Financial Data and Key Metrics Changes - Consolidated net sales for the second quarter were $149.9 million, impacted by lower consumer confidence and traffic due to the government shutdown, with retail written orders declining by 17.9% and wholesaler orders down 19.3% year-over-year [7][10] - Consolidated gross margin improved to 60.9%, up 60 basis points from the previous year, attributed to a favorable sales mix and reduced headcount [8][10] - Adjusted operating income was $13.5 million, with an operating margin of 9%, compared to 5.4% in the same quarter of 2019 [8][9] - Adjusted diluted EPS was $0.44, with an effective tax rate of 25.3% [10] Business Line Data and Key Metrics Changes - Retail written orders experienced a decline of 17.9%, while wholesaler orders decreased by 19.3%, reflecting a challenging comparison to the previous year [7][10] - The wholesale backlog at the end of the quarter was $49.8 million, influenced by a lower volume of contract orders [8] Market Data and Key Metrics Changes - Design center traffic declined by 11%, contributing to the overall decrease in demand [7] - Positive written order growth was observed in January, indicating a potential recovery in consumer behavior [7] Company Strategy and Development Direction - The company aims to strengthen its vertically integrated structure, focusing on product development, marketing, and logistics [14][16] - Approximately 75% of furniture is manufactured in North America, providing a competitive advantage and mitigating tariff exposure [12][13] - Increased marketing spend by 25%, primarily in digital media, is expected to yield future benefits despite not fully impacting the second quarter [15][36] Management's Comments on Operating Environment and Future Outlook - Management noted that the government shutdown significantly impacted results, but there are signs of recovery with improved traffic and orders in January [5][20] - The company is optimistic about maintaining strong gross margins due to disciplined expense management and operational improvements [22] Other Important Information - The company has a robust balance sheet with total cash and investments of $179.3 million and no debt [10][11] - A quarterly cash dividend of $10 million was declared, reflecting the company's commitment to returning value to shareholders [11] Q&A Session Summary Question: Retail written orders trends during the quarter - Management indicated that retail written orders averaged a decrease of 18% during the quarter, with a stronger start in October that decelerated due to the government shutdown and tough prior year comparisons [18][19] Question: Improvement in contract side of the business post-government shutdown - Management confirmed that new orders are coming in, albeit at a lower rate than the previous year, with a gradual increase observed [20] Question: Sustainability of gross margins moving forward - Management expressed confidence in maintaining gross margins due to improvements in talent and technology across operations [22] Question: Impact of tariffs and mitigation strategies - Management outlined a three-pronged approach to mitigate tariff impacts, including vendor cost sharing, sourcing diversification, and selective retail price increases [29][30] Question: January trends and consumer behavior - Management attributed improved trends in January to returning consumer confidence and effective engagement by interior designers [33] Question: Future marketing spend and its effectiveness - Management plans to continue focusing on digital marketing while reducing spending in other areas, emphasizing the importance of adapting to changing marketing mediums [36]

作为一名自由开发者，很多人对这种情况并不陌生：有时候，你花了几个星期写代码、调试页面，把一个网站按约交付，可是客户的尾款却迟迟未到账。 几次沟通、一次又一次提醒后，仍然没有下文，此时你会怎么做？ 最近，一位国外 Web 开发者给出了一个极端答案——直接把客户官网，变成了全网可见的催款公告。 没错，他不是暗中锁掉后台，也不是挂个提醒条幅，而是把整个网站内容全部替换，留下三行醒目的文字： 应该把网站开发费付清。 这家公司的官网域名是 joseph-smith.co.uk，曾是其重要的"线上门面"，如今却被当初负责开发网站的程序员完全接管了。 这名开发者的整个操作其实并不复杂：他没有留下任何个人署名，也没使用复杂的技术手段，只是把网站原有页面内容全部替换掉，只保留那段讨款声 明。 网站开发服务已完成并交付，但 Joseph Smith Furniture 的相关款项仍未支付。 如需恢复网站访问权限，请先完成付款。 https://joseph-smith.co.uk/ 原本展示定制家具的官网，一夜之间，变成了"讨债现场"。 从"接项目"到"锁官网"，一名 Web 开发者的破釜沉舟 这场风波的另一方，是一家英国本土的 ...

Company Overview - La-Z-Boy Incorporated is a global leader in the retail and manufacture of residential furniture, known for its iconic recliner invented in 1927 [2] - The company operates as a vertically integrated furniture retailer and manufacturer, emphasizing quality and consumer compassion [2] Retail Segment - The Retail segment includes nearly 210 company-owned La-Z-Boy Furniture Galleries® stores, part of a broader network of approximately 370 stores nationwide [3] - Joybird®, an omni-channel retailer and manufacturer of modern upholstered furniture, operates 14 stores in the U.S., with one new store opened in fiscal 2026 Q2 [3] Wholesale Segment - In the Wholesale segment, La-Z-Boy manufactures custom furniture for Furniture Galleries® and various retail channels [3] - England Furniture Co. offers custom upholstered furniture, while casegoods brands Kincaid®, American Drew®, and Hammary® provide diverse home furnishings [3] Upcoming Events - La-Z-Boy will participate in a fireside chat at the Goldman Sachs 32nd Annual Global Retailing Conference in New York, scheduled for September 4, 2025, at 1:10 p.m. ET [1]