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LAZ BOY® Live life comfortably : La - Z - Boy Reports Solid Fiscal 2021 Third - Quarter Results 02/16/21 Strong Written Orders Drive Record Backlog Quarterly Dividend Increased MONROE , Mich . , Feb. 16 , 2021 ( GLOBE NEWSWIRE ) -- La - Z - Boy Incorporated ( NYSE : LZB ) , a global leader in residential furniture , today reported strong operating results for the fiscal 2021 third quarter ended January 23 , 2021 . Fiscal 2021 third quarter versus Fiscal 2020 third quarter : • Consolidated sales decreased 1.2 % to $ 470.2 million • Written same - store sales for the entire La - Z - Boy Furniture Galleries® network increased 6.3 % , with strong acceleration in January • Consolidated operating margin : • GAAP : 7.3 % versus 11.0 % o Non - GAAP ( 1 ) : 9.5 % versus 9.4 % ■ Wholesale ( 2 ) : 10.2 % versus 11.1 % ■ Retail : 8.9 % versus 9.8 % • Net income attributable to La - Z - Boy Incorporated per diluted share ( " EPS " ) : • GAAP : $ 0.62 versus $ 0.74 • Non - GAAP ( 1 ) : $ 0.74 versus $ 0.72 • Strong cash generation , with fiscal year - to - date cash from operating activities of $ 250 million • Cash ( 3 ) more than doubled to $ 393 million at quarter end • The company returned $ 7.4 million to shareholders through share repurchases and dividends during the quarter Kurt L. Darrow , Chairman , President and Chief Executive Officer of La - Z - Boy , said , " Robust written trends continue across all La - Z - Boy Incorporated businesses as consumer demand for home furnishings remains unabated . However , delivered sales declined slightly versus last year's record third quarter due to greater - than - anticipated impacts from COVID - 19 across our supply chain . We continue to add additional capacity to service our unprecedented order rate , with our supply chain team actively ramping production as quickly as possible to service customers while prioritizing the health and safety of employees . Even with these short - term challenges , we delivered a strong consolidated operating margin , including another profitable quarter for Joybird . We also continued to generate strong cash from operations and declared an increased dividend of $ 0.15 per share . We are well positioned to deliver continued solid financial results . " Consolidated sales in the third quarter of fiscal 2021 decreased 1.2 % to $ 470.2 million versus the fiscal 2020 record third quarter , affected by temporary supply chain impacts from COVID - 19 . Consolidated GAAP operating margin was 7.3 % versus 11.0 % in the prior - year quarter . Consolidated non - GAAP ( 1 ) operating margin improved to 9.5 % versus 9.4 % in last year's third quarter , primarily driven by strong performance by Joybird . For the entire La - Z - Boy Furniture Galleries® network , written same - store sales increased 6.3 % for the fiscal 2021 third quarter compared with the fiscal 2020 third quarter . Stripping out Canadian stores that were closed at various points during the quarter due to COVID - 19 restrictions , written same - store sales increased 8.2 % for the network . Strong momentum in January brought fiscal 2021 year - to - date written same - store sales for the network to 18 % versus the prior - year period . For the fiscal 2021 third quarter , delivered sales in the company's Wholesale ( 2 ) segment decreased 3.9 % to $ 350.7 million compared with the prior - year quarter . While significant demand has led to a record - level backlog , COVID - 19 - related issues , including plant absenteeism and shipping delays , hampered the company's ability to increase production and delivery at planned rates and also impacted product mix . Non - GAAP ( 1 ) operating margin for the Wholesale ( 2 ) segment was 10.2 % versus 11.1 % for the prior - year period , primarily reflecting COVID - 19 - related impacts on our supply chain and increased costs to expand manufacturing capacity , partially offset by lower promotional activity in the strong demand environment . Retail segment delivered sales decreased 0.9 % to $ 166.0 million in the third quarter of fiscal 2021 , reflecting COVID - 19 - related product delays . Written same - store sales for the company - owned La - Z - Boy Furniture Galleries® stores increased 9.1 % in the quarter , with strong momentum in January , reflecting positive trends across all sales metrics , including traffic , conversion and average ticket . Non - GAAP ( 1 ) operating margin for the Retail segment was 8.9 % versus 9.8 % in last year's third quarter , primarily related to lower delivered sales relative to fixed costs and higher selling expenses driven by commissions paid on increased written sales , partially offset by decreased spending for marketing given robust demand and decreased travel expenses . Within Corporate & Other , Joybird sales increased 30 % to $ 28.6 million . Written sales increased 79 % compared with the prior - year quarter , reflecting ongoing strong order trends and the strength of the brand in the online marketplace . Joybird again delivered profitable growth , improving its gross margin and investing in marketing to drive customer acquisition . GAAP diluted EPS was $ 0.62 for the fiscal 2021 third quarter versus $ 0.74 in the prior - year quarter . Non - GAAP ( 1 ) diluted EPS was $ 0.74 versus $ 0.72 in last year's third quarter .