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La-Z-Boy Incorporated (LZB+1.09%) has submitted its 10-Q filing for the quarterly period ended October 26, 2024.
The filing reports a 2% increase in consolidated sales to $521,027,000 for the quarter, compared to $511,435,000 in the same quarter the previous year. The increase is attributed to retail acquisitions and higher delivered volume in the Joybird business.
Operating income for the quarter was $38,772,000, up from $33,612,000 in the previous year, with an operating margin increase to 7.4% from 6.6%.
The Retail segment's sales increased by 3.4% to $221,564,000, driven by acquisitions and a favorable product mix, though same-store sales declined.
The Wholesale segment reported a slight decrease in sales to $363,897,000, with operating income rising to $24,529,000 due to lower input costs and a favorable product mix.
Corporate and Other sales increased by 16.2% to $42,087,000, largely due to Joybird's improved performance.
Net cash provided by operating activities was $68,253,000, an increase from $56,876,000 in the previous year, primarily due to a smaller reduction in customer deposits.
Cash used for investing activities was $45,526,000, mainly for acquisitions and capital expenditures, while cash used for financing activities was $61,693,000, primarily for share repurchases.
The company reported an effective tax rate of 26.3% for the quarter, slightly lower than the previous year's 26.5%.
La-Z-Boy continues to focus on expanding its retail network and enhancing its enterprise capabilities as part of its Century Vision strategic plan.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the La-Z-Boy Incorporated quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.