La-Z-Boy (LZB) Tops Q2 EPS by 5c, Revenues Beat, Comp. Sales Up 4%

La-Z-Boy (NYSE: LZB) reported Q2 EPS of $0.48, $0.05 better than the analyst estimate of $0.43. Revenue for the quarter came in at $439 million versus the consensus estimate of $434.04 million.

• Consolidated sales increased 11.7% to $439.3 million on solid core growth and the addition of recent acquisitions
• Written same-store sales for the 353-store La-Z-Boy Furniture Galleries® network increased 4.4%, the seventh consecutive quarterly increase
• Delivered same-store sales for the company-owned retail segment increased 4.0%
• Consolidated operating income:-- GAAP: $28.5 million versus $34.3 million -- Non-GAAP*: $32.2 million versus $35.0 million**
• Consolidated operating margin:-- GAAP: 6.5% versus 8.7% -- Non-GAAP*: 7.3% versus 8.9%**
• Net income attributable to La-Z-Boy Incorporated per share (“EPS”):-- GAAP: $0.42 per diluted share versus $0.47 per diluted share -- Non-GAAP*: $0.48 per diluted share versus $0.48 per diluted share**

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “Solid across-the-board sales increases demonstrate the fundamental strength of our various brands, core manufacturing capabilities and retail business, even as we contend with record-high commodity costs and tariff headwinds. In addition, we are pleased with the progress of our recent acquisitions. Arizona is already contributing to top-line and Non-GAAP bottom-line results. Additionally, we are excited by the potential of Joybird with its proven ability to reach younger consumers through the e-commerce channel and our plans to leverage existing La-Z-Boy domestic manufacturing facilities to fuel Joybird’s growth and drive cost synergies.”

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

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