Did La-Z-Boy beat or miss consensus estimates last quarter?

What does La-Z-Boy do and what are its main business segments?

What is La-Z-Boy's gross profit margin?

What is the market's earnings forecast for La-Z-Boy next quarter?

What were the key takeaways from La-Z-Boy's earnings call?

What factors drove the changes in La-Z-Boy's revenue and profit?

What is the revenue and EPS growth rate for La-Z-Boy year over year?

What were the key takeaways from La-Z-Boy’s earnings call?

- **Revenue Growth**: Q3 delivered sales of $542M (+4% YoY), driven by 11% Retail segment growth and 1% Wholesale expansion.
- **Strategic Wins**: Largest retail acquisition ($80M annualized), 16 new stores opened in 12 months, and 75-100bps margin improvement from strategic initiatives.
- **Operational Strength**: $89M operating cash flow (+57% YoY), no debt, and $55M returned to shareholders.
- **Challenges**: Same-store sales down 4% YoY due to traffic, Joybird sales decline 13%, and Q4 guidance cautious due to weather impact.

**【Management Opening Remarks】**
- Mark Becks introduced the call, highlighting the release of Q3 2026 results and the availability of slides. He reminded participants of forward-looking statements and the importance of reviewing risk factors in SEC filings.

**【CEO Commentary】**
- **Q3 Performance**: Total delivered sales of $542 million (+4% YoY). Retail segment delivered sales grew 11% YoY, driven by new and acquired stores. 4 new company-owned stores opened, bringing total to 16 net new stores in 12 months. Wholesale segment delivered sales increased 1% YoY.
- **Strategic Initiatives**: Completed largest retail acquisition ($80M annualized sales), closed U.K. manufacturing plant, and sold non-core businesses (Kincaid, American Drew). Adjusted operating margin was 6.1%, near the high end of guidance.
- **Consumer Trends**: Same-store sales decreased 4% due to challenging traffic, but strong in-store execution (conversion rates, average ticket) offset some weakness. Joybird sales declined 13% YoY due to macroeconomic volatility.

**【CFO Commentary】**
- **Financial Highlights**: GAAP operating income of $30M, adjusted to $33M. Retail segment margin flat at 10.7%, Wholesale margin declined 50bps to 6% due to distribution investments. Consolidated adjusted gross margin improved 10bps to 38.3%.
- **Cash Flow & Liquidity**: Operating cash flow of $89M (+57% YoY). Ended quarter with $306M cash, no debt. Generated $55M in shareholder returns (dividends and buybacks).
- **Q4 Guidance**: Sales $560-580M, adjusted margin 7.5-9%. Capital expenditures $80-90M, including distribution project and new stores.

**【Q&A Highlights】**
- **Margin Improvement**: 75-100bps from strategic initiatives (acquisition, casegoods exit, U.K. closure). Distribution project to add 50bps margin upon completion.
- **Consumer Impact**: Weather delayed sales in late Q3, but President's Day trends were positive. Long-term focus on retail expansion and brand relevance.
- **Wholesale Growth**: Strategic partnerships (Slumberland, Rooms To Go) driving reach. Joybird remains small but rightsized for profitability.
- **U.K. Transition**: DFS partnership to replace FCS, with production shifting to global network. Margins expected to return to historical levels over time.

La-Z-Boy Incorporated (LZB) Q3 2026 Earnings Call Transcript

- **Revenue Growth**: Total delivered sales of $522 million, with Wholesale segment up 2% and Retail segment showing sequential improvement in same-store sales.
- **Strategic Acquisitions**: Completed 15-store acquisition, adding $80 million in annual sales, and exited noncore businesses to focus on core upholstery business.
- **Margin Expansion**: Adjusted operating margin of 7.1%, driven by Wholesale segment efficiency and cost control. Q3 guidance includes 50-75 basis points of margin improvement from supply chain transformation.
- **Cash Flow and Dividends**: Generated $50 million in operating cash flow, triple prior year. Announced 10% dividend increase, marking five consecutive years of growth.
- **Risk Management**: 90% of products manufactured in the U.S., mitigating tariff risks, with nominal pricing adjustments to offset remaining exposure.


**【Management Opening Remarks】**
- Mark Becks provided an overview of the call, emphasizing forward-looking statements and the availability of the earnings release and replay. He highlighted the company's strong financial position and commitment to shareholder returns.

**【CEO Summary Section】**
- **Q2 2026 Results**: Total delivered sales of $522 million, up slightly year-over-year. Retail segment delivered sales increased slightly, with total written sales up 4% and same-store sales improving sequentially. Wholesale segment delivered sales grew 2%, driven by North American La-Z-Boy business.
- **Strategic Initiatives**: Completed acquisition of 15 independent stores, adding $80 million in annual retail sales. Exited noncore businesses (Kincaid casegoods, American Drew casegoods) and announced closure of U.K. manufacturing facility. Consolidated 2 distribution centers as part of a multiyear supply chain transformation.
- **Financial Highlights**: GAAP operating margin of 6.9%, adjusted operating margin of 7.1%. Generated $50 million in operating cash flow, triple the prior year. Announced 10% dividend increase, marking five consecutive years of double-digit growth.
- **Market Positioning**: Named to Forbes' 2026 Best Customer Service list and rolled out new brand identity, generating positive consumer response.

**【CFO Financial Commentary】**
- **Consolidated Results**: GAAP EPS of $0.70, adjusted EPS of $0.71, flat year-over-year. Consolidated adjusted gross margin increased 10 basis points due to lower input costs, partially offset by supply chain friction costs.
- **Segment Performance**: Retail segment margin deleveraged due to lower same-store sales and new store investments. Wholesale segment margin improved 160 basis points, driven by lower warranty expenses and operational efficiency gains.
- **Liquidity and Capital Allocation**: Ended the quarter with $339 million in cash. Generated $50 million in operating cash flow, up from $17 million prior year. Capital expenditures of $20 million for new stores and supply chain investments. Returned $31 million to shareholders via dividends and share repurchases.
- **Q3 Guidance**: Sales expected in the range of $525 million to $545 million (1% to 4% YoY growth). Adjusted operating margin expected to be 5% to 6.5%, reflecting friction costs from portfolio optimization and macroeconomic uncertainty.

**【Q&A Key Highlights】**
- **Geographic Sales**: Canada remains challenging due to trade tariffs, but no significant regional disparities in the U.S.
- **Pricing Strategy**: Implemented nominal pricing adjustments to offset tariffs, with 90% of products manufactured in the U.S. Volume in the North American wholesale business was flat year-over-year.
- **Friction Costs**: Distribution transformation and portfolio optimization initiatives will impact Q3 margins, but long-term benefits include 50-75 basis points of margin improvement.
- **Inventory Management**: Tight working capital management reduced inventory levels, with no impact on in-stock rates.
- **Capital Allocation**: Fiscal 2026 capital spending tilted toward business reinvestment (e.g., distribution transformation, new stores). Dividend increases and share buybacks remain priorities for returning cash to shareholders.


La-Z-Boy Incorporated (LZB) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: Retail sales +2%, Wholesale +1%, despite industry headwinds. 15-store acquisition in Southeast to add $40M in incremental sales.
- **Margin Expansion**: Wholesale margin up 60 bps to 7.5%, driven by cost control. Distribution transformation to deliver 50-75 bps margin improvement over 4 years.
- **Balance Sheet Strength**: $319M cash, no debt. Q1 operating cash flow $36M. Share buybacks and dividend returns $22M.
- **Strategic Momentum**: Named #1 furniture retailer. 15 new stores planned for FY26, 3-4 Joybird openings. Distribution project on track with first hub operational.
- **Challenges**: Retail margin compression (-400 bps), Joybird sales decline (-20%). Consumer environment remains challenging with housing lows and traffic depression.

**【CEO Summary Section】**
- **Retail Segment Growth**: Q1 sales increased 2% (written sales +5%), driven by 13 new company-owned stores over 12 months and a 15-store acquisition in the Southeast (expected to close in October). Total retail footprint expanded to 205 company-owned stores (56% of 368 total network). Joybird sales declined 20%, but physical store performance outperformed online.
- **Wholesale Segment Expansion**: Delivered sales grew 1%, led by core North American La-Z-Boy business. Transitioned to a new Arizona distribution hub, first of 3 centralized hubs aiming to reduce costs and improve agility. Strong cash flow ($36M) and no external debt, with $319M in cash.
- **Strategic Initiatives**: Named #1 in furniture category by Newsweek. Launched updated brand campaign and Lazy Boy rebranding. Distribution transformation project expected to improve wholesale margins by 50-75 bps over 4 years.
- **Challenges**: Same-store sales down 4% in Retail, Joybird sales down 14%, and industry headwinds (housing lows, consumer pressure). Adjusted operating margin pressured to 4.8% due to store investments and de-leverage.

**【CFO Financial Commentary】**
- **Consolidated Results**: Q1 sales $492M (-1% YoY). GAAP EPS $0.44, adjusted EPS $0.47. Retail margin 6.3% (-400 bps YoY), Wholesale margin 7.5% (+60 bps YoY). Consolidated gross margin down 30 bps, SG&A up 150 bps due to store investments.
- **Segment Breakdown**: Retail sales $207M (+2%), Wholesale $353M (+1%). Joybird sales $28M (-20%). Wholesale margin expansion driven by lower warranty and marketing costs. Joybird operating loss widened due to low volume.
- **Liquidity & Capital Allocation**: Generated $36M cash flow. Capital expenditures $18M (stores, manufacturing). Share buybacks $22M (300K shares). Fiscal 2026 capex guidance $90-100M, with focus on distribution transformation and new stores.
- **Guidance**: Q2 sales $510-530M, adjusted margin 4.5-6%. Distribution project to drag margins for 2 years before savings materialize in year 3-4.

**【Q&A Highlights】**
- **Trends & Consumer Sentiment**: Sequential improvement in traffic and written sales in Q1, with early August trends positive but too early to confirm. Wholesale customers prefer La-Z-Boy's North American supply chain stability amid tariff uncertainty.
- **Store Ramp-Up**: New stores typically take 3 years to reach full profitability. Q1 margin pressure from 13 new stores over 12 months. Joybird store openings (3-4 in FY26) focus on physical experience over online.
- **Distribution Project**: Arizona hub transition complete. Project to reduce distribution costs, improve delivery radius (75→150 miles), and enable 30% sq. footage reduction. Marginal drag on margins for 2 years, with savings flowing in year 3-4.
- **Non-Core Businesses**: Evaluating alternatives for underperforming segments (e.g., international wholesale). Focus on core Retail and Wholesale businesses with strong cash flow and balance sheet flexibility.

La-Z-Boy Incorporated (LZB) Q1 2026 Earnings Call Transcript

- **Q4 Sales Beat Guidance**: $571M (+3% YoY), driven by 8% Retail growth and North America Wholesale momentum.
- **Cash Flow Strength**: $187M operating cash flow (+18% YoY), returning $113M to shareholders via buybacks and 10% dividend hike.
- **Store Expansion**: 11 new company-owned stores opened in FY2025, now owning 55% of 366-store network.
- **Joybird Recovery**: FY2025 sales +5%, with 13 stores and 3-4 new openings planned for FY2026.
- **Wholesale Margin Path**: Targeting 10%+ via distribution efficiency ($0.5M/year) and industry recovery.
- **Tariff Mitigation**: Nominal pricing (+low single digits) and inventory moves limit Q1 impact.

**【CEO Summary Section】**
- Fiscal 2025 Q4 delivered sales of $571 million, up 3% YoY, driven by Retail segment growth (+8%) and Wholesale core North America business (+2%).
- Full year consolidated sales reached $2.1 billion (+3% YoY), with Retail segment growing 5% and Wholesale 2%.
- Generated $187 million in operating cash flow (+18% YoY), returning $113 million to shareholders via dividends and buybacks.
- Opened 11 new company-owned stores (most in 20+ years) and acquired 7, now owning 55% of the 366-store network.
- Joybird sales grew 5% YoY, with 13 stores and plans for 3-4 new openings in FY26.

**【CFO Financial Commentary】**
- Q4 adjusted EBITDA of $54 million (+3% YoY), with Retail margin 13.1% and Wholesale 8.5%.
- FY2025 adjusted EBITDA of $161 million (+1% YoY), with gross margin improving 70bps to 38.3%.
- FY2026 Q1 guidance: sales $490-510 million, adjusted margin 5.5-7%, reflecting U.K. transition and distribution network investments.
- Capital allocation: 50% reinvested in business, 50% returned to shareholders (FY25: 48% reinvested, 52% returned).

**【Q&A Key Takeaways】**
- Wholesale margin expansion to 10%+ requires industry normalization and $0.5M/year in distribution efficiency gains.
- Tariff mitigation via nominal pricing (+low single digits) and strategic inventory moves, with minimal Q1 impact.
- Joybird physical stores outperforming digital, with 3-4 new openings in FY26 targeting urban, younger consumers.
- Supply chain resilience demonstrated by 1-week recovery from Arkansas plant damage, supporting consumer delivery timelines.
- Long-term outlook: double-digit Wholesale margins, 400+ store network, and brand refresh to drive DTC growth.

La-Z-Boy Incorporated (LZB) Q4 2025 Earnings Call Transcript

- **Topline Growth**: 4% Q3 sales beat industry trends, driven by 11% Retail and 9% Joybird growth.
- **Margin Expansion**: Non-GAAP margin +20bps to 6.8%, with Joybird breakeven after restructuring.
- **Strategic Momentum**: 362 total stores, 14-16 new openings FY25, and $125M free cash flow.
- **Challenges**: International Wholesale headwinds persist, but core North America business improving.
- **Tariff Resilience**: Agnostic supply chain and pricing actions to offset potential trade disruptions.


**【CEO Opening Remarks】**
- Q3 2025 delivered sales of $522 million, up 4% YoY, driven by 11% growth in the Retail segment and 2% in Wholesale. Joybird sales increased 9%.
- Non-GAAP operating margin expanded 20bps to 6.8%, with Retail same-store sales up 7% and Joybird achieving breakeven profitability.
- Strategic initiatives: 3 new company-owned stores opened, 2 acquired in Ohio, and 2 more to be acquired in Michigan. Total Furniture Galleries network expanded to 362 stores.
- Joybird's Pantone collaboration and Lincoln Park concept store highlight brand innovation and consumer engagement.

**【CFO Financial Review】**
- GAAP diluted EPS: $0.68 (vs. $0.66 prior year). Non-GAAP EPS: $0.68 (vs. $0.67 prior year).
- Gross margin improved 160bps to 34.2%, driven by lower input costs and Retail segment mix. SG&A as % of sales increased 140bps due to Retail expansion.
- Q4 2025 guidance: Sales $545-$565 million, non-GAAP margin 8.5%-9.5%. Free cash flow up 19% YoY to $125 million.
- Capital allocation: 50% reinvested in growth, 50% returned to shareholders via dividends and buybacks.

**【Q&A Key Takeaways】**
- **Sales Trends**: Q3 momentum sustained through November, with February early results mixed due to weather. Q4 outlook cautious but stable.
- **Margins**: Core North America Wholesale margin up 3q in a row; Joybird breakeven after restructuring. International headwinds expected to ease slowly.
- **Tariffs**: Proactive supply chain diversification and pricing strategies to mitigate risks.
- **Joybird Growth**: 3-4 new stores planned for FY26, focusing on profitability alongside expansion.
- **Century Vision**: 400+ store target by mid-2030s, with 54% of network now company-owned.


La-Z-Boy Incorporated (LZB) Q3 2025 Earnings Call Transcript

La-Z-Boy (LZB)-20 Nov 24-2025 Q2 Earnings call transcript

La-Z-Boy (LZB)-21 Aug 24-2025 Q1 Earnings call transcript

La-Z-Boy (LZB)-18 Jun 24-2024 Q4 Earnings call transcript

La-Z-Boy Incorporated (LZB) Q3 2024 Earnings Call Transcript

- **Revenue Growth**: Consolidated sales down 16% YoY, non-GAAP operating income $41M, EPS $0.74.
- **Design Channel**: 30% design sales, 5% avg ticket growth.
- **Supply Chain Restructuring**: 50-60bps gains post 2025Q1 closures.
- **Shareholder Returns**: $18M Q2 cash flow, 10% dividend hike.
- **Q3 Outlook**: $515-535M sales, 7-8% margins, Joybird $0.01-0.03 EPS.

**【Management Opening Remarks】**
- Mark Becks introduced the call, outlining the agenda and key executives (Melinda Whittington, CEO; Robert Lucian, CFO) while emphasizing disciplined execution and strategic initiatives.
- Highlighted the importance of the Long Live the Lazy brand campaign and supply chain restructuring.

**【CEO Commentary】**
- **Revenue Performance**: Consolidated sales decreased 16% YoY to $511M, with non-GAAP operating income of $41M and EPS of $0.74.
- **Segment Breakdown**: Retail segment sales down 15%, Wholesale segment sales down 18%, and Joybird sales down 15%.
- **Gross Margin Improvement**: 340bps YoY driven by cost control and brand campaign success.
- **Strategic Acquisitions**: 2 new stores opened and 1 independent store acquired in Lafayette, LA, contributing to 50% retail network ownership.
- **Holiday Trends**: November sales rebounded post-October softness, with early Q3 reads.

**【CFO Financial Commentary】
- **Cash Flow Management**: $31M Q2 cash flow from operations, $57M YTD, with $333M ending cash and $13M capex.
- **Tax Strategy**: 26.5% effective tax rate vs. 21% statutory rate.
- **Shareholder Returns**: $18M returned via dividends and buybacks.
- **Q3 Guidance**: Sales $515-535M, operating margin 7-8%, EPS $0.01-0.03.

**【Q&A Highlights】**
- **Design Sales Growth**: 30% of revenue from in-home design, 5% avg ticket increase.
- **Supply Chain Restructuring**: 50-60bps productivity gains post-2025Q1 closure of leased facilities.
- **Industry Dynamics**: Proactive M&A with 6 Midwest store agreements, 50% retail ownership.
- **Tax Allocation**: 50% of cash flow reinvested in business, 50% returns to shareholders.


Actual											0.72	0.49	0.18	0.82	0.74	0.87	0.55	0.85	0.65	1.07	0.91	1.05	0.91	0.99	0.62	0.74	0.67	0.95	0.62	0.71	0.68	0.92	0.47	0.71	0.61
Forecast											0.635	0.2025	-0.13	0.4967	0.7033	0.7433	0.5633	0.73	0.8933	0.92	0.6733	0.8533	0.6567	0.72	0.5533	0.62	0.7233	0.6967	0.6033	0.6433	0.6667	0.93	0.5267	0.54	0.5933
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+13.39%	+141.98%	+238.46%	+65.09%	+5.22%	+17.05%	-2.36%	+16.44%	-27.24%	+16.30%	+35.16%	+23.05%	+38.57%	+37.50%	+12.05%	+19.35%	-7.37%	+36.36%	+2.77%	+10.37%	+1.99%	-1.08%	-10.77%	+31.48%	+2.81%

LZB

LZB fundamentals

LZB Q3 2026 Earnings

Earnings Call

You can ask Aime

LZB

LZB fundamentals

LZB Q3 2026 Earnings

Earnings Call

LZB Earnings Call Summary for Q3/20268:30 AM on Feb 18, 2026

LZB Earnings Call Summary for Q2/20268:30 AM on Nov 19, 2025

LZB Earnings Call Summary for Q1/20268:30 AM on Aug 20, 2025

LZB Earnings Call Summary for Q4/20258:30 AM on Jun 18, 2025

LZB Earnings Call Summary for Q3/20258:30 AM on Feb 19, 2025

You can ask Aime