Close

La-Z-Boy Reports Fiscal 2016 Full-Year And Fourth-Quarter Results

Strong EPS Growth in Quarter and Year

June 21, 2016 4:15 PM EDT

MONROE, Mich., June 21, 2016 /PRNewswire/ -- La-Z-Boy Incorporated (NYSE: LZB) today reported its operating results for the fiscal 2016 full year and fourth quarter ended April 30, 2016.

Fiscal 2016 full-year highlights:

  • Consolidated sales for the full fiscal 2016 year increased 7.0% to $1.53 billion compared with fiscal 2015.  The fiscal 2016 period included 53 weeks, with the additional week having an approximate 2 percentage point impact;
  • Earnings per share from continuing operations attributable to La-Z-Boy Incorporated increased 21.1% to $1.55, including the previously announced $0.07 per share charge in fiscal 2016 related to a pending legal matter;
  • Consolidated gross margin increased to 38.2% versus 35.4% in fiscal 2015;
  • Consolidated operating income increased to $122.4 million from $103.2 million in fiscal 2015 with the consolidated operating margin increasing to 8.0% from 7.2% in fiscal 2015;
  • The company generated cash from operating activities of $112.4 million for the year;
  • Same-store written sales for the La-Z-Boy Furniture Galleries® store network increased 2.0% for the full fiscal 2016 year on a comparable basis; and
  • The company returned $62.2 million to shareholders through share purchases and an increased dividend.

Fiscal 2016 fourth-quarter highlights:

  • Consolidated sales for the fourth quarter increased 11.2% to $417.1 million compared with the fiscal 2015 fourth quarter. The fiscal 2016 quarter included one additional week, which had an approximate 8 percentage point impact;
  • Earnings per share from continuing operations attributable to La-Z-Boy Incorporated increased 18.4% to $0.45, including the previously announced $0.07 per share charge related to a pending legal matter in the fiscal 2016 fourth quarter;
  • Consolidated gross margin increased to 39.3% versus 35.6% in the fiscal 2015 fourth quarter;
  • Consolidated operating income for the fiscal 2016 fourth quarter increased 15.9% to $34.2 million, with the consolidated operating margin increasing to 8.2% from 7.9% in the fiscal 2015 fourth quarter;
  • The company generated cash from operating activities of $42.6 million during the quarter; and
  • Same-store written sales for the La-Z-Boy Furniture Galleries® network increased 2.2% on a comparable basis.

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, "We delivered exceptional performance in fiscal 2016 and continued on a five-year path of sales and earnings increases.  Our results demonstrate the effectiveness of our strategic growth initiatives in today's retail environment and the efficiencies throughout our manufacturing platform.  We had an excellent quarter and year, which would have been even stronger without the previously announced $0.07 per share charge for the pending legal matter.  We recorded increases in sales, earnings per share, and consolidated operating margin, reflecting improved operating performance across all three business segments.  We also returned $62.2 million to shareholders through dividends and share purchases, all while reinvesting in our business – including the acquisition of 11 La-Z-Boy Furniture Galleries® stores – to drive long-term profitable growth.  Our balance sheet remains strong and we are well positioned for ongoing success as we enter fiscal 2017."

Wholesale Segments

For the fiscal 2016 fourth quarter, sales in the company's upholstery segment increased 9.7% to $334.9 million.  This compares with sales of $305.3 million in the prior year's fourth quarter.  The segment increased its operating margin to 11.8% for the period compared with 11.6% in the prior year's quarter.  In the casegoods segment, sales for the fiscal 2016 fourth quarter were $26.3 million, up 1.6% from last year's fourth quarter, and the segment's operating margin increased to 6.2% versus 4.0% in the comparable period last year.

Darrow commented, "We increased our operating margin to 11.8%  in the upholstery segment for the quarter, despite the accrual for the previously announced legal matter which exerted a 1.6  percentage point drag on the segment's operating margin in the fiscal 2016 fourth quarter.  This performance was driven by increased volume and our ability to leverage the fixed-cost structure of our manufacturing facilities as well as supply chain savings, which included procurement and plant efficiencies.  Additionally, we are realizing the benefits of our new ERP system throughout the La-Z-Boy branded facilities.  With a truly integrated system, we have better information flow and data visibility, which we are leveraging to provide improved service to our customers."

Darrow added, "On the merchandising side, at the High Point Furniture Market in April, we introduced an exciting new fabric program, called iClean™, which uses innovative technology to surround each fabric fiber to repel spills.  The product was very well received by dealers, and we expect it to be very popular with consumers.  Within our stationary and motion lines, we are updating our offering to appeal to a wide array of consumers.  Our Urban Attitudes® line remains a key collection, and power continues to increase in popularity."

Darrow continued, "With a pure-import model in place for our casegoods business, we have improved the profitability of the business and are focused on driving sales throughout the segment.  Our product refresh at American Drew and Kincaid is just about complete, and at the High Point Furniture Market in April, American Drew introduced a new collection, AD Modern, which was well received by dealers and should be available on retail floors in September.  Moving forward, we believe the changes we have made across our casegoods model will ensure more consistent performance."

Retail Segment

Darrow stated, "We are very pleased with the performance of our retail segment.  The segment posted a 6.4% operating margin for the full fiscal year versus 3.4% in fiscal 2015 and more than doubled its operating income.  These results demonstrate the efficiencies with which we are running the business and our ability to leverage the segment's fixed-cost structure with increased volume."

For the fourth quarter of fiscal 2016, retail delivered sales were $109.2 million, up 25.9% from last year's comparable quarter.  On the core base of 107 stores included in last year's fourth quarter, sales for the segment increased 13.0%, which included the extra week.   The segment's operating margin for the quarter was 5.8%, compared with 3.8% in the prior-year period.

Darrow continued, "In fiscal 2016, we achieved a new milestone, with sales for the segment exceeding $400 million.  As part of our 4-4-5 store build out strategy, we are opening new stores and acquiring stores from independent dealers.  We acquired one independent La-Z-Boy Furniture Galleries® store in Fort Collins, Colorado during the quarter and a total of 11 stores during fiscal 2016.  Subsequent to year end, we acquired a store in Reno, Nevada, and believe there are additional acquisition opportunities ahead.  We have succeeded in integrating these stores into our portfolio quickly, and they have been accretive from the start.  As our retail segment continues to increase in size, we will have further opportunity to benefit from the combined margin associated with our integrated retail strategy, where we earn a profit on both the wholesale and retail sales.  At the end of fiscal 2016, we owned 124 La-Z-Boy Furniture Galleries® stores.  We expect to own approximately 40% to 50% of the store network when our 4-4-5 initiative is complete."

La-Z-Boy Furniture Galleries® Store Network

System-wide, for the fourth quarter of fiscal 2016, including company-owned and independent-licensed stores, same-store written sales, which the company tracks as an indicator of retail activity, were up 2.2% versus last year's fourth quarter. Same-store written sales are reported on a regular calendar three-month basis.

For the fourth quarter of fiscal 2016, total written sales from new and closed stores, reported on a regular calendar three-month basis, increased 4.3% compared with the fiscal 2015 comparable period.  At the end of the fourth quarter, the La-Z-Boy Furniture Galleries® store system was composed of 338 stand-alone stores, with 89 in the new concept design format.

Darrow commented, "Across the network, 28 projects were executed in fiscal 2016, including new stores, relocations and remodels.  In addition to opening new stores, we are working to upgrade the entire network of stores by remodeling older stores into the new concept design format, which is performing at a higher level than stores in the other formats.  For fiscal 2017, we have approximately 25 to 30 projects scheduled to be completed, and we expect to end the year with about 120 stores in the new concept design format and 350 in total."

The tables below summarize the store projects for the network in 2016 and provide a projection for activity during fiscal 2017.

FISCAL 2016 STORE ACTIVITY

Total FY15

New

Closed

Acquired

Total FY16

Remodel

Company-owned

110

5

(2)

11

124

2

Dealer-owned

215

11

(1)

(11)

214

10

Total

325

16

(3)

-

338

12

 

FISCAL 2017 PROJECTED* STORE ACTIVITY

Total FY16

New

Closed

Total FY17

Remodel

Relocation

Company-owned

124

6

(1)

129

2

-

Dealer-owned

214

10

(3)

221

6

3

Total

338

16

(4)

350

8

3

*Projects anticipated to be completed.

Balance Sheet and Cash Flow

During the quarter, the company generated $42.6 million in cash from operating activities.  La-Z-Boy ended the year with $112.4 million in cash and cash equivalents, $33.6 million in investments to enhance returns on cash, and $9.0 million in restricted cash.  During fiscal year 2016, the company had $24.7 million in capital expenditures, paid $18.1 million in dividends, and spent $44.1 million purchasing 1.7 million shares of stock in the open market under its existing authorized share purchase program, including 0.6 million in the fourth quarter, leaving 4.0 million shares remaining in the program.

Board Transition

Two directors, Richard M. Gabrys and David K. Hehl, will retire at the end of their current terms.  The company's Board of Directors nominated two new individuals to stand for election, along with seven returning directors, at this year's annual meeting in August.  The new nominees are Sarah M. Gallagher and Lauren B. Peters.  The other current directors were re-nominated to serve one-year terms.

With over 35 years of retail experience, Gallagher has worked in a multitude of facets within the retail arena.  Among other Fortune 500 companies, she held leadership roles at Ralph Lauren Corporation, where she was President of North America e-Commerce, and GAP, Inc., where she was Senior Vice President of GAP Direct, Inc.  Gallagher currently sits on the board of Abercrombie & Fitch Company.  Peters, a CPA, is the Executive Vice President and Chief Financial Officer of Foot Locker, Inc., a $7.4 billion global retailer, where she has worked for the past 19 years in positions of increasing responsibility.  Prior to Foot Locker, she worked for various retailers in a financial role, after beginning her career in public accounting.

Darrow stated, "We are pleased with the board's nominations of such high-caliber individuals to join our Board of Directors.  Sarah has a wealth of e-Commerce and merchandising experience and expertise which will serve us well, and Lauren has a broad-based financial and strategic planning background with more than 30 years of experience.  We thank Dick and David for their unwavering dedication and commitment to La-Z-Boy Incorporated and wish them all the best in their well-deserved retirements."

Business Outlook

Darrow concluded, "We remain optimistic about our business.  We have a wide selection of product, the ability to offer consumers mass customization with speed of delivery, and a vast distribution network that presents us with numerous opportunities.  Our brand remains the strongest in the industry, and our effective marketing platform and related initiatives are providing us with solid positioning in the marketplace.  Moving forward, we believe our growth initiatives will drive continued increases in sales and earnings while we invest in the business to provide long-term sustainable growth and earnings momentum."

Darrow added, "As we move into the summer months, however, the furniture industry typically experiences weaker demand, and our plants shut down for one week of vacation and maintenance in July, during the first quarter.  Accordingly, the first quarter is usually our weakest in sales and earnings.  In addition, fiscal 2017, unlike fiscal 2016, will be a 52-week year."

Conference Call

La-Z-Boy will hold a conference call with the investment community on Wednesday, June 22, 2016, at 8:30 a.m. eastern time.  The toll-free dial-in number is 877.407.0778; international callers may use 201.689.8565. 

The call will be webcast live, with corresponding slides, and archived on the Internet.  It will be available at http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-calendar. A telephone replay will be available for a week following the call. This replay will be accessible to callers from the U.S. and Canada at 877.660.6853 and to international callers at 201.612.7415. Enter Conference ID #13638062.

Forward-looking Information

This news release contains, and oral statements made from time to time by representatives of La‑Z‑Boy may contain, "forward-looking statements." With respect to all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Actual results could differ materially from those we anticipate or project due to a number of factors, including: (a) changes in consumer confidence and demographics; (b) the possibility of a recession; (c) changes in the real estate and credit markets and their effects on our customers, consumers and suppliers; (d) international political unrest, terrorism or war; (e) volatility in energy and other commodities prices; (f) the impact of logistics on imports and exports; (g) interest rate and currency exchange rate changes; (h) operating factors, such as supply, labor or distribution disruptions (e.g., port strikes); (i) changes in the domestic or international regulatory environment; (j) adoption of new accounting principles; (k) severe weather or other natural events such as hurricanes, earthquakes, flooding, tornadoes and tsunamis; (l) our ability to procure fabric rolls and leather hides or cut-and-sewn fabric and leather sets domestically or abroad; (m) information technology conversions or system failures and our ability to recover from a system failure; (n) effects of our brand awareness and marketing programs; (o) the discovery of defects in our products resulting in delays in manufacturing, recall campaigns, reputational damage, or increased warranty costs; (p) litigation arising out of alleged defects in our products; (q) unusual or significant litigation; (r) our ability to locate new La-Z-Boy Furniture Galleries® stores (or store owners) and negotiate favorable lease terms for new or existing locations; (s) the results of our restructuring actions; (t) the impact of potential goodwill or intangible asset impairments; and (u) those matters discussed in Item 1A of our fiscal 2016 Annual Report on Form 10-K and other factors identified from time-to-time in our reports filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether to reflect new information or new developments or for any other reason.

Additional Information

This news release is just one part of La-Z-Boy's financial disclosures and should be read in conjunction with other information filed with the Securities and Exchange Commission, which is available at: http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-sec.  Investors and others wishing to be notified of future La-Z-Boy news releases, SEC filings and quarterly investor conference calls may sign up at:  http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-alerts&t=&id=&.

Background Information

La-Z-Boy Incorporated is one of the world's leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. The company-owned Retail segment includes 124 of the 338 La-Z-Boy Furniture Galleries® stores.

The corporation's branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 338 stand-alone La-Z-Boy Furniture Galleries® stores and 559 independent Comfort Studio® locations, in addition to in-store gallery programs for the company's Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/

 

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF INCOME

Unaudited For the Fiscal Quarter Ended

Unaudited

For the Fiscal Year Ended

(Amounts in thousands, except per share data)

(14 weeks)

4/30/2016

(13 weeks)

4/25/2015

(53 weeks)

4/30/2016

(52 weeks)

4/25/2015

Sales

$417,070

$374,938

$1,525,398

$1,425,395

Cost of sales

  Cost of goods sold

253,062

241,269

943,290

921,142

  Restructuring

137

72

(239)

Total cost of sales

253,062

241,406

943,362

920,903

  Gross profit

164,008

133,532

582,036

504,492

Selling, general and administrative expense

129,614

103,368

459,140

401,459

Restructuring

149

610

507

(132)

  Operating income

34,245

29,554

122,389

103,165

Interest expense

121

115

486

523

Interest income

254

363

827

1,030

Income from Continued Dumping and Subsidy   

   Offset Act, net

1,212

102

1,212

Other income, net

(176)

45

2,211

744

   Income from continuing operations before 

     income taxes

34,202

31,059

125,043

105,628

Income tax expense

11,255

10,979

44,080

36,954

  Income from continuing operations

22,947

20,080

80,963

68,674

Income from discontinued operations, net of tax

400

3,297

  Net income

22,947

20,480

80,963

71,971

Net income attributable to noncontrolling  

    interests

(229)

(265)

(1,711)

(1,198)

  Net income attributable to La-Z-Boy  

    Incorporated

$22,718

$20,215

$79,252

$70,773

Net income attributable to La-Z-Boy Incorporated:

  Income from continuing operations

    attributable to La-Z-Boy Incorporated

 

$22,718

$19,815

$79,252

$67,476

  Income from discontinued operations

400

3,297

    Net income attributable to La-Z-Boy

      Incorporated

 

$22,718

$20,215

$79,252

$70,773

Diluted weighted average shares

50,262

51,616

50,765

52,346

Diluted net income attributable to

 La-Z-Boy Incorporated per share:

  Income from continuing operations

    attributable to La-Z-Boy Incorporated

$0.45

$0.38

$1.55

$1.28

  Income from discontinued operations

0.01

0.06

    Diluted net income attributable to La-Z-Boy   

      Incorporated per share

$0.45

$0.39

$1.55

$1.34

Dividends declared per share

$0.10

$0.08

$0.36

$0.28

 

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

Unaudited As of

(Amounts in thousands, except par value)

4/30/2016

4/25/2015

Current assets

Cash and equivalents

$112,358

$98,302

Restricted cash

8,977

9,636

Receivables, net of allowance of $3,145 at 4/30/16 and $4,622 at 4/25/15

146,545

158,548

Inventories, net

175,589

156,789

Deferred income taxes – current

11,255

Other current assets

38,503

41,921

Total current assets

481,972

476,451

Property, plant and equipment, net

171,590

174,036

Goodwill

37,193

15,164

Other intangible assets

8,558

5,458

Deferred income taxes – long-term

41,683

35,072

Other long-term assets, net

59,033

68,423

      Total assets

$800,029

$774,604

Current liabilities

Current portion of long-term debt

$290

$397

Accounts payable

44,661

46,168

Accrued expenses and other current liabilities

112,476

108,326

Total current liabilities

157,427

154,891

Long-term debt

513

433

Other long-term liabilities

84,877

86,180

Contingencies and commitments

Shareholders' equity

Preferred shares – 5,000 authorized; none issued

Common shares, $1 par value – 150,000 authorized; 49,331 outstanding at 4/30/16 and 50,747 outstanding at 4/25/15

49,331

50,747

Capital in excess of par value

279,339

270,032

Retained earnings

252,472

235,506

Accumulated other comprehensive loss

(34,000)

(32,139)

Total La-Z-Boy Incorporated shareholders' equity

547,142

524,146

Noncontrolling interests

10,070

8,954

Total equity

557,212

533,100

Total liabilities and equity

$800,029

$774,604

 

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

Unaudited For the Fiscal Year Ended

 

(Unaudited, amounts in thousands)

(53 weeks)

4/30/2016

(52 weeks)

4/25/2015

Cash flows from operating activities

Net income

$80,963

$71,971

Adjustments to reconcile net income to cash provided by operating activities

(Gain) loss on disposal of assets

384

(499)

Gain on sale of investments

(436)

(214)

Deferred income tax expense

4,581

1,030

Restructuring

579

(360)

Provision for doubtful accounts

(660)

(2,290)

Depreciation and amortization

26,517

22,283

Stock-based compensation expense

8,292

6,780

Pension plan contributions

(7,000)

Change in receivables

10,730

(2,595)

Change in inventories

(14,621)

(7,644)

Change in other assets

4,148

4,154

Change in accounts payable

(1,007)

(5,206)

Change in other liabilities

(109)

(659)

   Net cash provided by operating activities

112,361

86,751

Cash flows from investing activities

    Proceeds from disposals of assets

3,054

9,061

Capital expenditures

(24,684)

(70,319)

Purchases of investments

(21,009)

(40,327)

Proceeds from sales of investments

28,721

33,750

Acquisitions, net of cash acquired

(23,311)

(1,774)

Change in restricted cash

659

2,936

   Net cash used for investing activities

(36,570)

(66,673)

Cash flows from financing activities

    Payments on debt

(508)

(7,571)

Payments for debt issuance costs

(208)

Stock issued for stock and employee benefit plans

420

1,397

Excess tax benefit on stock option exercises

1,264

1,592

Purchases of common stock

(44,082)

(51,853)

Dividends paid

(18,141)

(14,513)

   Net cash used for financing activities

(61,047)

(71,156)

Effect of exchange rate changes on cash and equivalents

(688)

(281)

Change in cash and equivalents

14,056

(51,359)

Cash and equivalents at beginning of period

98,302

149,661

Cash and equivalents at end of period

$112,358

$98,302

Supplemental disclosure of non-cash investing activities

   Capital expenditures included in payables

$—

$500

 

LA-Z-BOY INCORPORATED

SEGMENT INFORMATION

Unaudited For the Fiscal Quarter Ended

Unaudited For the Fiscal Year Ended

 (Amounts in thousands)

(14 weeks)

4/30/2016

(13 weeks)

4/25/2015

(53 weeks)

4/30/2016

(52 weeks)

4/25/2015

Sales

Upholstery segment:

   Sales to external customers

$284,311

$264,647

$1,027,615

$990,237

   Intersegment sales

50,609

40,693

188,190

161,565

Upholstery segment sales

334,920

305,340

1,215,805

1,151,802

Casegoods segment:

   Sales to external customers

23,084

23,344

92,601

98,886

   Intersegment sales

3,225

2,558

9,939

10,827

Casegoods segment sales

26,309

25,902

102,540

109,713

Retail segment sales

109,188

86,693

402,479

333,978

Corporate and Other:

   Sales to external customers

487

254

2,703

2,294

   Intersegment sales

1,126

3,720

Corporate and Other sales

1,613

254

6,423

2,294

Eliminations

(54,960)

(43,251)

(201,849)

(172,392)

    Consolidated sales

$417,070

$374,938

$1,525,398

$1,425,395

Operating Income (Loss)

Upholstery segment

$39,537

$35,300

$134,193

$121,403

Casegoods segment

1,642

1,028

7,734

6,408

Retail segment

6,288

3,267

25,567

11,466

Restructuring

(149)

(747)

(579)

371

Corporate and Other

(13,073)

(9,294)

(44,526)

(36,483)

Consolidated operating income

$34,245

$29,554

$122,389

$103,165

 

LA-Z-BOY INCORPORATED

UNAUDITED QUARTERLY FINANCIAL DATA

(Amounts in thousands, except per share data)

(13 weeks)

(13 weeks)

(13 weeks)

(14 weeks)

Fiscal Quarter Ended

7/25/2015

10/24/2015

1/23/2016

4/30/2016

Sales

$341,423

$382,891

$384,014

$417,070

Cost of sales

   Cost of goods sold

217,191

237,007

236,030

253,062

   Restructuring

78

(6)

Total cost of sales

217,191

237,085

236,024

253,062

Gross profit

124,232

145,806

147,990

164,008

Selling, general and administrative expense

104,100

112,304

113,122

129,614

Restructuring

166

108

84

149

Operating income

19,966

33,394

34,784

34,245

Interest expense

112

133

120

121

Interest income

205

164

204

254

Income from Continued Dumping and

   Subsidy Offset Act, net

102

Other income (expense), net

1,968

512

(93)

(176)

Income before income taxes

22,027

33,937

34,877

34,202

Income tax expense

7,904

12,278

12,643

11,255

Net income

14,123

21,659

22,234

22,947

 Net income attributable to noncontrolling interests

(447)

(707)

(328)

(229)

Net income attributable to La-Z-Boy   Incorporated

$13,676

$20,952

$21,906

$22,718

Diluted weighted average common shares

51,043

51,039

50,539

50,262

Diluted net income attributable to

   La-Z-Boy Incorporated per share

$0.27

$0.41

$0.43

$0.45

Dividends declared per share

$0.08

$0.08

$0.10

$0.10

 

LA-Z-BOY INCORPORATED

UNAUDITED QUARTERLY FINANCIAL DATA

(Amounts in thousands, except per share data)

(13 weeks)

(13 weeks)

(13 weeks)

(13 weeks)

Fiscal Quarter Ended

7/26/2014

10/25/2014

1/24/2015

4/25/2015

Sales

$326,980

$365,601

$357,876

$374,938

Cost of sales

   Cost of goods sold

215,831

235,716

228,326

241,269

   Restructuring

(357)

(10)

(9)

137

Total cost of sales

215,474

235,706

228,317

241,406

Gross profit

111,506

129,895

129,559

133,532

Selling, general and administrative expense

95,015

99,683

103,393

103,368

Restructuring

20

(762)

610

Operating income

16,491

30,192

26,928

29,554

Interest expense

132

145

131

115

Interest income

202

233

232

363

Income from Continued Dumping and Subsidy     Offset Act, net

1,212

Other income (expense), net

(258)

152

805

45

Income from continuing operations before     income taxes

16,303

30,432

 

27,834

31,059

Income tax expense

5,755

10,743

9,477

10,979

Income from continuing operations

10,548

19,689

18,357

20,080

Income from discontinued operations, net of tax

2,497

285

115

400

Net income

13,045

19,974

18,472

20,480

 Net (income) loss attributable to noncontrolling interests

36

(445)

(524)

(265)

Net income attributable to La-Z-Boy   Incorporated

$13,081

$19,529

$17,948

$20,215

Net income attributable to La-Z-Boy   Incorporated:

 Income from continuing operations    attributable to La-Z-Boy Incorporated

$10,584

$19,244

$17,833

$19,815

    Income from discontinued operations

2,497

285

115

400

   Net income attributable to La-Z-Boy      Incorporated

$13,081

$19,529

$17,948

$20,215

Diluted weighted average common shares

52,627

52,723

52,139

51,616

Diluted net income attributable to

  La-Z-Boy Incorporated per share:

 Income from continuing operations    attributable to La-Z-Boy Incorporated

$0.20

$0.36

$0.34

$0.38

 Income from discontinued operations

0.05

0.01

0.01

   Diluted net income attributable to      La-Z-Boy Incorporated per share

$0.25

$0.37

$0.34

$0.39

Dividends declared per share

$0.06

$0.06

$0.08

$0.08

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/la-z-boy-reports-fiscal-2016-full-year-and-fourth-quarter-results-300288179.html

SOURCE La-Z-Boy Incorporated



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Dividend, Earnings, Definitive Agreement