NYSE$LZB
La-Z-Boy Incorporated · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported a strong increase in consolidated sales, driven by ongoing capacity increases and pricing actions, but faced challenges due to supply chain volatility and COVID-related impacts.
La-Z-Boy Incorporated reported a 22% increase in consolidated sales for the fiscal 2022 third quarter, driven by strong demand. However, the quarter was marked by supply chain volatility, COVID absenteeism, and challenges in hiring and training new employees, which impacted manufacturing efficiency and profit margins.
- Consolidated sales increased 22% to $572 million.
- Written same-store sales for the La-Z-Boy Furniture Galleries® network increased 3%.
- GAAP diluted EPS increased to $0.65, while non-GAAP diluted EPS decreased to $0.65.
- The company returned $32 million to shareholders through share repurchases and dividends.
Headline financials
Revenue & EPS history
La-Z-Boy · Revenue · Quarterly
$572M
Revenue by segment
La-Z-Boy · $620M total across 2 segments · Q3 2022
- Wholesale Segment$423M+20.7%68.2%
- Retail Segment$197M+18.7%31.8%
Forward guidance
La-Z-Boy expects delivered sales per week in the fourth quarter to be flat to slightly up versus the third quarter. Consolidated non-GAAP operating margin is expected to strengthen to the range of 7.5% to 8.5%.
Tailwinds
- Demand trends remain strong.
- Backlog will support strengthening delivered sales as capacity increases.
- Fiscal fourth quarter will benefit from containing 14 weeks compared to the third quarter which contained only 12 weeks.
- Sales and operating margin performance will improve incrementally as increases in capacity allow the company to more fully meet demand.
- Fixed costs will be leveraged with higher volume.
Headwinds
- Near-term production gains will be slower than previously expected.
- Global supply chain disruptions continue and disproportionately impact higher-end products.
- Casegoods import operations are expected to normalize during the first half of fiscal 2023.
- Supply chain disruptions continue.
- Higher-end products are disproportionately impacted.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2022
+2.0%
Avg return
Earnings day
+0.5%
Avg return
5 days after
-1.1%
Avg return
30 days after
53%
35 / 66 earnings
Positive
+21.8%
Q2 2012
Best reaction
-19.9%
Q1 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +15.3% | +13.4% | — | |
| Q3 2026 | -6.8% | -7.0% | -16.8% | |
| Q2 2026 | +20.2% | +24.7% | +33.1% | |
| Q1 2026 | -12.1% | -6.4% | -13.8% | |
| Q4 2025 | -2.3% | -5.6% | -4.9% | |
| Q3 2025 | +4.0% | -0.7% | -15.2% | |
| Q2 2025 | +0.0% | +2.1% | -0.6% | |
| Q1 2025 | -5.8% | -4.0% | +2.4% | |
| Q4 2024 | +20.7% | +12.4% | +26.5% | |
| Q3 2024 | -5.1% | -2.9% | -2.2% | |
| Q2 2024 | +11.9% | +15.4% | +17.4% | |
| Q1 2024 | -2.8% | -4.1% | +3.1% | |
| Q4 2023 | +0.0% | +1.1% | +15.4% | |
| Q3 2023 | +9.7% | +13.8% | -2.1% | |
| Q2 2023 | -6.3% | -8.2% | -14.2% | |
| Q1 2023 | +3.1% | -3.9% | -16.6% | |
| Q4 2022 | +5.7% | +8.5% | +17.1% | |
| Q3 2022 | -15.0% | -18.8% | -17.5% | |
| Q2 2022 | -6.8% | -2.9% | -2.8% | |
| Q1 2022 | -5.8% | -1.6% | -7.0% | |
| Q4 2021 | -12.1% | -13.4% | -18.8% | |
| Q3 2021 | -7.7% | -4.6% | +8.5% | |
| Q2 2021 | +5.1% | +4.6% | +7.1% | |
| Q1 2021 | +1.0% | -0.9% | -0.4% | |
| Q4 2020 | -1.3% | -5.4% | +3.1% | |
| Q3 2020 | +2.1% | +4.1% | -44.2% | |
| Q2 2020 | -15.3% | -11.0% | -14.4% | |
| Q1 2020 | -5.8% | -0.8% | +2.2% | |
| Q4 2019 | +7.3% | -10.2% | -6.7% | |
| Q3 2019 | +14.6% | +14.3% | +4.1% | |
| Q2 2019 | +5.9% | +5.5% | -2.6% | |
| Q1 2019 | +15.6% | +2.8% | -0.6% | |
| Q4 2018 | -4.2% | -10.1% | -2.3% | |
| Q3 2018 | +9.1% | +10.7% | +1.4% | |
| Q2 2018 | +12.7% | +14.9% | +6.8% | |
| Q1 2018 | -19.9% | -22.6% | -18.9% | |
| Q4 2017 | +17.4% | +18.5% | +19.4% | |
| Q3 2017 | -2.4% | -7.9% | -5.0% | |
| Q2 2017 | +3.1% | +11.4% | +13.9% | |
| Q1 2017 | -9.6% | -10.0% | -13.2% | |
| Q4 2016 | +5.2% | +5.0% | +14.0% | |
| Q3 2016 | +17.0% | — | — | |
| Q2 2016 | -0.1% | — | — | |
| Q1 2016 | +2.1% | — | — | |
| Q4 2015 | -1.8% | — | — | |
| Q3 2015 | -5.5% | — | — | |
| Q2 2015 | +5.5% | — | — | |
| Q1 2015 | -3.8% | — | — | |
| Q4 2014 | -3.3% | — | — | |
| Q3 2014 | -3.5% | — | — | |
| Q2 2014 | +10.1% | — | — | |
| Q1 2014 | +7.6% | — | — | |
| Q4 2013 | +3.7% | — | — | |
| Q3 2013 | +11.7% | — | — | |
| Q2 2013 | -10.9% | — | — | |
| Q1 2013 | -1.7% | — | — | |
| Q4 2010 | -11.8% | — | — | |
| Q4 2012 | -11.8% | — | — | |
| Q3 2011 | -0.9% | — | — | |
| Q3 2012 | -0.9% | — | — | |
| Q2 2011 | +21.8% | — | — | |
| Q2 2012 | +21.8% | — | — | |
| Q1 2012 | +8.5% | — | — | |
| Q4 2011 | +8.5% | — | — | |
| Q1 2011 | +7.0% | — | — | |
| Q3 2010 | +18.8% | — | — |
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