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Oct 28, 2023
La-Z-Boy Q2 2024 Earnings Report
La-Z-Boy reported strong second quarter results, with La-Z-Boy Furniture Galleries® network written same-store sales up 1% and a dividend increase of 10%.
Key Takeaways
La-Z-Boy Incorporated reported sales of $511 million, a decrease of 16% compared to the previous year. GAAP diluted EPS was $0.63, and Non-GAAP diluted EPS was $0.74. The La-Z-Boy Furniture Galleries® network written same-store sales increased by 1%.
La-Z-Boy Furniture Galleries® network written same-store sales increased 1%.
GAAP diluted EPS of $0.63; Non-GAAP diluted EPS of $0.74.
Year to date operating cash flow of $57 million, 84% above year ago period.
Dividend increased 10% over the prior dividend to $0.20 per share.
Revenue by Segment
Forward Guidance
La-Z-Boy anticipates consumer trends for the industry to remain challenging and is planning for sales in the third quarter of fiscal 2024 to be relatively consistent with the second quarter. They expect third quarter Non-GAAP operating margin to be similar to the first half of the year, forecasting sales to be in the range of $515-535 million and Non-GAAP operating margin to be in the range of 7-8%.
Challenges Ahead
- Consumer trends for the industry are expected to remain challenging.
- Sales in the third quarter of fiscal 2024 are expected to be relatively consistent with the second quarter.
- Consumer traffic trends remain a headwind.
- Soft home furniture industry.
- Weakness in near-term industry traffic trends
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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