MONROE, Mich., Feb. 17, 2016 /PRNewswire/ -- La-Z-Boy
Incorporated (NYSE: LZB) today reported its operating results for
the fiscal 2016 third quarter ended January
23, 2016.
Fiscal 2016 third-quarter highlights for continuing
operations:
- Sales increased 7.3% to $384.0
million compared with the prior-year third quarter;
- The company reported earnings per diluted share of $0.43 from continuing operations attributable to
La-Z-Boy Incorporated, an increase of 26.5% over last year's third
quarter;
- Consolidated operating income for the fiscal 2016 third quarter
increased 29.2% to $34.8 million,
with consolidated operating margin increasing to 9.1%;
- Operating margin for the upholstery segment was 10.9%;
- Operating margin for the retail segment was 8.0% versus 4.7% in
the prior-year quarter;
- Operating margin for the casegoods segment was 7.2% compared
with 3.3% in last year's third quarter; and
- The company generated $48.0
million in cash from operating activities.
Sales for the fiscal 2016 third quarter were $384.0 million, up 7.3% compared with the prior
year's third quarter. The company reported net income from
continuing operations attributable to La-Z-Boy Incorporated of
$21.9 million, or $0.43 per diluted share, versus $17.8 million, or $0.34 per diluted share, in last year's third
quarter.
Kurt L. Darrow, Chairman,
President and Chief Executive Officer, of La-Z-Boy, said, "We are
very pleased with our results for the quarter. Across the
business, we experienced a 7.3% increase in sales which translated
to strong operating margin performance in all three business
segments. Our consolidated operating margin was 9.1%, the
highest the company has achieved in any quarter in more than 12
years. These results demonstrate solid execution across the
business, including supply chain optimization, improved forecasting
and planning, and more consistent service and delivery.
Additionally, we are particularly pleased that just halfway through
our 4-4-5 store build out initiative, we reached our $4 million average-revenue-per-store objective,
which, we believe, bodes well for future performance. During
the quarter, we generated $48.0
million in operating cash flow, more than double the
operating cash flow generated in last year's comparable
quarter. I am confident we have the right strategies in place
to continue to grow our business and deliver consistent performance
and value to shareholders."
Wholesale Segments
For the fiscal 2016 third quarter, sales in the company's
upholstery segment increased 5.6% versus the prior year's third
quarter to $302.4 million. In
the casegoods segment, sales for the fiscal 2016 third quarter were
$24.6 million, down 5.3% from last
year's third quarter.
Darrow commented, "Our upholstery segment's operating margin
performance of 10.9% was strong, particularly as last year's third
quarter included a benefit of two percentage points to the gross
margin resulting from legal settlements. During the period,
our operating margin was driven by supply chain efficiencies
relating to procurement and plant optimization. Additionally, the
ERP system, which is operational across all branded facilities, is
contributing to the improvement in our results, while the increased
volume allows us to leverage the fixed-cost structure of our
facilities. A positive product mix shift, driven primarily by
the power category, also helped drive the gross margin improvement
for the quarter."
Darrow added, "Our marketing programs are resonating with the
consumer and she is reacting positively to our product
offering. During the quarter, we experienced growth across a
number of distribution channels. While branded distribution is our
primary vehicle for growth, principally through our 4-4-5 store
build-out strategy, we are planning on continued growth with our
other retail partners and this quarter demonstrated the potential
we have in this area. Moving forward, we see a lot of
opportunity for our upholstery business. Our brand platform
is strong, we are increasing our share in the stationary category,
we continue to innovate with great product, and we have potential
for expanding sales throughout all distribution
outlets."
Darrow continued, "England, our
other upholstery company, is expanding its product line and growing
its customer base as it widens its geographical footprint, all
while maintaining its best-in-class delivery performance. The
restructuring undertaken in our casegoods business is also
delivering results. For the quarter, we more than doubled our
operating margin, reflecting the success of our move to a
pure-import model. The majority of the casegoods sales
decline for the period related to a higher percentage of sales of
discounted products and collections sold in last year's third
quarter following the closure of the Kincaid manufacturing facility
in Hudson, North Carolina.
Moving forward, we are continuing to work on shifting our
product lines to include more lifestyle collections to appeal to
today's consumer."
Retail Segment
For the fiscal 2016 third quarter, sales in the company's retail
segment increased 22.7% to $110.2
million versus the prior year's third quarter. On the
core 101 stores included in last year's comparable quarter,
delivered sales for the segment increased 6.6%, or $5.6 million. The business posted an 8.0%
operating margin, a milestone for the business.
Darrow stated, "Our retail segment is continuing to grow and
perform at a high level. Excellent planning and promotional
cadence throughout the period drove sales, and the increased volume
allowed us to leverage the fixed-cost structure of the business,
which consists primarily of occupancy and distribution-related
costs. We also improved the segment's gross margin, fueled by
an increase in In Home Design and custom orders as well as strong
performance in the power category."
Darrow added, "Expanding the size of the company-owned retail
segment is one of our key strategies. As we increase the
number of company-owned stores, we will further benefit from the
stacked wholesale/retail margin associated with our integrated
retail model. We are opening new stores as part of the 4-4-5
store build-out strategy and growing the company-owned retail
business through strategic acquisitions of independent dealer
stores. We quickly integrated into our portfolio the 10 stores we
acquired in the fiscal 2016 second quarter, and they have been
accretive from the start."
La-Z-Boy Furniture Galleries® Store
Network
For the third quarter of fiscal 2016, the La-Z-Boy store
network, including both company-owned and independent-licensed
stores, saw same-store written sales, which the company tracks as
an indicator of retail activity, decrease 1.8% versus last year's
third quarter, when the company experienced a 6.5% increase over
the prior year's comparable quarter. Same-store written sales for
the calendar 2015 period increased 2.9% over calendar 2014.
For the third quarter in fiscal 2016, total written sales, which
include new and closed stores, decreased 0.3% compared with the
fiscal 2015 comparable period. At the end of the third
quarter, the La-Z-Boy Furniture Galleries® store system
was composed of 331 stand-alone stores, with 82 in the new concept
design format.
Darrow commented, "We are maintaining a steady cadence of store
activity and plan to open more than 20 new stores over the next
12-month period. For fiscal 2016, we are on track to execute
approximately 30 projects, including new stores, remodels and
relocations, resulting in 13 net new stores. During the third
quarter, the network opened four new stores, remodeled three and
closed three. For the fourth quarter of fiscal 2016, we are
planning for eight new stores and one closure throughout the
network."
FISCAL 2016 PROJECTED* STORE ACTIVITY
|
Total
FY15
|
New
|
Closed
|
Acquired
|
Total
FY16
|
Remodel
|
Relocation
|
Company-owned
|
110
|
5
|
(2)
|
10
|
123
|
2
|
-
|
Dealer-owned
|
215
|
12
|
(2)
|
(10)
|
215
|
10
|
-
|
Total
|
325
|
17
|
(4)
|
-
|
338
|
12
|
-
|
*Projects anticipated to be completed.
Balance Sheet and Cash Flow
During the quarter, the company generated $48.0 million in cash from operating
activities. La-Z-Boy ended the fiscal 2016 third quarter with
$97.7 million in cash and cash
equivalents, $31.4 million in
investments to enhance returns on cash, and $9.0 million in restricted cash. During the
quarter, the company had $5.9 million
in capital expenditures, paid $5.0
million in dividends, and spent $10.6
million purchasing 0.4 million shares of stock in the open
market under its existing authorized share purchase program, with
remaining authorization to purchase 4.6 million shares.
Dividend
The board of directors declared a regular quarterly cash
dividend of $0.10 per share on the
company's stock. The dividend will be paid on March 10, 2016, to shareholders of record as of
February 29, 2016.
Business Outlook
Darrow concluded, "We remain optimistic about our positioning in
the marketplace and about our prospects. Although the
macroeconomic environment remains somewhat volatile, we believe we
have solid strategies in place to deliver ongoing profitable growth
throughout the enterprise. With a strong brand, relevant
product offering, lean operating structure and vast distribution
network, we are confident we will continue to return long-term
value to shareholders."
Conference Call
La-Z-Boy will hold a conference call with the investment
community on Thursday, February 18,
2016, 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
#13629938.
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 331 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 331
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)
|
|
1/23/16
|
|
1/24/15
|
Sales
|
|
$384,014
|
|
$357,876
|
Cost of
sales
|
|
236,024
|
|
228,317
|
Gross
profit
|
|
147,990
|
|
129,559
|
Selling, general and
administrative expense
|
|
113,206
|
|
102,631
|
Operating
income
|
|
34,784
|
|
26,928
|
Interest
expense
|
|
120
|
|
131
|
Interest
income
|
|
204
|
|
232
|
Income from Continued
Dumping and Subsidy Offset Act, net
|
|
102
|
|
—
|
Other income
(expense), net
|
|
(93)
|
|
805
|
Income from
continuing operations before income taxes
|
|
34,877
|
|
27,834
|
Income tax
expense
|
|
12,643
|
|
9,477
|
Income from
continuing operations
|
|
22,234
|
|
18,357
|
Income from
discontinued operations, net of tax
|
|
—
|
|
115
|
Net
income
|
|
22,234
|
|
18,472
|
Net income
attributable to noncontrolling interests
|
|
(328)
|
|
(524)
|
Net income
attributable to La-Z-Boy Incorporated
|
|
$21,906
|
|
$17,948
|
|
|
|
|
|
Net income
attributable to La-Z-Boy Incorporated:
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$21,906
|
|
$17,833
|
Income from
discontinued operations
|
|
—
|
|
115
|
Net income attributable to La-Z-Boy Incorporated
|
|
$21,906
|
|
$17,948
|
|
|
|
|
|
Basic weighted
average common shares
|
|
50,038
|
|
51,576
|
Basic net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$0.44
|
|
$0.35
|
Income from
discontinued operations
|
|
—
|
|
—
|
Basic net income attributable to La-Z-Boy Incorporated per
share
|
|
$0.44
|
|
$0.35
|
|
|
|
|
|
Diluted weighted
average common shares
|
|
50,539
|
|
52,139
|
Diluted net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$0.43
|
|
$0.34
|
Income from
discontinued operations
|
|
—
|
|
—
|
Diluted net income attributable to La-Z-Boy Incorporated
per
share
|
|
$0.43
|
|
$0.34
|
|
|
|
|
|
Dividends declared
per
share
|
|
$0.10
|
|
$0.08
|
LA-Z-BOY
INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
|
|
|
|
Nine Months
Ended
|
(Unaudited,
amounts in thousands, except per share data)
|
|
1/23/16
|
|
1/24/15
|
Sales
|
|
$1,108,328
|
|
$1,050,457
|
Cost of
sales
|
|
690,300
|
|
679,497
|
Gross
profit
|
|
418,028
|
|
370,960
|
Selling, general and
administrative expense
|
|
329,884
|
|
297,349
|
Operating
income
|
|
88,144
|
|
73,611
|
Interest
expense
|
|
365
|
|
408
|
Interest
income
|
|
573
|
|
667
|
Income from Continued
Dumping and Subsidy Offset Act, net
|
|
102
|
|
—
|
Other income,
net
|
|
2,387
|
|
699
|
Income from
continuing operations before income taxes
|
|
90,841
|
|
74,569
|
Income tax
expense
|
|
32,825
|
|
25,975
|
Income from
continuing operations
|
|
58,016
|
|
48,594
|
Income from
discontinued operations, net of tax
|
|
—
|
|
2,897
|
Net
income
|
|
58,016
|
|
51,491
|
Net income
attributable to noncontrolling interests
|
|
(1,482)
|
|
(933)
|
Net income
attributable to La-Z-Boy Incorporated
|
|
$56,534
|
|
$50,558
|
|
|
|
|
|
Net income
attributable to La-Z-Boy Incorporated:
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$56,534
|
|
$47,661
|
Income from
discontinued operations
|
|
—
|
|
2,897
|
Net income attributable to La-Z-Boy Incorporated
|
|
$56,534
|
|
$50,558
|
|
|
|
|
|
Basic weighted
average common shares
|
|
50,371
|
|
52,015
|
Basic net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$1.12
|
|
$0.91
|
Income from
discontinued operations
|
|
—
|
|
0.06
|
Basic net income attributable to La-Z-Boy Incorporated per
share
|
|
$1.12
|
|
$0.97
|
|
|
|
|
|
Diluted weighted
average common shares
|
|
50,880
|
|
52,540
|
Diluted net income
attributable to La-Z-Boy Incorporated per share:
|
|
|
|
|
Income from
continuing operations attributable to La-Z-Boy
Incorporated
|
|
$1.11
|
|
$0.90
|
Income from
discontinued operations
|
|
—
|
|
0.06
|
Diluted net income attributable to La-Z-Boy Incorporated
per
share
|
|
$1.11
|
|
$0.96
|
|
|
|
|
|
Dividends declared
per
share
|
|
$0.26
|
|
$0.20
|
LA-Z-BOY
INCORPORATED
CONSOLIDATED
BALANCE SHEET
|
|
|
|
|
|
|
(Unaudited,
amounts in thousands)
|
|
1/23/16
|
|
4/25/15
|
|
Current
assets
|
|
|
|
|
|
Cash and
equivalents
|
|
$97,698
|
|
$98,302
|
|
Restricted
cash
|
|
8,976
|
|
9,636
|
|
Receivables,
net of allowance of $3,118 at 1/23/16 and $4,622 at
4/25/15
|
|
142,802
|
|
158,548
|
|
Inventories,
net
|
|
183,245
|
|
156,789
|
|
Deferred
income taxes – current
|
|
9,853
|
|
11,255
|
|
Other current
assets
|
|
38,377
|
|
41,921
|
|
Total current assets
|
|
480,951
|
|
476,451
|
|
Property, plant and
equipment, net
|
|
173,103
|
|
174,036
|
|
Goodwill
|
|
33,423
|
|
15,164
|
|
Other intangible
assets
|
|
7,958
|
|
5,458
|
|
Deferred income taxes
– long-term
|
|
31,594
|
|
35,072
|
|
Other long-term
assets, net
|
|
60,173
|
|
68,423
|
|
Total
assets
|
|
$787,202
|
|
$774,604
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current
portion of long-term debt
|
|
$300
|
|
$397
|
|
Accounts
payable
|
|
46,017
|
|
46,168
|
|
Accrued
expenses and other current liabilities
|
|
108,683
|
|
108,326
|
|
Total current liabilities
|
|
155,000
|
|
154,891
|
|
Long-term
debt
|
|
555
|
|
433
|
|
Other long-term
liabilities
|
|
80,442
|
|
86,180
|
|
Contingencies and
commitments
|
|
—
|
|
—
|
|
Shareholders'
equity
|
|
|
|
|
|
Preferred
shares – 5,000 authorized; none issued
|
|
—
|
|
—
|
|
Common shares,
$1 par value – 150,000 authorized; 49,891 outstanding
at
1/23/16 and 50,747 outstanding at 4/25/15
|
|
49,891
|
|
50,747
|
|
Capital in
excess of par value
|
|
277,428
|
|
270,032
|
|
Retained
earnings
|
|
249,036
|
|
235,506
|
|
Accumulated
other comprehensive loss
|
|
(34,664)
|
|
(32,139)
|
|
Total La-Z-Boy Incorporated shareholders' equity
|
|
541,691
|
|
524,146
|
|
Noncontrolling
interests
|
|
9,514
|
|
8,954
|
|
Total equity
|
|
551,205
|
|
533,100
|
|
Total liabilities and
equity
|
|
$787,202
|
|
$774,604
|
|
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
|
|
|
|
|
|
Nine Months
Ended
|
|
(Unaudited,
amounts in thousands)
|
|
1/23/16
|
|
1/24/15
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net
income
|
|
$58,016
|
|
$51,491
|
|
Adjustments to
reconcile net income to cash provided by
(used for) operating
activities
|
|
|
|
|
|
Restructuring
|
|
430
|
|
(1,106)
|
|
Deferred income tax expense (benefit)
|
|
5,000
|
|
(3,987)
|
|
Provision for doubtful accounts
|
|
(675)
|
|
(2,060)
|
|
Depreciation and amortization
|
|
19,308
|
|
16,297
|
|
Equity-based compensation expense
|
|
6,868
|
|
6,094
|
|
Pension plan contributions
|
|
(7,000)
|
|
—
|
|
Change in receivables
|
|
15,284
|
|
7,011
|
|
Change in inventories
|
|
(23,121)
|
|
(11,913)
|
|
Change in other assets
|
|
1,991
|
|
5,794
|
|
Change in payables
|
|
349
|
|
(7,659)
|
|
Change in other liabilities
|
|
(6,736)
|
|
(4,898)
|
|
Net cash provided by
operating activities
|
|
69,714
|
|
55,064
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Proceeds from
disposal of assets
|
|
2,506
|
|
8,940
|
|
Capital
expenditures
|
|
(19,825)
|
|
(56,512)
|
|
Purchases of
investments
|
|
(15,816)
|
|
(30,544)
|
|
Proceeds from
sales of investments
|
|
23,896
|
|
23,987
|
|
Acquisitions,
net of cash acquired
|
|
(19,232)
|
|
(1,774)
|
|
Change in
restricted cash
|
|
660
|
|
2,935
|
|
Net cash used for investing activities
|
|
(27,811)
|
|
(52,968)
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Payments on
debt
|
|
(415)
|
|
(7,413)
|
|
Payments for
debt issuance costs
|
|
—
|
|
(164)
|
|
Stock issued
for stock and employee benefit plans
|
|
253
|
|
496
|
|
Excess tax
benefit on stock option exercises
|
|
774
|
|
234
|
|
Purchases of
common stock
|
|
(29,096)
|
|
(35,752)
|
|
Dividends
paid
|
|
(13,137)
|
|
(10,416)
|
|
Net cash used for financing activities
|
|
(41,621)
|
|
(53,015)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and equivalents
|
|
(886)
|
|
(332)
|
|
Change in cash and
equivalents
|
|
(604)
|
|
(51,251)
|
|
Cash and equivalents
at beginning of period
|
|
98,302
|
|
149,661
|
|
Cash and equivalents
at end of period
|
|
$97,698
|
|
$98,410
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing activities
|
|
|
|
|
|
Capital
expenditures included in payables
|
|
$—
|
|
$6,275
|
|
LA-Z-BOY
INCORPORATED
SEGMENT
INFORMATION
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Nine Months
Ended
|
|
(Unaudited, amounts in
thousands)
|
|
1/23/16
|
|
1/24/15
|
|
1/23/16
|
|
1/24/15
|
|
Sales
|
|
|
|
|
|
|
|
|
|
Upholstery
segment:
|
|
|
|
|
|
|
|
|
|
Sales to external
customers
|
|
$250,740
|
|
$243,390
|
|
$743,304
|
|
$725,590
|
|
Intersegment
sales
|
|
51,652
|
|
42,946
|
|
137,581
|
|
120,872
|
|
Upholstery segment
sales
|
|
302,392
|
|
286,336
|
|
880,885
|
|
846,462
|
|
|
|
|
|
|
|
|
|
|
|
Casegoods
segment:
|
|
|
|
|
|
|
|
|
|
Sales to external
customers
|
|
22,528
|
|
24,134
|
|
69,517
|
|
75,542
|
|
Intersegment
sales
|
|
2,091
|
|
1,866
|
|
6,714
|
|
8,269
|
|
Casegoods segment
sales
|
|
24,619
|
|
26,000
|
|
76,231
|
|
83,811
|
|
|
|
|
|
|
|
|
|
|
|
Retail segment
sales
|
|
110,160
|
|
89,791
|
|
293,291
|
|
247,285
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other:
|
|
|
|
|
|
|
|
|
|
Sales to external
customers
|
|
586
|
|
561
|
|
2,216
|
|
2,040
|
|
Intersegment
sales
|
|
1,328
|
|
—
|
|
2,594
|
|
—
|
|
Corporate and Other
sales
|
|
1,914
|
|
561
|
|
4,810
|
|
2,040
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations
|
|
(55,071)
|
|
(44,812)
|
|
(146,889)
|
|
(129,141)
|
|
Consolidated
sales
|
|
$384,014
|
|
$357,876
|
|
$1,108,328
|
|
$1,050,457
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss)
|
|
|
|
|
|
|
|
|
|
Upholstery
segment
|
|
$33,022
|
|
$31,479
|
|
$94,656
|
|
$86,103
|
|
Casegoods
segment
|
|
1,768
|
|
860
|
|
6,092
|
|
5,380
|
|
Retail
segment
|
|
8,834
|
|
4,202
|
|
19,279
|
|
8,199
|
|
Restructuring
|
|
(78)
|
|
771
|
|
(430)
|
|
1,118
|
|
Corporate and
Other
|
|
(8,762)
|
|
(10,384)
|
|
(31,453)
|
|
(27,189)
|
|
Consolidated
operating income
|
|
$34,784
|
|
$26,928
|
|
$88,144
|
|
$73,611
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/la-z-boy-reports-fiscal-2016-third-quarter-results-300221645.html
SOURCE La-Z-Boy Incorporated