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.
La-Z-Boy Incorporated (NYSE: LZB) announced that its CEO, Melinda D. Whittington, and CFO, Bob Lucian, will present at the Sidoti Small-Cap Conference on March 23, 2023, at 2:30 p.m. Eastern. This presentation will be available via live webcast and archived for 90 days. Investors can access the event and additional financial information at La-Z-Boy's website. The company is a leading producer of residential furniture, operating a wholesale segment that includes various brands and a retail segment with 167 La-Z-Boy Furniture Galleries. For those interested in future updates, they can sign up for alerts on the company's website.
La-Z-Boy Incorporated (NYSE: LZB) has appointed Mark S. LaVigne to its Board of Directors, expanding the board to 10 members. LaVigne is the President and CEO of Energizer Holdings, having held senior roles since 2010. His leadership during the COVID pandemic focused on safety and supply chain agility. Melinda D. Whittington, CEO of La-Z-Boy, praised LaVigne's seasoned expertise and hands-on experience in navigating complex market conditions. His corporate law background and governance expertise will be instrumental as La-Z-Boy executes its Century Vision growth strategy.
La-Z-Boy (NYSE: LZB) will present at the Raymond James 44th Annual Institutional Investors Conference on March 6, 2023, at 4:00 p.m. Eastern. CEO Melinda D. Whittington and CFO Bob Lucian will lead the presentation, which will be available via live webcast and archived for 90 days. Investors can access the webcast at La-Z-Boy's official site. La-Z-Boy is a leading residential furniture manufacturer with a diverse portfolio, including brands like England, Kincaid, and Joybird. The company operates 346 La-Z-Boy Furniture Galleries and 519 Comfort Studio locations worldwide.
La-Z-Boy reported impressive third-quarter results for fiscal 2023, with consolidated sales reaching $573 million, a slight increase from $572 million last year. The company achieved a 14% increase in GAAP diluted EPS to $0.74 and a 40% increase in non-GAAP diluted EPS to $0.91. The retail segment saw a significant 27% increase in sales, with GAAP and non-GAAP operating income rising 83% to a record $44 million. Cash generated from operations tripled to $96 million. The company anticipates fiscal Q4 sales between $525 million and $545 million.
La-Z-Boy Incorporated (NYSE: LZB) will release its fiscal 2023 third-quarter results after market close on February 21, 2023. An investor conference call will follow on February 22, 2023, at 8:30 a.m. ET. Participants can join the call via dial-in numbers: (888) 506-0062 for U.S. and Canada, or (973) 528-0011 for international callers, using the access code 858794. The call will also be webcast live and archived on their website, accessible for one year. La-Z-Boy is a leading residential furniture producer with a diversified product range and a strong distribution network.
La-Z-Boy Incorporated (NYSE: LZB) announces the planned retirement of Otis Sawyer, President of La-Z-Boy Portfolio Brands, effective April 2023. Tj Linz, currently President of La-Z-Boy Retail, will take over Sawyer's responsibilities. Linz, who has been with La-Z-Boy since 2015, is recognized for driving profitable growth through data-driven analytics. The company emphasizes the importance of succession planning as part of its Century Vision strategy. A search is ongoing for a new President of the Retail Division.
La-Z-Boy Incorporated (NYSE: LZB) reported record second-quarter results for fiscal 2023, with sales reaching $611 million, up 6% year-over-year. GAAP operating profit surged 14% to $61.9 million, while GAAP EPS increased by 20% to $1.07. The Retail segment reported all-time record sales of $252 million, a 31% increase. However, the company acknowledged macroeconomic challenges affecting sales momentum. The Board declared a 10% increase in the quarterly dividend to $0.1815 per share, payable on December 20, 2022.
Tipperary Sales, operating La-Z-Boy Home Furnishings & Décor, has appointed Heather Morin as Chief Financial Officer. With over 20 years of experience in public accounting and consulting, Morin aims to strengthen financial management and support business growth. Tipperary Sales is recognized as one of the Top 100 Furniture Stores by Furniture Today, achieving annual sales exceeding $67 million. The company operates eight La-Z-Boy galleries in the Southeast and has received accolades for its contributions to the community.
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