La-Z-Boy Q3 Profit Down; CEO Kurt Darrow To Retire

(RTTNews) - La-Z-Boy Inc. (LZB) reported that its third-quarter net income attributable to the company declined to $29.23 million or $0.62 per share from $34.51 million or $0.74 per share in the prior year.

Non-GAAP earnings per share were $0.74 compared to $0.72 in last year's third quarter.

Consolidated sales in the third quarter of fiscal 2021 decreased 1.2% to $470.2 million from last year, affected by temporary supply chain impacts from COVID-19.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share and revenues of $468.41 million for the third-quarter. Analysts' estimates typically exclude special items.

La-Z-Boy now expects fiscal 2021 fourth-quarter consolidated sales growth of 34% to 39% versus the prior-year quarter, and consolidated non-GAAP operating margin at the lower end of the 9% to 11% range.

On February 16, 2021, the company declared a quarterly cash dividend on the company's common stock of $0.15 per share, an increase of 7%. The dividend is payable on March 15, 2021 to shareholders of record as of March 4, 2021.

La-Z-Boy said that its president and chief executive officer Kurt Darrow will retire on April 25, 2021, after more than 40 years of service to the company. He will remain Chairman of the Board of Directors, in a non-executive capacity.

Melinda Whittington, Chief Financial Officer, was appointed by the Board to serve as President and CEO of La-Z-Boy. Robert Lucian, Vice President, Finance, will succeed Whittington in the role of CFO. In addition, Whittington was elected to serve on the Board of Directors, effective April 25, 2021.