Stock Monitor: Hooker Furniture Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 03, 2018 / Active-Investors.com has just released a free earnings report on La-Z-Boy Inc. (NYSE: LZB). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LZB. La-Z-Boy reported its second quarter fiscal 2018 operating results on November 29, 2017. The furniture company outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Hooker Furniture Corporation (NASDAQ: HOFT), which also belongs to the Consumer Goods sector as the Company La-Z-Boy. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, La-Z-Boy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Sales for the second quarter fiscal 2018 were $393.2 million, up 4.4% compared to sales of $376.6 million in Q2 FY17. The Company’s same-store written sales for the La-Z-Boy Furniture Galleries® network increased 1.9%; its third consecutive quarterly written same-store sales growth. La-Z-Boys’ sales numbers topped analysts’ estimates of $390.2 million.
During Q2 FY18, La-Z-Boy’s operating margin was 8.7%, down slightly from 9.0% in Q2 FY17.
For Q2 FY18, the Company reported net income attributable to La-Z-Boy of $22.9 million, or $0.47 per diluted share, which included a $0.03 per share benefit for a discrete tax item versus $20.8 million, or $0.42 per diluted share, in Q2 FY17, and came in ahead of Wall Street’s expectations for earnings of $0.46 per share. For the reported quarter, the hurricanes and fires had a negative effect on the Company’s sales of approximately 1%, which equated to about a $0.01 per diluted share reduction in earnings.
La-Z-Boy’s Segment Results
During Q2 FY18, sales in the upholstery segment grew 3.0% to $304.76 million on a y-o-y basis compared to $295.79 million, and the operating margin declined to 11.0% from 12.9% in the year ago same period, primarily stemming from increases in raw material prices. The Company’s sales in the casegoods segment, sales advanced 8.4% on a y-o-y basis to $28.07 million versus $25.89 million in the year earlier same quarter and the operating margin increased to 11.8% from 11.0% in Q2 FY17.
For Q2 FY18, sales in the retail segment increased 8.7% to $116.74 million versus $107.37 million in Q2 FY17 and the segment’s operating margin increased to 3.3% from 2.8% in the prior year’s same period. On the core base of 130 stores included in Q2 FY18, delivered sales declined 1.3% versus the prior year.
In the retail segment, the Company opened 2 new La-Z-Boy Furniture Galleries® stores in Q2 FY18 as part of its 4-4-5 store build out strategy, including the network’s 350th store in Rockford, Illinois. For fiscal 2018, the Company anticipate executing approximately 25 store projects across the network between La-Z-Boy and its independent dealers. The Company expects to end FY18 with 354 stores, which would include 7 net new stores
Balance Sheet and Cash Flow
During Q2 FY18, the Company generated $31.7 million in cash from operating activities. La-Z-Boy ended the quarter with $122.3 million in cash and cash equivalents, $35.3 million in investments to enhance returns on cash, and $2.4 million in restricted cash.
During the reported quarter, the Company had $7.2 million in capital expenditures, paid $5.3 million in dividends, and spent $19.2 million purchasing 0.7 million shares of stock in the open market under its existing authorized share purchase program, leaving 7.6 million shares of purchase availability in the program.
Stock Performance Snapshot
January 02, 2018 - At Tuesday’s closing bell, La-Z-Boy’s stock marginally rose 0.32%, ending the trading session at $31.30.
Volume traded for the day: 206.05 thousand shares.
Stock performance in the previous three-month period – up 14.86%; past twelve-month period – up 0.81%; and year-to-date – up 0.32%
After yesterday’s close, La-Z-Boy’s market cap was at $1.50 billion.
Price to Earnings (P/E) ratio was at 17.95.
The stock has a dividend yield of 1.53%.
The stock is part of the Consumer Goods sector, categorized under the Home Furnishings & Fixtures industry. This sector was up 0.5% at the end of the session.
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