La-Z-boy, Inc. (LZB) Reports In-Line Q4 EPS of 33c

La-Z-boy, Inc. (NYSE: LZB) reported Q4 EPS of $0.33, in-line with the analyst estimate of $0.33. Revenue for the quarter came in at $353 million versus the consensus estimate of $369.2 million.

Same-store written sales for the La-Z-Boy Furniture Galleries® store network decreased 0.9% for the fourth quarter after an 11.2% increase in last year's fourth quarter.

Kurt L. Darrow, Chairman, President and Chief Executive Officer, of La-Z-Boy, said, "Overall, we are pleased with our results for fiscal 2014 full year. With respect to our performance, we increased sales, operating profit, cash flow and the dividend while strengthening our balance sheet. Additionally, we recorded a 6% increase in written same-store sales for the La-Z-Boy Furniture Galleries® network of stores, while solidifying one of the largest growth initiatives in the company's history with our 4-4-5 store strategy. We improved the performance of both our wholesale upholstery and retail segments, demonstrating our integrated retail model is delivering results. Moving forward, we believe the initiatives we have established throughout our wholesale and retail operations, coupled with the financial strength and flexibility to invest in our business, will position us for continuing, long-term profitable growth."

Outlook:

Darrow concluded, "We remain optimistic about our strategic initiatives to deliver profitable growth against an uncertain economic backdrop, particularly as it relates to housing. We will execute against our plan to deliver improved performance by maximizing the strong foundation we have built across our business. As we build momentum with our store growth strategy, we will leverage the efficiencies at our manufacturing facilities, which we believe will highlight the value of our integrated retail model. In the immediate term, however, the furniture industry typically experiences weaker demand during the summer months and, as a result, our plants shut down for one week of vacation and maintenance during the first quarter, which ends in July. Accordingly, the first quarter is usually our weakest in terms of sales and earnings."

For earnings history and earnings-related data on La-Z-boy, Inc. (LZB) click here.

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