La-Z-Boy reports Q4 non-GAAP EPS 74c, consensus 62c

Reports Q4 revenue $511M, consensus $502.33M. CEO Melinda Whittington said, “In spite of a challenging macro environment and the continued soft home furniture industry, La-Z-Boy Incorporated continues to outperform. These results were achieved via strong execution, particularly in our retail stores and across our supply chain…we recently signed an agreement to acquire an additional six store network from an independent La-Z-Boy Furniture Galleries dealer in the Midwest…Despite weakness in near-term industry traffic trends, we continue to take a long-term approach to investing in our business and are making steady progress toward building a more agile supply chain and optimizing our network. Although consumer traffic trends remain a headwind, La-Z-Boy remains well positioned to continue outperforming the industry due to our iconic brand, consumer preferred shopping experience, and long-term approach to investing in our business, enabled by the strength of our balance sheet. We are confident in our ability to grow at a pace double the industry and deliver double-digit operating margins over the long term.”