La-Z-Boy(LZB)2025-02-19 15:35Financial Data and Key Metrics Changes - Consolidated delivered sales reached 0.68, compared to 228 million, driven by same-store sales growth [9][38] - Wholesale segment delivered sales grew by 2% to 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 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]