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LAZ BOY® Live life comfortably : La - Z - Boy Reports Record Sales for the Fiscal 2022 Second Quarter and Sequential Operating Margin Improvement 11/16/21 Increases Quarterly Dividend MONROE , Mich . , Nov. 16 , 2021 ( GLOBE NEWSWIRE ) -- La - Z - Boy Incorporated ( NYSE : LZB ) , a global leader in residential furniture , today reported operating results for the fiscal 2022 second quarter ended October 23 , 2021 . Fiscal 2022 second quarter versus Fiscal 2021 second quarter : • Consolidated sales increased 25 % to $ 576 million • Strong written order trends versus pre - pandemic FY20 Q2 • Consolidated operating margin : • GAAP : 9.4 % versus 10.4 % o Non - GAAP ( 1 ) : 9.0 % versus 11.1 % ■ Improved sequentially versus 6.6 % in the fiscal 2022 first quarter • Net income attributable to La - Z - Boy Incorporated per diluted share ( " EPS " ) : • GAAP : $ 0.89 versus $ 0.75 o Non - GAAP ( 1 ) : $ 0.85 versus $ 0.82 • $ 22 million returned to shareholders through share repurchases and dividends in FY22 Q2 Melinda D. Whittington , President and Chief Executive Officer of La - Z - Boy , said , " La - Z - Boy Incorporated again delivered all - time , record - high sales for the quarter as we continued to increase capacity to service ongoing demand and our significant backlog , and realized pricing and surcharge actions to help offset rising raw material costs . Even while navigating a challenging operating environment with significant widespread supply chain disruption , we delivered strong results , including improved margins versus last quarter . Our business is much larger today than it was pre - pandemic , and demand remains robust across the entire enterprise . With strong brands and vast distribution through multiple channels , we believe our sales momentum is sustainable . As we execute Century Vision , our winning strategy for growth to our Centennial year in 2027 , we are making strategic investments across our business to drive market share gains , profitable growth and excellent returns for all stakeholders . " Consolidated sales in the second quarter of fiscal 2022 increased 25 % to $ 576 million versus the fiscal 2021 second quarter , reflecting ongoing capacity increases and pricing and surcharge actions . Consolidated sales for the fiscal 2022 second quarter were 29 % higher than the pre - pandemic fiscal 2020 second quarter , for a compounded annual growth rate of 14 % over the last two years . Consolidated GAAP operating margin was 9.4 % versus 10.4 % in the prior - year second quarter . Consolidated non - GAAP ( 1 ) operating margin was 9.0 % versus 11.1 % in the prior - year second quarter and improved sequentially from 6.6 % in the fiscal 2022 first quarter . Operating margin for the period was primarily impacted by significant increases in commodity and freight costs , start - up costs associated with the expansion of manufacturing capacity and labor challenges in the company's Wholesale business , partially offset by pricing and surcharge actions and fixed - cost leverage on higher volume . GAAP diluted EPS increased to $ 0.89 for the fiscal 2022 second quarter versus $ 0.75 in the prior - year quarter . Non - GAAP ( 1 ) diluted EPS increased to $ 0.85 versus $ 0.82 in the prior - year second quarter . Wholesale Segment : • Sales : o Increased 28 % to $ 439 million in the fiscal 2022 second quarter compared with the fiscal 2021 second quarter , and increased 12 % sequentially from the fiscal 2022 first quarter as the company increased capacity and realized pricing and surcharge actions o Compared with the pre - pandemic fiscal 2020 second quarter , sales increased 25 % in the fiscal 2022 second quarter , for a compounded annual growth rate of 12 % over the two years • Operating Margin : • Non - GAAP ( 1 ) operating margin in the fiscal 2022 second quarter was 9.1 % versus 12.2 % for the prior - year period , primarily reflecting higher raw material and freight costs , start - up costs for new facilities , and labor challenges , partially offset by pricing and surcharge actions and fixed - cost leverage on higher volume o Non - GAAP ( 1 ) operating margin improved 440 basis points sequentially from the fiscal 2022 first quarter operating margin of 4.7 % Written same - store sales for the entire La - Z - Boy Furniture Galleries® network : • Decreased 6.0 % for the fiscal 2022 second quarter compared with the unusually strong fiscal 2021 second quarter ( + 34 %