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La-Z-Boy
La-Z-Boy (LZB) investor relations material
La-Z-Boy Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary18 Feb, 2026
Executive summary
Sales rose 4% year-over-year to $542 million, driven by 11% growth in Retail and a 1% increase in Wholesale, partially offset by declines in Joybird and Casegoods.
Retail expansion included four new company-owned stores and integration of a 15-store acquisition, the largest in company history.
Operating margin was 5.5% (GAAP) and 6.1% (adjusted), with GAAP diluted EPS at $0.52 and adjusted EPS at $0.61.
Operating cash flow for the quarter was $89 million, up 57% year-over-year.
Strategic initiatives included the sale of Kincaid Upholstery, a letter of intent to sell non-core casegoods businesses, and the planned closure of the UK manufacturing facility.
Financial highlights
Q3 2026 net sales: $541.6M (up from $521.8M in Q3 2025); GAAP operating income: $29.8M (down 15% year-over-year); adjusted operating income: $33.3M (down 6%).
GAAP net income attributable to shareholders was $21.7M, down 24% year-over-year; adjusted net income was $25.1M, down 12%.
Gross margin decreased 120 bps to 43.1% in Q3 2026; consolidated adjusted gross margin increased 10 bps year-over-year.
Operating cash flow was $89M for the quarter; free cash flow for the nine months ended Q3 2026 was $119M, up from $74M prior year.
Cash and cash equivalents at quarter-end were $306M, with no external debt.
Outlook and guidance
Fiscal Q4 sales expected between $560M and $580M, with adjusted operating margin of 7.5%-9%.
Five new company-owned stores to open in Q4, totaling 16 for the year.
Capital expenditures projected at $80-$90M for the year, focused on store growth, manufacturing, and distribution.
Full-year tax rate expected in the 27%-29% range; effective tax rate in Q3 2026 was 31.3%.
Strategic initiatives expected to result in a $30M net sales decrease but 75-100 bps improvement in adjusted operating margin.
How to sustain 75-100 bps margin improvement?
Retail expansion: impact on competitive landscape?
Joybird's path to profitable growth
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Next La-Z-Boy earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
La-Z-Boy
Next La-Z-Boy earnings date
47th Annual Raymond James Institutional Investor Conference2 Mar, 2026
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Frequently asked questions
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. The company operates through three segments: Upholstery Segment, Retail Segment and Casegoods Segment. La-Z-Boy Incorporated was founded in 1927 and is based in Monroe, Michigan.
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