LZB - Earnings call transcript Q1 2025

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Operator

Good day, and welcome to the La-Z-Boy Fiscal 2025 First Quarter Conference Call. [Operator Instructions]. I would now like to turn the call over to the Director of Investor Relations and Corporate Development, Mark Becks. The floor is yours.

Mark Becks

Thank you, Kelly. thanks quarter. us and fiscal discuss everyone, first XXXX morning, for to joining our Good today Melinda SVP us Officer; With are and Chief President Bob Executive and Lucian, La-Z-Boy's and Whittington, CFO. La-Z-Boy Incorporated's segment and close through. and speak financials Melinda will performance the the open in Bob call, will to midway

of will a available them call We webcast through this the will Slides link, then telephone for and for presentation, which beginning call the this open be X our And year. you replay questions. will available week be to accompany may will view X afternoon.

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

differ page the Relations on call as measures, our risk Chief now over are most earnings could appendix well conference XX-K. materially. factors La-Z-Boy's key that President believe on results annual to our future Officer. our included risk News Whittington, tab review end Incorporated's The website, these is factors the SEC call filings. reasonable, we Although reconciliations the our and certain statements Executive could of the at Events to significant I which also it affect Investor these deck. With slide non-GAAP that, described encourage Also, you release an Form be information report under of our as in are We detailed our turn in other and available results includes our of will to Melinda as actual Melinda?

Melinda Whittington

We margin as X% the a in $XX furnishings of our $X.XX, furniture of twice market, share following the Wholesale July non-GAAP operating of prior strong industry quarter prior high quarter, $XX in despite million Non-GAAP a sales operating returned increasing up results segment flow sales $XXX home $XXX as for were repurchases of million X% for of continued to on delivered shareholders industry versus we broader for the in strong year, purchases. customers. sheet La-Z-Boy cash results dividends, million, external challenges. Highlights good million headwinds external posted the and and a Thanks, balance through year. with despite increased solid and morning, EPS Century the debt everyone. Yesterday, close cash We total and the Vision on quarter, the discretionary progress quarter. completing Midwest the included in X store store to malaise no our dealer another an in our with consolidated and a including signing Mark, ended and growth consumer general in first independent Florida our growth to quarter. acquire against Furniture continued and reported acquisition quarter year-over-year independent basis of which continued second strategy, pleased delivered sales Galleries one X.X%, agreement the

results increasingly Our a were guidance. We pleased with as become the has challenging. against first for quarter came backdrop our that were consumer line this in

to for uncertainty increasingly are we're macro couldn't will experience this our furniture enriching the are on agile Fed global homes. The sales rate challenged. teams their expected cuts mortgage calendar deliver high optimistic Nevertheless, housing later and brand, amplified environment operational elevated purchases. consumers turn that for quarter and supply truly in a strong to an and our an Further, headwinds Meanwhile, growth we more this be not more even costs than Structural that in and execution drive can adapting improving our focused demonstrating proud and furniture of industry geopolitical remains rates economic big to transforming and acceleration dampen still again continued to iconic of spur illustrates I with begin backdrop. recent in turnover subsequently year around. by ticket housing waiting our demand. agility and business, We ability resilient chain, our ever and business

strategy, towards to Century quarter quarter. around declined were of play sales the the Written first the in We the to our quarter tangible the key as increased consumers versus the furnishings same-store and segment outside offering to in written our continued and quarter Memorial company-owned and key total in pattern versus solutions retail with year's sales gain home drive year. market. Recapping of holidays. sales for fragmented Day our early disproportionate the of offense back segment quarter first Same-store furniture the sales company-owned consistently retail strongest first continue events written X% for last share Vision trends, long prior softened growth pulling spending term end X% our over

with rates stores conversion improving well design to year-over-year. continue execute both ticket average and very Our

and has La-Z-Boy prior only year. industry industry. Written quarter. data, able a furnishings our this the with first X traffic double-digit the X% company-owned of also furniture the X% of the our to sales same-store been Bureau Galleries of in quarter, Galleries outperforming home Census the for sales entire Furniture industry continuing months portion to first declines the for across U.S. declined Furniture XXX stores According year-over-year However, also declined versus offset our fiscal the same-store experienced La-Z-Boy network our

quarter. on the meaningful for a driven Turning year focuses increased prior written again most growth Joybird profitability. to to stores brand of compared XX as operating Joybird, balancing comparable period progress made year sales store the network the the and by across sales performance XX ago, versus against X% execution prior

double the to strategic up spend years market is to our we next is our to celebrate for framework, and at in century operating Looking is XXX Century first a the I fragmented. line our by furnishings XXXX. margins grow quarter Incorporated on our want top during longer as our pace a home double-digit few measured minutes long intention furniture progress the deliver the La-Z-Boy The Vision strengthen to and setting Recall, consistent This term. highly term, our enterprise. category over

are continue to business. the brands but our a market grow in largest the well of share, roughly to United only with one positioned States, strategically As we X%

We have last several expanded reach over La-Z-Boy's quarters. consistently brand the

segment Our to La-Z-Boy as from total gives now of with stores our XX% Furniture of Company-owned prior Furniture important quick the us greatest of ended Galleries. controlling all it XXX our company-owned the experience, and to year. features XX increased comprised comfortable the retail customized the the stores delight up opportunity with is upholstery which end-to-end portion stores, represent stores stores, Growing Galleries company-owned delivery. by network quarter the those consumer XXX and

manufacturing Our see agreement the the retail Florida new store opportunity we wholesale enables from to scheduled several store an total of over portion store La-Z-Boy are strength integrated To of growth the next the quarter, recently quarter. second acquired we acquisitions the and grow the in financially custom model. us the furniture deliver network our X signed consumer with benefits vertically during first allowing XXX the integrated acquire to opportunity additional immediately acquisitions. benefit from and expand dealer Galleries less network X company X to Furniture this to to store an to We close and approximately These and to and the point, in margins. profitability, see than meaningful independent to us an North in the company-owned weeks to network American through years footprint stores our accretive

dealers a of This growing enabled range has We provide a share brand. of are with voice of general brand also channel us business to to refined access and consumers La-Z-Boy the strategy. through the grow broader La-Z-Boy our

strong have underpenetrated like share mind strategic We market. us an partners have had results allowed Go, which with in To Rooms gain to

recliner creative into ways new products for and continue audience to look households. We more to bring and a iconic broader the La-Z-Boy reach like

Another anniversary August La-Z-Boy Live Lazy National after is celebrating debuting last Century pillar on brand Lazy our brand of X-year Day. strategy to which The Vision campaign, core its is expand our reach Long

initial connected mind. campaign, keep the brand our of The was increasing awards, seen video One best enhance we at have won The its Awards Live brand Idea among purchase in Since Lazy ThinkLA who to successful the awareness unaided the short-form Drum unaided from attempts A Long the Long at awareness, been Marketing to and introduction, the campaign Live of year goals and have top and Americas Awards. consideration has La-Z-Boy. numerous including the those and the Lazy into

have activated including and a espn.com. across with branded ways, in media Travis the Times, new new Jason Kelce integrations heights brand podcast sponsorship and We Amazon, and also New York

beloved La-Z-Boy consumers' Combs. the how even in to a in is was mentioned by minds, song Speaking recently brand Luke hit

move of connecting the are achieve broadening even into we broader an focused audience. with we year, the goal As impact campaign campaign on our its to second

Another for expanding focus within product development. reach brand La-Z-Boy is area

balance a the in open and stores and deliver sales motion brand stores pillar are upholstered major e-commerce market markets. optimizing where is markets, growth to in consumer Century consumer-centric XX are becoming year. process brand written of operating pleased is leader. Joybird in approach. from furniture With of relevant, us were we development insights our positive Our metro performance and digitally from another products and the trends of currently even in enabling the leveraging improved quarter key the core were The that core a are we our are native benefiting gaining we profitability. particularly Vision, halo is to sales category, develop prior We in effect more data-driven on-trend a more reclining

on real our the expansion estate overall term grow in potential to conditions. with to XX and over We have locations market identified the depending intermediate pace opportunities

capabilities, in believe has growth prudent pillar is long-term market long-term the continue dynamic the we Joybird make position supply it a to prospects to of our for chain foundational will share, as opportunity a We Century considerable to and continue expand more our to brand of final success. Strengthening Vision. building including investments

our steady better agility global of supply by our making improving operations. progress chain are model the We optimizing business

prudently last view manufacture managing no in to sew while footprint North we speed high-quality, consolidation quarter's mentioned we in to costs landscape, market. differentiator comfortable with challenging as Mexico our call, a we global and service to As our manufacturing operations optimize disruptions. cut In are furniture key this ability ensuring of American custom quick in our the

we for continued fiscal challenging macro enter our remainder we second expect As a the the of environment quarter, year.

the our progress reality. continue business outperform and to about in our rebound, the when through optimistic in remain can we continuing a we benefit. trends we Century quarter, Vision once forward made However, investing make Century to our again to that while look strong to We market Vision so disproportionately ability

over more call in the me to Bob? review results turn the detail. Bob to let Now

Robert Lucian

Thank you, everyone. morning, Melinda, and good

operating our reminder, X.X% our was GAAP last diluted present by segment, was believe leverage a $XX X% the operating a basis. first the operating million, versus volume XX prior year's retail operating business. underlying first Non-GAAP income versus a was better was due the operating year. release both partially press million and $X.XX was non-GAAP the a year which decline quarter. reduced conference non-GAAP within and Non-GAAP year, detailed versus cost million, in on fiscal $X.XX, year section performance are versus tables the of offset margin our a XXXX presentation GAAP driven X.X%, first unchanged and versus for was prior expansion. EPS point margin wholesale last the segment. the in reflects trends basis call items, margin EPS our of fixed and which reflecting $X.XX within quarter non-GAAP was we last GAAP Consolidated non-GAAP to Consolidated higher $XX GAAP in We exclude gross As quarter. results to diluted and basis, sales appendix quarter consolidated $XXX decrease primarily X% income delivered our of slides. On in by increased results

component the growing new XX.X% million, Gross and comments over delivered move here delivered through acquired to long-term cost of cost our driven the was non-GAAP retail prior flat year unless prior was I the sales roughly stores. This business for the decrease strategy non-GAAP residual specifically in will quarter sales deleverage otherwise. decreased year X% my the Retail from to focus benefited quarter. operating as on related increases on reporting, the retail of lower fixed delivery margin shortages. segment segment year-over-year. a from quarter, our with by XX.X% fixed backlog margin prior and $XXX our first year's versus supporting Starting As discussion, were to stated the

of which performance segment, retail basis points increased versus in customers, prices percentage X% segment sales last our Non-GAAP made our to wholesale consolidated partially was has for segment, and expense, lower Joybird year delivered to delivered lower driven by by from on within in the carry year quarter, X.X% than delivered to input our volume mix against unfavorable for increased period. was same the sales sales a external Other favorable Corporate non-GAAP margin shift company margin progress The versus sales reported products again the the segment. Non-GAAP first retail reportable intercompany channel XX Gross which basis, margin period X.X% in for consolidated the partially once improved to a period year's balancing our by gross business. a prior our SG&A increase increased by For the again compared meaningful quarter. versus offset generally the the brand than profitability. On to products to up prices, sold shift gross year, wholesale gross comparable our million, duty and improved year first delivered margin last XX a an and segment by gross margin and focuses primarily casegoods prior prior Furniture down the a reduced margin prior lower segments volume $XX lower wholesale sales and costs primarily sourcing, Galleries. Joybird towards and lower with $XXX due attributed mix our sourcing for offset lower to as in partially retail segment. delivered was X% relative customers, sales reduced versus basis with on points million, expansion, higher entire quarter attributed were leverage as commodity quarter by offset operating growth rate across all commodity costs improved fixed and in operating external to the period. towards expansion

our Additionally, continues as agile by of driven offset invest which consolidated in a expense our growth support opportunities. percentage segment. the business sales This higher and of wholesale future a was build a in percentage than by company to lower more a segment, model partially to sales shift SG&A has mix retail a

first XX.X% a quarter rate compared tax XX.X% prior basis effective was on the GAAP the Our for for to year.

partially the compensation. Our reduced of tax stock-based result effective from the benefits was tax rate of vesting

expenditures externally related and Turning remodels We million receivables to manufacturing a prior versus in strong in openings written no from resulting sheet $XXX the debt. during the generated operating in ended in the ago. We and in improvement We funded our retail in $XX quarter was year. activities the quarter with million with cash. in and mainly million The balance $XX cash quarter, increase store higher to customer cash a and decrease an spent showrooms. year versus sales primarily deposits a from facilities to $XX at million and market capital upgrades due

$X We also million spent the on during acquisitions quarter.

returned including under leaves we XXX,XXX via in our dividends. quarter, repurchased We repurchase available the For market in and repurchases, share million in million quarter, $XX to X.X the share shares dividends paid shares which the authorization. million shareholders existing approximately $X

to an share view cash repurchases our attractive We dividend continue our use as positive to and return and of shareholders.

and in business cash Our flow business of into capital share to XX% operating fiscal returned shareholders to reinvest approximately repurchases and our long term. is allocation was In allocation XX% XXXX, reinvested back capital XX% over dividends return the our XX% shareholders. and the target to into the

of the more Melinda, term let double-digit for fiscal call growth double items turning margins quarter. XXXX long with second Vision with benefit and rates. our normalized over several highlight before strategy, we to Century the back our industry growth and Now the rate continue me to target sales industry the operating growth Consistent important

believe continue recent we Looking comments furniture expect to and expected, recovery the be pointing to be later subdued with may than forward, expect year XXXX. we down to retailers from for potential XXXX, the coming fiscal to X a we fiscal Against the industry challenged. industry even demand now our throughout the total. to backdrop, X% fiscal continue our market range negative in outperform that Consistent anticipated similar more in performance estimate previously than to we to

non-GAAP expect we of quarter, the versus the of expect Further, million supported the be seasonality million. to increase second second to by range we to X% first X%. $XXX quarter modestly to in For to range the sales margin $XXX operating quarter,

prior As environment, margin than driven in near-term Furniture primarily our sales expected acquisitions in from versus expect the Century demand which continued La-Z-Boy growing challenging year, the negative margin pillar by we of we compression accretion the continue will invest new retail and Galleries stores more trends Vision to our segment. retail, independent from same-store offset

be challenges across industry. In the addition, is by near-term container in smaller due wholesale our others margin affected X Casegoods, businesses. business, with import disproportionately rates will of our consistent higher experiencing challenges import small to

impacted rates. being is a business wholesale broadly disruption, container consumer combination higher international of Our and lower temporary demand also by customer

second new year. stores the to the We of towards XX expect XX to La-Z-Boy half Furniture open skewed Galleries

We full the the the $X.XX for XX.X% non-GAAP to be of range our share. adjustments the for $X.XX to anticipate XX.X%. charges in of accounting We to be also to purchase expect tax in range per rate year for year

maintain the We includes expect for million we in levels. now pre-COVID finally, consistent network. And significant will to we fiscal to expect capital the building in $XX our back levels repurchases to strengthen of call be land Century and stores the trends, This worsening presuming strategy. I future, of retail to to our with $XX growth Vision company spending with no 'XX at range in And investments for invest the continue Melinda. dollar the as macroeconomic consistent million to turn share rate

Melinda Whittington

Bob. the making also our to achieving spite backdrop, In towards Thanks, Vision goals. industry Century of we progress challenging while continue outperform,

through across efficiency acquired focus chain our throughout expansion and driving growth expansion our driving La-Z-Boy agility on supply and stores, segment company-owned business. and of the retail margin execution brand, their and Our remains new of our improving

are disproportionately positioned to fundamentals well improve. industry We when benefit

ongoing the end great I fall, to for wish speaking all dedication. thank La-Z-Boy work to like you and their And in a you Incorporated with I of I forward and summer. Before again the I entire conclude, hard look would team

me to Now call let Mark. the turn back

Mark Becks

Thank you, Melinda.

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

Operator

now [Operator with Your questions. first Bobby Raymond Instructions] for from floor question The is Certainly. open Griffin James. is coming

Alessandra Jimenez

This is Alessandra Griffin. for Jimenez on Bobby

wanted a trends see Did you during improved increased promotional is the demand period, of monthly just mainly holiday about during any the Or traffic trends? quarter conversion August. at the rates? I to differences retail First, into and ask in notable function traffic

Melinda Whittington

major traffic traffic see remains all you companies the I reported we And across around strengthening think those Broadly, of virtually What is challenged. hear that have Yes. recently. that definitely holidays.

door. us, For stronger in year, of And converting traffic of saw job once a in Fourth but us, holidays our the of of we traffic then July. July really always challenged is we think trends. big isn't challenged nice of Memorial a more not as then, across are Day we folks of for a traditionally, biggest most experienced the also just and of holiday And trends. one course, more our do people saw the it's I industry, stores

volatile. we deeper people somewhat and remains see certainly more so drops in And on it And holidays events between. and focusing

Alessandra Jimenez

And That's about today? is wholesale to beginning international XQ of from and of restructuring bit, think Okay. XX helpful. in be the XX margins. the how then the as mentioned a points will offset should in it we pressure progressing still improvement then process wholesale? Do basis margins? the How relates achieve And Or to expect previously that specifically switching restructuring? you by gears casegoods to

Robert Lucian

work perspective productivity to QX. from speed doing to QX XX expect some Mexico to I and will slowly and delay quality down relative year, There's getting to up to of QX making improve end the from it the basis and basis a to by that get fiscal points. to the points in to perspective. We're and folks we're a been that progress XX hired against XX XX

Alessandra Jimenez

lastly where be year? then given me, And at for plans demand changed from would the it all helpful. advertising That's fiscal starting the you backdrop thought have your current Okay.

Melinda Whittington

believe strength I right? and Live Yes. Long of it's equation, We an brand. ongoing We the campaign to The sure mean the our want balance make out Lazy of our there. we're in

be out months but speaking, summer now, in you need be nobody the listening. is you can But with time, same there. to sometimes the where at so And is consumer and the particularly right

where optimizing times. we're and as spending So spending go we're kind of challenging how we through we're these much continuously

Operator

Your coming next KeyBanc. question is with Brad Thomas from

Unknown Analyst

within there's number the gaining What promotions? is your competition of This Taylor in just your could guess and thoughts some pricing relates bankruptcies for competitive on the to store are of the closures been of there what in the a Melinda, I And or as on Brad. landscape. potentially I competition that, terms seeing related to space. are if of you terms space start it in share? and some Maybe

Melinda Whittington

Yes.

of thoughts a on So that. couple

As made last disruption both and space. And with of manufacturers navigate super takes. a wholesalers these to has market, couple puts in fragmented and amongst of folks retailers very the and mentioned, years hard of amongst in sort the of our you all all the times for lot that

And of I industry, seen so from being big mobilized general, business. market consolidation do base. teams, particularly a folks is share us, suppliers certainly, of type for you of to that type of one we've opportunities or more our way quite a and an those think exit some in say sort we are to that in would supply that And the those thing. strong see our acquisitions take able where broadly, sales are few on and another. it's you seen opportunity in wholesale I successful And great through offer have around out of when a businesses going our very we than opportunity

part So definitely offer agility our retailers of to to to is drop ready customers out. benefited to also has solutions and And then as BXB business. wholesale being some both help our consumers and that those

still strong very right, costs input And us, versus opportunity here are sheet, an fact significantly to definitely benefits for pre-pandemic. industry, to we the there, tough of stay, in up that have that the pretty we're So space. Relative and balance thing course. a again, pricing,

they that the not holiday go crazy But to price have always not discretionary consumer we of anything decide may purchase. just Again, and to so lot watch a activity. certainly sort events the real continue there's challenged, those And to we're seeing prices. to drive into really of because We not points simply there. seen is attempts opening drop dramatic

of In haven't is in to prices really our or fact, last had And supplied or do have the that's with do needed alluded as to given caused in American-based actually actually business some quite the their hikes our bit that container so. importers, quarter to by we companies exception our casegoods to. a raise rate North footprint primarily something business we given

Unknown Analyst

the Great. of for And quarter That's longer-term how are Bob. guess But I retail the on I your XXX we super then about maybe And maybe down retail the year? understand XQ one throughout move helpful. basis margins thinking as be is weakest margins should segment? so. side, what thoughts was for And year. XQ then about or the the points that usually we

Robert Lucian

is to for positive and we comps. basis, get we do a same-store which comes expect on as regular ourselves term Longer this back to the expect to segment, back industry we get what

deliveries we for the our to accelerate that that you highest And has that continue year expect the In that's where slowly half back period. be get furniture be the the sales industry. short mid-teens. and where segment our highest the long-term of this both and for margins the the we the see QX focused see as because QX you and margin to what of improve into We retail and level against. typically, that business typically, margin to our expect We will QX plan, would as in lowest mentioned, saw that's is term, we're

Unknown Analyst

one And I more Great. then sneak if could in.

external that more pretty increase wholesale you X% to had of customers. within that good to kind results understand for You us segment, Can sales improvement? little in unpack bit the the a

Melinda Whittington

sales external yes, company-owned think and really I more our decent take general a saw then is consumers. our big course, our of the is of amount first customers independently that Furniture last are dealers, total whereas broad to array for a wholesale we that, quarter product is X% starting business. this in get so Galleries on supporting But which to And a driving retail, that thing those was our it's come much What a owned year, sales as customers well that wholesale. to Yes. business of multi-brand still depressed back, our

sort X customers seen bit retail, last the we've strengthening external took to Those a our So little years. even of challenging longer come in through sequential back.

really the in benefit that you're seeing quarter. of so And first here this

Robert Lucian

then Melinda to mentioned is getting been wholesale in we've the increase Rooms more I To would for adding customers, specifically added. to just our we there's add expanding strategy segment our to stores, example, have helped but relative Those also and product some one others mentioned And channel thing what that available including Go, the new like, sales.

Operator

question next Your is Company. Anthony & coming from Lebiedzinski Sidoti with

Anthony Lebiedzinski

far first, to follow the last just as up the So I segment. wholesale on wanted one here as

quantify as maybe same as as, far would any you So if some up way far actually as what's guess I wholesale driving I you're customers. new the on attribute can that you what the know channel store picking adding actually actually? or there's their sales

So out And that? from if you for new is coming main wholesale of maybe parse are organic? the there reasons way that like could a how was versus much dealers what

Robert Lucian

out way wholesale the that a things and X specific new the we stores are how you're now markets customers But the the just Yes. fact parse just we the that customers that distribution We're markets. to you stores. that large Anthony. looking have because talked about are calling mentioned very out in for, We there have and specifically one, not don't way more more many is,

Row, adding component. But cetera. or and To Furniture Rooms one Go customers some that's we're So we're mom-and-pops like et losing

The year market wholesale depressed. you was will, other component to alluded if was Melinda the depressed, ago, a back that that still market was

normal year-over-year normal gotten order quarter, were to hadn't base. call their Our to rid getting what customers back back weaker basis, and they're a still would past rates order On now versus of they this inventory I a rates. those

things past what this versus quarter the those year of a was So over ago. X growth a is combination driving

Melinda Whittington

I long-time strategic and as X customers really really over store sharpening The Long we've out, focus additional coming Lazy so, our the we sharpening concept. that But with within Live our working store like are strategically our the would build together of we year so execution about on the that's that external even Studios, Comfort just our items or grow last us at got the in some customers. And as execution. comes to we things. successes very customers branded newer as through those real tend spaces that Slumberlands across some really end and strong with the to how that which partners, world is on We some brand network for and existing execution also we're consistent talk our network are so side well end, really that of helping on businesses of the of feels expanding

Anthony Lebiedzinski

then And obviously, Studio of of you concept, in Century far want at that, have how some many know your a part target as grown. terms as those the point Is to as actually, I Vision has there Comfort of that strategy?

Melinda Whittington

specific less that opportunities. and balancing execution. a about the we I right are Galleries reason it's is Furniture think about with And more say the number I Studio constantly opportunities Comfort

really to a model that the best end consumer. distribution make compatible we So benefits we need have sure

they target other we And so be and or independently not a owned those true Studio opening So opportunities time, balancing ready with at customers as specific ourselves see up for external this. Comfort across any and partners are a given Furniture execution? then to on Galleries

Anthony Lebiedzinski

it. Got

Okay. traffic, And lower is it the as then an as industry-wide thing you said, as here. far obviously,

they buying of do starting wondering do the has to just holiday? Or that? the seeing promotion a consumers holiday? Day do you to sales. XX% Are Now the off mean when actual your that? I for benefits consumers think to actually for or get Labor When are you actually are website close to about waiting already start need

Melinda Whittington

early It's that. We're well, of know one. comment in little But on Anthony. you to X a this that industry day

holidays key you to the XX% a The year, that what is sort is than the to sort is that industry. years, doing of call the of of promotion not For drive to the honestly, of different the we've demand in for middle that action. across even of off call action been the depth see pandemic

that drive to those mind. even for many many We categories about are Labor of seen too of do this anything retailers you've look top many early across how experimenting, year. Day on you expand as say days will across to But promotions how kind

Anthony Lebiedzinski

Got it.

Okay. Understood.

lastly, Have about that? been Or then Okay. put offset through impacted to freight you by the to of rates? doing And a your obviously is it's higher that container are the rates. surcharges piece higher small but thinking you casegoods reflect business, ocean

Robert Lucian

implemented we orders. we've Anthony, already have, surcharges on new

on we operate However, a basis with LIFO casegoods.

to So line. bottom as immediately costs go come the those they in,

a before in, So product temporary there's the to we a had not they going while ordered. that going even were on to be mismatch actually cost and those take surcharges they take coming while a effect, when deliver surcharges take effect, those it's

Operator

now The time, remarks. concluded. this over closing turn back At like Q&A has Becks for any session floor I would to Mark to the

Mark Becks

our I be take day. and a Have Bob great follow-up in will calls. Melinda, Kelly. Thanks, offices to any

Operator

today's conclude does This conference everyone. you, Thank call.

phone may lines and at a have participation. Thank You disconnect day. wonderful your your you this time, for

La-Z-Boy (LZB) 21 Aug 242025 Q1 Earnings call transcript