La-Z-Boy Reports Record Sales for Fiscal 2022 First Quarter

MONROE, Mich., Aug. 17, 2021 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential furniture, today reported operating results for the fiscal 2022 first quarter ended July?24, 2021.

• Consolidated sales increased 84% to $524.8 million

Strong written order trends:

• Written same-store sales in the company-owned Retail segment increased 22%
• Written sales for Joybird increased 31%

Melinda D. Whittington, President and Chief Executive Officer of La-Z-Boy, said, "The La-Z-Boy enterprise delivered all-time, record-high sales for a quarter, even with our annual one-week maintenance shutdown in July. We are excited about our future as demand trends remain strong across all business units, our cash position is solid, and we are investing in our business for continued success throughout the pandemic period and beyond."

Whittington added, "While we increased our production capacity in the period, we also continue to navigate our way through a volatile environment, including rapidly escalating commodity and freight costs, which have not shown signs of abating. To mitigate these historic rising costs, we took additional pricing actions in the quarter and, for the first time, imposed a surcharge on pending dealer orders in our backlog to help mitigate these significant cost increases in the near term."

La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The Wholesale segment includes England, La-Z-Boy, American Drew?, Hammary?, and Kincaid?.?The company-owned Retail segment includes 157 of the 352 La-Z-Boy Furniture Galleries??stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture.

The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 352 stand-alone La-Z-Boy Furniture Galleries??stores and 560 independent Comfort Studio??locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at?https://www.la-z-boy.com/.