La-Z-Boy (NYSE: LZB) held its fourth-quarter earnings conference call on Wednesday. Below is the complete transcript from the call.

La-Z-Boy（纽约证券交易所代码：LZB）于周三举行了 2026 财年第四季度财报电话会议。以下是会议的完整记录。

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记录，请访问 https://www.benzinga.com/apis/。

View the webcast at https://www.webcaster5.com/Webcast/Page/1097/54076

查看网络直播：https://www.webcaster5.com/Webcast/Page/1097/54076

Summary

摘要

La-Z-Boy Incorporated reported a 9% increase in retail segment sales for the fourth quarter of fiscal 2026, driven by acquisitions and new store openings, while wholesale sales decreased slightly but saw an improvement in operating margin.

La-Z-Boy 公司报告称，2026 财年第四季度零售部门销售额增长了 9%，主要得益于收购和新店开业，而批发销售略有下降，但运营利润率有所改善。

For the full fiscal year, consolidated sales reached $2.1 billion, with a 6% increase in retail sales and the opening of 15 net new stores, marking a record high for the company.

在整个财年中，合并销售额达到 21 亿美元，零售销售增长 6%，并开设了 15 家新店，创下公司历史新高。

The company maintained a strong balance sheet with $300 million in cash and no external debt, returning $85 million to shareholders through dividends and share repurchases.

公司保持了强劲的资产负债表，现金达到 3 亿美元，没有外部债务，通过分红和股票回购向股东返还了 8500 万美元。

La-Z-Boy continues to focus on retail growth, expanding its footprint with plans to open approximately 10 new stores annually, while also pursuing strategic partnerships to enhance the Joybird brand.

La-Z-Boy 继续专注于零售增长，计划每年开设约 10 家新店，同时寻求战略合作伙伴关系以提升 Joybird 品牌。

Management expressed optimism about future growth, emphasizing strategic initiatives under the Century Vision plan to expand market share and improve operating margins, despite acknowledging current choppy consumer behavior and economic uncertainties.

管理层对未来增长表示乐观，强调在世纪愿景计划下的战略举措，以扩大市场份额和改善运营利润率，尽管承认当前消费者行为波动和经济不确定性。

Full Transcript

完整记录

OPERATOR

主持人

Greetings welcome to the La-Z-Boy fiscal 2026 fourth quarter conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press Star 0 on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to your host, Mark Beck, Director of Investor Relations and Corporate Development of La Z Boy Incorporated.

欢迎参加 La-Z-Boy 2026 财年第四季度财报电话会议。此时，所有参与者均处于仅听模式。正式演示后将进行问答环节。如果在会议期间需要主持人协助，请在电话键盘上按星号 0。请注意，此次会议正在录音。现在我将会议交给您的主持人，La-Z-Boy 公司的投资者关系和企业发展总监 Mark Beck。

You may begin.

请开始。

Mark Beck

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's 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 in the financials. Midway through. After our prepared remarks, we will open the line for questions.

谢谢你，Holly。大家早上好，感谢您加入我们讨论 2026 财年第四季度的会议。今天与我一起参加电话会议的有 La-Z-Boy 公司的董事会主席、总裁兼首席执行官 Melinda Whittington，以及首席财务官 Taylor Luebke。Melinda 将开场并结束会议，Taylor 将在中间讨论各部门的财务表现。在我们的准备发言后，我们将开放提问环节。

Slides will accompany this presentation and you may view them through our webcast link which will be available for one year and a telephone replay of the call will be available for one week beginning this afternoon. I would like to remind you that some statements made in today's call include forward looking statements about La-Z-Boy's future performance and other matters. Although we believe these factors statements to be reasonable, our actual results could differ materially.

本次演示将配有幻灯片，您可以通过我们的网络直播链接查看，直播链接将保留一年，电话重播将在今天下午开始的一周内提供。我想提醒您，今天会议中提到的一些声明包含关于 La-Z-Boy 未来表现和其他事项的前瞻性声明。尽管我们认为这些因素的声明是合理的，但我们的实际结果可能会有实质性差异。

The most significant risk factors that could affect our future results are described in our annual report on Form 10-K. We encourage you to review those risk factors as well as other key information detailed in our SEC filings. Also, our earnings release is available under the News and Events tab on the Investor Relations page of our website and includes reconciliations of certain adjusted measures which are also included as an appendix at the end of our conference call slide deck.

可能影响我们未来结果的最重要风险因素在我们的 10-K 表格年度报告中进行了描述。我们鼓励您查看这些风险因素以及我们 SEC 文件中详细列出的其他关键信息。此外，我们的财报发布在我们网站的投资者关系页面的新闻和事件标签下可用，并包括某些调整指标的调节，调节内容也包含在我们会议幻灯片的附录中。

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

那么，我现在将会议交给 Melinda。

Melinda Whittington (Board Chair, President and Chief Executive Officer)

Melinda Whittington（董事会主席、总裁兼首席执行官）

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. 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 on top.

谢谢你，Mark。大家早上好。昨天，在市场收盘后，我们报告了截至四月的第四季度和财年的结果，展示了强劲的执行力和在战略举措上的持续进展。我们第四季度的亮点包括零售部门销售额增长 9%，主要得益于收购和新店开业，我们在本季度开设了四家新店，使公司自有店铺总数达到 230 家。

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. 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.

我们的零售部门调整后的运营利润率较去年有所增强，本季度接近 14%；而批发部门的销售略有下降，但调整后的运营利润率有所改善。我们整个财年的亮点包括总合并销售额达到 21 亿美元，较去年增长，零售部门销售额较去年增长 6%，在这一年中我们开设了 15 家净新店，创下公司历史上年度净新店数量的最高纪录，并完成了我们最大规模的 15 家独立 La-Z-Boy 收购。

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.

在我们的批发部门，销售额与去年持平，调整后的运营利润率有所增强。我们产生了 2.04 亿美元的运营现金流，较去年增长 9%。我们通过股票回购和分红向股东返还了 8500 万美元，包括连续第五年将季度分红提高 10%。最后，我们继续保持强劲的资产负债表，现金超过 3 亿美元，没有外部债务。

I'm proud of the strong finish to this fiscal year as our performance delivered on expectations and 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. 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.

我为这一财年的强劲收尾感到自豪，因为我们的表现达到了预期，尽管面临不平衡的背景。我们专注于推动自身的增长势头，主要通过新店开设、收购和强有力的店内执行来推动零售业务扩张。现在转向消费者趋势，反映在我们第四季度的零售书面销售中，公司自有零售部门的总书面销售较去年第四季度增长了 11%，主要得益于收购和新店。

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 were 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. We continue to drive our own momentum despite softness across the category with industry data reported by the U.S. census Bureau indicating the market declined in the low to mid single digits during the quarter. 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 and in our Joybird business.

已书面记录的同店销售额在本季度下降了 2%，这一结果相比第三季度有所改善。同店销售趋势在第四季度末表现最强，四月份的销售额与去年同期相比实现了正增长，这一强劲势头持续到五月，且在阵亡将士纪念日假期期间表现良好。尽管整个行业出现疲软，但我们依然在推动自身的增长，行业数据显示，美国人口普查局报告本季度市场下降幅度在低至中个位数之间。我们仍然专注于零售增长，能够控制整个消费者体验的端到端过程，并在大型且高度分散的家具和家居用品行业中获得市场份额，无论市场条件如何。我们正在利用我们标志性品牌的优势、灵活的美国中心供应链、以消费者为导向的洞察、优质产品和卓越的店内执行力，来取悦和激励我们网络中的消费者以及我们的 Joybird 业务。

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

本季度总书面销售额增长了 2%，主要得益于新店的开设。我们继续通过新店和兼容的批发合作伙伴扩展 Joybird 的分销，并在上个月在德克萨斯州达拉斯开设了第 16 家专门的 Joybird 商店。关注我们的更广泛战略目标，我想回顾一下我们在财政年度 26（即我们的第 99 个年头）中在世纪愿景目标方面取得的进展。世纪愿景是我们的战略，旨在通过我们的消费者品牌以行业两倍的速度增长销售和市场份额，并在 2027 年百年纪念日之后可持续地扩大我们的运营利润率。

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. Our total La-Z-Boy store network including company owned and independently owned stores now stands at nearly 380 stores across North America.

在过去一年中，我们显著扩大了 La-Z-Boy 品牌的影响力，创下了公司历史上新店开设数量最多和独立 La-Z-Boy 商店收购数量最多的记录。正如我提到的，在这一年中，我们新增了 15 家公司自营店，收购了 15 家独立的 La-Z-Boy 商店，年末时公司自营店数量达到了 230 家。公司自营店的占比现在占我们总网络的 61%。我们总的 La-Z-Boy 商店网络，包括公司自营店和独立店，现在在北美的数量接近 380 家。

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. 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.

我们看到 La-Z-Boy 的扩展有潜力达到 450 个地点，主要通过扩展公司自营店来实现。我们预计未来每个财政年度将开设约 10 家新店，并将继续在独立店收购方面积极行动，随着机会的出现而进行收购。请记住，这些收购是我们现金的最佳使用之一，因为它们能够立即增加销售和利润，并为新市场提供拥有潜在空白市场的机会。

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 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.

我们很高兴最近签署了一项协议，计划收购佛罗里达州和阿拉巴马州的另外三家商店网络，预计将在 6 月底完成交易。我们致力于发展我们的直销业务，在这一领域我们能够提供一流的消费者体验。我们继续增加新的兼容分销，并与重视 La-Z-Boy 品牌实力、持久质量和差异化产品功能的合作伙伴扩大现有分销，这些都得益于我们垂直整合的制造能力。

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. 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.

在这一年中，我们新增了 30 家经销商和 100 个新门店，包括与 Living Spaces 的新合作伙伴关系。与我们的战略合作伙伴共同成长仍然存在相当大的机会，我们将特别关注在现有基础上推动有机增长。此外，我们将继续投资于我们的舒适工作室和品牌空间，这些空间在我们较大的独立零售商中提供独特的店中店品牌。

We ended the fiscal year with nearly 1400 LA Z boy Comfort, Studio and branded space locations, each fully dedicated to our La-Z-Boy branded products. 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 and how we are capitalizing on this momentum recall we launched a new brand identity last August rooted in comfort and quality to enable the brand to reach a broader audience.

我们在财政年度结束时，几乎拥有 1400 个 LA Z boy 舒适工作室和品牌空间，每个空间都专门致力于我们的 La-Z-Boy 品牌产品。相关品牌信息是我们世纪愿景增长战略的另一个核心支柱，我将花一些时间强调我们在这一年中取得的一些成功，以及我们如何利用这一势头。请回忆一下，我们在去年八月推出了以舒适和质量为根基的新品牌形象，以使品牌能够接触到更广泛的受众。

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.

这一活动得到了消费者、客户、媒体和分析师的积极反馈，大家都认为我们的新形象看起来更加舒适，这在广告行业也得到了认可，我们被《广告时代》评选为 2025 年五大品牌重塑之一，并且最近在短视频奖（Shorty Awards）中获得了国际奖项，表彰在社交和数字媒体领域的杰出工作，获得了品牌重塑类别的金奖。

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. 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.

我还要提到，在第四季度，La-Z-Boy 被《今日美国》评选为 2026 年美国最佳商店名单中的一员。该奖项基于独立调查数据，强调了我们品牌的相关性和强大的店内执行力。我们在产品创新方面也在不断积累势头。今年春季，在高点家具市场上，我们推出了 Audiolux 和 Comfort Essentials。Audiolux 是我们市场领先的高端音频家具系列，利用 La-Z-Boy 内部的消费者导向洞察来推动相关创新。

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 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.

该产品线结合了集成音频体验，与 Klipsch 合作，提供 La-Z-Boy 所知的舒适和质量。请在今年秋季关注它的到来，我们还推出了 Comfort Essentials，这是我们固定产品系列中的一个入门价格点，旨在满足注重性价比的消费者的需求。我们知道年轻消费者正在寻找更易于接触的选项，以开始他们与 La-Z-Boy 品牌的旅程，我们正在创新以满足这一需求。

Through continued investment in brand evolution, retail expansion, digital transformation, innovation and consumer insights, we are unlocking the powerful La-Z-Boy flywheel. 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. 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, the final pillar of Century vision strategy is strengthening our foundational capabilities and agility across our supply chain, technology and people.

通过持续投资于品牌演变、零售扩展、数字化转型、创新和消费者洞察，我们正在释放强大的 La-Z-Boy 飞轮。世纪愿景的另一个核心支柱是优化 Joybird 品牌以实现增长和盈利。Joybird 补充了我们更广泛的核心战略，即在北美制造的品牌定制软垫，并具有显著的长期增长机会。尽管 Joybird 的核心消费者在当前经济环境中特别不稳定，但我们仍然致力于对业务进行有纪律的投资，以使品牌在可持续的长期成功中占据有利位置。我们在财政年度 26 开设了三家新店，并计划在财政年度 27 开设三到四家新店。我们还最近推出了 Joybird 批发计划，与一些战略合作伙伴合作，该计划反响良好，有助于扩大 Joybird 的品牌影响力。我们继续监测业绩，并采取适当措施改善增长和盈利能力，包括重新设计我们的企业供应链，以更有效地支持 Joybird。正如我稍后将提到的，世纪愿景战略的最后一个支柱是增强我们在供应链、技术和人员方面的基础能力和灵活性。

Our vertically integrated model with approximately 90% of upholstered products manufactured in the US is a differentiated competitive advantage enabling 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 multi year distribution and home delivery transformation project.

我们垂直整合的模式使约 90% 的软垫产品在美国制造，这是一种差异化的竞争优势，使个性化家具能够在四到六周内送达消费者家中，这对我们的企业成功以及应对当前地缘政治环境至关重要。我们正在通过多年的配送和家庭交付转型项目建立一个更加灵活的供应链。

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 multi year transformation will improve an already strong consumer experience and help drive stronger wholesale operating margins through operational efficiencies during the year, we also made meaningful advances in streamlining our operations and honing our focus on our core business.

在过去的一年中，我们完成了该项目的西部三分之一，建立了新的亚利桑那中央枢纽，并且我们在中西部和东部阶段的进展良好。作为提醒，这项多年的转型将改善已经强大的消费者体验，并通过运营效率推动更强的批发运营利润率。在这一年中，我们还在简化运营和专注于核心业务方面取得了重要进展。

We finalized our UK Supply chain restructuring in April and we completed the final step of our portfolio optimization in case goods with the sale of the American Drew and Kincaid wholesale case goods businesses in May and our strategic and agile adjustment to our supply chain continue as we look forward. We recently initiated projects to streamline 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.

我们在四月完成了英国供应链重组，并在五月完成了我们在家具领域的投资组合优化的最后一步，出售了 American Drew 和 Kincaid 批发家具业务，我们对供应链的战略性和灵活性调整仍在继续。我们最近启动了项目，将我们两个最小的软垫工厂整合到我们更大的美国工厂网络中。这将包括在财政年度 27 完全整合 Joybird 制造到我们长期以来的 La-Z-Boy 工厂中，以更有效地支持该业务。

We expect both of these small plant transitions to to be largely completed by the end of our fiscal year. 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.

我们预计这两个小工厂的过渡将在财政年度结束前基本完成。鉴于我们供应链的持续效率提升，我们在现有美国制造业务中拥有充足的产能来支持未来的增长，并将这些变化视为实现世纪愿景目标的另一个关键步骤，以建立更灵活的供应链，并继续改善运营利润率，适应不断变化的宏观环境。

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 levers 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.

在我们开始财政年度 27 时，我们专注于控制可控因素，并对推动自身势头和超越市场的能力充满信心。尽管我们行业恢复增长的时机尚不确定，但我们拥有推动业务增长和在世纪愿景支柱中加强基础的具体杠杆。展望未来，我们对住房基本面和家具及家居用品行业的最终反弹持乐观态度，该行业历史上以健康的 3% 到 4% 的增长率增长。

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

现在我将电话交给 Taylor，让他更详细地回顾我们的财务业绩。

Taylor Luebke (SVP and CFO)

Taylor Luebke (高级副总裁兼首席财务官)

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. 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.

谢谢你，Melinda，大家早上好。作为提醒，我们以 GAAP 和调整后的基础呈现我们的业绩。我们认为调整后的呈现更能反映业务的基本运营趋势和表现。调整后的结果排除了在我们的新闻稿和会议电话幻灯片附录部分中详细列出的项目。在合并基础上，财政年度 2026 第四季度的销售额与去年持平，为 5.7 亿美元，因为我们零售业务的增长被 Joybird 业务的交付量下降所抵消。

Consolidated GAAP operating income was $41 million and adjusted operating income was $57 million. 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 case goods business due to favorable inventory adjustments and pricing leading up to the divestiture partially offset by expense deleverage on lower Joybird delivered sales.

合并 GAAP 运营收入为 4100 万美元，调整后的运营收入为 5700 万美元。合并 GAAP 运营利润率提高至 7.2%，调整后的运营利润率提高至 9.9%，而去年为 9.4%，这一变化主要是由于我们家具业务的库存调整和定价的有利影响，部分被 Joybird 交付销售下降导致的费用杠杆削弱所抵消。

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

请注意，我们家具业务的收益是不可重复的，因为最近宣布出售批发家具业务。稀释后的每股收益在 GAAP 基础上为 0.81 美元，调整后的稀释每股收益为 1.26 美元。当我进入各个部门的讨论时，我的评论将专注于我们的调整报告，除非特别说明。首先是零售部门，第四季度的交付销售增长了 9%，达到 2.7 亿美元，主要受收购和新店的推动，零售调整后的运营利润率提高至 13.9%，而去年为 13.1%，这得益于收购的积极影响。

For our wholesale segment, delivered sales 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 case goods business primarily due to favorable inventory adjustments and pricing leading up to the divestiture for Joybird reported in corporate and Other delivered sales were $32 million, down 10% on lower delivered sales volume.

在我们的批发部门，交付销售额同比下降 2%，降至 3.93 亿美元，主要是由于大多数业务的温和下滑以及行业趋势持续疲软。第四季度批发部门的调整后营业利润率从去年的 8.5% 上升至 10.1%，主要得益于我们案例商品业务的 150 个基点改善，这主要是由于在 Joybird 剥离前的有利库存调整和定价。企业及其他部门的交付销售额为 3200 万美元，同比下降 10%，原因是交付销售量减少。

Corporate and other adjusted operating losses increased versus the prior year primarily due to expense deleverage on lower Joybird delivered sales on a GAAP basis we recorded a 20 million non cash 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. Moving on to our consolidated adjusted gross margin and SGA 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, adjusted SGA as a percent of sales for the quarter increased by 180 basis points compared with last year.

企业及其他部门的调整后营业亏损较去年有所增加，主要是由于 Joybird 交付销售额下降导致的费用杠杆效应。根据 GAAP 标准，我们记录了 2000 万美元的非现金减值费用，以降低 Joybird 商誉的账面价值，反映了当前宏观环境对 Joybird 消费者的短期影响不成比例。如前所述，我们将继续谨慎管理，并采取措施改善 Joybird 的增长和盈利能力。接下来，我们来看 2026 财年第四季度的合并调整后毛利率和销售、一般及管理费用表现，整个公司的合并调整后毛利率较去年第四季度提高了 230 个基点，毛利率的提高主要是由于合并结构向零售部门转变，零售部门的毛利率高于批发部门，案例商品的毛利率也因剥离前的有利库存调整和定价而提高，调整后的销售、一般及管理费用占季度销售额的比例较去年增加了 180 个基点。

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, 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.

同样，由于合并结构向零售部门转变，零售部门的固定成本结构相对于批发部门较高，同时由于交付量下降导致的固定成本杠杆效应。在我们的 Joybird 业务中，2026 财年的 GAAP 有效所得税率为 25.9%，而去年为 31.4%。2026 财年有效税率的下降主要是由于今年关闭英国制造业务的有利税收影响，而去年则受到外部一次性税项的不利影响。

We expect a more normalized effective income tax rate looking forward in the range of 26 to 27%. 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 2026, we had a strong and disciplined deployment of capital with $248 million reinvested back into the business or returned to shareholders. We paid $86 million for acquisitions primarily related to the 15 store acquisition of the retail business in the Southeast U.S. 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.

展望未来，我们预计有效所得税率将回归到 26% 至 27% 的正常水平。谈到流动性，我们以强劲的资产负债表结束了这一年，现金为 3.03 亿美元，没有外部融资债务。我们从经营活动中产生了强劲的 2.04 亿美元现金，同比增长 9%。在 2026 财年，我们进行了强有力且有纪律的资本部署，248 百万美元重新投资于业务或返还给股东。我们支付了 8600 万美元用于收购，主要与美国东南部零售业务的 15 家门店收购相关，同时在年度内投资了 7600 万美元用于资本支出，主要与新 La-Z-Boy 门店的投资、翻新、制造相关投资以及与我们的配送和家庭交付转型相关的支出。

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 and in our distribution and home delivery transformation project to profitably grow our core business. 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.

我们继续认为，现金的最佳使用和最高投资回报是重新投资于业务，因此我们仍然致力于在新门店和翻新、收购以及我们的配送和家庭交付转型项目中进行有纪律的投资，以盈利性地增长我们的核心业务。在财年期间，我们通过分红和股票回购向股东返还了 8500 万美元，其中包括 4700 万美元的股票回购和 3800 万美元的分红，这是我们连续第五年在季度分红中增加 10%。

We continued more normalized pace of share buybacks of $20 million 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.

我们在 4 月份继续以 2000 万美元的更正常的股票回购速度，反映出对公司可持续增长能力的持续信心，董事会批准了一项新的 3 亿美元股票回购计划，取代了之前的计划。这大约占已发行股份的 20%，并强调了我们最大化股东价值和为股东提供回报的承诺。公司预计未来的股票回购将保持正常水平，具体取决于市场条件和业务表现。

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 purchases, while capital allocation in fiscal year 2026 was tilted more toward the business looking forward, our capital allocation target remains consistent to reinvest 50% of operating cash flow back into the business and return 50% to shareholders in share repurchases and dividends.

我们继续将股票回购和分红视为现金的有吸引力的使用和对股东的积极回报。在过去五年中，我们通过分红和股票购买向股东返还了超过 4.3 亿美元，而在 2026 财年的资本配置则更多地倾向于业务，展望未来，我们的资本配置目标仍然是一致的，即将 50% 的经营现金流重新投资于业务，并将 50% 返还给股东，通过股票回购和分红。

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 to 510 million, reflecting organic growth of up to 4% which excludes acquisitions and divestitures. 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 and our annual week long plant shutdown.

在将电话交还给 Melinda 之前，让我强调 2027 财年和第一季度的一些重要事项。尽管我们对当前宏观环境持谨慎态度，但我们预计第一季度销售额将在 4.9 亿至 5.1 亿美元之间，反映出高达 4% 的有机增长（不包括收购和剥离）。调整后的营业利润率在 4% 至 5.5% 之间。最后，提醒一下，我们的第一季度通常是财年中销售和利润最低的季度，因为行业销售季节性较低，并且我们有为期一周的年度工厂停工。

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 case goods 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. We expect to open approximately 10 new LA Z Boy stores during the coming of the 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. We are in the process of applying for refunds for IEPA tariffs through the standard CVP system and will determine next steps as we monitor our progress.

还需注意的是，我们 2027 财年的全年业绩与前一年相比将受到两个因素的影响：一是我们上个月完成的批发家具业务退出的全年影响，该业务在 2026 财年带来了约 6000 万美元的年销售额；二是我们在去年十月底完成的 15 家零售店收购的半年影响。我们预计在未来一年内将开设约 10 家新的 LA-Z-Boy 门店，其中大部分将为公司自营店，同时还将开设三到四家新的 Joybird 门店。我们将继续关注不断变化的关税和贸易政策环境，并相应调整。我们正在通过标准的 CVP 系统申请 IEPA 关税的退款，并将在监测进展的同时确定下一步措施。

As a reminder, 90% of our upholstery production is based in the U.S. which continues to be a competitive advantage as we're able to deliver customized upholstery with speed to market and limits the impact of tariffs on our business relative to some in our industry. 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.

作为提醒，我们 90% 的软垫生产基地位于美国，这继续成为我们的竞争优势，因为我们能够快速交付定制的软垫，并限制关税对我们业务的影响，相较于行业内的一些公司。我们预计年度资本支出将在 9000 万到 1.1 亿美元之间，继续投资于我们的配送和家庭交付转型、制造相关投资以及对我们的 LA-Z-Boy 零售店的投资，包括新店和改造。

And lastly, we expect capital allocation to be balanced between investments back into the business and return to shareholders and with that I will turn the call back to Melinda.

最后，我们预计资本配置将在对业务的再投资和对股东的回报之间保持平衡，接下来我将把电话交回给 Melinda。

Melinda Whittington (Board Chair, President and Chief Executive Officer)

Melinda Whittington（董事会主席、总裁兼首席执行官）

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 hundred 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.

谢谢你，Taylor。我们在 2026 财年结束时表现强劲，正在创造自己的势头并为长期成功进行投资。我们正在通过关键的战略举措调整我们的业务，以更好地为 LA-Z-Boy 公司在下一个百年做好准备，尽管行业复苏的时机仍不明确，但我们已做好准备，继续获得市场份额，并在行业恢复到更正常的增长轨迹时获得不成比例的收益。

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

在我结束电话之前，我想感谢整个 LA-Z-Boy 公司的团队和我们的许多合作伙伴，感谢他们在当前环境中所付出的努力和承诺，交付强劲的业绩并为未来打下基础。我们专注于继续为所有利益相关者创造价值，我对未来的一年感到兴奋。现在我们将电话交回给 Mark。

Mark Beck

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.

谢谢你，Melinda。我们现在将开始问答环节。Holly，请查看提问排队的说明。

Holly

Certainly at this time we will be conducting a question and answer session. If you would like to ask a question, please press Star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star two if you would 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. One moment please, while we poll for questions.

当然，此时我们将进行问答环节。如果您想提问，请在电话键盘上按星号 1。确认音将表示您的线路已进入提问队列。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。请稍等，我们将进行提问调查。

Your first question for today is from Brad Thomas with KeyBank Capital Markets.

今天的第一个问题来自 KeyBank Capital Markets 的 Brad Thomas。

Taylor Zikon

Hey, good morning. This is Taylor Zikon for Brad. Thanks for taking our question. 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 one. Q and I'm curious if you want to comment at all on maybe what you're seeing so far here in June.

早上好。我是 Taylor Zikon，代表 Brad 提问。感谢您回答我们的问题。首先，Melinda，您在这里的季度表现相当不错。您提到了四月的强劲表现，并且在五月继续保持这些积极趋势。我很好奇，您认为是什么推动了季度末和财年第一季度的强劲表现？同时，我也想知道您对六月的情况有什么看法。

Melinda Whittington (Board Chair, President and Chief Executive Officer)

Melinda Whittington（董事会主席、总裁兼首席执行官）

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 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, you know, April into May, it's around that execution, right? It's around having the right product, the right messaging and then outstanding in store execution and you know, speaking to the consumer, meeting to them, you know, where they're ready to buy. As we've talked in the past and even in some of our 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.

当然，早上好。我会总体上说，我们知道消费者行为仍然不稳定。住房趋势和整体消费者情绪都有很多变化。但我们所做的一切都是为了在这种环境中推动自己的势头。当我看到过去几个月的强劲业绩时，从四月到五月，这与执行力有关。我们拥有合适的产品、合适的信息传递，以及出色的店内执行，能够与消费者沟通，满足他们的购买需求。正如我们过去所谈到的，甚至在我们持续的创新工作中，我们必须满足一些希望进入品牌的消费者，并在这些重要的活动中提供更具竞争力的价格。

And at the same time we still have a really strong design business and some incredible in store execution that's driving some 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 4th 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.

与此同时，我们仍然拥有强大的设计业务和一些出色的店内执行，推动了更大的销售额。因此，这实际上是所有这些因素的良性循环，推动了我们最近看到的业绩。我们仍处于六月的早期阶段，作为一个行业，我们知道有一些重要的活动即将到来。因此，我们的重点是围绕即将到来的七月四日假期，继续保持这种势头，尽管背景仍将不稳定。

Taylor Luebke (SVP and CFO)

Taylor Luebke（高级副总裁兼首席财务官）

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

如果我可以再问一个问题给 Taylor。您在这个季度的运营利润率接近 10%，显著高于您对本季度的指导。您能否评论一下在这个季度中发生了什么，使您超出了指导范围？同时，随着我们进入财年第一季度的指导，您能否帮助我们理解一些影响因素？考虑到财年第四季度的超预期表现，这对财年第一季度的指导有什么帮助？

Yes, thanks and good morning Taylor. So Let me hit Q4 first one incredibly pleased with the strong results for the quarter against an uneven backdrop, particularly on the strength of our retail business, both written delivered sales as well as margin expansion. But even solid a solid quarter on wholesale segment with expanded operating margin expansion versus the prior year. So you know we continue to operate with excellence across our enterprise and really drive our own momentum as Melinda said. So delivering to consumer every day obviously helps with the results but also just an everyday cost discipline as well as optimization helps deliver strong margins.

是的，谢谢，早上好，Taylor。那么我先谈谈第四季度的情况，我对这一季度在不平衡的背景下取得的强劲业绩感到非常满意，特别是我们的零售业务，无论是书面销售还是交付销售，以及利润率的扩张。但批发部门也表现稳健，运营利润率相比去年有所扩大。因此，我们在整个企业中继续保持卓越的运营，正如 Melinda 所说，日常向消费者交付显然有助于业绩，同时日常的成本控制和优化也帮助我们实现了强劲的利润率。

You know you mentioned over delivery. You know the big, you know the real reason for the over delivery versus our range was the benefit of kind of the inventory trends as well as pricing on our case goods business prior to us, you know completing that sale in May, which I'd mentioned is non repeatable, 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, you know, where the world is right now as we pivot into Q1 I think let me level up and then I'll come back down. So as we approach our fiscal year 27, our objective as we go in any 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 as we enter the year. You know, really proud of where our retail business is and their performance, as Melinda had mentioned, I think we are, we are seeing some near term pressure on our wholesale business largely as well as Joybird 1.

你提到的超额交付，实际上超额交付的主要原因是我们在完成 5 月份的销售之前，库存趋势和我们成品家具业务的定价带来的好处。我提到过，这种情况是不可重复的，剔除这一点后，我们在季度的指导范围内处于高端，这让我感到非常满意，尤其是在当前全球形势下。随着我们进入第一季度，我想让我提升一下视角，然后再回到具体问题上。因此，随着我们进入 2027 财年，我们的目标是在任何一年中推动核心业务的有机销售增长，并再次扩大我们的运营利润率，朝着长期目标，即超越行业两倍，并在长期内实现两位数的利润率。因此，这就是我们进入这一年的目标。我对我们的零售业务及其表现感到非常自豪，正如 Melinda 提到的那样，我认为我们在批发业务上面临一些短期压力，主要是 Joybird 1。

Is demand 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, inflation has ticked up a bit and we're absorbing some of that in the short term, which is manageable, but it's there. And I would just say that's intentional for us as we're really looking to

需求仍然不稳定，尤其是在 B2B 方面，尽管我们有计划来缓解这一情况。我们认为这是短期的，但正如你在新闻中看到的，PPI 或其他指标，通货膨胀略有上升，我们在短期内吸收了一些，这在可控范围内，但确实存在。我想说的是，这对我们来说是有意为之，因为我们真的希望最大化夏季销售期间的需求。但这是短期的，虽然我们可能等待其他同行的行动，但我们已经采取措施来应对第一季度后的通货膨胀输入成本。因此，这些都是批发方面的短期阻力，我们将继续缓解，同时我们的零售业务依然强劲。最后，我想说的是，Melinda 提到的，我们在分销和家庭交付转型项目的第二年结束时宣布的，我为我们持续优化供应链感到自豪，我们将在这一年内将我们两个最小的工厂整合到更广泛的美国网络中。这会增加一些摩擦成本，但仍在可控范围内，同时我们还有其他正在进行的举措。明白了，这很有帮助。谢谢你，Taylor。我把时间交给其他人。

Taylor Zikon

maximize demand over the summer selling periods. But it's short term and while we may have waited for other kind of peers out there, we have taken action to address kind of the inflationary input costs called post Q1. So those are kind of the kind of near term kind of headwinds on the, on the wholesale side which are, which will mitigate ongoing as well as the strength of our retail. And then I would say lastly Melinda mentioned outside of, you know, the end of year two of our distribution and home delivery transformation project we have announced, which I'm proud to a continued optimization of our supply 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 costs. Again, manageable, but additional initiatives that we have underway. Gotcha. Understood. That's helpful. Thanks Taylor. I'll turn it over to others.

Thanks so much.

非常感谢。

Holly

Your next question for today is from Bobby Griffin with Raymond James.

今天的下一个问题来自 Raymond James 的 Bobby Griffin。

Bobby Griffin (Analyst)

Bobby Griffin (分析师)

Hey guys, thanks for taking the questions. Hey Taylor, I want to go back to I guess some of the margin commentary and kind of better understand the core performance. So if, 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 verse last year call it like, you know, EBIT would have been closer to like an 8.8% margin versus the 94 of last year. So that year over year pressure, what drove that? Is that the supply chain investments around the 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 versus normal basis.

嘿，大家好，谢谢你们回答我的问题。嘿，Taylor，我想回到一些关于利润率的评论，想更好地理解核心表现。因此，如果我剔除批发动态中的库存和定价，正如你所提到的，我认为你们仍然接近指导的高端，这非常健康。但这意味着利润率会受到一些压力。我认为与去年相比，EBIT 的利润率可能接近 8.8%，而去年是 9.4%。那么这种年同比的压力是什么原因造成的？是家庭交付优化方面的供应链投资，还是杠杆效应，或者还有其他可能导致这种情况的因素，我试图从更正常的角度来看待这个季度。

Hey Bobby, good morning. Thanks for the question. So one again, you know, proud of the where we came in on your kind of peeling back onion on the core, you know, I would say, you know, it's, it's some continuation of what we've been talking for the last three quarters, which is when we have some

嘿，Bobby，早上好。谢谢你的提问。因此，再次强调，我对我们在你提到的核心问题上的表现感到自豪。我想说，这与我们过去三个季度所讨论的内容有一些延续，即我们在交付或分销和家庭交付转型方面存在一些摩擦成本。但尽管我们对同店销售的连续改善感到自豪，但仍然是负增长，这也对杠杆效应产生了影响。正如我们提到的 Joybird 业务的结果，较低交付季度的杠杆效应影响。因此，这些确实是原因。这并不是新情况，而是我们在这一年中一直在管理的内容。我们在大多数方面都看到了逐步改善。

Taylor Luebke (SVP and CFO)

再一次，随着我们接近这一年，我们的意图是推动核心业务的增长，推动同店销售的连续改善，并提高我们的盈利能力。

friction costs with our delivery or distribution and home delivery transformation. But also while proud of sequential improvement on our same store sales, it's still negative, which does have deleverage impact underneath as well. As we've mentioned kind of the results for the Joybird business, deleverage impacts on the lower delivery quarter. So those are really the reasons. It's not anything new, it's what we've been managing through the year. We've seen incremental improvements across most of them.

Bobby Griffin (分析师)

And again, as we approach this year, again our intent is to grow our core business behind sequential improvement, turn deposit same store sales and improve our profitability.

好的，这很有帮助。然后，Taylor。是的。

Bobby Griffin (Analyst)

Taylor Luebke (高级副总裁兼首席财务官)

Okay, that's helpful. And then Taylor. Yeah.

10K 实际上提到了一些你们在供应链工作中产生的分销成本。我认为这对批发的毛利率造成了 70 个基点的压力。随着你们进入 2027 财年，这种情况会保持不变，还是随着项目的推进而开始减少？随着你们继续推进这个多年的项目，这种压力会如何变化？所以让我回顾一下我们在整个多年项目中的进展，我认为这将回答这个问题。

Taylor Luebke (SVP and CFO)

The 10K 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. 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? So let me back up and just talk where we're at in the entire multi year project and I think it will answer the question.

So this is a four year multi year transformation of what started with 15 distribution centers that will transition down to three centralized hubs which the benefits are enormous across our enterprise, both consumer as well as internal performance, profitability as we want to meet consumers with broader delivery radius. Two, it reduces our square footage by 30% and three, it reduces our mileage traveled of heavy furniture by 20%. All while having better call more productive inventory storage, et cetera.

这是一个为期四年的多阶段转型，最初有 15 个配送中心，将过渡到三个集中枢纽，这为我们的企业带来了巨大的好处，包括消费者和内部绩效、盈利能力，因为我们希望以更广泛的配送半径来满足消费者。其次，它将我们的占地面积减少 30%，第三，它将重型家具的行驶里程减少 20%。同时，库存存储的效率更高，生产力更强，等等。

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 year one and year two is roughly equivalent where we noted there are some friction costs which we still intend to grow margin despite of we're turning more to courts break even positive year theory with the full benefit of call it that 50 to 75 basis points benefit in year four as we complete the project.

第一年我们刚刚完成。我们很高兴完成了西部阶段。现在我们进入第二年，这是另一个同样重要的一年，我们将接近完成我们的中西部和东部枢纽。因此，我会将第一年和第二年视为大致相当，我们注意到仍然存在一些摩擦成本，尽管如此，我们仍然打算在利润上实现增长，尽管我们正在转向盈亏平衡的正年理论，预计在第四年完成项目时将获得 50 到 75 个基点的好处。

Bobby Griffin (Analyst)

Bobby Griffin（分析师）

Okay, and I got, I got two more and I promised one of them is for Melinda. So I might just pick on you, Taylor, but there's a lot going on. I'm feeling hurt, Bobby. Yeah, I'M coming Melissa. But no, it's encouraging what's taking place on you kind of, I don't want to call it rebuilding but you're kind of, you know, flexing organization. But so when we stack up that change, the new supply chain optimization that you called out today, minor but still consolidating plants plus the sale of case goods and the margin benefit there, you know, understanding this is down the road and there's a lot that can change from the industry. But like what does all that add up to be on a potential margin list and what is the base case for us to kind of grade it against?

好的，我还有两个问题，我答应过其中一个是给 Melinda 的。所以我可能会挑你，Taylor，但事情很多。我感到受伤，Bobby。是的，我来了，Melissa。但不，这让人鼓舞的是你们正在进行的变化，我不想称之为重建，但你们正在灵活调整组织。所以当我们将这种变化叠加起来时，今天你提到的新供应链优化，虽然是小规模的，但仍在整合工厂，加上案例商品的销售和那里的利润好处，你知道，这些都是未来的事情，行业会有很多变化。但所有这些加起来对潜在的利润有什么影响，我们的基本情况是什么，以便我们进行评估？

Taylor Luebke (SVP and CFO)

Taylor Luebke（高级副总裁兼首席财务官）

So I, you know one I would say, Bobby, I am as pleased as I've been with the transformation and the agility across the enterprise whether it's the distribution home delivery, whether it's the continued plant optimization, whether it's just honing the portfolio. So you'll appreciate the words. You know, 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 improvement, continuous improvement to drive towards our double digit sustainable margin over the long term. And we've talked before like we see our way absent any kind of market normalized market growth to bridging where we've been to about halfway to that double digit where you know, 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.

所以，我想说，Bobby，我对转型和整个企业的灵活性感到非常满意，无论是配送、家庭交付，还是持续的工厂优化，或者只是精细化产品组合。所以你会欣赏这些话。我们已经对其中一些进行了评估，我们打算在未来几年内实现。其他的只是作为日常成本改进的一部分，持续改进，以推动我们长期实现双位数可持续利润的目标。我们之前谈过，我们认为在没有任何市场正常化增长的情况下，我们可以弥补我们与双位数之间的差距，坦率地说，另一半我们确实需要一些健康的住房基本面和行业增长，以利用我们在商店和供应链运营中的固定成本基础。

So these two new the two new announced today on the smaller upholstery plants when be kind of also what we're working on to bridge that half to our double digit over the long term. Okay, that's helpful. And then Melinda just I thought you know the joy bur comments were interesting with the supply chain slash the new stores. I mean written sales still negative but you guys opening up new stores I think probably implies you're seeing something there.

所以今天宣布的这两个新的较小的软垫工厂也将是我们努力弥补那一半以实现长期双位数目标的一部分。好的，这很有帮助。然后 Melinda，我觉得你提到的 Joybird 评论与供应链/新店的关系很有趣。我的意思是，书面销售仍然是负的，但你们开设新店，我认为这可能意味着你们在那方面看到了什么。

So just curious kind of what you see out of the new stores when you do open it. You know, is there a lift to the dma? Is that part of the path to help turn the written. Just curious kind of the strategic aspect there's.

所以我很好奇，当你们开设新店时，你们看到的是什么。你知道，是否对 DMA 有提升？这是否是帮助扭转书面销售的路径的一部分。我只是好奇这种战略方面的内容。

Melinda Whittington (Board Chair, President and Chief Executive Officer)

Melinda Whittington（董事会主席、总裁兼首席执行官）

Yeah, certainly. I'm glad I finally got a question. Bobby. Sorry. Poor Taylor. I picked on pretty good here today. My fault. Taylor. No, 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 Enjoybread has an outsized consumer awareness already that, you know, that we're proud of. And we see the, you know, the path to really grow.

是的，当然。我很高兴我终于得到了一个问题。Bobby，抱歉。可怜的 Taylor，今天我挑了你不少。我的错，Taylor。不，谢谢你提到 Joybird。回过头来看，Joybird 非常适合我们的产品组合，作为一个直接面向消费者的品牌，垂直整合，与我们作为 La Z Boy Incorporated 的战略扩展非常契合，Joybird 已经拥有超出常规的消费者认知，我们对此感到自豪。我们看到，确实有增长的路径。

It's been challenged certainly against sort of the current economic backdrop and with a particularly sensitive consumer to all the uncertainty out there. 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.

当然，在当前经济背景下面临挑战，尤其是消费者对所有不确定性非常敏感。因此，我们继续进行调整。不过，我们看到品牌非常强大，每次我们开设新店，由于消费者非常熟悉数字化，而该品牌最初是在线上起步的，我们知道在哪里开设这些新店。因此，当我们开设新店时，它们几乎立即对整体 Joybird 组合产生积极影响。

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, is right sized 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 synthesize Joybird manufacturing into our La Z Boy plants. And we actually backed off of that in the middle of just the pandemic and the backlog and everything and just decided not to distract all the operations.

不过，我们需要继续做的是，在这个时期和规模下，确保 Joybird 背后的所有支持都是适当规模和结构灵活，以应对这种波动的消费环境。所以你可能还记得，Bobby，大约在疫情中期，我们做了一些工作。我们本打算将 Joybird 的制造完全整合到我们的 La Z Boy 工厂中。实际上，我们在疫情中期和积压等情况下放弃了这一计划，决定不干扰所有的运营。

But this is 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 and then to the front. We'll continue on that pace of expanding the brand reach of Joybird carefully with the store positioning. And even over the last year, we opened up with some of our best strategic plans, partners across our other brands opening up just a small wholesale presence so that we can keep expanding that reach of 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.

但这实际上是重新调整并恢复该项目，这将为我们提供新的灵活性，以便能够在幕后支持 Joybird，然后再到前台。我们将继续以谨慎的方式扩大 Joybird 品牌的影响力，确保店铺的定位。甚至在过去一年中，我们与一些最佳战略合作伙伴在其他品牌中开设了一些小型批发业务，以便能够以非常高效的方式继续扩大 Joybird 的影响力，进入一些市场，这些市场在当前业务规模下可能不太适合开设新店。

But we watch it closely because it is definitely in an investment phase for us and has continued to be very good.

但我们会密切关注，因为这确实是我们的一项投资阶段，并且持续表现良好。

Bobby Griffin (Analyst)

Bobby Griffin（分析师）

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

我感谢所有的细节。恭喜你们在内部组织和供应链方面的工作。理解这需要一点时间，但看起来我们确实在取得实质性进展，并且这已经显现出来。所以谢谢你们回答我的问题。

Holly

霍莉

Thanks, Bobby.

谢谢，鲍比。

Anthony Lebadinski (Analyst)

安东尼·莱巴丁斯基（分析师）

Your next question for today is from Anthony lebadinski with Sidoti. Thank you and good morning everyone, and certainly nice to see the strong finish to fiscal 26. Just a quick follow up on Joybird. So you talked about wholesale strategic partnerships. What have you seen, though far and what do you think is the opportunity there, if you could expand on that.

今天的下一个问题来自 Sidoti 的安东尼·莱巴丁斯基。谢谢，大家早上好，很高兴看到财政年度 26 的强劲收尾。关于 Joybird，我想跟进一下。你提到了批发战略合作伙伴关系，但到目前为止你们看到了什么？你认为那里的机会是什么？能否详细说明一下。

Melinda Whittington (Board Chair, President and Chief Executive Officer)

梅琳达·惠廷顿（董事会主席、总裁兼首席执行官）

Yeah, 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. One of the few true consumer brands supported by, you know, our own marketing and brand support. 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.

是的，这与我们的核心业务是互补的。因此，我们正在寻找类似于我们的 La-Z-Boy 品牌的合作伙伴。我们希望确保只与那些能够欣赏并正确对待品牌的合作伙伴进行扩展。我们是少数几个真正由我们自己的营销和品牌支持的消费品牌之一。我们仍然是行业中少数几个真正的消费品牌之一。因此，我们正在与这些合作伙伴合作。这是一个有节制的推出，以确保我们在这个过程中不断学习。

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, sense to support with their own stores. And so we're in a learning phase. But so far demand has exceeded 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.

正如我在之前的评论中提到的，这主要是为了将品牌推广到一些可能不适合用他们自己的商店支持的地区。因此，我们处于学习阶段。但到目前为止，需求超过了我们扩展的意愿，因为我们希望确保在这个过程中不断学习。但到目前为止，我们对所取得的成果非常满意，我们的战略合作伙伴也对他们在商店中引入一些新产品感到非常满意，坦率地说，他们提供了多种品牌。

Anthony Lebadinski (Analyst)

安东尼·莱巴丁斯基（分析师）

Yeah, thanks for that, Melinda. And then Taylor, I know you touched on this a little bit, but as far as, you know, phone 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?

谢谢你，梅琳达。然后泰勒，我知道你对此稍微提到了一下，但关于电话费用和运输费用，你能对此做一下评论吗？你们是否考虑采取任何定价措施来抵消这些费用，或者我们应该如何看待这个问题？

Taylor Luebke (SVP and CFO)

泰勒·卢布克（高级副总裁兼首席财务官）

Thanks, Anthony. Yeah, so I think first and foremost there have been some news and you know, supply particular suppliers and issues over the past couple months. I'd say most, 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, in my earlier comments, at least on the quarter one kind of, kind of outlook.

谢谢，安东尼。是的，首先，过去几个月确实有一些新闻，特别是供应商和问题。我想说最重要的是，我们没有供应风险。我们完全满足眼前的需求，这是积极的。我们确实看到，特别是在聚合物方面，但也包括更广泛的通货膨胀，很多与近期的石油原油通货膨胀压力有关，正如我在之前的评论中提到的，至少在第一季度的展望中。

So we see it. We've, we've intentionally chose to just, you know, Barrett, in quarter one, which is manageable as we're trying to really drive consumer demand, particularly over the summer selling periods. But we have taken actions to mitigate ongoing. So we have announced very nominal pricing across our businesses to be largely effective for kind of quarter two onward to mitigate the pressure.

所以我们看到了。我们故意选择在第一季度采取一些措施，这是可控的，因为我们希望在夏季销售期间真正推动消费者需求。但我们已经采取措施来减轻持续的压力。因此，我们宣布在我们的业务中进行非常小幅的定价调整，主要在第二季度及以后生效，以减轻压力。

Anthony Lebadinski (Analyst)

安东尼·莱巴丁斯基（分析师）

Gotcha. Okay. And then 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?

明白了。好的，最后，关于 La-Z-Boy 和 Joybird 的新店开业时间，这些会在一年中均匀分布，还是会有季度之间的显著变化？

Taylor Luebke (SVP and CFO)

泰勒·卢布克（高级副总裁兼首席财务官）

No. No significant variation. Obviously, everything in real estate is subject to, you know, permits and timing and weather, but generally speaking, no significant changes for prior years. Got it. Well, thank you very much and best of luck.

不会。没有显著变化。显然，房地产的一切都受到许可证、时间和天气的影响，但一般来说，与前几年相比没有显著变化。明白了。非常感谢，祝你好运。

Anthony Lebadinski (Analyst)

安东尼·莱巴丁斯基（分析师）

Thank you. Thank you, Anthony.

谢谢。谢谢你，安东尼。

Holly

霍莉

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

我们已经结束了问答环节，现在我将把电话交给马克进行总结发言。

Mark Beck

马克·贝克

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

谢谢，霍莉。梅琳达、泰勒和我会在办公室接听任何后续电话。谢谢，祝大家有美好的一天。

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La-Z-Boy 公布 2026 年第四季度业绩：完整财报电话会议记录