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La-Z-Boy Incorporated reports news about its residential furniture retail and manufacturing business, including operating results for its Retail and Wholesale segments, store activity, distribution and home delivery initiatives, and performance across the La-Z-Boy and Joybird brands. The company sells upholstered furniture, recliners, motion furniture, case goods and modern custom upholstered furniture through company-owned stores, an independent retail network and digital channels.
Recurring updates also cover product introductions such as AudioLuxe by La-Z-Boy, quarterly cash dividends, investor presentations, board and governance matters, and strategic actions affecting commercial leadership, manufacturing, distribution and brand portfolio operations.
La-Z-Boy (NYSE: LZB) announced a $30 million investment in its Neosho, MO manufacturing facility over two years to upgrade operations and build a new parts distribution center. This facility, which employs about 950 people, is crucial for producing La-Z-Boy products. The upgrades aim to enhance productivity and employee working conditions, with plans to hire over 100 additional workers. A groundbreaking ceremony is scheduled for August 11, 2021. This strategic investment comes as part of La-Z-Boy's efforts to strengthen its manufacturing capabilities in response to increasing product demand.
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La-Z-Boy Incorporated (LZB) reported record fourth-quarter sales of $519.5 million, a 41% increase year-over-year, driven by strong demand and increased production capacity. The company achieved a GAAP operating margin of 9.6% and non-GAAP EPS of $0.87, compared to $0.05 a year earlier. For the full fiscal year, sales rose 1.8% to $1.7 billion, with net income of $2.30 per diluted share. Cash flow from operations reached $310 million, boosting cash reserves to $395 million. The outlook indicates continued strong demand but warns of potential profit margin pressure due to rising raw material costs.
La-Z-Boy Incorporated (NYSE: LZB) is set to announce its fiscal 2021 fourth-quarter and full-year results on June 15, 2021. The quarterly investor conference call is scheduled for June 16, 2021, at 8:30 a.m. ET, accessible via a live dial-in or webcast. The conference call will be archived online for one year. La-Z-Boy is a prominent residential furniture manufacturer, known for brands including England and Joybird, with a distribution network of 351 La-Z-Boy Furniture Galleries and 563 independent Comfort Studio locations.
La-Z-Boy has declared a quarterly cash dividend of $0.15 per share, payable on June 15, 2021, to shareholders of record by June 1, 2021. This announcement highlights the company's ongoing commitment to returning value to its shareholders amidst its operations in furniture production and retail.
La-Z-Boy Incorporated (NYSE: LZB) has finalized a significant 10-year virtual power purchase agreement (VPPA) with AEP Energy Partners, aimed at reducing its carbon footprint. This agreement, extending through 2030, will support approximately 70,000 MWh of renewable energy annually from the Santa Rita East wind energy center in Texas. The VPPA will provide La-Z-Boy with renewable energy certificates equivalent to about 16 MW of wind power capacity, covering over 90% of its annual domestic energy consumption. This initiative reflects La-Z-Boy's commitment to sustainability.
La-Z-Boy, a leading residential furniture producer, will present at the Sidoti & Company Virtual Investor Conference on March 24, 2021, at 10:00 a.m. Eastern. CEO Kurt Darrow, CFO Melinda Whittington, and VP of Finance Bob Lucian will lead the presentation, which will be available for live and archived viewing. The company operates 351 La-Z-Boy Furniture Galleries and offers online retail through Joybird. For further details, visit the company’s investor relations webpage.
La-Z-Boy Incorporated (NYSE: LZB) announced that CEO Kurt Darrow and CFO Melinda Whittington will present at the Raymond James 42nd Annual Institutional Investors Conference on March 1, 2021, at 10:50 a.m. Eastern. The presentation will be available via live webcast and archived for a year. La-Z-Boy is a leading residential furniture producer, with a comprehensive distribution network, including 351 La-Z-Boy Furniture Galleries and 563 independent Comfort Studio locations. For more information, visit their website.
La-Z-Boy Incorporated (NYSE: LZB) announced executive changes effective April 25, 2021. Raphael Richmond will succeed Stephen K. Krull as Vice President and General Counsel, while Uzma Ahmad becomes Vice President, Deputy General Counsel. Richmond, with extensive experience in corporate compliance, has been with La-Z-Boy since 2019. In finance, Robert G. Lucian will become CFO, with Lindsay Barnes stepping into the VP, Finance role, and Jennifer McCurry as VP, Corporate Controller. The transitions aim to strengthen the company's legal and financial operations as it approaches its new fiscal year.
La-Z-Boy reported its fiscal 2021 third quarter results with consolidated sales of $470.2 million, a 1.2% decrease year-over-year, impacted by COVID-19 supply chain issues. Written same-store sales increased by 6.3%, with a notable monthly acceleration. The GAAP operating margin fell to 7.3%, while non-GAAP margin improved to 9.5%. Earnings per share (GAAP) decreased to $0.62. Cash from operations reached $250 million, with total cash at $393 million. The Board declared a dividend increase of 7% to $0.15 per share. Overall, strong consumer demand continues despite operational challenges.