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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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