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.
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La-Z-Boy Incorporated (NYSE: LZB) announced leadership changes in connection to its new fiscal year starting April 2023. Rebecca Reeder will join as President of Retail, overseeing 168 La-Z-Boy Furniture Galleries stores and driving consumer experience alignment. Keith Wilson, President International and Joybird, will retire, transitioning to special projects. Tj Linz will lead Joybird and Robert Sundy expands his role to President of La-Z-Boy Brand. CEO Melinda Whittington expressed excitement about Reeder's appointment, emphasizing the company's Century Vision growth strategy. Reeder has a robust retail background, previously working at Chico's.
La-Z-Boy Incorporated (NYSE: LZB) announced that its CEO, Melinda D. Whittington, and CFO, Bob Lucian, will present at the Sidoti Small-Cap Conference on March 23, 2023, at 2:30 p.m. Eastern. This presentation will be available via live webcast and archived for 90 days. Investors can access the event and additional financial information at La-Z-Boy's website. The company is a leading producer of residential furniture, operating a wholesale segment that includes various brands and a retail segment with 167 La-Z-Boy Furniture Galleries. For those interested in future updates, they can sign up for alerts on the company's website.
La-Z-Boy Incorporated (NYSE: LZB) has appointed Mark S. LaVigne to its Board of Directors, expanding the board to 10 members. LaVigne is the President and CEO of Energizer Holdings, having held senior roles since 2010. His leadership during the COVID pandemic focused on safety and supply chain agility. Melinda D. Whittington, CEO of La-Z-Boy, praised LaVigne's seasoned expertise and hands-on experience in navigating complex market conditions. His corporate law background and governance expertise will be instrumental as La-Z-Boy executes its Century Vision growth strategy.
La-Z-Boy (NYSE: LZB) will present at the Raymond James 44th Annual Institutional Investors Conference on March 6, 2023, at 4:00 p.m. Eastern. CEO Melinda D. Whittington and CFO Bob Lucian will lead the presentation, which will be available via live webcast and archived for 90 days. Investors can access the webcast at La-Z-Boy's official site. La-Z-Boy is a leading residential furniture manufacturer with a diverse portfolio, including brands like England, Kincaid, and Joybird. The company operates 346 La-Z-Boy Furniture Galleries and 519 Comfort Studio locations worldwide.
La-Z-Boy reported impressive third-quarter results for fiscal 2023, with consolidated sales reaching $573 million, a slight increase from $572 million last year. The company achieved a 14% increase in GAAP diluted EPS to $0.74 and a 40% increase in non-GAAP diluted EPS to $0.91. The retail segment saw a significant 27% increase in sales, with GAAP and non-GAAP operating income rising 83% to a record $44 million. Cash generated from operations tripled to $96 million. The company anticipates fiscal Q4 sales between $525 million and $545 million.
La-Z-Boy Incorporated (NYSE: LZB) will release its fiscal 2023 third-quarter results after market close on February 21, 2023. An investor conference call will follow on February 22, 2023, at 8:30 a.m. ET. Participants can join the call via dial-in numbers: (888) 506-0062 for U.S. and Canada, or (973) 528-0011 for international callers, using the access code 858794. The call will also be webcast live and archived on their website, accessible for one year. La-Z-Boy is a leading residential furniture producer with a diversified product range and a strong distribution network.
La-Z-Boy Incorporated (NYSE: LZB) announces the planned retirement of Otis Sawyer, President of La-Z-Boy Portfolio Brands, effective April 2023. Tj Linz, currently President of La-Z-Boy Retail, will take over Sawyer's responsibilities. Linz, who has been with La-Z-Boy since 2015, is recognized for driving profitable growth through data-driven analytics. The company emphasizes the importance of succession planning as part of its Century Vision strategy. A search is ongoing for a new President of the Retail Division.