La-Z-Boy Incorporated reported its results for the fiscal 2015 third quarter ended January 24, 2015. Consolidated sales for the quarter increased 3.3% and consolidated operating income increased to $26.9 million.
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Wholesale Segments
For the fiscal 2015 third quarter, sales in the company's upholstery segment increased 2.2% to $286.3 million from $280.3 million in the prior year's third quarter. Sales in the casegoods segment were $26.0 million, up 1.0% from $25.8 million in the fiscal 2014 third quarter.
Retail Segment
In the third quarter of fiscal 2015, retail delivered sales were $89.8 million, up 11.9% compared with the third quarter of last year. On the core base of 92 stores included in last year's third quarter, delivered sales for the segment were up 4.7% compared with the year-ago period.
La-Z-Boy Furniture Galleries Store Network
System-wide, for the third quarter of fiscal 2015, including company-owned and independent-licensed stores, same-store written sales, which the company tracks as an indicator of retail activity, were up 6.5% versus last year's third quarter.
Total written sales, which include new and closed stores, were up 10.7% for the third quarter. At the end of the third quarter, the La-Z-Boy Furniture Galleries store system was composed of 326 stand-alone stores.
During the quarter, the company generated $23.3 million in cash from operating activities. It ended the third quarter with $98.4 million in cash and cash equivalents, $45.3 million in investments to enhance returns on cash, and $9.6 million in restricted cash.
In the period, the company had $15.9 million in capital expenditures, paid $4.1 million in dividends, and spent $16.1 million purchasing 640,000 shares of stock in the open market under its existing authorized share purchase program, leaving 6.3 million shares remaining in the program.
Dividend
The Board of Directors declared a regular quarterly cash dividend of $0.08 per share on the company's stock. The dividend will be paid on March 10, 2015 to shareholders of record as of February 27, 2015. ■