Stock Monitor: Hooker Furniture Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 11, 2018 / If you want access to our free earnings report on La-Z-Boy Inc. (NYSE: LZB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=LZB. The Company reported its fourth quarter fiscal 2018 operating and financial results on June 19, 2018. The furniture Company surpassed earnings expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2018, ended April 28, 2018, La-Z-Boy's consolidated sales rose 1.8% to $420.0 million compared to $412.7 million in Q4 FY17. The Company's revenue numbers lagged analysts' estimates of $426.8 million.
During Q4 FY18, La-Z-Boy's consolidated operating income totaled $44.8 million compared to $42.3 million in Q4 FY17. The Company's consolidated operating margin increased to 10.9% in the reported quarter from 10.5% in the year earlier same quarter.
For Q4 FY18, La-Z-Boy posted a net income of $34.2 million, or $0.72 per diluted share, compared to $28.0 million, or $0.57 per diluted share, in Q4 FY17. The Company's results included a benefit related to the US tax reform of $0.06 per share in the reported quarter. La-Z-Boy's earnings numbers beat Wall Street's estimates of $0.64 per share.
For the full fiscal year 2018, La-Z-Boy's consolidated sales increased 4.2% to $1.58 billion compared to $1.52 billion in FY17.
For FY18, La-Z-Boy posted a net income of $80.9 million, or $1.67 per diluted share, compared to $85.9 million, or $1.73 per diluted share, in FY17.
During Q4 FY18, La-Z-Boy's Upholstery segment's sales rose 0.6% to $327.2 million compared to $325.3 million in Q4 FY17. The segment's operating margin was 12.8% in the reported quarter versus 13.7% in the prior year's comparable quarter.
La-Z-Boy's Casegoods segment's sales advanced 17.5% to $30.6 million on a y-o-y basis, and its operating margin advanced to 9.2% in the reported quarter from 7.8% in the prior year's corresponding quarter.
For Q4 FY18, La-Z-Boy's sales in the Retail segment increased 3.0% to $121.5 million compared to $118.0 million in Q4 FY17. The segment's operating margin increased to 6.6% in Q4 FY18 from 6.5% in Q4 FY17.
Furniture Galleries Store Network
During Q4 FY18, La-Z-Boy's same-store written sales increased 3.9% on a y-o-y basis for the La-Z-Boy Furniture Galleries® store system, which includes both Company-owned and independent-licensed stores. For FY18, same-store written sales for the La-Z-Boy Furniture Galleries® store network increased 2.3%.
During Q4 FY18, La-Z-Boy's total written sales from new and closed stores increased 5.4% on a y-o-y basis. For FY18, the Company's total written sales from new and closed stores increased 4.2% versus FY17.
During Q4 FY18, La-Z-Boy generated cash from operating activities of $24.6 million. The Company ended FY18 with $134.5 million in cash and cash equivalents; $34.4 million in investments to enhance returns on cash; and $2.4 million in restricted cash.
During FY18, La-Z-Boy spent $36.3 million in capital expenditure; invested $16.5 million to fund its prior-year acquisition of the La‑Z‑Boy wholesale business in the UK and Ireland, and to acquire an independent La-Z-Boy Furniture Galleries® organization; and paid $22.0 million in dividends.
For FY18, La-Z-Boy spent $56.7 million on the purchase of 2.0 million shares of stock, including 0.4 million in Q4 FY18, in the open market under its existing authorized share purchase program, leaving 6.7 million shares of purchase availability in the program.
Stock Performance Snapshot
July 10, 2018 - At Tuesday's closing bell, La-Z-Boy's stock declined 2.69%, ending the trading session at $30.80.
Volume traded for the day: 357.98 thousand shares.
Stock performance in the previous three-month period - up 3.18%
After yesterday's close, La-Z-Boy's market cap was at $1.45 billion.
Price to Earnings (P/E) ratio was at 17.19.
The stock has a dividend yield of 1.56%.
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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