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La-Z-Boy (LZB) investor relations material
La-Z-Boy Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Sales grew 2% in retail and 1% in wholesale, but consolidated sales declined 1% year-over-year to $492M due to a 20% drop in Joybird and lower international volumes.
Operating income fell 32% to $22M, with net income at $18.2M, reflecting margin pressures from higher supply chain costs and lower delivered volumes.
Opened two new stores and announced a 15-store Southeast acquisition, the largest in company history.
Maintained a strong balance sheet with $319M in cash, no external debt, and $36M in operating cash flow.
Joybird segment sales declined 20%, with physical stores outperforming online.
Financial highlights
Consolidated sales were $492M, down 1% year-over-year.
Adjusted operating income was $23M (4.8% margin); GAAP operating income was $22M (4.5% margin).
Diluted EPS was $0.44 GAAP and $0.47 adjusted, down from $0.61 prior year.
Net income attributable to shareholders was $18.2M, down from $26.2M year-over-year.
Capital expenditures were $18M, mainly for new stores, remodels, and manufacturing.
Outlook and guidance
Fiscal Q2 sales expected between $510M–$530M, with adjusted operating margin of 4.5%–6%.
Full-year capital expenditures projected at $90M–$100M, focused on new stores, remodels, and distribution transformation.
Minimal share repurchases expected for the rest of the year due to business investments.
Full-year tax rate anticipated at 26%–27%.
Continued investment in omni-channel and retail expansion, with a focus on long-term growth.
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