LZB - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, hello, and thank you for joining this La-Z-Boy Fiscal 2020 Third Quarter Results Conference Call. [Operator Instructions]

With that, I am pleased to turn the floor over to your host Kathy Liebmann. Welcome, Kathy.

Kathy Liebmann

Thank you, Jim and good morning. us our joining quarter XXXX for results. you to fiscal discuss third Thank morning La-Z-Boy’s Kurt Chief us are With this Darrow, and Whittington, Executive Melinda Chairman, CFO. Officer; and President

will the available We’ll then link, through of the and telephone call, will close this Kurt will questions. our for which open available for a the may presentation, replay will through. and webcast and call open you Melinda one-year. be mid-way And financials speak week, call Slides the be accompany this beginning to will to them view one afternoon.

the like made statements Before presentation, we some include La-Z-Boy’s that about remind statements begin today’s forward-looking call I’d to performance. you future in

risk these reasonable, our to be affect believe in could future our results we are differ Annual statements XX-K. that most Form factors Report on described could results Although significant our actual materially. The

risk to & conference includes Relations our information our SEC it reconciliations in you the our also review encourage website, which non-GAAP included at page available of slide We our the are as deck. is end those key an other call as the measures, and well Investor detailed tab on release appendix under Also, of as filings. of factors, certain earnings Events News

that, and Darrow, over Chief With I’ll the President turn Kurt La-Z-Boy’s Executive Chairman, now call to Officer. Kurt?

Kurt Darrow

and Thank morning you, good Kathy, everyone.

dividends digit purchases. million, operating double strong to $XX results, margins, through and included which of and a in consolidated double-digit quarter to we third million yesterday’s million, close of $XXX reported share return generation market, Following an increase operating shareholders cash sales $XX Upholstery GAAP margin,

quarterly the entire same-store and consecutive our global the our seventh Retail La-Z-Boy Gallery North period turned supply sales. XX.X%, consecutive reflects chain. segment company-owned increase written in La-Z-Boy coupled delivered brand, with same-store the its for powerful increased fourth network increase Our in America, quarterly Furniture the Across and sales the ongoing performance strength

remaining delivered Gallery La-Z-Boy fiscal all solid higher sales up year-to-date X.X%, same well-positioned the segment in up believe market consolidated with this performance. for our are speed and sales written our vibrant strong retail system X.X%, capture low to brand, trends consumer and Furniture are X.X% network are share very company-owned side, are environment we rates With high, La-Z-Boy on for positive Furniture we promise. confidence to and with macro offering at in results, a the vast interest our all Looking housing market our custom sales Galleries store

we’ll with walk I its start will our ongoing given through now excellent segment our results performance. retail you then segment by operating

to increased ongoing Our improved engagement deliver sales, by improved retail the segment continues with traffic excellent design store at execution level, room complete groups and more results, selling driven and consumers. strong trends

sales their for of increased for includes La-Z-Boy store increase Sales non-GAAP operating margin X.X%, Galleries quarter. to network, segment delivered $XXX own and same-store own seventh to stores, as both increased increased quarterly basis a for X.X% the the noted same in we X.X% million X.X% dealer company and sales increase year’s the and third basis, broader earlier. improved operating Across stores on last quarter X.X%. from from On a third which the consecutive XX.X% X.X% written to GAAP it XXX Furniture

results a the also a and featuring Kristen reflects the performance positive broad the in which moment, program. about bit The platform excellent for Canada in positive Bell, Brand, trend odd coupled year-to-date. this with believe little impact marketing our array the We reflect our momentum of talk our quarter strength of design more furniture La-Z-Boy and I’ll

dealers well program. Furniture in-store fueling the customer’s continually core La-Z-Boy our objective, store Gallery strength as our the across in preference The system to shop as our invest demonstrates to

was new was relocated stores third the across closed. quarter remodeled, three one network, and opened, one were the For were three

Galleries the are XXX year with and close La-Z-Boy open For store, two one, in Furniture one, new one the remodel XXX ending the quarter, with fourth concept. stores plans to relocate new

Now, on last XXX of business. raw increased GAAP efficiencies from year’s on margin XX.X% from XX.X%, more XX.X% operating up inflationary and reflecting in supply the operating and offset to XX.X%, sales increased to In million Upholstery third our non-GAAP segment, pressures wholesale quarter to chain by lower margin than materials.

La-Z-Boy which from Redlands Neosho, primarily we chain California facility. relates sales and margin, benefit net of in the facility as of optimization Upholstery Missouri to our our the most call supply excludes to plan, operating plants. production related shifted Siloam the and Springs, We our closed non-GAAP August, initiatives million, income of branded announced X.X Redlands, our Our of Arkansas part to

operations our We in from cut-and-sew cut-and-sew facility transitioned center were our large our to Mexico. Mississippi leather also

Although time these allow believe we us optimize operations, further cost, ongoing in moves will marketplace over and competitive include they our the to annual savings. strengthen short-term positioning will provide

campaign, momentum Comfortably consumer On Life our brand we there business, re-launch Kristen and the of with been the Live in the commercial the campaign of the increase as ambassador Bell. Kristen of month-by-month Since see spokesperson. recognition side continue new featuring to launch the has our

indicating Importantly, furniture style like fits consumers people increases as or seeing that we them. their La-Z-Boy for are in

is broadly combined the is the in the performance for that brand's marketplace. this believe La-Z-Boy quality We known and with strong the comfort driving brand

our to with as the great success side, upgrade wireless quarter, exceed with last recliners and noted increase the for are expectations. remote orders On experiencing power merchandising new we continuing

half memory its of various In sleek the wand selecting stylish are than option and consumers with positions. more fact,

sectional is collection introduced that market, pet upcoming for allows will April news friendly add to to line the high-point right consumer And hot sectional meet supergroup configurations business We of multiple At have now. also we iClean are our which featuring fabrics extremely technology, our well. needs. a doing sofa

that starting upgrades mechanism a give We will points. introduce us more offering seating also competitive will and motion and custom price leather enhance

impact of Casegoods and solid tariffs the flat reflecting operating X% on sales table essentially freight. to although was the last turning our from occasional Now, down segment year, margin slightly on increased a

table moved and occasional the our have to there vis-a-vis Vietnam stabilize quarter, done. is work much sourcing quarter some of last last still be business to although noted As we

moments we a on the Joybird, fiscal acquired few spend let Now, business e-commerce last August. me

Joybird quarter, the to prior from operating supply sales, million continued margin The decreased second its improve the delivered prior the fuelled XX% chain in gross For synergies. versus the year. period quarter. sequentially loss by The business quarter-over-quarter up versus and year XX

new Joybird continues and new line consumer fast top a through growth to bringing exhibit channel. pace is La-Z-Boy a

across the with performance. originally bottom-line Although and the about we value in Joybird's integration to remain efforts objective will improvements growth to business than model and growth add is trend slower with make prospects investments anticipated, continue the balance to optimistic long-term in

financials, a brief a Art the investors private guests on to and creditors, weekend's of Before with its the want respect to I continue it owner communities. exploring serving past its Van Melinda with make to and landlords equity options variety its goes Furniture can to comment about news ensure

us, closely, Van customer impact or monitoring for early one for than Art it’s but important to is accounts an end, While more we define our the To of are no our not may X% how customer may too business. situation sales. that consolidated this

to call Melinda. now turn our I over will

Melinda Whittington

morning Thank and everyone. you, good Kurt

for announced acquisitions Non-GAAP August, in of on you always one-time on non-GAAP during that the are the adjustments results our one-time our and both facility including supply the gain me and related purchased As quarter. accounting the results charges remind the let continue Redlands presenting basis. optimization our initiative sale to exclude to we GAAP chain

Additionally, excluded trends We in of better an business. impairment a for the performance an charge reflects presentation privately operating this start-up. this quarter, we and for held non-GAAP investment believe underlying

majority we quarter, X.X third charges, recorded in the and $X.XX XXXX corporate fiscal Joybird, in to is the acquisition share of For related pre-tax million which the other. per which of is diluted purchase accounting reflected or

quarter, our share to recorded X.X pre-tax $X.XX a is end $X.X of the charges. the investment In per GAAP last year's and a charge $X.XX million chain non-GAAP of supply per initiative. third per million $X.XX or as appendix always, optimization benefit million our press our diluted full diluted recorded pre-tax also net section related And purchased we call impairment. to $X on we We in conference share related included the reconciliation a share, at or diluted of accounting consolidated reported or of in And pre-tax slides. to release

second consolidated segment. GAAP million XX quarter. operating XX by consolidated income million retail prior was $XXX X.X% to our sales versus our led results, to Moving increased year million quarter in the

to benefit supply XX million optimization net purchase non-GAAP the consolidated in our related quarter. and charges, increased chain income Excluding last million year's accounting from initiative to operating XX

last in our our of programs, consolidated GAAP in related margin our included a Upholstery X%, a one-time benefit which last reflecting GAAP And non-GAAP was included XXX as our in was both year's the And quarter X.X% numbers. improvement reminder, and to operating XX% basis non-GAAP year's basis benefits X.X% employee retail was operating redesign a third segments. and quarter. Consolidated versus versus on points of margin

fiscal chain versus $X.XX the versus in of charge initiative. related share excludes quarter supply the and prior $X.XX diluted third share earnings for per optimization year last EPS share GAAP charges diluted was Non-GAAP XXXX were third to share $X.XX quarter diluted company's for accounting, purchase fiscal per per year's per XXXX the for Non-GAAP $X.XX $X.XX $X.XX diluted the results the benefit quarter. $X.XX impairment net period. in

to GAAP results fiscal year's quarter benefits employee the charge included $X.XX non-GAAP share changes. non-GAAP last $X.XX benefit for again diluted purchased the excluded a per related In results and XXXX, third quarter accounting third and

Turning to margin basis were margin improved Joybird consolidated basis gross contribution driven gross due businesses. which retail gross the increased growth business GAAP and both by of business than our changes to year gross points non-GAAP third versus higher the a prior quarter carry wholesale margin our increased points. XX gross points our mix, in basis margin, margin quarter XXX of consolidated in XXX and from

and portion segment employee reporting gross changes primarily offset higher of the Last benefited as segment, Consolidated favorable from freight year's prices. ocean supply occasional also chain decline non-GAAP our Casegoods the a one-time tariff the and included for material GAAP to inflationary margin tables. margin quarter also well a benefit due by gross margin Upholstery costs raw impacted on third pressures, higher from certain efficiencies in to benefits. from that as Additionally, was

points. mix percent SG&A Moving sales with SG&A, GAAP the prior on and business as SG&A XX basis increased quarter. basis to XXXX third the XXX by increased our to as fiscal compared consolidated quarter, points of in for percent of XX points a decreased SG&A sales a non-GAAP Changes year basis

quarter benefits $X.X the quarter non-GAAP redesign, and again which XXX included benefit employee one-time has Last basis, from point on million also and And SG&A a GAAP a percent of GAAP results. of sale was finally, been Redlands drove the in our non-GAAP both excluded year's for improvement in basis a as the a third included sales results. from

in XX.X% in with effective prior Absent third Our compared effective been the the for was tax quarter tax third quarter the fiscal rate adjustments, year XX.X%. rate XXXX have period. XX%, discrete would

Our our rate primarily of we taxes and effective state for to XX% fiscal rate, tax rate the varies due from full will effective federal tax be range the XX% XX% the in to continue to year. estimate statutory

$XX on operating in enhance we deposits, investments million due cash. and in the management. cash, million cash on million increased to earnings, sales, Turning generated improved with cash restricted in XX cash, cash, in We returns from period and customer written the stronger our equivalents, in retail capital to ended increase the $XXX quarter activities and working to

retail invested capital, our to stores. our manufacturing facility related to we quarter, the During equipment, upgrades investments machinery in and and Dayton primarily million] in [$XX

and our authorization. We existing availability also market of repurchase XXX,XXX million that million spent X.X which in program, of dividends shares leaves share purchase under the XX shares paid authorized under open in $X stock million purchasing

to returns provide priorities drive capital growth remain and our and with share Our the dividend to then to discretionary business invest allocation buyback. shareholders in

estimate XXXX stores. We than retail in the expenditures of several to and in lower timing expenditures to $XX million primarily expect of are to the of plant prior million, for capital to due have our fiscal $XX related total slightly projects. upgrades range These be to our proven

our fiscal of to And to you turning Kurt, again consistent I finally, with in call items remind previous quarters. callouts several for the want that XXXX back remainder the before

– excluding presentation, adjustments, non-GAAP supply charges continue our as well chain our with accounting to as optimization the related will to We purchase initiatives.

from to from any XXXX $X be liability of range future continue for For to on $X.XX to range effect Joybird earn consideration fiscal per adjustments date, outs the share payout for full where $XX the of $X.XX in revaluation to the plus the anticipated contingent acquisitions million could million.

segment, when share optimization per supply Also, report full diluted results. the been growth or fourth revolving including the seasonality $X.XX consolidated initiative, impact expect has to the the benefit With Redlands of we consolidated for in largest to quarter, a $X.XX Joybird reminder the sales our on Additionally, mix, quarter affect our which a quarter the may cost be of with to sale $X.XX could retail of in outpace chain mix our facility. the sales of for year level consolidated quarter. $X.XX total third fourth of historically

again Regarding for would acquisition to be given expected in range an with basis which XXX the year Joybird the SG&A cost SG&A changes Arizona basis QX, to increase note impact the we our the majority of full and consolidated mix the was of This of is mix points timing growing Joybird. retail acquisition. in points, the and XXX realized the of trends, in impact business of

share per of employee final fourth last charge and year's GAAP stages program. a the redesign the for finally, non-GAAP And benefits results $X.XX our included of one-time quarter

the remarks. turn to back now, concluding his Kurt And I’ll for call

Kurt Darrow

Thank you, Melinda.

of into about positioning I marketplace. year, La-Z-Boy's As positive feel fiscal in end we head the our the

includes brand, by profitable system, growth engaging Our foundation performing world-class strong marketing. drive return cash investments global and stakeholders. will our chain, strategic is our position and solid with and strong ongoing fuelled well to platform supply long-term combined store This

thank Kathy incorporated getting Kathy? La-Z-Boy your today the for and the questions. turn call provide for instructions will queue to in some interest you over to into want We for to

Kathy Liebmann

you, Kurt. Thank

the questions. instructions begin the period to We Jim, question-and-answer will queue into please the for now. review getting ask

Operator

We’ll I Baugh to thank comments [Operator and you Stifel. Kathy. from this hear your morning. first John Melinda would be And at glad Instructions] Kurt for

John Baugh

a I’ll jump quarter. on in. congrats and solid right morning good you, Thank

I in did curious you As was I issues, was, and soft how the question it quite number is a I'm strong? mentioned comments out that comp, you cadence it little just some guess, could parse it ticket, but which why strong, first if think Kristen on whether was know whether curious, prior, on was surprise Bell, traffic any you is good better, did your calendar during maybe you the so months, there

Kurt Darrow

can of give to been La-Z-Boy one investing their out another, way you of weighted itself don't indicate bill. XX, factors in dealers and you which John. stores a four the that and fit or that five would our consumers XX percentage I years quite a is trend number that start a think I can't I on factor or last give and shop preferred years inspiring with bit our have stores are research in are that stores old really but and

there’s region pockets doing, been much going upgrading coming and a a for great more Bell in to and the one way of their I is into on can't have younger one my close So, everywhere, both the what online of in it’s the market across teams increase look down issue a attracting build for rely television all comes been we're out get we who stores. call and do are the effort XX% Kristen execution, how marketing can't customer, but mind to of same-store big not, our to or they it’s give tickets, home, store the across has a a spokesperson comment us sales, fresh coming really strength our timing. whole to North have America see about and the sales just the you quarter, area, it’s the our

demand, no but only in was I’m had holidays. math shorten a think the the was last warm Northeast, would in days not, I pent-up there we winter more the have a know it snow do there was how on January Was specifically, weather probably thing year and major but little because don't significant, don't particular month between Christmas I Thanksgiving that and better to and a say I but

that a to that think sweet sure it’s and customer I multi-year we're of doing, I’m we're hurt, the that product spot and hasn't effort to determining but like. seems continue how our what and just going finding market So, bring market we to to

So, business. with we’re the pleased obviously direction of retail our very

John Baugh

you that into restructuring number, the else raws not of and jumped productivity other impact a you delve guess, us the it’s margins for that situation, know be I maybe is the something how and me Melinda, the I or the an Upholstery material action efficiencies Kathy, then quarters can being out outlook then will going lower." or forward, cost the if "Efficiencies byproduct may and that’s take? pricing and think a versus was few cited you. Kurt, restructuring you’ve reminded any And don't going to raw Okay. cost and at taken you Thank

Melinda Whittington

couple time of longer-term. work chain things know the Redlands the we on of and we as supply driving efficiencies you you benefit side move you over said, is fuelled that long kind this piece a A know, Sure, noted great the certainly see will for John. of that business we by a of things as of continuously have

now related through those We’re efficiencies, positive. term where too, on the still there but stage see cost is right to that, starting all that to of

as so, And of we’re on. continual say, know got – time that those rhythm looking efficiency, continual you’ve it’s for the would costs inflation same as I well just seeing that you that input

things On material most third in that by was much fourth a pretty of the raw of that the quarter, still benefit we have side quarter-on-quarter would quarter. the anniversaried

how we’re worked bit some one everything quarter, I’d to the and of a far quarter the even that. we're but benefited of obviously well. Broadly that we’d Upholstery true, margins our year-on-year altogether out on become that say, probably, the though probably very so favor And starting we’re of see in in as pleased as as kind current with this it’s

John Baugh

that guess could this lastly, us made about going you're influence it Talk to could it bring we business I'm your be you. virus, far could how And to happen without particularly there? over we've I talking business, the or quickly, think about walk Okay. Thank through to you what shut if but what seeing continue leather, down not us to in up. your and

Melinda Whittington

Sure.

you we employees majority So, most there. the operations but are suppliers part, monitoring of the very some obviously valuable have we for are our that us situation in very closely, continent, and North for and American nonetheless our the the know employees

have the we provided and and situation. first We’ve employees are temporarily is, So, brought home most our know is thing expats that we’ve we to while safe. we this safety there equipment important weather everyone our that –

we the on next end there, as down far the of really that's data again have things of see the all as continue If our have any Right at continue be the we to we’ll supply impact over things evolve, we to today, some for fourth with could material of to but of start as some As year. we peak that bit, with start quarter look on [indiscernible] and the current noted fiscal of to as and all not go don't work we expect issues, kind good, a little day-to-day very into leather see you components. Upholstery fiscal. we impacts watching potential how and to now, that suppliers it’s

Kurt Darrow

to point add. one just John,

our the support than some little which fiscal and lot actually from as the but is X online the who don't know get weave Apple coming a supply our tier could so the suppliers end to. fabric X we last tier week, year, hiccup think of to I this, over or visibility and don’t the back suppliers suppliers, there are X have related their are back yarns suppliers suppliers tier in suppliers Melinda in if X to particularly You there towards of glad they mentioned the and tier people chain China be but work, works the we're find

John Baugh

Good Thanks. luck.

Kurt Darrow

you, Thank John.

Melinda Whittington

Thank you.

Operator

question Raymond Griffin from of the Please will go ahead. line next come Bobby at Our James.

is line open. Your

Bobby Griffin

billed understanding, I and are on back the and maybe morning, congrats quarter. to products on you mostly operational reserves Thank I on help get from leather? just for a to actually suppliers your a are on that little relying factories for first guess, out wanted bit to taking fall up fabric virus, now question just Good or flowing us good you’ve better questions, inventory John's your you everybody. my

Kurt Darrow

came product And prior Chinese So, on get to a they’ve a if Chinese way, normally lot of Year. to and weeks water, right, now a bit, is you some people go New New back. back our still extended little few Bobby the it Year

comes hasn't didn't break There here went there we may been moving last shipped plan get and shift. It quite the that. on for four three be anything So, will but know. they every year, that for that before weeks, some we or stuff goods

low is concern made new well point, The forward, on about not and out is real plan and chain hitting deadlines this our supply at going our and team we stuff being monitoring but fabric concern ago. the that not right any we’ve want are of to it’s We closely, stories seen but disruptions, this how the couple weeks very see just from now next time-to-time the changing. we’re

Bobby Griffin

big but understand there guess the same-store GAAP That’s of I very just me, is there delivered are any stores sales, getting out the between delivered and or Okay. that helpful. is And sales we for next anything written the about the pretty think GAAP? own, for there products to sales help us issues timing

Kurt Darrow

operate with quarter everything that the strongest we and X-week to most January in delivered, after fact X-week Bobby Christmas through sold the did all we and three. month the get not backlog that was of January that The the

view at a our and no business. take unusual, there seasonal thankfully we hiccup between was but New normal vocation points Christmas just than plans So, little and Year, of better do rather nothing

Melinda Whittington

that pointed is written of you obviously are number gallery corporately the furniture that And network as the delivery owned. across where out entire ones Bobby, just

Bobby Griffin

I if the the at will January. Presidents you months I any you Day the least guess, trended one Kurt of us Well good have? will data give on about hear brought for you since how to see chance, up comments do take to

Kurt Darrow

Yes.

buy. really that shopping it’s poor holiday, have holiday. no ready were consumers after a very pleased day the this We we again only our over to with We’re out were only glad at that. do The to data and weather, point performance

So, we’re concluding shape. a holiday think I in good

Bobby Griffin

for best detail, the taking of quarter and my luck appreciate Great. thanks the Well again I in all questions. next

Kurt Darrow

Bobby. you, Thank

Melinda Whittington

you. Thank

Operator

from next with We’ll Instructions] Anthony Lebiedzinski hear Sidoti. [Operator

Anthony Lebiedzinski

and thank questions. for Yes, you the taking morning good

flat as performance mix, expectations the product the look far job on down nice guys as just quarter-over-quarter So, same-store in product mostly going your nice so the the you far sales, a wanted was also the to is show, Upholstery mix, and Upholstery at the of wanted XX-Q however, certainly you do forward? a nicely a dig breaking as ago, kind as just you what reasons in that versus to up year stationary so think why of

Kurt Darrow

I think seeing remarks around popular we the in recliner the and sectional mentioned growing sit and industry last whole that’s prepared sit we’ve the business. that our is larger growth that been a in on, can the more Anthony family over groups business, and TV, a both with few ourselves our little becoming months the

a changes but quarter-to-quarter, run dealers mix other category differently. may some not on Our and not we and our may things substantially, another promotion do one

shift significantly flow could don't out I that but way a you every I going nothing categories quarter tell than equal, there – trend always or I and other, is quarter. point a major So, but ebb any with that’s couldn't different one major is or our the the not in

Anthony Lebiedzinski

All right. explanation mentioned in it And that you for also as Thank than XX-Q that in well. is the proceeding you the you script Joybird, mentioned something as about your as far expected, Kurt. slower integration

that as integration helpful? on wanted follow-up expand So, I you as be is that issues could if the concerned, very far just to about would the

Melinda Whittington

on bit going balance with lot but take companies, interesting there to I'll be if for would you bit I that an been allusive a you say overall what’s What out you e-com to is, top at there look can it’s bottom a seems of growth, line Yes. progress. see line kind know a get one. if of

the is to loss balance those basis goal the of very on Joybird's we small the pleased XX%, top line smaller. a bottom on see getting that growth up while and smaller in were two is so we to and Our quarter line operating

are we on. together issues. say focused little to that thousand continuing would probably improve initially optimistically and more wouldn't is time are a than there just all taking say I those I we things have

– to in is is gross And so, the we our margin that. continue of last runway quarter, synergies. goal traditional still ahead recognized a There

the investment We that SG&A continue business hone well. as to on

new week across traction. nation honestly or last Over so quarter the we’re the and the where in see complete that launched last fully really to the starting website get just

feel We we’re per sequential – still I upfront. It and tackling of to more next to feel good going wouldn't maybe a seasonal we’re this we’re is we lot now we and to issues or on just se then to progress one to and So, that point lows very thing. any beginning blocking going continue sale. that make fiscal, again confident going hit hit realized

go the feel we to businesses. disproportionate that line we’ll on that, but driving what across like little continue of a through on narrow bit the we’re So, bottom is doing growth we’ll top rest gap of still while to the line, that our

Kurt Darrow

not the get in also to a years spend of faster, all wouldn't be profitable And we’re Anthony, but earnings student and shareholders we could from sales our I our to wait trying spend of – three at the with more marketing spend and cost aggressively and to our all we away don't and grow take could it enterprise. or return. us think four a want rest

we’re break a the our industry companies that So, look We around and aren’t making of any target. kind number a that balanced We’d of money. there is that’s approach. furniture taking trend like direct-to-consumer and to

Anthony Lebiedzinski

Alright.

you and luck. much best thank So, of very

Kurt Darrow

you. Thank

Operator

have that conclude today. or remarks we to back has. she for to questions our allotted closing telephone time does for turn that additional the that any Kathy Liebmann it like to And audience, I'd

Kathy Liebmann

in this me have Should follow-up out reach you everyone Thank our Jim. you, call for please to and participating questions, any morning. great Thank you have day. a

Operator

update. you all for today's your do gentlemen We does thank that participation. Ladies and conclude

rest the that You enjoy may hope now and we you disconnect your lines your of day.

La-Z-Boy (LZB) 19 Feb 202020 Q3 Earnings call transcript