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Oct 23, 2021
La-Z-Boy Q2 2022 Earnings Report
La-Z-Boy reported record sales for the fiscal 2022 second quarter and sequential operating margin improvement.
Key Takeaways
La-Z-Boy Incorporated reported record-high sales for the quarter, increasing capacity to service demand and realizing pricing and surcharge actions to offset rising raw material costs. The company delivered strong results, including improved margins versus the last quarter, despite navigating a challenging operating environment with supply chain disruption.
Consolidated sales increased 25% to $576 million.
GAAP EPS increased to $0.89 versus $0.75 in the prior-year quarter.
Non-GAAP EPS increased to $0.85 versus $0.82 in the prior-year quarter.
The Board of Directors declared a quarterly cash dividend of $0.165 per share, an increase of 10% over the prior quarter.
Revenue by Segment
Forward Guidance
Demand trends remain strong, backlog is high, and delivered sales are expected to continue to strengthen, particularly in the fourth quarter as new production cells come online. Expects continued supply chain disruptions, including a temporary slowdown in the casegoods business due to COVID-related shutdowns in Vietnam. Expects to deliver full-year consolidated operating margin at or near double digits.
Positive Outlook
- Demand trends remain strong.
- Backlog is high.
- Delivered sales are expected to continue to strengthen.
- New production cells are coming online.
- Expects to deliver full-year consolidated operating margin at or near double digits.
Challenges Ahead
- Expects continued supply chain disruptions.
- A temporary slowdown in our casegoods business due to COVID-related shutdowns in Vietnam.
- Quarterly trends will be impacted by our third and fourth quarters containing 12 and 14 production weeks, respectively, compared to 13 production weeks in our second quarter.
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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