Financial Performance - Consolidated sales for Q4 Fiscal 2024 totaled $554 million, a decrease of 1% year-over-year but up 22% compared to the pre-pandemic Q4 of Fiscal 2019[4]. - GAAP diluted EPS for Q4 was $0.91, an increase of 15% from $0.79 in the prior year, while Non-GAAP diluted EPS decreased by 4% to $0.95[8]. - Operating cash flow for the full year reached $158 million, with $53 million generated in Q4[5]. - Total sales for the quarter ended April 27, 2024, were $553.5 million, a decrease of 1.3% from $561.3 million in the same quarter last year[27]. - Gross profit for the quarter was $240.1 million, down from $248.6 million year-over-year, reflecting a gross margin of approximately 43.4%[27]. - Operating income for the quarter was $50.1 million, compared to $54.1 million in the prior year, indicating a decline of 7.3%[27]. - Net income attributable to La-Z-Boy Incorporated for the quarter was $39.3 million, an increase of 14.3% from $34.4 million in the same quarter last year[27]. - Diluted net income per share increased to $0.91 from $0.79, representing a growth of 15.2% year-over-year[27]. - Consolidated sales for the year ended April 27, 2024, were $2,047,027, down 12.9% from $2,349,433 for the year ended April 29, 2023[33]. - Net income for the year ended April 27, 2024, was $124,636, a decrease of 17.9% compared to $151,941 for the year ended April 29, 2023[31]. - Non-GAAP net income attributable to La-Z-Boy Incorporated for the year was $129,131,000, down from $167,080,000, representing a decrease of 22.7%[38]. Shareholder Returns - The company returned $85 million to shareholders through share repurchases and dividends, with a 10% increase in the quarterly dividend to $0.20[5]. - The company repurchased $52,773 in common stock, significantly higher than $5,004 in the previous year[31]. Future Outlook - For Fiscal 2025, the company expects delivered sales in Q1 to be between $475 million and $495 million, with Non-GAAP operating margin projected to be in the range of 6-7%[7]. - The company anticipates industry challenges with a potential decline of up to 5% in sales, but expects to outperform the market and achieve modest year-over-year sales growth[7]. - The company plans to open 12 to 15 new La-Z-Boy Furniture Galleries stores in Fiscal 2025 as part of its Century Vision strategy[7]. Balance Sheet and Cash Flow - The company ended the fiscal year with a strong balance sheet, holding $341 million in cash and no external debt[17]. - Total assets as of April 27, 2024, were $1.91 billion, up from $1.87 billion a year earlier, reflecting a growth of 2.9%[29]. - Current liabilities decreased to $437.3 million from $475.9 million, a reduction of 8.1% year-over-year[29]. - Shareholders' equity increased to $1.01 billion from $952.1 million, marking a growth of 6.2%[29]. - Net cash provided by operating activities was $158,127, a decrease of 23% from $205,167 in the previous year[31]. - Total cash, cash equivalents, and restricted cash at the end of the period were $341,098, a slight decrease from $346,678 at the beginning of the period[31]. Segment Performance - Written same-store sales for the Retail segment decreased by 5% year-over-year, impacted by lower traffic and economic conditions[12]. - Retail segment sales for the year ended April 27, 2024, were $855,126, a decline of 12.9% from $982,043 in the previous year[33]. - Operating income for the wholesale segment decreased to $99,373, down 13.8% from $115,215 in the previous year[33]. - The wholesale segment's GAAP operating income for the quarter was $31,709,000, representing 8.1% of sales, compared to 8.5% in the prior year[43]. - The retail segment's GAAP operating income for the quarter was $32,170,000, accounting for 14.1% of sales, down from 15.5% in the previous year[43]. Cost Management - The company incurred a pre-tax charge of $10.6 million related to an impairment of one investment, impacting overall financial performance[21]. - Supply chain optimization charges for the year totaled $4,468,000, compared to $1,621,000 in the previous year, indicating increased costs associated with supply chain adjustments[38]. Non-GAAP Measures - Management emphasized the importance of Non-GAAP financial measures for assessing ongoing performance, excluding various charges to provide clearer profitability trends[24]. - Non-GAAP gross profit for the year ended April 27, 2024, was $886,227,000, down from $967,095,000, reflecting a decline of 8.4%[38]. - Non-GAAP operating income for the year was $159,398,000, down from $223,203,000, indicating a decline of 28.6%[43].

Liquidity Measures: (Unaudited, amounts in thousands) 4/27/2024 4/29/2023 Cash and cash equivalents $ 341,098 $ 343,374 Restricted cash — 3,304 Total cash, cash equivalents and restricted cash $ 341,098 $ 346,678 Fiscal 2024 Fourth Quarter Results versus Fiscal 2023 Fourth Quarter: Consolidated sales in the fourth quarter of Fiscal 2024 decreased 1% to $554 million versus last year. Sales in the fourth quarter of Fiscal 2023 included the delivery of a significant backlog resulting from heightened demand in ...

Fiscal 2024 Highlights: Written sales again outperformed the industry, with fourth quarter total written sales for the Retail (companyowned La-Z-Boy Furniture Galleries®) segment up 1% versus a year ago, and written same-store sales down 5% versus a year ago. Written same-store sales for the entire La-Z-Boy Furniture Galleries® network decreased 3% versus the year ago period. Trends were strongest in the first half of the quarter around key holiday events and recovery from January weather events. Written sa ...

In the last reported quarter, the company's earnings per share (EPS) of 67 cents missed the Zacks Consensus Estimate of 75 cents and declined from the year-ago figure of 91 cents. Net sales of $500 million missed the consensus mark by 5% and declined 12.7% year over year. How Are Estimates Placed? The consensus mark for net sales is pegged at $518.8 million, indicating a decline of 7.6% from the year-ago reported figure of $561.3 million. La-Z-Boy's business is expected to have experienced lower net sales a ...

Core Viewpoint - La-Z-Boy Incorporated is set to report its Fiscal 2024 Fourth Quarter and Full Year results on June 17, 2024, with a subsequent investor conference call scheduled for June 18, 2024 [1] Company Overview - La-Z-Boy Incorporated is a vertically integrated furniture retailer and manufacturer, known for its iconic recliner invented in 1927, and is committed to quality and consumer compassion [4] Retail Segment - The Retail segment includes 184 company-owned La-Z-Boy Furniture Galleries® stores, part of a network of over 350 stores nationwide, along with La-Z-Boy.com [5] - Joybird®, an e-commerce retailer and manufacturer of modern upholstered furniture, operates 12 stores in the U.S. [5] Wholesale Segment - In the Wholesale segment, La-Z-Boy manufactures custom furniture for its Furniture Galleries® and various retail channels, including brands like England Furniture Co., Kincaid®, American Drew®, and Hammary® [5]

Core Viewpoint - La-Z-Boy Incorporated will report its Fiscal 2024 Fourth Quarter and Full Year results on June 17, 2024, with a subsequent investor conference call scheduled for June 18, 2024 [1] Company Overview - La-Z-Boy Incorporated is a vertically integrated furniture retailer and manufacturer, known for its iconic recliner invented in 1927, and is committed to quality and consumer compassion [4] - The company operates 184 company-owned La-Z-Boy Furniture Galleries® stores and is part of a network of over 350 stores nationwide, including the e-commerce retailer Joybird® [5] Investor Communication - The live conference call will be accessible via specific dial-in numbers for U.S. and international callers, with a participant access code provided [2] - The call will be webcast live and archived for one year, with a telephone replay available for two weeks post-call [3]

Eoneren Synopsis La-Z-Boy Incorporated (NYSE:LZB) is the leading global manufacturer of reclining chairs and the second-largest distributor of furniture in the U.S. According to a KeyBanc consumer survey, it is also a leading brand for interest in new furniture purchases. However, the outlook for the furniture industry has been rather weak due to a housing shortage and lingering inflation. In the midst of the chaos in the housing market, LZB is focusing on solidifying their business by gaining more market s ...

MONROE, Mich., Feb. 27, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the manufacture and retail of residential furniture, today announced that Melinda D. Whittington, President and Chief Executive Officer, and Bob Lucian, Senior VP and Chief Financial Officer, will present at the Raymond James 45th Annual Institutional Investors Conference held at the JW Marriott Grande Lakes in Orlando, Florida. The presentation will be webcast live on Monday March 4, 2024, at 1:40 p.m. Ea ...

MONROE, Mich., Feb. 27, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the manufacture and retail of residential furniture, today announced that Melinda D. Whittington, President and Chief Executive Officer, and Bob Lucian, Senior VP and Chief Financial Officer, will present at the Raymond James 45th Annual Institutional Investors Conference held at the JW Marriott Grande Lakes in Orlando, Florida. The presentation will be webcast live on Monday March 4, 2024, at 1:40 p.m. Ea ...

Financial Data and Key Metrics Changes - Consolidated delivered sales decreased 13% to $500 million compared to the prior year, which benefited from delivering above-normal pandemic backlog [21][142] - Non-GAAP gross margin improved by 140 basis points year-over-year, with gross margin expansion across all segments [13][43] - Non-GAAP operating margin was 6.6%, reflecting a 270 basis point decline versus last year primarily due to fixed cost deleverage on lower delivered sales [144][162] - Non-GAAP diluted EPS was $0.67, down from $0.91 in the prior year [161] Business Line Data and Key Metrics Changes - Retail segment delivered sales were $205 million, an 18% decrease over the prior year's third quarter [22] - Wholesale segment delivered sales declined to $356 million, a 13% decrease versus the prior year [23] - Joybird reported delivered sales of $34 million, an 18% increase versus the prior year quarter, driven by mix and pricing benefits [24] Market Data and Key Metrics Changes - Same-store sales for the La-Z-Boy Furniture Galleries network declined 6% versus the prior year, against a backdrop of a 7% industry contraction [7] - Written same-store sales across the entire network were down 1% for the first nine months of the fiscal year, while the industry was down 7% [49][153] Company Strategy and Development Direction - The company aims to grow top line at a pace double the market and deliver consistent double-digit operating margins over the long term as part of its Century Vision strategy [17][29] - The company is focused on expanding its La-Z-Boy brand reach through new stores, acquisitions, and remodels to enhance consumer experience [9][138] - The Long Live the Lazy brand campaign aims to connect with a broader consumer base and improve brand awareness [19][158] Management's Comments on Operating Environment and Future Outlook - The overall furniture and home furnishings industry is experiencing a slowdown due to low housing turnover and challenging interest rates [5] - Management expects a return to more normalized furniture demand in the latter half of fiscal 2025, driven by favorable demographics and anticipated interest rate reductions [8] - The company plans to prudently invest in the near term while preparing for long-term growth, expecting sales in the range of $505 million to $535 million for the fourth quarter [31][141] Other Important Information - The company ended the quarter with $333 million in cash and no externally funded debt, generating $48 million in cash from operating activities [145] - Capital expenditures for fiscal 2024 are expected to be in the range of $50 million to $60 million [146] - The company has made significant progress in optimizing its supply chain, including closing assembly plants in Mexico [159] Q&A Session Summary Question: What are the expectations for retail margins? - Management indicated that the third quarter typically has lower margins due to increased marketing spending and plant shutdowns, but they remain comfortable with low double-digit margin profiles for retail [56][58] Question: What is the outlook for acquisitions of independent dealers? - Management noted a combination of proactive engagement with independent dealers and favorable market conditions, leading to ongoing discussions about potential acquisitions [62][93] Question: How is pricing expected to evolve in the near future? - Management stated there are no plans for price declines and that pricing strategies are focused on maintaining competitiveness [67][79] Question: What is the impact of winter weather on sales? - Management acknowledged that winter weather negatively impacted traffic and sales in January, but trends improved in February [63][108] Question: Can you provide an update on the acquisition funnel? - Management expressed optimism about ongoing conversations with independent dealers and the potential for more acquisitions in the future [92][125]