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La-Z-Boy Q4 consolidated sales decreased 1%

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Staff Writer | June 21, 2017
La-Z-Boy Incorporated reported its operating results for the fiscal 2017 full year and fourth quarter ended April 29, 2017.
La-Z-Boy
La-Z-Boy   Earnings per diluted share increased 26.7%
Fiscal 2017 fourth-quarter

Consolidated sales for the fourth quarter decreased 1% 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.

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.

Fiscal 2017 full-year

Consolidated sales for the full fiscal 2017 year were $1.52 billion, essentially flat compared with fiscal 2016 sales of $1.53 billion.

Fiscal 2016 included one additional week, which resulted in approximately $29 million of additional sales in fiscal 2016 based on the average weekly sales for the year.

Earnings per diluted share attributable to La-Z-Boy Incorporated increased 11.6% to $1.73 from $1.55 in the prior-year period. Fiscal 2016 included a $0.07 per share charge related to a legal matter.

Consolidated gross margin increased to 39.9% versus 38.2% in fiscal 2016

Consolidated operating income increased to $130.6 million from $122.4 million in fiscal 2016, with the consolidated operating margin increasing to 8.6% from 8.0% in fiscal 2016.

The upholstery segment operating margin of 12.3% was the highest in more than a decade.

The company generated cash from operating activities of $146.2 million for the year.

The company returned $56.6 million to shareholders through share purchases and an increased dividend. â– 


 

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