事項。與我們的「世紀願景」策略一致，在更正常化的產業條件下，我們將繼續致力於長期銷售成長、產業成長率翻倍和兩位數的營業利潤率。

In fiscal 2026, we expect consumers to be challenged by the volatile macroeconomic environment, and we are planning prudently to navigate the year ahead while still expecting to continue outperforming the industry.

在 2026 財年，我們預計消費者將面臨動盪的宏觀經濟環境的挑戰，我們正在謹慎規劃未來一年，同時仍期望繼續超越產業。

Assuming no significant changes in external factors, we expect fiscal first-quarter sales to be in the range of $490 million to $510 million, reflecting modest growth against the challenged consumer environment. We expect adjusted operating margin to be in the range of 5.5% to 7%, including the impact of transitory pressure from our UK and Joybird businesses as well as investment in our distribution network and home delivery redesign project.

假設外部因素沒有重大變化，我們預計第一財季銷售額將在 4.9 億美元至 5.1 億美元之間，在充滿挑戰的消費環境下實現溫和成長。我們預計調整後的營業利潤率將在 5.5% 至 7% 之間，其中包括來自英國和 Joybird 業務的暫時壓力以及對我們的分銷網絡和送貨上門重新設計項目的投資的影響。

We expect to open approximately 15 new company-owned and independent La-Z-Boy Furniture Galleries stores during the year, of which the majority are company-owned as well as three to four new Joybird stores. The global trade environment remains dynamic, and we have and will continue to execute our playbook to mitigate the impact. This includes leveraging the strength and agility of our supply chain through strategic inventory moves, sourcing adjustments, continued vendor diversification as well as potential pricing actions. We anticipate adjustments for purchase accounting charges for the year to be in the range of $0.01 to $0.02 per share.

我們預計今年將開設約 15 家新的公司自營和獨立的 La-Z-Boy 家具畫廊商店，其中大多數為公司自營商店，另外還將開設三到四家新的 Joybird 商店。全球貿易環境持續變化，我們已經並將繼續執行我們的策略來減輕其影響。這包括透過策略性庫存調整、採購調整、持續的供應商多元化以及潛在的定價行動，充分利用我們供應鏈的優勢和靈活性。我們預計今年的購買會計費用調整將在每股 0.01 美元至 0.02 美元之間。

We expect capital expenditures to be in the range of $90 million to $100 million for fiscal 2026 as we invest to strengthen the company for the future, consistent with our Century Vision strategy. This includes investments in our La-Z-Boy Furniture Galleries for new stores and remodels, our multiyear project to redesign our distribution network and home delivery program and continued manufacturing related investments.

我們預計 2026 財年的資本支出將在 9,000 萬至 1 億美元之間，因為我們進行投資以增強公司的未來發展，這與我們的世紀願景策略一致。其中包括對新店和改建的 La-Z-Boy 家具展廳的投資、重新設計分銷網絡和送貨上門計劃的多年項目以及持續的製造相關投資。

Our capital allocation target is to reinvest 50% of operating cash back into the business and return 50% to shareholders and share repurchases and dividends over the long term. In fiscal 2025, this was tilted towards shareholders. And looking to fiscal 2026, we expect capital allocation to be more tilted to investments into the business as we execute our Century Vision strategy.

我們的資本配置目標是將50%的營運現金再投資於業務，並將50%的現金長期回報給股東、股票回購和股利。 2025財年，此目標向股東傾斜。展望 2026 財年，隨著我們實施世紀願景策略，我們預期資本配置將更傾向於對業務的投資。

And with that, I will turn the call back to Melinda.

說完這些，我就把電話轉回給梅琳達。

Thanks, Taylor. We delivered a strong quarter and fiscal year in a volatile environment, once again demonstrating our ability to adapt and deliver. While we expect the consumer will be challenged for the foreseeable future, we also expect to continue to outperform the industry and deliver long-term profitable growth while prudently investing in the business. Our strong brand and vertical integration, that includes company-owned retail and an agile supply chain, along with our strong balance sheet, provides us the foundation for continued growth.

謝謝，泰勒。我們在動盪的環境中實現了強勁的季度和財年業績，再次證明了我們的適應和交付能力。雖然我們預期消費者在可預見的未來將面臨挑戰，但我們也期望繼續超越產業並實現長期獲利成長，同時審慎地投資於業務。我們強大的品牌和垂直整合（包括公司自有零售和靈活的供應鏈）以及強勁的資產負債表為我們持續成長奠定了基礎。

Before I close, I'd like to note that, during the fourth quarter, La-Z-Boy Incorporated was named to Newsweek's list of America's most loved brands and most trustworthy companies for 2025. These awards, based on independent survey data are additional recognition of our brand relevance and the enduring strength of our iconic brand and company.

最後，我想指出的是，在第四季度，La-Z-Boy Incorporated 被《新聞週刊》評選為 2025 年美國最受歡迎品牌和最值得信賴的公司之一。這些基於獨立調查數據的獎項進一步認可了我們的品牌相關性以及我們標誌性品牌和公司的持久實力。

I want to thank the entire La-Z-Boy Incorporated team for their hard work, skill and flexibility in navigating a very dynamic environment. We are focused on driving value for all stakeholders, and I look forward to the year ahead.

我要感謝整個 La-Z-Boy Incorporated 團隊，感謝他們在充滿活力的環境中所展現的辛勤工作、技能和靈活性。我們致力於為所有利害關係人創造價值，我對未來的一年充滿期待。

Mark?

標記？

Thank you, Melinda. We will begin the question-and-answer period now. 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) Bobby Griffin, Raymond James.

（操作員指示）Bobby Griffin，Raymond James。

I guess, first, a lot of new stuff to unpack on this call, so I appreciate all the details. Maybe when we start with the wholesale segment, and the potential to get back to 10%, it's about 280 basis points, I guess, of expansion. Could you maybe bucket what the size of each of the drivers between the distribution network changes? I believe there'll be some industry volume there too as well as recapturing the UK transition. Can you maybe give some flavor or some color on how big is each one of those drivers? And is there anything I might have missed too as the path back to 10%?

我想，首先，這次通話中有很多新內容需要解讀，所以我很感謝提供的所有細節。也許當我們從批發業務開始，並有可能回到 10% 時，我猜擴張幅度大約是 280 個基點。能否概括一下分銷網絡變化中各個驅動因素的規模？我相信這其中也會有一些產業規模，並且會重新捕捉英國的轉型。您能否稍微解釋一下每個驅動因素有多大？在回到 10% 的道路上我是否還遺漏了什麼？

Yes. Thanks, Bobby, for the question. Yes, part of our margin algorithm over for Century Vision is to advance wholesale to double-digit over the long term. Now that's also requires normalized, call it, industry growth, which we're currently not in a current state. But as we've talked in the past, as we think about bridging from where we're at today to, call, that 10% over the long term, we believe about 0.5% is fully in our control.

是的。謝謝 Bobby 提出這個問題。是的，我們為 Century Vision 制定的利潤演算法的一部分是長期將批發量提高到兩位數。現在這也需要正常化，稱之為產業成長，而我們目前還沒有達到目前的狀態。但正如我們過去所談到的，當我們考慮從現在的水平過渡到所謂的長期 10% 時，我們相信大約 0.5% 完全在我們的控制範圍內。

And this distribution and home delivery redesign project is going to meaningfully help accomplish part of that over a multiyear project. The other half, frankly, is a requirement of just a healthy industry, which is backed by a healthy housing market. So that's -- yes.

這個配送和送貨上門重新設計專案將在多年的時間內有效地幫助實現其中的部分目標。坦白說，另一半只是健康產業的要求，而健康的房地產市場是其後盾。是的。

And then Melinda, maybe on the redesign and distribution project, can you talk a little bit about why now? I guess, obviously, this is part of Century Vision. Is it just also part that the scale of the business has gotten bigger, you own more of the corporate-owned stores. Just curious on the timing of the decision of why now to do the distribution project.

然後梅琳達，也許關於重新設計和分銷項目，你能談談為什麼現在這樣做嗎？我想，這顯然是世紀願景的一部分。這是否也只是業務規模擴大的一部分，你們擁有更多自營門市？我只是好奇為什麼現在決定做分銷項目。

Yes, absolutely. And you really hit it on the head. I mean, we are over recent years with a lot more acquisition that sort of built pieces that we have the opportunity for efficiency as well as just really stepping back and with the expertise we have in the business today to just make sure that we have the right network to support our business as we go forward. So it will be a several-year project. And by the time we're done, we will have overall reduced our total warehouse overhead.

是的，絕對是。你確實說到重點了。我的意思是，近年來，我們進行了大量的收購，這些收購為我們提供了提高效率的機會，同時也讓我們真正退一步，利用我們今天在業務中擁有的專業知識，確保我們擁有合適的網絡來支持我們未來的業務。所以這將是一個持續數年的項目。當我們完成時，我們將全面降低倉庫總開銷。

Optimized routes and miles traveled reduced inventory levels we need to carry and ultimately improved that delivery experience that's going into the consumer homes as well. So it certainly drives an efficiency side of things, but even more importantly, it drives an even better service level to our consumers because we'll be able to cut time out of the system and less miles on product as well.

優化的路線和行駛里程減少了我們需要攜帶的庫存水平，並最終改善了進入消費者家中的送貨體驗。因此，它確實提高了效率，但更重要的是，它為我們的消費者帶來了更好的服務水平，因為我們將能夠減少系統時間並減少產品行駛里程。

Appreciate. And I guess lastly for me, can you talk a little bit about what you're seeing maybe on written orders here May or the quarter-to-date period? I think it was pretty well-known President's Day was soft, but just curious if there's been any kind of change in the monthly cadence over maybe more of the near-term time frame.

欣賞。最後，您能否談談您在 5 月或本季迄今的書面訂單中看到的情況？我認為眾所周知總統日的銷售情況不佳，但我只是好奇在短期內月度節奏是否有任何變化。

Yes. Our Memorial Day was a solid start to the year, and we certainly saw a strong execution in store. If I go back to across Q4, February was our most challenged month, as you know. And so what we're really looking to do as we always do is drive that total written number, leveraging our new stores, our acquisitions and then maximizing what we are getting out of each individual store.

是的。我們的陣亡將士紀念日為今年開了個好頭，而且我們確實看到了強勁的執行力。如果回顧第四季度，正如你所知，二月是我們面臨的最大挑戰的月份。因此，我們真正想要做的就是像往常一樣，推動總銷售額的成長，利用我們的新店和收購，然後最大限度地提高我們從每家商店獲得的收益。

So I think with where the consumer is right now, we'll need to continue to be very active on that. But again, out of the fourth quarter, February was really the most challenged month. And we're pleased with where we started out on Memorial Day. So I think the consumer will need to stay actively engaged to drive through this period.

所以我認為，鑑於目前的消費狀況，我們需要繼續積極應對。但話說回來，在第四季中，二月確實是最具挑戰性的一個月。我們對亡將士紀念日的開端感到非常高興。因此我認為消費者需要積極參與才能度過這段時期。

Very good. Well, good to hear the Memorial Day was better than President's Day. One day, we will be talking about a better furniture industry, hopefully. So thanks for taking my questions. Best of luck.

非常好。嗯，很高興聽到陣亡將士紀念日比總統日更好。希望有一天，我們能夠談論一個更好的家具產業。感謝您回答我的問題。祝你好運。

Anthony Lebiedzinski, Sidoti & Company.

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

So certainly nice to see the sales outperformance for the quarter. And so first, let's start with that. So just relative to your guidance that you issued back in February, so even with a softer start, as you alluded to, I mean, can you just give us the main reasons for the sales outperformance versus your outlook that you provided a few months ago?

因此，看到本季的銷售業績優異確實令人欣喜。首先，讓我們從這個開始。因此，相對於您在二月發布的指導，即使開局較為疲軟，正如您所提到的，您能否給我們講一下與您幾個月前提供的展望相比，銷售額表現優異的主要原因？

Overall, I'd say broad base, so no one individual driver. At the time we were -- we put guidance out there in February, we had just come off President's Day, which I think across the industry was fairly challenged, just a lot of new macroeconomic news really coming out at that time. And so we mentioned that our written trends across the quarter, February was the most challenged from a year-on-year growth basis. So we were pleased. Again, we do what we always do there, which is to work to execute and delight the consumer and work with our business partners on the B2B side as well.

總的來說，我認為基礎很廣泛，所以沒有單一的個人驅動因素。當時我們在二月發布了指導意見，當時我們剛度過總統日，我認為整個行業都面臨著相當大的挑戰，當時有很多新的宏觀經濟新聞出現。因此，我們提到，從本季的書面趨勢來看，從年成長來看，二月面臨的挑戰最大。所以我們很高興。再次強調，我們一直在做我們一直在做的事情，那就是努力執行並取悅消費者，並與 B2B 方面的業務合作夥伴合作。

And so as the year went on, we mentioned that February was the toughest month. So if we go back to what we do best, which is execute and make sure that we're doing right by the consumer, and we were pleased that the quarter ended up finishing up a little bit stronger than what we had initially expected, even in the midst of what ended up being increased macroeconomic challenges throughout the quarter.

隨著時間的推移，我們提到二月是最艱難的月份。因此，如果我們回到我們最擅長的領域，即執行並確保我們為消費者做好事，我們很高興看到本季度的業績比我們最初預期的要強勁一些，即使是在整個季度宏觀經濟挑戰不斷增加的情況下。

Understood. And then a couple of questions on tariffs. So you mentioned there was some tariff expense. I'm not sure if you quantify that, maybe I missed that. But if you could just maybe expand on that and as to how much of the tariff expense are you thinking will be impacting your first-quarter results. And as far as pricing -- you've talked about some potential, I think, pricing actions. So is any pricing including in the first-quarter outlook? Sorry for the long-winded questions.

明白了。然後是幾個有關關稅的問題。所以你提到有一些關稅費用。我不確定你是否量化了這一點，也許我錯過了。但能否請您進一步闡述一下，您認為關稅支出會對您的第一季業績產生多大影響？至於定價，我認為您剛才談到了一些潛在的定價舉措。那麼第一季展望中是否包括任何定價？抱歉，問題太長了。

Let me try to hit those one by one, maybe not in the right order that you asked them. So as we talked before and as a reminder, we've been planning against multiple different scenarios since basically last fall. As we know, trade policy could potentially evolve. So we were well ahead of kind of different actions we would take to mitigate anything that happened. And essentially, at the start of our last quarter is when things went into place that we responded to agilely and balanced in [comm]. And our policy at La-Z Boy here is we act on fact, we wait a week to ensure it sticks and then we execute our playbook to mitigate the impact to our company while also being cognizant of our consumers and customers.

讓我試著逐一回答這些問題，也許順序可能與你要求的順序不同。正如我們之前所說，提醒一下，自去年秋天以來，我們一直在針對多種不同情況進行規劃。我們知道，貿易政策可能會改變。因此，我們提前採取了各種不同的行動來緩解可能發生的任何問題。基本上，在上個季度開始時，一切都已準備就緒，我們對此做出了敏捷且平衡的回應。我們 La-Z Boy 的政策是，我們根據事實採取行動，等待一周以確保其有效性，然後執行我們的計劃以減輕對我們公司的影響，同時也考慮到我們的消費者和客戶。

So over a more medium term in quarter four, as you can imagine, with the general flurry of activity, there is a moment in time where actions we put into place can't completely mitigate impact as we put nominal pricing actions into the market. For our core upholstery business, low single digits, as well as really great work on our supply chain on strategic inventory moves to get ahead of potential trade policy changes as well as, call it, just inventory productivity on utilizing what we had on hand.

因此，從中期來看，在第四季度，正如你可以想像的那樣，隨著一系列活動的出現，在某個時刻，我們採取的行動無法完全減輕影響，因為我們將名義定價行動引入市場。對於我們的核心室內裝潢業務，成長率保持在個位數以下，同時我們在供應鏈上做了非常出色的工作，透過戰略庫存調動來領先於潛在的貿易政策變化，並利用我們手頭現有的資源來提高庫存生產力。

As we look forward, we, A, want to remain agile to respond to how anything could change. The plans we put into market, we believe mitigate the exposure we have. But frankly, our biggest concern has always been what does it do to the consumer, which has been relatively challenged now for a bit. So that's when we continue to watch. But overall, really happy with the team and our agility and think we're well positioned heading into quarter one of this fiscal year.

展望未來，我們 A 希望保持敏捷，以應對任何可能發生的變化。我們相信，我們推向市場的計劃可以減輕我們的風險。但坦白說，我們最大的擔憂一直是它會對消費者產生什麼影響，而目前這方面的問題相對比較棘手。因此，我們會繼續關注。但總體而言，我們對團隊和我們的敏捷性感到非常滿意，並認為我們已經為進入本財年第一季做好了準備。

Understood. Okay. And then lastly, for Joybird. So Melinda, you talked about the divergence for your written business between online versus the stores. So I know you said that you will open, I believe, three to four this year, Joybird stores. But longer term, are you perhaps maybe thinking of going maybe beyond that 25-store goal that you had previously talked about? Or how are you guys thinking about longer-term for Joybird in terms of the stores?

明白了。好的。最後，是 Joybird。梅琳達，您談到了線上和實體店之間的書面業務差異。我知道您說過今年會開三到四家 Joybird 門市。但從長遠來看，您是否考慮過超越之前提到的 25 家門市的目標？或者你們對於 Joybird 商店的長期發展有何看法？

Yes. We still feel really good about Joybird. And it is still a young business. And particularly given that it services a more urban and generally a little bit younger consumer as well, a little more challenged here in the near term. And as you pointed out, Anthony, we're really pleased with the store base that we have now.

是的。我們仍然對 Joybird 感到非常滿意。而且它仍然是一家年輕的企業。尤其是考慮到它服務的是更城市化、整體上更年輕的消費者，因此短期內面臨的挑戰會更大。正如您所指出的，安東尼，我們對現在的商店基礎感到非常滿意。

We've got one more open here just in this last month or so, and those are really servicing our consumer well, even in a more challenged time for that consumer. We've caught out the 25, and we still see a path to that. We like this pace of three to four new stores.

就在上個月左右，我們在這裡又開了一家店，這些店確實為我們的消費者提供了良好的服務，即使在消費者面臨更多挑戰的時期。我們已經趕上了 25 強，並且我們仍然看到了實現這一目標的道路。我們喜歡這種開設三到四家新店的節奏。

And do I think we have the potential to go beyond 25 over the long term? Yes, absolutely. But given just Joybird is still a fairly new brand, and we want to make sure that we grow prudently, particularly in challenging time for our industry. So we're going to continue to optimize the brand, optimize that consumer experience and grow in a prudent way.

我是否認為從長遠來看我們有潛力超越 25 個？是的，絕對是如此。但考慮到Joybird仍然是一個相當新的品牌，我們希望確保謹慎發展，尤其是在我們這個行業充滿挑戰的時期。因此，我們將繼續優化品牌，優化消費者體驗，並以審慎的方式發展。

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Melinda, I wanted to start off with sort of a big picture question considering the environment that we're in. I was wondering if you could just help us put into context, given tariffs coming through, how you're thinking about La-Z-Boy's relative price point and consumer offering. And so can you help us sort of put into context what you're seeing out there from a competitive standpoint in terms of promotions and pricing and what La-Z-Boy is doing relative to that?

梅琳達，考慮到我們所處的環境，我想先問一個大問題。我想知道您是否可以幫助我們了解一下，考慮到即將實施的關稅，您如何看待 La-Z-Boy 的相對價格點和消費者產品。那麼，您能否幫助我們從競爭的角度介紹一下您在促銷和定價方面所看到的情況，以及 La-Z-Boy 在這方面所採取的措施？

Yes. Thanks, Brad. I think, obviously, we are positioned extremely well in this environment, as I mentioned, 90% of our products. So let me step back a little bit. About 90% of our business is in the United States, even though we're still kind of single-digit share. So obviously, lots of opportunity to grow.

是的。謝謝，布拉德。我認為，顯然我們在這種環境中處於非常有利的地位，正如我所提到的，我們的 90% 的產品都是如此。讓我稍微回顧一下。我們大約90%的業務都在美國，儘管我們的市佔率仍然只有個位數。顯然，有很多成長機會。

And then within that, we service the vast majority of that with our manufacturing footprint in the United States. So broadly, it should be a real strength for La-Z-Boy to have this manufacturing footprint here in the United States. And of course, our target is to provide consumers with the personalized furniture with speed to market. So I feel really good about where we're positioned from that standpoint. At the same time, we need to navigate the challenges for the consumer.

然後，我們利用位於美國的製造基地為其中的絕大多數提供服務。因此，從總體上看，La-Z-Boy 在美國擁有製造基地應該是一個真正的優勢。當然，我們的目標是快速向消費者提供個人化家具。因此從這個角度來看，我對我們目前的處境感到非常滿意。同時，我們需要幫助消費者應對挑戰。

And just in general, we see pent-up demand for furniture. We know that our industry has been in a bit of a malaise for a number of years. But if the consumer is overall more strapped because of the broader macroeconomic trends, they will tend to stretch out their furniture purchases. So we are again, working to play offense. We are positioned well in our ability to keep our pricing responsible.

整體而言，我們看到對家具的需求被壓抑了。我們知道，我們的行業多年來一直處於低迷狀態。但如果消費者因為整體宏觀經濟趨勢而陷入困境，他們就會傾向延長購買家具的時間。因此，我們再次努力進攻。我們有能力保持負責任的定價。

We're not broadly seeing really crazy competitive moves out there to your question. And I think that's because the input costs are going up for the industry, right, particularly if you're an importer, which more than half of our competition is. At the same time, you have a strapped consumer. So to the extent that we can continue to deliver an incredible product at a competitive price, I think we're very well positioned even to navigate through a fairly challenging time.

對於您的問題，我們並沒有普遍看到真正瘋狂的競爭舉措。我認為這是因為該行業的投入成本正在上升，特別是如果你是進口商，而我們的競爭對手中有一半以上都是進口商。同時，消費者也陷入資金困境。因此，只要我們能夠繼續以具有競爭力的價格提供令人難以置信的產品，我認為我們就能很好地度過相當具有挑戰性的時期。

That's very helpful. But to be clear, Melinda, as we think about La-Z-Boy's pricing strategy going forward, are you needing to push through more price? And what does the timing look like for that over the quarters ahead?

這非常有幫助。但需要明確的是，梅琳達，當我們考慮 La-Z-Boy 未來的定價策略時，您是否需要提高價格？那麼未來幾季的時間安排是怎麼樣的呢？

Yes. Taylor mentioned some nominal pricing put into place in the last quarter, and that has been sufficient to manage what we're going through. Obviously, we need to stay agile, and we look for a variety of ways to respond to increased input costs from broader sourcing, how we manage timing of buys and so forth. But we've had a little bit of nominal pricing in. But at this stage, I don't have any big concerns about anything big coming down the pipe.

是的。泰勒提到了上個季度實施的一些名義定價，這足以應對我們正在經歷的情況。顯然，我們需要保持敏捷，並尋找各種方法來應對來自更廣泛採購的增加的投入成本、如何管理購買時間等等。但我們已經有一些名義定價了。但在這個階段，我並不太擔心未來會發生任何大事。

That's great to hear. And maybe a question for Taylor. Just as we think about operating margin, I know you're not going to guide the full fiscal year, you've given us the quarter ahead here. But maybe in broad strokes, can you help us think about the major puts and takes here for the fiscal year ahead?

聽到這個消息真是太好了。也許還有一個問題想問泰勒。正如我們考慮營業利潤率一樣，我知道您不會指導整個財政年度，但您已經為我們提供了未來一個季度的預測。但也許從廣義上講，您能否幫助我們思考未來財政年度的主要優缺點？

Yes. Good question, Brad. Yes, we don't guide to the full year. But as we look out, a lot of it depends again to the health of the industry and the consumer, which right now is pretty uncertain. So what we've stated and what we believe is whatever the industry does, will outperform.

是的。問得好，布拉德。是的，我們不提供全年指導。但正如我們所看到的，這在很大程度上取決於產業和消費者的健康狀況，而目前這方面還相當不確定。因此，正如我們所言，並且我們相信，無論行業做什麼，都會表現出色。

So if the industry looking ahead for our fiscal is flat, we'll grow. And if we grow, we should expect some margin expansion. If the industry is down, then we will be less down. But our role going into every year is to obviously expand our margins. Now we're in a very uncertain and volatile time. So it's tougher than when you've got all the industry or housing, call it, tailwinds behind you.

因此，如果展望我們的財政狀況，產業保持平穩，我們就會成長。如果我們實現成長，利潤率應該會有所提升。如果產業下滑，我們的下滑幅度會小一些。但我們每年的職責顯然是擴大利潤率。現在我們正處於一個非常不確定和動盪的時期。因此，這比你擁有所有的工業或住房，也就是所謂的順風時更困難。

But a lot of it depends on what the industry does. So we're being incredibly agile. We're making our own momentum and controlling what we control quarter over quarter and be very prudent in light of all the external factors around us.

但這很大程度上取決於行業的運作方式。所以我們變得極為敏捷。我們正在創造自己的動力，控制每個季度所能控制的事情，並根據我們周圍的所有外部因素保持非常謹慎。

Well, we appear to have reached the end of our question-and-answer session. I will now turn the call back over to the management team for their closing remarks.

好吧，我們的問答環節似乎已經結束了。現在我將把電話轉回給管理團隊，請他們作最後發言。

Thanks, Jenny. Melinda, Taylor and I will be in our offices for the rest of the day to answer any follow-up questions. Thanks, and have a great day.

謝謝，珍妮。梅琳達、泰勒和我今天剩餘時間將在辦公室回答任何後續問題。謝謝，祝您有愉快的一天。

Thank you very much, everyone. This does conclude today's conference. You may disconnect your phone lines at this time, and have a wonderful rest of the day. We thank you for your participation.

非常感謝大家。今天的會議到此結束。現在您可以斷開電話線，享受美好一天的剩餘時間。我們感謝您的參與。