Management characterized 2025 as a stabilization year, intentionally sacrificing headline revenue to eliminate negative-contribution vendors and SKUs in favor of margin integrity. The 390-basis point full-year gross margin expansion was attributed to structural improvements in freight contracts, return economics, and stricter pricing discipline. The company has shifted from a 'consolidator' model to an 'aggregator' model, focusing on building a connected system of complementary home-related capabiliti ...