La-Z-Boy Inc (LZB) 2026 Q4 法說會逐字稿

Greetings. Welcome to the La-Z-Boy Fiscal 2026 fourth quarter conference call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 La-Z-Boy 2026 會計年度第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I would now like to turn the conference over to your host, Mark Becks, Director of Investor Relations and Corporate Development of La-Z-Boy Inc. You may begin.

現在我想把會議交給今天的主持人：La-Z-Boy Inc. 投資人關係與企業發展總監 Mark Becks。您可以開始了。

Thank you, Holly. Good morning, everyone, and thanks for joining us to discuss our fiscal 2026 fourth quarter. Joining me on today's call are Melinda Whittington, La-Z-Boy Incorporated Board Chair, President and Chief Executive Officer; and Taylor Luebke, 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，Holly。各位早安，感謝各位加入我們，一同討論 2026 會計年度第四季表現。今天與我一同出席的有：La-Z-Boy Incorporated 董事會主席、總裁暨執行長 Melinda Whittington，以及資深副總裁兼財務長 Taylor Luebke。Melinda 將負責開場與結語，Taylor 將在中段說明各事業部表現與財務狀況。在我們的準備發言結束後，將開放提問。

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.

本次簡報將搭配投影片，您可透過我們的網路直播連結觀看，該連結將提供一年。此外，電話重播將自今天下午起提供一週。

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 factors, 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. We encourage to review those risk factors as well as other key information detailed in our SEC filings.

提醒各位，今天會議中的部分陳述包含關於 La-Z-Boy 未來表現及其他事項的前瞻性陳述。儘管我們認為這些因素與陳述屬合理，但實際結果可能出現重大差異。可能影響我們未來業績的最重要風險因素，已載於我們的 Form 10-K 年度報告。我們鼓勵各位檢視這些風險因素，以及我們向 SEC 申報文件中所詳述的其他重要資訊。

Also, our earnings release is available under the News and Events tab on the Investor Relations page of our website and includes reconciliations of certain adjusted measures, which are also included in the appendix at the end of our conference call slide deck.

另外，我們的財報新聞稿可在公司網站投資人關係頁面的「News and Events」分頁中取得，並包含部分調整後衡量指標的調節表；這些內容也收錄於本次電話會議投影片檔末尾的附錄中。

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

接下來，我把電話交給 Melinda。

Thanks, Mark. Good morning, everyone. Yesterday, following the close of market, we reported our April ended fourth quarter and fiscal year results, demonstrating strong execution and continued progress on our strategic initiatives.

謝謝你，Mark。各位早安。昨天在收盤後，我們公布了截至 4 月的第四季與全年度業績，展現強勁的執行力，並在策略性計畫上持續取得進展。

Highlights for our fourth quarter included our Retail segment delivered sales increasing 9%, led by acquisitions and new stores and we opened four new stores during the quarter, bringing the total to 230 company-owned.

第四季亮點包括：我們的零售事業部交付銷售額成長 9%，主要由併購與新店帶動；本季我們新開 4 家門市，使自營門市總數達到 230 家。

On top, adjusted operating margin for our retail segment strengthened versus prior year coming in at almost 14% for the quarter. And in our Wholesale segment, delivered sales decreased slightly, but adjusted operating margin improved versus prior year.

此外，零售事業部的調整後營業利益率較去年同期提升，本季接近 14%。而在批發事業部，交付銷售額小幅下滑，但調整後營業利益率較去年同期改善。

Highlights for our total fiscal year included total consolidated delivered sales of $2.1 billion up versus prior year, with Retail segment delivered sales increasing 6% versus prior year. And during the year, we opened a total of 15 net new stores the highest number of annual net new stores in our company history, and we completed our largest ever 15-store independent La-Z-Boy acquisition.

全年度亮點包括：合併交付銷售額達 21 億美元，較去年成長；其中零售事業部交付銷售額較去年成長 6%。此外，全年淨新增 15 家門市，為公司史上單年度淨新增門市數最高；同時我們完成了公司史上最大規模的 15 家獨立 La-Z-Boy 門市併購案。

In our Wholesale segment, delivered sales were flat versus the prior year, and adjusted operating margin strengthened. We generated $204 million in operating cash flow, up 9% versus prior year, we returned $85 million to shareholders through share repurchase and dividends, including our fifth consecutive year of increasing the quarterly dividend by 10%, and finally, we continue to maintain a strong balance sheet with just over $300 million in cash and no external debt.

在批發事業部，交付銷售額與去年持平，調整後營業利益率提升。我們創造 2.04 億美元營運現金流，較去年成長 9%；透過庫藏股與股利向股東回饋 8,500 萬美元，其中包含連續第五年將季度股利提高 10%；最後，我們持續維持強健的資產負債表，現金略高於 3 億美元，且無外部負債。

I'm proud of the strong finish to this fiscal year, as our performance delivered on expectations even against an uneven backdrop. We are focused on driving our own momentum, led by our retail business expansion through new stores, acquisitions, and strong in-store execution.

我為本會計年度的強勁收官感到自豪，即使在不均衡的外部環境下，我們的表現仍符合預期。我們專注於推動自身動能，主要由零售業務擴張帶動，包括新店、併購，以及門市端的強勁執行。

Now turning towards consumer trends as reflected in our retail written sales. During the fourth quarter, total written sales for our company-owned retail segment increased 11% versus last year's fourth quarter, driven by acquired and new stores.

接著談消費者趨勢，這反映在我們零售的「訂單銷售額」（written sales）上。第四季，我們自營零售事業部的總訂單銷售額較去年第四季成長 11%，主要由併購門市與新店帶動。

Written same-store sales, which exclude the benefit of new and acquired stores, decreased 2% for the quarter, which is a sequential improvement versus the third quarter, and same-store sales trends are strongest late in the fourth quarter, with April delivering positive comps versus prior year, and this strength continued through May with positive comps and a solid Memorial Day holiday.

同店訂單銷售額（不含新店與併購門市的貢獻）本季下滑 2%，較第三季呈現連續改善；同店銷售趨勢在第四季後段最為強勁，4 月同店較去年轉為正成長，而這股力道延續至 5 月，同店維持正成長，且陣亡將士紀念日假期表現穩健。

We continue to drive our own momentum despite softness across the category, with industry data reported by the US Census Bureau, indicating the market declined in the low to mid-single digits during the quarter.

儘管品類整體偏弱，我們仍持續推動自身動能；美國人口普查局公布的產業數據顯示，本季市場下滑約低至中個位數百分比。

We remain focused on retail growth. where we can control the entire end-to-end consumer experience and gain share in the large and heavily fragmented furniture and home furnishings industry, regardless of market conditions. We are leveraging the strength of our iconic brand, our agile US-centered supply chain, consumer-led insights, quality products, and excellent in-store execution to delight and inspire consumers across our network.

我們仍聚焦於零售成長，因為在此我們能掌控端到端的消費者體驗，並在規模龐大且高度分散的家具與家居用品產業中，不論市場環境如何都能提升市占。我們正運用標誌性品牌的優勢、以美國為核心且具敏捷性的供應鏈、以消費者為導向的洞察、高品質產品，以及卓越的門市執行，在整體通路網絡中取悅並啟發消費者。

And in our Joybird business, total written sales increased 2% in the quarter, driven by new stores. We continue to expand Joybird distribution with new stores and compatible wholesale partners and opened our 16th dedicated Joybird store in Dallas, Texas last month.

在 Joybird 業務方面，本季總訂單銷售額成長 2%，由新店帶動。我們持續透過新店與相容的批發合作夥伴擴大 Joybird 的通路覆蓋，上月並在德州達拉斯開設第 16 家 Joybird 專門店。

Focusing on our broader strategic ambitions, I'd like to recap the progress we have made in our Century Vision objectives over the course of fiscal '26 our 99th year. Recall, Century Vision is our strategy to grow sales and market share through our consumer brands at a rate double the industry over the long term and sustainably expand our operating margin well beyond our centennial anniversary in 2027.

聚焦於更廣泛的策略目標，我想回顧我們在 2026 會計年度（公司第 99 年）期間，於「Century Vision」目標上所取得的進展。提醒各位，Century Vision 是我們的策略：長期以高於產業兩倍的速度，透過消費者品牌提升銷售與市占，並在 2027 年百年慶之後，持續將營業利益率擴張至遠高於目前水準。

We have significantly expanded La-Z-Boy's brand reach over the past year, with the largest number of new store openings and the most independent La-Z-Boy store acquisitions in one year in our company's history. As I mentioned, during the year, we added 15 new company-owned stores, acquired 15 independent La-Z-Boy stores and ended the year with 230 company-owned locations. The company-owned footprint now represents 61% of our total network.

過去一年，我們大幅擴展 La-Z-Boy 的品牌觸及範圍，創下公司史上單年度最多新店開設數，以及最多獨立 La-Z-Boy 門市併購數。如我所提及，全年我們新增 15 家自營門市、併購 15 家獨立 La-Z-Boy 門市，年底自營據點達 230 家。自營門市版圖目前占我們整體網絡的 61%。

Our total La-Z-Boy store network, including company-owned and independently owned stores, now stands at nearly 380 stores across North America. We see runway to growing the La-Z-Boy footprint to 450 locations, driven primarily by expansion of company-owned stores. We expect to open approximately 10 new stores each fiscal year going forward. And we will also continue to pursue independent store acquisitions as they become available.

我們的 La-Z-Boy 門市總網絡（包含自營與獨立經營門市）目前在北美接近 380 家。我們認為仍有空間將 La-Z-Boy 據點擴張至 450 家，主要由自營門市擴張所驅動。展望未來，我們預期每個會計年度約開設 10 家新店。同時，只要有合適機會，我們也將持續推進獨立門市併購。

As a reminder, these acquisitions are one of the best uses of our cash as they are immediately sales and profit accretive and provide ownership to new markets with potential white space opportunities. We are delighted to have recently signed an agreement to acquire another three-store network across Florida and Alabama which we expect to close at the end of June. We are committed to growing our direct-to-consumer business, where we are able to offer best-in-class consumer experiences.

提醒各位，這些併購是我們現金運用的最佳選項之一，因為能立即增厚銷售與獲利，並讓我們進入新市場，且具備可開發的白地機會。我們很高興近期已簽署協議，將併購另一個橫跨佛羅里達州與阿拉巴馬州、共三家門市的網絡，預計於 6 月底完成交割。我們致力於成長直面消費者（DTC）業務，因為我們能提供同級最佳的消費者體驗。

In wholesale, we continue to add new compatible distribution and grow existing distribution with partners that value the strength of the La-Z-Boy brand, our enduring quality, and differentiated product functionality, supported by our vertically integrated manufacturing capabilities. During the year, we added 30 new dealers and 100 new doors including our new partnership with living spaces. There remains a considerable opportunity in growing with our strategic partners, and we will be particularly focused on driving organic growth within our existing base going forward.

在批發方面，我們持續新增相容的新通路據點，並與重視 La-Z-Boy 品牌實力、長久品質與差異化產品功能的合作夥伴，一同擴大既有通路覆蓋；這些優勢並由我們垂直整合的製造能力所支撐。全年我們新增 30 家經銷商與 100 個新銷售據點（doors），其中包含與 Living Spaces 的新合作夥伴關係。與策略夥伴共同成長仍有相當大的機會，而未來我們將特別聚焦於在既有基礎上推動有機成長。

Additionally, we will continue to invest in our Comfort Studios and Branded Spaces that offer unique store within a store branding at our larger independent retailers. We ended the fiscal year with nearly 1,400 La-Z-Boy Comfort Studio and branded space locations, each fully dedicated to our La-Z-Boy branded products.

此外，我們將持續投資於我們的 Comfort Studios 與 Branded Spaces，在較大型的獨立零售商據點提供獨特的「店中店」品牌體驗。本財政年度結束時，我們擁有近 1,400 個 La-Z-Boy Comfort Studio 與品牌空間據點，每一處皆完全專注於我們的 La-Z-Boy 品牌產品。

Relevant brand messaging is another core pillar of our Century Vision growth strategy, and I'll spend a few moments highlighting some of the wins we achieved throughout the year and how we are capitalizing on this momentum.

具相關性的品牌訊息傳遞是我們 Century Vision 成長策略的另一個核心支柱；我將花幾分鐘重點說明我們今年取得的一些成果，以及我們如何乘勢而上。

Recall, we launched a new brand identity last August, rooted in comfort and quality to enable the brand to reach a broader audience. The campaign has been positively received by our consumers, customers media and analysts alike, noting that our new look and feel just seems more comfortable, and this is recognized in the advertising industry as well. As we were named by Ad Age as one of the top five rebrands of 2025 and recently by the Shorty Awards, an international award honoring outstanding work across social and digital media as a gold winner under the brand redesign category.

回顧一下，我們於去年 8 月推出全新的品牌識別，以舒適與品質為核心，讓品牌能觸及更廣泛的受眾。該行銷活動獲得消費者、客戶、媒體與分析師一致正面回饋，並指出我們全新的視覺與感受確實更「舒適」；廣告產業也同樣予以肯定。我們被《Ad Age》評選為 2025 年五大品牌重塑之一，並且近期在 Shorty Awards（表彰社群與數位媒體傑出作品的國際獎項）中，於品牌重新設計類別獲得金獎。

I would also note that during the fourth quarter, La-Z-Boy was named to America's Best stores list for 2026 by USA Today. This award is based on independent survey data and underscores our brand relevance and strong in-store execution.

我也要提到，在第四季，La-Z-Boy 獲《USA Today》評選為 2026 年「美國最佳商店」名單之一。此獎項以獨立調查數據為基礎，凸顯我們品牌的相關性以及門市端強勁的執行力。

We are also building momentum in product innovation. This spring at High Point Furniture Market, our introductions included Audiolux and Comfort Essentials. Audiolux is our market-leading premium audio furniture line that leverages La-Z-Boy's in-house consumer-led insights to drive relevant innovation. The product line combines an integrated audio experience partnering with Klipsch and offering the comfort and quality for which La-Z-Boy is known. Look for it in stores this fall.

我們在產品創新方面也正在累積動能。今年春季於 High Point 家具展，我們推出的新品包括 Audiolux 與 Comfort Essentials。Audiolux 是我們市場領先的高端音響家具產品線，運用 La-Z-Boy 內部以消費者為導向的洞察來推動具相關性的創新。該產品線結合與 Klipsch 合作的整合式音訊體驗，並提供 La-Z-Boy 一向以舒適與品質著稱的特點。今年秋季起可在門市見到。

We're also -- we also introduced our Comfort Essentials an opening price point offering within our stationary assortment designed to meet the needs of value-focused consumers. We know that younger shoppers are looking for more accessible options to begin their journey with the La-Z-Boy brand, and we are innovating to meet that need. Through continued investment in brand evolution, retail expansion, digital transformation, innovation, and consumer insights, we are unlocking the powerful La-Z-Boy flywheel.

我們也——我們也推出了 Comfort Essentials，作為我們固定式（stationary）產品組合中的入門價位選項，旨在滿足重視性價比的消費者需求。我們知道年輕族群正在尋找更容易入手的選擇，以開啟他們與 La-Z-Boy 品牌的旅程，因此我們持續創新以滿足此需求。透過持續投資於品牌演進、零售擴張、數位轉型、創新與消費者洞察，我們正在啟動強大的 La-Z-Boy 成長飛輪。

Another core pillar of Century Vision is to optimize the Joybird brand to growth and profitability. Joybird complements our broader core strategy of branded customized upholstery manufactured in North America and has a significant long-term opportunity to grow share. Although Joybird's core consumer has been particularly volatile in the current economic environment, we remain committed to disciplined investments in the business to position the brand for sustainable long-term success.

Century Vision 的另一個核心支柱，是優化 Joybird 品牌以實現成長與獲利。Joybird 與我們更廣泛的核心策略相輔相成：在北美製造的品牌化客製化布藝家具，並具備顯著的長期市占成長機會。儘管在目前的經濟環境下，Joybird 的核心消費族群波動特別大，我們仍致力於以紀律性的投資來布局，讓品牌能達成可持續的長期成功。

We opened three new stores in fiscal '26 and plan to open three to four in fiscal '27. We also recently introduced a Joybird wholesale program with select strategic partners that has been very well received and helps expand Joybird's brand reach. We continue to monitor performance and are taking the appropriate steps to improve growth and profitability, including redesigning our enterprise supply chain to more efficiently support Joybird, as I'll touch on shortly.

我們在 2026 財年新開了三家門市，並計畫在 2027 財年再開三到四家。我們近期也與部分策略性合作夥伴推出 Joybird 批發計畫，市場反應非常良好，並有助於擴大 Joybird 的品牌觸及。我們持續監測營運表現，並採取適當措施以改善成長與獲利能力，包括重新設計我們的企業供應鏈，以更有效率地支援 Joybird；我稍後會再提到。

The final pillar of Century Vision's strategy is strengthening our foundational capabilities and agility across our supply chain technology and people. Our vertically integrated model with approximately 90% of upholstered products manufactured in the US is a differentiated competitive advantage, enablizing personalized furniture delivered to consumers' homes in as little as four to six weeks. And it is vital to our enterprise success and navigating the current geopolitical landscape. We are establishing an even more agile supply chain with our multiyear distribution and home delivery transformation project.

Century Vision 策略的最後一個支柱，是強化我們在供應鏈、科技與人才方面的基礎能力與敏捷性。我們的垂直整合模式中，約 90% 的布藝（upholstered）產品在美國製造，形成差異化的競爭優勢，使我們能提供個人化家具，並在最短四到六週內送達消費者家中。這對我們企業成功以及因應當前地緣政治局勢至關重要。透過多年期的配送與到府交付轉型專案，我們正在建立更具敏捷性的供應鏈。

During the past year, we completed the Western third of this project with our new Arizona centralized hub, and we are well on track with our Midwestern and Eastern phases. As a reminder, this multiyear transformation will improve an already strong consumer experience and help drive stronger wholesale operating margins through operational efficiencies.

在過去一年中，我們已完成該專案的西部三分之一，並啟用亞利桑那州新的集中樞紐；同時，中西部與東部階段也正按計畫推進。提醒一下，這項多年期轉型將在既有強勁的消費者體驗之上再提升，並透過營運效率帶動更佳的批發營業利益率。

During the year, we also made meaningful advances in streamlining our operations and honing our focus on our core business. We finalized our UK supply chain restructuring in April and we completed the final step of our portfolio optimization in casegoods with the sale of the American Drew and Kincade wholesale casegoods businesses in May.

今年我們也在精簡營運、聚焦核心業務方面取得實質進展。我們於 4 月完成英國供應鏈重整，並於 5 月出售 American Drew 與 Kincade 的批發箱式家具（casegoods）業務，完成我們在箱式家具領域投資組合優化的最後一步。

And our strategic and agile adjustment to our supply chain continue as we look forward. We recently initiated projects to stream in our two smallest upholstery plants into our larger US plant network. This will include fully consolidating Joybird manufacturing into our long-standing La-Z-Boy plants during fiscal '27 to more efficiently support this business. We expect both of these small plant transitions to be largely completed by the end of our fiscal year.

展望未來，我們仍將持續對供應鏈進行策略性且敏捷的調整。我們近期啟動專案，將兩座最小的布藝工廠整併至我們更大型的美國工廠網絡中。其中包括在 2027 財年將 Joybird 製造全面整合至我們長期營運的 La-Z-Boy 工廠，以更有效率地支援該業務。我們預期這兩座小型工廠的轉換將在本財政年度結束前大致完成。

Given the ongoing efficiency gains across our supply chain, we have ample capacity within our existing US manufacturing operations to support future growth and view these changes as another key step in our Century Vision goal of building a more agile supply chain and continuing to improve operating margins and adjust to an ever-changing macro environment.

鑑於我們供應鏈持續提升效率，我們現有的美國製造營運具備充足產能以支援未來成長；我們也將這些變革視為達成 Century Vision 目標的另一個關鍵步驟：打造更敏捷的供應鏈、持續改善營業利益率，並因應不斷變化的總體環境。

As we begin fiscal '27, we are focused on controlling the controllables and confident in our ability to drive our own momentum and outperform the market. While the timing of a return to growth for our industry is uncertain, we have discrete leverage to drive growth in our business and strengthen our foundation across our Century Vision pillars. And looking forward, we remain optimistic about an eventual rebound in housing fundamentals and in the furniture and home furnishings industry, which has historically grown at a healthy 3% to 4% growth rate.

在邁入 2027 財年之際，我們專注於掌控可控因素，並對自身推動動能、跑贏市場的能力充滿信心。儘管產業何時重回成長仍不確定，我們在業務上具備明確的槓桿可推動成長，並依循 Century Vision 各支柱強化我們的基礎。展望未來，我們仍對房市基本面最終回升，以及家具與家居用品產業的復甦保持樂觀；該產業歷來維持約 3% 至 4% 的健康成長率。

And now let me turn the call over to Taylor to review our financial results in more detail.

接下來我把電話交給 Taylor，請他更詳細地回顧我們的財務結果。

Thank you, Melinda, and good morning, everyone. As a reminder, we present our results on both a GAAP and adjusted basis. 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 appendix section of our conference call slides.

謝謝你，Melinda，各位早安。提醒一下，我們同時以 GAAP 與調整後（adjusted）基礎呈報業績。我們認為調整後的呈現方式更能反映業務的基本營運趨勢與表現。調整後結果排除特定項目，相關細節已載於我們的新聞稿以及法說會簡報附錄。

On a consolidated basis, fiscal 2026 fourth quarter sales were flat at $570 million versus last year as growth in our retail business was offset by lower delivered volume in our Joybird business. Consolidated GAAP operating income was $41 million and adjusted operating income was $57 million.

以合併基礎計，2026 財年第四季銷售額為 5.70 億美元，與去年持平；其中零售業務成長被 Joybird 業務交付量下降所抵銷。合併 GAAP 營業利益為 4,100 萬美元，調整後營業利益為 5,700 萬美元。

Consolidated GAAP operating margin improved to 7.2% and adjusted operating margin improved to 9.9% versus 9.4% last year, with the change primarily driven by 100 basis points from our casegoods business due to favorable inventory adjustments and pricing leading up to the divestiture partially offset by expense deleverage on lower Joybird delivered sales.

合併 GAAP 營業利益率提升至 7.2%，調整後營業利益率提升至 9.9%，高於去年的 9.4%；變動主要來自箱式家具（casegoods）業務貢獻的 100 個基點，原因是在出售前受惠於有利的存貨調整與定價；但部分被 Joybird 交付銷售下降所造成的費用去槓桿所抵銷。

Note, the benefit from our casegoods business is nonrepeatable given the recently announced sale of the wholesale casegoods business. Diluted earnings per share totaled $0.81 on a GAAP basis and adjusted diluted EPS was $1.26.

請注意，鑑於近期已宣布出售批發箱式家具業務，箱式家具業務帶來的效益不具可重複性。稀釋後每股盈餘（EPS）在 GAAP 基礎下為 0.81 美元，調整後稀釋 EPS 為 1.26 美元。

As I move to the segment discussion, my comments from here will focus on our adjusted reporting, unless specifically stated otherwise. Starting with the retail segment. For the fourth quarter, delivered sales increased 9% to $270 million driven by acquired and new stores and retail adjusted operating margin strengthened to 13.9% versus 13.1%, driven by the positive impact of acquisitions.

當我進入各事業部門的討論時，除非另有特別說明，接下來我的評論將聚焦於我們的調整後報告。先從零售事業部開始。第四季，交付銷售額成長9%至2.70億美元，主要由併購門市與新開門市帶動；零售事業部調整後營業利益率提升至13.9%，高於13.1%，主要受惠於併購帶來的正面影響。

For our wholesale segment, delivery sales increased 2% -- decreased 2% to $393 million versus last year, driven by modest declines across most of the businesses with continued softer industry trends. Adjusted operating margin for the wholesale segment increased to 10.1% in the fourth quarter versus 8.5% last year, driven by 150 basis points improvement in our casegoods business, primarily due to favorable inventory adjustments and pricing leading up to the divestiture.

在批發事業部方面，交付銷售額較去年增加2%——下降2%至3.93億美元，主要因多數業務出現小幅下滑，且產業趨勢持續偏弱。批發事業部第四季調整後營業利益率提升至10.1%，高於去年同期的8.5%，主要受惠於我們箱式家具（casegoods）業務改善150個基點，主要來自有利的存貨調整與在出售前的定價。

For Joybird, reported in Corporate and Other delivered sales were $32 million, down 10% on lower delivered sales volume. Corporate and other adjusted operating loss increased versus the prior year, primarily due to expense deleverage on lower Driver delivered sales. On a GAAP basis, we recorded a $20 million noncash impairment charge to reduce the carrying value of Joybird's goodwill, reflecting near-term impacts of the current macro backdrop, which have disproportionately impacted the Joybird consumer. As noted, we continue to manage prudently and are taking steps to improve Joybird growth and profitability.

Joybird（列於「公司及其他」）的交付銷售額為3,200萬美元，因交付銷售量下降而年減10%。「公司及其他」調整後營業損失較去年擴大，主要因Driver交付銷售較低導致費用槓桿不利。按GAAP基礎，我們認列2,000萬美元非現金減損費用，以降低Joybird商譽的帳面價值，反映當前總體環境在短期內的影響，而該影響對Joybird消費者的衝擊相對更大。如前所述，我們持續審慎管理，並採取措施改善Joybird的成長與獲利能力。

Moving on to our consolidated adjusted gross margin and SG&A performance for fiscal 2026 fourth quarter. Consolidated adjusted gross margin for the entire company increased 230 basis points versus the prior year fourth quarter. The increase in gross margin was primarily driven by the shift in consolidated mix towards our retail segment, which has a higher gross margin rate than our wholesale segment and casegoods, primarily due to favorable inventory adjustments and pricing before the divestiture.

接著說明2026會計年度第四季合併調整後毛利率與SG&A表現。全公司合併調整後毛利率較去年第四季提升230個基點。毛利率提升主要來自合併產品組合轉向毛利率較高的零售事業部（相較於批發事業部與箱式家具casegoods），並主要受惠於在出售前的有利存貨調整與定價。

Adjusted SG&A as a percent of sales for the quarter increased by 180 basis points compared with last year, also due to the shift in consolidated mix towards our retail segment, which carries a higher fixed cost structure relative to wholesale as well as fixed cost deleverage on lower delivered volume in our Joybird business.

本季調整後SG&A占銷售額比率較去年上升180個基點，同樣是因合併組合轉向零售事業部（其固定成本結構相較批發更高），以及Joybird業務交付量下降造成固定成本槓桿不利。

Our effective income tax rate on a GAAP basis for the fiscal year was 25.9% versus 31.4% for the prior year. The decrease in the effective tax rate in fiscal year 2026 compared with the prior year was primarily the result of the favorable tax impact of closing the UK manufacturing business this year versus the unfavorable impact from foreign discrete tax item in last year's rate. We expect a more normalized effective income tax rate looking forward in the range of 26% to 27%.

本會計年度按GAAP基礎的有效所得稅率為25.9%，去年為31.4%。2026會計年度有效稅率較去年下降，主要因今年關閉英國製造業務帶來有利的稅務影響，相較之下去年稅率受到海外一次性稅務項目的不利影響。展望未來，我們預期有效所得稅率將更趨正常化，約落在26%至27%區間。

Turning to liquidity. We ended the year with a strong balance sheet, $303 million in cash and no externally funded debt. We generated a strong $204 million in cash from operating activities, an increase of 9% versus prior year. In fiscal year 2026, we have a strong and disciplined deployment of capital with $248 million reinvested back into the business or returned to shareholders.

接著談流動性。我們在年底維持強健的資產負債表，現金3.03億美元，且無外部融資負債。我們由營運活動產生2.04億美元的強勁現金流，較去年增加9%。在2026會計年度，我們以強健且紀律的方式運用資本，合計2.48億美元再投資於業務或回饋股東。

We paid $86 million for acquisitions, primarily related to the 15-store acquisition of the retail business in the Southeast US and also invested $76 million in capital expenditures during the year, primarily related to investment in new La-Z-Boy stores and remodels, manufacturing-related investments, and spending related to our distribution and home delivery transformation.

我們支付8,600萬美元用於併購，主要與美國東南部零售業務15家門市的併購相關；同時本年度資本支出為7,600萬美元，主要用於新開La-Z-Boy門市與改裝、製造相關投資，以及與我們配送與到府交付轉型相關的支出。

We continue to believe that the best use of our cash and highest return on investment is reinvesting back into the business. And as such, we remain committed to disciplined investments in new stores and remodels, acquisitions in our distribution and home delivery transformation project to profitably grow our core business.

我們仍然相信，現金的最佳用途與最高投資報酬是再投資於業務。因此，我們將持續承諾以紀律方式投資於新店與改裝、併購，以及我們配送與到府交付轉型專案，以獲利性地成長核心業務。

During the fiscal year, we returned $85 million to shareholders through dividends and share repurchases, including $47 million in share repurchases and $38 million in dividends, which was our fifth consecutive year of increasing the quarterly dividend by 10%. In the quarter, we continued more normalized pace of share buybacks of $20 million.

本會計年度，我們透過股利與庫藏股回購向股東回饋8,500萬美元，其中包含4,700萬美元的股票回購與3,800萬美元的股利；這也是我們連續第五年將季度股利提高10%。本季，我們持續以較正常化的節奏進行股票回購，金額為2,000萬美元。

In April, reflecting continued confidence in the company's ability to sustainably grow the business, the Board of Directors approved a new share repurchase program of $300 million, replacing the prior program. This represents approximately 20% of shares outstanding and underscores our commitment to maximize shareholder value and deliver returns to our shareholders. The company expects normalized share repurchases looking forward, subject to market conditions and business performance.

4月，基於對公司具備可持續成長能力的持續信心，董事會核准新的3.00億美元股票回購計畫，以取代先前的計畫。此金額約相當於流通在外股數的20%，凸顯我們致力於最大化股東價值並為股東帶來報酬。公司預期未來將以正常化的節奏進行股票回購，惟仍視市場狀況與營運表現而定。

We continue to view share repurchases in our dividend as an attractive use of our cash and positive return to shareholders. Over the last five years, we have returned over $430 million to shareholders through dividends and share repurchases. While capital allocation in fiscal year 2026 was tilted more towards the business, looking forward, our capital allocation target remains consistent, during invest 50% of operating cash flow back to the business and return 50% to shareholders and share repurchases and dividends.

我們仍認為，股票回購與股利是現金運用的具吸引力方式，並能為股東帶來正向回報。過去五年，我們透過股利與股票回購已向股東回饋超過4.30億美元。雖然2026會計年度的資本配置較偏向投入業務，但展望未來，我們的資本配置目標仍維持一致：將營運現金流的50%再投資於業務，並將50%透過股票回購與股利回饋股東。

Before turning the call back to Melinda, let me highlight several important items for fiscal 2027 and our first quarter. For our first quarter, while we continue to have a measured view of the current macro environment, we expect first quarter sales to be in the range of $490 million to $510 million, reflecting organic growth of up to 4%, which excludes acquisitions and divestitures, an adjusted operating margin in the range of 4% to 5.5%. Lastly, as a reminder, our first quarter is generally the lowest sales and margin quarter in the fiscal year due to seasonally lower industry sales in our annual week-long plant shutdown.

在把電話交回給Melinda之前，我先強調幾項2027會計年度與第一季的重要事項。就第一季而言，儘管我們對當前總體環境仍持審慎看法，我們預期第一季銷售額將落在4.90億至5.10億美元區間，反映最高可達4%的有機成長（不含併購與出售），調整後營業利益率預期為4%至5.5%。最後提醒，第一季通常是本會計年度銷售與利潤率最低的季度，原因在於產業銷售的季節性偏低，以及我們每年為期一週的工廠停工。

Also to note, for our fiscal 2027 full year, comparability to prior year will be affected by two items. The full year impact of our exit of the wholesale casegoods business, which was completed last month, and which delivered approximately $60 million in annual sales in fiscal 2026 and the half year impact of our 15 store retail acquisition, which was completed at the end of October last year.

另外需要注意的是，2027會計年度全年與去年相比的可比性將受到兩項因素影響。其一為我們退出批發箱式家具（casegoods）業務的全年影響（該退出已於上月完成），該業務在2026會計年度約貢獻6,000萬美元年銷售額；其二為我們15家門市零售併購案的半年影響（該併購於去年10月底完成）。

We expect to open approximately 10 new La-Z-Boy stores during the coming year, of which the majority will be company-owned, as well as three to four new Joybird stores. We continue to monitor the evolving tariff and trade policy environment and adjust accordingly.

我們預期在未來一年新開約10家La-Z-Boy門市，其中多數將為公司自營；另將新開3至4家Joybird門市。我們將持續關注不斷演變的關稅與貿易政策環境，並據此調整。

We are in the process of applying for refunds for IEEPA tariffs through the standard CDP system and will determine next steps as we monitor our progress. As a reminder, 90% of our upholstery production is based in the US which continues to be a competitive advantage as we are able to deliver customized upholstery with speed to market and limits the impact of tariffs on our business relative to some in our industry.

我們正透過標準CDP系統申請IEEPA關稅退款，並將在監測進度的同時決定後續步驟。提醒一下，我們90%的布藝沙發（upholstery）產能位於美國，這仍是競爭優勢，使我們能以更快速度將客製化布藝產品推向市場，並相較於部分同業，降低關稅對我們業務的影響。

We expect capital expenditures to be in the range of $90 million to $110 million for the year with continued investment in our distribution and home delivery transformation, manufacturing-related investments and investments in our La-Z-Boy retail stores, including new stores and remodels. And lastly, we expect capital allocation to be balanced between investments back into the business and return to shareholders.

我們預期本年度資本支出將落在9,000萬至1.10億美元區間，並將持續投資於配送與到府交付轉型、製造相關投資，以及La-Z-Boy零售門市（包含新店與改裝）。最後，我們預期資本配置將在再投資於業務與回饋股東之間維持平衡。

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

基於以上，我將把電話交回給 Melinda。

Thanks, Taylor. We ended fiscal '26 on a strong note, and we're creating our own momentum and investing for long-term success. We're adapting our business with key strategic initiatives to even better position La-Z-Boy Incorporated for our next 100 years. And while the timing of a strengthening in our industry remains unclear, we are well positioned to continue to gain share now and disproportionately benefit when the industry does resume to a more normalized growth trajectory.

謝謝你，Taylor。我們以強勁的表現為 26 財年畫下句點，並且正在創造屬於我們自己的動能，投資於長期成功。我們正透過關鍵策略性舉措調整業務，以更好地讓 La-Z-Boy Incorporated 為下一個 100 年做好定位。儘管本產業何時轉強的時點仍不明朗，我們已具備良好條件，能在當下持續提升市占，並在產業回到較為正常化的成長軌跡時，獲得不成比例的受益。

Before I conclude the call, I want to thank the entire La-Z-Boy Incorporated team and our many partners for their hard work and commitment to navigating the current environment, delivering strong results and strengthening for the future. We are focused on continuing to drive value for all of our stakeholders, and I'm excited for the year ahead.

在我結束本次電話會議之前，我想感謝 La-Z-Boy Incorporated 全體團隊以及眾多合作夥伴，感謝大家在因應當前環境、交出強勁成果並為未來強化體質方面的辛勤付出與承諾。我們專注於持續為所有利害關係人創造價值，我也對接下來的一年感到振奮。

And now I'll turn the call back to Mark.

現在我把電話交回給 Mark。

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

謝謝你，Melinda。我們現在開始問答環節。Holly，請說明進入提問佇列的操作指引。

(Operator Instructions) Brad Thomas, KeyBanc Capital Markets.

(接線員指示) Brad Thomas，KeyBanc Capital Markets。

This is Taylor Zick on for Brad. But maybe first, Melinda, you had a pretty good quarter here. You called out the strength in April and then continuing those positive trends here in May. So just kind of curious, first, kind of what you think is kind of helping to drive some of that strength here towards the end of the quarter and into, I guess, fiscal 1Q. I'm curious if you want to comment at all on maybe what you're seeing so far here in June.

我是 Taylor Zick，代 Brad 發言。不過也許先請教一下，Melinda，你們這一季表現相當不錯。你提到 4 月的強勁表現，且 5 月也延續了這些正向趨勢。所以我想先請你談談，你認為是什麼因素在本季末端、以及我想是 1 財季，推動了這股強勢。也想請你評論一下你們目前在 6 月看到的情況。

Sure. Good morning. I would say, overall, I'll step back and say we know that consumer behavior overall remains choppy. There's a lot going on, right, in both continued housing trends as well as just overall consumer sentiment. But everything that we are doing is around driving our own momentum in that environment. And when I look at the strong results in the last couple of months, April into May.

當然。早安。我會說，整體而言，我先退一步看：我們知道消費者行為整體仍然起伏不定。有很多因素在影響，對吧，包括持續的房市趨勢，以及整體消費者信心。但我們所做的一切，都是為了在這樣的環境中推動我們自己的動能。當我回顧過去幾個月、從 4 月到 5 月的強勁成果。

It's around that execution, right? It's around having the right product, the right messaging and then outstanding in-store execution. And speaking to the consumer meeting to them, where they're ready to buy, as we've talked in the past and even in some of our ongoing innovation work. We have to meet some of the consumers that are aspirationally trying to get into the brand and have some sharpened price points, particularly on these big tentpole events.

關鍵在於執行力，對吧？在於擁有正確的產品、正確的訊息傳遞，以及門市端出色的執行。並且如我們過去談到的、甚至在一些持續的創新工作中所提到的，我們必須在消費者準備購買的時點與他們對接。我們也必須觸及部分對品牌抱持憧憬、希望進入品牌的消費者，並在這些大型主題檔期活動上提供更具競爭力的價格帶，特別是在這些重要的「主力檔期」活動上。

And at the same time, we still have a really strong design business and some incredible in-store execution that's driving larger tickets. So it's really it's that flywheel of all those pieces that I think is delivering the results that we've seen recently. As we kind of continue on, we're still early into June as an industry. We know we have some of these bigger tent poles. So our focus is around the July 4 holiday is the next big one coming up. And we're looking to continue that momentum even up against a backdrop that will remain choppy.

同時，我們仍有非常強勁的設計業務，以及一些令人驚豔的門市執行，正帶動更高的客單價。所以我認為，正是所有這些要素共同運轉的飛輪效應，帶來了我們近期看到的成果。展望後續，從產業角度來看，我們在 6 月仍處於早期階段。我們知道接下來還有一些更大的主力檔期。因此我們的重點會放在即將到來的下一個大型檔期——7 月 4 日假期。我們希望在整體環境仍將起伏不定的背景下，持續延續這股動能。

Great. And then maybe if I can squeeze one in for Taylor as well. Your operating margins here for this first quarter kind of came in near 10%, which is significantly above kind of where you had guided for the quarter. So maybe just if you can comment on what you saw that kind of went right during the quarter that really pushed you above that guidance range.

很好。另外如果我也能再問 Taylor 一題。你們這一季的營業利益率接近 10%，明顯高於你們先前對本季的指引。所以想請你談談，本季有哪些因素進展順利，讓你們能夠超出指引區間。

And then as we head into your fiscal first quarter guidance, maybe can you kind of help us kind of understand some of the puts and takes here given the outperformance in fiscal 4Q, how does that help you kind of inform the guide for fiscal 1Q as well?

另外，展望你們對 1 財季的指引，鑑於 4 財季的超預期表現，能否也協助我們理解其中的利多與利空因素？4 財季的優於預期，如何幫助你們形成對 1 財季的指引？

Yes. Thanks, and good morning, Taylor. So let me hit Q4 first. One, incredibly pleased with the strong results for the quarter against and back the strength of our retail business, but written delivered sales as well as margin expansion. But even a solid quarter on wholesale segment with expanded operating margin versus the prior year.

好的。謝謝，Taylor，早安。我先談 4 財季。第一，我們對本季的強勁成果感到非常滿意，這得益於零售業務的強勢表現、已開立並交付的銷售（written and delivered sales），以及毛利率擴張。同時，批發事業部也交出穩健的一季，營業利益率較去年同期擴大。

So we continue to operate with excellence across our enterprise and really drive our momentum, as what a said, so delivering to consumer every day. Obviously, it helps with the results, but also just an everyday cost discipline as well as optimization helps deliver strong margins.

因此我們持續在整個企業範圍內以卓越的方式營運，並真正推動我們的動能，如同剛才所說的——每天都把產品與服務交付給消費者。顯然，這有助於成果表現；此外，日常的成本紀律以及最佳化也有助於帶來強勁的利潤率。

You mentioned over delivery. The big -- the real reason for the over delivery versus our range was the benefit of kind of inventory trends as well as pricing on our casegoods business prior to us completing that sale in May, which I'd mentioned is nonrepeatable, kind of strip that out, we are at the high end of our guidance range for the quarter, which, again, incredibly pleased with especially with where the world is right now.

你提到超出預期。相較於我們指引區間，超出預期的主要原因，是在我們於 5 月完成出售之前，casegoods（箱式家具）業務的庫存趨勢以及定價所帶來的效益；我先前也提過，這是不可重複的。把這部分剔除後，我們其實落在本季指引區間的高端；再次強調，考量目前外部環境，我們對此仍感到非常滿意。

As we pivot into Q1, I think let me level off and then I'll come back down. So as we approach our fiscal year '27, our objective as we go into a year is to grow our organic sales behind our core business and expand our operating margin, again, towards our long-term objectives of the outperform the industry by 2x and to get to double-digit margins over the long term. So that's our objective for the year.

轉向 1 財季，我想先把基準拉平，再往下拆解。當我們邁入 27 財年時，我們年度目標是：在核心業務帶動下提升有機銷售，並擴大營業利益率，朝向我們的長期目標前進——也就是表現要達到產業的 2 倍，以及長期達成雙位數利潤率。這就是我們今年的目標。

As we enter the year, really proud of where our retail business is and their performance, as Melinda mentioned. I think we are seeing some near-term pressure on our wholesale business, largely, as well as Joybird.

在進入新年度之際，我們對零售業務目前的狀態與表現感到非常自豪，如 Melinda 所提到的。我認為我們在批發業務以及 Joybird 方面，正面臨一些短期壓力。

One is demand is still choppy, particularly on the B2B side, although we have plans to mitigate, we think it's short term. But also, as you can see in the news or PPI or other measures, there's -- inflation has ticked up a bit, and we're absorbing some of that in the short term, which is manageable but it's there.

第一，需求仍然起伏不定，特別是在 B2B 端；雖然我們有因應計畫來緩解，我們認為這是短期現象。另外，正如你在新聞、PPI 或其他指標中所看到的——通膨略有回升，我們在短期內正在吸收其中一部分；這是可控的，但確實存在。

And I would just say that's intentional for us is we're really looking to maximize demand over the summer selling periods, but short term. And while we may have waited versus other kind of peers out there, we have taken action to address kind of the inflationary input cost called post Q1.

我也想說，這對我們而言是有意為之：我們希望在夏季銷售檔期最大化需求，雖然短期會有影響。而且，雖然相較於其他同業我們可能採取行動較晚，但我們已採取措施來因應通膨性的投入成本上升，我們稱之為 Q1 之後的措施。

So those are kind of near-term kind of headwinds on the wholesale side, which are -- which will mitigate ongoing as well as the strength of our retail.

因此，這些就是批發端的短期逆風；隨著時間推進將會逐步緩解，同時也有零售端的強勢表現作為支撐。

And then I would say, lastly, Melinda had mentioned, outside of the end of year two of our distribution and home delivery transformation project, we have announced, which I'm proud to continued optimization of our supply chain, where we'll consolidate two of our smallest plants into our broader US network over the course of the year. So that adds some friction cost again, manageable with additional initiatives that we have underway.

最後我想補充，除了我們已宣布、且我也很自豪的配送與到府交付轉型專案第二年的年末收尾之外，Melinda 也提到，我們將持續推動供應鏈最佳化：在今年內把兩座最小的工廠整併至我們更廣泛的美國製造網路中。因此會增加一些摩擦成本，但透過我們正在推進的其他措施，這仍是可控的。

Bobby Griffin, Raymond James.

Bobby Griffin，Raymond James。

Taylor, I wanted to go back to, I guess, some of the margin commentary and kind of better understand the core performance. So if I back out the wholesale dynamics with the inventory and the pricing as you note, I think you guys still come towards the top end of your guidance, which is very healthy, but that would imply some margin pressure, I think, versus last year, call it like EBIT would have been closer to like an 8.8% margin versus the 9.4% last year.

Taylor，我想回到、我想，關於一些毛利率的評論，並更好地理解核心表現。所以如果我把你們提到的批發端庫存與定價等動態因素扣除，我認為你們仍然接近指引區間的上緣，這非常健康，但這會意味著相較去年可能有一些毛利壓力；比如說，EBIT 毛利率可能更接近約 8.8%，而去年是 9.4%。

So that year-over-year pressure, what drove that? Is that the supply chain investments around home delivery optimization or is that deleverage? Or what else could potentially be driving that as I try to look at this quarter on a more normal basis?

所以這個年對年壓力，是什麼造成的？是圍繞到府配送最佳化的供應鏈投資，還是槓桿不足（deleverage）？或者還有什麼可能在推動這件事，因為我想用更正常化的基礎來看這一季？

Yeah. Hey, Bobby, and good morning. Thanks for the question. So one, again, proud of the -- where we came in on your kind of peeling back on the quarter, I would say it's some continuation of what we've been talking for the last three quarters, which is where we have some friction costs with our delivery our distribution and home delivery transformation, but also while proud of sequential improvement in our same-store sales, it's still negative, which does have to leverage impact underneath as well as we've mentioned, kind of results for the driver business, deleverage impacts on the lower delivered quarter.

是的。嗨，Bobby，早安。謝謝你的問題。首先，再次地，對於你把本季因素剝離後我們的表現，我會說我們很自豪；這某種程度上延續了我們過去三季一直在談的內容：我們在配送、配銷以及到府配送轉型上仍有一些摩擦成本；但同時，雖然我們對同店銷售的季對季改善感到自豪，它仍然是負成長，這也會在底層帶來槓桿影響；另外如我們提到的，driver 業務的結果，在本季較低的交付量下也帶來槓桿不足的影響。

So those are really the reasons it's not anything new. It's what we were managing through the year. We've seen incremental improvements across most of them. And again, as we approach this year, our intent is to grow our core business behind sequential improvement turned to positive same-store sales and improve our profitability.

所以這些確實就是原因，沒有什麼新的。這就是我們今年一直在管理與消化的事情。我們在其中大多數面向都看到一些增量改善。而且再次強調，隨著我們進入今年，我們的意圖是推動核心業務成長，讓同店銷售的季對季改善轉為正成長，並提升獲利能力。

Okay. That's helpful. And then, Taylor, yes, the 10-K actually called out some of the distribution costs from the work you guys are doing on the supply chain. I think it was a 70 basis point headwind to gross margin for wholesale.

好的。這很有幫助。另外，Taylor，是的，10-K 其實點出了你們在供應鏈工作上所產生的一些配銷成本。我記得那對批發的毛利率是不利因素，大約 70 個基點。

As you look at fiscal year '27, does that stay the same? Or does that actually now start to decrease as we get further into the project? How does that headwind appear as you continue to work through that multiyear project?

當你們看 2027 財年時，這會維持一樣嗎？還是隨著我們更深入這個專案，它會開始下降？在你們持續推進這個多年期專案的過程中，這個逆風會如何呈現？

So let me back up and just talk where we're at in the entire multiyear project, and I think I'll answer the question. So this is a four-year multiyear transformation of what started with 15 distribution centers that will transition down to 3 centralized hubs, which the benefits are enormous across our enterprise, both consumer as well as internal from profitability as we want to meet consumers with broader delivery radius. Two, it reduces our square footage by 30%; and three, reduces our mileage travel of heavy furniture by 20%, all while having better call it more productive inventory stores.

我先退一步，談談我們整個多年期專案目前的進度，我想我就能回答你的問題。這是一個為期四年的多年期轉型：一開始有 15 個配送中心，將轉型為 3 個集中式樞紐；其效益對我們整個企業都非常巨大，對消費者以及內部獲利皆然，因為我們希望以更廣的配送半徑服務消費者。第二，它將把我們的面積縮減 30%；第三，將重型家具的運輸里程降低 20%，同時也能擁有更好、可以說更具生產力的庫存據點。

So year one, we just completed, very pleased. We completed the Western phase. We're now in year two, which is another similarly big year where we will get close to completion of our Midwest in Eastern hubs. So I would call it year one and year two is roughly equivalent, where we had noted there are some friction costs, which we still intend to grow margin despite of. We're turning more to towards breakeven positive year though with the full benefit of, call it, that 50 to 75 basis points benefit in year four as we complete the project.

第一年我們剛完成，我們非常滿意。我們完成了西部階段。我們現在進入第二年，這同樣是非常重要的一年，我們將接近完成中西部與東部樞紐。所以我會說第一年與第二年大致相當；如我們所提到的，會有一些摩擦成本，但我們仍打算在此之下擴大毛利率。不過，隨著我們完成專案，在第四年可望完整取得約 50 到 75 個基點的效益，因此我們也正更朝向損益兩平以上的年度邁進。

Okay. And I got two more, and I promised one of them is for Melinda. I might just pick on tail, but there's a lot going on --

好的。我還有兩個問題，而且我保證其中一個是問 Melinda 的。我可能會再挑 Taylor 一下，但今天事情很多--

I'm feeling hurt, Bobby (laughter).

我覺得受傷了，Bobby（笑聲）。

But it's encouraging what's taking place and you kind of -- I don't want to call it rebuilding, but you're kind of flexing the organization, but -- so when we stack up that change, the new supply chain optimization that you've called out today, minor, but still consolidating plants, plus the sale of casegoods and the margin benefit there. Understanding this is down the road and there's a lot that can change from the industry but what does all that add up to be on a potential margin lift? And what is the base case for us to kind of grade it against?

但目前發生的事情令人鼓舞，而且你們某種程度上——我不想稱之為重建，但你們是在重新調整、強化組織；不過——當我們把這些變化疊加起來：你們今天提到的新供應鏈最佳化（幅度不大，但仍在整併工廠），再加上 casegoods 的出售以及由此帶來的毛利率效益。我理解這是更長期的事情，而且產業端也可能有很多變化，但這些加總起來，潛在的毛利率提升會是多少？以及我們用來對照評估的基準情境是什麼？

So one, I would say, Bobby, I am as pleased as I've been with the transformation and agility across the enterprise, whether it's the distribution and home delivery, whether it's the continued plant optimization, whether it's just on the portfolio. So I appreciate the words. We've sized some of these, which we intend to realize over the coming years. Others is just in the background as part of the everyday cost improvement, continuous improvement to drive towards our double-digit sustainable margin over the long term.

第一，我會說，Bobby，我對整個企業的轉型與敏捷性之滿意程度，已經是我很久以來最高的，不論是配銷與到府配送，或是持續的工廠最佳化，或是投資組合層面的調整。所以我感謝你的肯定。我們已經量化了其中一些項目，並打算在未來幾年實現。其他則是在背景中，作為日常成本改善、持續改善的一部分，推動我們長期達成可持續的雙位數利潤率。

And we've talked before, like we see our way absent any kind of market normalized market growth to bridging where we've been, it's about halfway to that double digit, where, frankly, the other half, we do need some just general healthy housing fundamentals and industry growth to leverage our fixed cost basis across both our store called store fleet and our supply chain operations. So these two new -- the two new announced today on the smaller upholstery plants will be kind of also what we're working on to bridge that half to our double digit over the long term.

而且我們之前談過：在不假設市場回到正常化成長的情況下，我們看到一條路徑可以把我們從目前的狀態銜接過去，大約能走到雙位數的一半；坦白說，另一半我們確實需要更健康的房市基本面與產業成長，才能在我們的固定成本基礎上形成槓桿效應，涵蓋我們的門市（門市網絡）以及供應鏈營運。所以今天宣布的兩項新措施——針對較小的兩座布藝（upholstery）工廠——也會是我們用來把那一半補齊、長期邁向雙位數的工作之一。

Okay. That's helpful. And then Melinda, just I thought the Joybird comments were interesting with the supply chain in new stores. I mean written sales is still negative, but you guys opened up new stores I think probably implies you're seeing something there.

好的。這很有幫助。然後 Melinda，我覺得你們對 Joybird 的評論很有意思，尤其是供應鏈與新門市。我的意思是，書面銷售（written sales）仍然是負成長，但你們仍開了新店，我想這可能意味著你們在那裡看到了一些東西。

So just curious kind of what you see out of the new stores when you do open it? Is there a list of the DMA? Is that part of the path to help turn the written? Just curious kind of the strategic aspect there.

所以我只是好奇，你們在開新店時，從新店看到的是什麼？是否有一份 DMA（指定市場區域）的名單？那是否是幫助 written 轉正的路徑之一？只是好奇其中的策略面向。

Yes, certainly. I'm glad I finally got a question, Bobby.

是的，當然。我很高興我終於有一個問題了，Bobby。

Sorry. Poor Taylor, I picked on him pretty good here today. My fault, Taylor.

抱歉。可憐的 Taylor，今天我對他挑了不少毛病。我的錯，Taylor。

No. I -- thanks for highlighting Joybird. I mean, stepping back, Joybird fits very well into our portfolio as being a direct-to-consumer brand, vertically integrated fits very well with expanding kind of our offerings as La-Z-Boy incorporated strategically. And Joybird has an outsized consumer awareness already that we're proud of and we see the path to really grow. It's been challenged, certainly, against sort of the current economic backdrop and with a particularly sensitive consumer to all the uncertainty out there.

不會。我——謝謝你特別提到 Joybird。我的意思是，退一步來看，Joybird 作為一個直面消費者（direct-to-consumer）的品牌、且是垂直整合的，與我們的產品組合非常契合，也非常符合 La-Z-Boy Incorporated 在策略上擴大我們產品供給的方向。而且 Joybird 已經擁有相對更高的消費者認知度，我們對此感到自豪，也看到一條真正成長的路徑。當然，在目前的經濟背景下，以及面對對各種不確定性特別敏感的消費者，它一直受到挑戰。

And so we continue to sort of hone that. What we see, though, is that the brand is very strong, that every time we open a store, and because that consumer is so digitally native and that brand started online, we know where to open those stores. And so when we do open a store, they're almost immediately accretive to the overall Joybird portfolio.

因此我們會持續在這方面不斷精進。不過我們看到的是，品牌非常強勁；每次我們開一家門市，而且由於消費者非常數位原生、品牌又是從線上起家，我們知道該在哪裡開這些門市。因此當我們開店時，幾乎立刻就能對整體 Joybird 產品組合帶來增益。

What we need to continue to do though is in this time and at the size is make sure that all of the support behind Joybird is rightsized and structured in an agile way for sort of this choppy consumer environment. So you may remember, Bobby, probably in the middle of the pandemic, we had done some work. We were going to start to fully synthesized Joybird manufacturing into our La-Z-Boy plants.

不過我們接下來需要持續做的是，在這個時間點、以目前的規模，確保 Joybird 背後所有支援都能適度配置，並以敏捷的方式架構，以因應這種起伏不定的消費環境。所以你可能還記得，Bobby，大概在疫情中期，我們做過一些工作。我們原本打算把 Joybird 的製造全面整合到我們的 La-Z-Boy 工廠。

And we actually backed off of that in the middle of just the pandemic and the backlog and everything and decided not to distract all the operations. But this is a sort of retooling and bringing back to life that project, which will give us a new level of agility on being able to support Joybird from behind the scenes, right?

但在疫情期間、積壓訂單以及各種因素之下，我們其實中途退回了那個計畫，決定不要分散營運的注意力。不過這算是把那個專案重新調整並讓它重新啟動，這將使我們在幕後支援 Joybird 的能力上，提升到一個新的敏捷水準，對吧？

And then to the front, we'll continue on that pace of expanding the brand reach of Joybird carefully, right, with the store positioning. And even over the last year, we opened up with some of our best strategic partners across our other brands, opening up just a small wholesale presence so that we can keep expanding that reach at Joybird in a really efficient way to some markets that aren't likely going to make sense for a store at sort of the size and scale of the business today. But we watch it closely because it is definitely an investment phase for us and has continued to be.

然後在前端，我們會持續以這樣的步調，謹慎地擴大 Joybird 的品牌觸及範圍，對吧，透過門市佈點。而且即使在過去一年，我們也與其他品牌的一些最佳策略夥伴合作，開出小規模的批發通路據點，讓我們能以非常有效率的方式，持續把 Joybird 的觸及擴展到一些市場；以目前業務的規模與量體來看，那些市場可能不太適合開設門市。但我們會密切觀察，因為這對我們而言確實處於投資階段，而且一直都是。

Very good. I appreciate all the details. Congrats on the work with inside the organization, the supply chain. I understand it's going to take a little while, but it does look like we're making real progress, and it's shown up. Thank you for taking my questions.

非常好。感謝你提供所有細節。也恭喜你們在組織內部、供應鏈方面的工作。我理解這需要一點時間，但看起來我們確實正在取得實質進展，而且成果也已經反映出來了。謝謝你回答我的問題。

Anthony Lebiedzinski, Sidoti.

Anthony Lebiedzinski，Sidoti。

Really nice to see the strong finish to fiscal '26. Just a quick on Joybird. So you talked about wholesale strategic partnerships. What have you seen thus far? And what do you think is the opportunity there? If you could expand on that.

很高興看到 2026 會計年度強勁收尾。關於 Joybird 我想快速問一下。你提到批發的策略合作夥伴。到目前為止你們看到了什麼？你認為那裡的機會是什麼？如果可以的話請再多談一些。

Yes. It's complementary to our core business. And so what we're looking at is similar to our La-Z-Boy brand we want to make sure that we're only expanding with partners that are going to appreciate and treat the brand for what it is at one of the few true consumer brands, supported by our own marketing and brand support.

是的。這與我們的核心業務是互補的。因此我們在看的方向，類似於我們的 La-Z-Boy 品牌：我們希望確保只與那些會珍視並以其應有方式對待品牌的夥伴擴張；這是少數真正的消費者品牌之一，並由我們自己的行銷與品牌支援所支持。

One of the few true consumer brands manufactured still in our industry. And so we're working with those partners. It's a metered rollout to make sure that we're learning as we go along the way. And as I mentioned in some of my previous comments, it's focused on getting the brand out to some areas that probably don't make sense to support with their own stores.

也是我們產業中仍在製造的少數真正消費者品牌之一。因此我們正與這些夥伴合作。我們採取有節奏的推進，確保一路推進一路學習。如同我在先前的一些評論中提到的，重點是把品牌帶到一些地區；那些地區可能不太適合用自有門市來支撐。

And so we're in a learning phase. But so far, demand has exceeded -- our -- maybe our willingness to expand because we want to make sure that we're learning as we go there. But we're very pleased with what that's done so far and our strategic partners are very pleased with what they've seen as well in bringing some new news into their stores, frankly, as they're offering a variety of brands.

因此我們正處於學習階段。但到目前為止，需求已經超過——我們——也許超過我們願意擴張的速度，因為我們希望確保在那裡一路擴張一路學習。不過我們對目前帶來的成果非常滿意，我們的策略夥伴也同樣對他們所看到的結果非常滿意；坦白說，當他們提供多元品牌時，這也為他們的門市帶來一些新的亮點。

Got it. Yes. And then Taylor, I know you touched on this a little bit, but as far as form costs and transportation costs, can you just comment on that? And are you looking to do any pricing actions to try to offset this? Or how should we think about that?

了解。是的。另外 Taylor，我知道你稍早有稍微提到，但就泡棉成本與運輸成本而言，你能否評論一下？你們是否考慮採取任何定價措施來抵消這些影響？或者我們應該如何看待？

Thanks, Anthony. Yes. So I think first and foremost, there have been some news and supply, particularly in the poly suppliers and issues over the past couple one, I'd say, most importantly, we have no supply risk. We fully meet the demand in front of us, which is positive. We do see, particularly on poly, but also just broader-based inflation, a lot linked to kind of petroleum crude inflationary pressure in the near term, which I had mentioned, I think, in my earlier comments, at least on the quarter one kind of outlook.

謝謝你，Anthony。是的。我想首先，最近確實有一些消息與供給狀況，特別是在聚氨酯（poly）供應商方面，過去一兩個——我會說最重要的是，我們沒有供應風險。我們能完全滿足眼前的需求，這是正面的。我們確實看到，特別是在聚氨酯（poly）上，但也包括更廣泛的通膨，短期內有很多與石油原油的通膨壓力相關；我想我在先前的評論中也提過，至少在第一季展望上。

So we see it. We've intentionally chose to just bear it in quarter one, which is manageable as we're trying to really drive consumer demand, particularly over the summer selling periods. We have taken actions to mitigate ongoing.

所以我們看得到這些壓力。我們刻意選擇在第一季先自行吸收，這是可控的，因為我們正努力推動消費者需求，特別是在夏季銷售檔期。我們也已採取行動來降低後續的影響。

We have announced very nominal pricing across our businesses to largely effective for our kind of quarter two onward to mitigate the pressure.

我們已宣布在各項業務上進行非常小幅的調價，主要自第二季起生效，以緩解這些壓力。

Got you. Okay. Lastly, as far as timing of new store openings for both La-Z-Boy and Joybird, will those be kind of evenly spaced out during the year, or will there be any significant variation quarter to quarter?

了解。好。最後，關於 La-Z-Boy 與 Joybird 兩者新店開設的時程，會在一年中大致平均分布嗎？還是各季之間會有明顯差異？

No significant variation. Obviously, everything in real estate is subject to permits and timing and weather. Generally speaking, no significant changes versus prior years.

不會有明顯差異。當然，不動產相關的一切都會受到許可、時程與天候影響。一般而言，與往年相比不會有重大變化。

We have reached the end of the question-and-answer session, and I will now turn the call over to Mark for closing remarks.

問答環節到此結束，我現在把電話交給 Mark 作結語。

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

謝謝你，Holly。Melinda、Taylor 和我會在辦公室接聽任何後續來電。謝謝，祝大家有美好的一天。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。