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 Incorporated (NYSE: LZB) reported record second-quarter results for fiscal 2023, with sales reaching $611 million, up 6% year-over-year. GAAP operating profit surged 14% to $61.9 million, while GAAP EPS increased by 20% to $1.07. The Retail segment reported all-time record sales of $252 million, a 31% increase. However, the company acknowledged macroeconomic challenges affecting sales momentum. The Board declared a 10% increase in the quarterly dividend to $0.1815 per share, payable on December 20, 2022.
Tipperary Sales, operating La-Z-Boy Home Furnishings & Décor, has appointed Heather Morin as Chief Financial Officer. With over 20 years of experience in public accounting and consulting, Morin aims to strengthen financial management and support business growth. Tipperary Sales is recognized as one of the Top 100 Furniture Stores by Furniture Today, achieving annual sales exceeding $67 million. The company operates eight La-Z-Boy galleries in the Southeast and has received accolades for its contributions to the community.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2023 second-quarter results on November 30, 2022, after market close. An investor conference call is scheduled for December 1, 2022, at 8:30 a.m. ET. Participants can dial (888) 506-0062 domestically or (973) 528-0011 internationally, using access code 642911. The call will be streamed live and archived for one year. La-Z-Boy remains a leader in residential furniture, operating 166 retail stores and various brands including Joybird. More details can be found on their website.
La-Z-Boy reported a strong first quarter for fiscal 2023, with consolidated sales rising 15% to a record $604 million. Operating profit surged 53% to $52.6 million, marking a notable increase in margins. The retail segment achieved a 30% sales increase, with Joybird brand sales also growing by 12%. Despite external challenges, the CEO emphasized strategic long-term investments and improving supply chain efficiencies. The company declared a quarterly cash dividend of $0.165 per share, payable on September 15, 2022. For Q2, the company anticipates sales growth between 2% to 5% versus the previous year.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2023 first-quarter results post-market on August 23, 2022. An investor conference call is scheduled for August 24, 2022, at 8:30 a.m. ET. Domestic callers can access the call at (888) 506-0062, while international participants can dial (973) 528-0011 with the access code 499409. The call will be available as a live webcast and archived online for a year. La-Z-Boy is a prominent residential furniture manufacturer, with a broad distribution network including 348 La-Z-Boy Furniture Galleries.
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La-Z-Boy Incorporated (NYSE: LZB) is finalizing the closure of its Newton, Mississippi upholstery facility, effective September 16, 2022. Initially slated for closure in June 2020 due to COVID-19 impacts, the facility was temporarily re-activated in October 2020 due to increased demand. Currently, it represents less than 5% of La-Z-Boy's total upholstery production, affecting approximately 180 employees, while other functions will continue to operate with about 235 employees remaining. The company has been optimizing its manufacturing footprint across North America.
La-Z-Boy Incorporated (NYSE: LZB) reported record financial results for FY 2022, with consolidated sales reaching $2.4 billion, a 36% increase from FY 2021. The fourth quarter also saw a 32% sales increase to $685 million. Joybird sales surged by 62% to $176 million. GAAP net income per diluted share rose to $3.39, driven by strong consumer demand amidst supply chain challenges. The company returned $118 million to shareholders via dividends and share repurchases. For FY 2023, La-Z-Boy forecasts a 7%-10% increase in first-quarter sales, reflecting ongoing macroeconomic volatility.
La-Z-Boy Incorporated (NYSE: LZB) announced the appointment of Carol Y. Lee as Vice President and Chief Information Officer, effective June 20, 2022. Lee will oversee the company's enterprise-wide IT strategy, focusing on cybersecurity, ERP deployment, and operational support. CEO Melinda D. Whittington expressed confidence in Lee's ability to lead digital transformation efforts. With over 20 years of IT experience, Lee previously served at Consolidated Hospitality Supplies. This strategic hire aims to align La-Z-Boy's technology with its Century Vision growth strategy.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2022 Q4 and full-year results on June 21, 2022, post-market. A conference call to discuss these results is scheduled for June 22, 2022, at 8:30 AM ET. Investors can dial in at (888) 506-0062 or (973) 528-0011 for international access. The presentation will be available via webcast, along with supporting slides.
For further details, visit the official site and SEC filings.