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LAZ BOY® Live life comfortably : La - Z - Boy Reports Record Sales for Fiscal 2022 First Quarter 08/17/21 Increases Share Repurchase Authorization MONROE , Mich . , Aug. 17 , 2021 ( GLOBE NEWSWIRE ) -- La - Z - Boy Incorporated ( NYSE : LZB ) , a global leader in residential furniture , today reported operating results for the fiscal 2022 first quarter ended July 24 , 2021 . Fiscal 2022 first quarter * versus Fiscal 2021 first quarter : • Consolidated sales increased 84 % to $ 524.8 million • Strong written order trends : ■ Written same - store sales in the company - owned Retail segment increased 22 % ■ Written sales for Joybird increased 31 % • Consolidated operating margin : ■ GAAP : 6.5 % versus 1.5 % ■ Non - GAAP ( 1 ) : 6.6 % versus 3.1 % • Net income attributable to La - Z - Boy Incorporated per diluted share ( " EPS " ) : ■ GAAP : $ 0.54 versus $ 0.10 ■ Non - GAAP ( 1 ) : $ 0.55 versus $ 0.18 • $ 42 million to shareholders through share repurchases and dividends * Subsequent to quarter end , the Board of Directors increased the company's share repurchase authorization by 6.5 million shares to 9 million shares , representing approximately 20 % of shares outstanding , equal to approximately $ 320 million at yesterday's closing stock price . Summary and Outlook Melinda D. Whittington , President and Chief Executive Officer of La - Z - Boy , said , " The La - Z - Boy enterprise delivered all - time , record - high sales for a quarter , even with our annual one - week maintenance shutdown in July . We are excited about our future as demand trends remain strong across all business units , our cash position is solid , and we are investing in our business for continued success throughout the pandemic period and beyond . " Whittington added , " While we increased our production capacity in the period , we also continue to navigate our way through a volatile environment , including rapidly escalating commodity and freight costs , which have not shown signs of abating . To mitigate these historic rising costs , we took additional pricing actions in the quarter and , for the first time , imposed a surcharge on pending dealer orders in our backlog to help mitigate these significant cost increases in the near term . " Chief Financial Officer Bob Lucian noted , " With the initiatives we are executing , we expect margin performance to begin to improve in the second quarter , finishing the full fiscal year with a consolidated non - GAAP operating margin at or near double digits . Over the last two quarters , we returned $ 79 million in value to our shareholders through share repurchases . Reflecting confidence in our long - term cash generation , our Board of Directors has increased our share repurchase authorization , enabling our continued share buyback . " Supporting Detail Consolidated sales in the first quarter of fiscal 2022 increased 84 % to $ 525 million versus the fiscal 2021 first quarter , which was impacted by COVID , with plants reopening at reduced capacity and most retailers closed for a portion of the quarter . Compared with the pre - pandemic fiscal 2020 first quarter , consolidated sales for the first quarter of fiscal 2022 increased 27 % , for a compounded annual growth rate of 13 % . Consolidated GAAP operating margin increased to 6.5 % versus 1.5 % in the prior - year first quarter . Consolidated non - GAAP ( 1 ) operating margin improved to 6.6 % versus 3.1 % in the prior - year first quarter . Operating margin for the period was impacted by short - term pressures on Wholesale margins , resulting from previous pricing trailing escalating input costs due to significant backlog , as well as continued investment in capacity expansion . GAAP diluted EPS was $ 0.54 for the fiscal 2022 first quarter versus $ 0.10 in the prior - year quarter . Non - GAAP ( 1 ) diluted EPS was $ 0.55 versus $ 0.18 in the prior - year first quarter . Wholesale Segment : • Sales : • ■ Increased 76 % to $ 393.5 million in the fiscal 2022 first quarter compared with the fiscal 2021 first quarter , which was impacted by COVID ■ Compared with the pre - pandemic fiscal 2020 first quarter , sales increased 23 % in the fiscal 2022 first quarter , for a compounded annual growth rate of 11 % Operating Margin : ■ Non - GAAP ( 1 ) operating margin in the fiscal 2022 first quarter was 4.7 % versus 9.4 % for the prior - year period , reflecting expected gross margin pressure from rising commodity costs and the delay in related pricing actions