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LZB - La-Z-Boy: Strong Performance Alone Doesn't Make A Bull Case
La-Z-Boy Incorporated
La-Z-Boy (LZB) has done a nice job in recent quarters. After relatively flattish performance in fiscal 2017 and fiscal 2018 (ending April), top-line growth accelerated in fiscal 2019. Margins were reasonably stable given a number of headwinds. La-Z-Boy followed that with a nice first-quarter beat last month.
On their face, the numbers perhaps aren't that impressive. Non-GAAP operating income, for instance, rose less than 5% in FY19, though a 12%+ increase in Q1 FY20 is more noteworthy. But in context, they're almost spectacular. Higher input costs and tariffs imposed by the U.S. on