Date of Report (Date of Earliest Event Reported): | ||||
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of | (Commission | (IRS Employer | ||
incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
N/A | |||
(Former name or former address, if changed since last report.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Description | ||
99.1 | ||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
LA-Z-BOY INCORPORATED | ||
(Registrant) |
BY:/s/Lindsay A. Barnes | ||
Lindsay A. Barnes Vice President, Corporate Controller and Chief Accounting Officer |
• | Consolidated sales for the second quarter increased 1.8% to $447.2 million |
◦ | La-Z-Boy Furniture Galleries® stores: |
▪ | Written same-store sales for the La-Z-Boy Furniture Galleries® network increased 3.5% |
▪ | Delivered same-store sales for the company-owned Retail segment increased 5.0% |
• | Consolidated operating margin: |
◦ | GAAP: 6.6% versus 6.5% |
◦ | Non-GAAP*: 7.5% versus 7.3% |
• | Net income attributable to La-Z-Boy Incorporated per diluted share (“EPS”): |
◦ | GAAP: $0.48 versus $0.42 |
◦ | Non-GAAP*: $0.52 versus $0.48 |
▪ | Fiscal 2020 excludes a $0.03 charge for purchase accounting, a $0.04 charge related to the company’s supply chain optimization initiative, and a $0.03 benefit related to the fiscal 2019 termination of the company's defined benefit pension plan |
▪ | Fiscal 2019 excludes a $0.06 charge for purchase accounting |
• | Cash generated from operating activities was $34.4 million and the company returned $16.9 million to shareholders through share purchases and dividends |
Quarter Ended | Six Months Ended | |||||||||||||||
(Unaudited, amounts in thousands, except per share data) | 10/26/19 | 10/27/18 | 10/26/19 | 10/27/18 | ||||||||||||
Sales | $ | 447,212 | $ | 439,333 | $ | 860,845 | $ | 824,028 | ||||||||
Cost of sales | 264,823 | 264,928 | 510,744 | 501,101 | ||||||||||||
Gross profit | 182,389 | 174,405 | 350,101 | 322,927 | ||||||||||||
Selling, general and administrative expense | 152,788 | 145,905 | 297,078 | 271,267 | ||||||||||||
Operating income | 29,601 | 28,500 | 53,023 | 51,660 | ||||||||||||
Interest expense | (308 | ) | (501 | ) | (626 | ) | (605 | ) | ||||||||
Interest income | 522 | 392 | 1,249 | 994 | ||||||||||||
Other income (expense), net | 1,368 | (1,997 | ) | 608 | (1,105 | ) | ||||||||||
Income before income taxes | 31,183 | 26,394 | 54,254 | 50,944 | ||||||||||||
Income tax expense | 8,279 | 6,045 | 13,362 | 11,644 | ||||||||||||
Net income | 22,904 | 20,349 | 40,892 | 39,300 | ||||||||||||
Net income attributable to noncontrolling interests | (311 | ) | (337 | ) | (230 | ) | (985 | ) | ||||||||
Net income attributable to La-Z-Boy Incorporated | $ | 22,593 | $ | 20,012 | $ | 40,662 | $ | 38,315 | ||||||||
Basic weighted average common shares | 46,551 | 46,888 | 46,686 | 46,802 | ||||||||||||
Basic net income attributable to La-Z-Boy Incorporated per share | $ | 0.48 | $ | 0.43 | $ | 0.87 | $ | 0.82 | ||||||||
Diluted weighted average common shares | 46,879 | 47,259 | 47,010 | 47,219 | ||||||||||||
Diluted net income attributable to La-Z-Boy Incorporated per share | $ | 0.48 | $ | 0.42 | $ | 0.86 | $ | 0.81 |
(Unaudited, amounts in thousands, except par value) | 10/26/19 | 4/27/19 | ||||||
Current assets | ||||||||
Cash and equivalents | $ | 117,569 | $ | 129,819 | ||||
Restricted cash | 1,972 | 1,968 | ||||||
Receivables, net of allowance of $2,273 at 10/26/19 and $2,180 at 4/27/19 | 155,086 | 143,288 | ||||||
Inventories, net | 205,124 | 196,899 | ||||||
Other current assets | 81,838 | 69,144 | ||||||
Total current assets | 561,589 | 541,118 | ||||||
Property, plant and equipment, net | 210,400 | 200,523 | ||||||
Goodwill | 185,123 | 185,867 | ||||||
Other intangible assets, net | 29,458 | 29,907 | ||||||
Deferred income taxes - long-term | 20,911 | 20,670 | ||||||
Right of use lease asset | 302,300 | — | ||||||
Other long-term assets, net | 82,547 | 81,705 | ||||||
Total assets | $ | 1,392,328 | $ | 1,059,790 | ||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | — | $ | 180 | ||||
Accounts payable | 71,852 | 65,365 | ||||||
Lease liability, short-term | 64,024 | — | ||||||
Accrued expenses and other current liabilities | 181,730 | 173,091 | ||||||
Total current liabilities | 317,606 | 238,636 | ||||||
Long-term debt | — | 19 | ||||||
Lease liability, long-term | 252,456 | — | ||||||
Other long-term liabilities | 111,524 | 124,159 | ||||||
Shareholders’ equity | ||||||||
Preferred shares - 5,000 authorized; none issued | — | — | ||||||
Common shares, $1 par value – 150,000 authorized; 46,439 outstanding at 10/26/19 and 46,955 outstanding at 4/27/19 | 46,439 | 46,955 | ||||||
Capital in excess of par value | 314,239 | 313,168 | ||||||
Retained earnings | 336,989 | 325,847 | ||||||
Accumulated other comprehensive loss | (2,468 | ) | (3,462 | ) | ||||
Total La-Z-Boy Incorporated shareholders’ equity | 695,199 | 682,508 | ||||||
Noncontrolling interests | 15,543 | 14,468 | ||||||
Total equity | 710,742 | 696,976 | ||||||
Total liabilities and equity | $ | 1,392,328 | $ | 1,059,790 |
Six Months Ended | ||||||||
(Unaudited, amounts in thousands) | 10/26/19 | 10/27/18 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 40,892 | $ | 39,300 | ||||
Adjustments to reconcile net income to cash provided by (used for) operating activities | ||||||||
Gain on disposal of assets | (283 | ) | (72 | ) | ||||
Change in deferred taxes | 273 | 1,572 | ||||||
Provision for doubtful accounts | 350 | 315 | ||||||
Depreciation and amortization | 14,936 | 15,541 | ||||||
Equity-based compensation expense | 4,707 | 5,679 | ||||||
Pension plan contributions | — | (7,000 | ) | |||||
Change in receivables | (12,722 | ) | 122 | |||||
Change in inventories | (7,645 | ) | (15,037 | ) | ||||
Change in other assets | 28,136 | (15,781 | ) | |||||
Change in payables | 3,854 | 6,034 | ||||||
Change in other liabilities | (18,796 | ) | 15,411 | |||||
Net cash provided by operating activities | 53,702 | 46,084 | ||||||
| ||||||||
Cash flows from investing activities | ||||||||
Proceeds from disposals of assets | 88 | 256 | ||||||
Proceeds from insurance | 1,018 | 114 | ||||||
Capital expenditures | (22,949 | ) | (26,926 | ) | ||||
Purchases of investments | (17,798 | ) | (5,193 | ) | ||||
Proceeds from sales of investments | 13,171 | 7,754 | ||||||
Acquisitions | (5,875 | ) | (78,145 | ) | ||||
Net cash used for investing activities | (32,345 | ) | (102,140 | ) | ||||
| ||||||||
Cash flows from financing activities | ||||||||
Net proceeds from credit facility | — | 35,000 | ||||||
Payments on debt and finance lease liabilities | (95 | ) | (116 | ) | ||||
Stock issued for stock and employee benefit plans, net of shares withheld for taxes | 571 | 4,039 | ||||||
Purchases of common stock | (23,167 | ) | (11,610 | ) | ||||
Dividends paid | (12,151 | ) | (11,278 | ) | ||||
Net cash (used for) provided by financing activities | (34,842 | ) | 16,035 | |||||
Effect of exchange rate changes on cash and equivalents | 1,239 | (982 | ) | |||||
Change in cash, cash equivalents and restricted cash | (12,246 | ) | (41,003 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 131,787 | 136,871 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 119,541 | $ | 95,868 | ||||
Supplemental disclosure of non-cash investing activities | ||||||||
Capital expenditures included in payables | $ | 5,805 | $ | 4,442 |
Quarter Ended | Six Months Ended | |||||||||||||||
(Unaudited, amounts in thousands) | 10/26/19 | 10/27/18 | 10/26/19 | 10/27/18 | ||||||||||||
Sales | ||||||||||||||||
Upholstery segment: | ||||||||||||||||
Sales to external customers | $ | 253,249 | $ | 254,028 | $ | 484,016 | $ | 494,082 | ||||||||
Intersegment sales | 67,606 | 63,065 | 130,255 | 116,409 | ||||||||||||
Upholstery segment sales | 320,855 | 317,093 | 614,271 | 610,491 | ||||||||||||
Casegoods segment: | ||||||||||||||||
Sales to external customers | 23,972 | 26,242 | 45,978 | 50,645 | ||||||||||||
Intersegment sales | 5,418 | 5,135 | 10,547 | 9,118 | ||||||||||||
Casegoods segment sales | 29,390 | 31,377 | 56,525 | 59,763 | ||||||||||||
Retail segment sales | 148,404 | 139,686 | 291,400 | 258,914 | ||||||||||||
Corporate and Other: | ||||||||||||||||
Sales to external customers | 21,587 | 19,377 | 39,451 | 20,387 | ||||||||||||
Intersegment sales | 2,724 | 3,001 | 5,412 | 5,856 | ||||||||||||
Corporate and Other sales | 24,311 | 22,378 | 44,863 | 26,243 | ||||||||||||
Eliminations | (75,748 | ) | (71,201 | ) | (146,214 | ) | (131,383 | ) | ||||||||
Consolidated sales | $ | 447,212 | $ | 439,333 | $ | 860,845 | $ | 824,028 | ||||||||
Operating Income (Loss) | ||||||||||||||||
Upholstery segment | $ | 32,080 | $ | 32,152 | $ | 58,347 | $ | 56,036 | ||||||||
Casegoods segment | 2,205 | 3,761 | 4,802 | 6,841 | ||||||||||||
Retail segment | 8,412 | 6,563 | 16,889 | 11,021 | ||||||||||||
Corporate and Other | (13,096 | ) | (13,976 | ) | (27,015 | ) | (22,238 | ) | ||||||||
Consolidated operating income | $ | 29,601 | $ | 28,500 | $ | 53,023 | $ | 51,660 |
Quarter Ended | Six Months Ended | |||||||||||||||
(Amounts in thousands, except per share data) | 10/26/19 | 10/27/18 | 10/26/19 | 10/27/18 | ||||||||||||
GAAP gross profit | $ | 182,389 | $ | 174,405 | $ | 350,101 | $ | 322,927 | ||||||||
Add back: Purchase accounting charges - incremental expense upon the sale of inventory acquired at fair value | 198 | 2,448 | 315 | 2,491 | ||||||||||||
Add back: Supply chain optimization initiative | 2,754 | — | 4,262 | — | ||||||||||||
Non-GAAP gross profit | $ | 185,341 | $ | 176,853 | $ | 354,678 | $ | 325,418 | ||||||||
GAAP SG&A | $ | 152,788 | $ | 145,905 | $ | 297,078 | $ | 271,267 | ||||||||
Less: Purchase accounting charges - amortization of intangible assets and retention agreements | (1,191 | ) | (1,238 | ) | (2,383 | ) | (1,341 | ) | ||||||||
Non-GAAP SG&A | $ | 151,597 | $ | 144,667 | $ | 294,695 | $ | 269,926 | ||||||||
GAAP operating income | $ | 29,601 | $ | 28,500 | $ | 53,023 | $ | 51,660 | ||||||||
Add back: Purchase accounting charges | 1,389 | 3,686 | 2,698 | 3,832 | ||||||||||||
Add back: Supply chain optimization initiative | 2,754 | — | 4,262 | — | ||||||||||||
Non-GAAP operating income | $ | 33,744 | $ | 32,186 | $ | 59,983 | $ | 55,492 | ||||||||
GAAP income before income taxes | $ | 31,183 | $ | 26,394 | $ | 54,254 | $ | 50,944 | ||||||||
Add back: Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 1,555 | 3,875 | 3,057 | 4,020 | ||||||||||||
Add back: Supply chain optimization initiative | 2,754 | — | 4,262 | — | ||||||||||||
Less: Pension termination refund | (1,900 | ) | — | (1,900 | ) | — | ||||||||||
Non-GAAP income before income taxes | $ | 33,592 | $ | 30,269 | $ | 59,673 | $ | 54,964 | ||||||||
GAAP net income attributable to La-Z-Boy Incorporated | $ | 22,593 | $ | 20,012 | $ | 40,662 | $ | 38,315 | ||||||||
Add back: Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 1,555 | 3,875 | 3,057 | 4,020 | ||||||||||||
Less: Tax effect of purchase accounting | (413 | ) | (887 | ) | (753 | ) | (921 | ) | ||||||||
Add back: Supply chain optimization initiative | 2,754 | — | 4,262 | — | ||||||||||||
Less: Tax effect of supply chain optimization initiative | (731 | ) | — | (1,050 | ) | — | ||||||||||
Less: Pension termination refund | (1,900 | ) | — | (1,900 | ) | — | ||||||||||
Add back: Tax effect of pension termination refund | 504 | — | 468 | — | ||||||||||||
Non-GAAP net income attributable to La-Z-Boy Incorporated | $ | 24,362 | $ | 23,000 | $ | 44,746 | $ | 41,414 | ||||||||
GAAP net income attributable to La-Z-Boy Incorporated per diluted share | $ | 0.48 | $ | 0.42 | $ | 0.86 | $ | 0.81 | ||||||||
Add back: Purchase accounting charges, net of tax, per share | 0.03 | 0.06 | 0.05 | 0.07 | ||||||||||||
Add back: Supply chain optimization initiative, net of tax, per share | 0.04 | — | 0.07 | — | ||||||||||||
Less: Pension termination refund, net of tax, per share | (0.03 | ) | — | (0.03 | ) | — | ||||||||||
Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share | $ | 0.52 | $ | 0.48 | $ | 0.95 | $ | 0.88 |
Quarter Ended | ||||||||||||
(Amounts in thousands) | 10/26/19 | % of sales | 10/27/18 | % of sales | ||||||||
GAAP operating income (loss) | ||||||||||||
Upholstery segment | $ | 32,080 | 10.0% | $ | 32,152 | 10.1% | ||||||
Casegoods segment | 2,205 | 7.5% | 3,761 | 12.0% | ||||||||
Retail segment | 8,412 | 5.7% | 6,563 | 4.7% | ||||||||
Corporate and Other | (13,096 | ) | N/M | (13,976 | ) | N/M | ||||||
GAAP Consolidated operating income | $ | 29,601 | 6.6% | 28,500 | 6.5% | |||||||
Purchase accounting and supply chain optimization initiative affecting operating income | ||||||||||||
Upholstery segment | $ | 2,808 | $ | 101 | ||||||||
Casegoods segment | — | — | ||||||||||
Retail segment | 198 | 1,045 | ||||||||||
Corporate and Other | 1,137 | 2,540 | ||||||||||
Consolidated Non-GAAP charges affecting operating income | $ | 4,143 | $ | 3,686 | ||||||||
Non-GAAP operating income (loss) | ||||||||||||
Upholstery segment | $ | 34,888 | 10.9% | $ | 32,253 | 10.2% | ||||||
Casegoods segment | 2,205 | 7.5% | 3,761 | 12.0% | ||||||||
Retail segment | 8,610 | 5.8% | 7,608 | 5.4% | ||||||||
Corporate and Other | (11,959 | ) | N/M | (11,436 | ) | N/M | ||||||
Non-GAAP Consolidated operating income | $ | 33,744 | 7.5% | $ | 32,186 | 7.3% | ||||||
N/M - Not Meaningful |
Six Months Ended | ||||||||||||
(Amounts in thousands) | 10/26/19 | % of sales | 10/27/18 | % of sales | ||||||||
GAAP operating income (loss) | ||||||||||||
Upholstery segment | $ | 58,347 | 9.5% | $ | 56,036 | 9.2% | ||||||
Casegoods segment | 4,802 | 8.5% | 6,841 | 11.4% | ||||||||
Retail segment | 16,889 | 5.8% | 11,021 | 4.3% | ||||||||
Corporate and Other | (27,015 | ) | N/M | (22,238 | ) | N/M | ||||||
GAAP Consolidated operating income | $ | 53,023 | 6.2% | 51,660 | 6.3% | |||||||
Purchase accounting and supply chain optimization initiative affecting operating income | ||||||||||||
Upholstery segment | $ | 4,371 | $ | 204 | ||||||||
Casegoods segment | — | — | ||||||||||
Retail segment | 315 | 1,088 | ||||||||||
Corporate and Other | 2,274 | 2,540 | ||||||||||
Consolidated Non-GAAP charges affecting operating income | $ | 6,960 | $ | 3,832 | ||||||||
Non-GAAP operating income (loss) | ||||||||||||
Upholstery segment | $ | 62,718 | 10.2% | $ | 56,240 | 9.2% | ||||||
Casegoods segment | 4,802 | 8.5% | 6,841 | 11.4% | ||||||||
Retail segment | 17,204 | 5.9% | 12,109 | 4.7% | ||||||||
Corporate and Other | (24,741 | ) | N/M | (19,698 | ) | N/M | ||||||
Non-GAAP Consolidated operating income | $ | 59,983 | 7.0% | $ | 55,492 | 6.7% | ||||||
N/M - Not Meaningful |
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Document and Entity Information |
Nov. 20, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Nov. 20, 2019 |
Entity Registrant Name | LA-Z-BOY INCORPORATED |
Entity Incorporation, State or Country Code | MI |
Entity File Number | 1-9656 |
Entity Tax Identification Number | 38-0751137 |
Entity Address, Address Line One | One La-Z-Boy Drive, |
Entity Address, City or Town | Monroe, |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 48162-5138 |
City Area Code | 734 |
Local Phone Number | 242-1444 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $1.00 par value |
Trading Symbol | LZB |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000057131 |
Amendment Flag | false |
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