La-Z-Boy Incorporated Reports First Quarter Results; Led By Retail And Wholesale Delivered Sales Growth And Wholesale Margin Expansion; Retail Written Sales Up 5%
1. LZB's retail segment sales grew 5%, but overall sales down 1%. 2. Operating margin dropped to 4.5% from 6.5% year-over-year. 3. The company plans to acquire 15 stores, closing expected in late October. 4. Joybird brand faced a significant sales decline affecting overall performance. 5. LZB is focusing on long-term growth despite current consumer demand challenges.