Tue, Jun 17, 8:23 PM (27 days ago)
**La-Z-Boy Incorporated (LZB) - Fiscal Year 2025 Summary** **Financial Performance:** - **Revenue:** $2,109.2 million, up 3% from 2024. - **Operating Income:** $135.8 million, down 9.9% from 2024. - **Net Income:** $100.9 million, down 18.3% from 2024. - **Earnings per Share (EPS):** $2.39, down 16.4% from 2024. **Segment Performance:** - **Retail Segment:** Sales up 5.1%, operating income down 5.6%. - **Wholesale Segment:** Sales up 2.2%, operating income down 17.3%. - **Corporate and Other:** Sales up 4.4%, operating loss decreased by 14%. **Strategic Overview:** - **Century Vision Strategy:** Focus on growing La-Z-Boy and Joybird brands, enhancing enterprise capabilities, and expanding retail presence. - **Retail Expansion:** Plans to open 13-18 new stores and remodel 20-25 stores in 2026. - **Wholesale Growth:** Focus on increasing sales to major dealers and expanding product assortment. **Future Outlook:** - **Market Position:** La-Z-Boy is the leading global producer of reclining chairs and one of the largest manufacturers/distributors of residential furniture in the U.S. - **Risk Factors:** Economic downturns, competition, supply chain disruptions, and changes in consumer preferences. - **Financial Condition:** Strong liquidity position with cash and cash equivalents of $328.4 million and a credit facility of $200 million. **Market Position Changes:** - **Retail Network:** La-Z-Boy Furniture Galleries® is the third largest retailer of single-branded furniture in the U.S. - **Brand Reach:** La-Z-Boy and Joybird brands are expanding through digital and physical retail channels. **Notable Changes:** - **Impairment Charges:** $20.6 million goodwill impairment in the United Kingdom segment. - **Acquisitions:** Several retail store acquisitions in 2025, including Lansing, Toledo, Melbourne, Cocoa, and Davenport. **Dividends and Share Repurchases:** - **Dividends:** $35.0 million paid in 2025. - **Share Repurchases:** $77.9 million spent to repurchase 2.0 million shares in 2025, with 3.7 million shares remaining for future repurchases.