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Apr 27, 2024
La-Z-Boy Q4 2024 Earnings Report
Reported solid fourth quarter and full year results.
Key Takeaways
La-Z-Boy Incorporated reported Q4 sales of $554 million, a 1% decrease year-over-year but a 22% increase compared to the pre-pandemic Q4 2019. GAAP diluted EPS was $0.91, and non-GAAP diluted EPS was $0.95. The company generated $53 million in operating cash flow for the quarter and expanded its company-owned La-Z-Boy Furniture Galleries® network by three stores.
Consolidated delivered sales of $554 million, down 1% versus prior year but up 22% versus pre-pandemic Q4 2019.
GAAP diluted EPS of $0.91; Non-GAAP diluted EPS of $0.95.
Generated $53 million in operating cash flow for the quarter.
Grew company-owned La-Z-Boy Furniture Galleries® network by three stores.
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
For the first quarter of Fiscal 2025, La-Z-Boy expects delivered sales to be in the range of $475-495 million and Non-GAAP operating margin to be in the range of 6-7%.
Positive Outlook
- Expects to continue to outperform the industry in Fiscal 2025.
- Growth will be supported by executing our Century Vision strategy
- Opening of 12 to 15 new La-Z-Boy Furniture Galleries® stores, mainly in the second half of the fiscal.
- Assortment and best-in-class motion offerings are resonating with consumers in the marketplace.
- Off to a good start and encouraged by solid Memorial Day results
Challenges Ahead
- Expects the industry to continue to be challenged, down by as much as 5%.
- Any improved industry trends occurring late in our fiscal year, towards calendar 2025.
- Industry continues to grapple with higher for longer interest rates
- Housing turnover near 30-year lows negatively impacting store traffic.
- First quarter is generally the lowest sales and margin quarter in the fiscal year due to seasonally lower industry sales and our annual week-long plant shutdown in July.
Revenue & Expenses
Visualization of income flow from segment revenue to net income