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Jan 23, 2021
La-Z-Boy Q3 2021 Earnings Report
Reported solid results for the third quarter of fiscal year 2021, driven by strong written orders and a dividend increase.
Key Takeaways
La-Z-Boy Incorporated reported a decrease in consolidated sales by 1.2% to $470.2 million, but experienced a 6.3% increase in written same-store sales for the La-Z-Boy Furniture Galleries® network. GAAP EPS was $0.62, while non-GAAP EPS was $0.74. The company's cash position more than doubled to $393 million, and the dividend was increased to $0.15 per share.
Consolidated sales decreased 1.2% to $470.2 million driven by temporary supply chain impacts from COVID-19.
Written same-store sales for the entire La-Z-Boy Furniture Galleries® network increased 6.3%.
GAAP EPS was $0.62 versus $0.74, while Non-GAAP EPS was $0.74 versus $0.72.
Cash more than doubled to $393 million at quarter end.
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
La-Z-Boy expects fiscal 2021 fourth-quarter consolidated sales growth of 34% to 39% versus the prior-year quarter, and consolidated non-GAAP operating margin at the lower end of the 9% to 11% range.
Positive Outlook
- Expected consolidated sales growth of 34% to 39% in Q4 2021.
Challenges Ahead
- Continued temporary impacts of COVID-19 on manufacturing facilities and broader supply chain.
- Consolidated non-GAAP operating margin expected at the lower end of the 9% to 11% range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income