La-Z-Boy(LZB)2024-08-20 20:22Financial Performance - Consolidated delivered sales for the first quarter of Fiscal 2025 were $496 million, up 3% compared to the prior year[1]. - GAAP diluted EPS decreased to $0.61 from $0.63, while Non-GAAP diluted EPS remained at $0.62[6]. - Operating cash flow for the quarter was $52 million, doubling from $26 million in the same period last year[8]. - Sales for the quarter ended July 27, 2024, were $495,532, an increase of 2% from $481,651 in the same quarter last year[19]. - Gross profit for the quarter was $213,343, compared to $205,728 in the prior year, reflecting a gross margin improvement[19]. - Operating income decreased to $32,370 from $34,526 year-over-year, indicating a decline of approximately 6%[19]. - Net income attributable to La-Z-Boy Incorporated was $26,159, down from $27,479, representing a decrease of about 4.8%[19]. - Basic net income per share was $0.62, slightly down from $0.64 in the previous year[19]. - Consolidated operating income for the quarter was $32,370, a decrease of 6.3% from $34,526 in the same quarter last year[25]. - Non-GAAP operating income was $32,764, down from $33,751, reflecting a decline of 2.9% year-over-year[27]. - GAAP net income attributable to La-Z-Boy Incorporated was $26,159, compared to $27,479 in the previous year, representing a decrease of 4.8%[27]. - Diluted EPS for GAAP net income was $0.61, down from $0.63 in the same quarter last year[27]. - Non-GAAP net income attributable to La-Z-Boy was $26,453, slightly down from $26,945, a decrease of 1.8% year-over-year[27]. Segment Performance - Retail segment written sales increased 4%, but same-store sales decreased 3% due to lower traffic and softer demand[6]. - Wholesale segment sales rose 5% to $351 million, driven by higher delivered volume to external customers[7]. - Joybird's written sales increased 9%, while delivered sales decreased 3% to $35 million[7]. - Wholesale segment sales to external customers rose to $256,020, up 8.4% from $236,251 year-over-year[25]. - Retail segment sales decreased to $202,370, down 2.1% from $208,243 in the prior year[25]. - The wholesale segment's operating income margin was 6.8%, slightly down from 7.0% in the prior year[29]. - The retail segment's operating income margin decreased to 10.2% from 14.1% year-over-year[29]. Cash Flow and Shareholder Returns - La-Z-Boy returned approximately $42 million to shareholders, including $34 million in share repurchases and $8 million in dividends[8]. - The company ended the quarter with $342 million in cash and no external debt[8]. - Net cash provided by operating activities was $52,318, significantly higher than $25,913 in the same quarter last year[23]. - The company reported a net cash used for investing activities of $17,193, compared to $12,679 in the prior year[23]. Assets and Equity - Total current assets as of July 27, 2024, were $834,375, a decrease from $836,808 as of April 27, 2024[21]. - Total assets increased to $1,917,615 from $1,913,442, showing a slight growth[21]. - Total equity decreased to $1,010,476 from $1,013,360, indicating a slight decline in shareholder equity[21]. Future Outlook - The company expects second quarter sales to be in the range of $495-515 million, with Non-GAAP operating margin projected between 6-7%[2].