La-Z-Boy Incorporated (NYSE:LZB) today reported its operating
results for the fiscal 2018 full year and fourth quarter ended
April 28, 2018.
Fiscal 2018 fourth
quarter:
- Consolidated sales for the fourth
quarter increased 1.8% to $420.0 million;
- Earnings per diluted share
attributable to La-Z-Boy Incorporated increased 26.3% to $0.72 and
included a $0.06 per share benefit related to tax reform;
- Consolidated operating margin
increased to 10.9% from 10.5% in last year’s fourth quarter;
- The company generated cash from
operating activities of $24.6 million during the quarter;
- The company returned $16.3 million
to shareholders through share purchases and dividends; and
- Same-store written sales for the
La-Z-Boy Furniture Galleries® network increased 3.9%.
Fiscal 2018 full
year:
- Consolidated sales for the full
fiscal 2018 year increased 4.2% to $1.58 billion;
- Earnings per diluted share
attributable to La-Z-Boy Incorporated were $1.67 versus $1.73 in
the prior year. The reduction in the current year was primarily due
to tax reform charges;
- Consolidated operating margin was
8.2% versus 8.8% in the prior-year period, with the reduction in
the current year primarily the result of inflationary pressures,
including raw materials and transportation;
- The company generated cash from
operating activities of $115.8 million for the year;
- The company returned $78.7 million
to shareholders through share purchases and an increased dividend;
and
- Same-store written sales for the
La-Z-Boy Furniture Galleries® network for the full fiscal 2018 year
increased 2.3%.
Kurt L. Darrow, Chairman, President and Chief
Executive Officer of La-Z-Boy, said, “For fiscal 2018, we increased
sales 4.2% and delivered an 8.2% consolidated operating margin,
driven by solid performance in all three business segments. We
generated $116 million in cash from operating activities and
returned a combined total of almost $79 million to shareholders
through share purchases and an increased dividend. Strong cash
generation also funded $36 million in capital expenditures which
included four large capital projects across the company, primarily
designed to strengthen our operations and competitive positioning.
With the most recognized brand in the industry, a solid balance
sheet and world-class supply chain, we are executing a dual growth
strategy focused on growing our core La‑Z‑Boy brand through
existing channels, while leveraging our supply chain to develop a
greater presence in online channels as we look to attract a new and
younger consumer.”
Sales in the company’s upholstery segment
increased 0.6% to $327.2 million and the operating margin was 12.8%
compared with 13.7% in last year’s fourth quarter. In the
casegoods segment, sales increased 17.5% to $30.6 million and the
operating margin increased to 9.2% from 7.8%. Sales in the retail
segment increased 3.0% to $121.5 million and the operating margin
increased to 6.6% from 6.5%. On the core base of 138 stores
included in last year’s fourth quarter, delivered sales declined
1.1% versus the prior year.
Darrow commented, “For the quarter, we posted a
12.8% operating margin in our upholstery segment. Throughout
this inflationary period, we continue to modify our business plan
and make necessary price adjustments in the face of increased raw
materials and transportation cost pressures. At the same time, we
are mindful of achieving a proper balance between raw material
costs and selling prices and believe we are offering consumers
innovative products with a compelling value proposition. Against
that backdrop, we are pleased with our operating margin performance
for the quarter. On the product side, the power category remains
popular and is growing while our new duo™ collection continues to
outpace expectations. With strong appeal, it has quickly become a
significant collection within our assortment. Supply chain
initiatives put into place throughout our manufacturing operations
have greatly increased productivity and improved our already
excellent quality. As our team works to drive volume, we expect to
further leverage the efficiencies of our operations.”
Darrow added, “The casegoods group continues to
deliver exceptional sales and operating margin performance driven
by on-trend product collections, which are resonating with
consumers. At the same time, the business is providing excellent
service to dealers through a reliable in-stock position on best
sellers and quick shipping which is allowing us to expand our floor
space with existing accounts and open new accounts across the
country. We are pleased with the segment’s performance and believe
it is well positioned for ongoing growth and market share
gains.”
Darrow said, “In the retail segment, we opened
one new La-Z-Boy Furniture Galleries® store during the quarter and
closed two. The segment’s operating margin for the fourth quarter
was the highest of all four quarters in the fiscal year, and above
last year’s fourth quarter. As consumers visit our stores, we are
able to provide them with a differentiated and compelling La-Z-Boy
Furniture Galleries® store experience, including our complimentary
design services which, along with custom orders, drove the improved
average ticket and operating margin for the period.”
La-Z-Boy Furniture
Galleries® Store
Network
In the fourth quarter of fiscal 2018, same-store
written sales increased 3.9% versus last year’s fourth quarter for
the La-Z-Boy Furniture Galleries® store system, which includes both
company-owned and independent-licensed stores. For the full fiscal
2018 year, same store written sales for the La-Z-Boy Furniture
Galleries® store network increased 2.3%.
For the fourth quarter of fiscal 2018, total
written sales from new and closed stores increased 5.4% compared
with the fourth quarter of fiscal 2017. For the full fiscal 2018
period, total written sales from new and closed stores increased
4.2% versus fiscal 2017.
Darrow commented, “The La-Z-Boy Furniture
Galleries® store network posted its fifth consecutive quarterly
written same-store sales increase. Across the network, 20 projects
were completed in fiscal 2018, including new stores, relocations
and remodels. Throughout the year, we significantly upgraded the
quality of the La-Z-Boy Furniture Galleries® network and ended the
year with a total of 350 stand-alone stores, with 132 in the new
concept design format. For fiscal 2019, we are planning for
approximately 24 projects to be completed and we expect to end the
year with about 154 stores in the new concept design format and 355
in total.”
The tables below summarize the store projects
for the network in fiscal 2018 and provide a projection for
activity during fiscal 2019.
FISCAL 2018 STORE ACTIVITY
|
Total FY17 |
New |
Closed |
Acquired |
Total FY18 |
Remodel |
Relocation |
Company-owned |
143 |
6 |
(4 |
) |
1 |
|
146 |
- |
- |
Dealer-owned |
204 |
4 |
(3 |
) |
(1 |
) |
204 |
7 |
3 |
Total |
347 |
10 |
(7 |
) |
- |
|
350 |
7 |
3 |
FISCAL 2019 PROJECTED* STORE ACTIVITY
|
Total FY18 |
New |
Closed |
Total FY19 |
Remodel |
Relocation |
Company-owned |
146 |
2 |
(2 |
) |
146 |
3 |
- |
Dealer-owned |
204 |
6 |
(1 |
) |
209 |
9 |
3 |
Total |
350 |
8 |
(3 |
) |
355 |
12 |
3 |
*Projects anticipated to be completed.
Darrow continued, “The future for La-Z-Boy
Incorporated is promising as we execute strategic initiatives to
drive growth, deliver top-quartile profitability performance within
the industry, and provide increasing returns to shareholders. We
are making strategic investments across the company to ensure we
remain a leader in the dynamic marketplace while delivering an
enhanced customer experience through a combination of investments
in online, in-store and in-home design options and services. Our
consistent cash flow enables us to continue to invest in our brand
and world-class global supply chain which we believe is a key to
long-term success and meaningful financial returns for investors
while providing the ability to pursue a multi-faceted e-commerce
strategy to capture a new and younger consumer. During the
summer months, the furniture industry typically experiences weaker
demand, and the majority of our plants shut down for one week of
vacation and maintenance in July, during the first quarter.
Accordingly, the first quarter is usually the company’s weakest in
terms of sales and earnings.”
2017 Tax Cuts and Jobs Act
Results for the fourth quarter of fiscal 2018
included a $0.06 per share benefit related to tax reform, or $2.8
million. This primarily related to adjustments of income tax
expense recorded in the third quarter of fiscal 2018 for the
estimated effects of the transition tax on the deemed repatriation
of foreign earnings and to adjust the company’s re-measurement of
certain deferred taxes and related amounts. Based on the company’s
current interpretation of the tax reform legislation, it made
reasonable estimates to record provisional adjustments during the
fourth quarter of fiscal 2018. Since the company is still
accumulating and processing data to finalize the underlying
calculations and expects regulators to issue further guidance,
among other things, it believes its estimates may change. The
company will continue to refine such amounts within the measurement
period allowed, which is not to extend beyond one year of the
enactment date.
Balance Sheet and Cash Flow
During the quarter, the company generated $24.6
million in cash from operating activities. La-Z-Boy ended the year
with $134.5 million in cash and cash equivalents, $34.4 million in
investments to enhance returns on cash, and $2.4 million in
restricted cash. During fiscal year 2018, the company had $36.3
million in capital expenditures, invested $16.5 million to fund our
prior-year acquisition of the La‑Z‑Boy wholesale business in the
U.K. and Ireland and to acquire an independent La-Z-Boy Furniture
Galleries® organization, paid $22.0 million in dividends, and spent
$56.7 million purchasing 2.0 million shares of stock, including 0.4
million in the fourth quarter, in the open market under its
existing authorized share purchase program, leaving 6.7 million
shares of purchase availability in the program.
Conference Call
La-Z-Boy will hold a conference call with the
investment community on Wednesday, June 20, 2018, at 8:30 a.m.
eastern time. The toll-free dial-in number is 877.407.0778;
international callers may use 201.689.8565.
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 Conference ID
#10453.
Forward-looking Information
This news release contains, and oral statements
made from time to time by representatives of La‑Z‑Boy may contain,
“forward-looking statements.” With respect to all forward-looking
statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
Actual results could differ materially from
those we anticipate or project due to a number of factors,
including: (a) changes in consumer confidence and demographics; (b)
the possibility of a recession; (c) changes in the real estate and
credit markets and their effects on our customers, consumers and
suppliers; (d) international political unrest, terrorism or war;
(e) volatility in energy and other commodities prices; (f) the
impact of logistics on imports and exports; (g) tax rate, interest
rate, and currency exchange rate changes; (h) changes in the stock
market impacting our profitability and our effective tax rate; (i)
operating factors, such as supply, labor or distribution
disruptions (e.g. port strikes); (j) changes in legislation,
including the tax code, or changes in the domestic or international
regulatory environment or trade policies, including new or
increased duties, tariffs, retaliatory tariffs, trade limitations
and termination or renegotiation of the North American Free Trade
Agreement; (k) adoption of new accounting principles; (l) fires,
severe weather or other natural events such as hurricanes,
earthquakes, flooding, tornadoes and tsunamis; (m) our ability to
procure, transport or import, or material increases to the cost of
transporting or importing, fabric rolls, leather hides or
cut-and-sewn fabric and leather sets domestically or abroad; (n)
information technology conversions or system failures and our
ability to recover from a system failure; (o) effects of our brand
awareness and marketing programs; (p) the discovery of defects in
our products resulting in delays in manufacturing, recall
campaigns, reputational damage, or increased warranty costs; (q)
litigation arising out of alleged defects in our products; (r)
unusual or significant litigation; (s) our ability to locate new
La-Z-Boy Furniture Galleries® stores (or store owners) and
negotiate favorable lease terms for new or existing locations; (t)
the ability to increase volume through our e-commerce initiatives;
(u) the impact of potential goodwill or intangible asset
impairments; and (v) those matters discussed in Item 1A of our
fiscal 2018 Annual Report on Form 10-K and other factors identified
from time to time in our reports filed with the Securities and
Exchange Commission. We undertake no obligation to update or revise
any forward-looking statements, whether to reflect new information
or new developments 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 Securities and Exchange Commission,
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/.
Background Information
La-Z-Boy Incorporated is one of the world’s
leading residential furniture producers, marketing furniture for
every room of the home. The La-Z-Boy upholstery segment companies
are England and La-Z-Boy. The casegoods segment consists of three
brands: American Drew, Hammary, and Kincaid. The company-owned
retail segment includes 146 of the 350 La-Z-Boy Furniture
Galleries® stores.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 350 stand-alone La-Z-Boy Furniture Galleries® stores
and 535 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
http://www.la-z-boy.com/.
|
|
LA-Z-BOY INCORPORATED CONSOLIDATED
STATEMENT OF INCOME |
|
|
|
|
|
Unaudited For the Fiscal Quarter
Ended |
|
Unaudited For the Fiscal Year
Ended |
|
(Amounts in thousands, except per share data) |
|
4/28/2018 |
|
4/29/2017 |
|
4/28/2018 |
|
4/29/2017 |
|
Sales |
|
$420,025 |
|
$412,706 |
|
$1,583,947 |
|
$1,520,060 |
|
Cost of sales |
|
|
253,831 |
|
|
243,815 |
|
|
961,200 |
|
|
910,757 |
|
Gross
profit |
|
|
166,194 |
|
|
168,891 |
|
|
622,747 |
|
|
609,303 |
|
Selling, general and
administrative expense |
|
|
120,487 |
|
|
125,437 |
|
|
493,378 |
|
|
475,961 |
|
Operating
income |
|
|
45,707 |
|
|
43,454 |
|
|
129,369 |
|
|
133,342 |
|
Interest expense |
|
|
108 |
|
|
279 |
|
|
538 |
|
|
1,073 |
|
Interest income |
|
|
546 |
|
|
302 |
|
|
1,709 |
|
|
981 |
|
Other income (expense),
net |
|
|
(1,379 |
) |
|
(1,000 |
) |
|
(1,650 |
) |
|
(2,510 |
) |
Income
before income taxes |
|
|
44,766 |
|
|
42,477 |
|
|
128,890 |
|
|
130,740 |
|
Income tax expense |
|
|
10,406 |
|
|
14,248 |
|
|
47,295 |
|
|
43,756 |
|
Net
income |
|
|
34,360 |
|
|
28,229 |
|
|
81,595 |
|
|
86,984 |
|
Net income attributable
to noncontrolling interests |
|
|
(150 |
) |
|
(232 |
) |
|
(729 |
) |
|
(1,062 |
) |
Net
income attributable to La-Z-Boy Incorporated |
|
$34,210 |
|
$27,997 |
|
$80,866 |
|
$85,922 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares |
|
|
47,472 |
|
|
49,181 |
|
|
48,135 |
|
|
49,470 |
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
attributable to La-Z-Boy Incorporated per share |
|
$0.72 |
|
$0.57 |
|
$1.67 |
|
$1.73 |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
|
$0.12 |
|
$0.11 |
|
$0.46 |
|
$0.42 |
|
LA-Z-BOY INCORPORATEDCONSOLIDATED
BALANCE SHEET |
|
|
|
|
|
Unaudited |
|
(Amounts in thousands, except par
value) |
|
4/28/2018 |
|
4/29/2017 |
|
Current assets |
|
|
|
|
|
Cash and
equivalents |
|
$134,515 |
|
$141,860 |
|
Restricted cash |
|
|
2,356 |
|
|
8,999 |
|
Receivables, net of allowance of $1,956 at 4/28/18 and $2,563 at
4/29/17 |
|
|
154,055 |
|
|
150,846 |
|
Inventories, net |
|
|
184,841 |
|
|
175,114 |
|
Other
current assets |
|
|
42,451 |
|
|
40,603 |
|
Total
current assets |
|
|
518,218 |
|
|
517,422 |
|
Property, plant and
equipment, net |
|
|
180,882 |
|
|
169,132 |
|
Goodwill |
|
|
75,254 |
|
|
74,245 |
|
Other intangible
assets, net |
|
|
18,190 |
|
|
18,489 |
|
Deferred income taxes –
long-term |
|
|
21,265 |
|
|
40,131 |
|
Other long-term assets,
net |
|
|
79,158 |
|
|
69,436 |
|
Total
assets |
|
$892,967 |
|
$888,855 |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Current
portion of long-term debt |
|
$223 |
|
$219 |
|
Accounts
payable |
|
|
62,403 |
|
|
51,282 |
|
Accrued
expenses and other current liabilities |
|
|
118,721 |
|
|
147,175 |
|
Total
current liabilities |
|
|
181,347 |
|
|
198,676 |
|
Long-term debt |
|
|
199 |
|
|
296 |
|
Other long-term
liabilities |
|
|
86,205 |
|
|
88,778 |
|
Contingencies and
commitments |
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
|
Preferred
shares – 5,000 authorized; none issued |
|
|
— |
|
|
— |
|
Common
shares, $1 par value – 150,000 authorized; 46,788 outstanding at
4/28/18 and 48,472 outstanding at 4/29/17 |
|
|
46,788 |
|
|
48,472 |
|
Capital
in excess of par value |
|
|
298,948 |
|
|
289,632 |
|
Retained
earnings |
|
|
291,644 |
|
|
284,698 |
|
Accumulated other comprehensive loss |
|
|
(25,199 |
) |
|
(32,883 |
) |
Total
La-Z-Boy Incorporated shareholders’ equity |
|
|
612,181 |
|
|
589,919 |
|
Noncontrolling interests |
|
|
13,035 |
|
|
11,186 |
|
Total
equity |
|
|
625,216 |
|
|
601,105 |
|
Total
liabilities and equity |
|
$892,967 |
|
$888,855 |
|
|
|
|
|
|
|
LA-Z-BOY INCORPORATEDCONSOLIDATED
STATEMENT OF CASH FLOWS |
|
|
|
|
|
Unaudited For the Fiscal Year
Ended |
|
(Amounts in
thousands) |
|
4/28/2018 |
|
4/29/2017 |
|
Cash flows from operating activities |
|
|
|
|
|
Net
income |
|
$81,595 |
|
$86,984 |
|
Adjustments to reconcile net income to cash provided by operating
activities |
|
|
|
|
|
Gain on
disposal of assets |
|
|
(2,108 |
) |
|
(224 |
) |
Gain on
conversion of investment |
|
|
(2,204 |
) |
|
— |
|
Gain on
sale of investments |
|
|
(770 |
) |
|
(471 |
) |
Change in
deferred taxes |
|
|
17,261 |
|
|
569 |
|
Change in
provision for doubtful accounts |
|
|
276 |
|
|
(291 |
) |
Depreciation and amortization |
|
|
31,767 |
|
|
29,131 |
|
Stock-based compensation expense |
|
|
9,474 |
|
|
8,864 |
|
Pension
plan contributions |
|
|
(2,000 |
) |
|
(2,300 |
) |
Change in
receivables |
|
|
(2,801 |
) |
|
(7,850 |
) |
Change in
inventories |
|
|
(8,009 |
) |
|
12,517 |
|
Change in
other assets |
|
|
(3,245 |
) |
|
(1,211 |
) |
Change in
accounts payable |
|
|
6,602 |
|
|
4,541 |
|
Change in
other liabilities |
|
|
(10,088 |
) |
|
17,731 |
|
Net cash
provided by operating activities |
|
|
115,750 |
|
|
147,990 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
Proceeds
from disposals of assets |
|
|
1,440 |
|
|
761 |
|
Proceeds
from property insurance |
|
|
2,087 |
|
|
— |
|
Capital
expenditures |
|
|
(36,337 |
) |
|
(20,304 |
) |
Purchases
of investments |
|
|
(28,593 |
) |
|
(29,763 |
) |
Proceeds
from sales of investments |
|
|
22,674 |
|
|
19,954 |
|
Acquisitions, net of cash acquired |
|
|
(16,495 |
) |
|
(35,878 |
) |
Net cash
used for investing activities |
|
|
(55,224 |
) |
|
(65,230 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
Payments
on debt |
|
|
(262 |
) |
|
(288 |
) |
Payments
for debt issuance costs |
|
|
(231 |
) |
|
— |
|
Stock
issued for stock and employee benefit plans, net of shares withheld
for taxes |
|
|
2,977 |
|
|
1,749 |
|
Excess
tax benefit on stock option exercises |
|
|
— |
|
|
1,737 |
|
Purchases
of common stock |
|
|
(56,730 |
) |
|
(35,957 |
) |
Dividends
paid |
|
|
(22,009 |
) |
|
(20,655 |
) |
Net cash
used for financing activities |
|
|
(76,255 |
) |
|
(53,414 |
) |
Effect of exchange rate
changes on cash and equivalents |
|
|
1,741 |
|
|
178 |
|
Change in cash, cash
equivalents and restricted cash |
|
|
(13,988 |
) |
|
29,524 |
|
Cash, cash equivalents
and restricted cash at beginning of period |
|
|
150,859 |
|
|
121,335 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
$136,871 |
|
$150,859 |
|
|
|
|
|
|
|
Supplemental disclosure
of non-cash investing activities |
|
|
|
|
|
Capital
expenditures included in accounts payable |
|
$5,667 |
|
$1,795 |
|
LA-Z-BOY INCORPORATEDSEGMENT
INFORMATION |
|
|
|
|
|
Unaudited For the Fiscal Quarter
Ended |
|
Unaudited For the Fiscal Year
Ended |
|
(Unaudited, amounts in
thousands) |
|
4/28/2018 |
|
4/29/2017 |
|
4/28/2018 |
|
4/29/2017 |
|
Sales |
|
|
|
|
|
|
|
|
|
Upholstery segment: |
|
|
|
|
|
|
|
|
|
Sales to
external customers |
|
$270,668 |
|
$271,560 |
|
$1,010,097 |
|
$986,917 |
|
Intersegment sales |
|
|
56,569 |
|
|
53,755 |
|
|
217,266 |
|
|
204,526 |
|
Upholstery segment sales |
|
|
327,237 |
|
|
325,315 |
|
|
1,227,363 |
|
|
1,191,443 |
|
|
|
|
|
|
|
|
|
|
|
Casegoods
segment: |
|
|
|
|
|
|
|
|
|
Sales to
external customers |
|
|
27,098 |
|
|
22,530 |
|
|
95,919 |
|
|
87,181 |
|
Intersegment sales |
|
|
3,505 |
|
|
3,513 |
|
|
15,474 |
|
|
13,047 |
|
Casegoods
segment sales |
|
|
30,603 |
|
|
26,043 |
|
|
111,393 |
|
|
100,228 |
|
|
|
|
|
|
|
|
|
|
|
Retail
segment sales |
|
|
121,545 |
|
|
118,032 |
|
|
474,613 |
|
|
443,238 |
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other: |
|
|
|
|
|
|
|
|
|
Sales to
external customers |
|
|
714 |
|
|
584 |
|
|
3,318 |
|
|
2,724 |
|
Intersegment sales |
|
|
2,582 |
|
|
1,686 |
|
|
9,421 |
|
|
6,437 |
|
Corporate
and Other sales |
|
|
3,296 |
|
|
2,270 |
|
|
12,739 |
|
|
9,161 |
|
|
|
|
|
|
|
|
|
|
|
Eliminations |
|
|
(62,656 |
) |
|
(58,954 |
) |
|
(242,161 |
) |
|
(224,010 |
) |
Consolidated sales |
|
$420,025 |
|
$412,706 |
|
$1,583,947 |
|
$1,520,060 |
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss) |
|
|
|
|
|
|
|
|
|
Upholstery segment |
|
$41,927 |
|
$44,608 |
|
$130,349 |
|
$148,996 |
|
Casegoods segment |
|
|
2,808 |
|
|
2,036 |
|
|
11,641 |
|
|
8,623 |
|
Retail segment |
|
|
7,963 |
|
|
7,690 |
|
|
20,709 |
|
|
19,205 |
|
Corporate and
Other |
|
|
(6,991 |
) |
|
(10,880 |
) |
|
(33,330 |
) |
|
(43,482 |
) |
Consolidated operating income |
|
$45,707 |
|
$43,454 |
|
$129,369 |
|
$133,342 |
|
|
|
|
|
|
|
|
|
|
|
LA-Z-BOY INCORPORATED UNAUDITED QUARTERLY
FINANCIAL DATA |
|
|
|
(Amounts in
thousands, except per share data) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
Fiscal Quarter Ended |
|
7/29/2017 |
|
10/28/2017 |
|
1/27/2018 |
|
4/28/2018 |
|
Sales |
|
$357,079 |
|
$393,205 |
|
$413,638 |
|
$420,025 |
|
Cost of sales |
|
|
217,976 |
|
|
238,253 |
|
|
251,140 |
|
|
253,831 |
|
Gross
profit |
|
|
139,103 |
|
|
154,952 |
|
|
162,498 |
|
|
166,194 |
|
Selling, general and
administrative expense |
|
|
122,805 |
|
|
120,683 |
|
|
129,403 |
|
|
120,487 |
|
Operating
income |
|
|
16,298 |
|
|
34,269 |
|
|
33,095 |
|
|
45,707 |
|
Interest expense |
|
|
157 |
|
|
160 |
|
|
113 |
|
|
108 |
|
Interest income |
|
|
343 |
|
|
376 |
|
|
444 |
|
|
546 |
|
Other income (expense),
net |
|
|
1,749 |
|
|
(926 |
) |
|
(1,094 |
) |
|
(1,379 |
) |
Income
before income taxes |
|
|
18,233 |
|
|
33,559 |
|
|
32,332 |
|
|
44,766 |
|
Income tax expense |
|
|
6,489 |
|
|
10,353 |
|
|
20,047 |
|
|
10,406 |
|
Net
income |
|
|
11,744 |
|
|
23,206 |
|
|
12,285 |
|
|
34,360 |
|
Net income attributable
to noncontrolling interests |
|
|
(93 |
) |
|
(310 |
) |
|
(176 |
) |
|
(150 |
) |
Net
income attributable to La-Z-Boy Incorporated |
|
$11,651 |
|
$22,896 |
|
$12,109 |
|
$34,210 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares |
|
|
48,846 |
|
|
48,297 |
|
|
47,757 |
|
|
47,472 |
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
attributable to La-Z-Boy Incorporated per share |
|
$0.24 |
|
$0.47 |
|
$0.25 |
|
$0.72 |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
|
$0.11 |
|
$0.11 |
|
$0.12 |
|
$0.12 |
|
LA-Z-BOY INCORPORATED UNAUDITED QUARTERLY
FINANCIAL DATA |
|
|
|
(Amounts in
thousands, except per share data) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
Fiscal Quarter Ended |
|
7/30/2016 |
|
10/29/2016 |
|
1/28/2017 |
|
4/29/2017 |
|
Sales |
|
$340,783 |
|
$376,579 |
|
$389,992 |
|
$412,706 |
|
Cost of sales |
|
|
206,562 |
|
|
227,195 |
|
|
233,185 |
|
|
243,815 |
|
Gross
profit |
|
|
134,221 |
|
|
149,384 |
|
|
156,807 |
|
|
168,891 |
|
Selling, general and
administrative expense |
|
|
111,763 |
|
|
115,526 |
|
|
123,235 |
|
|
125,437 |
|
Operating
income |
|
|
22,458 |
|
|
33,858 |
|
|
33,572 |
|
|
43,454 |
|
Interest expense |
|
|
115 |
|
|
117 |
|
|
562 |
|
|
279 |
|
Interest income |
|
|
204 |
|
|
234 |
|
|
241 |
|
|
302 |
|
Other income (expense),
net |
|
|
(762 |
) |
|
(969 |
) |
|
221 |
|
|
(1,000 |
) |
Income
before income taxes |
|
|
21,785 |
|
|
33,006 |
|
|
33,472 |
|
|
42,477 |
|
Income tax expense |
|
|
7,777 |
|
|
11,901 |
|
|
9,830 |
|
|
14,248 |
|
Net
income |
|
|
14,008 |
|
|
21,105 |
|
|
23,642 |
|
|
28,229 |
|
Net income attributable
to noncontrolling interests |
|
|
(202 |
) |
|
(272 |
) |
|
(356 |
) |
|
(232 |
) |
Net
income attributable to La-Z-Boy Incorporated |
|
$13,806 |
|
$20,833 |
|
$23,286 |
|
$27,997 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares |
|
|
49,594 |
|
|
49,511 |
|
|
49,384 |
|
|
49,181 |
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
attributable to La-Z-Boy Incorporated per share |
|
$0.28 |
|
$0.42 |
|
$0.47 |
|
$0.57 |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share |
|
$0.10 |
|
$0.10 |
|
$0.11 |
|
$0.11 |
|
Contact:
Kathy Liebmann
(734) 241-2438
kathy.liebmann@la-z-boy.com
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