La-Z-Boy Incorporated (NYSE:LZB) reported stronger-than-expected earnings for its third quarter.
The Monroe, Michigan furniture giant revealed Wednesday its consolidated sales for the third quarter increased 1.8% to $475.9 million.
Written same-store sales for the La-Z-Boy Furniture Galleries® network increased 10.5%, the fourth consecutive quarterly increase
Delivered same-store sales for the company-owned Retail segment increased 5.5%, the seventh consecutive quarterly increase.
Net income attributable to La-Z-Boy Incorporated per diluted share amounted to, according to GAAP, $0.74 versus $0.61. The figure in non-GAAP terms was $0.72 versus $0.63
Fiscal 2020 third-quarter excludes a $0.02 charge for purchase accounting, a $0.10 impairment charge for one investment in a privately held start-up company, and a net $0.14 benefit related to the company’s supply chain optimization initiative. Fiscal 2019 third-quarter excludes a $0.02 charge for purchase accounting
CEO Kurt L. Darrow, said, "Our performance for the quarter continues to reflect the strength of the La-Z-Boy brand coupled with a powerful global supply chain that is delivering strong results. During the quarter, our company-owned Retail segment posted its seventh consecutive quarter of increased delivered same-store sales, and our Upholstery segment delivered double-digit profitability.
"We also generated $66 million in cash from operations and increased returns to shareholders. With a strong brand, supply chain, distribution network and balance sheet, we are focused on driving long-term profitable growth across the enterprise."
Shares in LZB shares advanced 77 cents, or 2.4%, to $33.27
