Investment firms invests in La-Z-Boy
September 18, 2023 | 1:20 pm CDT

Photo By La-Z-Boy website

Brandywine Global Investment Management LLC, a prominent investment firm, has increased its ownership stake in La-Z-Boy Incorporated by 13.2%, according to

The fund now holds approximately 114,850 shares of the company’s stock, having acquired an additional 13,368 shares during the first quarter of this year. Based on the most recent SEC filing, Brandywine Global Investment Management LLC’s stake in La-Z-Boy is valued at around $3,340,000.

The company had sales, excluding retail sales, of more than $1.7 billion in 2022 sales and ranked #13 in the FDMC 300 ranking of top North American wood products companies.

La-Z-Boy (NYSE:LZB), a leading furniture manufacturer famous for its comfortable recliner chairs, announced its quarterly earnings data on August 23rd. During this period, the company reported an earnings per share (EPS) of $0.62 for the quarter. This surpassed analysts’ consensus estimates by $0.07 per share. It is worth noting that for this quarter, La-Z-Boy achieved a net margin of 6.27% and recorded a return on equity of 16.64%. Despite these positive figures, the company experienced a decline in revenue compared to the same quarter in the previous year – specifically, a 20.3% decrease.

The firm generated $481.65 million in revenue during this latest quarter, slightly exceeding analysts’ expectations that predicted $474.58 million in revenue for La-Z-Boy. In contrast to this year’s performance, La-Z-Boy earned $0.91 per share during the same period last year.

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Larry Adams | Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).