La-Z-Boy Earnings Call Transcripts
Fiscal Year 2026
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Fiscal 2026 closed with record new store openings, strong retail growth, and improved operating margins, despite industry softness and inflationary pressures. Strategic supply chain and portfolio optimizations, disciplined capital allocation, and brand innovation position the company for long-term growth.
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A strategic pivot toward direct-to-consumer sales and expanded company-owned retail is driving growth, with a new target of up to 450 stores and enhanced omni-channel capabilities. Financial discipline, margin improvement initiatives, and a strong cash position support continued investment and shareholder returns. Industry recovery is expected to further accelerate growth.
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Third quarter sales rose 4% year-over-year to $542 million, driven by retail expansion and a major acquisition, while adjusted operating margin reached 6.1%. Strategic initiatives, including business divestitures and supply chain transformation, are expected to improve margins by up to 100 basis points.
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Modest sales growth and margin expansion were achieved despite a challenging market, with strong cash flow and a major retail acquisition. Strategic exits from non-core businesses and supply chain transformation are expected to boost margins, while capital allocation remains balanced between reinvestment and shareholder returns.
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Sales grew in retail and wholesale segments, but overall revenue dipped 1% year-over-year due to a 20% decline in Joybird. Margin expansion in wholesale was offset by retail margin compression from new store investments. The company remains focused on strategic growth and supply chain transformation.
Fiscal Year 2025
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Q4 and full-year sales grew 3% year-over-year, with strong retail and wholesale performance and robust cash flow. The company expanded its store network, maintained high margins, and is investing in supply chain and brand initiatives while navigating economic and trade headwinds.
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Century Vision drives growth through brand strength, retail expansion, and supply chain agility, targeting double-digit margins and 2X industry sales growth. A strong balance sheet supports acquisitions and omnichannel initiatives, while operational improvements and consumer insights position the company for outperformance as the industry recovers.
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Sales grew 4% to $522M with margin expansion and strong retail and Joybird performance. Guidance calls for Q4 sales of $545M–$565M and operating margin of 8.5%–9.5%, despite ongoing industry headwinds and international transition challenges.
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Leadership is driving a strategic shift toward retail and D2C, supported by strong financials and a refreshed brand campaign. Despite industry headwinds, the company is outperforming peers, expanding its retail footprint, and investing in technology and supply chain agility for future growth.
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Q2 sales rose 2% to $521M, led by retail and Joybird, with EPS at $0.71 and a 10% dividend hike. Despite industry headwinds, guidance calls for continued outperformance, ongoing store expansion, and prudent capital allocation.
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Fiscal Q1 2025 sales rose 3% year-over-year to $496 million, with strong wholesale growth offsetting retail softness. Operating margins compressed due to fixed cost deleverage, but cash flow and balance sheet remain robust. Industry headwinds persist, but strategic investments and store acquisitions position the company for long-term growth.
Fiscal Year 2024
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Q4 sales were $554M, down 1% year-over-year but up 22% from pre-pandemic, with strong cash flow and margin performance. Fiscal 2024 saw flat adjusted sales, margin expansion, and continued outperformance versus the industry, with a robust outlook for modest growth and new store openings in fiscal 2025.