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- **Store Conversion Momentum**: First Bed Bath & Beyond Home store achieved +38% traffic and strong sales, with 4 more conversions in next 6 weeks. 24-month plan to convert all Kirkland's stores at <$100K per store.
- **Financial Challenges**: Q2 net sales down 11% YoY to $75.8M, driven by e-commerce collapse (-38.5% comp) and tornado disruption. Gross margin -410bps YoY to 16.3%.
- **Tariff Impact**: Q3 gross margin expected to decline ~100bps due to tariffs, with limited impact in Q4. Shifting to domestic sourcing for Bed Bath & Beyond stores.
- **Future Growth**: 30 conversions planned for Q1 '26, with back-to-campus season key for Q2 '26 profitability. Wholesale expansion and buybuy BABY initiative to diversify channels.

**【CEO Summary Section】**
- **Partnership Success**: First Bed Bath & Beyond Home store in Brentwood saw 38% traffic increase and strong sales, driven by legacy brand recognition and Kirkland's Home product curation. National media coverage generated 250M impressions.
- **Store Conversion Strategy**: 24-month plan to convert all Kirkland's Home stores, with CapEx of <$100,000 per store (e.g., Brentwood store cost $30K). Next 6 weeks will see 4 more Nashville conversions to test formats.
- **Challenges**: Q2 net sales declined 11% YoY to $75.8M due to 9.7% comp decline (e-commerce -38.5%, offset by +1.2% store comp). Tornado disrupted e-commerce, costing 750bps in sales and 130bps in gross margin.
- **E-commerce Shift**: Prioritizing brick-and-mortar profitability, e-commerce expected to stabilize at pre-tornado decline levels.
- **Future Growth**: Wholesale expansion to independent retailers and buybuy BABY omnichannel initiative (first store 2026) to diversify channels and improve unit economics.

**【CFO Financial Commentary】**
- **Top Line**: Q2 net sales $75.8M (-11% YoY). E-commerce -38.5% comp, stores +1.2% (traffic +, ticket - due to liquidation).
- **Gross Margin**: 16.3% (-410bps YoY), driven by 130bps liquidation, 100bps tornado damage, and 30bps tariffs.
- **Operating Expenses**: $31.1M (+0.3% YoY), 41.1% of sales vs. 35.9% prior year. Includes $1.3M tornado costs.
- **Net Loss**: $19.4M (-33% YoY). Adjusted net loss $17.8M (-17% YoY), excluding $2M tornado impact.
- **Balance Sheet**: $82M inventory (-12% YoY), $55.2M debt (ABL $41.5M, Beyond term loan $13.7M). $49M available under ABL.

**【Q&A Highlights】**
- **Conversion Costs**: Brentwood store cost $30K (sign change only); others <$100K. Next store in Spring Hill cost <$100K with flooring change.
- **Store Closures**: 25 stores to close in Jan '26 due to lease expirations. 250-275 stores expected post-conversion.
- **E-commerce Strategy**: Focus on BOPIS and profitable transactions; e-commerce to normalize at pre-tornado decline levels.
- **Tariffs**: Q3 gross margin impact ~100bps (tariffs + liquidation). Q4 impact limited. Shifting to domestic sourcing for Bed Bath & Beyond stores.
- **2026 Conversions**: 30 conversions planned for Q1 '26, with buys placed by end-Oct '25. Back-to-campus season key for Q2 '26 growth.


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