• La-Z-Boy Reports Strong Fiscal 2023 Third-Quarter

    Source: Nasdaq GlobeNewswire / 21 Feb 2023 16:15:23   America/New_York

    Written Same-Store Sales Increased 3% for Retail Segment

    MONROE, Mich., Feb. 21, 2023 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential furniture, today reported excellent third-quarter results for the period ending January 28, 2023.

    Fiscal 2023 third-quarter highlights versus prior-year third quarter:

    • Consolidated sales increased to $573 million

    • GAAP operating income increased by 8%

      • Non-GAAP operating income increased by 34%
      • GAAP operating margin increased 60 basis points to 7.5%
      • Non-GAAP operating margin increased 230 basis points to 9.3%
    • Retail segment sales increased 27% to $251 million
      • Retail segment GAAP and non-GAAP operating income increased 83% to a record $44 million
      • Retail segment GAAP and non-GAAP operating margin increased 540 basis points to a record 17.6%

    • Written same-store sales for the Retail segment increased 3%

    • GAAP diluted EPS increased by 14%

      • Non-GAAP diluted EPS increased by 40%
    • Cash generated from operating activities more than tripled to $96 million

    Melinda D. Whittington, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "We again delivered excellent results driven by productivity gains throughout our supply chain and superb performance in our company-owned Retail segment. During the quarter, we worked down the majority of our excess backlog, getting close to normal lead times, and continued to invest in marketing to increase awareness and consideration of the La-Z-Boy brand. I am particularly pleased with our positive written sales trends in our Retail stores, driven by strong execution of our value proposition — comfortable custom furniture with quick delivery."

    Whittington added, "Across La-Z-Boy, we are capitalizing on and investing in our brand heritage of comfort. We're honing our messaging, investing in targeted marketing, sharpening price points, and ensuring strong execution. As we move through this uncertain economic environment, we will continue to employ agility, a consumer-first focus, and our strong financial position to make smart investments to drive capability and brand reach. I am confident we will emerge stronger and capture increased market share."

    Key Results:

      Quarter Ended  
    (Unaudited, amounts in thousands, except per share data) 1/28/2023 1/22/2022  Change
    Sales $572,723  $571,573  0.2%
           
    GAAP operating income  42,840   39,487  8%
    Non-GAAP operating income   53,178   39,745  34%
           
    GAAP operating margin  7.5%  6.9% 60bps
    Non-GAAP operating margin  9.3%  7.0% 230bps
           
    GAAP net income attributable to La-Z-Boy Incorporated  31,726   28,467  11%
    Non-GAAP net income attributable to La-Z-Boy Incorporated  39,234   28,741  37%
           
    Diluted weighted average common shares  43,137   43,968   
           
    GAAP diluted earnings per share $0.74  $0.65  14%
    Non-GAAP diluted earnings per share $0.91  $0.65  40%

    Liquidity Measures:

      Nine Months Ended   Nine Months Ended
    (Unaudited, amounts in thousands) 1/28/2023 1/22/2022 (Unaudited, amounts in thousands) 1/28/2023 1/22/2022
    Free Cash Flow     Cash Returns to Shareholders    
    Operating cash flow $127,052  $45,192  Share repurchases $5,004 $75,646
    Capital expenditures  (57,439)  (58,585) Dividends  22,027  20,621
    Free cash flow $69,613  $(13,393) Cash returns to shareholders $27,031 $96,267


    (Unaudited, amounts in thousands) 1/28/2023 1/22/2022
    Cash and cash equivalents $280,763 $236,712
    Restricted cash  3,282  3,266
    Total cash, cash equivalents and restricted cash $284,045 $239,978

    FY23 Q3 Results vs. FY22 Q3:

    Consolidated Results:

    • Consolidated sales in the third quarter of fiscal 2023 increased to $573 million, with the realization of pricing and surcharge actions and the positive effects of a favorable product and channel mix offsetting lower delivered unit volume
    • Consolidated GAAP operating margin was 7.5% versus 6.9%
    • Consolidated non-GAAP(1) operating margin was 9.3% versus 7.0%
      • Improved operating margin was driven primarily by strong Retail performance
    • GAAP diluted EPS increased 14% to $0.74 from $0.65; non-GAAP(1) diluted EPS increased 40% to $0.91 from $0.65

    Retail Segment:

    • Sales:
      • Delivered sales increased 27% to $251 million; delivered same-store sales increased 23%, as we improved service to consumers and moved closer to pre-pandemic lead times
      • Total written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries® stores) increased 8%
        • Written same-store sales for the Retail segment increased 3% and were 12% higher than pre-pandemic levels (FY20 Q3)
    • Operating Performance:
      • Non-GAAP(1) operating margin and operating income increased to all-time records of 17.6% and $44 million, respectively, up 540 basis points and 83%, respectively, primarily driven by higher delivered sales relative to selling expenses and fixed costs

    Wholesale Segment:

    • Sales:
      • Decreased 4% to $408 million driven primarily by a decline in delivered volume, partially offset by pricing and favorable channel and product mix
    • Operating Margin:
      • Non-GAAP(1) operating margin improved to 6.6%; pricing and surcharge actions along with declining freight costs were mostly offset by an increase in marketing spend to pre-pandemic levels

    Corporate & Other:

    • Joybird delivered sales decreased 35% to $29 million, and written sales declined 21%, reflecting both slowing e-commerce trends and a reduction in marketing spend to align with consumer behavior and focus on efficient return on advertising spending
    • Joybird posted a loss for the period, primarily reflecting lower delivered volume due to the written sales decline in FY23 Q2

    Balance Sheet and Cash Flow as of FY23 Q3

    • Ended the quarter with $284 million in cash(2) and no external debt
    • Year to date, generated $127 million in cash from operating activities, including $96 million in the third quarter, versus $45 million in the prior-year nine-month period and $30 million in last year's third quarter
    • Year to date, spent $57 million on capital expenditures, primarily related to La-Z-Boy Furniture Galleries® (new stores and remodels) and Joybird store projects, and upgrades at our manufacturing and distribution facilities
    • Year to date, returned $27 million to shareholders, including $22 million in dividends and $5 million in share repurchases

    Dividend

    On February 21, 2023, the Board of Directors declared a quarterly cash dividend of $0.1815 per share on the common stock of the company. The dividend will be paid on March 15, 2023, to shareholders of record on March 7, 2023.

    Outlook

    Bob Lucian, Chief Financial Officer of La-Z-Boy Incorporated, said, "As we have essentially worked down our backlog to pre-pandemic levels, we anticipate that Q4 delivered sales will be at levels consistent with what we write, consistent with historical seasonality, and almost 20% above pre-pandemic. We estimate delivered sales for the fiscal 2023 fourth quarter to be in a range of $525 million to $545 million, and consolidated non-GAAP operating margin(3) to be in a range of 7% to 9%."

    Last year's fourth quarter included 14 weeks versus this year's fourth quarter which will include a normal 13 weeks. Last year's extra week contributed approximately $49 million in sales based on the average weekly sales for the quarter.

    _____
    (1) Non-GAAP amounts for the third quarter of fiscal 2023 exclude:

    • a $10.1 million pre-tax, or $0.17 per diluted share charge related to the closure of the Torreón, MX facility, primarily reflecting the impairment of various assets
    • purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or less than $0.01 per diluted share, with $0.3 million included in operating income and a de minimis amount included in interest expense

    Non-GAAP amounts for the third quarter of fiscal 2022 exclude:

    • purchase accounting charges related to acquisitions completed in prior periods totaling $0.4 million pre-tax, or less than $0.01 per diluted share, with $0.3 million included in operating income and $0.1 million included in interest expense

    Please refer to the accompanying “Reconciliation of GAAP to Non-GAAP Financial Measures” for detailed information on calculating the Non-GAAP financial measures used in this press release and a reconciliation to the most directly comparable GAAP measure.

    (2) Cash includes cash, cash equivalents and restricted cash

    (3) This reference to Non-GAAP operating margin for a future period is a Non-GAAP financial measure. Non-GAAP operating margin may exclude items such as pre-tax purchase accounting charges and pre-tax business realignment charges. These and other not presently determinable items could have a material impact on the determination of operating margin on a GAAP basis and due to the probable variability and limited visibility of excluded items, therefore, we have not provided a reconciliation of Non-GAAP operating margin for future periods in this press release.

    Conference Call

    La-Z-Boy will hold a conference call with the investment community on Wednesday, February 22, 2023, at 8:30 a.m. Eastern time. The toll-free dial-in number is 888.506.0062; international callers may use 973.528.0011. Enter Participant Access Code 858794.

    The call will be webcast live, with corresponding slides, and archived on the Internet. It will be available at https://lazboy.gcs-web.com/. A telephone replay will be available for a week following the call. This replay will be accessible to callers from the U.S. and Canada at 877.481.4010 and to international callers at 919.882.2331. Enter Replay Passcode: 47547. The webcast replay will be available for one year.

    Cautionary Note Regarding Forward-Looking Statements

    This news release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Generally, forward-looking statements include information concerning expectations, projections or trends relating to our results of operations, financial results, financial condition, strategic initiatives and plans, expenses, dividends, share repurchases, liquidity, use of cash and cash requirements, borrowing capacity, investments, future economic performance, business and industry and the effect of the coronavirus (“COVID”) pandemic on our business operations and financial results.

    The forward-looking statements in this press release are based on certain assumptions and currently available information and are subject to various risks and uncertainties, many of which are unforeseeable and beyond our control. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations and financial results. Our actual future results and trends may differ materially depending on a variety of factors, including, but not limited to, the risks and uncertainties discussed in our fiscal 2022 Annual Report on Form 10-K and other factors identified in our reports filed with the Securities and Exchange Commission (the "SEC"), available on the SEC's website at www.sec.gov. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events 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 SEC, which is available at: https://lazboy.gcs-web.com/financial-information/sec-filings. 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: https://lazboy.gcs-web.com/.  

    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 Wholesale segment includes England, La-Z-Boy, American Drew®, Hammary®, Kincaid® and the company's international wholesale and manufacturing businesses. The company-owned Retail segment includes 167 of the 346 La-Z-Boy Furniture Galleries® stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture.

    The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 346 stand-alone La-Z-Boy Furniture Galleries® stores and 519 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 https://www.la-z-boy.com/.  

    Non-GAAP Financial Measures

    In addition to the financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), this press release also includes Non-GAAP financial measures. Management uses these Non-GAAP financial measures when assessing our ongoing performance. This press release contains references to Non-GAAP operating income, Non-GAAP operating margin, and Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share (and components thereof, including Non-GAAP income before income taxes and Non-GAAP net income attributable to La-Z-Boy Incorporated), which may exclude, as applicable, business realignment charges, Mexico optimization charges and purchase accounting charges. The business realignment charges include severance costs, asset impairment costs, and costs to relocate equipment and inventory related to organizational changes we undertook as a result of our response to COVID, including a reduction in the company's work force, temporary closure of certain manufacturing facilities and subsequent gains resulting from the sale of related assets. The Mexico optimization charges include asset impairment costs, severance costs, and employee relocation costs resulting from the closure of our Torreón manufacturing facility. The purchase accounting charges may include the amortization of intangible assets, incremental expense upon the sale of inventory acquired at fair value, amortization of employee retention agreements, fair value adjustments of future cash payments recorded as interest expense, and adjustments to the fair value of contingent consideration. These Non-GAAP financial measures are not meant to be considered superior to or a substitute for La-Z-Boy Incorporated’s results of operations prepared in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies. Reconciliations of such Non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

    Management believes that presenting certain Non-GAAP financial measures will help investors understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. Management excludes purchase accounting charges because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions consummated and the success with which we operate the businesses acquired. While the company has a history of acquisition activity, it does not acquire businesses on a predictable cycle, and the impact of purchase accounting charges is unique to each acquisition and can vary significantly from acquisition to acquisition. Similarly, business realignment charges and Mexico optimization charges are dependent on the timing, size, number and nature of the operations being moved or closed, and the charges may not be incurred on a predictable cycle. Management believes that exclusion of these items facilitates more consistent comparisons of the company’s operating results over time. Where applicable, the accompanying “Reconciliation of GAAP to Non-GAAP Financial Measures” tables present the excluded items net of tax calculated using the effective tax rate from operations for the period in which the adjustment is presented, except for the non-tax deductible goodwill impairment charge and the adjustment to the fair value of contingent consideration which reflects the associated GAAP tax impact in the period presented.

     Contact: Kathy Liebmann                (734) 241-2438                                 kathy.liebmann@la-z-boy.com


     

    LA-Z-BOY INCORPORATED
    CONSOLIDATED STATEMENT OF INCOME

      Quarter Ended Nine Months Ended
    (Unaudited, amounts in thousands, except per share data) 1/28/2023 1/22/2022 1/28/2023 1/22/2022
    Sales $572,723  $571,573  $1,788,146  $1,672,245 
    Cost of sales  326,296   352,208   1,039,523   1,027,503 
    Gross profit  246,427   219,365   748,623   644,742 
    Selling, general and administrative expense  203,587   179,878   591,257   516,771 
    Operatingincome   42,840   39,487   157,366   127,971 
    Interest expense  (136)  (160)  (414)  (713)
    Interest income  2,012   806   3,624   1,029 
    Other income (expense), net  (1,062)  (1,460)  (834)  (522)
    Income before income taxes  43,654   38,673   159,742   127,765 
    Income tax expense  12,077   9,591   42,446   33,059 
    Net income  31,577   29,082   117,296   94,706 
    Net (income) loss attributable to noncontrolling interests  149   (615)  (1,005)  (2,157)
    Net income attributable to La-Z-Boy Incorporated $31,726  $28,467  $116,291  $92,549 
             
    Basic weighted average common shares  43,137   43,701   43,111   44,342 
    Basic net income attributable to La-Z-Boy Incorporated per share $0.74  $0.65  $2.70  $2.09 
             
    Diluted weighted average common shares  43,137   43,968   43,111   44,640 
    Diluted net income attributable to La-Z-Boy Incorporated per share $0.74  $0.65  $2.70  $2.07 
                     

    LA-Z-BOY INCORPORATED
    CONSOLIDATED BALANCE SHEET

    (Unaudited, amounts in thousands, except par value) 1/28/2023 4/30/2022
    Current assets    
    Cash and equivalents $280,763  $245,589 
    Restricted cash  3,282   3,267 
    Receivables, net of allowance of $4,228 at 1/28/2023 and $3,406 at 4/30/2022  137,593   183,747 
    Inventories, net  303,553   303,191 
    Other current assets  123,803   215,982 
    Total current assets  848,994   951,776 
    Property, plant and equipment, net  267,606   253,144 
    Goodwill  204,781   194,604 
    Other intangible assets, net  39,180   33,971 
    Deferred income taxes – long-term  11,199   10,632 
    Right of use lease assets  399,807   405,755 
    Other long-term assets, net  74,788   82,207 
    Total assets $1,846,355  $1,932,089 
         
    Current liabilities    
    Accounts payable $86,882  $104,025 
    Lease liabilities, short-term  77,142   75,271 
    Accrued expenses and other current liabilities  345,360   496,393 
    Total current liabilities  509,384   675,689 
    Lease liabilities, long-term  350,144   354,843 
    Other long-term liabilities  70,323   81,935 
    Shareholders' equity    
    Preferred shares – 5,000 authorized; none issued  —   — 
    Common shares, $1.00 par value – 150,000 authorized; 43,140 outstanding at 1/28/23 and 43,089 outstanding at 4/30/22  43,140   43,089 
    Capital in excess of par value  350,406   342,252 
    Retained earnings  518,732   431,181 
    Accumulated other comprehensive loss  (6,180)  (5,797)
    Total La-Z-Boy Incorporated shareholders' equity  906,098   810,725 
    Noncontrolling interests  10,406   8,897 
    Total equity  916,504   819,622 
    Total liabilities and equity $1,846,355  $1,932,089 
             

    LA-Z-BOY INCORPORATED
    CONSOLIDATED STATEMENT OF CASH FLOWS

      Nine Months Ended
    (Unaudited, amounts in thousands) 1/28/2023 1/22/2022
    Cash flows from operating activities    
    Net income $117,296  $94,706 
    Adjustments to reconcile net income to cash provided by operating activities    
    (Gain)/loss on disposal and impairment of assets  6,161   (3,149)
    (Gain)/loss on sale of investments  155   (340)
    Provision for doubtful accounts  945   (1,070)
    Depreciation and amortization  29,357   27,146 
    Amortization of right-of-use lease assets  57,548   53,949 
    Lease impairment  1,347   — 
    Equity-based compensation expense  8,456   8,887 
    Change in deferred taxes  (2,629)  214 
    Change in receivables  42,474   (20,317)
    Change in inventories  4,560   (83,109)
    Change in other assets  16,478   (22,486)
    Change in payables  (10,624)  23,690 
    Change in lease liabilities  (58,651)  (54,400)
    Change in other liabilities  (85,821)  21,471 
    Net cash provided by operating activities  127,052   45,192 
         
    Cash flows from investing activities    
    Proceeds from disposals of assets  121   3,999 
    Capital expenditures  (57,439)  (58,585)
    Purchases of investments  (6,970)  (28,058)
    Proceeds from sales of investments  18,178   30,457 
    Acquisitions  (11,855)  (24,849)
    Net cash used for investing activities  (57,965)  (77,036)
         
    Cash flows from financing activities    
    Payments on debt and finance lease liabilities  (92)  (91)
    Holdback payments for acquisition purchases  (5,000)  (23,000)
    Stock issued for stock and employee benefit plans, net of shares withheld for taxes  (1,771)  (1,670)
    Repurchases of common stock  (5,004)  (75,646)
    Dividends paid to shareholders  (22,027)  (20,621)
    Dividends paid to minority interest joint venture partners (1)  —   (1,260)
    Net cash used for financing activities  (33,894)  (122,288)
         
    Effect of exchange rate changes on cash and equivalents  (4)  (593)
    Change in cash, cash equivalents and restricted cash  35,189   (154,725)
    Cash, cash equivalents and restricted cash at beginning of period  248,856   394,703 
    Cash, cash equivalents and restricted cash at end of period $284,045  $239,978 
         
    Supplemental disclosure of non-cash investing activities    
    Capital expenditures included in payables $2,828  $4,564 

    (1) Includes dividends paid to joint venture minority partners resulting from the repatriation of dividends from our foreign earnings that we no longer consider permanently reinvested.

    LA-Z-BOY INCORPORATED
    SEGMENT INFORMATION

      Quarter Ended Nine Months Ended
    (Unaudited, amounts in thousands) 1/28/2023 1/22/2022 1/28/2023 1/22/2022
    Sales        
    Wholesale segment:        
    Sales to external customers $291,170  $328,533  $934,511  $973,973 
    Intersegment sales  116,433   94,748   361,141   281,899 
    Wholesale segment sales  407,603   423,281   1,295,652   1,255,872 
             
    Retail segment sales  251,157   197,052   739,330   571,319 
             
    Corporate and Other:        
    Sales to external customers  30,396   45,988   114,305   126,953 
    Intersegment sales  3,114   3,991   11,572   11,673 
    Corporate and Other sales  33,510   49,979   125,877   138,626 
             
    Eliminations  (119,547)  (98,739)  (372,713)  (293,572)
    Consolidated sales $572,723  $571,573  $1,788,146  $1,672,245 
             
    Operating Income (Loss)        
    Wholesale segment $16,940  $27,639  $81,558  $89,098 
    Retail segment  44,203   24,102   123,855   68,502 
    Corporate and Other  (18,303)  (12,254)  (48,047)  (29,629)
    Consolidated operating income $42,840  $39,487  $157,366  $127,971 
                     

    LA-Z-BOY INCORPORATED
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

      Quarter Ended Nine Months Ended
    (Amounts in thousands, except per share data) 1/28/2023 1/22/2022 1/28/2023 1/22/2022
    GAAP gross profit $246,427  $219,365  $748,623  $644,742 
    Purchase accounting charges - incremental expense upon the sale of inventory acquired at fair value  —   —   132   — 
    Business realignment charges  —   —   609   — 
    Mexico optimization charges  880   —   880   — 
    Non-GAAP gross profit $247,307  $219,365  $750,244  $644,742 
             
    GAAP SG&A $203,587  $179,878  $591,257  $516,771 
    Purchase accounting gain/(charges) - adjustment to the fair value of contingent consideration, amortization of intangible assets and retention agreements  (252)  (258)  46   (1,277)
    Business realignment gain  —   —   —   3,277 
    Mexico optimization charges  (9,206)  —   (9,206)  — 
    Non-GAAP SG&A $194,129  $179,620  $582,097  $518,771 
             
    GAAP operating income $42,840  $39,487  $157,366  $127,971 
    Purchase accounting charges  252   258   86   1,277 
    Business realignment (gain)/charges  —   —   609   (3,277)
    Mexico optimization charges  10,086   —   10,086   — 
    Non-GAAP operating income $53,178  $39,745  $168,147  $125,971 
             
    GAAP income before income taxes $43,654  $38,673  $159,742  $127,765 
    Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense  299   365   271   1,700 
    Business realignment (gain)/charges  —   —   609   (3,277)
    Mexico optimization charges  10,086   —   10,086   — 
    Non-GAAP income before income taxes $54,039  $39,038  $170,708  $126,188 
             
    GAAP net income attributable to La-Z-Boy Incorporated $31,726  $28,467  $116,291  $92,549 
    Purchase accounting charges recorded as part of gross profit, SG&A and interest expense  299   365   271   1,700 
    Tax effect of purchase accounting  (83)  (91)  (286)  (310)
    Business realignment (gain)/charges  —   —   609   (3,277)
    Tax effect of business realignment  —   —   (163)  845 
    Mexico optimization charges  10,086   —   10,086   — 
    Tax effect of Mexico optimization charges  (2,794)  —   (2,693)  — 
    Non-GAAP net income attributable to La-Z-Boy Incorporated $39,234  $28,741  $124,115  $91,508 
             
    GAAP net income attributable to La-Z-Boy Incorporated per diluted share $0.74  $0.65  $2.70  $2.07 
    Purchase accounting charges, net of tax, per share  —   —   —   0.04 
    Business realignment (gain)/charges, net of tax, per share  —   —   0.01   (0.06)
    Mexico optimization charges, net of tax, per share  0.17   —   0.17   — 
    Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share $0.91  $0.65  $2.88  $2.05 
                     

    LA-Z-BOY INCORPORATED
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    SEGMENT INFORMATION

      Quarter Ended Nine Months Ended
    (Amounts in thousands) 1/28/2023 % of sales 1/22/2022 % of sales 1/28/2023 % of sales 1/22/2022 % of sales
    GAAP operating income (loss)                
    Wholesale segment $16,940  4.2% $27,639  6.5% $81,558  6.3% $89,098  7.1%
    Retail segment  44,203  17.6%  24,102  12.2%  123,855  16.8%  68,502  12.0%
    Corporate and Other  (18,303) N/M   (12,254) N/M   (48,047) N/M   (29,629) N/M 
    Consolidated GAAP operating income $42,840  7.5% $39,487  6.9% $157,366  8.8% $127,971  7.7%
                     
    Non-GAAP items affecting operating income                
    Wholesale segment $10,138    $58    $10,850    $(3,099)  
    Retail segment  —     —     132     —   
    Corporate and Other  200     200     (201)    1,099   
    Consolidated Non-GAAP items affecting operating income $10,338    $258    $10,781    $(2,000)  
                     
    Non-GAAP operating income (loss)                
    Wholesale segment $27,078  6.6% $27,697  6.5% $92,408  7.1% $85,999  6.8%
    Retail segment  44,203  17.6%  24,102  12.2%  123,987  16.8%  68,502  12.0%
    Corporate and Other  (18,103) N/M   (12,054) N/M   (48,248) N/M   (28,530) N/M 
    Consolidated Non-GAAP operating income $53,178  9.3% $39,745  7.0% $168,147  9.4% $125,971  7.5%
                     
    N/M - Not Meaningful                

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