MONROE, Mich., Nov. 17, 2015 /PRNewswire/ -- La-Z-Boy
Incorporated (NYSE: LZB) today reported its operating results for
the fiscal 2016 second quarter ended October
24, 2015.
Fiscal 2016 second-quarter highlights for continuing
operations:
- The company reported earnings per diluted share of $0.41 from continuing operations attributable to
La-Z-Boy Incorporated compared with $0.36 in the prior year's second quarter, an
increase of 14%;
- Consolidated operating income for the fiscal 2016 second
quarter increased 10.6% to $33.4
million, with consolidated operating margin increasing to
8.7% from 8.3% in the fiscal 2015 second quarter;
- Operating margin for the upholstery segment was 12.1% compared
with 11.0% in last year's second quarter;
- Operating margin for the retail segment was 5.9% compared with
4.4% in last year's second quarter;
- Same-store written sales for the La-Z-Boy Furniture
Galleries® store network increased 3.6%; and
- The company increased its quarterly dividend 25%.
Sales for the fiscal 2016 second quarter were $382.9 million, up 4.7% compared with the prior
year's second quarter. The company reported income from
continuing operations attributable to La-Z-Boy Incorporated of
$21.0 million, or $0.41 per diluted share, versus $19.2 million, or $0.36 per diluted share, in last year's second
quarter.
Kurt L. Darrow, Chairman,
President and Chief Executive Officer, of La-Z-Boy, said, "For the
quarter, we improved our overall performance and achieved a
consolidated operating margin of 8.7%, driven primarily by
efficiencies within our manufacturing facilities and supply chain,
as well as strong retail execution. With sales trends
accelerating throughout the period, we are pleased to enter the
third quarter with momentum. As part of our multi-faceted
growth strategy, during the period, we increased the size of our
company-owned retail segment with the acquisition of 10 La-Z-Boy
Furniture Galleries® stores from independent
dealers. Additionally, three new stores were opened across
the network as part of our 4-4-5 initiative. Simultaneously,
we are working to expand our share of the stationary upholstery
market and increase our business through distribution channels
beyond the La-Z-Boy Furniture Galleries® store network.
We are confident our growth initiatives coupled with a
continued focus on driving efficiencies throughout our operations
will deliver improved performance across the entire
enterprise."
Wholesale Segments
For the fiscal 2016 second quarter, sales in the company's
upholstery segment increased 2.9% to $305.8
million versus the prior year's second quarter. In the
casegoods segment, sales for the fiscal 2016 second quarter were
$28.2 million, down 2.3% from last
year's second quarter.
Darrow commented, "We are beginning to see the benefits of the
new ERP system in our La-Z-Boy branded facilities which helped us
achieve a 12.1% operating margin in our upholstery segment.
During the period, our performance was also fueled by efficiencies
in our supply chain and solid sales and operating margin
performance from England, Inc.,
our sister upholstery company. At the recent High Point
Furniture Market, we expanded our Urban Attitudes collection and
also offered power in several new styles. The Urban Attitudes
collection and the power option have been strong performers over
the past year."
Darrow added, "Earlier this month, we launched our new web-site
and eCommerce platform, which is designed to provide our consumers
a best-in-class digital experience while driving more traffic to
our site. In addition to offering a wealth of information to
make both the on-line and in-store shopping process easier and
faster, the site also provides inspirational design ideas,
solutions and tools. While we believe most people still
ultimately prefer a retail store experience so they are able to
touch and feel the furniture and view our wide array of fabrics and
leathers before making a purchase, a significant majority visit our
desktop or mobile web-sites before or during their shopping
process. It is therefore essential we make it easy for them
to find us on-line, research our products and buy through the site
if that is what they prefer."
Darrow continued, "We are making solid progress in our casegoods
business, and our performance reflects the many changes made to our
operating platform. During the period, the casegoods segment
achieved a 9.3% operating margin versus 10.4% in the prior year's
quarter, which included the benefit of a $2.0 million reduction to the LIFO reserve for
domestically manufactured inventory. Additionally, in last
year's second quarter, we had sales of $1.2
million of hospitality furniture, which represented
approximately 4% of the quarter's sales in the segment.
Hospitality is no longer part of our product offering since we
ceased domestic production of casegoods in September 2014. As
we move forward, we believe that we will be able to drive growth in
the segment through a stronger and more relevant product offering
and that the business's performance will be more consistent as a
result of our new operating structure."
Retail Segment
For the fiscal 2016 second quarter, sales in the company's
retail segment increased 14.1% to $96.5
million versus the prior year's second quarter. On the
core 96 stores included in last year's comparable quarter,
delivered sales for the segment increased 1.3%.
Darrow stated, "We are very pleased with the 5.9% operating
margin achieved in the retail segment. As we continue to
increase sales volume, we are benefiting from the ability to
leverage our fixed-cost structure. For the period, we also
increased the gross margin in the segment and enjoyed increases in
our in-home design sales and average ticket as well as strong
performance of our wide selection of power
furniture."
During the quarter, the company acquired 10 La-Z-Boy Furniture
Galleries® stores from independent dealers: two in
Wisconsin, two in the Carolinas
and six in Ohio. Darrow added, "An integral part of our 4-4-5
strategy is increasing the size of the company-owned retail segment
through new and acquired stores so that we benefit from the blended
wholesale/retail margin associated with our integrated retail
model."
La-Z-Boy Furniture Galleries® Store
Network
System-wide, for the second quarter of fiscal 2016, including
company-owned and independent-licensed stores, same-store written
sales, which the company tracks as an indicator of retail activity,
were up 3.6% versus last year's second quarter. Same-store
written sales for the fiscal 2016 year-to-date period (May through
October) were up 4.2%.
For the second quarter, total written sales, which include new
and closed stores, increased 6.2% compared with the fiscal 2015
comparable period. At the end of the second quarter, the
La-Z-Boy Furniture Galleries® store system was composed
of 330 stand-alone stores, with 75 in the new concept design
format.
Darrow commented, "During fiscal 2016, we plan to execute more
than 30 projects, including new stores, remodels and relocations,
resulting in 15 net new stores. We are also beginning to fill
the pipeline for fiscal 2017. During the second quarter, the
network opened three new stores and remodeled eight. In the
third quarter of fiscal 2016, we are planning for seven new stores,
four remodels and three closures throughout the network."
Balance Sheet and Cash Flow
During the quarter, the company generated $20.2 million in cash from operating
activities. La-Z-Boy ended the quarter with $74.6 million in cash and cash equivalents,
$31.8 million in investments to
enhance returns on cash, and $9.0
million in restricted cash. During the quarter, the
company invested $19.2 million
acquiring 10 La-Z-Boy Furniture Galleries® stores.
The company also had $7.4 million in
capital expenditures, paid $4.1
million in dividends, and spent $9.3
million purchasing 0.3 million shares of stock in the open
market under its existing authorized share purchase program, with
remaining authorization to purchase 5.0 million shares.
Dividend
The board of directors increased the company's regular quarterly
dividend to shareholders by 25% to $0.10 per share. The dividend will be paid
on December 10, 2015, to shareholders
of record as of November 30,
2015.
Business Outlook
Darrow concluded, "We are optimistic about our ability to drive
growth in this economic environment based on the strength of our
brand, our marketing initiatives and our product offering. We
will continue to make strategic investments in the business as we
execute our four-pronged growth strategy, which includes the 4-4-5
store build out initiative, the acquisition of independent La-Z-Boy
Furniture Galleries® stores, the growth of sales through
our multi-channel distribution network and the expansion of our
market share in stationary upholstery. We believe the
combination of these initiatives will continue to drive improved
performance and results."
Conference Call
La-Z-Boy will hold a conference call with the investment
community on Wednesday, November 18,
2015, at 8:30 a.m. eastern
time. The toll-free dial-in number is 877.407.0778;
international callers may use 201.689.8565.
The call will be webcast live, with corresponding slides, and
archived on the Internet. It will be available at
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-calendar.
A telephone replay will be available for a week following the call.
This replay will be accessible to callers from the U.S. and
Canada at 877.660.6853 and to
international callers at 201.612.7415. Enter Conference ID
#13621631.
Forward-looking Information
This news release contains, and oral statements made from time
to time by representatives of La‑Z‑Boy may contain,
"forward-looking statements." With respect to all forward-looking
statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
Actual results could differ materially from those we anticipate
or project due to a number of factors, including: (a) changes in
consumer confidence and demographics; (b) the possibility of
another recession; (c) changes in the real estate and credit
markets and their effects on our customers, consumers and
suppliers; (d) international political unrest, terrorism or war;
(e) volatility in energy and other commodities prices; (f) the
impact of logistics on imports and exports; (g) interest rate and
currency exchange rate changes; (h) operating factors, such as
supply, labor or distribution disruptions (e.g. port strikes); (i)
changes in the domestic or international regulatory environment;
(j) adoption of new accounting principles; (k) severe weather or
other natural events such as hurricanes, earthquakes, flooding,
tornadoes and tsunamis; (l) our ability to procure fabric rolls and
leather hides or cut-and-sewn fabric and leather sets domestically
or abroad; (m) information technology conversions or system
failures and our ability to recover from a system failure; (n)
effects of our brand awareness and marketing programs; (o) the
discovery of defects in our products resulting in delays in
manufacturing, recall campaigns, reputational damage, or increased
warranty costs; (p) litigation arising out of alleged defects in
our products; (q) unusual or significant litigation; (r) our
ability to locate new La-Z-Boy Furniture Galleries®
stores (or store owners) and negotiate favorable lease terms for
new or existing locations; (s) the results of our restructuring
actions; (t) the impact of potential goodwill or intangible asset
impairments; and (u) those matters discussed in Item 1A of our
fiscal 2015 Annual Report on Form 10-K and other factors identified
from time-to-time in our reports filed with the Securities and
Exchange Commission. We undertake no obligation to update or revise
any forward-looking statements, whether to reflect new information
or new developments or for any other reason.
Additional Information
This news release is just one part of La-Z-Boy's financial
disclosures and should be read in conjunction with other
information filed with the Securities and Exchange Commission,
which is available at:
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-sec.
Investors and others wishing to be notified of future La-Z-Boy news
releases, SEC filings and quarterly investor conference calls may
sign up at:
http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-alerts&t=&id=&.
Background Information
La-Z-Boy Incorporated is one of the world's leading residential
furniture producers, marketing furniture for every room of the
home. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment
consists of three brands: American Drew, Hammary, and
Kincaid. The company-owned Retail segment includes 123 of the
330 La-Z-Boy Furniture Galleries® stores.
The corporation's branded distribution network is dedicated to
selling La-Z-Boy Incorporated products and brands, and includes 123
stand-alone La-Z-Boy Furniture Galleries® stores and 573
independent Comfort Studio® locations, in addition to
in-store gallery programs for the company's Kincaid and
England operating units.
Additional information is available at
http://www.la-z-boy.com/.
LA-Z-BOY
INCORPORATED
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
(Unaudited,
amounts in thousands, except per share data)
|
|
10/24/15
|
|
10/25/14
|
|
Sales
|
|
$382,891
|
|
$365,601
|
|
|
Cost of
sales
|
|
237,085
|
|
235,706
|
|
|
Gross
profit
|
|
145,806
|
|
129,895
|
|
|
Selling, general and
administrative expense
|
|
112,412
|
|
99,703
|
|
|
Operating
income
|
|
33,394
|
|
30,192
|
|
|
Interest
expense
|
|
133
|
|
145
|
|
|
Interest
income
|
|
164
|
|
233
|
|
|
Other income,
net
|
|
512
|
|
152
|
|
|
Income from
continuing operations before income taxes
|
|
33,937
|
|
30,432
|
|
|
Income tax
expense
|
|
12,278
|
|
10,743
|
|
|
Income from
continuing operations
|
|
21,659
|
|
19,689
|
|
|
Income from
discontinued operations, net of tax
|
|
—
|
|
285
|
|
|
Net
income
|
|
21,659
|
|
19,974
|
|
|
Net income
attributable to noncontrolling interests
|
|
(707)
|
|
(445)
|
|
|
Net income
attributable to La-Z-Boy Incorporated
|
|
$20,952
|
|
$19,529
|
|
|
|
|
|
|
|
|
|
Net income
attributable to La-Z-Boy Incorporated:
|
|
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$20,952
|
|
$19,244
|
|
|
Income from
discontinued operations
|
|
—
|
|
285
|
|
|
Net income attributable to La-Z-Boy Incorporated
|
|
$20,952
|
|
$19,529
|
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares
|
|
50,493
|
|
52,279
|
|
|
Basic net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$0.41
|
|
$0.37
|
|
|
Income from
discontinued operations
|
|
—
|
|
—
|
|
|
Basic net income attributable to La-Z-Boy Incorporated per
share
|
|
$0.41
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares
|
|
51,039
|
|
52,723
|
|
|
Diluted net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$0.41
|
|
$0.36
|
|
|
Income from
discontinued operations
|
|
—
|
|
0.01
|
|
|
Diluted net income attributable to La-Z-Boy Incorporated
per
share
|
|
$0.41
|
|
$0.37
|
|
|
|
|
|
|
|
|
|
Dividends declared
per
share
|
|
$0.08
|
|
$0.06
|
|
|
LA-Z-BOY
INCORPORATED
|
|
|
CONSOLIDATED
STATEMENT OF INCOME
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
(Unaudited,
amounts in thousands, except per share data)
|
|
10/24/15
|
|
10/25/14
|
|
Sales
|
|
$724,314
|
|
$692,581
|
|
|
Cost of
sales
|
|
454,276
|
|
451,180
|
|
|
Gross
profit
|
|
270,038
|
|
241,401
|
|
|
Selling, general and
administrative expense
|
|
216,678
|
|
194,718
|
|
|
Operating
income
|
|
53,360
|
|
46,683
|
|
|
Interest
expense
|
|
245
|
|
277
|
|
|
Interest
income
|
|
369
|
|
435
|
|
|
Other income
(expense), net
|
|
2,480
|
|
(106)
|
|
|
Income from
continuing operations before income taxes
|
|
55,964
|
|
46,735
|
|
|
Income tax
expense
|
|
20,182
|
|
16,498
|
|
|
Income from
continuing operations
|
|
35,782
|
|
30,237
|
|
|
Income from
discontinued operations, net of tax
|
|
—
|
|
2,782
|
|
|
Net
income
|
|
35,782
|
|
33,019
|
|
|
Net income
attributable to noncontrolling interests
|
|
(1,154)
|
|
(409)
|
|
|
Net income
attributable to La-Z-Boy Incorporated
|
|
$34,628
|
|
$32,610
|
|
|
|
|
|
|
|
|
|
Net income
attributable to La-Z-Boy Incorporated:
|
|
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$34,628
|
|
$29,828
|
|
|
Income from
discontinued operations
|
|
—
|
|
2,782
|
|
|
Net income attributable to La-Z-Boy Incorporated
|
|
$34,628
|
|
$32,610
|
|
|
|
|
|
|
|
|
|
Basic weighted
average common shares
|
|
50,538
|
|
52,235
|
|
|
Basic net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$0.68
|
|
$0.57
|
|
|
Income from
discontinued operations
|
|
—
|
|
0.05
|
|
|
Basic net income attributable to La-Z-Boy Incorporated per
share
|
|
$0.68
|
|
$0.62
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares
|
|
51,076
|
|
52,662
|
|
|
Diluted net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$0.67
|
|
$0.56
|
|
|
Income from
discontinued operations
|
|
—
|
|
0.06
|
|
|
Diluted net income attributable to La-Z-Boy Incorporated
per
share
|
|
$0.67
|
|
$0.62
|
|
|
|
|
|
|
|
|
|
Dividends declared
per
share
|
|
$0.16
|
|
$0.12
|
|
|
LA-Z-BOY
INCORPORATED
|
|
CONSOLIDATED
BALANCE SHEET
|
|
|
|
|
|
|
|
(Unaudited,
amounts in thousands)
|
|
10/24/15
|
|
4/25/15
|
|
Current
assets
|
|
|
|
|
|
Cash and
equivalents
|
|
$74,566
|
|
$98,302
|
|
Restricted
cash
|
|
8,976
|
|
9,636
|
|
Receivables,
net of allowance of $3,389 at 10/24/15 and $4,622 at
4/25/15
|
|
152,857
|
|
158,548
|
|
Inventories,
net
|
|
181,625
|
|
156,789
|
|
Deferred
income taxes – current
|
|
11,623
|
|
11,255
|
|
Other current
assets
|
|
44,265
|
|
41,921
|
|
Total current assets
|
|
473,912
|
|
476,451
|
|
Property, plant and
equipment, net
|
|
173,138
|
|
174,036
|
|
Goodwill
|
|
33,423
|
|
15,164
|
|
Other intangible
assets
|
|
7,958
|
|
5,458
|
|
Deferred income taxes
– long-term
|
|
34,136
|
|
35,072
|
|
Other long-term
assets, net
|
|
63,457
|
|
68,423
|
|
Total
assets
|
|
$786,024
|
|
$774,604
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term
borrowings
|
|
$4,000
|
|
$—
|
|
Current
portion of long-term debt
|
|
344
|
|
397
|
|
Accounts
payable
|
|
45,040
|
|
46,168
|
|
Accrued
expenses and other current liabilities
|
|
112,923
|
|
108,326
|
|
Total current liabilities
|
|
162,307
|
|
154,891
|
|
Long-term
debt
|
|
622
|
|
433
|
|
Other long-term
liabilities
|
|
79,724
|
|
86,180
|
|
Contingencies and
commitments
|
|
—
|
|
—
|
|
Shareholders'
equity
|
|
|
|
|
|
Preferred
shares – 5,000 authorized; none issued
|
|
—
|
|
—
|
|
Common shares,
$1 par value – 150,000 authorized; 50,289 outstanding
at
10/24/15 and 50,747 outstanding at 4/25/15
|
|
50,289
|
|
50,747
|
|
Capital in
excess of par value
|
|
275,301
|
|
270,032
|
|
Retained
earnings
|
|
242,392
|
|
235,506
|
|
Accumulated
other comprehensive loss
|
|
(33,929)
|
|
(32,139)
|
|
Total La-Z-Boy Incorporated shareholders' equity
|
|
534,053
|
|
524,146
|
|
Noncontrolling
interests
|
|
9,318
|
|
8,954
|
|
Total equity
|
|
543,371
|
|
533,100
|
|
Total liabilities and
equity
|
|
$786,024
|
|
$774,604
|
|
LA-Z-BOY
INCORPORATED
|
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
(Unaudited,
amounts in thousands)
|
|
10/24/15
|
|
10/25/14
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net
income
|
|
$35,782
|
|
$33,019
|
|
Adjustments to
reconcile net income to cash provided by
(used for) operating
activities
|
|
|
|
|
|
Restructuring
|
|
352
|
|
(332)
|
|
Deferred income tax expense (benefit)
|
|
138
|
|
(1,799)
|
|
Provision for doubtful accounts
|
|
(426)
|
|
(1,113)
|
|
Depreciation and amortization
|
|
12,679
|
|
10,996
|
|
Equity-based compensation expense
|
|
5,123
|
|
5,047
|
|
Pension plan contributions
|
|
(7,000)
|
|
—
|
|
Change in receivables
|
|
4,980
|
|
(2,135)
|
|
Change in inventories
|
|
(21,501)
|
|
(11,006)
|
|
Change in other assets
|
|
(5,656)
|
|
6,253
|
|
Change in payables
|
|
(628)
|
|
(785)
|
|
Change in other liabilities
|
|
(2,120)
|
|
(6,377)
|
|
Net cash provided by
operating activities
|
|
21,723
|
|
31,768
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Proceeds from
disposal of assets
|
|
2,491
|
|
6,534
|
|
Capital
expenditures
|
|
(13,949)
|
|
(40,580)
|
|
Purchases of
investments
|
|
(11,693)
|
|
(24,224)
|
|
Proceeds from
sales of investments
|
|
19,409
|
|
17,827
|
|
Acquisitions,
net of cash acquired
|
|
(19,232)
|
|
—
|
|
Change in
restricted cash
|
|
660
|
|
7,287
|
|
Net cash used for investing activities
|
|
(22,314)
|
|
(33,156)
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Net proceeds
from credit facility
|
|
4,000
|
|
—
|
|
Payments on
debt
|
|
(283)
|
|
(7,358)
|
|
Stock issued
for stock and employee benefit plans
|
|
253
|
|
161
|
|
Excess tax
benefit on stock option exercises
|
|
392
|
|
252
|
|
Purchases of
common stock
|
|
(18,461)
|
|
(19,654)
|
|
Dividends
paid
|
|
(8,112)
|
|
(6,274)
|
|
Net cash used for financing activities
|
|
(22,211)
|
|
(32,873)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and equivalents
|
|
(934)
|
|
(75)
|
|
Change in cash and
equivalents
|
|
(23,736)
|
|
(34,336)
|
|
Cash and equivalents
at beginning of period
|
|
98,302
|
|
149,661
|
|
Cash and equivalents
at end of period
|
|
$74,566
|
|
$115,325
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing activities
|
|
|
|
|
|
Capital
expenditures included in payables
|
|
$—
|
|
$5,339
|
|
LA-Z-BOY
INCORPORATED
|
|
SEGMENT
INFORMATION
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
(Unaudited, amounts in
thousands)
|
|
10/24/15
|
|
10/25/14
|
|
10/24/15
|
|
10/25/14
|
|
Sales
|
|
|
|
|
|
|
|
|
|
Upholstery
segment:
|
|
|
|
|
|
|
|
|
|
Sales to external
customers
|
|
$260,080
|
|
$255,044
|
|
$492,564
|
|
$482,200
|
|
Intersegment
sales
|
|
45,737
|
|
42,223
|
|
85,929
|
|
77,926
|
|
Upholstery segment
sales
|
|
305,817
|
|
297,267
|
|
578,493
|
|
560,126
|
|
|
|
|
|
|
|
|
|
|
|
Casegoods
segment:
|
|
|
|
|
|
|
|
|
|
Sales to external
customers
|
|
25,787
|
|
25,455
|
|
46,989
|
|
51,408
|
|
Intersegment
sales
|
|
2,432
|
|
3,433
|
|
4,623
|
|
6,403
|
|
Casegoods segment
sales
|
|
28,219
|
|
28,888
|
|
51,612
|
|
57,811
|
|
|
|
|
|
|
|
|
|
|
|
Retail segment
sales
|
|
96,480
|
|
84,589
|
|
183,131
|
|
157,494
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
|
|
Sales to external
customers
|
|
544
|
|
513
|
|
1,630
|
|
1,479
|
|
Intersegment
sales
|
|
750
|
|
—
|
|
1,266
|
|
—
|
|
Corporate and Other
sales
|
|
1,294
|
|
513
|
|
2,896
|
|
1,479
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations
|
|
(48,919)
|
|
(45,656)
|
|
(91,818)
|
|
(84,329)
|
|
Consolidated
sales
|
|
$382,891
|
|
$365,601
|
|
$724,314
|
|
$692,581
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
|
|
|
|
|
|
|
|
|
Upholstery
segment
|
|
$37,040
|
|
$32,607
|
|
$61,634
|
|
$54,624
|
|
Casegoods
segment
|
|
2,634
|
|
2,995
|
|
4,324
|
|
4,520
|
|
Retail
segment
|
|
5,716
|
|
3,682
|
|
10,445
|
|
3,997
|
|
Restructuring
|
|
(187)
|
|
(10)
|
|
(352)
|
|
347
|
|
Corporate and
Other
|
|
(11,809)
|
|
(9,082)
|
|
(22,691)
|
|
(16,805)
|
|
Consolidated
operating income
|
|
$33,394
|
|
$30,192
|
|
$53,360
|
|
$46,683
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/la-z-boy-reports-fiscal-2016-second-quarter-results-300180346.html
SOURCE La-Z-Boy Incorporated