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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%.
La-Z-Boy
La-Z-Boy
La-Z-Boy Revenue by Segment
Revenue by Segment
Wholesale Revenue
CapyFin.comRetail Revenue
CapyFin.com 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
- Joybird posted a loss for the period
- Last year's fourth quarter included 14 weeks versus this year's fourth quarter which will include a normal 13 weeks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income