Jun. 17, 2014, 5:35 PM
Jun. 17, 2014, 5:09 PM
- La-Z-Boy (LZB) -9.8% AH as investors aren't accepting the often-used weather excuse to explain FQ4 results which include the company's first decline in same-store in three-and-a-half years.
- Although overall sales rose 2.1% to $353M, same-store sales for the furniture galleries store network fell 0.9% for the quarter after an 11.2% increase in the year-ago period.
- LZB says sales were adversely impacted by weather issues beginning in FQ3, which affected the written order rate, and extending into FQ4.
Jun. 17, 2014, 4:22 PM
Jun. 16, 2014, 5:35 PM
Jun. 11, 2014, 9:34 AM
- ICSC forecasts comparable-store sales for retail chains will increase by 3.5% Y/Y in June.
- The pace is slightly less than the snap-back from a slow Q1 that some analysts forecast.
- The read on June from the research firm is that wholesale clubs (WMT, COST, PSMT) and furniture stores (PIR, BBBY, LZB, ETH, RH, HVT, KIRK, WSM) showed "outstanding strength" for the first full week of the month.
- Related ETFs: IYK, UGE, SZK
Apr. 29, 2014, 5:42 PM
Apr. 16, 2014, 5:57 PM
- La-Z-Boy (LZB) unveils plans to restructure its casegoods business, which represents ~10% of revenue, by transitioning to an all-import model for its wood furniture.
- LZB will discontinue production at its Hudson, N.C., plant, which handles bedroom furniture for the Kincaid and American Drew Lines, which account for a combined 12% of its wood-furniture business; LZB also will look to sell its youth-furniture unit, Lea Industries, saying it doesn't align with its long-term strategic objectives.
- The restructuring is expected to result in charges of $0.15-$0.17/share, mostly during its FQ4.
Feb. 25, 2014, 10:41 AM
- ICSC reports retail sales fell off last week despite warmer temperatures across the U.S.
- Though traffic was on the light side, a few categories showed improvement. Sales at wholesale clubs (COST, PSMT) and furniture stores (PIR, BBBY, LZB, RH, ETH, HVT) continued to show more resiliency in 2014 to weather than broad retail.
- ICSC forecasts February comp sales will improve 3%-3.5% Y/Y.
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Feb. 18, 2014, 12:10 AM
Feb. 17, 2014, 5:35 PM
Feb. 11, 2014, 9:35 AM
- ICSC attributes the weekly dip in retail sales to weather patterns, but a few bright spots did emerge.
- Despite slow traffic patterns, categories which showed strength included wholesale clubs (WMT, COST, PSMT) and furniture stores (LZB, ETH, HVT, PIR, BBBY)
- For the full month, the research group sees monthly comparable-store sales growth of between 3.0% and 3.5%. That mark reps solid sales growth for the period compared to prior forecasts, although ICSC warns the figure could change again with the weather.
- Related ETFs: XLY, XRT, VCR, RTH, RETL, IYK, FXD, FDIS, PMR, UGE, RCD, SZK, PEZ, PSCD
- ICSC PR
Jan. 6, 2014, 9:56 AM
Dec. 30, 2013, 10:26 AM
- Bob's Discount Furniture changes P-E hands, going to Bain Capital from Apax Partners.
- A deal for the furniture store chain is believed to be in the neighborhood of $350M.
- The company is in an aggressive expansion mode and in some markets competes with La-Z-Boy (LZB +0.7%), Tempur Sealy (TPX +0.4%), Bassett Furniture (BSET -0.2%), Ethan Allen (ETH -0.3%), and Pier 1 Imports (PIR -0.3%).
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