敏华控股的美国等海外批发业务高毛利率让人生疑

敏华控股在美国等海外批发业务占比比较大，批发业务高毛利率让人怀疑，因为这种沙发在美国是大路货，不像$伊森艾伦室内装饰(ETH)$  那样的品质沙发（ETH的沙发大部分是美国本土生产的， 不是来自发展中国家的低成本货）。看一下下面这个链接，美国国内阿狗阿猫都可以卖芝华士沙发，说明它的品牌含金量不会太高； 还有美国沙发等家具销售折扣非常大，说明这是一个竞争激烈的红海市场（可对比一下巴菲特旗下的那家NFM）。

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【Farooq Kathwari

Thank you, Corey. As I had mentioned, our third quarter results were impacted by several factors, including very tough comparisons, uncertain political environment and our managing customer expectations of higher discounting.

One of the major contributing factor to our strong previous year second and third quarter results were due to our accelerating discounting during that period. The expectations within our interior design network and customers was that we will continue to increase discounting. Keep in mind, our policy has been to have credible everyday best prices. And increased discounting impacts expectations, credibility and margins.

As mentioned in our January 2017 earnings conference call, our objective was to moderate the discounting. This also contributed to lowering our written in January and February and in March. And in March, as Corey said, we had an increase due to better consumer attitudes and the managing expectations on discounting. We believe, as we have lowered the discounting expectations, we're in a position to increase discounts at reasonable levels in our fourth quarter and also moving forward. In our third quarter, despite lower sales at wholesale and retail, our adjusted gross margins increased to 56% from 55.5%.】

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