|Over a month ago|
La-Z-Boy to resume operations at partial production at several plants » 16:3504/2204/22/20
La-Z-Boy announced it…
La-Z-Boy announced it will begin to resume operations at partial production capacity at several U.S.-based plants on April 27, following the temporary closure of its manufacturing facilities and company-owned La-Z-Boy Furniture Galleries stores in response to the COVID-19 pandemic. The company is resuming production to work through its existing backlog and to be able to service expected demand. Additionally, over the past week, based on various applicable state guidelines, the company opened several retail locations across the U.S. on a reduced schedule and expects to open additional stores in the coming weeks. Regional distribution centers remain operational to deliver in-process orders. The company remains focused on managing the business to preserve cash and to ensure the continued liquidity of the company.
La-Z-Boy downgraded to Neutral from Buy at Sidoti » 08:4204/1304/13/20
Sidoti analyst Anthony…
Sidoti analyst Anthony Lebiedzinski downgraded La-Z-Boy to Neutral from Buy with a $24 price target.
La-Z-Boy provides operational update » 16:1904/0904/09/20
La-Z-Boy provided an…
La-Z-Boy provided an update to its COVID-19 action plan. With a continued focus on the health, safety and well-being of its employees and their families, its customers and the communities in which it operates, the company will continue to: Evaluate plans and timing to re-open the 155 company-owned La-Z-Boy Furniture Galleries stores on a case by case basis, subject to applicable federal, state and local requirements and guidelines, including social distancing; as a result, the company expects the cadence of store openings to vary; Evaluate plans and timing to re-start production at its U.S.- and Mexico-based manufacturing facilities, in line with applicable federal, state and local requirements and guidelines, as well as customer demand, with no firm date established; the company is monitoring health, safety and market conditions continually and plans to open as conditions dictate; Operate its Regional Distribution Centers, adhering to safety guidelines, to deliver in-process orders. The company remains focused on managing the business to preserve cash and to ensure the continued liquidity of the company.
La-Z-Boy to temporary close U.S. manufacturing facilities amid COVID-19 outbreak » 18:1103/2903/29/20
La-Z-Boy announced its…
La-Z-Boy announced its response to the COVID-19 crisis. The company will temporary close its U.S. manufacturing facilities, effective immediately, to be re-evaluated on April 13, 2020. La-Z-Boy also announced the temporary closure of all company-owned La-Z-Boy Furniture Galleries stores is in process, with 130 of 155 stores currently closed, and the temporary closure of its Regional Distribution Centers once in-process orders are delivered. During this time, the company remains committed to serving its customers at La-Z-Boy.com and Joybird.com. Customers may still place orders which will be delivered when operations resume. In light of these temporary closures, the company is taking the following measured actions to facilitate a strong ramp up once it resumes operations: the furlough of approximately 6,800 employees, or approximately 70% of its global workforce; a salary reduction of 50% for senior management and 25% for salaried employees until further notice; additionally, the board of directors will forego the cash portion of its compensation until further notice; a freeze of the company's 401(k) match; elimination of all non-essential operating expenses and capital expenditures; elimination of the June quarterly dividend and termination of the share repurchase program indefinitely to prioritize near-term financial flexibility. In addition to almost $200M in cash, cash equivalents, restricted cash, and investments on hand, to strengthen its financial position and preserve liquidity, the company has proactively drawn $75M under its $150M revolving credit facility. The company plans to report its fiscal 2020 fourth-quarter and full-year results in the second half of June, and will update the investment community with more details on its various initiatives at that time. La-Z-Boy remains committed to paying dividends over the long-term and will seek to resume dividends as business conditions improve. Likewise, the company will reinstate share repurchases when it deems appropriate.
La-Z-Boy upgraded to Buy from Neutral at Sidoti » 08:5803/0903/09/20
Sidoti analyst Anthony…
Sidoti analyst Anthony Lebiedzinski upgraded La-Z-Boy to Buy from Neutral with an unchanged price target of $36. The shares are down 15% since the company reported results, which he sees as overdone. The company has posted the best results in the past few quarters among the residential furniture sector he covers, which reflects its strong brand, largely domestic footprint, effective marketing and solid execution, Lebiedzinski tells investors.
La-Z-Boy to acquire La-Z-Boy Furniture Galleries stores in Seattle market » 16:1903/0503/05/20
La-Z-Boy announced it…
La-Z-Boy announced it intends to acquire the business that operates six independently owned La-Z-Boy Furniture Galleries stores, with approximately $30M in annual retail volume, and one warehouse in the Seattle, Washington market. The transaction is a result of the planned retirement of independent dealers, Chris and Lisa Washko, who took over the stores in 2011, and the mutually agreed-upon decision that selling the stores to La-Z-Boy Incorporated would be in the best interest of their employees while providing for the greatest stability and continuity of the business. The transaction is expected to close in June and is subject to customary closing conditions. The stores will become part of La-Z-Boy's Retail segment, which today is composed of 155 stores. As La-Z-Boy is already recording a portion of the Seattle-based store volume in its wholesale segments, the acquisition of the six stores will contribute approximately $15M of additional sales annually to the company on a consolidated basis.
|Over a quarter ago|
Fly Intel: Top five analyst upgrades » 10:0702/2002/20/20
FVRR, TX, ALLY, ADI, LZB
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Fiverr (FVRR) upgraded to Overweight from Neutral at JPMorgan with analyst Doug Anmuth saying the company's second consecutive quarter of revenue growth acceleration to 42.6% year-over-year was driven by the fourth consecutive quarter of acceleration in active buyers growth to 16.5% year-over-year. 2. Ternium (TX) upgraded to Overweight from Neutral at JPMorgan with analyst Rodolfo Angele saying the company's negative earnings momentum has shifted as Q4 likely marked the bottom. 3. Ally Financial (ALLY) upgraded to Buy from Neutral at Nomura Instinet with analyst Bill Carcache saying although the acquisition of CardWorks broadens Ally's consumer lending portfolio, makes it more directly comparable to consumer finance peers, and positions it for earnings accretion, concerns around book value dilution led shares to trade lower by 12% on Wednesday. 4. Analog Devices (ADI) upgraded to Buy from Neutral at Citi with analyst Christopher Danely with the company reported "decent" fiscal Q1 results but provided "mixed" Q2 guidance due to the coronavirus impact. 5. La-Z-Boy (LZB) upgraded to Buy from Hold at Stifel with analyst John Baugh saying the company reported another solid quarter with the highlight being a 10.5% increase in same-store written orders for the entire store system and improved margin in the upholstery segment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
La-Z-Boy upgraded to Buy from Hold at Stifel » 04:5802/2002/20/20
Stifel analyst John Baugh…
Stifel analyst John Baugh upgraded La-Z-Boy (LZB) to Buy from Hold with a price target of $40, up from $33. The company reported another solid quarter with the highlight being a 10.5% increase in same-store written orders for the entire store system and improved margin in the upholstery segment, Baugh tells investors in a post-earnings research note. La-Z-Boy is weathering the "disruptors" like Wayfair (W), who are running into some difficulties, adds the analyst. He expects La-Z-Boy's EBITDA to grow near double digits for fiscal 2020 and 2021 and is surprised the stock didn't react more favorably to the Q3 results.
Fly Intel: After Hours Movers » 19:0502/1802/18/20
QUAD, SSTI, ENPH, HLF, SCPL, LZB, RPAI, XPER, FANG, DVN, TPH, TIVO, BBBY, GRPN, KNL, SGMS, APRN, AMED, BKD, TXG, LC, PLMR, BLUE, HSTM, KAR
UP AFTER EARNINGS:…
UP AFTER EARNINGS: Quad/Graphics (QUAD) up 25.0%... ShotSpotter (SSTI) up 20.1%... Enphase Energy (ENPH) up 11.8%... Herbalife (HLF) up 5.8%... SciPlay (SCPL) up 4.7%... La-Z-Boy (LZB) up 4.6%... Retail Properties of America (RPAI) up 3.0%... Xperi (XPER) up 2.5%... Diamondback Energy (FANG) up 1.9%... Devon Energy (DVN) up 1.9%... TriPointe Group (TPH) up 1.9%... TiVo (TIVO) up 1.5%. ALSO HIGHER: Bed Bath Beyond (BBBY) up 4.0% after guiding FY20 capital allocation. DOWN AFTER EARNINGS: Groupon (GRPN) down 24.9%... Knoll (KNL) down 13.6%... Scientific Games (SGMS) down 10.5%... Blue Apron (APRN) down 9.8%... Amedisys (AMED) down 9.0%... Brookdale Senior Living (BKD) down 6.4%... 10X Genomics (TXG) down 5.1%... LendingClub (LC) down 2.8%... Palomar (PLMR) down 2.8%... bluebird bio (BLUE) down 2.0%... HealthStream (HSTM) down 1.4%... KAR Auction Services (KAR) down 1.4%. Movers as of 18:30ET.
La-Z-Boy reports Q3 EPS 72c, consensus 63c » 16:2202/1802/18/20
Reports Q3 revenue…
Reports Q3 revenue $475.9M, consensus $481.05M.Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, "Our performance for the quarter continues to reflect the strength of the La-Z-Boy brand coupled with a powerful global supply chain that is delivering strong results. During the quarter, our company-owned Retail segment posted its seventh consecutive quarter of increased delivered same-store sales, and our Upholstery segment delivered double-digit profitability. We also generated $66 million in cash from operations and increased returns to shareholders. With a strong brand, supply chain, distribution network and balance sheet, we are focused on driving long-term profitable growth across the enterprise." Consolidated sales in the third quarter of fiscal 2020 increased 1.8% to $475.9 million, led by growth in the Retail segment. Consolidated GAAP operating margin increased to 11.0% versus 8.7% in the prior-year quarter. Non-GAAP operating margin increased to 9.4% in the current-year quarter versus 9.0% in last year's third quarter, reflecting improvement in the Upholstery and Retail segments.