La-Z-Boy (LZB) Reports Earnings With a Few Catches Plus a Look at Flexsteel Industries (FLXS) & Furniture Brands International (FBN)
A closer look at recliner and furniture stocks La-Z-Boy (LZB), Flexsteel Industries (FLXS) and Furniture Brands International (FBN).
eYesterday, recliner stock La-Z-Boy (NYSE: LZB) reported higher profits but there were a few catches, meaning it might be worth taking a closer look at it along with other recliner or furniture stocks like Flexsteel Industries (NASDAQ: FLXS) and Furniture Brands International (NYSE: FBN). Specifically, La-Z-Boy reported that fiscal 4Q2012 revenue fell from $338.9 million to $327.4 million while net income roe from $10.3 million to $19.6 million. However, these results were impacted by a 13-week versus 14-week quarter, changes in its tax rate, $4.2 million in incentive compensation and a benefit from anti-dumping subsidies – meaning its like comparing apples with oranges. However, La-Z-Boy did report that sales in stores open at least a year increased 10% – a good sign for the company. On Tuesday, La-Z-Boy rose 0.92% to $13.13 (LZB has a 52 week trading range of 6.76 - 16.43 a share) for a market cap of $679.16 million plus the stock is up 10.3% since the start of the year, up 28.8% over the past year and up 10.7% over the past five years. La-Z-Boy pays no dividend.
Meanwhile, Flexsteel Industries (NASDAQ: FLXS) manufactures seating for residential and commercial purposes as well as for vehicles. Back in April, Flexsteel Industries reported that fiscal 3Q2012 sales rose 7.6% from $85.2 million to $91.6 million while net income came in at a record $3.3 million verses $2.5 million. It should be noted that the company forecasts modest overall top line growth through to the end of the 2012 calendar year. Moreover, orders for residential upholstered products have improved significantly while commercial office order rates have risen more modestly and sales of vehicle and hospitality seating products are expected to be flat. On Tuesday, Flexsteel Industries rose 0.86% to $19.84 (FLXS has a 52 week trading range of $13.04 to $22.00 a share) for a market cap of $134.82 million plus the stock is up 43.3% since the start of the year, up 40.9% over the past year and up 40.2% over the past five years. Flexsteel Industries has a forward dividend of $0.60 for a dividend yield of 3.10% after announcing a 50% dividend increase earlier in the month.
Finally, Furniture Brands International (NYSE: FBN) designs, manufactures, sources and retails home furnishings through a wide range of channels, including its own Thomasville retail stores as well as through interior designers, multi-line/independent retailers and mass merchant stores. Investors should be aware that back in May, Furniture Brands International reported that 1Q2012 net sales fell 3.6% from $297.9 million to $287.3 million but the company moved back into the black with net income of $0.4 million verses a net loss of $3.1 million for the same period last year. Same-store sales at the company’s 44 Thomasville stores owned for more than 15 months were even with the same period the year before which had a 17% increase while the company noted that the cost and efficiency initiatives put in place are yielding results. On Tuesday, Furniture Brands International rose 7.83% to $1.24 (FBN has a 52 week trading range of $0.88 to $4.55 a share) for a market cap of $69.9 million plus the stock is up 0.8% since the start of the year, down 70.9% over the past year and down 91.7% over the past five years. Furniture Brands International pays no dividend.
The Bottom Line. The same store sales number reported by La-Z-Boy (LZB) should have investors taking notice while Flexsteel Industries (FLXS) and Furniture Brands International (FBN) are also worth taking a closer look at as well.
Meanwhile, Flexsteel Industries (NASDAQ: FLXS) manufactures seating for residential and commercial purposes as well as for vehicles. Back in April, Flexsteel Industries reported that fiscal 3Q2012 sales rose 7.6% from $85.2 million to $91.6 million while net income came in at a record $3.3 million verses $2.5 million. It should be noted that the company forecasts modest overall top line growth through to the end of the 2012 calendar year. Moreover, orders for residential upholstered products have improved significantly while commercial office order rates have risen more modestly and sales of vehicle and hospitality seating products are expected to be flat. On Tuesday, Flexsteel Industries rose 0.86% to $19.84 (FLXS has a 52 week trading range of $13.04 to $22.00 a share) for a market cap of $134.82 million plus the stock is up 43.3% since the start of the year, up 40.9% over the past year and up 40.2% over the past five years. Flexsteel Industries has a forward dividend of $0.60 for a dividend yield of 3.10% after announcing a 50% dividend increase earlier in the month.
Finally, Furniture Brands International (NYSE: FBN) designs, manufactures, sources and retails home furnishings through a wide range of channels, including its own Thomasville retail stores as well as through interior designers, multi-line/independent retailers and mass merchant stores. Investors should be aware that back in May, Furniture Brands International reported that 1Q2012 net sales fell 3.6% from $297.9 million to $287.3 million but the company moved back into the black with net income of $0.4 million verses a net loss of $3.1 million for the same period last year. Same-store sales at the company’s 44 Thomasville stores owned for more than 15 months were even with the same period the year before which had a 17% increase while the company noted that the cost and efficiency initiatives put in place are yielding results. On Tuesday, Furniture Brands International rose 7.83% to $1.24 (FBN has a 52 week trading range of $0.88 to $4.55 a share) for a market cap of $69.9 million plus the stock is up 0.8% since the start of the year, down 70.9% over the past year and down 91.7% over the past five years. Furniture Brands International pays no dividend.
The Bottom Line. The same store sales number reported by La-Z-Boy (LZB) should have investors taking notice while Flexsteel Industries (FLXS) and Furniture Brands International (FBN) are also worth taking a closer look at as well.
John Udovich is a paid contributor of the SmallCap Network. John Udovich's personal holdings should be disclosed above. You can also view SmallCap Network's complete disclaimer and disclosure.
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| Date: | May 19, 2013 | |
| Price: | Free | |
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