La-Z-Boy (NYSE: LZB) reported Q1 EPS of $0.18, $0.31 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $285.5 million versus the consensus estimate of $289.74 million.

Fiscal 2021 first quarter versus Fiscal 2020 first quarter:

• Consolidated sales decreased 31.0% to $285.5 million, reflecting ongoing COVID-19 impact
• Written same-store sales for the entire La-Z-Boy Furniture Galleries® network increased 14.8%

Consolidated operating margin:

• GAAP: 1.5% versus 5.7%
• Non-GAAP(1): 3.1% versus 6.3%
• Wholesale(2): 9.4% versus 9.5%
• Retail: (6.8)% versus 6.0%

Net income attributable to La-Z-Boy Incorporated per diluted share (“EPS”):

• GAAP: $0.10 versus $0.38
• Non-GAAP(1): $0.18 versus $0.42

Cash generated from operating activities was $106.3 million

Cash(3) was $336.7 million at quarter end

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, "Our first quarter began in May with most of our customers still closed due to COVID-19. However, as retailers re-opened, written orders rapidly accelerated in June and July, with consumers spending a higher percentage of discretionary dollars on home furnishings. During the quarter, we re-opened all operations across our retail, distribution and manufacturing businesses. Our team demonstrated great resilience and we are thankful for everyone's hard work, safety consciousness, and dedication to the company."

Darrow added, "After temporary shutdowns for most of April, our plants have increased production weekly to meet demand, and are operating at about 90% of prior-year levels. Strong demand, coupled with ramping up manufacturing, has resulted in a significant increase in product backlog, extended lead times between order and delivery, and slower-than-normal delivered sales for the first quarter."

Darrow concluded, "We are cautiously optimistic as we head into the fall, based on current demand trends, but recognize the pandemic is still upon us and much uncertainty exists on a variety of fronts. We remain agile in managing the business day to day, focusing on service to customers while maintaining financial conservatism. We are proud to have delivered strong cash results in this challenging first quarter, with $106 million in cash from operations and a strong balance sheet which enables us to navigate this uncertain time."

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