Welcome to our dedicated page for La-Z-Boy news (Ticker: LZB), a resource for investors and traders seeking the latest updates and insights on La-Z-Boy stock.
La-Z-Boy Incorporated (NYSE: LZB) generates a steady flow of news as a vertically integrated retailer and manufacturer of residential furniture. Company updates often highlight its La-Z-Boy Furniture Galleries® network, Wholesale operations, and the Joybird® brand, reflecting activity across both consumer-facing retail and manufacturing.
Investors and observers following LZB news can expect regular coverage of quarterly and annual financial results, including delivered sales, operating margins, cash flow, and returns to shareholders. Earnings releases frequently discuss performance in the Retail and Wholesale segments, trends in written and delivered sales, and the impact of macroeconomic conditions on consumer demand for home furnishings.
La-Z-Boy also issues news about store expansion and acquisitions, such as agreements to acquire independent La-Z-Boy Furniture Galleries® store networks and the opening of new company-owned locations. These announcements shed light on the company’s Century Vision strategy to grow its Retail footprint and expand brand reach.
Other recurring news themes include portfolio and supply chain initiatives, like distribution and home delivery transformation projects, consolidation of distribution centers, and decisions to exit certain non-core casegoods and upholstery businesses. Leadership and governance developments, including board appointments and commercial leadership realignments, are disclosed through press releases and corresponding Form 8‑K filings.
This news page brings together these items so readers can review La-Z-Boy’s latest earnings announcements, strategic updates, leadership changes, and capital allocation decisions in one place. For those tracking LZB, the feed provides context on how the company is executing its strategies in the residential furniture market over time.
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.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2023 second-quarter results on November 30, 2022, after market close. An investor conference call is scheduled for December 1, 2022, at 8:30 a.m. ET. Participants can dial (888) 506-0062 domestically or (973) 528-0011 internationally, using access code 642911. The call will be streamed live and archived for one year. La-Z-Boy remains a leader in residential furniture, operating 166 retail stores and various brands including Joybird. More details can be found on their website.
La-Z-Boy reported a strong first quarter for fiscal 2023, with consolidated sales rising 15% to a record $604 million. Operating profit surged 53% to $52.6 million, marking a notable increase in margins. The retail segment achieved a 30% sales increase, with Joybird brand sales also growing by 12%. Despite external challenges, the CEO emphasized strategic long-term investments and improving supply chain efficiencies. The company declared a quarterly cash dividend of $0.165 per share, payable on September 15, 2022. For Q2, the company anticipates sales growth between 2% to 5% versus the previous year.
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.
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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.