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 ...

MONROE, Mich., June 03, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB) will report its Fiscal 2024 Fourth Quarter and Full Year results for the period ended April 27, 2024 after the close of trading on the New York Stock Exchange on Monday, June 17, 2024, and will hold its quarterly investor conference call at 8:30 a.m. Eastern Time the following day, Tuesday, June 18, 2024. The dial-in phone number for the live conference call will be (888) 506-0062 for persons calling from within the U.S. or Ca ...

MONROE, Mich., June 03, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB) will report its Fiscal 2024 Fourth Quarter and Full Year results for the period ended April 27, 2024 after the close of trading on the New York Stock Exchange on Monday, June 17, 2024, and will hold its quarterly investor conference call at 8:30 a.m. Eastern Time the following day, Tuesday, June 18, 2024. The dial-in phone number for the live conference call will be (888) 506-0062 for persons calling from within the U.S. or Ca ...

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]

La-Z-Boy (LZB) came out with quarterly earnings of $0.67 per share, missing the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.67%. A quarter ago, it was expected that this furniture company would post earnings of $0.62 per share when it actually produced earnings of $0.74, delivering a surprise of 19.35%.Over the last four quarters, the compa ...