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Jan 28, 2023
La-Z-Boy Q3 2023 Earnings Report
La-Z-Boy reported strong third-quarter results, with written same-store sales increasing for the retail segment.
Key Takeaways
La-Z-Boy Incorporated reported excellent third-quarter results for the period ending January 28, 2023. Consolidated sales increased to $573 million, GAAP operating income increased by 8%, and non-GAAP operating income increased by 34%. The retail segment saw a 27% increase in sales and a record operating income of $44 million.
Consolidated sales increased to $573 million.
GAAP operating income increased by 8%, while non-GAAP operating income increased by 34%.
Retail segment sales increased 27% to $251 million with operating income up 83% to a record $44 million.
Written same-store sales for the Retail segment increased 3%.
Revenue by Segment
Forward Guidance
The company anticipates Q4 delivered sales to be at levels consistent with written sales, consistent with historical seasonality, and almost 20% above pre-pandemic. They estimate delivered sales for the fiscal 2023 fourth quarter to be in a range of $525 million to $545 million, and consolidated non-GAAP operating margin to be in a range of 7% to 9%.
Positive Outlook
- Q4 delivered sales are expected to align with written sales.
- Sales are expected to follow historical seasonality trends.
- Sales are anticipated to be almost 20% above pre-pandemic levels.
- Fiscal 2023 fourth-quarter delivered sales are projected to range from $525 million to $545 million.
- Consolidated non-GAAP operating margin is expected to be between 7% and 9%.
Challenges Ahead
- Uncertain economic environment
- Slowing e-commerce trends
- Reduction in marketing spend
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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