Similar to some of its home furnishings peers, 4Q:F26 was hurt by severe winter weather. Overall revenue of $67.0 million was below our recently reduced forecast of $71.1 million and the consensus projection of $74.1 million. On a brighter note, the gross margin and operating margin were above our expectations, and EPS of $0.08 (excluding a $0.03 charge for discontinued operations) topped our estimate of $0.05 and the consensus of $0.07. Although near-term demand is unsurprisingly expected to remain tepid, we still expect the pending launch of Margaritaville licensed products to be a meaningful revenue catalyst starting in 2H:F27. While we trim our revenue forecasts, we still expect the company's restructuring efforts (which removed $26 million of annual costs) and streamlined brand portfolio to position HOFT well to return to full-year profitability this fiscal year. All told, following the F2026 loss of $0.33 per share, we estimate EPS of $0.70 (was $0.76) in F2027 and maintain our F2028 EPS estimate at $1.33. Our moderate risk rating on HOFT factors in our expectation of an earnings rebound in F2027 and expected free cash flow generation.