May 19, 2024

Strong

La-Z-Boy Incorporated Reports Strong Second Quarter

La-Z-Boy Reports Fiscal 2024 Second Quarter Results

  • La-Z-Boy Furniture Galleries® network written same-store sales increased 1%
  • GAAP diluted EPS of $0.63; Non-GAAP diluted EPS of $0.74
  • Year to date operating cash flow of $57 million, 84% above year ago period
  • Dividend increased 10% over the prior dividend to $0.20 per share

MONROE, Mich., Nov. 29, 2023 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the manufacture and retail of residential furniture, today reported second quarter results for the period ended October 28, 2023. Sales totaled $511 million, on the high end of guidance provided last quarter and a decrease of 16% against a year ago period that benefited from delivery of pandemic related backlog. Written same-store sales for the entire La-Z-Boy Furniture Galleries® network increased 1% versus a year ago, with company-owned written same-store sales essentially flat against a challenged consumer environment. Operating margin was 6.6% in the quarter on a GAAP basis and 7.9% on a Non-GAAP basis, which exceeded previously provided guidance. Earnings per diluted share totaled $0.63 on a GAAP basis and $0.74 on a Non-GAAP basis.

Melinda D. Whittington, President and Chief Executive Officer of La-Z-Boy Incorporated, said, "In spite of a challenging macro environment and the continued soft home furniture industry, La-Z-Boy Incorporated continues to outperform. These results were achieved via strong execution, particularly in our retail stores and across our supply chain. We continue to make progress on our Century Vision strategy, highlighted by growth in our company-owned Retail store base, which now represents just over half of our entire network. Building on that foundation, we recently signed an agreement to acquire an additional six store network from an independent La-Z-Boy Furniture Galleries® dealer in the Midwest."

Whittington added, "We are excited about the potential of our new brand campaign, "Long Live the Lazy," which was introduced in August. In the quarter, we activated our new marketing strategy, leveraging data based consumer insights and our brand heritage of comfort and quality to connect with a broader consumer base. Despite weakness in near-term industry traffic trends, we continue to take a long-term approach to investing in our business and are making steady progress toward building a more agile supply chain and optimizing our network. Although consumer traffic trends remain a headwind, La-Z-Boy remains well positioned to continue outperforming the industry due to our iconic brand, consumer preferred shopping experience, and long-term approach to investing in our business, enabled by the strength of our balance sheet. We are confident in our ability to grow at a pace double the industry and deliver double-digit operating margins over the long term."

Third Quarter Outlook:
Bob Lucian, Chief Financial Officer of La-Z-Boy Incorporated, said, "Our second quarter results were roughly in line with the top end of sales guidance, and exceeded Non-GAAP operating margin(2) expectations given strong execution, particularly in our Retail business. Looking forward, we expect consumer trends for our industry to remain challenging. With this in mind, we are prudently planning for sales in the third quarter of fiscal 2024 to be relatively consistent with the second quarter. Further, we expect third quarter Non-GAAP operating margin(1) to be similar to the first half of the year. As such, we are forecasting fiscal third quarter sales to be in the range of $515-535 million and Non-GAAP operating margin(1) to be in the range of 7-8%."

Key Results:

(Unaudited, amounts in thousands, except per share data)   Quarter Ended    
  10/28/2023   10/29/2022   Change
Sales   $ 511,435   $     611,332   (16)%
             
GAAP operating income     33,612     61,883   (46)%
Non-GAAP operating income      40,510     61,146   (34)%
             
GAAP operating margin     6.6%     10.1%   (350) bps
Non-GAAP operating margin     7.9%     10.0%   (210) bps
             
GAAP net income attributable to La-Z-Boy Incorporated     27,199     46,077   (41)%
Non-GAAP net income attributable to La-Z-Boy Incorporated     32,269     45,357   (29)%
             
Diluted weighted average common shares     43,401     43,182    
             
GAAP diluted earnings per share   $ 0.63   $ 1.07   (41)%
Non-GAAP diluted earnings per share   $ 0.74   $ 1.05   (30)%

Liquidity Measures:

    Six Months Ended       Six Months Ended
(Unaudited, amounts in thousands)   10/28/2023   10/29/2022   (Unaudited, amounts in thousands)   10/28/2023   10/29/2022
Free Cash Flow           Cash Returns to Shareholders        
Operating cash flow   $     56,876     $ 30,954     Share repurchases   $ 20,014   $ 5,004
Capital expenditures     (26,501 )     (40,442 )   Dividends     15,632     14,161
Free cash flow   $ 30,375     $ (9,488 )   Cash returns to shareholders   $ 35,646   $ 19,165
(Unaudited, amounts in thousands)   10/28/2023   10/29/2022
Cash and cash equivalents   $ 329,632   $         204,626
Restricted cash     3,835             3,268
Total cash, cash equivalents and restricted cash   $ 333,467   $ 207,894

FY24 Q2 Results vs. FY23 Q2:
Consolidated Results:

  • Consolidated sales in the second quarter of fiscal 2024 decreased 16% to $511 million, primarily reflecting lower delivered unit volume versus last year's results that included delivery of backlog but increased 14% versus the most recent pre-pandemic second quarter in fiscal year 2020
  • La-Z-Boy Furniture Galleries® network written same-store sales increased 1%
  • Consolidated GAAP operating margin was 6.6% versus 10.1%
    • Consolidated Non-GAAP operating margin decreased 210 basis points to 7.9% versus 10.0%, driven primarily by fixed cost deleverage
  • GAAP diluted EPS decreased to $0.63 from $1.07 and Non-GAAP diluted EPS decreased to $0.74 from $1.05

Retail Segment:

  • Sales:
    • Written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries® stores) increased 3% driven primarily by acquired stores
      • Written same-store sales for the Retail segment were essentially flat
    • Delivered sales for the Retail segment decreased 15% to $214 million versus last year's sales, which included delivery of pandemic related backlog, but increased 44% versus the most recent pre-pandemic second quarter in fiscal year 2020
  • Operating Margin:
    • Non-GAAP(2) operating margin and operating income was 13.0% and $28 million, respectively, down 350 basis points and 33%, respectively, primarily driven by fixed cost deleverage

Wholesale Segment:

  • Sales:
    • Decreased 18% to $365 million driven primarily by a decline in delivered volume versus the year ago period, which benefited from pandemic backlog production and deliveries
  • Operating Margin:
    • Non-GAAP(2) operating margin decreased to 7.7%, down 90 basis points; gross margin improvement from lower raw material cost and duty expense was more than offset by fixed cost deleverage and increased marketing investments to support the launch of our "Long Live the Lazy" brand campaign

Corporate & Other:

  • Joybird written sales increased 5% and delivered sales decreased 15% to $32 million, reflecting sequential improvement in both metrics. E-commerce trends remain challenging following the broad industry slowdown, which began in prior year's second quarter.

Balance Sheet and Cash Flow, Second Quarter Fiscal 2024:

  • Ended the second quarter with $333 million in cash(3) and no external debt
  • Generated $31 million in cash from operating activities versus a use of $2 million in the second quarter of last fiscal year. Year to date, cash flow from operations was $57 million, up 84% from last year's comparable period
  • Invested $13 million in capital expenditures, primarily related to La-Z-Boy Furniture Galleries® (new stores and remodels), and projects at our manufacturing and distribution facilities
  • Returned $18 million to shareholders, including $10 million in share repurchases and $8 million in dividends

Dividend:
On November 29, 2023, the Board of Directors declared a quarterly cash dividend of $0.20 per share on the common stock of the company, a 10% increase over the previous dividend. The dividend will be paid on December 18, 2023, to shareholders of record on December 11, 2023.

Conference Call:
La-Z-Boy will hold a conference call with the investment community on Thursday, November 30, 2023, at 8:30 a.m. ET. The toll-free dial-in number is (888) 506-0062; international callers may use (973) 528-0011. Enter Participant Access Code 126177.

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: 48910. The webcast replay will be available for one year.

Investor Relations Contact:
Mark Becks, CFA, (734) 457-9538
[email protected]

About La-Z-Boy:
La-Z-Boy Incorporated is a global leader in the manufacture and retail of residential furniture, marketing furniture for every room of the home. The Wholesale segment includes La-Z-Boy, England, American Drew®, Hammary®, Kincaid® and the company's international wholesale and manufacturing businesses. The company-owned Retail segment includes 177 of the 353 La-Z-Boy Furniture Galleries® stores. The Corporate and Other segment includes Joybird, an e-commerce retailer and manufacturer of upholstered furniture that also has 11 stores in the U.S.

The corporation’s branded distribution network is dedicated to selling La-Z-Boy Incorporated products and brands, and includes 353 stand-alone La-Z-Boy Furniture Galleries® stores and 521 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/.

Notes:
(1)This reference to Non-GAAP operating margin for a future period is a Non-GAAP financial measure. We have not provided a reconciliation of Non-GAAP operating margin for future periods in this press release because such reconciliation cannot be provided without unreasonable efforts.

(2)Non-GAAP amounts for the second quarter of fiscal 2024 exclude:

  • a charge of $6.6 million pre-tax, or $0.11 per diluted share, related to our supply chain optimization actions
  • purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or less than $0.01 per diluted share, all included in operating income

Non-GAAP amounts for the second quarter of fiscal 2023 exclude:

  • purchase accounting benefit related to acquisitions completed in prior periods totaling $0.4 million pre-tax, or $0.01 per diluted share, primarily due to the write-off of the Joybird contingent consideration liability, based on forecasted future performance with $0.4 million included in operating income and less than $0.1 million included in interest expense
  • a benefit of $0.3 million pre-tax, or $0.01 per diluted share, related to our business realignment plan, including costs associated with the closure of our Newton, Mississippi manufacturing facility

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.

(3)Cash includes cash, cash equivalents and restricted cash.

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, and our business and industry.

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 2023 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.

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, Non-GAAP diluted earnings per 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, supply chain 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-19, 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 supply chain optimization charges may include asset impairment costs, accelerated depreciation expense, lease termination gains, severance costs, and employee relocation costs resulting from the closure, consolidation, and centralization of various global supply chain operations and includes the closure of our Torreón manufacturing facility (previously disclosed as Mexico optimization). The purchase accounting charges may include the amortization of intangible assets and fair value adjustments of future cash payments recorded as interest expense. 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 supply chain optimization charges are dependent on the timing, size, number and nature of the operations being closed, consolidated or centralized, 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.

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
    Quarter Ended   Six Months Ended
(Unaudited, amounts in thousands, except per share data)   10/28/2023   10/29/2022   10/28/2023   10/29/2022
Sales   $ 511,435     $ 611,332     $ 993,086     $ 1,215,423  
Cost of sales     288,830       361,848       564,753       734,909  
Gross profit     222,605       249,484       428,333       480,514  
Selling, general and administrative expense     188,993       187,601       360,195       365,988  
Operating income      33,612       61,883       68,138       114,526  
Interest expense     (101 )     (119 )     (223 )     (278 )
Interest income     4,042       1,138       7,098       1,612  
Other income (expense), net     104       183       660       228  
Income before income taxes     37,657       63,085       75,673       116,088  
Income tax expense     9,963       16,306       20,053       30,369  
Net income     27,694       46,779       55,620       85,719  
Net income attributable to noncontrolling interests     (495 )     (702 )     (942 )     (1,154 )
Net income attributable to La-Z-Boy Incorporated   $ 27,199     $ 46,077     $ 54,678     $ 84,565  
                 
Basic weighted average common shares     43,008       43,104       43,123       43,098  
Basic net income attributable to La-Z-Boy Incorporated per share   $ 0.63     $ 1.07     $ 1.27     $ 1.96  
                 
Diluted weighted average common shares     43,401       43,182       43,479       43,174  
Diluted net income attributable to La-Z-Boy Incorporated per share   $ 0.63     $ 1.07     $ 1.26     $ 1.96  
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET


(Unaudited, amounts in thousands, except par value)   10/28/2023   4/29/2023
Current assets        
Cash and equivalents   $ 329,632     $ 343,374  
Restricted cash     3,835       3,304  
Receivables, net of allowance of $4,714 at 10/28/2023 and $4,776 at 4/29/2023     134,394       125,536  
Inventories, net     268,480       276,257  
Other current assets     104,675       106,129  
Total current assets     841,016       854,600  
Property, plant and equipment, net     270,682       278,578  
Goodwill     208,473       205,008  
Other intangible assets, net     41,515       39,375  
Deferred income taxes – long-term     8,477       8,918  
Right of use lease assets     452,232       416,269  
Other long-term assets, net     57,630       63,515  
Total assets   $ 1,880,025     $ 1,866,263  
         
Current liabilities        
Accounts payable   $ 98,088     $ 107,460  
Lease liabilities, short-term     77,401       77,751  
Accrued expenses and other current liabilities     256,325       290,650  
Total current liabilities     431,814       475,861  
Lease liabilities, long-term     406,458       368,163  
Other long-term liabilities     67,963       70,142  
Shareholders' equity        
Preferred shares – 5,000 authorized; none issued            
Common shares, $1.00 par value – 150,000 authorized; 42,875 outstanding at 10/28/2023 and 43,318 outstanding at 4/29/2023     42,875       43,318  
Capital in excess of par value     361,409       358,891  
Retained earnings     567,391       545,155  
Accumulated other comprehensive loss     (7,392 )     (5,528 )
Total La-Z-Boy Incorporated shareholders' equity     964,283       941,836  
Noncontrolling interests     9,507       10,261  
Total equity     973,790       952,097  
Total liabilities and equity   $ 1,880,025     $ 1,866,263  
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
    Six Months Ended
(Unaudited, amounts in thousands)   10/28/2023   10/29/2022
Cash flows from operating activities        
Net income   $ 55,620     $ 85,719  
Adjustments to reconcile net income to cash provided by operating activities        
(Gain)/loss on disposal and impairment of assets     559               1  
(Gain)/loss on sale of investments     (1,136 )     77  
Provision for doubtful accounts     44       694  
Depreciation and amortization     25,092       19,258  
Amortization of right-of-use lease assets     37,285       38,580  
Lease impairment/(settlement)     (1,175 )      
Equity-based compensation expense     7,337       5,079  
Change in deferred taxes     (340 )     27  
Change in receivables     (9,843 )     19,550  
Change in inventories     9,757       (36,771 )
Change in other assets     (1,361 )     4,890  
Change in payables     (4,040 )     8,027  
Change in lease liabilities     (38,121 )     (39,380 )
Change in other liabilities     (22,802 )     (74,797 )
Net cash provided by operating activities     56,876       30,954  
         
Cash flows from investing activities        
Proceeds from disposals of assets     4,037       63  
Capital expenditures     (26,501 )     (40,442 )
Purchases of investments     (17,485 )     (4,714 )
Proceeds from sales of investments     21,956       12,660  
Acquisitions     (7,311 )     (11,705 )
Net cash used for investing activities     (25,304 )     (44,138 )
         
Cash flows from financing activities        
Payments on debt and finance lease liabilities     (206 )     (61 )
Holdback payments for acquisitions             (5,000 )     (5,000 )
Stock issued for stock and employee benefit plans, net of shares withheld for taxes             (1,859 )     (1,711 )
Repurchases of common stock             (20,014 )     (5,004 )
Dividends paid to shareholders             (15,632 )     (14,161 )
Dividends paid to minority interest joint venture partners (1)             (1,172 )      
Net cash used for financing activities             (43,883 )     (25,937 )
         
Effect of exchange rate changes on cash and equivalents             (900 )     (1,841 )
Change in cash, cash equivalents and restricted cash             (13,211 )     (40,962 )
Cash, cash equivalents and restricted cash at beginning of period     346,678       248,856  
Cash, cash equivalents and restricted cash at end of period   $ 333,467     $ 207,894  
         
Supplemental disclosure of non-cash investing activities        
Capital expenditures included in payables   $ 3,079     $ 4,251  

   

   (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   Six Months Ended
(Unaudited, amounts in thousands)   10/28/2023   10/29/2022   10/28/2023   10/29/2022
Sales                
Wholesale segment:                
Sales to external customers   $ 263,738     $ 319,613     $ 499,989     $ 643,341  
Intersegment sales     101,229       126,618       198,453       244,708  
Wholesale segment sales     364,967       446,231       698,442       888,049  
                 
Retail segment sales     214,309       252,152       422,552       488,173  
                 
Corporate and Other:                
Sales to external customers     33,388       39,567       70,545       83,909  
Intersegment sales     2,844       4,070       5,748       8,458  
Corporate and Other sales     36,232       43,637       76,293       92,367  
                 
Eliminations     (104,073 )     (130,688 )     (204,201 )     (253,166 )
Consolidated sales   $ 511,435     $ 611,332     $ 993,086     $ 1,215,423  
                 
Operating Income (Loss)                
Wholesale segment   $ 21,450     $ 38,476     $ 44,953     $ 64,618  
Retail segment     27,935       41,500       57,199       79,652  
Corporate and Other     (15,773 )     (18,093 )     (34,014 )     (29,744 )
Consolidated operating income   $ 33,612     $ 61,883     $ 68,138     $ 114,526  
LA-Z-BOY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    Quarter Ended   Six Months Ended
(Amounts in thousands, except per share data)   10/28/2023   10/29/2022   10/28/2023   10/29/2022
GAAP gross profit   $         222,605     $   249,484     $ 428,333     $ 480,514  
Purchase accounting charges - incremental expense upon the sale of inventory acquired at fair value     —        132             132  
Business realignment charges/(gain)           (319 )           609  
Supply chain optimization charges     3,615             3,762        
Non-GAAP gross profit   $ 226,220     $ 249,297     $ 432,095     $ 481,255  
                 
GAAP SG&A   $ 188,993     $ 187,601     $ 360,195     $ 365,988  
Purchase accounting (charges)/gain - amortization of intangible assets and adjustment to the fair value of contingent consideration     (253 )     550       (508 )     298  
Supply chain optimization charges     (3,030 )           (1,855 )      
Non-GAAP SG&A   $ 185,710     $ 188,151     $ 357,832     $ 366,286  
                 
GAAP operating income   $ 33,612     $  61,883     $ 68,138     $ 114,526  
Purchase accounting charges/(gain)     253       (418 )     508       (166 )
Business realignment charges/(gain)                   (319 )           609  
Supply chain optimization charges     6,645             5,617        
Non-GAAP operating income   $ 40,510     $ 61,146     $ 74,263     $ 114,969  
                 
GAAP income before income taxes   $ 37,657     $ 63,085     $ 75,673     $ 116,088  
Purchase accounting charges/(gain) recorded as part of gross profit, SG&A, and interest expense     253               (372 )     556       (27 )
Business realignment charges/(gain)                   (319 )           609  
Supply chain optimization charges     6,645             5,617        
Non-GAAP income before income taxes   $ 44,555     $ 62,394     $ 81,846     $ 116,670  
                 
GAAP net income attributable to La-Z-Boy Incorporated   $ 27,199     $ 46,077     $ 54,678     $ 84,565  
Purchase accounting charges/(gain) recorded as part of gross profit, SG&A, and interest expense     253       (372 )     556       (27 )
Tax effect of purchase accounting     (67 )     (112 )     (147 )     (203 )
Business realignment charges/(gain)           (319 )           609  
Tax effect of business realignment           84             (160 )
Supply chain optimization charges     6,645             5,617        
Tax effect of supply chain optimization     (1,761 )           (1,489 )      
Non-GAAP net income attributable to La-Z-Boy Incorporated   $ 32,269     $ 45,357     $ 59,215     $ 84,784  
                 
GAAP net income attributable to La-Z-Boy Incorporated per diluted share   $ 0.63     $ 1.07     $ 1.26     $ 1.96  
Purchase accounting charges/(gain), net of tax, per share           (0.01 )     0.01       (0.01 )
Business realignment charges/(gain), net of tax, per share           (0.01 )           0.01  
Supply chain optimization charges, net of tax, per share     0.11             0.09        
Non-GAAP net income attributable to La-Z-Boy Incorporated per diluted share   $ 0.74     $ 1.05     $ 1.36     $ 1.96  
LA-Z-BOY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
SEGMENT INFORMATION
    Quarter Ended   Six Months Ended
(Amounts in thousands)   10/28/2023   % of sales   10/29/2022   % of sales   10/28/2023   % of sales   10/29/2022   % of sales
GAAP operating income (loss)                                
Wholesale segment   $         21,450     5.9 %   $ 38,476     8.6 %   $         44,953      6.4 %   $ 64,618     7.3 %
Retail segment     27,935     13.0 %     41,500     16.5 %     57,199     13.5 %     79,652     16.3 %
Corporate and Other     (15,773 )   N/M     (18,093 )   N/M     (34,014 )   N/M     (29,744 )   N/M
Consolidated GAAP operating income   $ 33,612     6.6 %   $ 61,883     10.1 %   $ 68,138     6.9 %   $ 114,526     9.4 %
                                 
Non-GAAP items affecting operating income                                
Wholesale segment   $ 6,699         $ (269 )       $ 5,726         $ 712      
Retail segment               132                     132      
Corporate and Other     199           (600 )         399           (401 )    
Consolidated Non-GAAP items affecting operating income   $ 6,898         $ (737 )       $ 6,125         $ 443      
                                 
Non-GAAP operating income (loss)                                
Wholesale segment   $ 28,149     7.7 %   $ 38,207     8.6 %   $ 50,679     7.3 %   $ 65,330     7.4 %
Retail segment     27,935     13.0 %     41,632     16.5 %     57,199     13.5 %     79,784     16.3 %
Corporate and Other     (15,574 )   N/M     (18,693 )   N/M     (33,615 )   N/M     (30,145 )   N/M
Consolidated Non-GAAP operating income   $ 40,510     7.9 %   $ 61,146     10.0 %   $ 74,263     7.5 %   $ 114,969     9.5 %
                                 
N/M - Not Meaningful                                

Anywhere-Affiliated Professionals Once Again Achieve Strong Representation on Asian Real Estate Association of America (AREAA) A-List

MADISON, N.J., Aug. 29, 2022 /PRNewswire/ -- Anywhere Real Estate Inc. ( NYSE: HOUS), a global leader in residential real estate services (formerly known as Realogy Holdings Corp.), recently announced another strong showing on the AREAA A-List, the Asian Real Estate Association of America's annual list of the top producing agents. Anywhere-affiliated agents make up 24 percent of the list, with representation from the company's industry-leading brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran, and Sotheby's International Realty®. The list honors 166 individual real estate agents and teams, in addition to 38 outstanding loan officers, for outstanding transaction volume production in 2021.

"The representation of Anywhere agents and teams on the AREAA A-List continues to amaze me each year, and I am so proud of those included for their outstanding achievements," said Sue Yannaccone, president and chief executive officer, Anywhere Brands. "Anywhere has been a longtime partner of AREAA, and we are honored to work with them to empower diverse real estate professionals and improve home ownership opportunities within Asian American communities."

Additional Anywhere highlights include:

  • 69 Anywhere-affiliated agents are included on the list, spanning brands including Coldwell Banker (42), CENTURY 21 (12), Sotheby's International Realty (8), Better Homes and Gardens Real Estate (6), and Corcoran (1)
  • 28 percent of the top producing agents, both by individual sales and by individual volume, are affiliated with Anywhere, with Coldwell Banker accounting for 24 honorees for individual volume
  • Coldwell Banker, CENTURY 21, Better Homes and Gardens, Corcoran and Sotheby's International Realty all increased their showing on the list from last year

The list of real estate agents and teams on the A-List was produced this year by RealTrends in partnership with Bank of America. Collectively, the group of real estate professionals generated more than $12.65 billion in sales volume and 19,815 transaction sides in 2021. The list of loan officers was generated through self-submissions directly to AREAA.

As one of the largest full service residential real estate services companies in the U.S., Anywhere is dedicated to creating a culture of diversity, equity, and inclusion, and is a vocal advocate for equal opportunity and fair housing. In June, the company officially completed its corporate rebrand from Realogy to Anywhere, signifying a strategic emphasis on building a more frictionless and digitized home buying and selling experience for any consumer, anywhere. The transformation also represents the company's mission to further move its culture and talent strategy into the future – empowering employees' growth anywhere in their career journey.

Read more about Anywhere and its commitment to diversity, equity, and inclusion in its 2021 CSR Report. For more information, please visit anywhere.re and follow Anywhere on social media by visiting its LinkedIn, Twitter, Facebook, and Instagram pages.

About Anywhere Real Estate Inc.
Anywhere Real Estate Inc. ( NYSE: HOUS) is moving the real estate industry to what's next. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture, the Company supported approximately 1.5 million home transactions in 2021. The Company's diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, the Company fuels the productivity of its approximately 197,600 independent sales agents in the U.S. and approximately 140,600 independent sales agents in 119 other countries and territories, helping them build stronger businesses and best serve today's consumers. Recognized for eleven consecutive years as one of the World's Most Ethical Companies, the Company has also been designated a Great Place to Work four years in a row, named one of LinkedIn's 2021 Top Companies in the U.S., and honored on the Forbes list of World's Best Employers 2021.

 ABOUT AREAA
Founded in 2003, the Asian Real Estate Association of America (AREAA) is a national nonprofit trade organization dedicated to improving the lives of the Asian American and Pacific Islander (AAPI) community through homeownership. Visit areaa.org for more information.

Media Contacts:
Brianna Patrizio
[email protected]

SOURCE Anywhere Real Estate Inc.