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Shares of La-Z-Boy (NYSE: LZB) are trading down over nine percent following its fourth quarter earnings release on Tuesday.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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Below are some highlights and key takeaways from its conference call:
Growth and Operations:
• With respect to our overall results, we grew sales by $83 million or 6.6 percent to $1.36 billion.
• Increased operating income by $22 million or 32 percent to $89 million
• Almost doubling it from two years ago and generated $91 million in cash from operations
• Strengthened our balance sheet, ending the year with more than $200 million in cash, cash equivalents, investments and restricted cash.
• Wholesale Upholstery side, we experienced an increase in same store sales for the year of about 6 percent following a double-digit increase in 2013.
• The Upholstery group posted a 0.7 percent operating margin
• We also extended our contract with Brooke Shields, through November of 2016.
• Posted four quarters of profitability with a 3.7 percent operating margin for the year solidifying our position in the industry as a successful integrated retailer.
• Store count to more than 100
• Increased our quarterly dividend by 50 percent and returned $43 million to shareholders for dividend payments
• Quarter sales increased 2.3 percent, we posted a 10.9 percent operating margin while increasing the gross margin
• Same-store sales for the La-Z-Boy Furniture Gallery network were down slightly for the quarter
• Thirteen quarters of same-store sales increases
• We continue to operate our business with a philosophy and strategy designed to drive growth and profitability.
• Delivered sales in our Retail segment increased 7 percent to $79 million compared with last year's fourth quarter.
• On the core base of 91 stores included in last year's fourth quarter, sales for the segment increased 1 percent.
• The operating profit for this segment was $2.9 million compared with an operating profit of $4 million in last year's fourth quarter.
• For the year, we more than doubled our operating income.
• For the quarter consolidated operating income was $23 million compared with $27 million in the fiscal 2013 fourth quarter. The company reported net income from continuing operations attributable to La-Z-Boy Incorporated of $14.6 million, or $0.27 per diluted share, including a $0.06 per share restructuring charge.
• Capital expenditures for the quarter were $10.7 million and were $33.7 million for the year.