Consolidated Sales Growth
La-Z-Boy reported consolidated delivered sales of $521 million, up 2% versus the prior year, marking the second consecutive quarter of sales growth.
Retail Segment Performance
Retail segment sales increased by 3%, driven by acquisitions, new store openings, and record Labor Day results. The Retail segment achieved a non-GAAP operating margin of 12.6%.
Joybird Achieves Breakeven
Joybird reported a 20% increase in delivered sales and achieved breakeven operating margin for the quarter.
Strategic Investments and Expansion
Progress in the Century Vision growth strategy with new store openings and acquisitions in the La-Z-Boy Furniture Galleries network. Also, a strategic partnership with DFS in the U.K. was announced.
Increased Dividend and Shareholder Returns
The Board increased the regular quarterly dividend by 10%. Approximately $28 million was returned to shareholders in the quarter via dividends and share repurchases.