La-Z-Boy 2027财年第一季度财报电话会议纪要

发布时间：2026-08-19 一、AI总结内容 一、核心要点 1. La-Z-Boy 2027财年第一季度零售业务表现亮眼，零售板块书面销售额增61%、同店书面销售额增3%；全企业合并销售额（不含Case Goods业务剥离）降1%，批发板块销售额受订单波动、Joybird业务疲软影响下滑。 2. 季度内向股东返还现金3500万美元，同比增62%；期末持有现金2.67亿美元，无外部债务，资产负债表强劲。 3. 推进CenturyVision战略，零售公司门店达234家（占直营网络62%），计划扩张至450家，线上平台完成多项功能升级，供应链整合与配送网络改造有序推进。 二、投资与财务细节 1. 零售板块：交付销售额增10%，同店交付销售额微降，调整后经营利润率6.5%，同比提升；批发板块（不含Case Goods）交付销售额降5%，调整后经营利润率6.8%，同比下滑；Joybird交付销售额降4%，整合至美国现有工厂后将改善成本结构。 2. 季度GAAP合并净亏损200万美元，调整后经营利润1900万美元，调整后每股收益0.43美元；有效税率45.8%，预计全年将回归26%-27%的正常水平。 3. 2027财年第二季度指引：合并销售额5亿-5.2亿美元（不含Case Goods剥离，同比降1%至增2%），调整后经营利润率4%-5.5%，预计受促销优惠消失、战略投资短期摩擦成本影响。 三、风险与关注点 1. 批发业务受行业需求波动、订单模式不稳定影响，Joybird业务仍呈波动状态，需通过整合工厂提升韧性。 2. 行业整体家具市场疲软，需持续关注关税与贸易政策变化，90%以上美国家具生产的本土化布局为竞争优势。 3. 2027财年为供应链投资大年，配送改造与两家工厂整合将产生短期摩擦成本，同时需应对零售端消费分层、促销与定价策略调整的挑战。 四、问答环节核心信息 1. 零售同店增长由全渠道执行优化、假日促销推动，第二季度将持续聚焦同店增长与门店扩张。 2. 批发业务订单波动源于行业季节性、订单节奏偏差，进入第二季度订单储备充足，多品牌渠道合作将加强，为合作伙伴提供更多支持。 3. Joybird盈利目标通过制造本土化（转为可变成本结构）、优化营销组合实现，当前销售额水平下有望实现盈亏平衡或盈利。 4. 与独立经销商加强合作，共享零售运营经验、营销、人员配置等实践，推动共同成长。 二、音频原文（转写） Good morning everyone, and welcome to the Lazy Boy Fiscal 2027 First Quarter Conference Call. Atthis time, all participants are in a Listen Onl . Melinda will open and close the call, and Taylor will speak to segment performance and our financials midway through. After our prepared remar ks, we will open the line for questions. Slideswill accompany this presentation. and you may dothem through our webcast link. which would be a vailable for one year. And a telephone replay of the call would be available for 1 week beginnin g this tax year and a half. I would like to remind you that some statements made in today's callinclude forward-looking statements about Lady Boy's future performance and other matters. Although we believe these statements to be reasonable our July ended first quarter results. which reflect driving our own retail momentum. Progressingour strategic initiatives and investing in ourbusiness while also returning capital to shareholders. highlights for our first quarter Includedwritten sales for the retail segment increasingsixty. eighteen percent with written same-storesales growing 3%. driven by excellent in-storeexecution. Delivered sales for the retail segment increased 10% led by acquisitions in new stores with same store sales down just slightly. We added 4 company owned stores during the quarter,including one new and three acquired bringing our towables to 234 company-owned stores or 62% ofthe towable network. and we announced another 2store acquisition now underway. We have concluded production at 1 of our 2 announced plant consolidations during the quarter. We returned $35 million to shareholders through share repurchaseand dividends a 62% increase versus prior year And finally, we ended the quarter with 267 million dollars in cash and no external debt. Maintaining our strong balance sheet. Our first quarterresults reinforce our strategic focus on drivingour retail business. where we control the fullend-to-end consumer experience and where we havesignificant growth potential as we continue toexpand our base and drive positive same-store sales. We are pleased with our first quarter execution in retail. including positive written same-store sales growth And our performance continuesto demonstrate the strength of our iconic brand. and our ability to drive our own momentum evenas the broader furniture market experiences challenges. At the same time. On a consolidated basis, the quarter was mixed. As we navigate near-term headwinds, while still investing to advanceour strategic initiatives. Total delivered salesfor the entire enterprise were down 1% versus prior year when excluding the impact of the casegoods divestitures. Our strong 10% delivered sal es growth on retail was more than offset by lower wholesale delivered sales which were impactedby a flow-through of choppier-than-expected order patterns and continued pressure on our Joybirdbusiness. The deleverage on wholesale and joybird sales in what is already the slowest season for our industry. tops with friction costs for investing for the long term. negatively impacted our margins for the quarter. Moving on to forward-looking trends first quarter total written sales for our company owned retail segment increased. sixteen percent versus last year's first quarter. driven by acquired and new stores and importantly, positive written same-store sales. Written same-store sales, which exclude the benefit ofnew and acquired stores, grew 3% of the quarterwhich is also a significant sequential improvement versus fourth quarter. This performance wasdriven by continued excellence in execution across marketing, product innovation and in-store inspiration with increases in design sales conversion rates and average ticket. Terms were strongest in May and July around key holiday selling periods. on wholesale. Demand patterns improved throughout the first quarter. and our backlog is solid entering the second quarter against