La-Z-Boy (LZB) Tops Q3 EPS by 8c, Revenues Beat

La-Z-Boy (NYSE: LZB) reported Q3 EPS of $0.63, $0.08 better than the analyst estimate of $0.55. Revenue for the quarter came in at $467.6 million versus the consensus estimate of $457.61 million.

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “La-Z-Boy delivered solid results for the quarter, with sales and operating margin increases posted across the business and strong operating cash generation. We are particularly pleased with the performance of the company-owned Retail segment which doubled its operating income in the quarter versus last year. Within the stores, our retail team is professionally executing our strategies while consumers are responding positively to our product and service offering. These efforts led to the base stores performing at a high level in what is typically our largest quarter for Retail, while the recently acquired Arizona stores also delivered very strong results. Additionally, we remain excited by the potential of Joybird which continues to exhibit fast-paced growth. Overall, our business, in its entirety, exhibited momentum and our team continues to be focused on driving profitable sales growth across the enterprise.”

Outlook

Darrow concluded, “I am optimistic about the future for La-Z-Boy as we continue to align our product offerings, go-to-market strategies, and investments with the changing marketplace. Our portfolio of brands is well positioned to capture growing consumer segments and is supported by a vast distribution network and a world-class global supply chain. Additionally, our strong balance sheet will enable us to continue to make strategic investments to grow the company and provide returns to shareholders.”

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

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