La-Z-Boy Incorporated (NYSE:LZB) reported worse-than-expected Q4 results.
The furniture giant, out of Monroe, Michigan, said Tuesday reported consolidated sales for the full fiscal 2019 year increased 10.2% to $1.75 billion
LZB Delivered same-store sales for the company-owned retail segment increased 5.7%
Consolidated operating income registered at $129.7 million versus $129.4 million in the prior-year quarter.
Consolidated operating margin came in at 7.4% versus 8.2%
Net income attributable to La-Z-Boy Incorporated per diluted share was $1.44 versus $1.67 in the prior-year quarter.
During the fourth quarter, the company generated $59.3 million in cash from operating activities. La-Z-Boy ended the fiscal 2019 year with $130 million in cash and cash equivalents, $31.5 million in investments to enhance returns on cash, and $2 million in restricted cash.
Said CEO Kurt Darrow, "We delivered solid performance for fiscal 2019. Sales increased 10% reflecting both organic growth and our acquisitions, and operating margins across our established businesses were solid.
"We generated robust cash from operating activities, returned a combined total of $46 million to shareholders through share purchases and an increased dividend, and funded $48¬¬ million in capital expenditures to position our operations for long-term growth."
When it comes to outlook, Darrow says, "Moving forward, our healthy balance sheet will enable us to continue to invest to drive growth across the business and capitalize on our strong brands, multi-channel distribution network, and world-class supply chain capabilities."
Shares advanced 36 cents, or 1.2%, to $30.15
