La-Z-Boy Incorporated Reports First Quarter Results; Retail Momentum With Positive Written Same-Store Sales

La-Z-Boy Incorporated reported first quarter results with a strong performance in its Retail segment, which saw a 16% increase in written sales and a 3% growth in written same-store sales. The Retail segment also experienced a 10% increase in delivered sales and improved operating margins. The company added four company-owned stores and signed an agreement to acquire two more, while concluding production at one of two announced plant closures. La-Z-Boy returned $35 million to shareholders through share repurchases and dividends. Consolidated sales for the quarter were $476 million, a 3% decrease compared to the prior year, partly due to the divestiture of its wholesale casegoods business. GAAP diluted earnings per share were $(0.06), while adjusted diluted earnings per share were $0.43. The company's CEO, Melinda D. Whittington, highlighted the strong momentum in the Retail segment, attributing the growth to marketing, product innovation, and in-store execution, despite industry challenges. She also noted the company's focus on its core upholstery business, ongoing transformations, and investments for long-term value creation.