All right. So, you do about 75% or so of your manufacturing here in the US. You do a lot other uh manufacturing in Mexico and about I think 10% in Honduras.So, you're pretty well positioned also that Mexican manufacturing is covered under USMCA. What do you think this means for your business that a lot of your competitors are going to face potential tariffs, but you won't. Yes.Well, first of all, good to be on on with you. We are positioned well. We are fortunate.You know, we started about 91 years back in ...

Core Insights - Williams-Sonoma, Inc. (WSM) is enhancing its presence in the home furnishings market through strategic expansions and brand development [1][9] - The opening of Rejuvenation's first Tennessee store in Nashville marks the brand's 12th retail location, showcasing its commitment to craftsmanship and quality [1][9] Expansion Initiatives - The new Green Hills store will offer a curated collection of handcrafted products, including customizable lighting and furniture, produced in Portland, OR [2] - Williams-Sonoma plans to grow its core brands by introducing new products and expanding into non-furniture categories such as textiles and housewares [4] - The company is set to open four new stores in Mexico, including the first West Elm in Puerto Vallarta, and anticipates growth in Canada and other key markets [4] Financial Performance - WSM shares have increased by 6.7% year-to-date, outperforming the Zacks Retail - Home Furnishings industry's growth of 4.2% [6][9] - The company's growth is attributed to its B2B initiatives and ongoing expansion plans [6] Brand Strategy - Williams-Sonoma's strategy focuses on blending design-driven innovation with exceptional customer service across its brand portfolio [3] - The company emphasizes the importance of aesthetically appealing stores located in prime areas to support its market presence [3]

Core Insights - Best Buy has launched a third-party marketplace, significantly expanding its product offerings and joining major retailers like Walmart and Amazon [2][3] - The marketplace, powered by Mirakl, allows Best Buy to integrate new products from various sellers, enhancing the shopping experience while maintaining brand alignment [2][4] Product Expansion - The new marketplace has more than doubled the available items at Best Buy, introducing hundreds of new brands and categories, including seasonal décor, automotive tech, and licensed sports merchandise [2][3] - Best Buy aims to fill gaps in its product lineup, such as offering furniture to complement large-screen TVs, and providing smaller vendors with a platform to sell their products [5] Market Context - The launch of the marketplace comes at a time when Best Buy is experiencing declining revenues, with projections for yearly revenue between $41.1 billion and $41.9 billion, which is below previous guidance [6][7] - Factors contributing to the revenue decline include a slow housing market, reduced consumer spending, and a decrease in tech purchases following the COVID-19 pandemic [6]

Company Overview - Wayfair is a leading online retailer specializing in home goods, offering over 40 million products from more than 20,000 suppliers through its main website and four other branded sites [3][4] - The company operates its own logistics network, which includes CastleGate and the Wayfair Delivery Network (WDN), enhancing its delivery capabilities [4][5] Financial Performance - In the second quarter, Wayfair reported earnings of 87 cents per share, exceeding the consensus estimate of 36 cents by 141.7% [7] - Total net revenue for the quarter reached $3.3 billion, marking a 5% increase compared to the same quarter last year [9] - The average order value rose to $328 from $313 in the previous year [9] Growth Strategy - Wayfair is implementing a new growth strategy that includes robust marketing efforts and enhanced app engagement, contributing to higher profitability [1] - The company is investing in technology and introducing AI-powered features to improve customer experience and inventory management for suppliers [6] Market Position - Wayfair's stock has shown strong performance, breaking out to new 52-week highs and advancing over 200% since April [2][10] - Analysts have raised earnings estimates significantly, with the full-year consensus EPS estimate increasing by 139.06% to $1.53 per share [10] Management Insights - CEO Niraj Shah expressed optimism about the company's performance, highlighting efficient advertising spending and the success of the Wayfair Rewards loyalty program [8] - Management believes that profitability gains will continue as the company captures a larger market share [8][15]

Welcome back. Let's get to stop trading. >> I'm looking for signs that people are trading down, signs that people are spending less.Uh sometimes we've seen it. Uh not so much in the package goods, but Wayfair. Okay, so Wayfair's number is good.Now, Wayfair does offer a bargain. I've bought a lot of stuff from Wayfair. It's very, very good.Uh but just keep in mind that that is uh a discount furniture company, not a a >> Well, there have been a lot of concern. Obviously, a lot of their stuff's made in China, ...

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Industry Overview - The Zacks Retail-Home Furnishings industry is experiencing positive momentum in 2025, driven by stable mortgage rates, improved consumer confidence, and a rebound in housing activity [1] - The industry includes retailers offering a variety of home furnishing products, such as furniture, garden accessories, and bedding products [3] Trends Influencing the Industry - Online growth and technological advancements, including AR shopping tools and AI-driven personalization, are reshaping consumer experiences and driving growth [4] - Companies are focusing on customization and full-service packages to cater to Gen Z and millennials, enhancing customer loyalty and margins [5] - Product innovation and strategic marketing are crucial for gaining market share, with companies collaborating with renowned brands and enhancing customer experiences through digital marketing [6] Economic Factors - Consumer confidence improved significantly in May 2025, with the consumer confidence index rising by 12.3 points to 98.0 [7] - Mortgage rates have stabilized around 6.84%, creating a favorable environment for prospective homebuyers [8] - Despite economic uncertainties, including inflation and tariff concerns, the industry shows a favorable long-term outlook due to tech-driven evolution [2] Industry Performance - The Zacks Retail-Home Furnishings industry currently ranks 81, placing it in the top 33% of over 250 Zacks industries, indicating notable near-term prospects [11][12] - The industry has underperformed compared to the broader Zacks Retail-Wholesale sector and the S&P 500, with a loss of 0.4% against the sector's 16.1% growth [13] Valuation Metrics - The industry is trading at a forward 12-month price-to-earnings ratio of 20.44, compared to the S&P 500's 22.02 and the sector's 24.55 [17] Company Highlights - **Lovesac**: Achieved 4.3% revenue growth in Q1 2025, with a strong balance sheet and reduced China exposure, positioning it well for profitable growth [19][20] - **Lowe's**: Benefiting from a resilient Pro business and strategic acquisitions, with an estimated earnings growth of 2.4% year-over-year for fiscal 2025 [22][25] - **Home Depot**: Revenue rose 9.4% year-over-year in Q1 2025, driven by strong customer engagement and digital sales growth [28][29] - **Williams-Sonoma**: Focused on digital initiatives and e-commerce penetration, with an upward estimate revision for fiscal 2025 earnings [32][33]

Company Overview - Big Lots is set to reopen 132 stores that were closed last year due to bankruptcy, with the reopening scheduled for May [1][3] - The stores are located in 14 states, primarily in the southern region of the United States, including Alabama, Kentucky, North Carolina, Tennessee, and Virginia [1][3] Acquisition and Ownership - The company filed for bankruptcy in September and subsequently closed approximately 1,000 stores before being acquired by Gordon Brothers Retail Partners [3][5] - Variety Wholesalers, which operates around 400 stores and brands, including Big Lots, has taken over more than 200 Big Lots locations this year [3][5] Store Reopening Details - The reopening of the stores will occur in phases, with some locations already reopened this month [4] - The customer response to the new inventory and deals has been positive, indicating a potential recovery in consumer interest [4] Market Challenges - Big Lots has faced challenges due to high inflation and interest rates, which have negatively impacted consumer spending on home and seasonal products [5][9] - The company operates in a highly competitive market, where other value retailers are perceived to offer better pricing and deals [6][5] Store Locations - The reopening includes stores in various states such as Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia [6][8]

Financial Data and Key Metrics Changes - Revenue declined by 39% year over year in Q1 2025 due to the elimination of noncontributory SKUs and vendors, resulting in fewer orders and new customers [40] - Average Order Value (AOV) increased to $194, a $21 increase year over year, indicating a larger basket size [40] - Gross margin improved to 25%, a 560 basis point increase compared to the same period last year, exceeding internal targets [41][42] - Adjusted EBITDA loss was $13 million, a 72% improvement year over year [44] - Reported GAAP EPS was a loss of $0.74 per share, while adjusted diluted loss per share was $0.42, an $0.80 improvement year over year [45] Business Line Data and Key Metrics Changes - The restructuring efforts have led to a significant reduction in SKUs on the Bed Bath and Beyond site, with over 6 million SKUs removed [96] - The company is focusing on improving the product offering and customer acquisition across its brands, with Bed Bath and Beyond still accounting for the majority of transactions [95][96] Market Data and Key Metrics Changes - The company anticipates revenue growth in Q2 and Q3 of 2025 compared to Q1 2025, despite a challenging economic environment [38] - The management believes that the total addressable market (TAM) remains large enough to achieve revenue growth even if furniture sales slow down [38] Company Strategy and Development Direction - The company is transitioning from a restructuring phase to a growth mindset, focusing on improving customer experience and expanding product categories [41][44] - Plans to open new Overstock stores and launch Bed Bath and Beyond Home stores to enhance customer engagement and improve financial performance [18][19] - The company aims to leverage its blockchain assets and explore new investment opportunities to enhance value [76][89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that Q1 2025 revenue represents a floor, with expectations for sequential growth in the following quarters [50][54] - The company is committed to maintaining a disciplined approach to marketing and pricing to improve profitability [41][62] - Management acknowledged the challenges posed by the current economic environment, including high interest rates, but believes the company is well-positioned to navigate these challenges [31][33] Other Important Information - The company ended the quarter with $166 million in cash and inventory, reflecting a stronger financial position compared to previous periods [46] - The management has identified $80 million in fixed cost reductions, with 93% of this commitment already realized [43] Q&A Session Summary Question: Can you talk about the confidence level that this is the bottom and you're guiding to revenue growth sequentially through this year? - Management believes that Q1 revenue is the floor and is confident in the ability to pull levers for profitability, focusing on marketing efficiency and site conversion [50][52] Question: Can you help kind of put a stake in the ground in terms of maybe a roadmap or a milestone for reaching breakeven EBITDA? - Management indicated that to reach breakeven EBITDA, the company needs to achieve $1.2 billion in annualized revenue at a 25% margin and 13% marketing expense [62][64] Question: What are your brand activation strategies for Buy Buy Baby? - Management plans to carefully manage spending to ensure profitability while reintroducing the brand, focusing on community engagement and tailored offerings [67][69] Question: Can you compare and contrast the tokenization of Overstock versus Buy Buy Baby? - Management clarified that the tokenization strategy aims to prove the platform's functionality and value, with different approaches for each brand [76][80]