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La-Z-Boy Sales Hit All-Time Record High

La-Z-Boy’s sales hit an “all-time record high” in its fiscal 2022 second quarter, with sales up 25% and net income up 13%.

Sales rose to $575.9 million for the quarter ended Oct. 23, which is up from $459.1 million the year prior. Net income was up to $39.5 million, with earnings per share of 89 cents for the quarter, an increase of 18.7% over the same period last year.

For the wholesale segment, sales increased 28% to $439 million compared with the year-ago quarter, and sales were up 12% from the first quarter this year.

The retail segment showed an increase of 19% for delivered sales, up to $192 million for the period. Written same-store sales for company-owned stores decreased 7.2% for the period.

Joybird delivered sales were up 37% to a record $40 million for this year’s quarter, with written sales up 56% year-over-year.

“Demand trends remain strong, our backlog is high, and we expect delivered sales to continue to strengthen, particularly in the fourth quarter as new production cells come online,” La-Z-Boy CFO Bob Lucian explains. “At the same time, we expect continued supply chain disruptions, including a temporary but significant slowdown in our case goods business due to COVID-19-related shutdowns in Vietnam.”

He added that the company expects sales and margin momentum to hasten in the fourth quarter, and the company expects to deliver a full-year consolidated operating margin at or near double digits.

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