La-Z-Boy hits record Q4 sales with 41.4% increase

La-Z-Boy Inc. brought in a 41.4% year-over-year increase in sales for its fourth quarter ended April 24, turning in a record fourth quarter and helping to bring up its numbers for the fiscal year by nearly 2%.

Sales for the quarter were up $152.2 million to $519.5 million, reaching $1.734 billion for fiscal 2021.

In its earnings report, La-Z-Boy said written same-store sales for the La-Z-Boy Furniture Galleries network doubled from Q4 2020 to Q4 2021. For the year, written same-store sales increased 31% year-over-year.

Net income also made significant increases. For the quarter, net income rose to $37.5 million, or 81 cents per share, up from $2.3 million or 5 cents per share for the 2020 period.

For the fiscal year, net income reached $106.5 million, or $2.30 per share, a 37.4% increase from the $77.5 million reported for 2020.

“In an extremely difficult year marked by the pandemic-related macroeconomic uncertainty and supply chain disruption, we delivered strong results,” said Melinda Wittington, president and CEO, adding, “For the fiscal 2021 full year, we delivered consolidated non-GAAP operating margin of 9%, generated $310 million in cash from operations and returned $61 million to shareholders through share repurchases and dividends.”

She noted that for the fourth quarter, record sales let to all-time record profits, which she attributed to increased production capacity, performance by the network of stores, and the growth and profitability of Joybird.

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