Following the 7.1% same-store sales gain posted by Haverty in 3Q:25, we remain optimistic that HVT can sustain its momentum with better traffic and improved in-store conversion along with average ticket increases. That said, as the macroeconomic and tariff environment remain uncertain, we trim our same-store sales expectations modestly through 2026. With management also focused on driving more unit volumes, we temper our gross margin assumptions, now expecting a steady gross margin through next year. Also reflecting higher SG&A expense forecasts, we pare our 4Q:25 and 2026 EPS estimates to $0.50 and $2.48, respectively, from our previous forecasts of $0.51 and $3.14. We also introduce our initial 2027 EPS estimate of $3.19, which assumes same-store sales growth of 4.1%, five new stores and an operating margin of 7.1%. We maintain our $35 price target, which is now based on 11x our new 2027 EPS estimate of $3.19. Previously, we valued HVT at 11x our prior 2026 EPS forecast of $3.14. Our moderate risk rating factors in our assumption of a profit recovery in 2026 and 2027, along with HVT's solid balance sheet and ample free cash flow generation.