On Thursday, Lovesac (NASDAQ: LOVE) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

在周四，Lovesac（纳斯达克：LOVE）在其财报电话会议中讨论了第一季度的财务结果。完整的文字记录如下。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和文字记录，请访问 https://www.benzinga.com/apis/。

View the webcast at https://viavid.webcasts.com/starthere.jsp?ei=1752935&tp_key=27608a38b5

查看网络直播：https://viavid.webcasts.com/starthere.jsp?ei=1752935tp_key=27608a38b5

Summary

摘要

Lovesac's net sales decreased slightly by 0.1% to $138.2 million for the first quarter, outperforming a declining furniture category.

Lovesac 的净销售额在第一季度略微下降 0.1%，降至 1.382 亿美元，表现优于下滑的家具类别。

The company is committed to evolving from a product-driven entity to a multi-platform lifestyle brand, emphasizing long-lasting, adaptable products.

该公司致力于从以产品为驱动的实体转变为多平台生活方式品牌，强调持久和适应性强的产品。

Future strategic initiatives include expanding product offerings for the living room and launching new products for another room by fiscal 2028.

未来的战略举措包括在 2028 财年之前扩大客厅产品的种类，并为其他房间推出新产品。

Operational highlights include the planned start of domestic manufacturing for sactional seats, expected to reduce costs and improve fulfillment speed.

运营亮点包括计划开始国内制造可拆分座椅，预计将降低成本并提高履行速度。

Despite a challenging macroeconomic environment, Lovesac maintained a strong balance sheet with $57.0 million in cash and no debt.

尽管宏观经济环境充满挑战，Lovesac 仍保持强劲的资产负债表，拥有 5700 万美元现金且没有债务。

Management remains optimistic about long-term growth, focusing on customer relationships, marketing improvements, and supply chain resilience.

管理层对长期增长保持乐观，专注于客户关系、市场营销改进和供应链韧性。

The company is leveraging AI to enhance digital marketing strategies and improve customer engagement.

该公司正在利用人工智能来增强数字营销策略并改善客户参与度。

Guidance for fiscal year 2027 includes net sales of $700 to $740 million and adjusted EBITDA between $35 and $46 million.

2027 财年的指导包括净销售额在 7 亿到 7.4 亿美元之间，调整后的 EBITDA 在 3500 万到 4600 万美元之间。

Full Transcript

完整文字记录

OPERATOR

主持人

Greetings welcome to Lovesac's first quarter fiscal 2027 earnings conference call. At this time, all participants are in listen only mode. The question and answer session will follow the formal presentation. We ask you to please limit yourself to one question and one follow up. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Colton West with investor relations. Thank you. You may begin.

欢迎来到 Lovesac 2027 财年第一季度财报电话会议。此时，所有参与者均处于仅听模式。问答环节将在正式演示后进行。请您限制提问为一个问题和一个后续问题。提醒您，本次会议正在录音。现在我想将会议交给您的主持人，投资者关系部的 Colton West。谢谢。您可以开始。

Colton West (Investor Relations)

Colton West（投资者关系）

Thank you. Good morning everyone. With me on the call today is Shawn Nelson, Chief Executive Officer, Mary Fox, President and Keith Signer, Chief Financial Officer. Before we get started, I would like to remind you that some of the information discussed will include forward looking statements regarding future events and our future financial performance. These include statements about our future expectations, financial projections and our plans and prospects.

谢谢。大家早上好。今天与我一起参加电话会议的有首席执行官 Shawn Nelson，总裁 Mary Fox 和首席财务官 Keith Signer。在我们开始之前，我想提醒您，讨论的某些信息将包括关于未来事件和我们未来财务表现的前瞻性陈述。这些包括关于我们未来预期、财务预测以及我们的计划和前景的陈述。

Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the Company's filings with the SEC, which includes today's press release. You should not rely on our forward looking statements as predictions of future events. All forward looking statements that we make on this call are based on assumptions and beliefs as of today and we undertake no obligation to update them except as required by applicable law.

实际结果可能与这些陈述中所列的内容有重大差异。有关这些风险和不确定性的讨论，您应查看公司向 SEC 提交的文件，其中包括今天的新闻稿。您不应将我们的前瞻性陈述视为未来事件的预测。我们在本次电话会议上所做的所有前瞻性陈述均基于截至今天的假设和信念，除非适用法律要求，否则我们不承担更新的义务。

Our discussion today will include non GAAP financial measures, including EBITDA and adjusted EBITDA. These non GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of the most directly comparable GAAP financial measure to such non GAAP financial measure has been provided as supplemental financial information in our press release. Now I would like to turn the call over to Shawn Nelson, Chief Executive Officer of the Lovesac Company.

今天的讨论将包括非 GAAP 财务指标，包括 EBITDA 和调整后的 EBITDA。这些非 GAAP 指标应与我们的 GAAP 结果一起考虑，而不是替代或孤立于我们的 GAAP 结果。与这些非 GAAP 财务指标最直接可比的 GAAP 财务指标的调节已作为补充财务信息提供在我们的新闻稿中。现在我想将电话交给 Lovesac 公司的首席执行官 Shawn Nelson。

Shawn Nelson (Chief Executive Officer)

Shawn Nelson（首席执行官）

Good morning everyone. Thank you for joining us today. I'll start our conversation by sharing a brief review of our strategic roadmap. Then I'll provide a high level summary of our first quarter fiscal 2027 performance and finally I'll discuss exciting updates on our strategic initiative. Mary Fox, our President, will then take you through our customer acquisition engines, operational initiatives and key growth enablers. Finally, Keith Signer, our CFO, will dive deeper into our financial results and provide additional detail on our outlook for fiscal second quarter and the remainder of fiscal 2027.

大家早上好。感谢您今天的参与。我将开始我们的对话，简要回顾我们的战略路线图。然后，我将提供 2027 财年第一季度业绩的高层次总结，最后我将讨论我们战略举措的令人兴奋的更新。我们的总裁 Mary Fox 将带您了解我们的客户获取引擎、运营举措和关键增长推动因素。最后，首席财务官 Keith Signer 将深入探讨我们的财务结果，并提供关于 2027 财年第二季度及其余时间的展望的更多细节。

Before getting into the core specifics, I want to begin with the broader strategic landscape as I believe the operating environment we find ourselves in today increasingly favors differentiated brands with disciplined execution, structurally advantaged product platforms and enterprises intentionally focused on building long term customer relationships. That is exactly what LoveSac has spent years architecting and operationalizing as I've shared in the past.

在进入核心细节之前，我想先谈谈更广泛的战略环境，因为我相信我们今天所处的运营环境越来越有利于具有差异化品牌、严格执行、结构性优势产品平台以及有意专注于建立长期客户关系的企业。这正是 Lovesac 多年来所构建和运营的目标，正如我过去所分享的那样。

We are evolving from a product driven company into a multi platform, multi room lifestyle brand. A brand we believe will become America's most loved home brand and over time one of its most loved brands. That is what we build our strategy and execution agenda around. We are not trying to compete through endless assortments, seasonal replacement cycles or trend driven merchandising. Instead, we are building long duration product platforms designed to evolve with our customers lives over years and decades.

我们正在从一家以产品为驱动的公司转变为一个多平台、多房间的生活方式品牌。我们相信这个品牌将成为美国最受喜爱的家居品牌，并随着时间的推移成为其最受喜爱的品牌之一。这就是我们围绕其构建战略和执行议程的基础。我们并不是试图通过无尽的产品组合、季节性替换周期或趋势驱动的商品来竞争。相反，我们正在构建长期的产品平台，旨在随着客户的生活在多年和几十年中不断演变。

Products that are built to last and designed to evolve. Design for Life is not simply a tagline for us, it's an engineering principle. It is a product philosophy and increasingly it is becoming a broader emotional framework for how customers connect with the Lovesac brand itself. Context is important here. The world offers static solutions to dynamic problems, but this doesn't work. Why? It's simple. People's lives evolve, Their homes evolve, their families evolve.

我们的产品旨在持久并设计为可演变。‘为生活而设计’ 对我们来说不仅仅是一个标语，它是一种工程原则。这是一种产品哲学，越来越成为客户与 Lovesac 品牌本身建立联系的更广泛情感框架。在这里，背景非常重要。世界为动态问题提供静态解决方案，但这并不起作用。为什么？很简单。人们的生活在演变，他们的家在演变，他们的家庭在演变。

That is exactly what our Design for Life ecosystem is built to do. Over the next four quarters you will see us bring this ethos to market. First through the enhancement of our offerings for the living room and second through our planned launch of a portfolio of distinctive and relevant products for a new room of the home in calendar 2027. Our fiscal 2028 importantly, our unique approach to product philosophy is resonating within a category that remains pressured and highly promotional.

这正是我们的 “为生活而设计” 生态系统所建立的目标。在接下来的四个季度里，您将看到我们将这一理念推向市场。首先是通过提升我们在客厅的产品供应，其次是通过我们计划在 2027 年推出一系列独特且相关的产品，针对家庭中的一个新空间。对于我们的 2028 财年而言，我们独特的产品理念在一个仍然面临压力且高度促销的类别中引起了共鸣。

During the fiscal first quarter once again our teams rose to the challenge, delivering market share growth and with financial results. In line with our guidance, net sales for the quarter decreased approximately 0.2 million or 0.1% versus the prior year period against a furniture category that declined 2.2% and high end furniture which declined by 5% operationally. We also continued see encouraging proof points that the platform model is resonating.

在 2027 财年第一季度，我们的团队再次迎接挑战，实现了市场份额的增长和财务业绩的提升。根据我们的指导，季度净销售额较去年同期下降约 20 万美元，下降幅度为 0.1%，而家具类别下降了 2.2%，高端家具的下降幅度为 5%。我们也继续看到平台模式引起共鸣的令人鼓舞的证据。

We saw significant momentum in our larger configurations showing that the customer is willing to trade up if the value proposition is right. Reclining seat continues to outperform our expectations and attachment rates have remained strong at nearly one out of every three configurations. Getting a recliner Snug, which was still less than a year old, continues to broaden our reach into comfort seating and smaller space living while reinforcing the same principles of comfort, durability, maintainability and flexibility that Lovesac has become known for. 80% of Snug customers are new to Lovesac, proving our thesis that we could expand our customer appeal while minimizing cannibalization. Equally important is that nearly half our Snug sales are through our e commerce channels, showcasing our ability to develop digital first products that can win profitably in those channels. These are not isolated product signals. They are proof points that design for life product platform attachment is real and that our solutions solve real customer pain points in ways that traditional furniture just can't. To that end, we are proud to share that Lovesac moved up two places in Furniture Today's Top 100 Retailers list. We're now the 17th largest furniture retailer in the country, and what's most exciting to me is how that is achieved. With substantial greenfield opportunity ahead of us, our first quarter continued the momentum in building the substantial foundational work around our broader brand evolution strategy. This work helped clarify product hierarchy, merchandising strategy, positioning architecture, customer segmentation, and how it all manifests to the consumer under our here for life marketing evolution, which is rolling out as we speak.

我们在更大配置的产品上看到了显著的势头，显示出客户愿意在价值主张合适的情况下进行升级。可调座椅的表现持续超出我们的预期，配件率保持强劲，接近每三个配置中就有一个。Snug 可调座椅，尽管上市不到一年，仍在不断拓展我们在舒适座椅和小空间生活中的影响力，同时强化了 Lovesac 所知名的舒适性、耐用性、可维护性和灵活性原则。80% 的 Snug 客户是首次接触 Lovesac，证明了我们的理论，即我们可以在最小化自我竞争的同时扩大客户吸引力。同样重要的是，近一半的 Snug 销售来自我们的电子商务渠道，展示了我们开发能够在这些渠道中盈利的数字优先产品的能力。这些并不是孤立的产品信号，而是 “为生活而设计” 产品平台附加值的真实证明，我们的解决方案以传统家具无法做到的方式解决了客户的真实痛点。为此，我们自豪地分享，Lovesac 在《家具今日》杂志的前 100 家零售商名单中上升了两个名次。我们现在是美国第 17 大家具零售商，而对我来说，最令人兴奋的是这是如何实现的。在我们面前有着巨大的新市场机会，我们的第一季度继续在围绕更广泛的品牌演变战略上建立实质性的基础工作。这项工作帮助明确了产品层级、商品策略、定位架构、客户细分，以及这一切如何在我们的 “为生活而在” 市场演变中向消费者展现。

At the same time, we are continuing to invest in a modern marketing engine that will turbocharge our brand consideration and reduce our customer acquisition costs, leading to accelerated demand generation and higher customer ltv. Mary will share more about this in a moment. Because ultimately we believe the future of LoveSac is not just about selling more couches. It is about deepening the relationship our customers have with our brand, winning their loyalty and their love as we prove our ability to evolve in the same way their lives do.

与此同时，我们继续投资于现代营销引擎，以加速我们的品牌认知并降低客户获取成本，从而推动需求生成和提高客户终身价值。玛丽稍后会分享更多信息。因为最终我们相信，Lovesac 的未来不仅仅是销售更多沙发，而是加深客户与我们品牌之间的关系，赢得他们的忠诚和热爱，同时证明我们能够以与他们的生活相同的方式不断演变。

Simultaneously with this brand evolution work, we've made substantial progress on one of our most important structural initiatives, bringing manufacturing onshore to the US While bringing manufacturing closer to the customer has long been an aspiration for lovesac, the realities of the uncertain tariff landscape, freight volatility, and broader geopolitical uncertainty only reinforced the importance of building a more regionalized, resilient and flexible sourcing model.

与品牌演变工作同时进行的是，我们在最重要的结构性举措之一上取得了实质性进展，即将制造业带回美国。虽然将制造业更靠近客户一直是 Lovesac 的愿望，但不确定的关税环境、运输波动和更广泛的地缘政治不确定性进一步强化了建立更区域化、韧性和灵活的采购模式的重要性。

But it's not economically attractive to simply make the exact same product in the same basic way just in the US and that's where loveseq has a differentiated advantage. Our high volume core SKU architecture enables levels of automation and manufacturing efficiency that are difficult for traditional furniture players to replicate at scale. Even with that foundation, we've redesigned these products from the ground up to optimize automation, improve manufacturability, enhance comfort and functionality, and refresh portions of our intellectual property portfolio, all while maintaining reverse compatibility across every Sactional ever sold.

但仅仅在美国以相同的基本方式制造完全相同的产品在经济上并不具吸引力，而这正是 Lovesac 的差异化优势所在。我们的高容量核心 SKU 架构使得自动化和制造效率达到传统家具企业难以大规模复制的水平。即使在这一基础上，我们也从头开始重新设计这些产品，以优化自动化、改善可制造性、增强舒适性和功能性，并更新我们知识产权组合的部分内容，同时保持所有已售 Sactional 的反向兼容性。

We remain on track to begin domestic manufacturing of Sactional seats this summer. Over time, we expect this initiative to help reduce cost volatility, improve fulfillment speed, reduce dependency on long international freight cycles, and strengthen our ability to deliver the fast customer experiences we are known for. I believe LoveSac enters the remainder of fiscal 2027 from a position of increasing strategic clarity and strength. We know who we are, we know how we're differentiated and we know where the opportunities are.

我们仍然按计划在今年夏天开始国内生产 Sactional 座椅。随着时间的推移，我们预计这一举措将有助于降低成本波动、提高履约速度、减少对长途国际运输周期的依赖，并增强我们提供快速客户体验的能力。我相信 Lovesac 在 2027 财年的剩余时间里将以日益清晰和强大的战略地位进入。我们知道我们是谁，我们知道我们的差异化之处，以及我们知道机会在哪里。

We entered fiscal 2027 having proven three important things. First, the Lovesac brand is vibrant and the love for design for life products is real. Second, that our customer acquisition engine compounds over time as our design for Life platforms expand and third, that the foundational work completed over the last several years from the modernization of our marketing engine to our best in class website and showrooms network to supply chain diversification and onshoring initiatives, give us increasing flexibility to navigate a highly dynamic environment while continuing to build for the long term.

我们在 2027 财年开始时证明了三件重要的事情。首先，Lovesac 品牌充满活力，对 “为生活而设计” 产品的热爱是真实的。第二，我们的客户获取引擎随着 “为生活而设计” 平台的扩展而逐渐增强。第三，过去几年完成的基础性工作，从现代化我们的营销引擎到我们的最佳网站和展厅网络，再到供应链多样化和制造业回流的举措，使我们在应对高度动态环境时具备了越来越大的灵活性，同时继续为长期发展奠定基础。

The macro will be where the macro will be, so our focus remains on building a brand and business that can continue to gain meaningful market share, expanding categories from the mailbox to the backyard fence, and strengthening long term customer relationships irrespective of short term market conditions. We are pleased to be in such a position of strength, a strong balance sheet with solid cash position and no debt, lower and well positioned inventory, a clear strategic roadmap and a world class team executing it.

宏观经济将会是宏观经济，因此我们的重点仍然是建立一个能够持续获得有意义市场份额的品牌和业务，从邮箱到后院围栏扩展类别，并在短期市场条件下加强长期客户关系。我们很高兴处于如此强大的地位，拥有强劲的资产负债表、稳健的现金状况和无债务、库存低且定位良好、清晰的战略路线图以及执行这一切的世界级团队。

A lot of the work we're doing here in product and marketing and supply chain will start to culminate towards the end of this year, giving us tremendous confidence in the plan and what it will enable ongoing. And finally, I want to sincerely thank our teams, associates, partners, shareholders and the entire hashtag LoveSacFamily for their continued dedication, creativity, resilience and passion as we continue building what we believe can become the most loved home brand in America.

我们在产品、市场营销和供应链方面所做的许多工作将在今年年底开始汇聚，给我们带来了对计划及其持续推动的巨大信心。最后，我想真诚地感谢我们的团队、合作伙伴、股东以及整个#LoveSacFamily，感谢他们的持续奉献、创造力、韧性和热情，帮助我们继续打造我们相信可以成为美国最受喜爱的家居品牌。

With that, I'll turn the call over to Mary.

接下来，我将把电话交给玛丽。

Mary Fox (President)

玛丽·福克斯（总裁）

Thank you Sean. Our first superpower designed for Life product platforms continue to demonstrate their ability to grow more valuable over time as customers maintain them, adapt them and evolve them. That dynamic is what powers our economics and long term value creation. Potential LoveSac turns first time buyers into long term relationships, compounding immediate customer acquisition cost payback with lifetime value expanders through a combination of strong brand unique product and platform innovation and deep customer engagement.

谢谢你，肖恩。我们为生活设计的第一款超级产品平台继续展示出随着客户维护、适应和演变而变得更有价值的能力。这种动态是推动我们经济和长期价值创造的动力。潜在的 LoveSac 将首次购买者转变为长期关系，通过强大的品牌、独特的产品和平台创新以及深度客户参与，复合即时客户获取成本回报与终身价值扩展。

And importantly, it is not theoretical launches like reclining seat not only drive customer demand but activate our installed base, reinforcing the flywheel between innovation, new customer acquisition and durable repeat customer revenue growth. As we expand into new platforms and new rooms, we're confident that our platform model and the customer acquisition engines that activate it will position us to further amplify both customer lifetime value and meaningful profitable growth for years to come.

重要的是，这并不是理论上的发布，像可调座椅不仅推动客户需求，还激活我们的已安装基础，强化创新、新客户获取和持久重复客户收入增长之间的飞轮。随着我们扩展到新的平台和新房间，我们相信我们的平台模型和激活它的客户获取引擎将使我们能够进一步放大客户终身价值和有意义的盈利增长。

Turning to quarter one, we're proud of our teams for navigating the continued uncertainty of the category and macro environment by staying laser focused on our key priorities for fiscal 27 igniting the core and building for scale as we turbocharge our customer acquisition engines to drive profitable growth while preparing to launch into a new room of the home over the next 12 months. While trends have been fairly consistent since the fall, I thought it worth a moment to share some details of what we're seeing within our customer demand.

转向第一季度，我们为我们的团队在应对类别和宏观环境持续不确定性方面感到自豪，他们始终专注于我们 2027 财年的关键优先事项，点燃核心并为规模建设做好准备，同时加速我们的客户获取引擎以推动盈利增长，并准备在未来 12 个月内进入家庭的新房间。尽管自秋季以来趋势相对一致，但我认为值得花一点时间分享我们在客户需求方面所看到的一些细节。

Given record low consumer sentiment, it's not overly surprising that we continue to see some softness in the under 6,000 transactions here. the other end of the spectrum, our premium value enhancers like Love Soft Fill Storage and Reclining Seat have been able to offset that softness and we've experienced mid double digit growth in our over $6,000 transactions for the balance of the year. Our efforts will be concentrated on leaning into this high dollar value transaction growth while improving accessibility and competitiveness in the opening price point options.

鉴于消费者情绪创下历史低点，我们继续看到 6000 以下交易的某种疲软并不令人惊讶。在光谱的另一端，我们的高端价值增强产品，如 Love Soft Fill Storage 和可调座椅，能够抵消这种疲软，我们在 6000 以上的交易中经历了中双位数的增长。我们的努力将集中在推动这一高价值交易增长的同时，提高开盘价选项的可及性和竞争力。

We'll have more to share on this in coming quarters. Let's now focus on our brand and performance marketing engine. Sean referenced the modernization of our playbook, which is not simply rooted in spending differently, but in operating differently as we build towards winning an AI (Artificial Intelligence) driven modern discovery. Quarter one demonstrated our ability to improve media efficiency and optimize advertising and marketing investment and we are seeing signs that the strategy is working.

我们将在接下来的季度中分享更多信息。现在让我们关注我们的品牌和表现营销引擎。肖恩提到了我们剧本的现代化，这不仅仅是根植于不同的支出，而是在我们朝着赢得以人工智能驱动的现代发现的方向上以不同的方式运营。第一季度展示了我们改善媒体效率和优化广告及市场投资的能力，我们看到这一战略正在奏效。

We're strengthening the brand to both drive sales now and build equity over the long term. Our Here for Life creative evolution is live in market, improving both emotional connection and cultural relevance while bringing new and repeat customers into the funnel and converting them. While other furniture brands seek to sell perfection, lovesac is going to show perfect reality. Real homes, real people, real emotion because real life is what we are here for.

我们正在加强品牌，以推动当前销售并在长期内建立品牌价值。我们的 “为生活而在” 创意演变已在市场上推出，改善了情感联系和文化相关性，同时将新客户和回头客引入漏斗并转化他们。其他家具品牌试图销售完美，而 LoveSac 将展示完美的现实。真实的家，真实的人，真实的情感，因为我们在这里就是为了真实的生活。

Here for Life is a full 360 degree campaign with paid owned site, store and resale running from now through July. We continue to be at the epicenter of the cultural zeitgeist by tapping into important demand moments with strong campaign messaging and creative Our Ditch the Situation Ship campaign activated around the February holiday window spanning both Valentine's Day and President's Day and was based on a simple insight Too many people are settling in life, particularly on their couch.

“为生活而在” 是一个全面的 360 度活动，涵盖了付费、拥有的网站、商店和转售，从现在到七月持续进行。我们通过强有力的活动信息和创意，继续处于文化潮流的中心，抓住重要的需求时刻。我们的 “摆脱情感船” 活动在二月的假期窗口激活，跨越情人节和总统日，基于一个简单的洞察：太多人在生活中妥协，尤其是在他们的沙发上。

We tapped into the broader cultural conversation around upgrading what no longer serves you and translated it into a compelling home category message and the Results were strong. 1.2 billion earned impressions and paid search up 33% and it's a great example of the marketing engine we're building, one that strengthens the brand while delivering against our sales targets. We drove meaningful efficiency gains while scaling demand for the quarter. We estimate our Revenues attributed directly to Media grew 13% and we drove double digit return on ad spend improvements through continued repositioning of our marketing model.

我们抓住了关于升级不再服务于你的事物的更广泛文化对话，并将其转化为一个引人注目的家居类别信息，结果非常强劲。12 亿次获得的印象，付费搜索增长 33%，这是我们正在建立的营销引擎的一个很好的例子，它在实现销售目标的同时加强了品牌。我们在扩大需求的同时实现了显著的效率提升。我们估计，直接归因于媒体的收入增长了 13%，并通过持续重新定位我们的营销模型实现了双位数的广告支出回报改善。

That repositioning is a continuation of our migration from linear heavy media to a fully integrated digital first ecosystem powered by social search, influence and creator content. This is not just a channel mix shift, rather it is a structural shift to an integrated acquisition system that enables continuous optimization, better targeting and compounding returns over time. I also want to add that while advertising spend for the quarter was down, it was driven by planned timing of activations and we're optimistic that the efficiency gains in quarter one will scale as we invest closer to our historic levels across the balance of the year.

这种重新定位是我们从线性重媒体向完全整合的数字优先生态系统迁移的延续，该生态系统由社交搜索、影响者和创作者内容驱动。这不仅仅是渠道组合的变化，而是向一个集成获取系统的结构性转变，使得持续优化、更好的定位和复合回报成为可能。我还想补充一点，尽管本季度的广告支出有所下降，但这是由于计划的激活时机所致，我们对第一季度的效率提升在未来将随着我们在全年内接近历史水平的投资而扩大持乐观态度。

Finally, we're building a competitive advantage in modern discovery. In quarter one we invested in AI (Artificial Intelligence) readable content, structured data and creator ecosystems to drive agentic engine optimization. This is just the beginning with much more to come. Second is our digital configurations and how we bring LoveSac to life online. Our digital transformation continues to bear fruit as we create a more intuitive customer experience and optimize discoverability and quarter one demonstrated continued improvement.

最后，我们正在现代发现中建立竞争优势。在第一季度，我们投资于可由人工智能（AI）读取的内容、结构化数据和创作者生态系统，以推动代理引擎优化。这只是一个开始，未来还有更多。第二是我们的数字配置以及我们如何在线上让 LoveSac 焕发生机。我们的数字转型继续结出硕果，创造出更直观的客户体验，并优化可发现性，第一季度展示了持续的改善。

E commerce sales for the quarter increased 7.1% year over year supported by growth in traffic and higher average order values enabling us to increase our E. Com penetration by 170 basis points versus last year. As Sean mentioned, Snug continues to illustrate that a digital first platform with simplified value proposition and streamlined assortment can win on lovesac.com in parallel to our more complex platforms that skew towards showroom demonstrations.

本季度电子商务销售同比增长 7.1%，得益于流量增长和更高的平均订单价值，使我们能够将电子商务渗透率提高 170 个基点。正如肖恩提到的，Snug 继续证明，数字优先的平台，简化的价值主张和精简的产品组合能够在 lovesac.com 上获胜，与我们更复杂的平台并行，这些平台更倾向于展示厅演示。

Most importantly, we continue to see record levels of web customer satisfaction reinforcing our confidence that our investments are enhancing the customer experience and unlocking demand. Third is our showroom network and it continues to serve as a high impact brand assets that amplify our design for life platforms and anchor our omnichannel advantage. As we scale to 281 locations by the end of quarter one. This fleet continues to deliver compelling returns with one year net cash paybacks and limited cannibalization across markets.

最重要的是，我们继续看到创纪录的网络客户满意度，增强了我们对投资提升客户体验和释放需求的信心。第三是我们的展示厅网络，它继续作为高影响力的品牌资产，放大我们的设计生活平台，并巩固我们的全渠道优势。到第一季度末，我们的展示厅数量扩大到 281 个。这个网络继续带来可观的回报，净现金回收期为一年，并且市场间的互相侵蚀有限。

Showroom net sales increased 0.5% during the quarter despite increasing traffic pressure across the broader category. Importantly, while traffic was pressured, conversion increased year over year and our quote pipeline increased approximately 12%. As I've shared before, we enhanced our performance based compensation program for the field team starting back in quarter four and we see this enabling our growth. And then finally, our partnership model extends our customer acquisition engine beyond our own channels and demonstrates the scalability and efficiency of our model without ceding control of the customer relationship.

尽管整个类别的流量压力增加，本季度展示厅净销售额仍增长 0.5%。重要的是，尽管流量受到压力，转化率同比增长，我们的报价管道增加了约 12%。正如我之前分享的，我们从第四季度开始增强了现场团队的绩效基础薪酬计划，我们看到这促进了我们的增长。最后，我们的合作伙伴模式将客户获取引擎扩展到我们自己的渠道之外，展示了我们的模式的可扩展性和效率，同时不放弃对客户关系的控制。

While quarter one performance was impacted by lower Costco pop up shop counts and some promotional timing, we're well underway optimizing this engine. Recent tests focus on show segmentation and cadencing, staffing, model improvements and assortment expansion delivered all encouraging operational trends and margin improvement that gives us the confidence to roll these strategies out further. And of course these customer acquisition engines are merely a means to an end to build long term customer relationships.

尽管第一季度的表现受到 Costco 快闪店数量减少和一些促销时机的影响，但我们正在积极优化这个引擎。最近的测试集中在展示细分、节奏、人员配置、模型改进和产品组合扩展上，所有这些都带来了令人鼓舞的运营趋势和利润改善，使我们有信心进一步推广这些策略。当然，这些客户获取引擎仅仅是建立长期客户关系的手段。

We're laser focused on elevating the experience to match the strengths of our platforms, particularly in fulfilment and the services we provide. Room of choice and Now White glove delivery and assembly pilots continue to perform well and are on track for national expansion this year. Loved by LoveSac our resale platform has built momentum and continues to deliver in line with our expectation and reinforces our circular operations model. Loved by Lovesac, which is now live in 30 states, has seen seven in 10 customers are new to the Lovesac brand, further validating resale as an important entry point to the LoveSac ecosystem.

我们专注于提升体验，以匹配我们平台的优势，特别是在履行和我们提供的服务方面。选择房间和现在的白手套送货和组装试点继续表现良好，并计划在今年进行全国扩展。Loved by LoveSac，我们的二手平台已经积累了势头，并继续按照我们的预期交付，进一步验证了我们的循环运营模式。Loved by Lovesac 现在在 30 个州上线，70% 的客户是首次接触 Lovesac 品牌，进一步验证了二手销售作为进入 LoveSac 生态系统的重要切入点。

Furthermore, we expanded the program with incremental products during quarter one, including the reclining seat and snug pivoting then to our key growth enablers. Our advantage supply chain delivered solid operational performance in quarter one with consistent progress in processing, in transit times and on time delivery metrics. Our ongoing network efficiency gains help deliver better customer experience consistency and lower cost to serve, which helped offset some of the external cost pressure we saw in the quarter owing to geopolitical uncertainty in oil and freight inputs.

此外，我们在第一季度扩展了该计划，增加了包括可调座椅和 Snug 旋转在内的增量产品。我们的优势供应链在第一季度表现出色，在处理、运输时间和准时交付指标上持续取得进展。我们持续的网络效率提升帮助提供更一致的客户体验和降低服务成本，这有助于抵消我们在本季度因地缘政治不确定性导致的外部成本压力，包括石油和运输成本。

Keith will discuss this in greater detail, but let me take a moment to discuss how we're navigating both this increased cost environment as well as the ever evolving tariff landscape. First, with respect to increased oil prices and the impact on our freight costs, our beneficial cargo partnership includes securing capacity at a contractual rate for that capacity. As such, this provides us with meaningful insulation through times like these where spot market prices spike.

基思将对此进行更详细的讨论，但让我花一点时间谈谈我们如何应对这一增加的成本环境以及不断变化的关税形势。首先，关于油价上涨及其对运输成本的影响，我们的有利货物合作伙伴关系包括以合同价格确保运输能力。因此，这在像这样的时期为我们提供了有意义的保护，避免现货市场价格飙升。

In quarter one, we benefited from strong partnerships that helped mitigate the volatility of the spot market and we will leverage these partnerships year to go. As for domestic shipping, including last mile, we have planned for rates based on the trailing 30 day oil prices and then second on tariffs, our assumptions haven't changed and we're actively mitigating risk through our sourcing, diversification, operational discipline and Fuel for Growth cost savings program.

在第一季度，我们受益于强大的合作伙伴关系，帮助减轻现货市场的波动，我们将在未来一年继续利用这些合作伙伴关系。至于国内运输，包括最后一公里，我们已根据过去 30 天的油价计划了运费；其次，关于关税，我们的假设没有改变，我们正在通过采购多样化、运营纪律和增长燃料节省计划积极降低风险。

Regarding refunds I EAPA tariffs we apply for APA tariff refunds and quarter to date we've received $3.4 million. The amount already received is the only amount that has been contemplated in our guidance due to uncertainty of timing and potential recovery of the remaining balance. Lastly, as Sean shared, we are on track with our onshoring initiative for sactional seats launching later this year with the design enhancements of improved comfort, functionality and ease of assembly, all of which are real value to our customers.

关于退款，即 EAPA 关税，我们申请了 APA 关税退款，截至本季度，我们已收到 340 万美元。已收到的金额是我们指导中唯一考虑的金额，因为剩余余额的时间和潜在回收的不确定性。最后，正如肖恩所分享的，我们的本土化计划正在按计划推进，针对分段座椅将在今年晚些时候推出，设计增强了舒适性、功能性和组装的便利性，所有这些都为我们的客户带来了真正的价值。

In sum, our supply chain is becoming more efficient, more resilient and better positioned and to support our next phase of growth. And with that, I'll turn the call over to Keith.

总之，我们的供应链正在变得更加高效、更具韧性，并且更好地定位以支持我们的下一个增长阶段。接下来，我将把电话交给基思。

Keith Signer (Chief Financial Officer)

基思·西格纳（首席财务官）

Thanks Mary. Let's jump right on into a quick review of first quarter, followed by our outlook for the rest of fiscal 27 as we begin with performance metrics. Please note that all references to the first quarter refer to fiscal 2027 unless otherwise noted. Net sales decreased 0.2 million or 0.1% to $138.2 million in the first quarter compared to the prior year period. Showroom net sales increased 0.6 million, or 0.6% to 97.1 million in the first quarter compared to the prior year period, driven by the net addition of 14 new showrooms.

谢谢玛丽。让我们直接进入第一季度的快速回顾，然后展望 2027 财年的其余部分，首先关注绩效指标。请注意，所有提及第一季度的内容均指 2027 财年，除非另有说明。第一季度净销售额较去年同期减少 20 万美元，下降 0.1%，为 1.382 亿美元。展厅净销售额较去年同期增加 60 万美元，增长 0.6%，达到 9710 万美元，主要得益于新增 14 家展厅。

Internet sales increased 2.4 million, or 7.1% to 35.7 million in the first quarter compared to the prior year period. These were partially offset by a decrease of 1.0% in omnichannel comparable net sales. Other net sales, which include pop up shop sales, shop in shop sales, open box inventory transactions, and the Love Buy LoveSack program, decreased 3.1 million, or 36.3% to 5.5 million in the first quarter compared to the prior year period. The decrease was primarily attributable to the closure of the company's Best Buy shop and shop locations as a result of the discontinuation of its partnership with Best Buy by product category in the first quarter, our sactional net sales decreased 1.4%, Saks net sales decreased 22.5% and our other net sales, which includes our new Snug platform, decorative pillows, blankets and accessories, increased 228.1% over the prior year. Gross margin decreased 160 basis points to 52.1% of net sales in the first quarter of fiscal 27 versus 53.7% in the prior year period, primarily driven by increases of 380 basis points in inbound transportation and tariff costs and 110 basis points in outbound transportation and warehousing costs, partially offset by an increase of 330 basis points in product margin driven by price increases and cost reduction initiatives, partially offset by higher promotional discounting. SGA expense as a percent of net sales was 49.6% in the first quarter of fiscal 27 versus 48.5 in the prior year period. The increased percentage is primarily related to higher payroll and other overhead costs. The increase in selling, general and administrative expense dollars was primarily related to increases of 1.0 million in payroll associated with higher incentive compensation and 0.5 million in other overhead costs.

互联网销售额较去年同期增加 240 万美元，增长 7.1%，达到 3570 万美元。这部分增幅部分被全渠道可比净销售额下降 1.0% 所抵消。其他净销售额，包括快闪店销售、店中店销售、开箱库存交易和 Love Buy LoveSack 项目，较去年同期减少 310 万美元，下降 36.3%，为 550 万美元。减少主要是由于公司与百思买在产品类别上的合作终止，导致百思买店中店位置的关闭。我们的分区净销售额下降 1.4%，Saks 净销售额下降 22.5%，而我们的其他净销售额，包括新的 Snug 平台、装饰性枕头、毛毯和配件，较去年增长 228.1%。第一季度毛利率较去年同期下降 160 个基点，降至净销售额的 52.1%，主要是由于入境运输和关税成本增加 380 个基点，出境运输和仓储成本增加 110 个基点，部分被产品毛利率增加 330 个基点所抵消，后者是由于价格上涨和成本削减措施，但也受到更高促销折扣的影响。销售、一般和行政费用占净销售额的比例在 2027 财年第一季度为 49.6%，而去年同期为 48.5%。这一比例的增加主要与更高的工资和其他间接费用有关。销售、一般和行政费用的增加主要与激励补偿相关的工资增加 100 万美元和其他间接费用增加 50 万美元有关。

Rent increased by 0.3 million related to 0.4 million increase in rent expense from our net addition of 14 showrooms, partially offset by a 0.1 million reduction in percentage rent. Advertising and marketing expenses decreased 2.0 million or 10.7% to 16.6 million for the first quarter compared to the prior year period. Advertising and Marketing expenses were 12.0% of net sales in the first quarter as compared to 13.4% of net sales in the prior year period.

租金增加 30 万美元，主要与新增 14 家展厅的 40 万美元租金支出增加有关，部分被 10 万美元的百分比租金减少所抵消。广告和营销费用较去年同期减少 200 万美元，下降 10.7%，为 1660 万美元。第一季度广告和营销费用占净销售额的 12.0%，而去年同期为 13.4%。

Operating loss for the quarter was 17.4 million compared to 15.0 million in the first quarter of last year driven by the factors we just discussed. Before we turn our attention to Net loss, net loss per common share and adjusted EBITDA, please refer to the terminology and reconciliation between each of our adjusted metrics and their most directly comparable GAAP (Generally Accepted Accounting Principles) measurements in our earnings release issued earlier this morning.

本季度的经营亏损为 1740 万美元，而去年同期为 1500 万美元，主要受我们刚刚讨论的因素影响。在我们转向净亏损、每股普通股净亏损和调整后 EBITDA 之前，请参考我们今天早些时候发布的财报中关于每个调整后指标与其最直接可比的 GAAP（公认会计原则）测量之间的术语和调整。

Net loss for the quarter was 11.1 million or negative $0.76 per common share compared to net loss of 10.8 million or negative $0.73 per common share in the prior year period. During the first quarter we recorded an income tax benefit of 5.6 million as compared to 3.8 million in the prior year period. The increase in our effective tax rate was primarily driven by the impact of permanent differences associated with employee benefit and equity programs.

本季度净亏损为 1110 万美元，每股普通股净亏损为负 0.76 美元，而去年同期净亏损为 1080 万美元，每股普通股净亏损为负 0.73 美元。在第一季度，我们记录了 560 万美元的所得税收益，而去年同期为 380 万美元。我们有效税率的上升主要是由于与员工福利和股权计划相关的永久性差异的影响。

Adjusted EBITDA loss for the quarter was 10.5 million as compared to 8.4 million in the prior year period. Turning to our balance sheet, we ended the first quarter with a healthy balance sheet that provides substantial flexibility for lovesac to invest in growth to enhance long term value creation for shareholders. We reported $57.0 million in cash and cash equivalents while retaining $35 million in committed availability and no borrowings on our recently amended credit facility.

本季度调整后 EBITDA 亏损为 1050 万美元，而去年同期为 840 万美元。转向我们的资产负债表，我们在第一季度结束时拥有健康的资产负债表，为 Lovesac 提供了 substantial flexibility，以投资于增长，增强长期价值创造。我们报告现金及现金等价物为 5700 万美元，同时保留 3500 万美元的承诺可用额度，并且在我们最近修订的信贷设施上没有借款。

We feel good about both the quality and quantity of our inventory and our ability to maintain industry leading in stock positions and delivery times. We anticipate modest increases in inventory balance during fiscal 27 versus the prior year to account for product and platform expansion. Second, our strategy is to allocate excess capital opportunistically with a focus on long term value creation and enhancing returns on capital to that end. In the first quarter we repurchased 2.4 million of our common stock outstanding, leaving substantial dry powder available as reflected by approximately 51.7 million remaining under our existing share repurchase authorization. Please refer to our earnings press release for other details on our first quarter financial performance. So now our outlook. I'm sure I sound a little like a broken record, but it's honestly the case that we've seen relatively consistent low single digit category declines continuing. Some weeks improve while others fall short, which seems the reality we're in. From a macroeconomic perspective, we're planning for this to remain the case throughout the remainder of the year while we strive for more.

我们对库存的质量和数量以及维持行业领先的库存水平和交货时间的能力感到满意。我们预计在 2027 财年期间，库存余额将适度增加，以应对产品和平台的扩展。其次，我们的战略是有选择地分配多余资本，专注于长期价值创造和提高资本回报。为此，在第一季度，我们回购了 240 万美元的普通股，留下了 substantial dry powder，现有的股票回购授权下约有 5170 万美元可用。有关我们第一季度财务表现的其他细节，请参考我们的财报新闻稿。现在谈谈我们的展望。我知道我听起来有点像破纪录的唱片，但老实说，我们看到相对一致的低个位数类别下降持续存在。一些周有所改善，而另一些则未能达到预期，这似乎是我们所处的现实。从宏观经济的角度来看，我们计划在今年剩余时间内保持这种情况，同时努力争取更多。

We were pleased to have demand up a couple of percent in the fiscal first quarter and to hold revenues at flattish, both better than the category recall. As we discussed, last quarter revenues for first quarter were slightly behind demand owing to the expansion of our white glove delivery option. Near the end of the quarter, we've seen these orders being scheduled slightly further out than our normal one to two weeks for traditional fast and free delivery, creating a temporary gap.

我们很高兴在 2027 财年第一季度需求上升了几个百分点，并且收入保持平稳，这两者都优于类别回顾。正如我们所讨论的，上一季度第一季度的收入略低于需求，原因是我们白手套送货选项的扩展。在季度末，我们看到这些订单的安排时间略长于我们正常的一到两周的传统快速免费送货，造成了暂时的差距。

We anticipate this dynamic may continue into the fiscal second quarter as we expand the offerings even more broadly, but we see this as a long term positive since the customer feedback has been extremely positive and it opens up sales that wouldn't have occurred had we noticed the service. There are a few other items to note regarding what's included in our fiscal second quarter and full year guidance. First, we've adjusted our plans to reflect our latest outlook for costs related to cogs and logistics as a result of inflation in materials, energy and transportation.

我们预计这种动态可能会持续到财年的第二季度，因为我们将更广泛地扩展产品线，但我们认为这是一个长期的积极因素，因为客户反馈非常积极，这为我们打开了销售机会，如果我们没有注意到这项服务，这些销售将不会发生。关于我们财年第二季度和全年指导中包含的内容，还有一些其他事项需要注意。首先，由于材料、能源和运输的通货膨胀，我们调整了计划，以反映我们对成本（包括销售成本和物流）的最新展望。

Second, we factored the latest backdrop for tariffs for the remainder of the year and aren't speculating as to incremental changes that might arise. Third, as it pertains to tariff refunds, we are including solely those that we've already received and are not including potential future recoveries. Please note that this means the fiscal second quarter and full year include approximately 3.6 million of refunds collected, which benefits gross margins and includes a small amount of interest in our interest and other income line items.

其次，我们考虑了今年剩余时间的关税最新背景，并且不对可能出现的增量变化进行猜测。第三，关于关税退款，我们仅包括已经收到的退款，不包括潜在的未来回收。请注意，这意味着财年第二季度和全年包括大约 360 万美元的已收退款，这有利于毛利率，并在我们的利息和其他收入项目中包含少量利息。

Specifically, for the full year, we estimate net sales of 700 to 740 million. We expect adjusted EBITDA between 35 and 46 million. This includes gross margins of 56 to 57%, advertising and marketing of approximately 12% as a percent of net sales and SGA of approximately 40 to 41% as a percent of net sales. We estimate net income to be between 5 and $12 million. We estimate diluted Income for common share in the range of $0.34 to $0.81 and approximately 14.8 million estimated diluted weighted average shares outstanding.

具体来说，对于全年，我们预计净销售额在 7 亿到 7.4 亿美元之间。我们预计调整后的息税折旧摊销前利润（EBITDA）在 3500 万到 4600 万美元之间。这包括 56% 到 57% 的毛利率，广告和营销费用约占净销售额的 12%，销售、一般和管理费用（SGA）约占净销售额的 40% 到 41%。我们预计净收入在 500 万到 1200 万美元之间。我们预计每股摊薄收益在 0.34 美元到 0.81 美元之间，预计摊薄加权平均流通股约为 1480 万股。

We estimate a full year effective tax rate of 39 to 40% at the midpoint of the range, though this can vary widely depending on where pretax income ultimately ends up across the range. Within our outlook for the second quarter, we estimate net sales of 157 to $166 million, representing modest revenue growth. At the midpoint, we expect adjusted EBITDA between negative 4 million and positive 2 million. This includes gross margins of 57.5 to 58.5%, advertising and marketing of approximately 14.5% as a percent of net sales and SGA of 44.5 to 46.5 as a percent of net sales.

我们预计全年有效税率在 39% 到 40% 之间，处于区间的中点，尽管这可能会根据税前收入最终落在区间的不同位置而有很大变化。在我们对第二季度的展望中，我们预计净销售额在 1.57 亿到 1.66 亿美元之间，代表适度的收入增长。在中点上，我们预计调整后的 EBITDA 在负 400 万到正 200 万美元之间。这包括 57.5% 到 58.5% 的毛利率，广告和营销费用约占净销售额的 14.5%，SGA 约占净销售额的 44.5% 到 46.5%。

We estimate net loss to be 3 million to 7 million. We estimate basic loss per common share to be $0.20 to $0.48 with 14.7 million basic weighted average shares outstanding. In summary, we're balancing prudence and efficiency with our belief it's essential to stay focused on the big picture. That's the massive long term opportunity for tremendous value creation for all Lovesac stakeholders. We're building the Lovesac brand and investing in new product innovation that spans style, function and new categories to support a powerful multi year secular growth outlook with macro upside exposure as icing on the cake.

我们预计净亏损在 300 万到 700 万美元之间。我们预计每股基本亏损在 0.20 美元到 0.48 美元之间，基本加权平均流通股为 1470 万股。总之，我们在审慎和效率之间取得平衡，认为专注于大局至关重要。这是为所有 Lovesac 利益相关者创造巨大价值的长期机会。我们正在建立 Lovesac 品牌，并投资于跨越风格、功能和新类别的新产品创新，以支持强劲的多年持续增长前景，并在宏观经济上有额外的上行空间。

With that, over to you operator.

那么，接下来请您，操作员。

OPERATOR

操作员

Thank you. We'll now be conducting a question and answer session. We ask that you please limit yourself to one question and one follow up. If you'd like to ask a question, please press Star one on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Thank you. And our first question is from the line of Thomas Forte with Maxim Group. Please proceed with your questions. Great, thanks.

谢谢。我们现在将进行问答环节。请您限制自己提问一个问题和一个后续问题。如果您想提问，请在电话键盘上按星号 1，确认音调将指示您的线路在提问队列中。如果您想将问题从队列中移除，可以按星号 2。对于使用扬声器设备的参与者，可能需要在按星号键之前拿起听筒。谢谢。我们的第一个问题来自 Maxim Group 的 Thomas Forte。请继续提问。非常感谢。

Thomas Forte (Equity Analyst)

Thomas Forte（股票分析师）

So Sean, Mary and Keith, thanks for taking my questions. I have one question and one follow up. So Sean, high level Mary used the words AI. So I'm going to blame Mary for giving me the opportunity to ask this question. Can you think about agentic commerce in the category and what LoveSac is doing to capitalize on that opportunity?

所以 Sean、Mary 和 Keith，感谢你们回答我的问题。我有一个问题和一个后续问题。Sean，高层次上，Mary 使用了 AI 这个词。所以我要把这个机会归咎于 Mary。你能否考虑一下代理商业（agentic commerce）这一类别，以及 Lovesac 正在做些什么来利用这个机会？

Mary Fox (President)

Mary Fox（总裁）

Thank you Tom. I appreciate the question. Yeah, I mean, I think obviously Thomas, we have seen a couple of things, you know, a lot more of search that customers are considering as they really think about a very significant purchase is Coming through large language models (LLMs). So the teams have been really working to ensure all of our content is readable. You know, with large language models (LLMs), there's often a lot more words that help kind of describe what people are looking for versus traditional Google search.

谢谢你，Tom。我很感激这个问题。是的，我的意思是，显然 Thomas，我们已经看到了一些事情，你知道，客户在考虑非常重要的购买时，搜索量明显增加，主要是通过大型语言模型（LLMs）进行的。因此，团队一直在努力确保我们所有的内容都是可读的。你知道，使用大型语言模型（LLMs）时，通常会有更多的词汇来帮助描述人们正在寻找的东西，而不是传统的谷歌搜索。

So the team have been doing a lot of work around AI readability and kind of getting all of that structured in place. I think the second piece is then we think about working and piloting, for example, ChatGPT (Chat Generative Pre-trained Transformer) in terms of ads and the ability to be able to click through from that search to take us straight through to our site. And then, as I had shared, because everything is fully connected, is we've done a lot of work about how do we actually improve our site experience.

所以团队在 AI 可读性方面做了很多工作，并将所有这些结构化。我认为第二个方面是，我们考虑到例如在广告中使用和试点 ChatGPT（聊天生成预训练变换器），以及从搜索中直接点击进入我们网站的能力。正如我所分享的，由于一切都是完全连接的，我们在如何改善我们的网站体验方面做了很多工作。

So the searchability becomes a lot less friction and enables them to be able to drive conversion a lot faster. So a lot of progress the team have been doing on the site. I think that's a lot of why the performance in Q1 was so strong. And we're seeing an uptick in terms of, you know, our share of voice on LLM. So, you know, more to come. It's just really kind of started, Tom, but we see a lot of opportunity here.

因此，搜索的便利性大大减少了摩擦，使他们能够更快地推动转化。团队在网站上取得了很多进展。我认为这就是第一季度表现如此强劲的原因之一。我们在大型语言模型（LLM）上的声音份额也在上升。所以，更多的机会还在后面。Tom，这只是刚刚开始，但我们看到这里有很多机会。

Thomas Forte (Equity Analyst)

Thomas Forte（股票分析师）

Thank you, Mary. That was a great answer that I appreciate very much. All right, so here I'm a little confused. So when I think about Love by Lovesac and I think about performance in the quarter where you had the strength in assortments priced at 6,000 and higher, and I think about the potential for your recommerce effort with Love by LoveSac to give you countercyclicality. So how are consumers using Love by LoveSac? Are they using it as a way to engage with the brand and save money?

谢谢你，Mary。这个回答非常好，我非常感激。那么，我有点困惑。当我想到 Lovesac 的 Love by Lovesac 时，我想到你们在季度中表现强劲的价格在 6000 美元及以上的产品组合，以及你们的再商业化努力（recommerce effort）可能带来的逆周期性。那么，消费者是如何使用 Love by Lovesac 的？他们是将其作为与品牌互动和节省开支的一种方式吗？

Are they help me understand how Love by Lovesack, you did a great job of explaining the more than 6k and the less than 6k, but I'm confused in the Love by Lovesac part.

他们能帮我理解 Love by Lovesack 吗？你在解释超过 6k 和少于 6k 的部分时做得很好，但我对 Love by Lovesac 的部分感到困惑。

Mary Fox (President)

玛丽·福克斯（总裁）

Yeah, no, it's a great question, Tom. And obviously, you know, having studied us for so long, Love by Lovesac really just started rolling out this year. So we're in 30 states. We really haven't switched on marketing to tell people a lot more about it because we've been really still working through making sure the processes from searchability on Love by Love, sacrificing through to the transaction and shipping out and so forth. You know that you can really have a lot more volume.

是的，没错，这是个好问题，汤姆。显然，你知道，经过这么长时间的研究，Love by Lovesac 今年才开始推出。所以我们在 30 个州。我们实际上还没有开启营销来告诉人们更多关于它的信息，因为我们仍在努力确保从 Love by Love 的可搜索性到交易和发货等流程的顺利进行。你知道，你可以有更多的交易量。

So I think that's partly on us that we want to make sure we can sustain a great experience and then build it out and, you know, and I Think as people learn more and more about it then to your point, there's an opportunity and as I indicated earlier, we see a lot of opportunity. There's a lot of work the teams are doing about how to tap into that lower size transactions. So you're spot on. That's an opportunity. So expect to see more from us as that builds out.

所以我认为这部分是我们的责任，我们希望确保能够维持良好的体验，然后再进行扩展。你知道，随着人们对它了解得越来越多，正如你所说，这里有机会，正如我之前提到的，我们看到很多机会。团队正在努力研究如何利用那些较小的交易规模。所以你说得对。这是一个机会。期待我们在这方面的更多进展。

Thomas Forte (Equity Analyst)

托马斯·福特（股票分析师）

Thank you, Mary. Thank you, Tom.

谢谢你，玛丽。谢谢你，汤姆。

OPERATOR

操作员

Our next questions are from the line of Brian Nagel with Oppenheimer. Please receive your question.

接下来的问题来自 Oppenheimer 的布莱恩·纳戈尔。请提出你的问题。

Brian Nagel

布莱恩·纳戈尔

Good morning. Thanks for taking my questions. So the first question I want to ask been more near term, but you have a lot of moving pieces here with sales and we talked a lot about the choppy macro backdrop. But if you look at the Q1 results, is it fair to assume that the business was slower, there was a slowing from what we saw, let's just say the second half of last fiscal year.

早上好。感谢你们回答我的问题。首先我想问的是更短期的事情，但你们在销售方面有很多变动因素，我们谈到了动荡的宏观背景。但如果你看看第一季度的结果，是否可以合理地假设业务有所放缓，较我们看到的上一个财政年度下半年的情况有所减弱？

Keith Signer (Chief Financial Officer)

基思·西格纳（首席财务官）

Hey Brian. Yeah, Keith. You take it? Yep. If you want to jump in. It's a little bit of a difficult question to answer. I think, you know, a number of factors are at play. I think to start with what those moving pieces are, you know, the macro uncertainty within sort of that like let's call it the upper middle class that we've talked about was, was definitely clear to us. And you know, and when we talk about seeing strength above 6,000, I mean it gets even stronger when you get above 8,000, get above 10,000.

嘿，布莱恩。是的，基思。你来回答吗？如果你想插入一下。这是一个有点难以回答的问题。我认为，有许多因素在起作用。我认为，首先要了解这些变动因素是什么，你知道，宏观不确定性在我们所说的中上层阶级中是显而易见的。当我们谈到看到超过 6,000 的强劲表现时，超过 8,000 和 10,000 的表现会更强。

And you know, I think what we're seeing there is the very high end is doing very well. Right. I think that what we started to do during this quarter was to introduce new strategies to increase attractiveness of opening price points to try to rekindle some of that transaction growth below 6,000. You saw us running some promotions around our Rain Chenille fabric, which is a fantastic fabric. We liked what we saw from that. You're going to see more expansions of that coming not only in 2Q but as we get into 3Q.

你知道，我认为我们在这个季度开始引入新策略，以提高开盘价的吸引力，试图重新点燃 6,000 以下的交易增长。你看到我们围绕我们的 Rain Chenille 面料进行了一些促销，这是一种很棒的面料。我们对看到的结果感到满意。你将在第二季度以及进入第三季度时看到更多的扩展。

And I think what you're seeing is hopefully going to be improvement in that trend as well. So Mary mentioned that in her comments. You're going to see a lot more coming on that as we try to really bifurcate our marketing and promotional approaches to maintain strength at the high end where the demand is strong, but increase the opening price point attractiveness. We did have some shifts in timing in relation to our spend as we're experimenting with a few new of these initiatives as Mary talked about.

我认为你看到的趋势也希望会有所改善。所以玛丽在她的评论中提到过这一点。你将看到更多的进展，因为我们试图真正区分我们的营销和促销策略，以维持高端的强劲需求，同时提高开盘价的吸引力。我们在支出方面确实有一些时机的变化，因为我们正在尝试一些新的举措，正如玛丽所提到的。

So we did have a lighter spend in Q1 than the run rate. That spend should step back to more Normal rates for the full year. That's part of this as well. And we're about to have a whole bunch of new product news, so nothing surprising. And even to go back to, like where we gave guidance for the quarter, we came in at the high end of the range from what we had originally provided. So I think generally speaking, giving all of the moving pieces, because you're right, there are a lot of moving pieces.

所以我们在第一季度的支出比正常水平要少。这部分也是如此。我们预计全年支出将恢复到更正常的水平。我们即将有一系列新的产品消息，所以没有什么令人惊讶的。甚至回到我们为本季度提供的指导，我们的结果达到了我们最初提供的范围的高端。因此，我认为一般来说，考虑到所有的变动因素，因为你说得对，确实有很多变动因素。

I think the quarter ended up in a good spot for us and that sets us up for, hopefully, momentum in the second half.

我认为这一季度对我们来说结束得很好，这为我们下半年的势头奠定了基础。

Mary Fox (President)

玛丽·福克斯（总裁）

And, Brian, maybe if I can just add one other point to what Keith shared. So, you know, Keith had talked earlier, you know, our demand outpace net sales because we are building out our paid services. So if you actually look at the demand growth relative to the revenue growth in Q4, it's pretty much in line, but obviously with a bit of a lag as customers are selecting their delivery and installation dates, then you are seeing that bit of a difference in the delta of demand and revenue.

布莱恩，也许我可以补充一下基思分享的另一点。你知道，基思之前提到过，我们的需求超出了净销售额，因为我们正在扩展我们的付费服务。所以如果你实际上查看第四季度的需求增长与收入增长的关系，它基本上是相符的，但显然有一些滞后，因为客户在选择他们的交付和安装日期时，你会看到需求和收入之间的差异。

Brian Nagel

布莱恩·纳戈尔

No, that's helpful. I appreciate all that. Then the second question I want to ask is on tariff refunds. So we're starting to hear, I guess, more of this throughout the consumer sector, broadly. So you've started to receive these refunds. So I guess the questions I want to ask is, is there any insight into how much more you could receive and the timing of that and then probably more importantly, how should we think about the ways in which LoveSac plans to utilize these refunds?

这很有帮助。我很感激这一切。然后我想问的第二个问题是关于关税退款的。所以我们开始在整个消费行业听到更多关于这个的消息。所以你们开始收到这些退款。我想问的问题是，是否有关于你们可能收到多少以及时间安排的见解，然后更重要的是，我们应该如何看待 LoveSac 计划如何利用这些退款？

Keith Signer (Chief Financial Officer)

基思·西格纳（首席财务官）

All right, I'll start, and then I'll hand it over to Mary. So to give you some context, we applied for and were accepted for 20, meaning our refund application was accepted for $20.8 million of total refunds. We received the original 3.4 at the very beginning of the opening of the window. And it's been in pause ever why we're taking this approach. So as it relates to timing for the remainder, we don't know. You know, I think that's why we've taken the approach we have and consider it.

好的，我先开始，然后把话交给玛丽。为了给你一些背景，我们申请并获得了 20，意味着我们的退款申请获得了 2080 万美元的总退款。我们在窗口开放的最初阶段收到了 340 万美元。此后一直处于暂停状态，我们采取了这种方式。因此，关于剩余部分的时间安排，我们不知道。你知道，我认为这就是我们采取这种方式的原因。

You know, we'll include it and report on it as it's received. You know, so fingers crossed that this comes. We would love to have that back. I think, Mary, if you want to talk about some of what our plans are for that, I'll kick it over to you.

你知道，我们会在收到时包含并报告它。你知道，希望这能顺利到来。我们希望能拿回这些。玛丽，如果你想谈谈我们对此的计划，我就把话交给你。

Mary Fox (President)

玛丽·福克斯（总裁）

Yeah, sure. Thank you. So I think, you know, obviously, Brian, we will always plan on what we have in our bank account because there's still a lot of uncertainty around, as Keith said, timing, but also actually receiving the rest of the refunds, the team are actively in the customs portal, so your guess is as good as ours in terms of when it will come in, but some indications that it could be in the next month or so. And then I think in terms of how we would think through in terms of that benefit, should everything come through. You know, we've worked through a number of scenarios to really think in terms of what we would do with that benefit. Some could support profitability, some could be around strategic priorities. And we'll also learn a lot more in terms of how, you know, we would treat this given if there's other considerations.

好的，当然。谢谢你。所以我认为，显然，Brian，我们将始终根据我们银行账户中的资金进行规划，因为正如 Keith 所说，时机仍然存在很多不确定性，但实际上还要收到其余的退款，团队正在积极使用海关门户，所以在何时到账方面，你的猜测和我们的差不多，但有一些迹象表明可能在下个月左右到来。然后我认为在考虑到这一利益时，如果一切都能顺利进行，我们已经考虑了多种情景，真正思考我们将如何利用这一利益。有些可能支持盈利能力，有些可能与战略优先事项相关。我们还将学习到更多关于如何处理这一点的信息，考虑到是否还有其他因素。

So we don't want to count on it yet. But obviously the team has done an amazing job getting in for those applications and receiving them. So we'll share more with you as we get those realized.

所以我们还不想依赖于它。但显然，团队在申请和接收方面做得非常出色。所以当我们实现这些时，会与您分享更多信息。

OPERATOR

运营商

Very helpful, thank you. The next questions are from the line of Maria Rips with canaccord Genuity. Please receive your question.

非常有帮助，谢谢。接下来的问题来自 Canaccord Genuity 的 Maria Rips。请提出您的问题。

Maria Rips (Equity Analyst)

Maria Rips（股票分析师）

Great. Good morning and thanks for taking my questions. Maybe just to follow up on the last question, can you maybe just talk a little bit about any changes in consumer behavior sort of this last quarter? I know you talked about demand below that 6,000 level, but anything incremental you would highlight in terms of maybe configuration mix, financing attached response to promotions. I guess more broadly, has the consumer you're seeing in May and June gotten any better or bearish versus what you saw in February?

很好。早上好，感谢您回答我的问题。也许只是想跟进上一个问题，您能否谈谈在过去一个季度中消费者行为的任何变化？我知道您提到需求低于 6000 的水平，但您是否有任何增量的内容可以强调，比如配置组合、融资附加响应促销。我想更广泛地说，您在 5 月和 6 月看到的消费者情况是否比 2 月有所改善或变得更加悲观？

Mary Fox (President)

Mary Fox（总裁）

Yeah, Maria, thank you for the question. So I mean very much similar to what we have seen and what we've been sharing. So continued acceleration on the larger size transactions and a lot of strong performance there as well as also the value added additions such as recliner LoveSoft and storage seat, just to name a few. So very much that trend is continuing and still seeing that softness in the smaller size transactions. So really nothing new for that.

是的，Maria，谢谢你的提问。所以我认为与我们所看到的和分享的非常相似。大型交易的持续加速，以及在那方面的强劲表现，还有一些增值的附加产品，比如可调节的 LoveSoft 和储物座椅，仅举几例。因此，这一趋势仍在继续，并且在小型交易中仍然看到疲软。所以在这方面没有什么新情况。

I think as we've always shared, you know, customers are more focused on timing so as we start an event it can be a little bit quieter in terms of their conversion and then as the event gets to a close then you get a lot of activity. So you're just seeing definitely that bell curve moving out. I think Keith, you know we look at obviously at things like financing and we're really not seeing an uptick on uses of financing so really not driving there.

我认为，正如我们一直所分享的，客户更加关注时机，因此当我们开始一个活动时，他们的转化可能会稍微安静一些，然后随着活动的结束，活动会变得非常活跃。所以你确实看到这个钟形曲线在延伸。我认为 Keith，你知道我们当然会关注融资等方面，但我们并没有看到融资使用的上升，因此在这方面并没有推动。

So I think you know our job to do as we shared is continue to accelerate on what's working as we see our consumers responding and then also doing some more work in the of key shared on that smaller size transaction. So that's really kind of, Maria, what we are seeing up until now.

所以我认为，正如我们所分享的，我们的工作是继续加速那些有效的方面，因为我们看到消费者的反应，然后在小型交易方面做更多的工作。所以这就是，Maria，到目前为止我们所看到的情况。

Shawn Nelson (Chief Executive Officer)

Shawn Nelson（首席执行官）

Got it. That's very helpful, Mary. And then can you maybe give us a little bit more color on the domestic production that's starting this summer? I guess. How much of your production cost base does that initially cover? What's sort of the realistic time timeline to scale that volume? And then how should we think about sort of the cost differential versus importing, sort of in the rollout phase, but also at scale? Yeah, thanks, Maria. This is Sean responding. We're very excited about onshoring. You know, I think all of us are living on the same planet and observe all of the volatility that, you know, this endeavor can hopefully help us mitigate on top of, of course, the sustainability considerations, on top of cost considerations, which at the outset, our goal is to come in flat. Right. Manufacturing, I'll call it like for like, but I'll come back to that.

明白了。这非常有帮助，Mary。然后您能否给我们更多关于今年夏天开始的国内生产的细节？我想知道这最初覆盖了您生产成本基础的多少？在规模化生产方面，现实的时间表是什么？然后我们应该如何看待在推广阶段以及在规模化时的成本差异？谢谢，Maria。这是 Sean 在回应。我们对本土化生产感到非常兴奋。你知道，我认为我们都生活在同一个星球上，观察到所有的波动，这一努力希望能帮助我们减轻这些波动，当然还有可持续性考虑，以及成本考虑，最初我们的目标是保持平稳。对吧。制造，我称之为同类产品，但我会再回到这一点。

It's not like for like manufacturing. Like for like in the United States versus say Vietnam, Asia is a very difficult proposition. And in fact, it was not achievable on a true like for like basis. Meaning we're not just making the same product out of wood here in the United States. We've taken a whole new design approach to the product. Designing it for manufacturing, designing it for automation. And yes, we're on track to begin that, you know, the early stages of that manufacturing late this summer. And so we're very excited about that. It's going to take like any massive undertaking, it's going to take a period of time to come to scale. And so we, we are not planning any material pickup in margin or even offsets to this supply chain in this fiscal year.

这并不是同类产品的制造。在美国与越南等地的同类产品相比，这是一个非常困难的命题。事实上，在真正的同类产品基础上，这是不可实现的。意味着我们不仅仅是在美国用木材制造相同的产品。我们对产品采取了全新的设计方法。为制造设计，为自动化设计。是的，我们按计划将在今年夏末开始这一制造的早期阶段。所以我们对此非常兴奋。这将像任何大型项目一样，需要一段时间才能达到规模。因此，我们并不计划在本财政年度内实现任何实质性的利润提升，甚至没有对这一供应链的抵消。

And even though we will see product rolling through and selling through in the second half of the year, it's still got a long way to scale. We believe that we'll have the capacity and the opportunity in the future to make the consideration of, for instance, eliminating our overseas manufacturing for those SKUs. And again, I'll remind us that we're talking about in the, in the early stages of this sectional seats. But we're leaving our options open.

即使我们会看到产品在下半年流入并销售，仍然需要很长时间才能达到规模。我们相信未来会有能力和机会考虑，例如，消除我们对这些 SKU 的海外制造。再一次，我提醒大家，我们正在谈论的是这一部分座椅的早期阶段。但我们会保持我们的选择开放。

You know, in a volatile world, optionality is key, redundancy is key, and it's served us well as we've seen manufacturing ebb and flow between the various countries that we operate in in Southeast Asia and in Asia more broadly. So, you know, no specifics other than those basic outline. Those basic outline factors. As we move into this endeavor, we're really excited about it and I think as we look, we've spun up a lot of new manufacturing operations as we've hopped from country to country through all of this volatility. And what we've seen is that there's always opportunity to do better with time as we observe the manufacturing process, work with our partners to trim costs, revise the product, revise supply chains and find ways of making it more efficient.

在一个动荡的世界中，选择性是关键，冗余是关键，随着我们看到制造在我们在东南亚和更广泛的亚洲运营的各个国家之间起伏，这对我们来说是非常有利的。所以，除了这些基本的概述因素之外，没有具体的内容。随着我们进入这一努力，我们对此感到非常兴奋，我认为随着我们在所有这些波动中从一个国家跳到另一个国家，我们启动了许多新的制造操作。我们看到，随着时间的推移，总是有机会做得更好，因为我们观察制造过程，与我们的合作伙伴合作以降低成本，修订产品，修订供应链，并找到更高效的方式。

So we expect the same here. In fact, in this operation, we're more integrally involved, obviously than our typical arrangement with partners overseas. But we will not own the factory, we will not operate the factory. We're not interested in doing that fundamentally as a business. And look, we view so much of this as upside to the business and frankly, another moat around LoveSac. Lastly, I'll just remind us that we're also talking about not just a product that's been redesigned for manufacturing, but what I'd call a better product. It's going to have features and benefits that the current sactional seats do not offer. They're very cool, they're very meaningful. There will be new patents and intellectual property protections associated with that. And we're just super excited about it.

所以我们在这里也期待同样的情况。事实上，在这项操作中，我们显然比与海外合作伙伴的典型安排更深入地参与其中。但我们不会拥有工厂，也不会运营工厂。我们根本不想在这方面作为一项业务进行操作。我们认为这对业务来说是一个巨大的上行空间，坦率地说，这也是 LoveSac 的另一个护城河。最后，我想提醒大家，我们不仅在谈论一个为制造而重新设计的产品，而是我所称之为更好的产品。它将具备当前模块化座椅所不具备的功能和优势。它们非常酷，非常有意义。将会有新的专利和知识产权保护与之相关。我们对此感到非常兴奋。

OPERATOR

运营商

Our next question is from the line of Eric Delerie with Craig Hallam. Please receive your question.

下一个问题来自 Craig Hallam 的 Eric Delerie。请提出您的问题。

Eric Delerie (Equity Analyst)

Eric Delerie（股票分析师）

Great. Thanks for taking my questions and congrats on the continued progress with challenging macro backdrop here. First for me, just a clarifying question around the difference in the behavior that you're seeing in transactions below and above 6,000. So there's basically a natural mix shift going on right now as transactions above 6,000 are growing very robustly. I think you said mid double digit. Is your approach here to deliberately accelerate or deliberately slow that mix change or are you kind of mix agnostic here and you're of course just trying to grow both buckets. Just looking to kind of clarify your approach to this bifurcation that you're seeing.

很好。感谢您回答我的问题，并祝贺在这个具有挑战性的宏观背景下取得的持续进展。首先，我想澄清一下您在 6,000 以下和以上的交易行为差异。实际上，目前正在发生自然的混合转变，因为 6,000 以上的交易正在非常强劲地增长。我想您说过是中双位数。您在这里的做法是故意加速还是故意放慢这种混合变化，还是您对此持中立态度，当然只是想同时增长这两个部分。只是想澄清一下您对这种分化的看法。

Mary Fox (President)

Mary Fox（总裁）

I think, Eric, you know us, we're very competitive and we want to win. So we will be very deliberate in accelerating all opportunities and we see customers really responding. So 100% continue to drive that and accelerate it. But as Keith said earlier, you know, there's a huge opportunity for us as we think through in terms of recapturing some of those customers at the under 6,000 transaction. We see it in quote growth, you know that they're there, but they're just taking longer to be able to convert. So there's more initiatives that are coming this year that we'll share more on the next earnings call that will enable us really to tap into that. So, you know, you can expect us to try and drive both.

我想，Eric，您了解我们，我们非常有竞争力，我们想要胜利。因此，我们会非常有意识地加速所有机会，我们看到客户的反应非常积极。所以我们会继续推动并加速这一点。但正如 Keith 之前所说的，我们认为在 6,000 以下的交易中重新吸引一些客户是一个巨大的机会。我们在报价增长中看到了这一点，您知道他们在那里，但他们只是需要更长的时间才能转化。因此，今年会有更多的举措，我们将在下次财报电话会议上分享更多信息，这将使我们能够真正利用这一点。所以，您可以期待我们努力推动这两个部分。

Eric Delerie (Equity Analyst)

Eric Delerie（股票分析师）

Awesome. That's helpful. And then just in terms of the marketing engine improvements, I mean, it seems like this is really starting to flow through the P and L in the past couple quarters. Could you maybe give us just a couple more examples of like, you know, what you've done already, Whether this is more of like a top of funnel traffic generation focused or more conversion focused, what maybe has yet to make a material impact so far and how, if at all, does this tie into your sort of fabricated approach with these transactions you're seeing? Thank you.

太好了。这很有帮助。然后关于营销引擎的改进，我的意思是，似乎在过去几个季度中，这真的开始在损益表中显现出来。您能否再给我们几个例子，比如您已经做了什么？这是否更多地集中在漏斗顶部的流量生成，还是更侧重于转化？到目前为止，哪些方面尚未产生实质性影响？如果有的话，这与您在这些交易中看到的制造方法有什么关系？谢谢。

Mary Fox (President)

Mary Fox（总裁）

Yeah, great question. Thank you, Eric. So I think as we've shared, the continued pivot for us was around moving to this paid, earned, owned operating model, really driving out the stronger unity and economics that you referenced first. That's around optimizing media mix and moving out of much more of a traditional linear TV digital social. First investment teams have done a great job around building a lot more creator content that helps build the equity in the brand. So I mentioned earlier the Here for Life campaign that really helps build brand equity at the top of the funnel and we're seeing a lot of strength there. We're seeing an uptick in brand health. You know, search dynamics are doing really well.

是的，好的问题。谢谢你，Eric。正如我们所分享的，我们的持续转变是围绕着转向这种付费、赚取和拥有的运营模式，真正推动您首先提到的更强的统一性和经济性。这是围绕优化媒体组合，并从更传统的线性电视数字社交中转变。我们的投资团队在构建更多创作者内容方面做得非常出色，这有助于提升品牌的价值。我之前提到的 Here for Life 活动确实有助于在漏斗顶部建立品牌价值，我们在这方面看到了很多强劲的表现。我们看到品牌健康状况的提升。您知道，搜索动态表现得很好。

But then as we kind of optimize through and down through the funnel, you know, just really being able to be a lot more focused, you know, whether it be thinking about digital, video and social, that helps us drive that conversion through the funnel. So things like YouTube have been really strong for us as the teams are doing test and learn. So I think one of the things that's really good with the new structure we put in at the back end of last year, it's just they're a lot more agile, they're making moves faster and a lot more tools to be able to help us to do that. So it's fair to say continued investment because our brand awareness, there's still a lot of opportunity, still a lot of customers to attract.

但当我们在漏斗中进行优化时，您知道，能够更加专注，无论是考虑数字、视频和社交，这有助于我们推动漏斗中的转化。因此，像 YouTube 这样的渠道对我们来说非常强劲，因为团队正在进行测试和学习。所以我认为，去年底我们所建立的新结构的一个好处就是，他们变得更加灵活，能够更快地做出决策，并拥有更多工具来帮助我们做到这一点。因此，可以说我们会继续投资，因为我们的品牌知名度仍然有很多机会，还有很多客户需要吸引。

So you're going to continue to see us doing that through broader campaigns, but then a lot sharper through the funnel in terms of driving out the conversion, including, you know, to Tom's question earlier, how do we really make sure agentic commerce, you know, is a big frontier for us so, you know, continue to see more of that evolution. That's very helpful. Thank you very much. Thank you, Eric.

所以您将继续看到我们通过更广泛的活动来做到这一点，但在推动转化方面会更加精准，包括，您知道，回应 Tom 之前的问题，我们如何确保代理商业是我们一个重要的前沿，因此，您将继续看到更多这样的演变。这非常有帮助。非常感谢。谢谢你，Eric。

OPERATOR

运营商

Our next question is in the light of Matt Karanda with Roth Capital. Please proceed with your questions.

下一个问题来自 Roth Capital 的 Matt Karanda。请提出您的问题。

Matt Karanda (Equity Analyst)

Matt Karanda（股票分析师）

Hey, guys. Thanks. Just given the higher end strength that you mentioned, wondered if you could maybe just set the table for the larger format product that you expect to introduce later this year. Wanted to hear a little bit, I guess, about updated thinking around timing of the introduction. Anything material that you built into the sales guidance for the year and then how we should be thinking about cannibalization kind of the larger configuration sectionals.

嘿，大家好。谢谢。鉴于您提到的高端产品的强劲表现，我想知道您是否可以为您预计在今年晚些时候推出的大型产品设定一个框架。想听听关于推出时机的更新想法。您是否在销售指导中纳入了任何实质性的内容，然后我们应该如何看待对大型配置模块化产品的替代影响。

Shawn Nelson (Chief Executive Officer)

Shawn Nelson（首席执行官）

Great question, Matt. Thanks. Yeah, we're very excited about the larger format sectional sofa that we're introducing in the latter half of this year. To get right to the question, we do have sales planned in this year for this product, but we have purposely planned very little from expectation perspective. From an inventory buyer perspective. We obviously would love to outperform and see this as a healthy, exciting product launch that will more materially affect next year. But there certainly is an expectation built into this year. I think it's important to zoom out and understand our overall perspective on sectional sofas and on competing in general for more market share. Lovesac is evolving very rapidly right now.

好问题，Matt。谢谢。是的，我们对今年下半年推出的大型模块沙发非常兴奋。直接回答你的问题，我们确实计划在今年销售这一产品，但我们故意设定了很低的预期。从库存采购的角度来看，我们显然希望超出预期，并将其视为一个健康、令人兴奋的产品发布，这将对明年产生更大的影响。但今年的确有一个预期。我认为重要的是要放眼全局，理解我们对模块沙发的整体看法，以及在争夺更多市场份额方面的竞争。Lovesac 目前正在迅速发展。

And over the next 18 months, investors, you know, if we were to fast forward even 12 months from now and 18 months from now, Lovesac will look and show up very differently and become in many respects much more competitive, both with what I will call incumbents in the home category, you know, those larger firms that offer full catalogs. And, you know, while we will be a long way from any kind of full catalog, we do believe that in the realms that we intend to play in. So now we'll start with the living room. We can be more competitive if we show up with a more fulsome product offering. So this goes beyond even just sectional sofas.

在接下来的 18 个月里，投资者们，如果我们快进到 12 个月后或 18 个月后，Lovesac 将会有很大的变化，并在许多方面变得更加具有竞争力，无论是与我所称的家居类的现有企业竞争，这些大型公司提供完整的产品目录。虽然我们距离任何完整目录还有很长的路要走，但我们相信在我们打算进入的领域中，尤其是客厅，如果我们提供更全面的产品选择，我们将能够更具竞争力。因此，这不仅仅是模块沙发的问题。

This goes into some very limited accent products and what we'll call complements that will allow us to complete the room and compete better, compete better through photography, online catalog and the overall merchandising and consumer experience. But we will be anchored in the living room by sectional sofas. And that includes snugs. You know, Snug is getting a corner piece this year very soon. Snug is getting the swivels for the chairs, which I'm actually sitting in right now. And it's, you know, a really exciting product. I think I have more snug chairs and swivels in my home, obviously on prototype than any other LoveSac product in my life now.

这还涉及一些非常有限的配件产品，以及我们所称的补充产品，这将使我们能够完善房间布局，更好地竞争，通过摄影、在线目录和整体商品展示及消费者体验来提升竞争力。但我们将以模块沙发作为客厅的核心。这包括 Snugs。你知道，Snug 今年很快就会推出一个角落单元。Snug 还将推出旋转椅子，而我现在正坐在其中。这是一个非常令人兴奋的产品。我想我家里有更多的 Snug 椅子和旋转椅，显然是原型产品，而不是其他任何 Lovesac 产品。

And it speaks to this idea that Loves that consumers can have any one of these three platforms that we're talking about in their life in the same room, even in different rooms in different places and we, we absolutely intend to take more market share of the living room and by the way, other rooms of the home that have living room esque soft seating experiences. So the. So rather than even view Sactional as the anchor of this business on the go forward, I'm talking about the, let's call it the living room business. We really should shift our thinking to sectional sofas. And by the way, in the consumer's mind, that's what LoveSac is famous for. We see it reflected back to us every day on social media. Consumers don't speak to hey, check out my sactionals. They say, you know, check out my love sack.

这表明，Lovesac 的消费者可以在同一个房间，甚至在不同的房间和不同的地方拥有我们所谈论的这三种平台。我们绝对打算在客厅以及其他具有客厅风格软座体验的房间中争取更多的市场份额。因此，与其将模块沙发视为未来业务的核心，我更倾向于谈论客厅业务。我们真的应该转变思维，关注模块沙发。顺便说一下，在消费者的心目中，这就是 Lovesac 的名声。我们每天在社交媒体上都能看到这一点。消费者不会说，嘿，看看我的模块沙发。他们会说，嘿，看看我的 Lovesac。

And it's often confusing to me. As you know, the father of this brand, a lovesack, used to be a 6 foot 8 foot beanbag. But a love sack now in a customer's mind is a really big, amazing, gushy, ushy sofa that does all the things and by the way, each one of our platforms will do all the things in their own way, including this one that we're introducing in the back half of this year that you asked about. So we're really excited about it. It's part of a bigger strategic move and it really kind of sets the table and solidifies our standing again to compete for more market share as we then move into the new room, which obviously is also a massive focus that is taking a lot of attention, energy and investment inside the company now.

这常常让我感到困惑。作为这个品牌的创始人，Lovesac 曾经是一个 6 英尺 8 英尺的豆袋。但在顾客的心中，Lovesac 现在是一个非常大、令人惊叹、柔软的沙发，能够满足所有需求。顺便说一下，我们的每个平台都会以自己的方式满足所有需求，包括你提到的我们将在今年下半年推出的这个产品。因此，我们对此感到非常兴奋。这是一个更大战略举措的一部分，确实为我们再次争取更多市场份额奠定了基础，同时我们也将进入新的房间，这显然也是一个巨大的焦点，正在吸引公司内部大量的关注、精力和投资。

Matt Karanda (Equity Analyst)

Matt Karanda（股票分析师）

Appreciate all that detail, Sean. Thanks. And then maybe just with the new room that's coming and kind of the wider assortment that you're referencing, curious how we should be thinking about showrooms and expansion there. I know that you guys have slowed the expansion a bit, but how should we be thinking about how the assortment fits into the existing showroom footprint that you have? Do we need to sort of change some of the posture of the showrooms to make room for the new products? New room that you'll be introducing next year. I wanted to hear a little thoughts on sort of the showroom strategy.

感谢你提供的所有细节，Sean。然后，关于即将到来的新房间以及你提到的更广泛的产品组合，我很好奇我们应该如何看待展厅和扩展。我知道你们已经放慢了扩展的步伐，但我们应该如何看待这些产品组合与现有展厅面积的契合？我们是否需要改变一些展厅的布局，以为明年推出的新产品腾出空间？我想听听你对展厅战略的一些看法。

Shawn Nelson (Chief Executive Officer)

Shawn Nelson（首席执行官）

Yeah, this is a great question, one that I'll be a little bit vague about because we're not quite ready to reveal all of our plans there. But I'll try to give you some breadcrumbs. LoveSac is one of the world's foremost operators of small footprint specialty retail transacting on very large ticket, high margin products fueled through advertising. Fueled by advertising. We don't want to mess that up. Right. We recognize the power in that. As you, as anyone can see, stores still represent almost 70% of our sales. And we love that because these are customers that we have a deeper relationship with. We know them, we hear their stories, we plan with them, and then we continue to follow up and clientele with their friends. There isn't a better outcome than having face to face real world transactions and relationships, especially in this day and age.

是的，这是一个很好的问题，我会对此稍微模糊一些，因为我们还没有准备好揭示所有的计划。但我会尽量给你一些线索。Lovesac 是全球最重要的小型专业零售商之一，专注于高票价、高利润的产品，通过广告驱动销售。我们不想搞砸这一点。我们认识到这一点的力量。正如任何人都能看到的，门店仍然占我们销售的近 70%。我们喜欢这样，因为这些客户与我们有更深的关系。我们了解他们，听到他们的故事，与他们一起规划，然后继续跟进并与他们的朋友建立联系。没有比面对面的真实交易和关系更好的结果，尤其是在这个时代。

And that's becoming more and more true as society continues to evolve and become more digital. So we are absolutely showroom friendly and excited to be in that business. At the same time, our original mantra continues to be true. We want as few as we can get away with. Right. Like we are a business, we intend to be a high margin business. Obviously, we're investing very heavily in all this innovation that we've spoken of, which is, you know, compressing our overall margins right now. And to some degree that, you know, that will be the case for a while because we have a lot of innovation to unleash. But stores and the rent for these, and we now, you know, call them stores, call them showrooms, represent our largest expense, you know, the rent expense.

随着社会不断发展并变得更加数字化，这一点变得越来越真实。因此，我们绝对支持展厅，并对这一业务感到兴奋。同时，我们的初衷仍然是尽可能少。我们是一家企业，打算成为一家高利润的企业。显然，我们正在对我们所谈论的所有创新进行大量投资，这在一定程度上正在压缩我们的整体利润，因为我们还有很多创新需要释放。但门店及其租金，现如今，我们称之为门店或展厅，代表了我们最大的开支，租金开支。

And so what I'm saying to you, as we move into a broader assortment, no, we don't intend to grow the size of our footprint very much. Already though, the leases we've been signing is we've gotten sharper real estate strategy, frankly, more power in the marketplace because LoveSac shows up with very high sales per square foot, et cetera. We've been signing, you know, slightly larger leases for a long time now and found that to be very successful, still putting up the same and better metrics from a sales per square foot and overall performance standpoint. So we'll continue to allow that square footage to creep just a little bit. But they're still, you know, in that 1000 1200. A big love sex store might be 1500 square foot range.

所以我想告诉你的是，当我们进入更广泛的产品组合时，我们并不打算大幅扩大我们的市场规模。不过，实际上，我们签署的租约已经让我们的房地产策略更加精准，坦率地说，在市场上也更具竞争力，因为 LoveSac 的每平方英尺销售额非常高等等。我们已经签署了稍微大一点的租约，并发现这非常成功，销售每平方英尺的指标和整体表现仍然保持在同样或更好的水平。因此，我们将继续让这些面积稍微增加一点。但它们仍然在 1000 到 1200 平方英尺之间，一个大型的 LoveSac 店可能在 1500 平方英尺的范围内。

As we look toward the new room, again, I'll keep it vague other than to say we recognize the power in focusing a small footprint on selling anchor items. So the anchor for our living room format is the sectional sofa. And we don't want to dilute that. I'll also say though that we want to lean into that strength, amplify that strength, and be able to take advantage of now new opportunities to have these brand billboards in the best geographies and real estate in the United States of America. It's, you know, another piece of this overall marketing engine that we've built.

展望新房间，我会保持模糊，只想说我们认识到专注于销售核心商品的小面积的力量。因此，我们客厅格式的核心商品是沙发。我们不想稀释这一点。不过，我还想说，我们希望利用这一优势，放大这一优势，并能够利用现在在美国最佳地理位置和房地产中展示这些品牌广告牌的新机会。这是我们建立的整体营销引擎的另一个组成部分。

So lastly, I'll just say that we do also like the idea of every one of these wonderful associates that we have, you know, we have, you know, almost 2,000 sackers around the country representing the brand we love, empowering them to sell against a whole catalog and use our website as that full digital configuration experience. So even as we talk about some of these complementary products that may or may not appear in their stores, as we talk about new room products that may or may not appear in their stores, their ability to sell against a full catalog of product that's broadening and create these wonderful interactions with customers.

最后，我想说我们也喜欢每一位出色的员工的想法，我们在全国几乎有 2000 名销售人员代表我们热爱的品牌，赋予他们销售整个产品目录的能力，并使用我们的网站作为完整的数字配置体验。因此，即使我们谈论一些可能会或可能不会出现在他们商店中的互补产品，或者谈论一些可能会或可能不会出现在他们商店中的新房间产品，他们能够销售一个不断扩展的完整产品目录，并与客户创造这些美好的互动。

You've seen how we can miniaturize our products through the blocks that have been, you know, copied by others at this point because they're so effective. But our ability to sell very large ticket, high margin items out of small spaces is a superpower of ours and we intend to lean into that as you watch all this innovation unfold of next year. So we have a North Star of keeping, let's just call it rent low, expenses low, and sales higher and higher.

你们已经看到我们如何通过那些已经被他人复制的模块化产品来缩小我们的产品，因为它们非常有效。但我们在小空间内销售高价、高利润商品的能力是我们的超级能力，我们打算在明年所有这些创新展开时继续利用这一点。因此，我们的北极星是保持租金低、费用低、销售额不断提高。

And that's what drives our decision making in that realm.

这就是我们在这一领域做出决策的驱动力。

Keith Signer (Chief Financial Officer)

Keith Signer (首席财务官)

Just to throw a CFO style bullet on the end. And just for fun, in the simplest form, Matt, the way I think about this is as opposed to here's our store, how many stores can we have? It's what market share do we think the lovesac brand can take across all of these products and platforms? And then what's the most efficient way to get it? We're going to test a few things, learn from that, what gives the greatest customer experience and then let the data tell us what the next steps are. So just a slightly different summary on exactly what Sean just said.

我想以首席财务官的风格总结一下。简单来说，Matt，我对这件事的看法是，与其问我们能开多少家店，不如问我们认为 LoveSac 品牌在所有这些产品和平台中能占据多少市场份额？然后，获取市场份额的最有效方式是什么？我们将测试一些东西，从中学习，看看什么能提供最佳的客户体验，然后让数据告诉我们下一步该怎么做。所以这只是对 Sean 刚才所说内容的稍微不同的总结。

Matt Karanda (Equity Analyst)

Matt Karanda (股票分析师)

Thanks guys. Appreciate all the detail.

谢谢大家。感谢你们提供的所有细节。

OPERATOR

操作员

Thank you. Ladies and gentlemen, this concludes our question and answer session. I'll turn the floor back to management for closing comments.

谢谢。女士们，先生们，这次问答环节到此结束。我将把时间交还给管理层进行结束发言。

Shawn Nelson (Chief Executive Officer)

Shawn Nelson (首席执行官)

Thanks so much to all of the Lovesac family out there that supports this brand and company and our Lovesac investors that continue to give us the support we need to unfold this awesome vision and ultimately inspire humankind to buy better stuff, saying buy less stuff. Have a great day.

非常感谢所有支持这个品牌和公司的 LoveSac 家族，以及继续给予我们支持的 LoveSac 投资者，让我们能够展开这个伟大的愿景，并最终激励人类购买更好的产品，减少购买不必要的东西。祝你们有美好的一天。

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Lovesac 公布 2027 年第一季度业绩：完整收益电话会议记录