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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 Incorporated (NYSE: LZB) announced the retirement of Kurt L. Darrow as President and CEO effective April 25, 2021, after over 40 years with the company. Melinda D. Whittington, the current CFO, will succeed him as CEO, marking a strategic leadership transition aimed at leveraging her extensive experience in finance and consumer products. Under Darrow's leadership, La-Z-Boy evolved into a leading residential furniture provider, navigating challenges like the Great Recession and the COVID-19 pandemic. Whittington aims to build on this foundation for future growth.
La-Z-Boy Incorporated (NYSE: LZB) has appointed James P. Hackett to its Board of Directors, expanding the board to 10 members. Hackett, former CEO of Ford, brings extensive experience, having led significant business transformations at both Ford and Steelcase. His insight is anticipated to bolster La-Z-Boy's strategic vision and product innovation. Chairman Kurt L. Darrow expressed confidence in Hackett's ability to drive growth through understanding consumer needs and market dynamics. This strategic move signals La-Z-Boy's commitment to enhancing its leadership as it navigates future opportunities.
La-Z-Boy Incorporated (NYSE: LZB) reports strong demand trends, with a 20% increase in wholesale backlog and a 19% rise in same-store sales year-to-date through December. However, the company anticipates a 1-2% decline in consolidated sales compared to last year due to COVID-19-related production constraints. Despite these challenges, a dividend increase from $0.14 to $0.15 per share has been approved, reflecting confidence in the company’s ongoing performance. Fiscal 2021 third-quarter results will be released on February 16, 2021.
La-Z-Boy Incorporated (NYSE: LZB) announced the appointment of Robert Sundy as Senior Vice President and Chief Commercial Officer, effective January 27, 2021. Sundy will oversee sales, merchandising, and marketing for La-Z-Boy in North America. He brings over 20 years of experience from Whirlpool Corporation and General Mills, and holds an MBA from Harvard. The CEO highlighted Sundy's expertise in marketing and brand development as key to enhancing the company's consumer focus and omni-channel strategy, aiming for long-term commercial success.
La-Z-Boy Incorporated (NYSE: LZB) announces the retirement of Stephen Krull, Vice President, General Counsel, effective August 31, 2021. CEO Kurt L. Darrow praised Krull's contributions, particularly during the COVID-19 pandemic. Since joining in January 2019, Krull managed legal matters, corporate compliance, and governance. The company will announce a successor in the coming months. The press release includes a cautionary note regarding forward-looking statements and other legal disclaimers.
La-Z-Boy Incorporated (NYSE: LZB) reported solid second-quarter results for FY 2021, with consolidated sales rising 2.7% to $459.1 million. Operating income increased 62% to $47.9 million, while GAAP operating margin improved to 10.4%. Same-store sales for La-Z-Boy Furniture Galleries® surged 34%. The company generated $196 million in cash from operating activities, ending the quarter with $353 million in cash. A quarterly cash dividend of $0.14 per share was reinstated. Despite potential risks from COVID-19 and supply chain disruptions, optimism remains for continued strong performance into the second half of FY 2021.
La-Z-Boy Incorporated (NYSE: LZB) is set to release its fiscal 2021 second-quarter results after market close on November 17, 2020. A quarterly investor conference call will follow on November 18 at 8:30 a.m. Eastern Time, accessible via a U.S. and Canada dial-in number, as well as an international line. The call will be webcast live and archived for later access. La-Z-Boy is a leading residential furniture producer, operating 354 La-Z-Boy Furniture Galleries and 561 independent Comfort Studio locations, alongside its e-commerce platform, Joybird.
La-Z-Boy Incorporated (NYSE: LZB) has completed the acquisition of six La-Z-Boy Furniture Galleries® stores in Seattle, previously operated by Chris and Lisa Washko. This acquisition, resulting from the retirement of the independent dealers, adds approximately $30 million in annual retail volume from 2019. The stores are projected to contribute an additional $15 million in annual sales to La-Z-Boy on a consolidated basis. With this acquisition, La-Z-Boy's retail segment now consists of 159 stores, enhancing its market presence in the Seattle area.
La-Z-Boy reported a 31% decline in consolidated sales to $285.5 million for Q1 fiscal 2021, attributed to COVID-19 disruptions. GAAP operating margin decreased to 1.5% from 5.7% year-on-year, with EPS down to $0.10 from $0.38. Despite challenges, written same-store sales rose 14.8%, indicating recovering demand. The company generated $106.3 million in cash from operations and has a strong cash position of $336.7 million. A quarterly dividend of $0.07 was reinstated, reflecting cautious optimism in navigating the ongoing pandemic.
La-Z-Boy Incorporated (NYSE: LZB) will announce its fiscal 2021 first-quarter results on August 18, 2020, after trading concludes. The following day, a quarterly investor conference call is set for 8:30 a.m. ET. Participants can join the call via a dedicated U.S./Canada number or an international line. The call will be webcast live and archived for one year. La-Z-Boy is a leading furniture producer, with brands including La-Z-Boy, England, American Drew, Hammary, and Kincaid, and operates 154 of its 354 Furniture Galleries stores.
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