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La-Z-Boy Incorporated (NYSE: LZB) stands as one of the world's top residential furniture producers, renowned for its comfortable and stylish upholstery furniture. Headquartered in Monroe, MI, La-Z-Boy's state-of-the-art facility has earned the prestigious LEED Silver certification, reflecting their commitment to sustainability. With a network of over 300 retail stores across the U.S. and Canada, coupled with a robust global distribution system, La-Z-Boy ensures its products reach consumers worldwide.
Specializing in reclining chairs, La-Z-Boy operates through two main segments: Wholesale, which handles the manufacturing and import of upholstered furniture, and Retail, which focuses on selling these products directly to consumers. The majority of the company's revenue stems from its Wholesale segment, underscoring its production capabilities. Core brands under La-Z-Boy include England, Kincaid, American Drew, and Hammary.
La-Z-Boy's recent achievements highlight its operational excellence. The U.S.-based manufacturing plants and regional distribution centers have set new safety records, an outstanding feat in the industry. Financially, the company reported sales of $482 million for Q1 FY24 and $511 million for Q2 FY24, despite the pandemic-related backlog. Although sales showed a slight decrease compared to previous years, operational margins and store performance remained robust.
The company also prides itself on being a responsible corporate citizen. Through the La-Z-Boy Foundation, they have contributed nearly $3 million to various non-profit organizations, demonstrating their commitment to community welfare.
Under the leadership of Melinda D. Whittington, La-Z-Boy remains focused on growth and customer satisfaction, navigating the challenges posed by economic fluctuations and environmental factors such as winter weather disruptions. The company’s strategic initiatives are geared towards mid-to-long-term growth, leveraging structural housing shortages and anticipated improvements in housing affordability.
For the latest updates, stakeholders can contact Mark Becks, CFA, at mark.becks@la-z-boy.com or follow the company's investor relations updates.
La-Z-Boy (NYSE: LZB) has released its FY2024 Impact Report, showcasing significant sustainability achievements and community initiatives. The report, titled 'Preserving Our Heritage, Transforming for Tomorrow', outlines the company's progress in environmental and social responsibility.
Key accomplishments include:
- SBTi validation of targets to reduce Scope 1 emissions by 64%, Scope 2 by 62%, and Scope 3 by 51% by FY2032
- Achieved 96% recycling rate for non-hazardous waste and 20% reduction in hazardous waste
- Renewable energy covering 75% of U.S. and 64% of global electricity consumption
- Over $1.4 million in donations through La-Z-Boy Foundation and 16,000 furniture pieces donated to Ronald McDonald House Charities
The company also highlighted its TranZform Initiative implementation across manufacturing facilities and the restoration of a 120-acre plot at its World Headquarters. These efforts align with La-Z-Boy's Century Vision strategy, targeting its 100th anniversary in 2027.
La-Z-Boy (NYSE: LZB) has announced its participation in the 2025 ICR Conference, with Board Chair, President and CEO Melinda D. Whittington and CFO Taylor Luebke scheduled to present on January 13, 2025, at 4:30 p.m. Eastern Time. The presentation will be accessible via live webcast and archived on the company's investor relations website.
La-Z-Boy operates as a vertically integrated furniture retailer and manufacturer, with a legacy dating back to 1927 when its founders invented the iconic recliner. The company's retail segment encompasses 193 company-owned La-Z-Boy Furniture Galleries® stores within a broader network of over 350 galleries nationwide, complemented by La-Z-Boy.com. Additionally, Joybird®, their e-commerce division specializing in modern upholstered furniture, maintains 12 U.S. stores.
The wholesale segment includes multiple brands: La-Z-Boy's custom furniture manufacturing, England Furniture Co.'s upholstered furniture, and casegoods brands Kincaid®, American Drew®, and Hammary®.
La-Z-Boy (NYSE:LZB) announced key leadership changes effective December 11, 2024. Melinda Whittington, current President, CEO, and Board member, has been elected to serve additionally as Chair of the Board. Michael Lawton, who served as Board Chair since May 2022, will return to his previous position of independent Lead Director.
Whittington has been President and CEO since 2021, after serving as Senior VP and CFO for three years. Her previous experience includes CFO roles at Allscripts Healthcare Solutions and senior positions at Kraft Foods Group and Procter & Gamble. She currently serves on Best Buy's Board of Directors. Lawton, a director since 2013, previously held executive positions at Domino's Pizza and Gerber Products Company.
La-Z-Boy (NYSE: LZB) has opened a new retail experience store in Chicago's Lincoln Park neighborhood, featuring a 12,600 square-foot space that combines the company's heritage with modern lifestyle themes. The store introduces innovative sections like 'Urban Modern,' 'La-Z-Girl,' and 'Gamer,' alongside a Recliner Runway with digital customization capabilities. The location features Chicago-specific elements, including a commissioned mural by local artist Stephen Monkemeier and a 'La-Z-Dog' wall celebrating community pets. The store also debuts the company's first candle, Heritage 1927, and offers Black Friday promotions to mark its opening.
La-Z-Boy (NYSE: LZB) reported strong Q2 FY2025 results with consolidated delivered sales of $521 million, up 2% year-over-year. The company achieved GAAP and Non-GAAP diluted EPS of $0.71. The Retail segment saw a 3% increase in sales, driven by independent La-Z-Boy Furniture Galleries acquisitions and record Labor Day sales. The company-owned store network expanded by five stores. The Board approved a 10% increase in quarterly dividend to $0.22. The company returned $70 million to shareholders in the first two quarters, nearly double compared to last year. For Q3, La-Z-Boy expects sales between $505-525 million and Non-GAAP operating margin of 6-7%.
La-Z-Boy (NYSE: LZB) has announced it will release its Fiscal 2025 Second Quarter results for the period ended October 26, 2024, after NYSE trading closes on Tuesday, November 19, 2024. The company will host an investor conference call on Wednesday, November 20, 2024, at 8:30 a.m. Eastern Time. The call will be webcast live with slides and archived online for one year. The company operates approximately 190 company-owned stores within a network of over 350 La-Z-Boy Furniture Galleries® stores and includes Joybird®, which has 12 U.S. stores.
La-Z-Boy (NYSE: LZB) has unveiled its newly renovated showroom at High Point Market in Furniture Plaza, North Carolina. The remodeled 70,000 square-foot space showcases new visual elements and product offerings, demonstrating the company's Century Vision strategy progress. The renovation is part of a larger investment announced in February 2024, which includes showroom upgrades for the La-Z-Boy brand, La-Z-Boy International, and England Furniture. Despite challenging industry conditions, the company emphasizes its financial stability and commitment to reaching new consumers through its differentiated product portfolio and brand experience.
La-Z-Boy Incorporated (NYSE: LZB) has announced a Chief Financial Officer succession plan. Current CFO Bob Lucian will retire on April 26, 2025, with Taylor Luebke, currently Vice President of Finance and Treasurer, set to succeed him starting January 1, 2025. Luebke, who joined La-Z-Boy in 2021, brings nearly 20 years of finance experience to the role.
CEO Melinda Whittington praised Lucian's contributions, particularly in executing the company's Century Vision strategy and maintaining a strong financial position during challenging times. She expressed confidence in Luebke's ability to provide strong financial leadership and continue the company's strategic execution. Lucian will support the transition until the end of the fiscal year.
La-Z-Boy Incorporated (NYSE: LZB) has appointed Matt Baer to its Board of Directors, effective January 1, 2025, expanding the board to 11 members. Baer, currently CEO of Stitch Fix, brings extensive retail leadership experience to La-Z-Boy. His background includes roles as Chief Customer and Digital Officer at Macy's and Vice President of eCommerce at Walmart.com.
La-Z-Boy CEO Melinda Whittington praised Baer's expertise in retail transformation and digital business growth, stating his addition aligns with the company's Century Vision growth strategy. Board Chair Michael Lawton emphasized the appointment's role in bringing fresh perspectives during a transformative period for La-Z-Boy.
La-Z-Boy reported a 3% increase in sales for Q1 FY2025, reaching $496 million. The Wholesale segment saw a 5% sales growth, while Retail segment sales increased 4% despite a 3% decline in same-store sales. The GAAP operating margin was 6.5%, and diluted EPS was $0.61. Non-GAAP operating margin stood at 6.6%, with a Non-GAAP EPS of $0.62.
Operating cash flow doubled to $52 million from the prior year's first quarter. However, the GAAP operating income decreased by 6% to $32.4 million and GAAP net income dropped by 5% to $26.2 million. The company returned about $42 million to shareholders, including $34 million in share repurchases and $8 million in dividends.
For Q2 FY2025, La-Z-Boy expects sales between $495-$515 million and a Non-GAAP operating margin between 6-7%. CEO Melinda Whittington highlighted the company's strategic investments and strong execution amidst a challenging macroeconomic backdrop.
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