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（紐約證券交易所代碼：LZB）於週三舉行了 2026 財年第四季度財報電話會議。以下是會議的完整記錄。

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

此內容由 Benzinga API 提供。有關全面的財務數據和記錄，請訪問 https://www.benzinga.com/apis/。

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

查看網絡直播：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 公司報告稱，2026 財年第四季度零售部門銷售額增長了 9%，主要得益於收購和新店開業，而批發銷售略有下降，但運營利潤率有所改善。

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.

在整個財年中，合併銷售額達到 21 億美元，零售銷售增長 6%，並開設了 15 家新店，創下公司歷史新高。

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.

公司保持了強勁的資產負債表，現金達到 3 億美元，沒有外部債務，通過分紅和股票回購向股東返還了 8500 萬美元。

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 繼續專注於零售增長，計劃每年開設約 10 家新店，同時尋求戰略合作伙伴關係以提升 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.

管理層對未來增長表示樂觀，強調在世紀願景計劃下的戰略舉措，以擴大市場份額和改善運營利潤率，儘管承認當前消費者行為波動和經濟不確定性。

Full Transcript

完整記錄

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.

歡迎參加 La-Z-Boy 2026 財年第四季度財報電話會議。此時，所有參與者均處於僅聽模式。正式演示後將進行問答環節。如果在會議期間需要主持人協助，請在電話鍵盤上按星號 0。請注意，此次會議正在錄音。現在我將會議交給您的主持人，La-Z-Boy 公司的投資者關係和企業發展總監 Mark Beck。

You may begin.

請開始。

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.

謝謝你，Holly。大家早上好，感謝您加入我們討論 2026 財年第四季度的會議。今天與我一起參加電話會議的有 La-Z-Boy 公司的董事會主席、總裁兼首席執行官 Melinda Whittington，以及首席財務官 Taylor Luebke。Melinda 將開場並結束會議，Taylor 將在中間討論各部門的財務表現。在我們的準備發言後，我們將開放提問環節。

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.

本次演示將配有幻燈片，您可以通過我們的網絡直播鏈接查看，直播鏈接將保留一年，電話重播將在今天下午開始的一週內提供。我想提醒您，今天會議中提到的一些聲明包含關於 La-Z-Boy 未來表現和其他事項的前瞻性聲明。儘管我們認為這些因素的聲明是合理的，但我們的實際結果可能會有實質性差異。

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.

可能影響我們未來結果的最重要風險因素在我們的 10-K 表格年度報告中進行了描述。我們鼓勵您查看這些風險因素以及我們 SEC 文件中詳細列出的其他關鍵信息。此外，我們的財報發佈在我們網站的投資者關係頁面的新聞和事件標籤下可用，幷包括某些調整指標的調節，調節內容也包含在我們會議幻燈片的附錄中。

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

那麼，我現在將會議交給 Melinda。

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

Melinda Whittington（董事會主席、總裁兼首席執行官）

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.

謝謝你，Mark。大家早上好。昨天，在市場收盤後，我們報告了截至四月的第四季度和財年的結果，展示了強勁的執行力和在戰略舉措上的持續進展。我們第四季度的亮點包括零售部門銷售額增長 9%，主要得益於收購和新店開業，我們在本季度開設了四家新店，使公司自有店鋪總數達到 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.

我們的零售部門調整後的運營利潤率較去年有所增強，本季度接近 14%；而批發部門的銷售略有下降，但調整後的運營利潤率有所改善。我們整個財年的亮點包括總合並銷售額達到 21 億美元，較去年增長，零售部門銷售額較去年增長 6%，在這一年中我們開設了 15 家淨新店，創下公司歷史上年度淨新店數量的最高紀錄，並完成了我們最大規模的 15 家獨立 La-Z-Boy 收購。

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.

在我們的批發部門，銷售額與去年持平，調整後的運營利潤率有所增強。我們產生了 2.04 億美元的運營現金流，較去年增長 9%。我們通過股票回購和分紅向股東返還了 8500 萬美元，包括連續第五年將季度分紅提高 10%。最後，我們繼續保持強勁的資產負債表，現金超過 3 億美元，沒有外部債務。

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.

我為這一財年的強勁收尾感到自豪，因為我們的表現達到了預期，儘管面臨不平衡的背景。我們專注於推動自身的增長勢頭，主要通過新店開設、收購和強有力的店內執行來推動零售業務擴張。現在轉向消費者趨勢，反映在我們第四季度的零售書面銷售中，公司自有零售部門的總書面銷售較去年第四季度增長了 11%，主要得益於收購和新店。

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.

已書面記錄的同店銷售額在本季度下降了 2%，這一結果相比第三季度有所改善。同店銷售趨勢在第四季度末表現最強，四月份的銷售額與去年同期相比實現了正增長，這一強勁勢頭持續到五月，且在陣亡將士紀念日假期期間表現良好。儘管整個行業出現疲軟，但我們依然在推動自身的增長，行業數據顯示，美國人口普查局報告本季度市場下降幅度在低至中個位數之間。我們仍然專注於零售增長，能夠控制整個消費者體驗的端到端過程，並在大型且高度分散的傢俱和家居用品行業中獲得市場份額，無論市場條件如何。我們正在利用我們標誌性品牌的優勢、靈活的美國中心供應鏈、以消費者為導向的洞察、優質產品和卓越的店內執行力，來取悦和激勵我們網絡中的消費者以及我們的 Joybird 業務。

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.

本季度總書面銷售額增長了 2%，主要得益於新店的開設。我們繼續通過新店和兼容的批發合作伙伴擴展 Joybird 的分銷，並在上個月在德克薩斯州達拉斯開設了第 16 家專門的 Joybird 商店。關注我們的更廣泛戰略目標，我想回顧一下我們在財政年度 26（即我們的第 99 個年頭）中在世紀願景目標方面取得的進展。世紀願景是我們的戰略，旨在通過我們的消費者品牌以行業兩倍的速度增長銷售和市場份額，並在 2027 年百年紀念日之後可持續地擴大我們的運營利潤率。

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.

在過去一年中，我們顯著擴大了 La-Z-Boy 品牌的影響力，創下了公司歷史上新店開設數量最多和獨立 La-Z-Boy 商店收購數量最多的記錄。正如我提到的，在這一年中，我們新增了 15 家公司自營店，收購了 15 家獨立的 La-Z-Boy 商店，年末時公司自營店數量達到了 230 家。公司自營店的佔比現在佔我們總網絡的 61%。我們總的 La-Z-Boy 商店網絡，包括公司自營店和獨立店，現在在北美的數量接近 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.

我們看到 La-Z-Boy 的擴展有潛力達到 450 個地點，主要通過擴展公司自營店來實現。我們預計未來每個財政年度將開設約 10 家新店，並將繼續在獨立店收購方面積極行動，隨着機會的出現而進行收購。請記住，這些收購是我們現金的最佳使用之一，因為它們能夠立即增加銷售和利潤，併為新市場提供擁有潛在空白市場的機會。

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.

我們很高興最近簽署了一項協議，計劃收購佛羅里達州和阿拉巴馬州的另外三家商店網絡，預計將在 6 月底完成交易。我們致力於發展我們的直銷業務，在這一領域我們能夠提供一流的消費者體驗。我們繼續增加新的兼容分銷，並與重視 La-Z-Boy 品牌實力、持久質量和差異化產品功能的合作伙伴擴大現有分銷，這些都得益於我們垂直整合的製造能力。

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.

在這一年中，我們新增了 30 家經銷商和 100 個新門店，包括與 Living Spaces 的新合作伙伴關係。與我們的戰略合作伙伴共同成長仍然存在相當大的機會，我們將特別關注在現有基礎上推動有機增長。此外，我們將繼續投資於我們的舒適工作室和品牌空間，這些空間在我們較大的獨立零售商中提供獨特的店中店品牌。

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.

我們在財政年度結束時，幾乎擁有 1400 個 LA Z boy 舒適工作室和品牌空間，每個空間都專門致力於我們的 La-Z-Boy 品牌產品。相關品牌信息是我們世紀願景增長戰略的另一個核心支柱，我將花一些時間強調我們在這一年中取得的一些成功，以及我們如何利用這一勢頭。請回憶一下，我們在去年八月推出了以舒適和質量為根基的新品牌形象，以使品牌能夠接觸到更廣泛的受眾。

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.

這一活動得到了消費者、客户、媒體和分析師的積極反饋，大家都認為我們的新形象看起來更加舒適，這在廣告行業也得到了認可，我們被《廣告時代》評選為 2025 年五大品牌重塑之一，並且最近在短視頻獎（Shorty Awards）中獲得了國際獎項，表彰在社交和數字媒體領域的傑出工作，獲得了品牌重塑類別的金獎。

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

我還要提到，在第四季度，La-Z-Boy 被《今日美國》評選為 2026 年美國最佳商店名單中的一員。該獎項基於獨立調查數據，強調了我們品牌的相關性和強大的店內執行力。我們在產品創新方面也在不斷積累勢頭。今年春季，在高點傢俱市場上，我們推出了 Audiolux 和 Comfort Essentials。Audiolux 是我們市場領先的高端音頻傢俱系列，利用 La-Z-Boy 內部的消費者導向洞察來推動相關創新。

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.

該產品線結合了集成音頻體驗，與 Klipsch 合作，提供 La-Z-Boy 所知的舒適和質量。請在今年秋季關注它的到來，我們還推出了 Comfort Essentials，這是我們固定產品系列中的一個入門價格點，旨在滿足注重性價比的消費者的需求。我們知道年輕消費者正在尋找更易於接觸的選項，以開始他們與 La-Z-Boy 品牌的旅程，我們正在創新以滿足這一需求。

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.

通過持續投資於品牌演變、零售擴展、數字化轉型、創新和消費者洞察，我們正在釋放強大的 La-Z-Boy 飛輪。世紀願景的另一個核心支柱是優化 Joybird 品牌以實現增長和盈利。Joybird 補充了我們更廣泛的核心戰略，即在北美製造的品牌定製軟墊，並具有顯著的長期增長機會。儘管 Joybird 的核心消費者在當前經濟環境中特別不穩定，但我們仍然致力於對業務進行有紀律的投資，以使品牌在可持續的長期成功中佔據有利位置。我們在財政年度 26 開設了三家新店，並計劃在財政年度 27 開設三到四家新店。我們還最近推出了 Joybird 批發計劃，與一些戰略合作伙伴合作，該計劃反響良好，有助於擴大 Joybird 的品牌影響力。我們繼續監測業績，並採取適當措施改善增長和盈利能力，包括重新設計我們的企業供應鏈，以更有效地支持 Joybird。正如我稍後將提到的，世紀願景戰略的最後一個支柱是增強我們在供應鏈、技術和人員方面的基礎能力和靈活性。

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.

我們垂直整合的模式使約 90% 的軟墊產品在美國製造，這是一種差異化的競爭優勢，使個性化傢俱能夠在四到六週內送達消費者家中，這對我們的企業成功以及應對當前地緣政治環境至關重要。我們正在通過多年的配送和家庭交付轉型項目建立一個更加靈活的供應鏈。

During the past year we completed the western third of this project with our new Arizona Centralized hub and we are well on track with our Midwestern and Eastern phases. As a reminder, this 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.

在過去的一年中，我們完成了該項目的西部三分之一，建立了新的亞利桑那中央樞紐，並且我們在中西部和東部階段的進展良好。作為提醒，這項多年的轉型將改善已經強大的消費者體驗，並通過運營效率推動更強的批發運營利潤率。在這一年中，我們還在簡化運營和專注於核心業務方面取得了重要進展。

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.

我們在四月完成了英國供應鏈重組，並在五月完成了我們在傢俱領域的投資組合優化的最後一步，出售了 American Drew 和 Kincaid 批發傢俱業務，我們對供應鏈的戰略性和靈活性調整仍在繼續。我們最近啓動了項目，將我們兩個最小的軟墊工廠整合到我們更大的美國工廠網絡中。這將包括在財政年度 27 完全整合 Joybird 製造到我們長期以來的 La-Z-Boy 工廠中，以更有效地支持該業務。

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.

我們預計這兩個小工廠的過渡將在財政年度結束前基本完成。鑑於我們供應鏈的持續效率提升，我們在現有美國製造業務中擁有充足的產能來支持未來的增長，並將這些變化視為實現世紀願景目標的另一個關鍵步驟，以建立更靈活的供應鏈，並繼續改善運營利潤率，適應不斷變化的宏觀環境。

As we begin fiscal 27, we are focused on controlling the controllables and confident in our ability to drive our own momentum and outperform the market. While the timing of a return to growth for our industry is uncertain, we have discrete 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.

在我們開始財政年度 27 時，我們專注於控制可控因素，並對推動自身勢頭和超越市場的能力充滿信心。儘管我們行業恢復增長的時機尚不確定，但我們擁有推動業務增長和在世紀願景支柱中加強基礎的具體槓桿。展望未來，我們對住房基本面和傢俱及家居用品行業的最終反彈持樂觀態度，該行業歷史上以健康的 3% 到 4% 的增長率增長。

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

現在我將電話交給 Taylor，讓他更詳細地回顧我們的財務業績。

Taylor Luebke (SVP and CFO)

Taylor Luebke (高級副總裁兼首席財務官)

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.

謝謝你，Melinda，大家早上好。作為提醒，我們以 GAAP 和調整後的基礎呈現我們的業績。我們認為調整後的呈現更能反映業務的基本運營趨勢和表現。調整後的結果排除了在我們的新聞稿和會議電話幻燈片附錄部分中詳細列出的項目。在合併基礎上，財政年度 2026 第四季度的銷售額與去年持平，為 5.7 億美元，因為我們零售業務的增長被 Joybird 業務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.

合併 GAAP 運營收入為 4100 萬美元，調整後的運營收入為 5700 萬美元。合併 GAAP 運營利潤率提高至 7.2%，調整後的運營利潤率提高至 9.9%，而去年為 9.4%，這一變化主要是由於我們傢俱業務的庫存調整和定價的有利影響，部分被 Joybird 交付銷售下降導致的費用槓桿削弱所抵消。

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.

請注意，我們傢俱業務的收益是不可重複的，因為最近宣佈出售批發傢俱業務。稀釋後的每股收益在 GAAP 基礎上為 0.81 美元，調整後的稀釋每股收益為 1.26 美元。當我進入各個部門的討論時，我的評論將專注於我們的調整報告，除非特別説明。首先是零售部門，第四季度的交付銷售增長了 9%，達到 2.7 億美元，主要受收購和新店的推動，零售調整後的運營利潤率提高至 13.9%，而去年為 13.1%，這得益於收購的積極影響。

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.

在我們的批發部門，交付銷售額同比下降 2%，降至 3.93 億美元，主要是由於大多數業務的温和下滑以及行業趨勢持續疲軟。第四季度批發部門的調整後營業利潤率從去年的 8.5% 上升至 10.1%，主要得益於我們案例商品業務的 150 個基點改善，這主要是由於在 Joybird 剝離前的有利庫存調整和定價。企業及其他部門的交付銷售額為 3200 萬美元，同比下降 10%，原因是交付銷售量減少。

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.

企業及其他部門的調整後營業虧損較去年有所增加，主要是由於 Joybird 交付銷售額下降導致的費用槓桿效應。根據 GAAP 標準，我們記錄了 2000 萬美元的非現金減值費用，以降低 Joybird 商譽的賬面價值，反映了當前宏觀環境對 Joybird 消費者的短期影響不成比例。如前所述，我們將繼續謹慎管理，並採取措施改善 Joybird 的增長和盈利能力。接下來，我們來看 2026 財年第四季度的合併調整後毛利率和銷售、一般及管理費用表現，整個公司的合併調整後毛利率較去年第四季度提高了 230 個基點，毛利率的提高主要是由於合併結構向零售部門轉變，零售部門的毛利率高於批發部門，案例商品的毛利率也因剝離前的有利庫存調整和定價而提高，調整後的銷售、一般及管理費用佔季度銷售額的比例較去年增加了 180 個基點。

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.

同樣，由於合併結構向零售部門轉變，零售部門的固定成本結構相對於批發部門較高，同時由於交付量下降導致的固定成本槓桿效應。在我們的 Joybird 業務中，2026 財年的 GAAP 有效所得税率為 25.9%，而去年為 31.4%。2026 財年有效税率的下降主要是由於今年關閉英國製造業務的有利税收影響，而去年則受到外部一次性税項的不利影響。

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.

展望未來，我們預計有效所得税率將回歸到 26% 至 27% 的正常水平。談到流動性，我們以強勁的資產負債表結束了這一年，現金為 3.03 億美元，沒有外部融資債務。我們從經營活動中產生了強勁的 2.04 億美元現金，同比增長 9%。在 2026 財年，我們進行了強有力且有紀律的資本部署，248 百萬美元重新投資於業務或返還給股東。我們支付了 8600 萬美元用於收購，主要與美國東南部零售業務的 15 家門店收購相關，同時在年度內投資了 7600 萬美元用於資本支出，主要與新 La-Z-Boy 門店的投資、翻新、製造相關投資以及與我們的配送和家庭交付轉型相關的支出。

We continue to believe that the best use of our cash and highest return on investment is reinvesting back into the business and as such we remain committed to disciplined investments in new stores and remodels, acquisitions 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.

我們繼續認為，現金的最佳使用和最高投資回報是重新投資於業務，因此我們仍然致力於在新門店和翻新、收購以及我們的配送和家庭交付轉型項目中進行有紀律的投資，以盈利性地增長我們的核心業務。在財年期間，我們通過分紅和股票回購向股東返還了 8500 萬美元，其中包括 4700 萬美元的股票回購和 3800 萬美元的分紅，這是我們連續第五年在季度分紅中增加 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.

我們在 4 月份繼續以 2000 萬美元的更正常的股票回購速度，反映出對公司可持續增長能力的持續信心，董事會批准了一項新的 3 億美元股票回購計劃，取代了之前的計劃。這大約佔已發行股份的 20%，並強調了我們最大化股東價值和為股東提供回報的承諾。公司預計未來的股票回購將保持正常水平，具體取決於市場條件和業務表現。

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.

我們繼續將股票回購和分紅視為現金的有吸引力的使用和對股東的積極回報。在過去五年中，我們通過分紅和股票購買向股東返還了超過 4.3 億美元，而在 2026 財年的資本配置則更多地傾向於業務，展望未來，我們的資本配置目標仍然是一致的，即將 50% 的經營現金流重新投資於業務，並將 50% 返還給股東，通過股票回購和分紅。

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.

在將電話交還給 Melinda 之前，讓我強調 2027 財年和第一季度的一些重要事項。儘管我們對當前宏觀環境持謹慎態度，但我們預計第一季度銷售額將在 4.9 億至 5.1 億美元之間，反映出高達 4% 的有機增長（不包括收購和剝離）。調整後的營業利潤率在 4% 至 5.5% 之間。最後，提醒一下，我們的第一季度通常是財年中銷售和利潤最低的季度，因為行業銷售季節性較低，並且我們有為期一週的年度工廠停工。

Also to note for our fiscal 2027 full year comparability to prior year will be affected by two items the full year impact of our exit of the wholesale 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.

還需注意的是，我們 2027 財年的全年業績與前一年相比將受到兩個因素的影響：一是我們上個月完成的批發傢俱業務退出的全年影響，該業務在 2026 財年帶來了約 6000 萬美元的年銷售額；二是我們在去年十月底完成的 15 家零售店收購的半年影響。我們預計在未來一年內將開設約 10 家新的 LA-Z-Boy 門店，其中大部分將為公司自營店，同時還將開設三到四家新的 Joybird 門店。我們將繼續關注不斷變化的關税和貿易政策環境，並相應調整。我們正在通過標準的 CVP 系統申請 IEPA 關税的退款，並將在監測進展的同時確定下一步措施。

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.

作為提醒，我們 90% 的軟墊生產基地位於美國，這繼續成為我們的競爭優勢，因為我們能夠快速交付定製的軟墊，並限制關税對我們業務的影響，相較於行業內的一些公司。我們預計年度資本支出將在 9000 萬到 1.1 億美元之間，繼續投資於我們的配送和家庭交付轉型、製造相關投資以及對我們的 LA-Z-Boy 零售店的投資，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.

最後，我們預計資本配置將在對業務的再投資和對股東的回報之間保持平衡，接下來我將把電話交回給 Melinda。

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

Melinda Whittington（董事會主席、總裁兼首席執行官）

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.

謝謝你，Taylor。我們在 2026 財年結束時表現強勁，正在創造自己的勢頭併為長期成功進行投資。我們正在通過關鍵的戰略舉措調整我們的業務，以更好地為 LA-Z-Boy 公司在下一個百年做好準備，儘管行業復甦的時機仍不明確，但我們已做好準備，繼續獲得市場份額，並在行業恢復到更正常的增長軌跡時獲得不成比例的收益。

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.

在我結束電話之前，我想感謝整個 LA-Z-Boy 公司的團隊和我們的許多合作伙伴，感謝他們在當前環境中所付出的努力和承諾，交付強勁的業績併為未來打下基礎。我們專注於繼續為所有利益相關者創造價值，我對未來的一年感到興奮。現在我們將電話交回給 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.

謝謝你，Melinda。我們現在將開始問答環節。Holly，請查看提問排隊的説明。

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.

當然，此時我們將進行問答環節。如果您想提問，請在電話鍵盤上按星號 1。確認音將表示您的線路已進入提問隊列。如果您想將問題從隊列中移除，可以按星號 2。對於使用揚聲器設備的參與者，可能需要在按星號鍵之前拿起聽筒。請稍等，我們將進行提問調查。

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

今天的第一個問題來自 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 提問。感謝您回答我們的問題。首先，Melinda，您在這裏的季度表現相當不錯。您提到了四月的強勁表現，並且在五月繼續保持這些積極趨勢。我很好奇，您認為是什麼推動了季度末和財年第一季度的強勁表現？同時，我也想知道您對六月的情況有什麼看法。

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

Melinda Whittington（董事會主席、總裁兼首席執行官）

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.

當然，早上好。我會總體上説，我們知道消費者行為仍然不穩定。住房趨勢和整體消費者情緒都有很多變化。但我們所做的一切都是為了在這種環境中推動自己的勢頭。當我看到過去幾個月的強勁業績時，從四月到五月，這與執行力有關。我們擁有合適的產品、合適的信息傳遞，以及出色的店內執行，能夠與消費者溝通，滿足他們的購買需求。正如我們過去所談到的，甚至在我們持續的創新工作中，我們必須滿足一些希望進入品牌的消費者，並在這些重要的活動中提供更具競爭力的價格。

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.

與此同時，我們仍然擁有強大的設計業務和一些出色的店內執行，推動了更大的銷售額。因此，這實際上是所有這些因素的良性循環，推動了我們最近看到的業績。我們仍處於六月的早期階段，作為一個行業，我們知道有一些重要的活動即將到來。因此，我們的重點是圍繞即將到來的七月四日假期，繼續保持這種勢頭，儘管背景仍將不穩定。

Taylor Luebke (SVP and CFO)

Taylor Luebke（高級副總裁兼首席財務官）

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?

如果我可以再問一個問題給 Taylor。您在這個季度的運營利潤率接近 10%，顯著高於您對本季度的指導。您能否評論一下在這個季度中發生了什麼，使您超出了指導範圍？同時，隨着我們進入財年第一季度的指導，您能否幫助我們理解一些影響因素？考慮到財年第四季度的超預期表現，這對財年第一季度的指導有什麼幫助？

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，謝謝，早上好，Taylor。那麼我先談談第四季度的情況，我對這一季度在不平衡的背景下取得的強勁業績感到非常滿意，特別是我們的零售業務，無論是書面銷售還是交付銷售，以及利潤率的擴張。但批發部門也表現穩健，運營利潤率相比去年有所擴大。因此，我們在整個企業中繼續保持卓越的運營，正如 Melinda 所説，日常向消費者交付顯然有助於業績，同時日常的成本控制和優化也幫助我們實現了強勁的利潤率。

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.

你提到的超額交付，實際上超額交付的主要原因是我們在完成 5 月份的銷售之前，庫存趨勢和我們成品傢俱業務的定價帶來的好處。我提到過，這種情況是不可重複的，剔除這一點後，我們在季度的指導範圍內處於高端，這讓我感到非常滿意，尤其是在當前全球形勢下。隨着我們進入第一季度，我想讓我提升一下視角，然後再回到具體問題上。因此，隨着我們進入 2027 財年，我們的目標是在任何一年中推動核心業務的有機銷售增長，並再次擴大我們的運營利潤率，朝着長期目標，即超越行業兩倍，並在長期內實現兩位數的利潤率。因此，這就是我們進入這一年的目標。我對我們的零售業務及其表現感到非常自豪，正如 Melinda 提到的那樣，我認為我們在批發業務上面臨一些短期壓力，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

需求仍然不穩定，尤其是在 B2B 方面，儘管我們有計劃來緩解這一情況。我們認為這是短期的，但正如你在新聞中看到的，PPI 或其他指標，通貨膨脹略有上升，我們在短期內吸收了一些，這在可控範圍內，但確實存在。我想説的是，這對我們來説是有意為之，因為我們真的希望最大化夏季銷售期間的需求。但這是短期的，雖然我們可能等待其他同行的行動，但我們已經採取措施來應對第一季度後的通貨膨脹輸入成本。因此，這些都是批發方面的短期阻力，我們將繼續緩解，同時我們的零售業務依然強勁。最後，我想説的是，Melinda 提到的，我們在分銷和家庭交付轉型項目的第二年結束時宣佈的，我為我們持續優化供應鏈感到自豪，我們將在這一年內將我們兩個最小的工廠整合到更廣泛的美國網絡中。這會增加一些摩擦成本，但仍在可控範圍內，同時我們還有其他正在進行的舉措。明白了，這很有幫助。謝謝你，Taylor。我把時間交給其他人。

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.

非常感謝。

Holly

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

今天的下一個問題來自 Raymond James 的 Bobby Griffin。

Bobby Griffin (Analyst)

Bobby Griffin (分析師)

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，謝謝你們回答我的問題。嘿，Taylor，我想回到一些關於利潤率的評論，想更好地理解核心表現。因此，如果我剔除批發動態中的庫存和定價，正如你所提到的，我認為你們仍然接近指導的高端，這非常健康。但這意味着利潤率會受到一些壓力。我認為與去年相比，EBIT 的利潤率可能接近 8.8%，而去年是 9.4%。那麼這種年同比的壓力是什麼原因造成的？是家庭交付優化方面的供應鏈投資，還是槓桿效應，或者還有其他可能導致這種情況的因素，我試圖從更正常的角度來看待這個季度。

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。謝謝你的提問。因此，再次強調，我對我們在你提到的核心問題上的表現感到自豪。我想説，這與我們過去三個季度所討論的內容有一些延續，即我們在交付或分銷和家庭交付轉型方面存在一些摩擦成本。但儘管我們對同店銷售的連續改善感到自豪，但仍然是負增長，這也對槓桿效應產生了影響。正如我們提到的 Joybird 業務的結果，較低交付季度的槓桿效應影響。因此，這些確實是原因。這並不是新情況，而是我們在這一年中一直在管理的內容。我們在大多數方面都看到了逐步改善。

Taylor Luebke (SVP and CFO)

再一次，隨着我們接近這一年，我們的意圖是推動核心業務的增長，推動同店銷售的連續改善，並提高我們的盈利能力。

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 (分析師)

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，這很有幫助。然後，Taylor。是的。

Bobby Griffin (Analyst)

Taylor Luebke (高級副總裁兼首席財務官)

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

10K 實際上提到了一些你們在供應鏈工作中產生的分銷成本。我認為這對批發的毛利率造成了 70 個基點的壓力。隨着你們進入 2027 財年，這種情況會保持不變，還是隨着項目的推進而開始減少？隨着你們繼續推進這個多年的項目，這種壓力會如何變化？所以讓我回顧一下我們在整個多年項目中的進展，我認為這將回答這個問題。

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.

這是一個為期四年的多階段轉型，最初有 15 個配送中心，將過渡到三個集中樞紐，這為我們的企業帶來了巨大的好處，包括消費者和內部績效、盈利能力，因為我們希望以更廣泛的配送半徑來滿足消費者。其次，它將我們的佔地面積減少 30%，第三，它將重型傢俱的行駛里程減少 20%。同時，庫存存儲的效率更高，生產力更強，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.

第一年我們剛剛完成。我們很高興完成了西部階段。現在我們進入第二年，這是另一個同樣重要的一年，我們將接近完成我們的中西部和東部樞紐。因此，我會將第一年和第二年視為大致相當，我們注意到仍然存在一些摩擦成本，儘管如此，我們仍然打算在利潤上實現增長，儘管我們正在轉向盈虧平衡的正年理論，預計在第四年完成項目時將獲得 50 到 75 個基點的好處。

Bobby Griffin (Analyst)

Bobby Griffin（分析師）

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，我還有兩個問題，我答應過其中一個是給 Melinda 的。所以我可能會挑你，Taylor，但事情很多。我感到受傷，Bobby。是的，我來了，Melissa。但不，這讓人鼓舞的是你們正在進行的變化，我不想稱之為重建，但你們正在靈活調整組織。所以當我們將這種變化疊加起來時，今天你提到的新供應鏈優化，雖然是小規模的，但仍在整合工廠，加上案例商品的銷售和那裏的利潤好處，你知道，這些都是未來的事情，行業會有很多變化。但所有這些加起來對潛在的利潤有什麼影響，我們的基本情況是什麼，以便我們進行評估？

Taylor Luebke (SVP and CFO)

Taylor Luebke（高級副總裁兼首席財務官）

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，我想説，Bobby，我對轉型和整個企業的靈活性感到非常滿意，無論是配送、家庭交付，還是持續的工廠優化，或者只是精細化產品組合。所以你會欣賞這些話。我們已經對其中一些進行了評估，我們打算在未來幾年內實現。其他的只是作為日常成本改進的一部分，持續改進，以推動我們長期實現雙位數可持續利潤的目標。我們之前談過，我們認為在沒有任何市場正常化增長的情況下，我們可以彌補我們與雙位數之間的差距，坦率地説，另一半我們確實需要一些健康的住房基本面和行業增長，以利用我們在商店和供應鏈運營中的固定成本基礎。

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.

所以今天宣佈的這兩個新的較小的軟墊工廠也將是我們努力彌補那一半以實現長期雙位數目標的一部分。好的，這很有幫助。然後 Melinda，我覺得你提到的 Joybird 評論與供應鏈/新店的關係很有趣。我的意思是，書面銷售仍然是負的，但你們開設新店，我認為這可能意味着你們在那方面看到了什麼。

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，當你們開設新店時，你們看到的是什麼。你知道，是否對 DMA 有提升？這是否是幫助扭轉書面銷售的路徑的一部分。我只是好奇這種戰略方面的內容。

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

Melinda Whittington（董事會主席、總裁兼首席執行官）

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，當然。我很高興我終於得到了一個問題。Bobby，抱歉。可憐的 Taylor，今天我挑了你不少。我的錯，Taylor。不，謝謝你提到 Joybird。回過頭來看，Joybird 非常適合我們的產品組合，作為一個直接面向消費者的品牌，垂直整合，與我們作為 La Z Boy Incorporated 的戰略擴展非常契合，Joybird 已經擁有超出常規的消費者認知，我們對此感到自豪。我們看到，確實有增長的路徑。

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.

當然，在當前經濟背景下面臨挑戰，尤其是消費者對所有不確定性非常敏感。因此，我們繼續進行調整。不過，我們看到品牌非常強大，每次我們開設新店，由於消費者非常熟悉數字化，而該品牌最初是在線上起步的，我們知道在哪裏開設這些新店。因此，當我們開設新店時，它們幾乎立即對整體 Joybird 組合產生積極影響。

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.

不過，我們需要繼續做的是，在這個時期和規模下，確保 Joybird 背後的所有支持都是適當規模和結構靈活，以應對這種波動的消費環境。所以你可能還記得，Bobby，大約在疫情中期，我們做了一些工作。我們本打算將 Joybird 的製造完全整合到我們的 La Z Boy 工廠中。實際上，我們在疫情中期和積壓等情況下放棄了這一計劃，決定不干擾所有的運營。

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.

但這實際上是重新調整並恢復該項目，這將為我們提供新的靈活性，以便能夠在幕後支持 Joybird，然後再到前台。我們將繼續以謹慎的方式擴大 Joybird 品牌的影響力，確保店鋪的定位。甚至在過去一年中，我們與一些最佳戰略合作伙伴在其他品牌中開設了一些小型批發業務，以便能夠以非常高效的方式繼續擴大 Joybird 的影響力，進入一些市場，這些市場在當前業務規模下可能不太適合開設新店。

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

但我們會密切關注，因為這確實是我們的一項投資階段，並且持續表現良好。

Bobby Griffin (Analyst)

Bobby Griffin（分析師）

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.

我感謝所有的細節。恭喜你們在內部組織和供應鏈方面的工作。理解這需要一點時間，但看起來我們確實在取得實質性進展，並且這已經顯現出來。所以謝謝你們回答我的問題。

Holly

霍莉

Thanks, Bobby.

謝謝，鮑比。

Anthony Lebadinski (Analyst)

安東尼·萊巴丁斯基（分析師）

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.

今天的下一個問題來自 Sidoti 的安東尼·萊巴丁斯基。謝謝，大家早上好，很高興看到財政年度 26 的強勁收尾。關於 Joybird，我想跟進一下。你提到了批發戰略合作伙伴關係，但到目前為止你們看到了什麼？你認為那裏的機會是什麼？能否詳細説明一下。

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

梅琳達·惠廷頓（董事會主席、總裁兼首席執行官）

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，這與我們的核心業務是互補的。因此，我們正在尋找類似於我們的 La-Z-Boy 品牌的合作伙伴。我們希望確保只與那些能夠欣賞並正確對待品牌的合作伙伴進行擴展。我們是少數幾個真正由我們自己的營銷和品牌支持的消費品牌之一。我們仍然是行業中少數幾個真正的消費品牌之一。因此，我們正在與這些合作伙伴合作。這是一個有節制的推出，以確保我們在這個過程中不斷學習。

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.

正如我在之前的評論中提到的，這主要是為了將品牌推廣到一些可能不適合用他們自己的商店支持的地區。因此，我們處於學習階段。但到目前為止，需求超過了我們擴展的意願，因為我們希望確保在這個過程中不斷學習。但到目前為止，我們對所取得的成果非常滿意，我們的戰略合作伙伴也對他們在商店中引入一些新產品感到非常滿意，坦率地説，他們提供了多種品牌。

Anthony Lebadinski (Analyst)

安東尼·萊巴丁斯基（分析師）

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?

謝謝你，梅琳達。然後泰勒，我知道你對此稍微提到了一下，但關於電話費用和運輸費用，你能對此做一下評論嗎？你們是否考慮採取任何定價措施來抵消這些費用，或者我們應該如何看待這個問題？

Taylor Luebke (SVP and CFO)

泰勒·盧布克（高級副總裁兼首席財務官）

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.

謝謝，安東尼。是的，首先，過去幾個月確實有一些新聞，特別是供應商和問題。我想説最重要的是，我們沒有供應風險。我們完全滿足眼前的需求，這是積極的。我們確實看到，特別是在聚合物方面，但也包括更廣泛的通貨膨脹，很多與近期的石油原油通貨膨脹壓力有關，正如我在之前的評論中提到的，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.

所以我們看到了。我們故意選擇在第一季度採取一些措施，這是可控的，因為我們希望在夏季銷售期間真正推動消費者需求。但我們已經採取措施來減輕持續的壓力。因此，我們宣佈在我們的業務中進行非常小幅的定價調整，主要在第二季度及以後生效，以減輕壓力。

Anthony Lebadinski (Analyst)

安東尼·萊巴丁斯基（分析師）

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，最後，關於 La-Z-Boy 和 Joybird 的新店開業時間，這些會在一年中均勻分佈，還是會有季度之間的顯著變化？

Taylor Luebke (SVP and CFO)

泰勒·盧布克（高級副總裁兼首席財務官）

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.

不會。沒有顯著變化。顯然，房地產的一切都受到許可證、時間和天氣的影響，但一般來説，與前幾年相比沒有顯著變化。明白了。非常感謝，祝你好運。

Anthony Lebadinski (Analyst)

安東尼·萊巴丁斯基（分析師）

Thank you. Thank you, Anthony.

謝謝。謝謝你，安東尼。

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.

我們已經結束了問答環節，現在我將把電話交給馬克進行總結髮言。

Mark Beck

馬克·貝克

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

謝謝，霍莉。梅琳達、泰勒和我會在辦公室接聽任何後續電話。謝謝，祝大家有美好的一天。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本轉錄僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。企業參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

La-Z-Boy 公佈 2026 年第四季度業績：完整財報電話會議記錄