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La-Z-Boy posts earnings beat, record sales in Q4

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Yahoo Finance Live anchors discuss fourth-quarter earnings for La-Z-Boy.

Video Transcript

BRAD SMITH: Another company we're keeping a close eye on here, La-Z-Boy Incorporated topping estimates in its latest quarter. The furniture company reporting record sales for the year, in addition to record operating profit that more than doubled. And this one is particularly interesting as we're taking a look at some of the actuals versus the estimates, and particularly how La-Z-Boy was able to cite some of the demand here.

And I say it's interesting because for other retailers who were saying, within the home goods or the home furnishing category, that they were seeing a pullback. However, La-Z-Boy saying something very different here. Melinda Whittington, who is the CEO and president of La-Z-Boy, saying in what was a dynamic and volatile year marked by strong consumer demand for home furnishings, significant global supply chain shortages, and now macroeconomic geopolitical uncertainty, La-Z-Boy Incorporated delivered record sales and operating income, driven by powerful consumer brands at the end of the day.

JULIE HYMAN: Yeah, it is a bit of a head scratcher, right? Because you had the likes of Target saying its home goods section was, in particular, really troubled. That's where they saw some weakness. And the whole pull forward of the pandemic home spending trend, you have seen other signs that that's really fading. Not to mention the fact that housing sales are weakening, right? So if you're not buying a new space, you're probably not buying a new La-Z-Boy for the space, except you are, apparently. So--

BRAD SMITH: Some people are, yeah.

JULIE HYMAN: Yeah, so this is-- and combining that with the supply chain challenges, it really is a surprise.

BRAD SMITH: There's actually a subsidiary within La-Z-Boy as well. And I don't know if you've ever walked into, like, one of the Joybird stores.

JULIE HYMAN: I know of Joybird.

BRAD SMITH: Yeah, and so--

JULIE HYMAN: It's sort of a more, like, Gen Z ish--

BRAD SMITH: Right.

JULIE HYMAN: --hip--

BRAD SMITH: The trendy kind of--

JULIE HYMAN: --version of La-Z-Boy yes.

BRAD SMITH: Exactly, yeah, their sales increased 62%. That's our record. $176 million and increased the written sales for 27% there. So for within La-Z-Boy and some of these subsidiary brands that they're looking to move forward with, let's keep an eye on Joybird going forward from here to see if there is that uptick in that younger end of the audience that perhaps is looking to buy a new home, may not be buying that new home right now. But perhaps buying further into the existing home is something you could--

JULIE HYMAN: I've looked at that Joybird stuff. I don't think I'd buy anything, but I've definitely looked at it.