Welcome to our dedicated page for La-Z-Boy Incorporated news (Ticker: LZB), a resource for investors and traders seeking the latest updates and insights on La-Z-Boy Incorporated stock.
La-Z-Boy Incorporated (NYSE: LZB) stands as one of the world's top residential furniture producers, renowned for its comfortable and stylish upholstery furniture. Headquartered in Monroe, MI, La-Z-Boy's state-of-the-art facility has earned the prestigious LEED Silver certification, reflecting their commitment to sustainability. With a network of over 300 retail stores across the U.S. and Canada, coupled with a robust global distribution system, La-Z-Boy ensures its products reach consumers worldwide.
Specializing in reclining chairs, La-Z-Boy operates through two main segments: Wholesale, which handles the manufacturing and import of upholstered furniture, and Retail, which focuses on selling these products directly to consumers. The majority of the company's revenue stems from its Wholesale segment, underscoring its production capabilities. Core brands under La-Z-Boy include England, Kincaid, American Drew, and Hammary.
La-Z-Boy's recent achievements highlight its operational excellence. The U.S.-based manufacturing plants and regional distribution centers have set new safety records, an outstanding feat in the industry. Financially, the company reported sales of $482 million for Q1 FY24 and $511 million for Q2 FY24, despite the pandemic-related backlog. Although sales showed a slight decrease compared to previous years, operational margins and store performance remained robust.
The company also prides itself on being a responsible corporate citizen. Through the La-Z-Boy Foundation, they have contributed nearly $3 million to various non-profit organizations, demonstrating their commitment to community welfare.
Under the leadership of Melinda D. Whittington, La-Z-Boy remains focused on growth and customer satisfaction, navigating the challenges posed by economic fluctuations and environmental factors such as winter weather disruptions. The company’s strategic initiatives are geared towards mid-to-long-term growth, leveraging structural housing shortages and anticipated improvements in housing affordability.
For the latest updates, stakeholders can contact Mark Becks, CFA, at mark.becks@la-z-boy.com or follow the company's investor relations updates.
La-Z-Boy reported a 3% increase in sales for Q1 FY2025, reaching $496 million. The Wholesale segment saw a 5% sales growth, while Retail segment sales increased 4% despite a 3% decline in same-store sales. The GAAP operating margin was 6.5%, and diluted EPS was $0.61. Non-GAAP operating margin stood at 6.6%, with a Non-GAAP EPS of $0.62.
Operating cash flow doubled to $52 million from the prior year's first quarter. However, the GAAP operating income decreased by 6% to $32.4 million and GAAP net income dropped by 5% to $26.2 million. The company returned about $42 million to shareholders, including $34 million in share repurchases and $8 million in dividends.
For Q2 FY2025, La-Z-Boy expects sales between $495-$515 million and a Non-GAAP operating margin between 6-7%. CEO Melinda Whittington highlighted the company's strategic investments and strong execution amidst a challenging macroeconomic backdrop.
La-Z-Boy Incorporated (NYSE: LZB) has announced the timing for its Fiscal 2025 First Quarter earnings release and conference call. The company will report results for the period ended July 27, 2024, after the NYSE closes on Tuesday, August 20, 2024. The investor conference call is scheduled for 8:30 a.m. Eastern Time on Wednesday, August 21, 2024.
Investors can access the live call via phone or webcast. The call will be archived online at https://lazboy.gcs-web.com/ for one year, with a two-week telephone replay available. La-Z-Boy operates as a vertically integrated furniture retailer and manufacturer, with 187 company-owned La-Z-Boy Furniture Galleries® stores and a network of over 350 galleries nationwide. The company also owns Joybird®, an e-commerce retailer with 12 U.S. stores, and manufactures furniture for various retail channels under multiple brands.
La-Z-Boy reported its fiscal 2024 fourth quarter and full-year results, highlighting a mixed performance. Fourth quarter sales were $554 million, down 1% from the previous year but up 22% compared to the pre-pandemic fourth quarter in fiscal 2019. GAAP diluted EPS for the quarter was $0.91, and non-GAAP diluted EPS was $0.95. The company generated $53 million in operating cash flow for the quarter.
For fiscal 2024, La-Z-Boy reported consolidated sales of $2.05 billion. GAAP diluted EPS was $2.83, while non-GAAP diluted EPS was $2.98. The company generated $158 million in operating cash flow and ended the year with $341 million in cash and no external debt. La-Z-Boy also returned $85 million to shareholders via share repurchases and dividends.
Despite facing industry challenges like high interest rates and low housing turnover, La-Z-Boy's strong execution and strategic growth, including opening new stores and acquisitions, have positioned it well. However, the company anticipates the industry to remain volatile in fiscal 2025.
La-Z-Boy (NYSE: LZB) will release its Fiscal 2024 Fourth Quarter and Full Year results on June 17, 2024, after the close of trading on the NYSE.
A quarterly investor conference call will follow on June 18, 2024, at 8:30 a.m. Eastern Time. The live call can be accessed via (888) 506-0062 in the U.S. or (973) 528-0011 internationally, with the access code 175127.
The call will be webcast live with slides and archived for one year on the company's website. A replay will be available for two weeks.
La-Z-Boy, known for its iconic recliner, operates as a vertically integrated furniture retailer and manufacturer, with a network that includes company-owned and independently owned stores, and the Joybird® brand.
La-Z-Boy Incorporated, a leading furniture manufacturer, declared a quarterly cash dividend of $0.20 per share, payable on June 14, 2024, to shareholders of record as of June 4, 2024.
The company, known for its iconic recliner since 1927, operates globally with a focus on quality and consumer satisfaction through its retail and wholesale segments.
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