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, Chief Accounting Officer and Treasurer |
• | Consolidated sales decreased 31.0% to $285.5 million, reflecting ongoing COVID-19 impact |
• | Written same-store sales for the entire La-Z-Boy Furniture Galleries® network increased 14.8% |
• | Consolidated operating margin: |
◦ | GAAP: 1.5% versus 5.7% |
◦ | Non-GAAP(1): 3.1% versus 6.3% |
▪ | Wholesale(2): 9.4% versus 9.5% |
▪ | Retail: (6.8)% versus 6.0% |
• | Net income attributable to La-Z-Boy Incorporated per diluted share (“EPS”): |
◦ | GAAP: $0.10 versus $0.38 |
◦ | Non-GAAP(1): $0.18 versus $0.42 |
• | Cash generated from operating activities was $106.3 million |
• | Cash(3) was $336.7 million at quarter end |
• | a pre-tax charge of $3.5 million, or $0.06 per diluted share, related to the company’s business realignment, announced in June 2020, which included a 10% reduction in the company's global workforce and the closure of its Newton, Mississippi upholstery manufacturing facility |
• | pre-tax purchase accounting charges related to acquisitions completed in prior periods totaling $1.2 million, or $0.02 per diluted share, with $1.0 million included in operating income and $0.2 million expense included in interest expense |
• | pre-tax purchase accounting charges of $1.5 million, or $0.02 per diluted share, with $1.3 million included in operating income and $0.2 million included in interest expense |
• | a pre-tax charge of $1.5 million, or $0.02 per diluted share, related to the company's supply chain optimization initiative |
Quarter Ended | ||||||||
(Unaudited, amounts in thousands, except per share data) | 7/25/20 | 7/27/19 | ||||||
Sales | $ | 285,458 | $ | 413,633 | ||||
Cost of sales | 169,095 | 245,921 | ||||||
Gross profit | 116,363 | 167,712 | ||||||
Selling, general and administrative expense | 112,038 | 144,290 | ||||||
Operating income | 4,325 | 23,422 | ||||||
Interest expense | (459 | ) | (318 | ) | ||||
Interest income | 494 | 727 | ||||||
Other income (expense), net | 1,474 | (760 | ) | |||||
Income before income taxes | 5,834 | 23,071 | ||||||
Income tax expense | 1,155 | 5,083 | ||||||
Net income | 4,679 | 17,988 | ||||||
Net loss attributable to noncontrolling interests | 119 | 81 | ||||||
Net income attributable to La-Z-Boy Incorporated | $ | 4,798 | $ | 18,069 | ||||
Basic weighted average common shares | 45,909 | 46,820 | ||||||
Basic net income attributable to La-Z-Boy Incorporated per share | $ | 0.10 | $ | 0.39 | ||||
Diluted weighted average common shares | 45,965 | 47,125 | ||||||
Diluted net income attributable to La-Z-Boy Incorporated per share | $ | 0.10 | $ | 0.38 |
(Unaudited, amounts in thousands, except par value) | 7/25/20 | 4/25/20 | ||||||
Current assets | ||||||||
Cash and equivalents | $ | 334,204 | $ | 261,553 | ||||
Restricted cash | 2,476 | 1,975 | ||||||
Receivables, net of allowance of $5,983 at 7/25/20 and $7,541 at 4/25/20 | 97,374 | 99,351 | ||||||
Inventories, net | 180,401 | 181,643 | ||||||
Other current assets | 89,497 | 81,804 | ||||||
Total current assets | 703,952 | 626,326 | ||||||
Property, plant and equipment, net | 212,933 | 214,767 | ||||||
Goodwill | 161,597 | 161,017 | ||||||
Other intangible assets, net | 28,614 | 28,653 | ||||||
Deferred income taxes – long-term | 20,060 | 20,839 | ||||||
Right of use lease asset | 310,133 | 318,647 | ||||||
Other long-term assets, net | 66,458 | 64,640 | ||||||
Total assets | $ | 1,503,747 | $ | 1,434,889 | ||||
Current liabilities | ||||||||
Accounts payable | 61,917 | 55,511 | ||||||
Short-term borrowings | $ | 50,000 | $ | 75,000 | ||||
Lease liability, current | 64,399 | 64,376 | ||||||
Accrued expenses and other current liabilities | 248,230 | 155,282 | ||||||
Total current liabilities | 424,546 | 350,169 | ||||||
Lease liability, long-term | 262,225 | 270,162 | ||||||
Other long-term liabilities | 101,977 | 98,252 | ||||||
Shareholders' equity | ||||||||
Preferred shares – 5,000 authorized; none issued | — | — | ||||||
Common shares, $1.00 par value – 150,000 authorized; 45,989 outstanding at 7/25/20 and 45,857 outstanding at 4/25/20 | 45,989 | 45,857 | ||||||
Capital in excess of par value | 320,067 | 318,215 | ||||||
Retained earnings | 346,750 | 343,633 | ||||||
Accumulated other comprehensive loss | (5,232 | ) | (6,952 | ) | ||||
Total La-Z-Boy Incorporated shareholders' equity | 707,574 | 700,753 | ||||||
Noncontrolling interests | 7,425 | 15,553 | ||||||
Total equity | 714,999 | 716,306 | ||||||
Total liabilities and equity | $ | 1,503,747 | $ | 1,434,889 |
Quarter Ended | ||||||||
(Unaudited, amounts in thousands) | 7/25/20 | 7/27/19 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 4,679 | $ | 17,988 | ||||
Adjustments to reconcile net income to cash provided by operating activities | ||||||||
(Gain)/loss on disposal of assets | 14 | (536 | ) | |||||
Gain on sale of investments | (108 | ) | (4 | ) | ||||
Change in deferred taxes | 785 | (677 | ) | |||||
Provision for doubtful accounts | (1,575 | ) | 116 | |||||
Depreciation and amortization | 8,119 | 7,298 | ||||||
Equity-based compensation expense | 2,047 | 1,675 | ||||||
Change in receivables | 3,745 | 8,535 | ||||||
Change in inventories | 1,686 | (527 | ) | |||||
Change in right-of use lease asset | 16,469 | 16,101 | ||||||
Change in other assets | 4,031 | (8,792 | ) | |||||
Change in payables | 8,864 | (1,391 | ) | |||||
Change in lease liabilities | (15,857 | ) | (16,418 | ) | ||||
Change in other liabilities | 73,401 | (4,028 | ) | |||||
Net cash provided by operating activities | 106,300 | 19,340 | ||||||
Cash flows from investing activities | ||||||||
Proceeds from disposals of assets | 10 | 22 | ||||||
Proceeds from insurance | — | 642 | ||||||
Capital expenditures | (9,810 | ) | (12,299 | ) | ||||
Purchases of investments | (3,623 | ) | (5,288 | ) | ||||
Proceeds from sales of investments | 14,671 | 4,060 | ||||||
Acquisitions, net of cash acquired | (437 | ) | (5,438 | ) | ||||
Net cash provided by (used for) investing activities | 811 | (18,301 | ) | |||||
Cash flows from financing activities | ||||||||
Payments on debt and finance lease liabilities | (25,013 | ) | (47 | ) | ||||
Stock issued for stock and employee benefit plans, net of shares withheld for taxes | (1,749 | ) | (1,417 | ) | ||||
Purchases of common stock | — | (12,313 | ) | |||||
Dividends paid to shareholders | — | (6,112 | ) | |||||
Dividends paid to minority interest joint venture partners (1) | (8,507 | ) | — | |||||
Net cash used for financing activities | (35,269 | ) | (19,889 | ) | ||||
Effect of exchange rate changes on cash and equivalents | 1,310 | 655 | ||||||
Change in cash, cash equivalents and restricted cash | 73,152 | (18,195 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 263,528 | 131,787 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 336,680 | $ | 113,592 | ||||
Supplemental disclosure of non-cash investing activities | ||||||||
Capital expenditures included in payables | $ | 881 | $ | 2,416 |
(1) | Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested. |
Quarter Ended | ||||||||
(Unaudited, amounts in thousands) | 7/25/20 | 7/27/19 | ||||||
Sales | ||||||||
Wholesale segment: | ||||||||
Sales to external customers | $ | 179,755 | $ | 252,773 | ||||
Intersegment sales | 43,818 | 67,778 | ||||||
Wholesale segment sales | 223,573 | 320,551 | ||||||
Retail segment sales | 91,137 | 142,996 | ||||||
Corporate and Other: | ||||||||
Sales to external customers | 14,566 | 17,864 | ||||||
Intersegment sales | 2,175 | 2,688 | ||||||
Corporate and Other sales | 16,741 | 20,552 | ||||||
Eliminations | (45,993 | ) | (70,466 | ) | ||||
Consolidated sales | $ | 285,458 | $ | 413,633 | ||||
Operating Income (Loss) | ||||||||
Wholesale segment | $ | 17,940 | $ | 28,864 | ||||
Retail segment | (6,627 | ) | 8,477 | |||||
Corporate and Other | (6,988 | ) | (13,919 | ) | ||||
Consolidated operating income | $ | 4,325 | $ | 23,422 |
Quarter Ended | ||||||||
(Amounts in thousands, except per share data) | 7/25/20 | 7/27/19 | ||||||
GAAP gross profit | $ | 116,363 | $ | 167,712 | ||||
Add back: Purchase accounting charges - incremental expense upon the sale of inventory acquired at fair value | 297 | 117 | ||||||
Add back: Business realignment charges | 1,070 | — | ||||||
Add back: Supply chain optimization initiative | (50 | ) | 1,508 | |||||
Non-GAAP gross profit | $ | 117,680 | $ | 169,337 | ||||
GAAP SG&A | $ | 112,038 | $ | 144,290 | ||||
Less: Purchase accounting charges - amortization of intangible assets and retention agreements | (722 | ) | (1,192 | ) | ||||
Less: Business realignment charges | (2,472 | ) | — | |||||
Non-GAAP SG&A | $ | 108,844 | $ | 143,098 | ||||
GAAP operating income | $ | 4,325 | $ | 23,422 | ||||
Add back: Purchase accounting charges | 1,019 | 1,309 | ||||||
Add back: Business realignment charges | 3,542 | — | ||||||
Add back: Supply chain optimization initiative | (50 | ) | 1,508 | |||||
Non-GAAP operating income | $ | 8,836 | $ | 26,239 | ||||
GAAP income before income taxes | $ | 5,834 | $ | 23,071 | ||||
Add back: Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 1,189 | 1,502 | ||||||
Add back: Business realignment charges | 3,542 | — | ||||||
Add back: Supply chain optimization initiative | (50 | ) | 1,508 | |||||
Non-GAAP income before income taxes | $ | 10,515 | $ | 26,081 | ||||
GAAP net income attributable to La-Z-Boy Incorporated | $ | 4,798 | $ | 18,069 | ||||
Add back: Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense | 1,189 | 1,502 | ||||||
Less: Tax effect of purchase accounting | (235 | ) | (330 | ) | ||||
Add back: Business realignment charges | 3,542 | — | ||||||
Less: Tax effect of business realignment charges | (701 | ) | — | |||||
Add back: Supply chain optimization initiative | (50 | ) | 1,508 | |||||
Less: Tax effect of supply chain optimization initiative | 10 | (332 | ) | |||||
Non-GAAP net income attributable to La-Z-Boy Incorporated | $ | 8,552 | $ | 20,417 | ||||
GAAP net income attributable to La-Z-Boy Incorporated per diluted share | $ | 0.10 | $ | 0.38 | ||||
Add back: Purchase accounting charges, net of tax, per share | 0.02 | 0.02 | ||||||
Add back: Business realignment charges, net of tax, per share | 0.06 | — | ||||||
Add back: Supply chain optimization initiative, net of tax, per share | — | 0.02 | ||||||
Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share | $ | 0.18 | $ | 0.42 |
Quarter Ended | ||||||||||||
(Amounts in thousands) | 7/25/20 | % of sales | 7/27/19 | % of sales | ||||||||
GAAP operating income (loss) | ||||||||||||
Wholesale segment | $ | 17,940 | 8.0% | $ | 28,864 | 9.0% | ||||||
Retail segment | (6,627 | ) | (7.3)% | 8,477 | 5.9% | |||||||
Corporate and Other | (6,988 | ) | N/M | (13,919 | ) | N/M | ||||||
Consolidated GAAP operating income | $ | 4,325 | 1.5% | $ | 23,422 | 5.7% | ||||||
Non-GAAP items affecting operating income | ||||||||||||
Wholesale segment | $ | 3,004 | $ | 1,563 | ||||||||
Retail segment | 465 | 117 | ||||||||||
Corporate and Other | 1,042 | 1,137 | ||||||||||
Consolidated Non-GAAP items affecting operating income | $ | 4,511 | $ | 2,817 | ||||||||
Non-GAAP operating income (loss) | ||||||||||||
Wholesale segment | $ | 20,944 | 9.4% | $ | 30,427 | 9.5% | ||||||
Retail segment | (6,162 | ) | (6.8)% | 8,594 | 6.0% | |||||||
Corporate and Other | (5,946 | ) | N/M | (12,782 | ) | N/M | ||||||
Consolidated Non-GAAP operating income | $ | 8,836 | 3.1% | $ | 26,239 | 6.3% | ||||||
N/M - Not Meaningful |
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Document and Entity Information |
Aug. 18, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 18, 2020 |
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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