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 reported a 31% decline in consolidated sales to $285.5 million for Q1 fiscal 2021, attributed to COVID-19 disruptions. GAAP operating margin decreased to 1.5% from 5.7% year-on-year, with EPS down to $0.10 from $0.38. Despite challenges, written same-store sales rose 14.8%, indicating recovering demand. The company generated $106.3 million in cash from operations and has a strong cash position of $336.7 million. A quarterly dividend of $0.07 was reinstated, reflecting cautious optimism in navigating the ongoing pandemic.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2021 first-quarter results on August 18, 2020, after trading concludes. The following day, a quarterly investor conference call is set for 8:30 a.m. ET. Participants can join the call via a dedicated U.S./Canada number or an international line. The call will be webcast live and archived for one year. La-Z-Boy is a leading furniture producer, with brands including La-Z-Boy, England, American Drew, Hammary, and Kincaid, and operates 154 of its 354 Furniture Galleries stores.
La-Z-Boy reported its fiscal 2020 results, with consolidated sales of $1.70 billion, a decrease of 2.4% year-over-year, chiefly due to COVID-19. In Q4 alone, sales dropped 19.1% to $367.3 million. Despite these challenges, the company generated $164.2 million in cash from operations and returned $68.4 million to shareholders. GAAP EPS for Q4 improved to $0.05 from $0.03, while full-year GAAP EPS was $1.66, up from $1.44. The company remains focused on financial agility and is seeing early recovery signs as retail operations re-open.
La-Z-Boy Incorporated (NYSE: LZB) announced with deep sorrow the passing of Steve Kincaid, a veteran in the furniture industry with nearly 50 years of experience. Kincaid, who started with Kincaid Furniture Company in 1970 and became its President in 1983, led the company through significant growth and its acquisition by La-Z-Boy in 1989. He played a vital role in transforming La-Z-Boy’s casegoods business. Kincaid was recognized for his leadership and charitable involvement, leaving a lasting impact on the furniture industry.
La-Z-Boy Incorporated (NYSE: LZB) is set to announce its fiscal 2020 fourth-quarter and full-year results on June 23, 2020, after market close. An investor conference call is scheduled for June 24, 2020, at 8:30 a.m. ET. Investors can participate via phone or through a live webcast, with archived access available online. La-Z-Boy, a leading residential furniture manufacturer, operates under several brands and has a network of stores across the U.S. and Canada, including 155 company-owned La-Z-Boy Furniture Galleries.
La-Z-Boy, a leader in residential furniture, has announced significant workforce reductions of about 10% (~850 employees) due to impacts from COVID-19. This includes the closure of its Newton, Mississippi upholstery facility and a shift in production to its other plants to enhance efficiency and competitiveness. The company anticipates incurring $5 million to $7 million in one-time charges in fiscal 2021, mainly affecting the first quarter. La-Z-Boy plans to release its fiscal 2020 results on June 23, 2020.