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Oct 29, 2022
La-Z-Boy Q2 2023 Earnings Report
La-Z-Boy reported record second-quarter results for fiscal year 2023 and increased dividend by 10%.
Key Takeaways
La-Z-Boy Incorporated reported record second-quarter sales of $611 million, a 6% increase year-over-year, driven by the company-owned Retail business. GAAP EPS increased by 20% to $1.07, and non-GAAP EPS increased by 24% to $1.05. The company is proactively aligning its cost structure with demand and making prudent investments to drive long-term profitable growth.
Consolidated sales increased 6% to $611 million, a second-quarter record.
GAAP operating margin increased 70 basis points to 10.1%.
Retail segment sales increased 31% to $252 million, an all-time quarterly record.
The Board of Directors declared a quarterly cash dividend of $0.1815 per share, an increase of 10% over the prior quarter.
Revenue by Segment
Forward Guidance
The company estimates delivered sales for the fiscal 2023 third quarter to be in a range of about $525 million to $535 million, and consolidated non-GAAP operating margin to be in a range of about 7.0% to 7.5%.
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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