Given likely continued weak store traffic trends, we estimate that same-store sales in 2Q:25 slipped 3% year over year. However, with several new stores, we expect total revenue only dipped about 1% to $177.0 million. Assuming some operating margin compression as well, we project 2Q:25 EPS of $0.07 compared to $0.27 a year earlier. Although HVT is facing relatively “easy” same-store comparisons, recent cautious comments from Bassett Furniture (NASDAQ: BSET, NR) and La-Z-Boy (NYSE: LZB, NEUTRAL) prompt us to reduce our same-store sales forecasts for 2H:25. As we also temper our forecasts for new store openings in 2025, we reduce our 2025 EPS estimate by $0.30 to $1.20. Otherwise, we maintain our 2026 EPS estimate of $3.14, which assumes a more favorable macroeconomic landscape, more tariff certainty and an operating margin assumption of 7.6%. We maintain our $35 price target, which is based on 11x our 2026 EPS forecast of $3.14. Our moderate risk rating factors in our expectation of a solid earnings rebound in 2026, along with HVT's strong balance sheet and healthy free cash flow.