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Apr 30, 2022
La-Z-Boy Q4 2022 Earnings Report
La-Z-Boy reported record sales and operating income for the fiscal 2022 fourth quarter.
Key Takeaways
La-Z-Boy Incorporated reported record sales and operating income for the fiscal 2022 fourth quarter, driven by strong consumer demand, global supply chain challenges, and macroeconomic uncertainty. Consolidated sales increased by 32% to $685 million, and GAAP diluted EPS increased to $1.33.
Consolidated sales increased 32% to a record $685 million.
Retail segment sales increased 20% to $233 million, achieving record sales and operating profit.
Joybird sales increased 40% to a record $53 million.
GAAP diluted EPS increased to $1.33 versus $0.81 in the prior-year quarter.
La-Z-Boy
La-Z-Boy
Forward Guidance
La-Z-Boy expects delivered sales for the fiscal 2023 first quarter to be up 7% to 10% versus the first quarter of fiscal 2022, in a range of $560 million to $575 million, and consolidated non-GAAP operating margin to be in a range of 6.5% to 7.5%.
Positive Outlook
- Leveraging manufacturing investments to service large backlog.
- Increasing investments in marketing to drive demand.
- Controlling the controllables.
- Improving agility to navigate global supply chain disruptions.
- Strong brands to leverage their power in the marketplace.
Challenges Ahead
- Current macroeconomic and geopolitical uncertainty.
- Effect on consumer sentiment.
- Demand trends likely to remain volatile.
- Global supply chain disruptions.
- Uncertainty about consumer demand.