La-Z-Boy reports record sales; expects Q1-23 sales rise of 7-10%

Global upholstery manufacturer La-Z-Boy has reported record sales and income for its fourth quarter and full year ended 30 April 2022.

The company said that Q4 sales were up 32% to $685m with retail sales rising by 20% to $233m. Net income resulted at $57.4m, up from $37.4m.

La-Z-Boy said the its fourth quarter performance reflected higher production, pricing and surcharge actions, and the extra week in the fiscal 2022 quarter, which increased sales by approximately $49m based on the average weekly sales for the quarter.

Meanwhile, full year sales rose 36% to $2.4bn, with retail sales up 31% to $804m. Net income resulted at $152.3m, up from $107.5m.

Bob Lucian, Chief Financial Officer of La-Z-Boy Incorporated, said: “We are pleased with our strong fourth quarter execution, as we leverage our manufacturing investments to service our large backlog. We expect current macroeconomic and geopolitical uncertainty and its effect on consumer sentiment will likely cause demand trends to remain volatile for the foreseeable future.

“We are beginning to increase investments in marketing to drive demand for our strong brands to leverage their power in the marketplace, controlling the controllables, and improving our agility to navigate global supply chain disruptions.

“Taking all known factors into consideration, we expect delivered sales for the fiscal 2023 first quarter to be up 7% to 10% versus the first quarter of fiscal 2022, in a range of $560 million to $575 million, and consolidated non-GAAP operating margin to be in a range of 6.5% to 7.5%.”

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