La-Z-Boy Incorporated reported its results for the fiscal 2016 full year and fourth quarter ended April 30, 2016.
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Consolidated sales for the fourth quarter increased 11.2% to $417.1 million compared with the fiscal 2015 fourth quarter. The fiscal 2016 quarter included one additional week, which had an approximate 8 percentage point impact.
Earnings per share from continuing operations attributable to La-Z-Boy Incorporated increased 18.4% to $0.45, including the previously announced $0.07 per share charge related to a pending legal matter in the fiscal 2016 fourth quarter.
Consolidated gross margin increased to 39.3% versus 35.6% in the fiscal 2015 fourth quarter.
Consolidated operating income for the fiscal 2016 fourth quarter increased 15.9% to $34.2 million, with the consolidated operating margin increasing to 8.2% from 7.9% in the fiscal 2015 fourth quarter.
The company generated cash from operating activities of $42.6 million during the quarter.
Same-store written sales for the La-Z-Boy Furniture Galleries® network increased 2.2% on a comparable basis.
Fiscal 2016 full-year highlights:
Consolidated sales for the full fiscal 2016 year increased 7.0% to $1.53 billion compared with fiscal 2015. The fiscal 2016 period included 53 weeks, with the additional week having an approximate 2 percentage point impact.
Earnings per share from continuing operations attributable to La-Z-Boy Incorporated increased 21.1% to $1.55, including the previously announced $0.07 per share charge in fiscal 2016 related to a pending legal matter.
Consolidated gross margin increased to 38.2% versus 35.4% in fiscal 2015. Consolidated operating income increased to $122.4 million from $103.2 million in fiscal 2015 with the consolidated operating margin increasing to 8.0% from 7.2% in fiscal 2015.
The company generated cash from operating activities of $112.4 million for the year.
Same-store written sales for the La-Z-Boy Furniture Galleries store network increased 2.0% for the full fiscal 2016 year on a comparable basis. The company returned $62.2 million to shareholders through share purchases and an increased dividend. ■