Key Points The Trump Administration delayed new tariff increases on certain furniture items that were supposed to go into effect January 1. Still, the initial industry-specific rates imposed in September will remain. The furniture industry has sustained multiple headwinds over the past four years, with RH stock still down 76% from its highs. 10 stocks we like better than RH › Shares of luxury furniture-maker RH (NYSE: RH) were up strongly to start 2026, rising 9.6% as of 2:52 p.m. EDT. RH ralli ...

Core Thesis - Floor & Decor Holdings, Inc. (FND) is experiencing mixed financial performance, with revenue growth but declining comparable sales, indicating challenges in the current housing market [2][4] Financial Performance - FND reported a 5.5% year-over-year increase in revenue, while comparable sales declined by 1.2%, reflecting ongoing pressures from a weak housing market [2] - Customer transactions decreased by 3%, although this was partially offset by a 1.8% increase in average ticket size [2] - Gross margins remained stable at 43.4%, and operating margins improved slightly to 6.1%, aided by cost discipline despite new distribution center costs [2] Management Strategy - The company is focused on reducing store buildout costs, achieving $1.5 million less investment per new store compared to 2023 [3] - New store cohorts are generating first-year sales of approximately $11 million, which is below the long-term target of $14–16 million but aligns with industry performance [3] - Leadership transition is occurring with CEO Tom Taylor moving to Executive Chairman and President Bradley Paulsen taking over as CEO, indicating continuity in management [3] Growth Plans - FND aims to open 20 new stores annually and expand its product offerings in kitchen cabinets, outdoor products, and design services, which are seen as competitive advantages [4] - Despite negative comparable sales, FND is gaining market share against competitors like LL Flooring and The Tile Shop, supported by strong service scores and a resilient professional customer base [4] - The long-term goal is to establish 500 stores generating $25–30 million in mature annual sales [4]

As filed with the Securities and Exchange Commission on November 24, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MARWYNN HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 5141 99-1867981 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 12 Chrysler Unit C I ...

Financial Data and Key Metrics Changes - The company reported net sales of $699 million for Q3 2025, a 3% decrease compared to the same period last year, reflecting mid to high single-digit end-market contraction [5][20] - Adjusted EBITDA was $91 million, down from $105 million in Q3 2024, resulting in an adjusted EBITDA margin of 13%, a decline of 160 basis points year-over-year [6][24] - Free cash flow for the quarter was $40 million, down from $65 million in the same period last year, attributed to lower net cash from operating activities and higher capital expenditures [7][26] Business Line Data and Key Metrics Changes - Demand in retail and dealer channels remained soft, particularly in stock cabinetry, while semi-custom offerings performed better as consumers sought value [6][10] - The repair and remodel business was down mid to high single digits year-over-year, consistent with broader market trends, particularly in entry-price stock cabinetry [9][10] - Mid-tier semi-custom products showed stronger performance, benefiting from consumers trading down from premium offerings [10] Market Data and Key Metrics Changes - In new construction, single-family housing starts were down mid to high single digits, but the company's new construction sales outperformed the broader market [8][9] - Canadian market performance was down mid-single digits, consistent with expectations, due to housing affordability challenges [10] - Overall, the company expects the addressable market in 2025 to be down mid to high single digits year-over-year [33] Company Strategy and Development Direction - The company is focused on integration initiatives and proactive management of trade dynamics to strengthen its foundation for growth [5][14] - The merger with American Woodmark is progressing as expected, with integration planning underway and anticipated cost synergies of approximately $90 million by the end of year three post-close [15][16] - Continuous improvement programs are driving measurable savings and are essential for managing through near-term softness while positioning for long-term margin expansion [17] Management Comments on Operating Environment and Future Outlook - Management noted that demand across both new construction and repair and remodel markets is expected to remain subdued through next year, with gradual improvement anticipated in late fiscal 2026 or early fiscal 2027 [11] - The evolving tariff landscape remains a major focus, with contingency plans in place to mitigate impacts [12][13] - The company remains confident in its ability to navigate challenges and is focused on maintaining operational discipline and customer service [36] Other Important Information - The company ended the quarter with $114.8 million in cash and $461.9 million in liquidity available under its revolving credit facility [24] - Net debt at the end of the quarter was $839.3 million, with a net debt-to-adjusted EBITDA leverage ratio of 2.5 times [25] - The company is committed to generating free cash flow in excess of net income for the full year [27] Q&A Session Summary Question: Reason for sales guidance revision for the full year - Management indicated that the revision to flat sales is due to better-than-expected performance in Q3 and the impact of prior pricing actions [39] Question: Challenges in realizing pricing and demand destruction - Management acknowledged challenges in pricing due to tariffs, particularly on products sourced from Mexico and Canada, but emphasized a comprehensive mitigation strategy [41][42] Question: Phasing of unmitigated exposure moving into next year - Management noted that the cost implications of tariffs will begin to materialize in Q4 and will spread throughout the year as mitigation efforts take time [45]

Financial Data and Key Metrics Changes - The company reported a diluted EPS of $0.53 for Q3 2025, a 10.4% increase from $0.48 in the prior year, marking the second consecutive quarter of double-digit EPS growth [7] - Total sales grew by 5.5% to $1,180 million, while comparable store sales declined by 1.2% from the same period last year [7][8] - The gross margin rate decreased by approximately 10 basis points to 43.4% from 43.5% in the same period last year, primarily due to increased distribution center costs [25][30] Business Line Data and Key Metrics Changes - The company opened five new stores in Q3 2025, bringing the total to 262 stores, a 9% increase from 241 stores in the same period last year [9][10] - Comparable store sales for Pro customers were essentially flat, driven by a slight decline in transactions and a small increase in average ticket [23] - Design services saw robust year-over-year sales growth, significantly outperforming overall company sales for the quarter and year-to-date [21] Market Data and Key Metrics Changes - Comparable store sales in the West division outperformed the company average for both the quarter and year-to-date [19] - Existing home sales hovered around an annualized pace of 4 million units, showing little meaningful improvement, which impacted discretionary spending [18][31] - The company noted that the housing market pressures and evolving consumer preferences have affected sales, particularly in larger markets like Texas and Florida [60] Company Strategy and Development Direction - The company aims to scale towards 500 warehouse-format stores and accelerate commercial flooring distribution expansion [6][10] - A disciplined approach to expansion and capital allocation is emphasized, with a focus on maintaining flexibility in response to economic shifts [11][12] - The company is rolling out kitchen cabinets to approximately 200 stores by the end of 2025 and expanding outdoor and pool product assortments [20][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that existing home sales and demand for hard surface flooring will recover over time, positioning the company strategically for growth [8][31] - The company anticipates little divergence from prevailing housing sector trends, with consumer spending likely to remain restrained [30] - Management acknowledged the challenges posed by macroeconomic pressures but highlighted the operational excellence and agility of their teams [17][18] Other Important Information - The company ended the quarter with $893.5 million in unrestricted liquidity, including $204.5 million in cash and cash equivalents [25] - The fiscal 2025 capital expenditures are planned to be in the range of $280 million to $300 million, including investments in new distribution centers and existing stores [34] Q&A Session Summary Question: Concerns about the timing of leadership transition and its impact on growth - Management reassured that the transition to a new CEO is well-planned and that the new leadership will continue to drive growth [37][39] Question: Impact of mortgage rates on existing home sales and business outlook - Management indicated that if existing home sales are positive, it would provide a good opportunity for the company to achieve positive comps [40][42] Question: Use of home equity lines of credit for flooring purchases - Management noted that an increase in home equity lines typically benefits home improvement spending, but it is too early to determine the immediate impact [45] Question: Attribution of sales slowdown to industry contraction versus competition - Management attributed the slowdown primarily to industry contraction rather than increased competition, noting that the company is performing better than competitors [46] Question: Trends in comparable store sales and market share - Management highlighted that while comparable store sales are slightly down, the company is still gaining market share in a challenging environment [50][51]

Core Insights - Ikea is raising prices due to new tariffs impacting the furniture business, indicating a shift in its low-cost business model [1][4] - The company aims to adapt to the new business environment by passing on some cost increases to customers while seeking ways to lower prices [1][7] - A significant portion of Ikea's products, approximately 90%, are sourced from external suppliers, making it vulnerable to U.S. tariffs [5][8] Tariff Impact - A 10% tariff on softwood lumber imports and a 25% tariff on upholstered furniture, kitchen cabinets, and bathroom vanities have been imposed, with furniture tariffs set to rise to 30% and cabinets/vanities to 50% by January 1 unless relief is negotiated [4] - The tariffs are part of a broader strategy by the U.S. administration to bolster American industry and protect national security [2] Price Adjustments - Ikea has already seen price increases in certain product categories, with the cost of some sofas rising nearly $50 and bedroom sets by nearly $100 in recent months [7] - Despite previous announcements to cut prices as inflationary pressures eased, the current situation has led to a reversal in strategy [10] Domestic Sourcing Efforts - The company is increasing efforts to produce more products domestically, already sourcing all kitchen cabinets for the U.S. market locally and exploring additional local sourcing for products like mattresses [8]

Group 1: Tariffs on Entertainment and Lumber - President Trump announced a 100% tariff on foreign-made films to encourage domestic production, but the market reaction was muted, with analysts not viewing it as a serious threat [2][3] - The U.S. stock market remained stable despite the tariff announcement, while Indian media stocks declined by 5% and Netflix shares fell by 1.5% [3] - New tariffs of 10% on imported lumber and 25% on kitchen cabinets and other furniture were set to take effect on October 14, 2025, citing national security concerns [4][5] - Companies like MasterBrand saw a 6% increase in shares due to domestic manufacturing advantages, while high-end retailers faced challenges from increased import taxes [5] Group 2: Pharmaceutical Sector Developments - A significant drug pricing deal was announced between President Trump and Pfizer, where Pfizer would cut drug prices and invest $70 billion in U.S. manufacturing [6] - Pfizer's stock surged by 6.83% to $25.48, with trading volume reaching over 153 million shares, indicating strong market confidence [7][8] - The S&P 500 Pharmaceuticals Index rose nearly 4%, with other major drugmakers also experiencing gains, although some experts questioned the long-term savings for consumers [8] Group 3: Market Resilience Amidst Uncertainty - Despite the looming threat of a U.S. government shutdown, major U.S. indices showed resilience, with the Dow Jones closing at a record high of 46,397.89 [9][10] - Analysts noted that investors appeared to have priced in the potential impact of a shutdown, although concerns about new tariffs renewing business uncertainty remained [10] - Global trade dynamics continued to evolve, with mixed reactions to Trump's tariffs, as some regions adapted better than expected [11] Group 4: Overall Market Impact - The recent policy announcements from President Trump have created a complex environment for investors, with mixed impacts across different sectors [12] - The broader market has shown surprising resilience, continuing its upward trajectory despite political uncertainties [12][13] - Investors are left to navigate the contradictions and potential impacts of these announcements as they prepare for future developments [13]

Tariff Announcement - President Trump announced a new 10% tariff on wood imports and delayed 25% duties on kitchen cabinets, bathroom vanities, and upholstered furniture until October 14 [1][13] - Tariffs on upholstered furniture are set to increase to 30% and on kitchen cabinets and bathroom vanities to 50% by January 1, 2026, unless trade agreements are reached [2] Justification and Impact - The Trump administration justified the tariffs on national security grounds, citing the impact of softwood lumber imports on the US economy and the closure of US wood mills [4][5] - The proclamation emphasized the importance of domestic manufacturing capabilities in the wood and lumber sector for national security [6] International Relations - Canada, the largest supplier of softwood lumber to the US, is facing significant anti-dumping tariffs and is negotiating for lower rates [6][8] - The US has established more favorable tariff rates for the UK (maximum 10%), EU, and Japan (maximum 15%) due to existing trade deals [8][9] Historical Context - Previous tariffs on Chinese furniture were set at 25% during Trump's first term, with Mexico and Vietnam emerging as significant producers since then [12]

Core Viewpoint - RH, formerly known as Restoration Hardware, faces increasing challenges due to new tariffs imposed on furniture imports, which could exacerbate existing difficulties in the macroeconomic environment [1][2]. Group 1: Tariff Impact - President Trump announced new tariffs effective October 1, including a 30% tariff on imported upholstered furniture and a 50% tariff on kitchen cabinets and bathroom vanities [2]. - RH's stock fell by 3.3% following the tariff announcement, reflecting the company's sensitivity to macroeconomic conditions and a weak housing market [3]. - The company imports 72% of its products from Asia, with significant portions coming from Vietnam (35%) and China (23%), making it vulnerable to tariff impacts [5][6]. Group 2: Supply Chain Adjustments - RH has already begun to adapt its supply chain in response to existing tariffs, reducing its reliance on Chinese imports from 16% to an expected 2% by the fourth quarter [7]. - CEO Gary Friedman indicated that tariffs would shift about 5% of orders from the second quarter to the third quarter, highlighting the operational challenges posed by the tariffs [8]. - The additional tariffs will complicate RH's business further, and Friedman believes that competitors may struggle more with these changes [9].

Group 1: Tariff Implications - A new set of tariffs will take effect on October 1st, including a 100% tariff on some imported drugs, 50% on kitchen cabinets, 30% on upholstered furniture, and 25% on big trucks [1] - The pharmaceutical industry may benefit from a loophole allowing companies that invest in U.S. manufacturing to avoid the tariffs [6][10] - The impact of the tariffs on the furniture industry is significant, particularly for companies relying on foreign imports, while U.S.-based manufacturers may see stock gains [11][20] Group 2: Market Reactions - Stock reactions have been mixed across affected industries, with pharmaceutical companies like Eli Lilly and Johnson & Johnson seeing stock increases due to U.S. manufacturing investments [10] - Companies like Restoration Hardware and Wayfair are under pressure due to their reliance on foreign sourcing, while U.S.-based Ethan Allen is experiencing stock gains [11][12] - Overall, stock futures are up, indicating a different market reaction compared to past tariff announcements [13] Group 3: Economic Context - The tariffs are part of President Trump's broader strategy to bring manufacturing back to the U.S., which is politically significant, especially in key states like North Carolina [8][21] - The effectiveness of tariffs as a policy tool is debated, with concerns about labor shortages in manufacturing complicating the return of jobs to the U.S. [22][23] - The pharmaceutical tariffs specifically target branded drugs, which account for a smaller market share compared to generic drugs, potentially limiting their overall impact [16][17]