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Apr 29, 2023
La-Z-Boy Q4 2023 Earnings Report
La-Z-Boy reported solid fourth quarter and record full-year results, driven by strength in the Retail segment and effective execution of their vertically integrated model.
Key Takeaways
La-Z-Boy Incorporated reported a decrease in consolidated sales for the fourth quarter, but highlighted the strength of its Retail segment. The company's GAAP diluted EPS decreased, but non-GAAP diluted EPS also saw a decrease. Despite a challenging macro environment, La-Z-Boy maintained roughly flat written same-store sales and is confident in its ability to grow ahead of the industry.
Consolidated sales decreased by 12% YoY, adjusting for the 53rd week in the prior year.
Retail segment sales increased by 4% YoY.
GAAP operating income decreased by 31%, while non-GAAP operating income decreased by 15%.
GAAP diluted EPS decreased by 41% to $0.79, and non-GAAP diluted EPS decreased by 7% to $0.99.
Revenue by Segment
Forward Guidance
For the first quarter of fiscal year 2024, La-Z-Boy expects sales to be in the range of $470 to $490 million and operating margin to be in the range of 6.5% to 7.5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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