La-Z-Boy (LZB) Tops Q4 EPS by 11c, Beats on Revenues

La-Z-Boy (NYSE: LZB) reported Q4 EPS of $0.57, $0.11 better than the analyst estimate of $0.46. Revenue for the quarter came in at $412.7 million versus the consensus estimate of $400.25 million.

Fiscal 2017 fourth-quarter highlights (Note: Fiscal 2017 included a 13-week fourth quarter):

• Consolidated sales for the fourth quarter decreased 1.0% to $412.7 million compared with fiscal 2016 fourth quarter sales of $417.1 million. The fiscal 2016 quarter included one additional week, which resulted in approximately $29 million of additional sales in the fiscal 2016 fourth quarter based on the average weekly sales for the year;
• Earnings per diluted share attributable to La-Z-Boy Incorporated increased 26.7% to $0.57 from $0.45 in the prior-year period, which included a $0.07 per share charge related to a legal matter in the fiscal 2016 fourth quarter;
• Consolidated gross margin increased to 40.8% versus 39.3% in the fiscal 2016 fourth quarter;
• Consolidated operating income for the fiscal 2017 fourth quarter increased 25.1% to $42.8 million from $34.2 million, with the consolidated operating margin increasing to 10.4% from 8.2% in the fiscal 2016 fourth quarter;
• All three business segments increased their operating margins, with the upholstery segment margin of 13.5% the highest in more than a decade;
• The company generated cash from operating activities of $54.9 million during the quarter; and
• Same-store written sales for the La-Z-Boy Furniture Galleries® network increased 2.4%. Same-store written sales are calculated on a calendar basis and are not impacted by the extra week in any reporting year.

For earnings history and earnings-related data on La-Z-Boy (LZB) click here.

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