La-Z-Boy Q3 sales +22% to $572M, EPS $0.65; supply chain hurts margins

LA-Z-BOY INC

2022-Q3 EPS reported $2.07 revenue$1,672,245,000

Consolidated sales $572M (+22% YoY); GAAP diluted EPS $0.65 vs $0.62 YoY; non-GAAP EPS $0.65 vs $0.74.
Retail segment record delivered sales $197M (+19% YoY); non-GAAP operating margin 12.2% vs 8.9%.
Written same-store sales for La-Z-Boy Galleries network up 3%; Joybird written sales +27%.
Consolidated non-GAAP operating margin 7.0% vs 9.5% YoY, impacted by supply chain, raw material costs, COVID-related absenteeism.
Q4 outlook: delivered sales per week flat to slightly up vs Q3; expected non-GAAP operating margin 7.5%-8.5%.

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