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) will announce its fiscal 2023 first-quarter results post-market on August 23, 2022. An investor conference call is scheduled for August 24, 2022, at 8:30 a.m. ET. Domestic callers can access the call at (888) 506-0062, while international participants can dial (973) 528-0011 with the access code 499409. The call will be available as a live webcast and archived online for a year. La-Z-Boy is a prominent residential furniture manufacturer, with a broad distribution network including 348 La-Z-Boy Furniture Galleries.
La-Z-Boy Incorporated (NYSE: LZB) is finalizing the closure of its Newton, Mississippi upholstery facility, effective September 16, 2022. Initially slated for closure in June 2020 due to COVID-19 impacts, the facility was temporarily re-activated in October 2020 due to increased demand. Currently, it represents less than 5% of La-Z-Boy's total upholstery production, affecting approximately 180 employees, while other functions will continue to operate with about 235 employees remaining. The company has been optimizing its manufacturing footprint across North America.
La-Z-Boy Incorporated (NYSE: LZB) reported record financial results for FY 2022, with consolidated sales reaching $2.4 billion, a 36% increase from FY 2021. The fourth quarter also saw a 32% sales increase to $685 million. Joybird sales surged by 62% to $176 million. GAAP net income per diluted share rose to $3.39, driven by strong consumer demand amidst supply chain challenges. The company returned $118 million to shareholders via dividends and share repurchases. For FY 2023, La-Z-Boy forecasts a 7%-10% increase in first-quarter sales, reflecting ongoing macroeconomic volatility.
La-Z-Boy Incorporated (NYSE: LZB) announced the appointment of Carol Y. Lee as Vice President and Chief Information Officer, effective June 20, 2022. Lee will oversee the company's enterprise-wide IT strategy, focusing on cybersecurity, ERP deployment, and operational support. CEO Melinda D. Whittington expressed confidence in Lee's ability to lead digital transformation efforts. With over 20 years of IT experience, Lee previously served at Consolidated Hospitality Supplies. This strategic hire aims to align La-Z-Boy's technology with its Century Vision growth strategy.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2022 Q4 and full-year results on June 21, 2022, post-market. A conference call to discuss these results is scheduled for June 22, 2022, at 8:30 AM ET. Investors can dial in at (888) 506-0062 or (973) 528-0011 for international access. The presentation will be available via webcast, along with supporting slides.
For further details, visit the official site and SEC filings.
La-Z-Boy Incorporated (NYSE: LZB) has announced a quarterly cash dividend of $0.165 per share, payable on June 15, 2022 to shareholders of record as of June 2, 2022. This decision reflects the company's ongoing commitment to shareholder returns. La-Z-Boy is a leader in the residential furniture industry, with various brands and a robust retail presence, including 350 stand-alone La-Z-Boy Furniture Galleries. Investors are encouraged to stay informed through the company’s SEC filings and news releases available on their website.
La-Z-Boy Incorporated (NYSE: LZB) announced the retirement of Darrell Edwards, SVP and COO, effective July 2022, with Mike Leggett promoted to SVP and Chief Supply Chain Officer. Whittington, the CEO, highlighted Edwards' significant contributions, including supply chain transformation and sustainable practices. Leggett, who joined in December 2021, aims to enhance manufacturing agility and drive growth through the company's Century Vision strategy. This strategy is expected to unlock sales growth and achieve double-digit operating margins by 2027.
La-Z-Boy Incorporated (NYSE: LZB), a leader in residential furniture, will present at the Raymond James 43rd Annual Institutional Investors Conference on March 7, 2022, at 3:25 p.m. Eastern. The CEO, Melinda D. Whittington, and CFO, Bob Lucian, will host the event, which will be available via a live webcast and archived for one year. For further details, visit La-Z-Boy's official website.
The company aims to keep investors informed through SEC filings and future news releases.
La-Z-Boy reported a strong fiscal 2022 Q3 with consolidated sales rising 22% to $572 million.
Despite record retail segment profits, supply chain disruptions and component shortages impacted margins, lowering GAAP operating margin to 6.9% from 7.3% year-over-year.
Net income per diluted share increased to $0.65, while non-GAAP EPS fell to $0.65.
The company returned $32 million to shareholders and declared a quarterly dividend of $0.165 per share.
Future outlook remains positive, with expected sales growth and improved margins despite persistent supply chain challenges.
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