La-Z-Boy Incorporated Reports Earnings Results for the Third Quarter and Nine Months Ended January 27, 2024
February 20, 2024 at 04:26 pm EST
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La-Z-Boy Incorporated reported earnings results for the third quarter and nine months ended January 27, 2024. For the third quarter, the company reported sales was USD 500.41 million compared to USD 572.72 million a year ago. Net income was USD 28.64 million compared to USD 31.73 million a year ago. Basic earnings per share from continuing operations was USD 0.67 compared to USD 0.74 a year ago. Diluted earnings per share from continuing operations was USD 0.66 compared to USD 0.74 a year ago.
For the nine months, sales was USD 1,493.49 million compared to USD 1,788.15 million a year ago. Net income was USD 83.32 million compared to USD 116.29 million a year ago. Basic earnings per share from continuing operations was USD 1.94 compared to USD 2.7 a year ago. Diluted earnings per share from continuing operations was USD 1.92 compared to USD 2.7 a year ago.
La-Z-Boy Incorporated is a global producer of reclining chairs and the manufacturer/distributor of residential furniture in the United States. The Company manufactures, markets, imports, exports, distributes and retails upholstery furniture products under the La-Z-Boy, England, Kincaid, and Joybird tradenames. Its segments include the Wholesale segment and the Retail segment. The Wholesale segment manufactures and imports upholstered and casegoods (wood) furniture and sells directly to La-Z-Boy Furniture Galleries stores, operators of La-Z-Boy Comfort Studio locations, branded space locations, England Custom Comfort Center locations, dealers, and a cross-section of other independent retailers. The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories to end consumers through its Company-owned La-Z-Boy Furniture Galleries stores. The Company sells its products through multiple channels to furniture retailers or distributors.