Welcome to our dedicated page for La-Z-Boy Incorporated news (Ticker: LZB), a resource for investors and traders seeking the latest updates and insights on La-Z-Boy Incorporated stock.
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 Incorporated (NYSE: LZB) announced leadership changes in connection to its new fiscal year starting April 2023. Rebecca Reeder will join as President of Retail, overseeing 168 La-Z-Boy Furniture Galleries stores and driving consumer experience alignment. Keith Wilson, President International and Joybird, will retire, transitioning to special projects. Tj Linz will lead Joybird and Robert Sundy expands his role to President of La-Z-Boy Brand. CEO Melinda Whittington expressed excitement about Reeder's appointment, emphasizing the company's Century Vision growth strategy. Reeder has a robust retail background, previously working at Chico's.
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