La-Z-Boy (NYSE:LZB) is a Michigan-based company that manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and case goods furniture products in the United States, Canada, and around the world. Shares of La-Z-Boy were up 10% in after-hours trading late on Monday, June 17, 2024. This came after it unveiled its most recent quarterly report.
The company released its fourth (Q4) quarter and full-year fiscal 2024 earnings after markets closed this past Monday. In Q4 FY2024, La-Z-Boy reported consolidated delivered sales of $554 million. That was up 22% compared to its pre-pandemic fourth quarter of fiscal 2019, illustrating the full recovery the company has enjoyed following the historic health crisis. It generated $53 million in operating cash flow for the quarter. Moreover, La-Z-Boy grew its Furniture Galleries network by three stores.
For the full year, La-Z-Boy reported consolidated delivered sales of $2.05 billion. The company delivered gross margin expansion on GAAP and non-GAAP basis across all business segments. Moreover, it reported GAAP diluted earnings per share of $2.83 and non-GAAP diluted EPS of $2.98. It generated $158 million in operating cash flow for the full year and finished the year with a strong balance sheet of $341 million. La-Z-Boy opened six company-owned and acquired 11 independent Furniture Galleries stores.
La-Z-Boy aims to open more stores in the following fiscal year, even as it projects to combat “volatile” furniture demand. Shares of La-Z-Boy have dropped 7.24% in the year-to-date period. Its stock currently possesses a favourable price-to-earnings ratio of 12 while offering a quarterly dividend of $0.20 per share. That represents a 2.35% yield.