Q1 2025 La-Z-Boy Inc Earnings Call Transcript
Key Points
- Consolidated delivered sales increased by 3% year-over-year to $496 million.
- Wholesale segment sales grew by 5%, driven by higher delivered volume to external customers.
- Non-GAAP operating margin stood at 6.6%, with non-GAAP EPS at $0.62.
- Strong operating cash flow of $52 million, double the prior year's figure.
- Returned $42 million to shareholders through share repurchases and dividends, maintaining a strong balance sheet with $342 million in cash and no external debt.
- Retail segment delivered sales decreased by 3% due to lower delivered sales and fixed cost increases.
- Written same-store sales for the company-owned retail segment declined by 3% year-over-year.
- Non-GAAP operating margin for the retail segment decreased to 10.3% from 14.1% in the prior year.
- Joybird delivered sales decreased by 3% year-over-year.
- The company anticipates continued challenging macroeconomic conditions for the remainder of the fiscal year, potentially impacting future performance.
Good day and welcome to the La-Z-Boy fiscal 2025 first-quarter conference call. (Operator Instructions) I would now like to turn the call over to the Director of Investor Relations and Corporate Development, Mark Becks. The floor is yours.
Thank you, Kelly. Good morning, everyone, and thanks for joining us to discuss our fiscal 2025 first quarter. With us today are Melinda Whittington, La-Z-Boy Incorporated, President and Chief Executive Officer; and Bob Lucian, La-Z-Boy's , SVP and CFO. Melinda will open and close the call, and Bob will speak to segment performance and the financials midway through. We will then open the call to questions.
Slides will accompany this presentation and you may view them through our webcast link, which will be available for one year and a telephone replay of the call will be available for one week beginning this afternoon.
Before we begin the presentation, I would like to remind you that some statements made in today's call include forward-looking statements about
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