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Jul 29, 2023
La-Z-Boy Q1 2024 Earnings Report
La-Z-Boy reported first quarter fiscal 2024 results, with sales and operating margin in line with guidance.
Key Takeaways
La-Z-Boy's first quarter fiscal 2024 saw sales of $482 million, a 20% decrease compared to the previous year, which benefited from pandemic-related backlog. Company-owned Retail written same-store sales increased by 2%. GAAP diluted EPS was $0.63, and Non-GAAP diluted EPS was $0.62. The company resumed share buybacks, repurchasing $10 million in shares.
Company owned Retail written same-store sales increased 2%.
Delivered sales and operating margin were in line with guidance.
GAAP diluted EPS was $0.63, and Non-GAAP diluted EPS was $0.62.
Share buybacks resumed in the quarter with $10 million in share repurchases.
La-Z-Boy
La-Z-Boy
La-Z-Boy Revenue by Segment
Revenue by Segment
Wholesale Revenue
CapyFin.comRetail Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.com Forward Guidance
The company expects sales in the second quarter of fiscal 2024 to be slightly higher than the first quarter, within the range of $490-$510 million, and operating margin to be in the range of 6.5%-7.5%.
Positive Outlook
- Sales expected to be between $490 million and $510 million.
- Operating margin expected to be between 6.5% and 7.5%.
- Sales expected to be slightly higher than the first quarter.
- Expecting some improvement in the back half of our fiscal year consistent with historic seasonality of consumers' furniture purchases.
- Focusing on controlling what we can control, leveraging our brand and strong product offerings, and strengthening conversion levels.
Challenges Ahead
- Consumer trends are expected to remain soft.
- Sales trends are expected to remain challenged against last year.
- The furniture market is expected to remain challenged due to the overall macro-economic environment.
- Increase marketing investment in support of our new "Long Live the Lazy" campaign, which started in August.
- Macroeconomic headwinds facing La-Z-Boy and our peers in the industry.
Revenue & Expenses
Visualization of income flow from segment revenue to net income