La-Z-Boy Incorporated (NYSE: LZB) today provided comments on its
anticipated results for fiscal 2019 ahead of meeting with investors
at the Stifel Cross Sector Insight Conference on June 11, 2019.
Based on unaudited preliminary results, the
company expects to report fiscal 2019 full-year sales of $1.75
billion, an increase of 10% over the prior year. GAAP diluted
earnings per share are expected to be in the range of $1.43 to
$1.45, and Non-GAAP diluted earnings per share are expected to be
in the range of $2.13 to $2.15. Non-GAAP diluted earnings per
share exclude purchase accounting charges of approximately $0.12
and a non-cash pension termination charge of approximately
$0.58.
Kurt L. Darrow, Chairman, President and Chief
Executive Officer, of La-Z-Boy Incorporated, said, “Fiscal 2019 was
a strong year for La-Z-Boy. We capitalized on a solid
foundation, leveraging our brand strength, innovation, world-class
supply chain, excellent Retail performance, multi-channel
distribution, and a solidified position in the e-commerce space.
For the full year, all segments delivered sales increases.
However, in the fourth quarter sales declined versus the prior-year
quarter in our wholesale Upholstery and Casegoods segments,
consistent with a slow start to the calendar year across the North
American retail home furnishings landscape. Given our fixed costs,
the decline in volume translated to a direct impact to operating
margins for our wholesale businesses in the fourth quarter.”
Turning to the La-Z-Boy Furniture Galleries®
network, written same-store sales for the full fiscal 2019 year
increased 1.8%, and increased 0.8% for the fiscal 2019 fourth
quarter. Excluding Canada, where the business was challenged
by exchange rates and tariffs imposed on finished goods coming from
the U.S., written same-store sales across the U.S. network
increased 3.2% for the full fiscal 2019 year and 2.5% for the
fourth quarter.
Delivered same-store sales for the company-owned
retail segment increased 5.7% for the full fiscal 2019 year and
8.0% for the fiscal 2019 fourth quarter.
Darrow concluded, “While it is too early to
ascertain if business conditions for the fiscal 2019 fourth quarter
will persist throughout fiscal 2020, with strategic growth
initiatives in place, we are confident La-Z-Boy is well positioned
to deliver strong long-term performance.”
The company plans to release its financial
results after the close of market on Tuesday, June 18, 2019, with a
conference call at 8:30 a.m., on Wednesday, June 19, 2019.
Conference call and webcast details will follow in a separate
release.
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 a 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) tax rate, interest
rate, and currency exchange rate changes; (h) changes in the stock
market impacting our profitability and our effective tax rate; (i)
operating factors, such as supply, labor or distribution
disruptions (e.g. port strikes); (j) changes in legislation,
including the tax code, or changes in the domestic or international
regulatory environment or trade policies, including new or
increased duties, tariffs, retaliatory tariffs, trade limitations
and termination or renegotiation of bilateral and multilateral
trade agreements impacting our business; (k) adoption of new
accounting principles; (l) fires, severe weather or other natural
events such as hurricanes, earthquakes, flooding, tornadoes and
tsunamis; (m) our ability to procure, transport or import, or
material increases to the cost of transporting or importing, fabric
rolls, leather hides or cut-and-sewn fabric and leather sets
domestically or abroad; (n) information technology conversions or
system failures and our ability to recover from a system failure;
(o) effects of our brand awareness and marketing programs; (p) the
discovery of defects in our products resulting in delays in
manufacturing, recall campaigns, reputational damage, or increased
warranty costs; (q) litigation arising out of alleged defects in
our products; (r) unusual or significant litigation; (s) our
ability to locate new La-Z-Boy Furniture Galleries® stores (or
store owners) and negotiate favorable lease terms for new or
existing locations; (t) the ability to increase volume through our
e-commerce initiatives; (u) the impact of potential goodwill or
intangible asset impairments; and (v) those matters discussed in
Item 1A of our fiscal 2018 Annual Report on Form 10-K and other
factors identified from time to time in our reports filed with the
Securities and Exchange Commission (the “SEC”). 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:
https://lazboy.gcs-web.com/financial-information/sec-filings.
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: https://lazboy.gcs-web.com/.
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 155 of the 352 La-Z-Boy
Furniture Galleries® stores. Joybird is an e-commerce
retailer and manufacturer of upholstered furniture.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 352 stand-alone La-Z-Boy Furniture Galleries® stores
and 541 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/.
Non-GAAP Financial Measures
In addition to the financial measures prepared
in accordance with accounting principles generally accepted in the
United States ("GAAP"), this press release also includes Non-GAAP
financial measures. Management uses these Non-GAAP financial
measures when assessing our ongoing performance. This press release
contains references to Non-GAAP diluted earnings per share, which
excludes purchase accounting charges and the non-cash charge for
the termination of the company’s defined benefit pension plan. The
purchase accounting charges include the amortization of intangible
assets, incremental expense upon the sale of inventory acquired at
fair value, amortization of employee retention agreements, fair
value adjustments of future cash payments recorded as interest
expense, and adjustments to the fair value of contingent
consideration. These Non-GAAP financial measures are not meant to
be considered superior to or a substitute for La-Z-Boy
Incorporated’s diluted earnings per share prepared in accordance
with GAAP, and may not be comparable to similarly titled measures
reported by other companies.
Management believes that presenting certain
Non-GAAP financial measures excluding purchase accounting charges
and the non-cash charge for the termination of the company’s
defined benefit pension plan will help investors understand the
long-term profitability trends of our business and compare our
profitability to prior and future periods and to our peers.
Management uses these Non-GAAP measures to assess the company’s
operating and financial performance, and excludes purchase
accounting charges because the amount and timing of such charges
are significantly impacted by the timing, size, number and nature
of the acquisitions consummated. While the company has a history of
acquisition activity, it does not acquire businesses on a
predictable cycle, and the impact of purchase accounting charges is
unique to each acquisition and can vary significantly from
acquisition to acquisition. Exclusion of these charges facilitates
more consistent comparisons of operating results over time between
our newly acquired and long-held businesses, and with both
acquisitive and non-acquisitive peer companies. Management also
excludes the non-cash charge for the termination of the company’s
defined benefit pension plan when assessing the company’s operating
and financial performance due to the one-time nature of the
transaction.
Contact: Kathy
Liebmann(734) 241-2438kathy.liebmann@la-z-boy.com
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