La-Z-Boy Incorporated (NYSE: LZB), a global leader in the
manufacture and retail of residential furniture, today reported
first quarter results for the period ended July 29, 2023.
Sales totaled $482 million, in line with guidance of $470 to $490
million, and a decrease of 20% against a year ago period that
benefited from delivery of pandemic related backlog. Company owned
Retail written same-store sales for the first quarter increased 2%
versus a year ago, led by strong store execution. Written sales for
the entire La-Z-Boy Furniture Galleries® network also increased by
2%. Operating margin was 7.2% in the quarter on a GAAP basis and
7.0% on a Non-GAAP basis. Earnings per diluted share totaled $0.63
on a GAAP basis and $0.62 on a Non-GAAP basis.
Melinda D. Whittington, President and Chief
Executive Officer of La-Z-Boy Incorporated, said, "As demonstrated
by our positive written same-store sales, the La-Z-Boy brand
continues to outperform in a challenging home furnishings
environment. These results are reflective of the strength of the
La-Z-Boy brand and focus on execution in our stores. Further, we
continued to execute on our Century Vision strategy, increasing our
company owned Retail store count by four to 175 and opening
incremental distribution via an enhanced channel strategy during
the quarter. We remain confident we will consistently grow faster
than the industry and deliver double digit operating margins over
the long term."
Whittington added, "While our delivered results
reflect comparison versus delivery of record pandemic related
backlog levels in last year's results, we are encouraged by
positive written trends in both our company owned Retail segment
and the broader La-Z-Boy Furniture Galleries® network during the
quarter, which accelerated from May to July. Looking forward, given
the overall macro-economic environment, we expect the furniture
market to remain challenged. However, we are expecting some
improvement in the back half of our fiscal year consistent with
historic seasonality of consumers' furniture purchases. As we
navigate the challenging environment, we are focused on controlling
what we can control, leveraging our brand and strong product
offerings, and strengthening conversion levels. We are particularly
pleased to introduce our new brand campaign, "Long Live the Lazy,"
which launched two weeks ago across TV and social media. We look
forward to capitalizing on this new brand campaign and executing
our business strategy to deliver solid results in the near term and
drive our Century Vision over the long term."
Second Quarter
Outlook:Bob Lucian, Chief Financial
Officer of La-Z-Boy Incorporated, said, "Despite the macroeconomic
headwinds facing La-Z-Boy and our peers in the industry, we
delivered on our guidance. Looking forward, we expect consumer
trends to remain soft and sales trends remain challenged against
last year, which benefited from an elevated pandemic backlog.
Considering these trends, and historical seasonality, we expect
sales in the second quarter of fiscal 2024 to be slightly higher
than the first quarter. Further, we expect Q2 operating margin to
be similar to the first quarter, as we increase marketing
investment in support of our new "Long Live the Lazy" campaign,
which started in August. As such, we expect fiscal second quarter
sales to be in the range of $490-$510 million and operating
margin(3) to be in the range of 6.5%-7.5%."
Metric |
Guidance |
Consolidated Sales |
$490-$510 million |
Operating Margin |
6.5%-7.5% |
First Quarter Fiscal 2024 Financial
Highlights:
- Consolidated delivered sales of
$482 million
- Company owned Retail written
same-store sales increased 2%
- La-Z-Boy Furniture Galleries®
network written same-store sales increased 2%
- GAAP operating income decreased by
34%. Non-GAAP operating income decreased by 37%
- GAAP operating margin decreased 150
basis points to 7.2% and Non-GAAP operating margin decreased 190
basis points to 7.0%
- GAAP diluted EPS of $0.63, with
Non-GAAP diluted EPS of $0.62
- Cash generated from operating
activities was $26 million
Key Results:
(Unaudited, amounts in thousands, except per share
data) |
|
Quarter Ended |
|
|
|
7/29/2023 |
7/30/2022 |
|
Change |
Sales |
|
$ |
481,651 |
|
$ |
604,091 |
|
(20)% |
|
|
|
|
|
|
|
GAAP operating income |
|
|
34,526 |
|
|
52,643 |
|
(34)% |
Non-GAAP
operatingincome |
|
|
33,751 |
|
|
53,824 |
|
(37)% |
|
|
|
|
|
|
|
GAAP operating margin |
|
|
7.2% |
|
|
8.7% |
|
(150) bps |
Non-GAAP
operating margin |
|
|
7.0% |
|
|
8.9% |
|
(190) bps |
|
|
|
|
|
|
|
GAAP net income attributable
to La-Z-Boy Incorporated |
|
|
27,479 |
|
|
38,488 |
|
(29)% |
Non-GAAP net income
attributable to La-Z-Boy Incorporated |
|
|
26,945 |
|
|
39,424 |
|
(32)% |
|
|
|
|
|
|
|
Diluted weighted average
common shares |
|
|
43,333 |
|
|
43,142 |
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per
share |
|
$ |
0.63 |
|
$ |
0.89 |
|
(29)% |
Non-GAAP diluted earnings per
share |
|
$ |
0.62 |
|
$ |
0.91 |
|
(32)% |
Liquidity Measures:
|
|
Quarter Ended |
|
|
|
Quarter Ended |
(Unaudited, amounts in thousands) |
|
7/29/2023 |
|
7/30/2022 |
|
(Unaudited, amounts in thousands) |
|
7/29/2023 |
|
7/30/2022 |
Free Cash Flow |
|
|
|
|
|
Cash Returns to Shareholders |
|
|
|
|
Operating cash flow |
|
$ |
25,913 |
|
|
$ |
33,104 |
|
|
Share repurchases |
|
$ |
10,007 |
|
$ |
5,004 |
Capital expenditures |
|
|
(13,457 |
) |
|
|
(20,999 |
) |
|
Dividends |
|
|
7,852 |
|
|
7,097 |
Free cash flow |
|
$ |
12,456 |
|
|
$ |
12,105 |
|
|
Cash returns to shareholders |
|
$ |
17,859 |
|
$ |
12,101 |
(Unaudited, amounts in thousands) |
|
7/29/2023 |
|
7/30/2022 |
Cash and cash equivalents |
|
$ |
336,434 |
|
$ |
238,170 |
Restricted cash |
|
|
3,816 |
|
|
3,267 |
Total cash, cash equivalents and restricted cash |
|
$ |
340,250 |
|
$ |
241,437 |
FY24 Q1 Results vs. FY23
Q1:Consolidated
Results:
- Consolidated sales in the first
quarter of fiscal 2024 decreased 20% to $482 million, largely
driven by lower delivered unit volume versus last year's backlog
driven sales, partially offset by favorable product mix
- Consolidated GAAP operating margin
was 7.2% versus 8.7%
- Consolidated non-GAAP(1) operating
margin was 7.0% versus 8.9%, driven primarily by fixed cost
deleverage
- GAAP diluted EPS decreased to $0.63
from $0.89 and Non-GAAP(1) diluted EPS decreased to $0.62 from
$0.91
Retail Segment:
- Sales:
- Delivered sales for the company
owned Furniture Galleries® Retail segment decreased 12% to $208
million, versus last year's delivery of pandemic related
backlog
- Total written sales for the Retail
segment increased 8% driven by positive same-store sales, new
stores, and acquired stores
- Written same-store sales for the
Retail segment increased 2% primarily driven by strong store
execution, including improved conversion and an increase in design
sales despite lower consumer traffic
- Operating Margin:
- Non-GAAP(1) operating margin and
operating income was 14.1% and $29 million, respectively, down 210
basis points and 23%, respectively, primarily driven by fixed cost
deleverage
Wholesale Segment:
- Sales:
- Decreased 25% to $333 million
driven primarily by a decline in delivered volume versus the year
ago period, which benefited from an elevated backlog, partially
offset by favorable product mix
- Operating Margin:
- Non-GAAP(1) operating margin increased to 6.8%, up 70 basis
points; favorable raw material costs and product mix were partially
offset by fixed cost deleverage on lower unit volume and foreign
currency headwinds from a stronger Mexican peso relative to the
U.S. dollar
Corporate & Other:
- Joybird written sales declined 17%
and delivered sales decreased 17% to $36 million, reflecting
slowing e-commerce trends and industry demand challenges
Balance Sheet and Cash Flow, First Quarter Fiscal
2024:
- Ended the first quarter with $340
million in cash(2) and no external debt
- Generated $26 million in cash from
operating activities versus $33 million in the first quarter of
last fiscal year
- Invested $13 million in capital
expenditures, primarily related to La-Z-Boy Furniture Galleries®
(new stores and remodels), and upgrades at our manufacturing and
distribution facilities
- Returned $18 million to
shareholders, including $10 million in share repurchases and $8
million in dividends
Dividend:On
August 22, 2023, the Board of Directors declared a quarterly cash
dividend of $0.1815 per share on the common stock of the company.
The dividend will be paid on September 15, 2023, to shareholders of
record on September 6, 2023.
Conference
Call:La-Z-Boy will hold a conference call
with the investment community on Wednesday, August 23, 2023, at
8:30 a.m. ET. The toll-free dial-in number is (888) 506-0062;
international callers may use (973) 528-0011. Enter Participant
Access Code 202714.
The call will be webcast live, with
corresponding slides, and archived on the Internet. It will be
available at https://lazboy.gcs-web.com/. A telephone replay will
be available for a week following the call. This replay will be
accessible to callers from the U.S. and Canada at (877) 481-4010
and to international callers at (919) 882-2331. Enter Replay
Passcode: 48910. The webcast replay will be available for one
year.
Investor Relations
Contact:Mark Becks, CFA, (734)
457-9538mark.becks@la-z-boy.com
About
La-Z-Boy:La-Z-Boy Incorporated is a
global leader in the manufacture and retail of residential
furniture, marketing furniture for every room of the home. The
Wholesale segment includes La-Z-Boy, England, American Drew®,
Hammary®, Kincaid® and the company's international wholesale
and manufacturing businesses. The company-owned Retail segment
includes 175 of the 351 La-Z-Boy Furniture Galleries® stores.
Joybird is an e-commerce retailer and manufacturer of upholstered
furniture.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 351 stand-alone La-Z-Boy Furniture Galleries® stores
and 521 independent Comfort Studio® locations, in addition to
in-store gallery programs for the company’s Kincaid and England
operating units. Additional information is available at
https://www.la-z-boy.com/.
Notes:(1)Non-GAAP
amounts for the first quarter of
fiscal 2024 exclude:
- a $1.0 million pre-tax, or $0.02
per diluted share gain related to the closure of the Torreón, MX
facility, primarily reflecting the termination of the associated
lease
- purchase accounting charges related
to acquisitions completed in prior periods totaling $0.3 million
pre-tax, or $0.01 per diluted share, with $0.3 million included in
operating income and a de minimis amount included in interest
expense
Non-GAAP amounts for the
first quarter of fiscal
2023 exclude:
- a charge of $0.9 million pre-tax,
or $0.02 per diluted share, related to our business realignment
plan, including costs associated with the closure of our Newton,
Mississippi manufacturing facility
- purchase accounting charges related
to acquisitions completed in prior periods totaling $0.3 million
pre-tax, or $0.00 per diluted share, with $0.2 million included in
operating income and $0.1 million included in interest expense
Please refer to the accompanying “Reconciliation
of GAAP to Non-GAAP Financial Measures” for detailed information on
calculating the Non-GAAP financial measures used in this press
release and a reconciliation to the most directly comparable GAAP
measure.
(2)Cash includes cash, cash
equivalents and restricted cash.
(3)This reference to Non-GAAP operating
margin for a future period is a Non-GAAP financial
measure. We have not provided a reconciliation of Non-GAAP
operating margin for future periods in this press release because
such reconciliation cannot be provided without unreasonable
efforts.
Cautionary Note Regarding
Forward-Looking Statements:This news
release contains “forward-looking” statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. Generally,
forward-looking statements include information concerning
expectations, projections or trends relating to our results of
operations, financial results, financial condition, strategic
initiatives and plans, expenses, dividends, share repurchases,
liquidity, use of cash and cash requirements, borrowing capacity,
investments, future economic performance, and our business and
industry.
The forward-looking statements in this press
release are based on certain assumptions and currently available
information and are subject to various risks and uncertainties,
many of which are unforeseeable and beyond our control. Additional
risks and uncertainties that we do not presently know about or that
we currently consider to be immaterial may also affect our business
operations and financial results. Our actual future results and
trends may differ materially depending on a variety of factors,
including, but not limited to, the risks and uncertainties
discussed in our fiscal 2023 Annual Report on Form 10-K and other
factors identified in our reports filed with the Securities and
Exchange Commission (the "SEC"), available on the SEC's website at
www.sec.gov. Given these risks and uncertainties, you should not
rely on forward-looking statements as a prediction of actual
results. We are including this cautionary note to make applicable
and take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 for forward-looking
statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or for any other reason.
Additional
Information:This news release is just one
part of La-Z-Boy’s financial disclosures and should be read in
conjunction with other information filed with the SEC, which is
available at:
https://lazboy.gcs-web.com/financial-information/sec-filings.
Investors and others wishing to be notified of future La-Z-Boy news
releases, SEC filings and quarterly investor conference calls may
sign up at: https://lazboy.gcs-web.com/.
Non-GAAP Financial
Measures:In addition to the financial
measures prepared in accordance with accounting principles
generally accepted in the United States ("GAAP"), this press
release also includes Non-GAAP financial measures. Management uses
these Non-GAAP financial measures when assessing our ongoing
performance. This press release contains references to Non-GAAP
operating income, Non-GAAP operating margin, and Non-GAAP net
income attributable to La-Z-Boy Incorporated per diluted share (and
components thereof, including Non-GAAP income before income taxes
and Non-GAAP net income attributable to La-Z-Boy Incorporated),
which may exclude, as applicable, business realignment charges,
Mexico optimization charges, and purchase accounting charges. The
business realignment charges include severance costs, asset
impairment costs, and costs to relocate equipment and inventory
related to organizational changes we undertook as a result of our
response to COVID-19, including a reduction in the company's work
force, temporary closure of certain manufacturing facilities and
subsequent gains resulting from the sale of related assets. The
Mexico optimization charges may include asset impairment costs,
lease termination gains, severance costs, and employee relocation
costs resulting from the closure of our Torreón manufacturing
facility. The purchase accounting charges may include the
amortization of intangible assets and fair value adjustments of
future cash payments recorded as interest expense. These Non-GAAP
financial measures are not meant to be considered superior to or a
substitute for La-Z-Boy Incorporated’s results of operations
prepared in accordance with GAAP and may not be comparable to
similarly titled measures reported by other companies.
Reconciliations of such Non-GAAP financial measures to the most
directly comparable GAAP financial measures are set forth in the
accompanying tables.
Management believes that presenting certain
Non-GAAP financial measures will help investors understand the
long-term profitability trends of our business and compare our
profitability to prior and future periods and to our peers.
Management excludes purchase accounting charges because the amount
and timing of such charges are significantly impacted by the
timing, size, number and nature of the acquisitions consummated and
the success with which we operate the businesses acquired. While
the company has a history of acquisition activity, it does not
acquire businesses on a predictable cycle, and the impact of
purchase accounting charges is unique to each acquisition and can
vary significantly from acquisition to acquisition. Similarly,
business realignment charges and Mexico optimization charges are
dependent on the timing, size, number and nature of the operations
being moved or closed, and the charges may not be incurred on a
predictable cycle. Management believes that exclusion of these
items facilitates more consistent comparisons of the company’s
operating results over time. Where applicable, the accompanying
“Reconciliation of GAAP to Non-GAAP Financial Measures” tables
present the excluded items net of tax calculated using the
effective tax rate from operations for the period in which the
adjustment is presented.
LA-Z-BOY INCORPORATEDCONSOLIDATED
STATEMENT OF INCOME |
|
|
|
Quarter Ended |
(Unaudited, amounts in thousands, except per share
data) |
|
7/29/2023 |
|
7/30/2022 |
Sales |
|
$ |
481,651 |
|
|
$ |
604,091 |
|
Cost of sales |
|
|
275,923 |
|
|
|
373,061 |
|
Gross profit |
|
|
205,728 |
|
|
|
231,030 |
|
Selling, general and administrative expense |
|
|
171,202 |
|
|
|
178,387 |
|
Operatingincome |
|
|
34,526 |
|
|
|
52,643 |
|
Interest expense |
|
|
(122 |
) |
|
|
(159 |
) |
Interest income |
|
|
3,056 |
|
|
|
474 |
|
Other income (expense),
net |
|
|
556 |
|
|
|
45 |
|
Income before income taxes |
|
|
38,016 |
|
|
|
53,003 |
|
Income tax expense |
|
|
10,090 |
|
|
|
14,063 |
|
Net income |
|
|
27,926 |
|
|
|
38,940 |
|
Net (income) loss attributable
to noncontrolling interests |
|
|
(447 |
) |
|
|
(452 |
) |
Net income attributable to La-Z-Boy Incorporated |
|
$ |
27,479 |
|
|
$ |
38,488 |
|
|
|
|
|
|
Basic weighted average common
shares |
|
|
43,239 |
|
|
|
43,092 |
|
Basic net income attributable
to La-Z-Boy Incorporated per share |
|
$ |
0.64 |
|
|
$ |
0.89 |
|
|
|
|
|
|
Diluted weighted average
common shares |
|
|
43,333 |
|
|
|
43,142 |
|
Diluted net income
attributable to La-Z-Boy Incorporated per share |
|
$ |
0.63 |
|
|
$ |
0.89 |
|
LA-Z-BOY
INCORPORATEDCONSOLIDATED BALANCE SHEET |
|
(Unaudited, amounts in thousands, except par
value) |
|
7/29/2023 |
|
4/29/2023 |
Current assets |
|
|
|
|
Cash and equivalents |
|
$ |
336,434 |
|
|
$ |
343,374 |
|
Restricted cash |
|
|
3,816 |
|
|
|
3,304 |
|
Receivables, net of allowance of $4,425 at 7/29/2023 and $4,776 at
4/29/2023 |
|
|
110,857 |
|
|
|
125,536 |
|
Inventories, net |
|
|
269,429 |
|
|
|
276,257 |
|
Other current assets |
|
|
108,944 |
|
|
|
106,129 |
|
Total current assets |
|
|
829,480 |
|
|
|
854,600 |
|
Property, plant and equipment,
net |
|
|
277,282 |
|
|
|
278,578 |
|
Goodwill |
|
|
207,488 |
|
|
|
205,008 |
|
Other intangible assets,
net |
|
|
41,529 |
|
|
|
39,375 |
|
Deferred income taxes –
long-term |
|
|
8,545 |
|
|
|
8,918 |
|
Right of use lease assets |
|
|
422,894 |
|
|
|
416,269 |
|
Other long-term assets,
net |
|
|
60,367 |
|
|
|
63,515 |
|
Total assets |
|
$ |
1,847,585 |
|
|
$ |
1,866,263 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
97,954 |
|
|
$ |
107,460 |
|
Lease liabilities, short-term |
|
|
77,758 |
|
|
|
77,751 |
|
Accrued expenses and other current liabilities |
|
|
262,196 |
|
|
|
290,650 |
|
Total current liabilities |
|
|
437,908 |
|
|
|
475,861 |
|
Lease liabilities,
long-term |
|
|
374,972 |
|
|
|
368,163 |
|
Other long-term
liabilities |
|
|
70,775 |
|
|
|
70,142 |
|
Shareholders' equity |
|
|
|
|
Preferred shares – 5,000 authorized; none issued |
|
|
— |
|
|
|
— |
|
Common shares, $1.00 par value – 150,000 authorized; 43,110
outstanding at 7/29/2023 and 43,318 outstanding at
4/29/2023 |
|
|
43,110 |
|
|
|
43,318 |
|
Capital in excess of par value |
|
|
356,684 |
|
|
|
358,891 |
|
Retained earnings |
|
|
557,666 |
|
|
|
545,155 |
|
Accumulated other comprehensive loss |
|
|
(4,198 |
) |
|
|
(5,528 |
) |
Total La-Z-Boy Incorporated shareholders' equity |
|
|
953,262 |
|
|
|
941,836 |
|
Noncontrolling interests |
|
|
10,668 |
|
|
|
10,261 |
|
Total equity |
|
|
963,930 |
|
|
|
952,097 |
|
Total liabilities and equity |
|
$ |
1,847,585 |
|
|
$ |
1,866,263 |
|
LA-Z-BOY INCORPORATEDCONSOLIDATED STATEMENT OF
CASH FLOWS |
|
|
|
Quarter Ended |
(Unaudited, amounts in thousands) |
|
7/29/2023 |
|
7/30/2022 |
Cash flows from operating activities |
|
|
|
|
Net income |
|
$ |
27,926 |
|
|
$ |
38,940 |
|
Adjustments to reconcile net income to cash provided by operating
activities |
|
|
|
|
(Gain)/loss on disposal and impairment of assets |
|
|
113 |
|
|
|
(4 |
) |
(Gain)/loss on sale of investments |
|
|
307 |
|
|
|
30 |
|
Provision for doubtful accounts |
|
|
(405 |
) |
|
|
293 |
|
Depreciation and amortization |
|
|
10,211 |
|
|
|
9,516 |
|
Amortization of right-of-use lease assets |
|
|
17,265 |
|
|
|
18,845 |
|
Lease impairment/(settlement) |
|
|
(1,175 |
) |
|
|
— |
|
Equity-based compensation expense |
|
|
2,526 |
|
|
|
1,417 |
|
Change in deferred taxes |
|
|
602 |
|
|
|
544 |
|
Change in receivables |
|
|
14,769 |
|
|
|
25,098 |
|
Change in inventories |
|
|
9,271 |
|
|
|
(25,954 |
) |
Change in other assets |
|
|
(2,820 |
) |
|
|
(1,229 |
) |
Change in payables |
|
|
(8,565 |
) |
|
|
22,113 |
|
Change in lease liabilities |
|
|
(17,882 |
) |
|
|
(19,256 |
) |
Change in other liabilities |
|
|
(26,230 |
) |
|
|
(37,249 |
) |
Net cash provided by operating activities |
|
|
25,913 |
|
|
|
33,104 |
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
Proceeds from disposals of assets |
|
|
4,031 |
|
|
|
46 |
|
Capital expenditures |
|
|
(13,457 |
) |
|
|
(20,999 |
) |
Purchases of investments |
|
|
(11,407 |
) |
|
|
(2,176 |
) |
Proceeds from sales of investments |
|
|
12,404 |
|
|
|
4,421 |
|
Acquisitions |
|
|
(4,250 |
) |
|
|
(7,230 |
) |
Net cash used for investing activities |
|
|
(12,679 |
) |
|
|
(25,938 |
) |
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
Payments on debt and finance lease liabilities |
|
|
(67 |
) |
|
|
(31 |
) |
Stock issued for stock and employee benefit plans, net of shares
withheld for taxes |
|
|
(1,978 |
) |
|
|
(1,703 |
) |
Repurchases of common stock |
|
|
(10,007 |
) |
|
|
(5,004 |
) |
Dividends paid to shareholders |
|
|
(7,852 |
) |
|
|
(7,097 |
) |
Net cash used for financing activities |
|
|
(19,904 |
) |
|
|
(13,835 |
) |
|
|
|
|
|
Effect of exchange rate
changes on cash and equivalents |
|
|
242 |
|
|
|
(750 |
) |
Change in cash, cash
equivalents and restricted cash |
|
|
(6,428 |
) |
|
|
(7,419 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
346,678 |
|
|
|
248,856 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
340,250 |
|
|
$ |
241,437 |
|
|
|
|
|
|
Supplemental disclosure of
non-cash investing activities |
|
|
|
|
Capital expenditures included in payables |
|
$ |
7,188 |
|
|
$ |
7,130 |
|
LA-Z-BOY INCORPORATEDSEGMENT INFORMATION |
|
|
|
Quarter Ended |
(Unaudited, amounts in thousands) |
|
7/29/2023 |
|
7/30/2022 |
Sales |
|
|
|
|
Wholesale segment: |
|
|
|
|
Sales to external customers |
|
$ |
236,251 |
|
|
$ |
323,728 |
|
Intersegment sales |
|
|
97,224 |
|
|
|
118,090 |
|
Wholesale segment sales |
|
|
333,475 |
|
|
|
441,818 |
|
|
|
|
|
|
Retail segment sales |
|
|
208,243 |
|
|
|
236,021 |
|
|
|
|
|
|
Corporate and Other: |
|
|
|
|
Sales to external customers |
|
|
37,157 |
|
|
|
44,342 |
|
Intersegment sales |
|
|
2,904 |
|
|
|
4,388 |
|
Corporate and Other sales |
|
|
40,061 |
|
|
|
48,730 |
|
|
|
|
|
|
Eliminations |
|
|
(100,128 |
) |
|
|
(122,478 |
) |
Consolidated sales |
|
$ |
481,651 |
|
|
$ |
604,091 |
|
|
|
|
|
|
Operating Income
(Loss) |
|
|
|
|
Wholesale segment |
|
$ |
23,503 |
|
|
$ |
26,142 |
|
Retail segment |
|
|
29,264 |
|
|
|
38,152 |
|
Corporate and Other |
|
|
(18,241 |
) |
|
|
(11,651 |
) |
Consolidated operating income |
|
$ |
34,526 |
|
|
$ |
52,643 |
|
LA-Z-BOY INCORPORATEDRECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES |
|
|
|
Quarter Ended |
(Amounts in thousands, except per share data) |
|
7/29/2023 |
|
7/30/2022 |
GAAP gross profit |
|
$ |
205,728 |
|
|
$ |
231,030 |
|
Business realignment charges |
|
|
— |
|
|
|
928 |
|
Mexico optimization charges |
|
|
146 |
|
|
|
— |
|
Non-GAAP gross profit |
|
$ |
205,874 |
|
|
$ |
231,958 |
|
|
|
|
|
|
GAAP SG&A |
|
$ |
171,202 |
|
|
$ |
178,387 |
|
Purchase accounting charges - amortization of intangible
assets |
|
|
(254 |
) |
|
|
(253 |
) |
Mexico optimization gain |
|
|
1,175 |
|
|
|
— |
|
Non-GAAP SG&A |
|
$ |
172,123 |
|
|
$ |
178,134 |
|
|
|
|
|
|
GAAP operating income |
|
$ |
34,526 |
|
|
$ |
52,643 |
|
Purchase accounting charges |
|
|
254 |
|
|
|
253 |
|
Business realignment charges |
|
|
— |
|
|
|
928 |
|
Mexico optimization gain |
|
|
(1,029 |
) |
|
|
— |
|
Non-GAAP operating income |
|
$ |
33,751 |
|
|
$ |
53,824 |
|
|
|
|
|
|
GAAP income before income
taxes |
|
$ |
38,016 |
|
|
$ |
53,003 |
|
Purchase accounting charges recorded as part of SG&A and
interest expense |
|
|
302 |
|
|
|
345 |
|
Business realignment charges |
|
|
— |
|
|
|
928 |
|
Mexico optimization gain |
|
|
(1,029 |
) |
|
|
— |
|
Non-GAAP income before income
taxes |
|
$ |
37,289 |
|
|
$ |
54,276 |
|
|
|
|
|
|
GAAP net income attributable
to La-Z-Boy Incorporated |
|
$ |
27,479 |
|
|
$ |
38,488 |
|
Purchase accounting charges recorded as part of SG&A and
interest expense |
|
|
302 |
|
|
|
345 |
|
Tax effect of purchase accounting |
|
|
(80 |
) |
|
|
(91 |
) |
Business realignment charges |
|
|
— |
|
|
|
928 |
|
Tax effect of business realignment |
|
|
— |
|
|
|
(246 |
) |
Mexico optimization gain |
|
|
(1,029 |
) |
|
|
— |
|
Tax effect of Mexico optimization |
|
|
273 |
|
|
|
— |
|
Non-GAAP net income
attributable to La-Z-Boy Incorporated |
|
$ |
26,945 |
|
|
$ |
39,424 |
|
|
|
|
|
|
GAAP net income attributable
to La-Z-Boy Incorporated per diluted share |
|
$ |
0.63 |
|
|
$ |
0.89 |
|
Purchase accounting charges, net of tax, per share |
|
|
0.01 |
|
|
|
— |
|
Business realignment charges, net of tax, per share |
|
|
— |
|
|
|
0.02 |
|
Mexico optimization gain, net of tax, per share |
|
|
(0.02 |
) |
|
|
— |
|
Non-GAAP net income
attributable to La-Z-Boy Incorporated per diluted share |
|
$ |
0.62 |
|
|
$ |
0.91 |
|
LA-Z-BOY INCORPORATEDRECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURESSEGMENT
INFORMATION |
|
|
|
Quarter Ended |
(Amounts in thousands) |
|
7/29/2023 |
|
% of sales |
|
7/30/2022 |
|
% of sales |
GAAP operating income (loss) |
|
|
|
|
|
|
|
|
Wholesale segment |
|
$ |
23,503 |
|
|
7.0 |
% |
|
$ |
26,142 |
|
|
5.9 |
% |
Retail segment |
|
|
29,264 |
|
|
14.1 |
% |
|
|
38,152 |
|
|
16.2 |
% |
Corporate and Other |
|
|
(18,241 |
) |
|
N/M |
|
|
(11,651 |
) |
|
N/M |
Consolidated GAAP operating income |
|
$ |
34,526 |
|
|
7.2 |
% |
|
$ |
52,643 |
|
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
Non-GAAP items affecting
operating income |
|
|
|
|
|
|
|
|
Wholesale segment |
|
$ |
(974 |
) |
|
|
|
$ |
981 |
|
|
|
Retail segment |
|
|
— |
|
|
|
|
|
— |
|
|
|
Corporate and Other |
|
|
199 |
|
|
|
|
|
200 |
|
|
|
Consolidated Non-GAAP items affecting operating income |
|
$ |
(775 |
) |
|
|
|
$ |
1,181 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
(loss) |
|
|
|
|
|
|
|
|
Wholesale segment |
|
$ |
22,529 |
|
|
6.8 |
% |
|
$ |
27,123 |
|
|
6.1 |
% |
Retail segment |
|
|
29,264 |
|
|
14.1 |
% |
|
|
38,152 |
|
|
16.2 |
% |
Corporate and Other |
|
|
(18,042 |
) |
|
N/M |
|
|
(11,451 |
) |
|
N/M |
Consolidated Non-GAAP operating income |
|
$ |
33,751 |
|
|
7.0 |
% |
|
$ |
53,824 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
N/M - Not Meaningful |
|
|
|
|
|
|
|
|
La Z Boy (NYSE:LZB)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
La Z Boy (NYSE:LZB)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024