La-Z-Boy (NYSE: LZB) reported Q3 EPS of $0.72, $0.09 better than the analyst estimate of $0.63. Revenue for the quarter came in at $475.9 million versus the consensus estimate of $481.05 million.

Fiscal 2020 third quarter versus Fiscal 2019 third quarter:

• Consolidated sales for the third quarter increased 1.8% to $475.9 million
  • La-Z-Boy Furniture Galleries® stores:
    • Written same-store sales for the La-Z-Boy Furniture Galleries® network increased 10.5%, the fourth consecutive quarterly increase
    • Delivered same-store sales for the company-owned Retail segment increased 5.5%, the seventh consecutive quarterly increase
• Consolidated operating margin:
  • GAAP: 11.0% versus 8.7%
  • Non-GAAP*: 9.4% versus 9.0%
    • Upholstery operating margin: – GAAP 13.8% versus 10.3%– Non-GAAP 11.2% versus 10.3%
• Net income attributable to La-Z-Boy Incorporated per diluted share (“EPS”):
  • GAAP: $0.74 versus $0.61
  • Non-GAAP*: $0.72 versus $0.63
    • Fiscal 2020 third quarter excludes a $0.02 charge for purchase accounting, a $0.10 impairment charge for one investment in a privately held start-up company, and a net $0.14 benefit related to the company’s supply chain optimization initiative
    • Fiscal 2019 third quarter excludes a $0.02 charge for purchase accounting
  • GAAP and Non-GAAP EPS for the fiscal 2019 third quarter included a one-time $0.07 per share benefit for a redesign of employee benefits programs
• Cash generated from operating activities increased 46% to $66.1 million on stronger earnings, increased customer deposits and improved working capital management
• The company returned $18.7 million to shareholders through share purchases and dividends for the quarter

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “Our performance for the quarter continues to reflect the strength of the La-Z-Boy brand coupled with a powerful global supply chain that is delivering strong results. During the quarter, our company-owned Retail segment posted its seventh consecutive quarter of increased delivered same-store sales, and our Upholstery segment delivered double-digit profitability. We also generated $66 million in cash from operations and increased returns to shareholders. With a strong brand, supply chain, distribution network and balance sheet, we are focused on driving long-term profitable growth across the enterprise."

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