MONROE, Mich., June 04, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB) will report its Fiscal 2025 Fourth Quarter results for the period ended April 26, 2025 after the close of trading on the New York Stock Exchange on Tuesday, June 17, 2025, and will hold its quarterly investor conference call at 8:30 a.m. Eastern Time the following day, Wednesday, June 18, 2025. The conference call will be webcast live with corresponding slides at https://lazboy.gcs-web.com/. The dial-in phone number for the l ...

MONROE, Mich., April 30, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today declared a quarterly cash dividend on the company’s common stock of $0.22 per share. The dividend will be paid on June 16, 2025 to shareholders of record as of June 3, 2025. Investor Relations Contact:Mark Becks, CFA, (734) 457-9538mark.becks@la-z-boy.com About La-Z-Boy:La-Z-Boy Incorporated brings the transformational power of comfort to people, ...

Company Performance - La-Z-Boy (NYSE: LZB) reported strong fiscal 3Q25 results with year-over-year sales growth across all segments, particularly in Joybird, its direct-to-consumer online segment [1] Investment Strategy - The investment approach focuses on identifying value opportunities, especially in small and mid-cap sectors where market inefficiencies are prevalent [1] - The strategy includes looking for industry leaders in out-of-favor sectors, quality companies facing temporary setbacks, and businesses with strong balance sheets and robust cash generation [1] Analytical Approach - The analysis emphasizes balance sheet strength from a credit perspective, near-term cash flow generation, next twelve-month earnings forecasts, and book value analysis, particularly for financial sector investments [1] Professional Background - The investment philosophy is supported by over 10 years of experience in financial sector consulting, which aids in identifying overlooked opportunities [1]

Company Overview - La-Z-Boy Incorporated is a global leader in the retail and manufacture of residential furniture, known for its iconic recliner invented in 1927 [2] - The company operates as a vertically integrated furniture retailer and manufacturer, emphasizing quality and consumer compassion [2] Retail Segment - The Retail segment includes nearly 200 company-owned La-Z-Boy Furniture Galleries stores, part of a broader network of over 360 stores nationwide [3] - Joybird, an e-commerce retailer and manufacturer of modern upholstered furniture, operates 12 stores in the U.S. [3] Wholesale Segment - In the Wholesale segment, La-Z-Boy manufactures custom furniture for its Furniture Galleries and various retail channels [3] - England Furniture Co. offers custom upholstered furniture, while casegoods brands Kincaid, American Drew, and Hammary provide diverse home furnishings [3] Upcoming Events - La-Z-Boy executives will participate in a fireside chat at the Raymond James 46th Annual Institutional Investors Conference on March 3, 2025, at 4:00 p.m. ET [1] - The presentation will be webcast live and archived on the company's investor relations website [1]

Group 1 - La-Z-Boy Incorporated, a furniture retailer and wholesaler, experienced a 4% increase in share price on February 19th [1] - The share price surge occurred the day after management provided positive updates [1] Group 2 - Crude Value Insights offers an investing service focused on oil and natural gas, emphasizing cash flow and growth prospects [1] - Subscribers have access to a stock model account, cash flow analyses of exploration and production firms, and live sector discussions [2]

Financial Data and Key Metrics Changes - Consolidated delivered sales reached $522 million, up 4% year-over-year [8][36] - Non-GAAP operating margin expanded by 20 basis points to 6.8% [9][36] - GAAP diluted EPS was $0.68, compared to $0.66 in the prior year [37] Business Segment Data and Key Metrics Changes - Retail segment sales increased by 11% to $228 million, driven by same-store sales growth [9][38] - Wholesale segment delivered sales grew by 2% to $363 million, supported by the North America La-Z-Boy brand [40] - Joybird reported delivered sales of $37 million, up 9% year-over-year, achieving breakeven operating profit [41][28] Market Data and Key Metrics Changes - Total written sales for the company-owned retail segment increased by 15% year-over-year [13] - Written same-store sales for the entire La-Z-Boy Furniture Galleries network increased by 5% [14] - The furniture and home furnishing industry grew by 5% during the fiscal third quarter [15] Company Strategy and Development Direction - The Century Vision strategy aims to drive top-line growth at double the market rate and maintain double-digit operating margins [17][50] - The company plans to expand its La-Z-Boy Furniture Galleries network to over 400 stores in the coming years [19] - A focus on enhancing brand reach through strategic partnerships and expanding distribution channels is emphasized [22][76] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a volatile operating environment but remains optimistic about growth opportunities despite industry challenges [11][33] - The company expects fourth-quarter delivered sales in the range of $545 million and non-GAAP operating margin between 8.5% and 9.5% [50] - Management is monitoring the evolving global tariff and trade environment while planning for various scenarios [51][117] Other Important Information - La-Z-Boy was named to Forbes' list of America's best large employers for 2025 [56] - The company has a strong balance sheet with $315 million in cash and no externally funded debt [46] Q&A Session Summary Question: Can you provide insights on the trends throughout the quarter? - Management noted that strength was strongest during the holiday period, with overall year-on-year strength across all three months of the quarter [62] Question: What are the expectations for operating margins in the fourth quarter? - Management highlighted that core North America La-Z-Boy wholesale business has shown margin expansion, while challenges remain in the international business [68][70] Question: What is the status of strategic partnerships? - Management confirmed ongoing investments in comfort studios and emphasized the importance of existing partnerships while exploring new opportunities [74][78] Question: How is the core wholesale segment performing? - Management expressed satisfaction with progress in the core North America wholesale business, noting improvements in supply chain efficiency [85] Question: What is the outlook for Joybird? - Management indicated that Joybird is positioned for growth with plans to open three to four new stores next year, while maintaining financial discipline [106]

Financial Performance - Consolidated sales increased by $21.4 million, or 4%, in the third quarter of fiscal 2025 compared to the same period last year, driven by same-store sales growth in the Retail business and higher volume in the Joybird business [105]. - Operating income for the third quarter of fiscal 2025 was $35.2 million, an increase of 8% from $32.6 million in the same quarter last year [104]. - The operating margin improved to 6.7% in the third quarter of fiscal 2025, up from 6.5% in the prior year [104]. - For the first nine months of fiscal 2025, consolidated sales rose by $44.8 million, or 3%, primarily due to incremental sales from Retail acquisitions and higher delivered volume in the Joybird business [105]. - Gross margin increased by 170 basis points in Q3 2025 and 90 basis points in the first nine months of fiscal 2025 compared to the same periods a year ago [107]. - Retail segment sales rose by $23.0 million, or 11.2%, in Q3 2025, and $24.4 million, or 3.9%, in the first nine months of fiscal 2025 compared to the same periods a year ago [110]. - Same-store sales increased by 7% in Q3 2025 and 1% in the first nine months of fiscal 2025 compared to the same periods a year ago [111]. - Wholesale segment sales increased by $6.6 million, or 2%, in Q3 2025, and $23.0 million, or 2%, in the first nine months of fiscal 2025 compared to the same periods a year ago [115]. - Operating income for the Retail segment was $24.5 million in Q3 2025, a 9.6% increase compared to the same period a year ago, while it decreased by 8.2% in the first nine months of fiscal 2025 [109]. - Joybird sales increased by $3.0 million in Q3 2025 and $8.4 million in the first nine months of fiscal 2025 compared to the same periods a year ago [118]. Strategic Initiatives - The strategic plan, Century Vision, aims to grow sales and market share while strengthening operating margins by 2027 [95]. - The company plans to enhance its enterprise capabilities to support growth and potential acquisitions, emphasizing an agile supply chain and modern technology [99]. - Joybird, acquired in fiscal 2019, is focused on profitable growth through increased digital marketing spend and expansion of product assortment [98]. - The company expects to grow its Retail segment through increased company-owned store count and upgrading existing locations [101]. Cash Flow and Investments - Net cash provided by operating activities was $125.3 million in the first nine months of fiscal 2025, an increase of $19.9 million compared to the same period a year ago [128]. - Net cash used for investing activities in the first nine months of fiscal 2025 was $71.2 million, an increase of $17.2 million compared to the same period last year, primarily due to higher capital expenditures [129]. - Cash used for capital expenditures was $51.5 million, up from $38.0 million in the same period last year, with full-year fiscal 2025 capital expenditures expected to be between $70 million and $80 million [131]. - Cash used for acquisitions totaled $24.8 million, primarily for retail businesses in Davenport, Iowa, Melbourne and Cocoa, Florida, and Toledo, Ohio [131]. - Cash paid to shareholders in quarterly dividends amounted to $25.9 million, with the board of directors expected to continue declaring regular dividends [137]. - The company anticipates continued stock repurchases in fiscal 2025, subject to market conditions, with 4.0 million shares remaining available for repurchase [132]. - Cash from the sale of investments, net of purchases, was $4.9 million during the first nine months of fiscal 2025 [131]. Financial Position - As of January 25, 2025, the company had no borrowings outstanding under its $200 million unsecured revolving credit facility, which matures on October 15, 2026 [130]. - The effective tax rate was 25.1% for Q3 2025 and 25.6% for the first nine months of fiscal 2025, compared to 20.2% and 24.5% for the same periods in fiscal 2024 [123]. - The company remains in compliance with financial covenants under the Credit Facility, ensuring adequate liquidity for operations over the next 12 months [130]. - The company recorded $4.0 million in severance-related expenses and $3.0 million in accelerated depreciation due to the closure of a cut and sew facility in Mexico [92]. - SG&A expenses as a percentage of sales increased by 150 basis points in Q3 2025 and 70 basis points in the first nine months of fiscal 2025 compared to the same periods a year ago [107].

Financial Performance - Consolidated sales for the third quarter totaled $522 million, representing a 4% increase compared to the prior year[2] - Diluted earnings per share (EPS) for both GAAP and Non-GAAP was $0.68, up from $0.66 in the previous year[6] - Consolidated sales for the quarter ended January 25, 2025, were $521.8 million, an increase of 4.3% from $500.4 million in the same quarter last year[28] - Operating income for the quarter was $35.2 million, up 8.3% from $32.6 million in the same quarter last year[28] - Net income attributable to La-Z-Boy Incorporated for the quarter was $28.4 million, compared to $28.6 million in the same quarter last year, reflecting a slight decrease of 0.7%[28] - Basic net income per share attributable to La-Z-Boy Incorporated was $0.69, an increase from $0.67 in the same quarter last year[28] - Non-GAAP net income attributable to La-Z-Boy Incorporated for the nine months ended January 25, 2025, was $85,298,000, compared to $88,326,000 for the same period last year, a decline of 3.4%[35] Sales Performance - Retail segment sales increased by 11%, driven by same-store sales growth and acquisitions[3] - Written same-store sales for the Retail segment rose 7%, while total written sales increased by 15% year-over-year[2] - Joybird's written sales increased by 10%, with delivered sales up 9% to $37 million[18] - The wholesale segment reported sales of $362.998 million for the quarter, compared to $356.375 million in the same quarter last year[34] - The retail segment achieved sales of $227.7 million, an increase from $204.7 million in the same quarter last year[34] Profitability Metrics - Operating margin improved by 20 basis points to 6.7% on a GAAP basis and 6.8% on a Non-GAAP basis[3] - Gross profit for the quarter was $231.4 million, representing a gross margin of 44.3%, compared to $213.3 million and a gross margin of 42.6% in the prior year[28] - GAAP gross profit for the quarter ended January 25, 2025, was $231,365,000, an increase from $213,254,000 for the same quarter last year, representing an increase of 8.8%[35] - Non-GAAP gross profit for the nine months ended January 25, 2025, was $675,496,000, compared to $645,553,000 for the same period last year, reflecting a growth of 4.6%[35] - The retail segment's GAAP operating income for the quarter was $24,457,000, representing 10.7% of sales, compared to $22,313,000 and 10.9% of sales in the same quarter last year[40] - Non-GAAP operating income for the wholesale segment for the quarter was $23,620,000, maintaining a margin of 6.5%, consistent with the previous year[40] - Consolidated GAAP operating income for the quarter was $35,168,000, which is 6.7% of sales, compared to $32,561,000 and 6.5% of sales in the same quarter last year[40] Shareholder Returns - The company returned $90 million to shareholders year-to-date, a 40% increase compared to the prior year[2] - The Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on March 14, 2025[14] Cash Flow and Assets - Cash flow from operations for the quarter was $57 million, up from $48 million in the same period last year[18] - The company reported net cash provided by operating activities of $125.3 million for the nine months ended January 25, 2025, compared to $105.4 million for the same period last year[31] - Total assets as of January 25, 2025, were $1.96 billion, up from $1.91 billion as of April 27, 2024[30] - Cash and equivalents at the end of the period were $314.6 million, down from $341.1 million at the beginning of the period[31] Future Outlook - For the fiscal fourth quarter, sales are expected to be in the range of $545-565 million, with Non-GAAP operating margin projected between 8.5-9.5%[5] - The company expects continued focus on supply chain optimization, with charges of $3,966,000 recorded in the previous nine months[35] - The company recorded $3.0 million in accelerated depreciation related to the relocation of upholstery production, impacting the first nine months of fiscal 2024[37]

Core Insights - La-Z-Boy Incorporated has been recognized as one of America's Best Large Employers by Forbes for 2025, highlighting its excellence across various dimensions such as atmosphere, salary, diversity, and working conditions [1][2] - The recognition is based on an independent survey of over 217,000 U.S. employees from companies with at least 1,000 employees, with more than 6.5 million evaluations considered [2] Company Values and Mission - The company emphasizes its commitment to innovation, craftsmanship, and integrity, with a focus on fostering an environment where employees can thrive [3] - La-Z-Boy's mission is rooted in core values of courage, curiosity, and compassion, aiming to deliver comfort through its products and support for employees and communities [3][4] Employee Engagement and Well-being - Over recent years, La-Z-Boy has prioritized employee connectedness, safety, and career alignment, which has contributed to overall performance and business success [4] - The company is dedicated to creating a workplace where employees feel valued and inspired, reflecting its core values that drive its culture [5] Company Overview - La-Z-Boy operates nearly 200 company-owned La-Z-Boy Furniture Galleries® stores and is part of a broader network of over 360 stores, along with an e-commerce platform [7] - The company manufactures custom furniture through its Wholesale segment, which includes brands like England Furniture Co., Kincaid®, American Drew®, and Hammary® [7]

Core Insights - La-Z-Boy Incorporated has been recognized as one of America's Best Large Employers by Forbes for 2025, highlighting its excellence across various dimensions such as atmosphere, salary, diversity, and workplace environment [1][2]. Company Overview - La-Z-Boy Incorporated is a global leader in residential furniture manufacturing and retail, known for its commitment to quality and innovation since its founding in 1927 [6]. - The company operates nearly 200 company-owned La-Z-Boy Furniture Galleries® stores and has a broader network of over 360 stores nationwide, along with an e-commerce platform [7]. Employee Commitment - The company emphasizes employee connectedness, physical safety, personal well-being, job performance, and career alignment, which have contributed to its overall business success [4]. - La-Z-Boy's mission is rooted in core values of courage, curiosity, and compassion, aiming to create a supportive environment for employees [3][5]. Recognition and Impact - The recognition by Forbes is seen as a testament to the dedication of La-Z-Boy's employees and the company's efforts to foster a thriving workplace [3][5]. - The company has released a 2024 Impact Report detailing its human-centered approach and investments in workforce development [4].