Q4 2024 La-Z-Boy Inc Earnings Call Transcript
Key Points
- La-Z-Boy Inc (LZB) reported consolidated delivered sales of $554 million for the fourth quarter, up 22% compared to the pre-pandemic fourth quarter.
- The company achieved a non-GAAP operating margin of 9.4% and non-GAAP EPS of $0.95 for the quarter.
- La-Z-Boy Inc (LZB) generated strong operating cash flow of $53 million for the quarter and $158 million for the full fiscal year.
- The company maintained a healthy balance sheet with $341 million in cash and no external debt.
- La-Z-Boy Inc (LZB) continued to expand its retail footprint, opening six company-owned stores and acquiring 11 independently owned La-Z-Boy Furniture Galleries stores.
- Fourth-quarter sales decreased by 1% compared to the prior year, which benefited from above-normal pandemic backlog deliveries.
- Written same-store sales for the company-owned retail segment declined by 5% in the fourth quarter compared to the prior year.
- The overall furniture and home furnishings industry continues to face headwinds from higher interest rates and low housing turnover.
- Joybird's written sales declined by 1% in the quarter compared to the previous year.
- The company expects continued macroeconomic challenges for most of the new fiscal year, with the industry potentially contracting by up to 5%.
Good morning, everyone, and welcome to the La-Z-Boy fiscal 2024 fourth-quarter conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Mark Becks, Director of IR and Corporate Development of La-Z-Boy Incorporated. Mark, over to you.
Thank you, Jenny. Good morning, everyone, and thanks for joining us to discuss our fiscal 2024 fourth quarter and full fiscal year. With us today are Melinda Whittington, La-Z-Boy Incorporated's President and Chief Executive Officer, and Bob Lucian, La-Z-Boy's SVP and CFO. Melinda will open and close the call and Bob will speak to segment performance and the financials midway through. We will then open the call to questions. Slides will accompany this presentation and may view them through our webcast link, which will be available for one year and a telephone replay of the call will be available for one week beginning this afternoon.
Before I begin the presentation, I would
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