After the closing bell on Tuesday, La-Z-Boy Incorporated (LZB
) reported its fourth quarter earnings, posting slightly higher revenues and EPS than last year’s Q4 figures.
LZB’s Earnings in Brief
La-Z-Boy reported fourth quarter revenues of $353.3 million, up from last year’s Q4 revenues of $345.8 million. Net income for the quarter was down to $12.24 million compared to last year’s Q4 figure of $18.31 million. The company's adjusted EPS came in at 33 cents, which is up from last year’s Q4 EPS of 30 cents. LZB met analysts’ EPS expectations of 33 cents, but revenue missed the expected $369.2 million. Same-store sales for the quarter were down 0.9% for quarter, compared to 11.2% growth in last year’s Q4.CEO Commentary
LZB chairman, president and CEO Kurt L. Darrow had the following comments: “Overall, we are pleased with our results for fiscal 2014 full year. With respect to our performance, we increased sales, operating profit, cash flow and the dividend while strengthening our balance sheet. Additionally, we recorded a 6% increase in written same-store sales for the La-Z-Boy Furniture Galleries® network of stores, while solidifying one of the largest growth initiatives in the company’s history with our 4-4-5 store strategy. We improved the performance of both our wholesale upholstery and retail segments, demonstrating our integrated retail model is delivering results. Moving forward, we believe the initiatives we have established throughout our wholesale and retail operations, coupled with the financial strength and flexibility to invest in our business, will position us for continuing, long-term profitable growth.”
LZB’s Dividend
La-Z-Boy paid its last dividend on June 10, and we expect the company to declare its next quarterly dividend of 6 cents in the coming months.
Stock Performance
LZB stock was down $2.34, or 9.42%, in after hours trading. YTD, the stock is down 21.7%
LZB Dividend SnapshotAs of Market Close on June 17, 2014
Click here to see the complete history of LZB dividends.
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