This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

La-Z-Boy Management Discusses Q4 2012 Results - Earnings Call Transcript

Stocks in this article: LZB

All in all, a good year. Clearly, the strategic initiatives and changes implemented throughout the past 5-plus years have gained traction and are increasingly evident in our results. Moving forward, with our brand strength, quest for operational excellence and vast network of proprietary distribution, we remain focused on 3 key objectives: sales growth, making our Retail segment profitable and positive conversion on that volume growth.

Now let me turn to a discussion of the fourth quarter. Our results for the period were impacted by a number of issues: The 13 versus 14-week comparison; a change in our effective tax rate; and $4.2 million in additional incentive compensation, which included a $1.6 million bonus to those employees who do not participate in the company's annual incentive program. We also had $2.6 million increase related to other incentive compensation, including both short-term and long-term stock compensation.

As a reminder, last year's fourth quarter included a minimal level of compensation overall, and this year, because our results improved significantly, we felt it important to reward each employee throughout the organization as our performance is a credit to every one of them.

Now on the wholesale side. Sales for the Upholstery segment increased 0.8% or about 8.5% on a comparable 13-week period. Mike will discuss the 53-week comparable year and the 14-week comparable quarter in a few minutes to help clarify any confusion that may exist with respect to the additional week in fiscal 2011. The operating margin for the period was 10.1%, demonstrating the efficiency of our operating structure across all 3 of our upholstery companies. As I mentioned a moment ago, our Mexican-based cut-and-sew facility is fully up to speed and is delivering the cost savings we anticipated.

Read the rest of this transcript for free on

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs