UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549-1004

 

FORM 8-K

 

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

October 20, 2016

(Date of Report (Date of Earliest Event Reported))

 

LA-Z-BOY INCORPORATED

(Exact name of registrant as specified in its charter)

 

MICHIGAN

 

1-9656

 

38-0751137

(State or other jurisdiction of

 

(Commission

 

(IRS Employer

incorporation)

 

File Number)

 

Identification Number)

 

One La-Z-Boy Drive, Monroe, Michigan

 

48162-5138

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (734) 242-1444

 

None

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 7.01 Regulation FD Disclosure

 

On October 20, 2016, La-Z-Boy Incorporated issued a news release to comment on the company’s anticipated results for the second quarter ending October 29, 2016. A copy of the news release is attached to this current report on Form 8-K as Exhibit 99.1.

 

The information in Item 7.01 of this report and the related exhibit (Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits

 

(d)                    The following exhibit is furnished as part of this report:

 

 

 

Description

99.1

 

News Release Dated October 20, 2016

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

LA-Z-BOY INCORPORATED

 

(Registrant)

 

 

 

 

Date: October 20, 2016

 

 

 

 

 

 

 

BY:

/s/ Margaret L. Mueller

 

Margaret L. Mueller

 

Vice President of Finance

 

3


Exhibit 99.1

 

GRAPHIC

 

NEWS RELEASE

 

Contact:  Kathy Liebmann

(734) 241-2438

kathy.liebmann@la-z-boy.com

 

LA-Z-BOY COMMENTS ON BUSINESS

IN ADVANCE OF HIGH POINT FURNITURE MARKET

 

MONROE, Mich., October 20, 2016—La-Z-Boy Incorporated (NYSE: LZB) today provided comments on its anticipated results for the fiscal 2017 second quarter ahead of meetings with analysts at the High Point, NC, Furniture Market.

 

Kurt L. Darrow, Chairman, President and Chief Executive Officer, of La-Z-Boy, said, “We believe executing our integrated strategies will drive long-term sales growth and, when combined with our efficient operating platform, will continue to deliver results and improved returns to our shareholders.  We are making strategic investments in the business, which include our 4-4-5 store growth strategy, targeted strategic acquisitions, enhanced marketing support, updated technology platforms and other capital projects to enhance our competitiveness.  With a strong brand and our multi-channel distribution system, our team is adapting our go-to-market strategies within the current consumer environment while exploring additional growth initiatives for the future.”

 

Darrow added, “In light of the weaker demand throughout the retail home furnishings sector, we anticipate sales for the fiscal 2017 second quarter to be 1.0% to 2.5% lower than last year’s second-quarter sales of $382.9 million.  Additionally, we expect earnings per share for the fiscal 2017 second quarter to be in the range of $0.37 to $0.39, consistent with last year’s second-quarter, where we reported earnings per share of $0.41, which included approximately $0.02 for a legal settlement (referenced in last year’s quarterly filing as a 0.5 percentage point benefit to gross margin).  Given our multiple strategic initiatives, we are confident in our ability to navigate through these current industry trends.”

 

The company plans to release its financial results after the close of market on Wednesday, November 30, 2016, with a conference call at 8:30 a.m., on Thursday, December 1, 2016.  Conference call and webcast details will follow in a separate release.

 

Forward-looking Information

 

This news release contains, and oral statements made from time to time by representatives of La-Z-Boy may contain, forward-looking statements. With respect to all forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 

Actual results could differ materially from those we anticipate or project due to a number of factors, including: (a) changes in consumer confidence and demographics; (b) the possibility of a recession; (c) changes in the real estate and credit markets and their effects on our customers, consumers and

 



 

suppliers; (d) international political unrest, terrorism or war; (e) volatility in energy and other commodities prices; (f) the impact of logistics on imports and exports; (g) interest rate and currency exchange rate changes; (h) operating factors, such as supply, labor or distribution disruptions (e.g., port strikes); (i) changes in the domestic or international regulatory environment; (j) adoption of new accounting principles; (k) severe weather or other natural events such as hurricanes, earthquakes, flooding, tornadoes and tsunamis; (l) our ability to procure fabric rolls and leather hides or cut-and-sewn fabric and leather sets domestically or abroad; (m) information technology conversions or system failures and our ability to recover from a system failure; (n) effects of our brand awareness and marketing programs; (o) the discovery of defects in our products resulting in delays in manufacturing, recall campaigns, reputational damage, or increased warranty costs; (p) litigation arising out of alleged defects in our products; (q) unusual or significant litigation; (r) our ability to locate new La-Z-Boy Furniture Galleries® stores (or store owners) and negotiate favorable lease terms for new or existing locations; (s) the results of our restructuring actions; (t) the impact of potential goodwill or intangible asset impairments; and (u) those matters discussed in Item 1A of our fiscal 2016 Annual Report on Form 10-K and other factors identified from time-to-time in our reports filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether to reflect new information or new developments or for any other reason.

 

Additional Information

 

This news release is just one part of La-Z-Boy’s financial disclosures and should be read in conjunction with other information filed with the Securities and Exchange Commission, which is available at: http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-sec.  Investors and others wishing to be notified of future La-Z-Boy news releases, SEC filings and quarterly investor conference calls may sign up at:  http://investors.la-z-boy.com/phoenix.zhtml?c=92596&p=irol-alerts&t=&id=&.

 

Background Information

 

La-Z-Boy Incorporated is one of the world’s leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. The company-owned Retail segment includes 127 of the 342 La-Z-Boy Furniture Galleries® stores.

 

The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 342 stand-alone La-Z-Boy Furniture Galleries® stores and 551 independent Comfort Studio® locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Additional information is available at http://www.la-z-boy.com/.