La-Z-Boy Incorporated reported its fourth quarter and full-year results, ending April 27, 2024. The company's consolidated delivered sales for the fourth quarter were $554 million, marking a 22% increase compared to the pre-pandemic fourth quarter of fiscal 2019. However, sales were down 1% compared to the prior year. The GAAP diluted earnings per share (EPS) for the quarter were $0.91, while the non-GAAP diluted EPS were $0.95. The company generated $53 million in operating cash flow for the quarter.
For the full fiscal year 2024, the company reported consolidated delivered sales of $2.05 billion, with gross margin expansion on both GAAP and non-GAAP bases across all segments. The GAAP diluted EPS for the full year were $2.83, and the non-GAAP diluted EPS were $2.98. The company also generated $158 million in operating cash flow for the year and ended with a strong balance sheet, holding $341 million in cash with no external debt.
In terms of store network growth, the company opened six company-owned and acquired 11 independent La-Z-Boy Furniture Galleries stores in fiscal 2024. Additionally, the company returned $85 million to shareholders through share repurchases and dividends.
The retail segment saw written sales for the retail segment increase by 1%, with delivered sales decreasing by 6% to $228 million versus the previous year. The wholesale segment reported a 1% decrease in sales to $392 million, while the corporate & other segment saw Joybird written sales decrease by 1%.
Looking ahead to the first quarter of fiscal 2025, the company expects delivered sales to be in the range of $475-495 million and non-GAAP operating margin to be in the range of 6-7%.
The market has reacted to these announcements by moving the company's shares 1.1% to a price of $34.09. If you want to know more, read the company's complete 8-K report here.
