La-Z-Boy (LZB +5.9%) reports same-store sales for the company-owned Retail segment increased 8.0% in Q4.
Written same-store sales for the 353-store La-Z-Boy Furniture Galleries network, including Canada, increased 0.8%.
Written same-store sales for the U.S. network of 318 stores grew 2.5%.
Upholstery segment sales fell 1.2% to $323.3M and casegoods segment sales decreased 12.9% to $26.65M.
Retail segment sales +24.9% to $151.9M.
Gross margin rate improved 220 bps to 41.8%.
Adjusted operating margin rate squeezed 230 bps to 8.6%.
Store count +3 Y/Y to 353.
Previously: La-Z-Boy EPS in-line, misses on revenue (June 18)
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