La-Z-Boy Incorporated (NYSE:LZB) Q1 2023 Earnings Conference Call August 24, 2022 8:30 AM ET

Company Participants

Melinda Whittington - President, Chief Executive Officer

Bob Lucian - Senior Vice President, Chief Financial Officer

Kathy Liebmann - Director, Investor Relations and Corporate Communications

Conference Call Participants

Anthony Lebiedzinski - Sidoti

Brad Thomas - Keybanc Capital

Alessandra Jimenez - Raymond James

Operator

Good morning ladies and gentlemen and welcome to the La-Z-Boy fiscal 2023 first quarter conference call. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Kathy Liebmann, Director of Investor Relations and Corporate Communications. Kathy, over to you.

Kathy Liebmann

Thank you Jenny. Good morning and thank you for joining us to discuss our fiscal 2023 first quarter results. With us today are Melinda Whittington, La-Z-Boy’s President and Chief Executive Officer, and Bob Lucian, CFO. Melinda will open and close the call, and Bob will speak to segment performance and the financials midway through. We’ll then open the call to questions.

Slides will accompany this presentation and you may view them through our webcast link, which will be available for one year, and a telephone replay of the call will be available for one week beginning this afternoon.

Before we begin the presentation, I’d like to remind you that some statements made in today’s call include forward-looking statements about La-Z-Boy’s future performance and other matters. Although we believe these statements to be reasonable, our actual results could differ materially. The most significant risk factors that could affect our future results are described in our annual report on Form 10-K. We encourage you to review those risk factors as well as other key information detailed in our SEC filings.

Also, our earnings release is available under the News and Events tab on the Investor Relations page of our website, and it includes reconciliations of certain non-GAAP measures which are also included as an appendix at the end of our conference call slide deck.

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

Melinda Whittington

Thank you Kathy, and good morning everyone. Late yesterday afternoon following the close of market, we reported record Q1 results. Highlights included record consolidated first quarter delivered sales and profits for the total company, record delivered sales and profits for our company owned retail segment, not only for our first quarter but an all-time record, strong delivered and written sales for Joybird, record delivered sales in the first quarter for our wholesale segment, a significant improvement in consolidated operating margins versus last year’s first quarter, and closing on the acquisition of five La-Z-Boy Furniture Galleries stores in the Denver market as we continue to build our retail business, opening two new retail locations for Joybird, one in San Francisco and one in Austin, and opening a second Joybird production facility in Tijuana. These initiatives represent the investments we’re making to drive brand growth as part of our Century Vision strategy. All in, we delivered great Q1 results in what continues to be a volatile environment. We managed through a myriad of ongoing changes and challenges and for the period, most everything came together well.