MONROE, Mich. - La-Z-Boy Incorporated (NYSE: NYSE:LZB), a prominent player in the furniture retail and manufacturing sector, announced today the appointment of Matt Baer to its Board of Directors, effective January 1, 2025. The addition of Baer will increase the board's membership to 11.
Baer currently holds the position of Chief Executive Officer at Stitch Fix (NASDAQ: NASDAQ:SFIX), an online personal styling service recognized for its leadership in the retail industry. His prior roles include Chief Customer and Digital Officer at Macy's (NYSE:M) and Vice President of eCommerce at Walmart (NYSE:WMT).com, where he was instrumental in advancing the company's digital initiatives.
Melinda Whittington, President and CEO of La-Z-Boy, praised Baer's extensive retail leadership experience and his track record in digital transformation, expressing confidence in his ability to contribute significantly to the company's Century Vision growth strategy. Michael Lawton, Chair of the Board, echoed this sentiment, highlighting the value of fresh perspectives during transformative times for the company.
Baer's educational background includes a Bachelor of Business Administration from the Stephen M. Ross School of Business at the University of Michigan and a Juris Doctor from Cardozo School of Law at Yeshiva University.
La-Z-Boy has a rich history dating back to 1927 when its founders invented the iconic recliner. The company has since evolved into a vertically integrated entity, with approximately 190 company-owned La-Z-Boy Furniture Galleries stores and a broader network of over 350 stores nationwide, including Joybird, an e-commerce retailer and manufacturer of modern upholstered furniture.
This news is based on a press release statement and provides a glimpse into the evolving leadership dynamics at La-Z-Boy as it continues to navigate the retail furniture landscape.
In other recent news, La-Z-Boy Incorporated reported a 3% increase in consolidated delivered sales in the fiscal 2025 first quarter, amounting to $496 million. The company also announced the approval of its 2024 Omnibus Incentive Plan at its Annual Meeting of Shareholders. The new plan, set to replace the 2022 Omnibus Incentive Plan, aims to attract and retain top talent by offering various awards and authorizes 3,090,000 shares for grants.
Despite industry challenges, the company's wholesale segment sales saw a 5% increase, largely due to external customer acquisitions. However, retail segment delivered sales saw a decrease of 3%. The company plans to open 12 to 15 new Furniture Galleries stores in the near future.
Looking ahead, La-Z-Boy anticipates a tax rate of 25.5% to 26.5% for the full year, with capital expenditures projected to be between $70 million and $80 million. Despite some industry downturn, the company aims to outperform the market, with share repurchases continuing at pre-pandemic levels. These are among the recent developments for the company.
InvestingPro Insights
As La-Z-Boy Incorporated (NYSE: LZB) welcomes Matt Baer to its Board of Directors, the company's financial health and market performance are essential considerations for investors and industry analysts. La-Z-Boy boasts a market capitalization of $1.79 billion, reflecting its substantial presence in the furniture retail and manufacturing sector. The company's Price-to-Earnings (P/E) ratio stands at 15.07, suggesting that investors are willing to pay $15.07 for every $1 of earnings, which is an indicator of the market's expectations of future growth relative to earnings.
Notably, La-Z-Boy has demonstrated a strong return over the last three months, with a price total return of 26.81%, indicating a robust performance in the short term. This aligns with the company's history of maintaining dividend payments for 13 consecutive years, showcasing a commitment to returning value to shareholders. An InvestingPro Tip highlights that La-Z-Boy has raised its dividend for three consecutive years, underpinning its financial stability and the potential for continued shareholder rewards.
Another InvestingPro Tip points out that La-Z-Boy's cash flows can sufficiently cover interest payments, which is a reassuring sign of the company's ability to manage its debt obligations and maintain financial flexibility. Furthermore, with analysts predicting the company will be profitable this year, there is optimism surrounding La-Z-Boy's financial prospects.
For investors seeking a deeper analysis, InvestingPro offers additional insights and tips on La-Z-Boy's financial performance and future outlook. Visit https://www.investing.com/pro/LZB for more details and to discover the full range of InvestingPro Tips available for La-Z-Boy.
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