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Business Recorder
6 days ago
- Business
- Business Recorder
India's Reliance quarterly profit surges 78%, tops view
Indian billionaire Mukesh Ambani's Reliance Industries beat estimates for quarterly profit on Friday, powered by strong growth in its energy, retail and digital services businesses. India needs to boost its petrochemical output to counter China's dominance, Reliance says Consolidated profit soared 78.3% to 269.94 billion rupees ($3.14 billion)for the quarter ended June 30, beating analysts' average estimate of 198.59 billion rupees, according to data compiled by LSEG.
Yahoo
24-06-2025
- Business
- Yahoo
TD SYNNEX Reports Fiscal 2025 Second Quarter Results
Revenue of $14.9 billion, an increase of 7.2% year over year and above the high end of our outlook. On a constant currency(1) basis, revenue increased by 6.3% year over year. Non-GAAP gross billings(1) of $21.6 billion, an increase of 12.1% year over year and above the high end of our outlook. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 11.3% year over year. Diluted earnings per share ("EPS") of $2.21 and non-GAAP diluted EPS(1) of $2.99, above the high end of our outlook. Cash provided by operations of $573 million and free cash flow(1) of $543 million. Returned $186 million to stockholders in the form of $149 million of share repurchases and $37 million in dividends. Announced a quarterly cash dividend of $0.44 per common share, up 10% year over year. FREMONT, Calif. & CLEARWATER, Fla., June 24, 2025--(BUSINESS WIRE)--TD SYNNEX (NYSE: SNX) today announced financial results for the fiscal second quarter ended May 31, 2025. "Our Q2 results demonstrate the continued strength of the IT Distribution and Hyperscaler markets, meanwhile, our strategy and the execution of our team are enabling us to grow ahead of market," said Patrick Zammit, CEO of TD SYNNEX. "Gross billings grew double digits and non-GAAP diluted EPS exceeded the high end of our guidance with all regions and major technologies contributing." Consolidated Financial Highlights for the Fiscal 2025 Second Quarter: GAAP ($ in millions, except earnings per share) Q2 FY25 Q2 FY24 Net Change from Q2 FY24 Revenue $ 14,946.3 $ 13,947.9 7.2 % Gross profit $ 1,046.4 $ 973.5 7.5 % Gross margin 7.00 % 6.98 % 2 bps Operating income $ 328.1 $ 263.9 24.3 % Operating margin 2.20 % 1.89 % 31 bps Net income $ 184.9 $ 143.6 28.8 % Diluted EPS $ 2.21 $ 1.66 33.1 % Non-GAAP ($ in millions, except earnings per share) Q2 FY25 Q2 FY24 Net Change from Q2 FY24 Gross billings(1) $ 21,647.5 $ 19,304.6 12.1 % Gross to net %(1) (31.0 )% (27.7 )% (330) bps Revenue $ 14,946.3 $ 13,947.9 7.2 % Gross profit $ 1,046.4 $ 973.5 7.5 % Gross margin 7.00 % 6.98 % 2 bps Operating income(1) $ 414.0 $ 388.0 6.7 % Operating margin(1) 2.77 % 2.78 % (1) bps Net income(1) $ 250.5 $ 236.9 5.8 % Diluted EPS(1) $ 2.99 $ 2.73 9.5 % Consolidated Fiscal 2025 Second Quarter versus Fiscal 2024 Second Quarter Highlights Revenue was $14.9 billion, compared to $13.9 billion, representing an increase of 7.2% and above the high end of our outlook. On a constant currency(1) basis, revenue increased by 6.3%, driven by growth in both our Endpoint Solutions and Advanced Solutions portfolios. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal second quarter by approximately 5%. Non-GAAP gross billings(1) were $21.6 billion, compared to $19.3 billion, representing an increase of 12.1% and above the high end of our outlook. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 11.3%. Gross profit was $1,046 million, compared to $974 million. Gross margin was 7.0% in both periods. The presentation of additional revenues on a net basis due to the mix of products sold positively impacted our gross margin by approximately 31 basis points. Operating income was $328 million, compared to $264 million. Non-GAAP operating income(1) was $414 million, compared to $388 million. Operating margin was 2.2%, compared to 1.9%. Non-GAAP operating margin(1) was 2.8% in both periods. Diluted EPS was $2.21, compared to $1.66. Non-GAAP diluted EPS(1) was $2.99, compared to $2.73. Cash provided by operations of $573 million, compared to cash used in operations of $115 million, and free cash flow(1) of $543 million, compared to negative free cash flow(1) of $153 million. We returned $186 million to stockholders in the form of share repurchases and dividends, compared to $288 million. Regional Fiscal 2025 Second Quarter versus Fiscal 2024 Second Quarter Highlights Americas: Revenue was $9.0 billion, compared to $8.6 billion, representing an increase of 5.3%. On a constant currency(1) basis, revenue increased by 5.7%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal second quarter by approximately 4%. Non-GAAP gross billings(1) were $13.3 billion, compared to $12.2 billion, representing an increase of 9.0%. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 9.4%. Operating income was $253 million, compared to $209 million. Non-GAAP operating income(1) was $301 million, compared to $285 million. Operating margin was 2.8%, compared to 2.4%. Non-GAAP operating margin(1) was 3.3% in both periods. Europe: Revenue was $4.9 billion, compared to $4.4 billion, representing an increase of 10.5%. On a constant currency(1) basis, revenue increased by 7.3%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal second quarter by approximately 6%. Non-GAAP gross billings(1) were $6.8 billion, compared to $5.9 billion, representing an increase of 16.7%. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 13.3%. Operating income was $50 million, compared to $34 million. Non-GAAP operating income(1) was $86 million, compared to $81 million. Operating margin was 1.0%, compared to 0.8%. Non-GAAP operating margin(1) was 1.8% in both periods. Asia-Pacific and Japan ("APJ"): Revenue was $1.0 billion, compared to $964 million, representing an increase of 8.7%. On a constant currency(1) basis, revenue increased by 7.6%. A greater percentage of our sales were presented on a net basis due to the mix of products sold, which negatively impacted our revenue compared to the prior fiscal second quarter by approximately 13%. Non-GAAP gross billings(1) were $1.5 billion, compared to $1.2 billion, representing an increase of 22.0%. On a constant currency(1) basis, non-GAAP gross billings(1) increased by 21.1%. Operating income was $25 million, compared to $20 million. Non-GAAP operating income(1) was $27 million, compared to $22 million. Operating margin was 2.4%, compared to 2.1%. Non-GAAP operating margin(1) was 2.6%, compared to 2.3%. Fiscal 2025 Third Quarter Outlook The following statements are based on TD SYNNEX's current expectations for the fiscal 2025 third quarter. These statements are forward-looking and actual results may differ materially. Non-GAAP gross billings(1) include the impact of costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts, and the remaining non-GAAP financial measures exclude the impact of acquisition, integration and restructuring costs, amortization of intangible assets, share-based compensation, and the related tax effects thereon. Q3 2025 Outlook Revenue $14.7 - $15.5 billion Non-GAAP gross billings(1) $21.0 - $22.0 billion Net income $159 - $200 million Non-GAAP net income(1) $227 - $268 million Diluted earnings per share $1.93 - $2.43 Non-GAAP diluted earnings per share(1) $2.75 - $3.25 Estimated outstanding diluted weighted average shares 81.8 million Dividend TD SYNNEX announced today that its Board of Directors declared a quarterly cash dividend of $0.44 per common share. The dividend is payable on July 25, 2025 to stockholders of record as of the close of business on July 11, 2025. Conference Call and Webcast TD SYNNEX will host a conference call today to discuss the 2025 fiscal second quarter results at 6:00 AM (PT)/9:00 AM (ET). A live audio webcast of the earnings call will be accessible at and a replay of the webcast will be available following the call. About TD SYNNEX TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We are an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, deliver business outcomes and unlock growth opportunities while helping optimize their operating model. Headquartered in Clearwater, Florida and Fremont, California, TD SYNNEX's 23,000 co-workers are dedicated to uniting compelling IT products, services and solutions from approximately 2,500 best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including cloud, cybersecurity, big data/analytics, AI, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit follow our newsroom or find us on LinkedIn, Facebook and Instagram. (1)Use of Non-GAAP Financial Information In addition to the financial results presented in accordance with GAAP, TD SYNNEX uses and refers to: Non-GAAP gross billings, which are the amounts billed to the customer prior to any presentation adjustment under ASC Topic 606 for those arrangements where the Company does not act as the principal. Non-GAAP gross billings are a useful non-GAAP metric in understanding the volume of our business activity and serve as an important performance metric in internally managing our operations. Revenue and non-GAAP gross billings in constant currency, which adjusts for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our performance. Financial results adjusted for constant currency are calculated by translating current period activity using the comparable prior year periods' currency conversion rate. "Gross to net %" refers to the percentage of adjustments made to non-GAAP gross billings for costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts. Adjusted selling, general and administrative expenses, which excludes acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. TD SYNNEX also uses adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings, which is a useful metric in considering our selling, general and administrative expenses without the impact of gross to net revenue adjustments to gross billings. Furthermore, TD SYNNEX uses adjusted selling, general and administrative expenses as a percentage of gross profit, which is a useful metric in considering the portion of gross profit retained after selling, general and administrative expenses. Non-GAAP operating income and non-GAAP operating margin, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets and share-based compensation expense. Earnings before interest, taxes, depreciation and amortization ("EBITDA"), which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, and amortization of intangibles. TD SYNNEX also uses adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") which excludes interest expense and finance charges, net, the provision for income taxes, depreciation, amortization of intangibles, other income (expense), net, acquisition, integration and restructuring costs, and share-based compensation expense. Non-GAAP net income and non-GAAP diluted earnings per share, which exclude acquisition, integration and restructuring costs, the amortization of intangible assets, share-based compensation expense, and the related tax effects thereon. Free cash flow, which is cash flow from operating activities reduced by purchases of property and equipment. TD SYNNEX uses free cash flow to conduct and evaluate its business because although it is similar to cash flows from operating activities, TD SYNNEX believes free cash flow is an additional useful measure of cash flows since purchases of property and equipment are a necessary component of ongoing operations. Free cash flow reflects an additional way of viewing TD SYNNEX's liquidity that, when viewed with its GAAP results, provides a more complete understanding of factors and trends affecting its cash flows. Free cash flow has limitations as it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments for business acquisitions. Therefore, TD SYNNEX believes it is important to view free cash flow as a complement to its entire Consolidated Statements of Cash Flows. Trailing fiscal four quarters return on invested capital ("ROIC"), which is defined as the last four quarters' tax effected operating income divided by the average of the last five quarterly balances of borrowings and equity, net of cash. Adjusted ROIC is calculated by excluding the tax effected impact of non-GAAP adjustments from operating income and by excluding the cumulative tax effected impact of current and prior period non-GAAP adjustments on equity. In prior periods, TD SYNNEX has excluded other items relevant to those periods for purposes of its non-GAAP financial measures. Acquisition, integration and restructuring costs, which are expensed as incurred, primarily represent professional services costs for legal, banking, consulting and advisory services, severance and other personnel-related costs, share-based compensation expense and debt extinguishment fees that are incurred in connection with acquisition, integration, restructuring, and divestiture activities. From time to time, this category may also include transaction-related gains/losses on divestitures/spin-off of businesses, costs related to long-lived assets including impairment charges and accelerated depreciation and amortization expense due to changes in asset useful lives, as well as various other costs associated with the acquisition or divestiture. TD SYNNEX's acquisition activities have resulted in the recognition of finite-lived intangible assets which consist primarily of customer relationships and vendor lists. Finite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in the Company's Statements of Operations. Although intangible assets contribute to the Company's revenue generation, the amortization of intangible assets does not directly relate to the sale of the Company's products. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. Share-based compensation expense is a non-cash expense arising from the grant of equity awards to employees and non-employee members of the Company's Board of Directors based on the estimated fair value of those awards. Although share-based compensation is an important aspect of the compensation of our employees, the fair value of the share-based awards may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards and the expense can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Given the variety and timing of awards and the subjective assumptions that are necessary when calculating share-based compensation expense, TD SYNNEX believes this additional information allows investors to make additional comparisons between our operating results from period to period. TD SYNNEX management uses non-GAAP financial measures internally to understand, manage and evaluate the business, to establish operational goals, and in some cases for measuring performance for compensation purposes. These non-GAAP measures are intended to provide investors with an understanding of TD SYNNEX's operational results and trends that more readily enable investors to analyze TD SYNNEX's base financial and operating performance and to facilitate period-to-period comparisons and analysis of operational trends, as well as for planning and forecasting in future periods. Management believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, and should be read only in conjunction with TD SYNNEX's Consolidated Financial Statements prepared in accordance with GAAP. A reconciliation of TD SYNNEX's GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. Safe Harbor Statement Statements in this news release regarding TD SYNNEX that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of factors. These forward-looking statements may be identified by terms such as believe, foresee, expect, may, will, provide, could and should and the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to, statements about our strategy, demand, plans and positioning, capital allocation, as well as guidance related to the third quarter of 2025. Such forward-looking statements are based upon management's current expectations and include known and unknown risks, uncertainties and other factors, many of which TD SYNNEX is unable to predict or control, that may cause TD SYNNEX actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the unfavorable outcome of any legal proceedings that have been or may be instituted against us; the ability to retain key personnel; general economic and political conditions; weakness in information technology spending; seasonality; risks related to the buying patterns of our customers, concentration of sales to large customers; the loss or consolidation of one or more of our significant original equipment manufacturer, or OEM, suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; our ability to gain market share; variations in supplier-sponsored programs; changes in our costs and operating expenses; the timing and amount of returns to our stockholders via repurchases of our common stock and dividends; changes in foreign currency exchange rates and interest rates; increased inflation; uncertainty over global trade policies and the impacts of related tariffs; dependence upon and trends in capital spending budgets in the IT industry; changes in tax laws; risks associated with our international operations; uncertainties and variability in demand by our reseller and integration customers; supply shortages or delays; any termination or reduction in our supplier finance programs; credit exposure to our reseller customers and negative trends in their businesses; any incidents of theft; the declaration, timing and payment of dividends, and the Board's reassessment thereof; and other risks and uncertainties detailed in our Form 10-K for the fiscal year ended November 30, 2024 and subsequent SEC filings. Statements included in this press release are based upon information known to TD SYNNEX as of the date of this release, and TD SYNNEX assumes no obligation to update information contained in this press release unless otherwise required by law. Copyright 2025 TD SYNNEX CORPORATION. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks or registered trademarks of TD SYNNEX Corporation. Other names and marks are the property of their respective owners. TD SYNNEX Corporation Consolidated Balance Sheets (Currency and share amounts in thousands, except par value) (Amounts may not add or compute due to rounding) (Unaudited) May 31, 2025 November 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 767,099 $ 1,059,378 Accounts receivable, net 10,127,960 10,341,625 Receivables from vendors, net 987,901 958,105 Inventories 8,655,741 8,287,048 Other current assets 954,078 678,540 Total current assets 21,492,779 21,324,696 Property and equipment, net 482,912 457,024 Goodwill 3,997,641 3,895,077 Intangible assets, net 3,893,177 3,912,267 Other assets, net 642,673 685,415 Total assets $ 30,509,182 $ 30,274,479 LIABILITIES AND EQUITY Current liabilities: Borrowings, current $ 382,425 $ 171,092 Accounts payable 14,542,575 15,084,107 Other accrued liabilities 2,197,402 1,966,036 Total current liabilities 17,122,402 17,221,235 Long-term borrowings 3,723,280 3,736,399 Other long-term liabilities 487,227 468,648 Deferred tax liabilities 833,906 812,763 Total liabilities 22,166,815 22,239,045 Stockholders' equity: Common stock, $0.001 par value, 200,000 shares authorized, 99,012 shares issued as of both May 31, 2025 and November 30, 2024 99 99 Additional paid-in capital 7,448,114 7,437,688 Treasury stock, 17,092 and 15,289 shares as of May 31, 2025 and November 30, 2024, respectively (1,737,413 ) (1,513,017 ) Accumulated other comprehensive loss (402,554 ) (645,117 ) Retained earnings 3,034,121 2,755,781 Total stockholders' equity 8,342,367 8,035,434 Total liabilities and equity $ 30,509,182 $ 30,274,479 TD SYNNEX Corporation Consolidated Statements of Operations (Currency and share amounts in thousands, except per share amounts) (Amounts may not add or compute due to rounding) (Unaudited) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Revenue $ 14,946,315 $ 13,947,908 $ 29,478,022 $ 27,923,161 Cost of revenue (13,899,942 ) (12,974,361 ) (27,433,643 ) (25,943,848 ) Gross profit 1,046,373 973,547 2,044,379 1,979,313 Selling, general and administrative expenses (717,570 ) (671,714 ) (1,410,055 ) (1,343,259 ) Acquisition, integration and restructuring costs (664 ) (37,885 ) (1,726 ) (69,534 ) Operating income 328,139 263,948 632,598 566,520 Interest expense and finance charges, net (89,982 ) (76,701 ) (177,862 ) (152,592 ) Other expense, net (79 ) (3,091 ) (1,775 ) (5,975 ) Income before income taxes 238,078 184,156 452,961 407,953 Provision for income taxes (53,157 ) (40,551 ) (100,503 ) (92,220 ) Net income $ 184,921 $ 143,605 $ 352,458 $ 315,733 Earnings per common share: Basic $ 2.22 $ 1.67 $ 4.20 $ 3.61 Diluted $ 2.21 $ 1.66 $ 4.19 $ 3.60 Weighted-average common shares outstanding: Basic 82,626 85,453 83,115 86,655 Diluted 82,935 85,869 83,447 87,019 TD SYNNEX Corporation Consolidated Statements of Cash Flows (Currency amounts in thousands) (Amounts may not add or compute due to rounding) (Unaudited) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Cash flows from operating activities: Net income $ 184,921 $ 143,605 $ 352,458 $ 315,733 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 103,595 106,287 203,305 206,906 Share-based compensation 11,950 13,430 33,811 30,920 Provision for doubtful accounts 4,576 (6,272 ) 10,942 4,922 Other 1,579 4,469 5,952 5,639 Changes in operating assets and liabilities, net of acquisition of businesses: Accounts receivable, net (393,970 ) 42,175 460,250 1,385,250 Receivables from vendors, net 9,599 82,541 (7,041 ) 128,921 Inventories (111,776 ) (17,340 ) (214,637 ) 24,836 Accounts payable 1,099,965 (219,135 ) (870,147 ) (1,145,971 ) Other operating assets and liabilities (337,257 ) (264,468 ) (149,708 ) (687,155 ) Net cash provided by (used in) operating activities 573,182 (114,708 ) (174,815 ) 270,001 Cash flows from investing activities: Purchases of property and equipment (30,243 ) (37,822 ) (71,768 ) (78,910 ) Acquisition of businesses, net of cash acquired (666 ) 2,205 (4,459 ) (26,238 ) Other 4,363 2,730 5,149 4,351 Net cash used in investing activities (26,546 ) (32,887 ) (71,078 ) (100,797 ) Cash flows from financing activities: Dividends paid (36,898 ) (34,191 ) (74,118 ) (69,843 ) Proceeds from reissuance of treasury stock 2,732 2,780 12,513 5,507 Repurchases of common stock (148,818 ) (254,150 ) (249,328 ) (453,375 ) Repurchases of common stock for tax withholdings on equity awards (4,582 ) (1,489 ) (8,832 ) (6,287 ) Net (repayments) borrowings on revolving credit loans (212,714 ) 10,622 208,708 (45,433 ) Principal payments on long-term debt (14,914 ) (766,510 ) (15,541 ) (784,714 ) Borrowings on long-term debt — 1,349,376 — 1,349,376 Cash paid for debt issuance costs — (12,715 ) — (12,715 ) Net cash (used in) provided by financing activities (415,194 ) 293,723 (126,598 ) (17,484 ) Effect of exchange rate changes on cash and cash equivalents 93,794 (3,426 ) 80,212 (11,848 ) Net increase (decrease) in cash and cash equivalents 225,236 142,702 (292,279 ) 139,872 Cash and cash equivalents at beginning of period 541,863 1,030,946 1,059,378 1,033,776 Cash and cash equivalents at end of period $ 767,099 $ 1,173,648 $ 767,099 $ 1,173,648 TD SYNNEX Corporation Regional Financial Highlights - Fiscal 2025 Second Quarter (Currency in millions) (Amounts may not add or compute due to rounding) Q2 FY25 Q2 FY24 Net Change from Q2 FY24 Americas Revenue $ 9,009.2 $ 8,557.6 5.3 % Non-GAAP gross billings(1) $ 13,345.6 $ 12,247.2 9.0 % Operating income $ 252.6 $ 209.3 20.7 % Non-GAAP operating income(1) $ 301.3 $ 285.1 5.7 % Operating margin 2.80 % 2.45 % 35 bps Non-GAAP operating margin(1) 3.34 % 3.33 % 1 bps Europe Revenue $ 4,890.0 $ 4,426.8 10.5 % Non-GAAP gross billings(1) $ 6,843.0 $ 5,861.9 16.7 % Operating income $ 50.3 $ 34.4 46.4 % Non-GAAP operating income(1) $ 85.8 $ 80.8 6.1 % Operating margin 1.03 % 0.78 % 25 bps Non-GAAP operating margin(1) 1.75 % 1.83 % (8) bps APJ Revenue $ 1,047.1 $ 963.6 8.7 % Non-GAAP gross billings(1) $ 1,458.9 $ 1,195.5 22.0 % Operating income $ 25.2 $ 20.3 24.0 % Non-GAAP operating income(1) $ 26.9 $ 22.1 22.0 % Operating margin 2.40 % 2.11 % 29 bps Non-GAAP operating margin(1) 2.57 % 2.29 % 28 bps (1) A reconciliation of TD SYNNEX's GAAP to non-GAAP financial information is set forth in the supplemental tables at the end of this press release. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Revenue in constant currency Consolidated Revenue $ 14,946,315 $ 13,947,908 $ 29,478,022 $ 27,923,161 Impact of changes in foreign currencies (114,574 ) — 169,122 — Revenue in constant currency $ 14,831,741 $ 13,947,908 $ 29,647,144 $ 27,923,161 Americas Revenue $ 9,009,195 $ 8,557,573 $ 17,398,533 $ 16,460,669 Impact of changes in foreign currencies 38,184 — 104,423 — Revenue in constant currency $ 9,047,379 $ 8,557,573 $ 17,502,956 $ 16,460,669 Europe Revenue $ 4,889,997 $ 4,426,775 $ 10,027,762 $ 9,544,027 Impact of changes in foreign currencies (142,261 ) — 56,417 — Revenue in constant currency $ 4,747,736 $ 4,426,775 $ 10,084,179 $ 9,544,027 APJ Revenue $ 1,047,123 $ 963,560 $ 2,051,727 $ 1,918,465 Impact of changes in foreign currencies (10,497 ) — 8,282 — Revenue in constant currency $ 1,036,626 $ 963,560 $ 2,060,009 $ 1,918,465 TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Non-GAAP gross billings Consolidated Revenue $ 14,946,315 $ 13,947,908 $ 29,478,022 $ 27,923,161 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6,701,215 5,356,701 12,887,704 10,648,181 Non-GAAP gross billings $ 21,647,530 $ 19,304,609 $ 42,365,726 $ 38,571,342 Impact of changes in foreign currencies (153,712 ) — 227,642 — Non-GAAP gross billings in constant currency $ 21,493,818 $ 19,304,609 $ 42,593,368 $ 38,571,342 Americas Revenue $ 9,009,195 $ 8,557,573 $ 17,398,533 $ 16,460,669 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 4,336,436 3,689,627 8,392,915 7,292,874 Non-GAAP gross billings $ 13,345,631 $ 12,247,200 $ 25,791,448 $ 23,753,543 Impact of changes in foreign currencies 58,669 — 164,813 — Non-GAAP gross billings in constant currency $ 13,404,300 $ 12,247,200 $ 25,956,261 $ 23,753,543 Europe Revenue $ 4,889,997 $ 4,426,775 $ 10,027,762 $ 9,544,027 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 1,953,011 1,435,171 3,702,424 2,919,298 Non-GAAP gross billings $ 6,843,008 $ 5,861,946 $ 13,730,186 $ 12,463,325 Impact of changes in foreign currencies (201,688 ) — 49,943 — Non-GAAP gross billings in constant currency $ 6,641,320 $ 5,861,946 $ 13,780,129 $ 12,463,325 APJ Revenue $ 1,047,123 $ 963,560 $ 2,051,727 $ 1,918,465 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 411,768 231,903 792,365 436,009 Non-GAAP gross billings $ 1,458,891 $ 1,195,463 $ 2,844,092 $ 2,354,474 Impact of changes in foreign currencies (10,693 ) — 12,886 — Non-GAAP gross billings in constant currency $ 1,448,198 $ 1,195,463 $ 2,856,978 $ 2,354,474 TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Adjusted selling, general and administrative expenses Revenue $ 14,946,315 $ 13,947,908 $ 29,478,022 $ 27,923,161 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6,701,215 5,356,701 12,887,704 10,648,181 Non-GAAP gross billings $ 21,647,530 $ 19,304,609 $ 42,365,726 $ 38,571,342 Gross profit $ 1,046,373 $ 973,547 $ 2,044,379 $ 1,979,313 Selling, general and administrative expenses(1) $ 717,570 $ 671,714 $ 1,410,055 $ 1,343,259 Amortization of intangibles (73,282 ) (72,759 ) (144,689 ) (145,636 ) Share-based compensation (11,950 ) (13,430 ) (33,811 ) (30,920 ) Adjusted selling, general and administrative expenses $ 632,338 $ 585,525 $ 1,231,555 $ 1,166,703 Selling, general and administrative expenses(1) as a percentage of revenue 4.80 % 4.82 % 4.78 % 4.81 % Adjusted selling, general and administrative expenses as a percentage of non-GAAP gross billings 2.92 % 3.03 % 2.91 % 3.02 % Selling, general and administrative expenses(1) as a percentage of gross profit 68.6 % 69.0 % 69.0 % 67.9 % Adjusted selling, general and administrative expenses as a percentage of gross profit 60.4 % 60.1 % 60.2 % 58.9 % (1) Excludes acquisition, integration and restructuring costs, which are presented separately on the Consolidated Statements of Operations. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Non-GAAP operating income & non-GAAP operating margin - Consolidated Revenue $ 14,946,315 $ 13,947,908 $ 29,478,022 $ 27,923,161 Operating income $ 328,139 $ 263,948 $ 632,598 $ 566,520 Acquisition, integration and restructuring costs 664 37,885 1,726 69,534 Amortization of intangibles 73,282 72,759 144,689 145,636 Share-based compensation 11,950 13,430 33,811 30,920 Non-GAAP operating income $ 414,035 $ 388,022 $ 812,824 $ 812,610 Operating margin 2.20 % 1.89 % 2.15 % 2.03 % Non-GAAP operating margin 2.77 % 2.78 % 2.76 % 2.91 % Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Non-GAAP operating income & non-GAAP operating margin - Americas Revenue $ 9,009,195 $ 8,557,573 $ 17,398,533 $ 16,460,669 Operating income $ 252,646 $ 209,284 $ 446,368 $ 368,966 Acquisition, integration and restructuring costs 58 25,395 382 52,767 Amortization of intangibles 40,488 41,518 80,905 82,971 Share-based compensation 8,133 8,925 21,784 20,723 Non-GAAP operating income $ 301,325 $ 285,122 $ 549,439 $ 525,427 Operating margin 2.80 % 2.45 % 2.57 % 2.24 % Non-GAAP operating margin 3.34 % 3.33 % 3.16 % 3.19 % Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Non-GAAP operating income & non-GAAP operating margin - Europe Revenue $ 4,889,997 $ 4,426,775 $ 10,027,762 $ 9,544,027 Operating income $ 50,312 $ 34,360 $ 136,204 $ 142,685 Acquisition, integration and restructuring costs 499 12,049 1,125 16,001 Amortization of intangibles 31,988 30,621 62,177 61,423 Share-based compensation 2,999 3,811 9,859 8,574 Non-GAAP operating income $ 85,798 $ 80,841 $ 209,365 $ 228,683 Operating margin 1.03 % 0.78 % 1.36 % 1.50 % Non-GAAP operating margin 1.75 % 1.83 % 2.09 % 2.40 % TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Non-GAAP operating income & non-GAAP operating margin - APJ Revenue $ 1,047,123 $ 963,560 $ 2,051,727 $ 1,918,465 Operating income $ 25,181 $ 20,304 $ 50,026 $ 54,869 Acquisition, integration and restructuring costs 107 441 219 766 Amortization of intangibles 806 620 1,607 1,242 Share-based compensation 818 694 2,168 1,623 Non-GAAP operating income $ 26,912 $ 22,059 $ 54,020 $ 58,500 Operating margin 2.40 % 2.11 % 2.44 % 2.86 % Non-GAAP operating margin 2.57 % 2.29 % 2.63 % 3.05 % Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 EBITDA & adjusted EBITDA Net income $ 184,921 $ 143,605 $ 352,458 $ 315,733 Interest expense and finance charges, net 89,982 76,701 177,862 152,592 Provision for income taxes 53,157 40,551 100,503 92,220 Depreciation(1) 30,313 33,528 58,616 61,270 Amortization of intangibles 73,282 72,759 144,689 145,636 EBITDA $ 431,655 $ 367,144 $ 834,128 $ 767,451 Other expense, net 79 3,091 1,775 5,975 Acquisition, integration and restructuring costs 664 32,794 1,726 64,048 Share-based compensation 11,950 13,430 33,811 30,920 Adjusted EBITDA $ 444,348 $ 416,459 $ 871,440 $ 868,394 (1) Includes depreciation recorded in acquisition, integration, and restructuring costs. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Currency in thousands, except per share amounts) (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Non-GAAP net income & non-GAAP diluted EPS(1) Net income $ 184,921 $ 143,605 $ 352,458 $ 315,733 Acquisition, integration and restructuring costs 664 37,885 1,726 69,534 Amortization of intangibles 73,282 72,759 144,689 145,636 Share-based compensation 11,950 13,430 33,811 30,920 Income taxes related to the above (20,300 ) (30,818 ) (44,796 ) (58,739 ) Non-GAAP net income $ 250,517 $ 236,861 $ 487,888 $ 503,084 Diluted EPS(1) $ 2.21 $ 1.66 $ 4.19 $ 3.60 Acquisition, integration and restructuring costs 0.01 0.44 0.02 0.79 Amortization of intangibles 0.87 0.84 1.71 1.66 Share-based compensation 0.14 0.15 0.40 0.35 Income taxes related to the above (0.24 ) (0.36 ) (0.53 ) (0.67 ) Non-GAAP Diluted EPS(1) $ 2.99 $ 2.73 $ 5.79 $ 5.73 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. For purposes of calculating Diluted EPS, net income allocated to participating securities was approximately 0.9% of net income for all periods presented. TD SYNNEX Corporation Reconciliation of GAAP to Non-GAAP financial measures (Amounts may not add or compute due to rounding) Three Months Ended Six Months Ended (Currency in thousands) May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Free cash flow Net cash provided by (used in) operating activities $ 573,182 $ (114,708 ) $ (174,815 ) $ 270,001 Purchases of property and equipment (30,243 ) (37,822 ) (71,768 ) (78,910 ) Free cash flow $ 542,939 $ (152,530 ) $ (246,583 ) $ 191,091 Forecast Three Months Ending (Currency in millions, except per share amounts) August 31, 2025 Non-GAAP net income and non-GAAP Diluted EPS Low High Net income $ 159 $ 200 Amortization of intangibles 75 75 Share-based compensation 13 13 Income taxes related to the above (20 ) (20 ) Non-GAAP net income $ 227 $ 268 Diluted EPS(1) $ 1.93 $ 2.43 Amortization of intangibles 0.91 0.91 Share-based compensation 0.15 0.15 Income taxes related to the above (0.24 ) (0.24 ) Non-GAAP Diluted EPS(1) $ 2.75 $ 3.25 (1) Diluted EPS is calculated using the two-class method. Unvested restricted stock awards granted to employees are considered participating securities. Net income allocable to participating securities is estimated to be approximately 0.9% of the forecast net income for the three months ending August 31, 2025. Forecast Three Months Ending (Currency in billions) August 31, 2025 Non-GAAP gross billings Low High Revenue $ 14.7 $ 15.5 Costs incurred and netted against revenue related to sales of third-party supplier service contracts, software as a service arrangements and certain fulfillment contracts 6.3 6.5 Non-GAAP gross billings $ 21.0 $ 22.0 TD SYNNEX Corporation Calculation of Financial Metrics Return on Invested Capital ("ROIC") (Currency in thousands) (Amounts may not add or compute due to rounding) May 31, 2025 May 31, 2024 ROIC Operating income (trailing fiscal four quarters) $ 1,260,289 $ 1,093,507 Income taxes on operating income(1) (256,291 ) (220,648 ) Operating income after taxes $ 1,003,998 $ 872,859 Total invested capital comprising equity and borrowings, less cash (last five quarters average) $ 11,427,978 $ 11,281,778 ROIC 8.8 % 7.7 % Adjusted ROIC Non-GAAP operating income (trailing fiscal four quarters) $ 1,627,244 $ 1,635,994 Income taxes on non-GAAP operating income(1) (358,374 ) (365,917 ) Non-GAAP operating income after taxes $ 1,268,870 $ 1,270,077 Total invested capital comprising equity and borrowings, less cash (last five quarters average) $ 11,427,978 $ 11,281,778 Tax effected impact of cumulative non-GAAP adjustments (last five quarters average) 1,602,973 1,272,871 Total non-GAAP invested capital (last five quarters average) $ 13,030,951 $ 12,554,649 Adjusted ROIC 9.7 % 10.1 % (1) Income taxes on GAAP operating income was calculated using the effective year-to-date tax rates during the respective periods. Income taxes on non-GAAP operating income was calculated by excluding the tax effect of taxable and deductible non-GAAP adjustments using the effective year-to-date tax rate during the respective periods. TD SYNNEX Corporation Calculation of Financial Metrics Cash Conversion Cycle (Currency in thousands) (Amounts may not add or compute due to rounding) Three Months Ended May 31, 2025 May 31, 2024 Days sales outstanding Revenue (a) $ 14,946,315 $ 13,947,908 Accounts receivable, net (b) 10,127,960 8,852,525 Days sales outstanding (c) = ((b)/(a))*the number of days during the period 62 59 Days inventory outstanding Cost of revenue (d) $ 13,899,942 $ 12,974,361 Inventories (e) 8,655,741 7,098,247 Days inventory outstanding (f) = ((e)/(d))*the number of days during the period 57 50 Days payable outstanding Cost of revenue (g) $ 13,899,942 $ 12,974,361 Accounts payable (h) 14,542,575 12,134,581 Days payable outstanding (i) = ((h)/(g))*the number of days during the period 96 86 Cash conversion cycle (j) = (c)+(f)-(i) 23 23 View source version on Contacts David JordanInvestor Relations510-668-8436IR@ Bobby EagleGlobal Corporate
Yahoo
17-06-2025
- Business
- Yahoo
La-Z-Boy Incorporated Reports Strong Fourth Quarter and Full Year Results; Sales Growth Across All Segments for the Year and Strong Operating Cash Flow Performance
Fiscal 2025 Fourth Quarter Highlights: Consolidated delivered sales of $571 million Up 3% versus prior year Retail segment delivered sales increased 8% Company-owned La-Z-Boy Furniture Galleries® network grew by a total of six stores; 203 company-owned store base now represents 55% of total network Wholesale segment delivered sales increased 2% GAAP operating margin of 5.2%; adjusted(1) operating margin of 9.4%, flat versus the year ago period GAAP diluted EPS of $0.36 and adjusted(1) diluted EPS of $0.92, both of which include a $0.10 impact from unfavorable foreign tax discrete items Delivered sales exceeded high end of guidance range and adjusted(1) operating margin at high end of guidance range Generated $62 million in operating cash flow for the quarter, up 17% versus prior year Fiscal 2025 Highlights: Consolidated delivered sales of $2.1 billion Up 3% versus prior year Retail segment delivered sales increased 5% Added 11 newly opened stores, one of the largest yearly expansions in company history, and acquired seven independent La-Z-Boy Furniture Galleries® stores Wholesale segment delivered sales increased 2% Joybird delivered sales increased 5% GAAP operating margin of 6.4%; adjusted(1) operating margin of 7.6%, down 20 basis points versus a year ago GAAP diluted EPS of $2.35 and adjusted(1) diluted EPS of $2.92, both of which include a $0.10 impact from unfavorable foreign tax discrete items Generated $187 million in operating cash flow for the year, up 18% versus prior year Returned $113 million to shareholders through share repurchases and dividends Increased quarterly dividend by 10% to $0.22 in third quarter, the fourth consecutive annual dividend increase MONROE, Mich., June 17, 2025 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the retail and manufacture of residential furniture, today reported strong fourth quarter results for the period ended April 26, 2025. For the quarter, sales totaled $571 million, growing 3% against the prior year comparable period. Operating margin was 5.2% for the quarter on a GAAP basis and 9.4% on an adjusted(1) basis. Diluted earnings per share totaled $0.36 on a GAAP basis and $0.92 on an adjusted(1) basis, both of which include a $0.10 impact from unfavorable foreign tax discrete items. The company returned $113 million to shareholders for the year, up over 30% versus the prior year. Fourth quarter total written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries®) grew 3% versus a year ago and written same-store sales (which exclude the impact of newly opened stores and newly acquired stores) were down 5% versus a year ago. Continued challenges in the housing market with stubbornly high mortgage rates and increased volatility in the global economy negatively influenced consumer sentiment and had an adverse impact on industry trends. Industry data for the quarter was mixed with public company peers noting same-store sales of relatively flat to declines in the mid-teen range, while the broader industry data as reported by the U.S. Census Bureau indicated an increase in the mid-single digits. Melinda D. Whittington, Board Chair, President and Chief Executive Officer of La-Z-Boy Incorporated, said, 'Our fourth quarter results reflect the ongoing strengthening of our brand and operations under our Century Vision strategy. We executed well throughout the year with sales growth across all of our segments and four consecutive quarters of top line growth, even as the industry contends with depressed housing fundamentals and growing macro uncertainty. We are controlling what we can control with distinct strategies and initiatives across each of our businesses. In Retail, we continue to grow our direct-to-consumer business, own the entire end-to-end consumer experience, and develop more value-added consumer insights. Through opening net new stores and also acquiring existing independent La-Z-Boy Furniture Galleries®, we reached a new milestone in the quarter, growing our company-owned store footprint to over 200 stores, nearly doubling our store count over the last 10 years, and now owning 55% of the total network. In Wholesale, we continue to expand our brand reach with compatible strategic partners to serve more consumers. Additionally, we are successfully driving scale and efficiencies in our supply chain. This is highlighted by our core North America La-Z-Boy wholesale business achieving sales growth and margin expansion for four consecutive quarters during fiscal 2025, and continuing to strengthen as we initiate our multi-year distribution and delivery redesign.' Whittington added, 'Even as we expect global economic uncertainty to continue challenging consumers in the near term, we are confident in the strength of our business model to outperform our peers and deliver strong financial performance. La-Z-Boy is an iconic brand in a highly fragmented market. We have successfully navigated challenging times throughout our 98-year history by delivering comfort and quality to our consumers. A strong balance sheet combined with an agile supply chain provides us a position of strength in the industry. We will continue to execute our playbook to mitigate an ever changing environment and drive long-term profitable growth and returns for all stakeholders.' First Quarter Outlook:Taylor Luebke, SVP and Chief Financial Officer of La-Z-Boy Incorporated, said, 'We delivered growth and strong financial results in what was another challenging year for the industry. We continue to control what we can control and are executing against our Century Vision strategy, which will enable growth through our centennial and beyond. I am pleased with our progress, and our ability to deliver results at or above the high end of our sales and margin expectations for the fourth quarter, even in light of considerable volatility during the quarter. Given higher levels of uncertainty in the broader economic climate, we expect the industry outlook to continue to be volatile and we are planning prudently to navigate the year ahead. We expect to continue to outperform the industry, driven by growth in our company-owned Retail segment and core North America La-Z-Boy wholesale business. Assuming no significant changes in external factors, we expect fiscal first quarter sales to be in the range of $490-$510 million, reflecting modest growth in a challenged consumer environment. We expect adjusted operating margin(2) to be in the range of 5.5-7.0%, including the impact of transitory pressure from our UK and Joybird businesses, as well as investment in our distribution network and home delivery redesign project. Also, as a reminder, our first quarter is generally the lowest sales and margin quarter in the fiscal year due to seasonally lower industry sales and our annual week-long plant shutdown.' Key Results: Quarter Ended Year Ended 4/26/2025 4/27/2024 Change 4/26/2025 4/27/2024 Change Sales $ 570,871 $ 553,535 3% $ 2,109,207 $ 2,047,027 3% GAAP operating income 29,527 50,097 (41)% 135,837 150,796 (10)% Adjusted operating income 53,611 52,114 3% 160,826 159,398 1% GAAP operating margin 5.2% 9.1% (390) bps 6.4% 7.4% (100) bps Adjusted operating margin 9.4% 9.4% 0 bps 7.6% 7.8% (20) bps GAAP net income attributable to La-Z-Boy Incorporated 14,931 39,308 (62)% 99,556 122,626 (19)% Adjusted net income attributable to La-Z-Boy Incorporated 38,392 40,811 (6)% 123,745 129,131 (4)% Diluted weighted average common shares 41,942 42,974 42,345 43,280 GAAP diluted earnings per share $ 0.36 $ 0.91 (60)% $ 2.35 $ 2.83 (17)% Adjusted diluted earnings per share $ 0.92 $ 0.95 (3)% $ 2.92 $ 2.98 (2)% Liquidity Measures: Year Ended Year Ended 4/26/2025 4/27/2024 4/26/2025 4/27/2024 Free Cash Flow Cash Returns to Shareholders Operating cash flow $ 187,271 $ 158,127 Share repurchases $ 77,930 $ 52,773 Capital expenditures (74,280 ) (53,551 ) Dividends 34,955 32,665 Free cash flow $ 112,991 $ 104,576 Cash returns to shareholders $ 112,885 $ 85,438 4/26/2025 4/27/2024 Cash and cash equivalents $ 328,449 $ 341,098 Fiscal 2025 Fourth Quarter Results versus Fiscal 2024 Fourth Quarter: Consolidated sales in the fourth quarter of fiscal 2025 increased 3% to $571 million versus last year, primarily driven by acquisitions and new stores in the Retail segment, and continued momentum in our core North America La-Z-Boy wholesale business Consolidated GAAP operating margin was 5.2% versus 9.1% Consolidated adjusted(1) operating margin was flat at 9.4% versus the year ago period, as lower input costs (reduced commodity prices and improved sourcing) and leverage on marketing investments were offset by the impact of a significant customer transition in our international wholesale business as well as acceleration of tariff expenses in the quarter GAAP diluted EPS was $0.36 versus $0.91, and adjusted(1) diluted EPS totaled $0.92 versus $0.95 last year in the comparable period. GAAP and adjusted(1) diluted EPS for fiscal 2025 both include a $0.10 impact from unfavorable foreign tax discrete items Retail Segment: Sales: Written sales for the Retail segment (company-owned La-Z-Boy Furniture Galleries® stores) increased 3% compared to the year ago period driven primarily by new and acquired stores Written same-store sales decreased 5%, as continued weakness in industry traffic was partially offset by higher average ticket and design sales Delivered sales increased 8% to $247 million versus last year, primarily due to growth from acquired and new stores and positive delivered same-store sales growth Operating Margin: GAAP operating margin and GAAP operating income were 13.1% and $32 million, versus 14.1% and $32 million in the prior period, respectively Adjusted(1) operating margin and adjusted(1) operating income were 13.1% and $32 million, down 110 basis points, and flat, respectively, due to investment in new stores Wholesale Segment: Sales: Sales increased 2% to $402 million, driven by growth in our core North America La-Z-Boy wholesale business partially offset by the continued impact of a significant customer transition in our international wholesale business Operating Margin: GAAP operating margin decreased to 2.5% versus 8.1% Adjusted(1) operating margin was 8.5%, flat versus the year ago as gross margin and SG&A as a percent of sales were largely unchanged. Continued margin expansion in our core North America La-Z-Boy wholesale business was offset by the margin impact of a significant customer transition in the international wholesale business as well as incremental tariff expenses in the quarter Corporate & Other: Joybird written sales decreased 21% as recent economic and industry trends disproportionately impacted the Joybird online consumer Delivered sales decreased 2% to $36 million as positive growth within existing stores was offset by declines in the online business Joybird adjusted(1) operating margin was positive in the fourth quarter, relatively flat versus prior year Balance Sheet and Cash Flow, Fiscal 2025: Ended the quarter with $328 million in cash(3) and no external debt Generated $187 million in cash from operating activities (up 18% from the prior year) including $62 million in the fourth quarter (up 17% from the prior year comparable period), versus $158 million in Fiscal 2024 and $53 million in last year's fourth quarter Invested $74 million in capital expenditures, primarily related to La-Z-Boy Furniture Galleries® (new stores and remodels) Returned approximately $113 million to shareholders, including $78 million in share repurchases and $35 million in dividends, which was raised by 10% to $0.22 in third quarter, the fourth consecutive annual dividend increase Conference Call:La-Z-Boy will hold a conference call with the investment community on Wednesday, June 18, 2025, 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: 546047. The call will be webcast live, with corresponding slides, and archived on the internet. It will be available at 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: 52510. The webcast replay will be available for one year. Investor Relations Contact:Mark Becks, CFA, (734) Media Contact:Cara Klaer, (734) About La-Z-Boy:La-Z-Boy Incorporated brings the transformational power of comfort to people, homes, and communities around the world - a mission that began when its founders invented the iconic recliner in 1927. Today, the company operates as a vertically integrated furniture retailer and manufacturer, committed to uncompromising quality and compassion for its consumers. The Retail segment consists of over 200 company-owned La-Z-Boy Furniture Galleries® stores and is part of a broader network of nearly 370 La-Z-Boy Furniture Galleries® that, with serve customers nationwide. Joybird®, an e-commerce retailer and manufacturer of modern upholstered furniture, has 12 stores in the U.S. In the Wholesale segment, La-Z-Boy manufactures comfortable, custom furniture for Furniture Galleries® and a variety of retail channels, England Furniture Co. offers custom upholstered furniture, and casegoods brands Kincaid®, American Drew®, and Hammary® provide pieces that make every room feel like home. To learn more, please visit: Notes:(1)Beginning in FY2025 Q4, the company renamed all of its Non-GAAP financial measures to adjusted financial measures; for example, Non-GAAP diluted EPS has been renamed to adjusted diluted EPS. The methodology for calculating these measures remains unchanged, and therefore any previously reported non-GAAP financial measures that are renamed to corresponding adjusted financial measures remain unchanged. Please refer to the accompanying 'Reconciliation of GAAP to Adjusted Financial Measures' and 'Reconciliation of GAAP to Adjusted Financial Measures: Segment Information' for detailed information.a $20.6 million pre-tax, or $0.49 per diluted share, charge related to the goodwill impairment in our United Kingdom ("UK") wholesale and manufacturing businesses, which were acquired in fiscal years 2017 and 2022, respectively. Based on a quantitative goodwill assessment, a decline in the financial performance of the UK businesses, primarily resulting from a significant customer transition, resulted in the impairment of the full value of the UK goodwill. We continue to execute on this customer transition and remain focused on growth opportunities for this business. a $3.2 million pre-tax, or $0.07 per share, charge related to UK 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 incomea $1.7 million pre-tax, or less than $0.03 per diluted share, charge related to our Mexico supply chain optimization actions purchase accounting charges related to acquisitions completed in prior periods totaling $0.3 million pre-tax, or $0.01 per diluted share, all included in operating incomea $20.6 million pre-tax, or $0.48 per diluted share, charge related to the goodwill impairment in our UK wholesale and manufacturing businesses, which were acquired in fiscal years 2017 and 2022, respectively. Based on a quantitative goodwill assessment, a decline in the financial performance of the UK businesses, primarily resulting from a significant customer transition, resulted in the impairment of the full value of the UK goodwill. We continue to execute on this customer transition and remain focused on growth opportunities for this business. a $3.2 million pre-tax, or $0.07 per share, charge related to UK supply chain optimization actions purchase accounting charges related to acquisitions completed in prior periods totaling $1.2 million pre-tax, or $0.02 per diluted share, all included in operating incomea $7.5 million pre-tax, or $0.13 per diluted share, charge related to our Mexico supply chain optimization actions purchase accounting charges related to acquisitions completed in prior periods totaling $1.2 million pre-tax. or $0.02 per share, with $1.1 million included in operating income and $0.1 million included in interest expense (2)This reference to for a future period is an adjusted financial measure. We have not provided a reconciliation of adjusted operating margin for future periods in this press release because such reconciliation cannot be provided without unreasonable efforts. Please refer to the accompanying 'Reconciliation of GAAP to adjusted Financial Measures' and 'Reconciliation of GAAP to adjusted Financial Measures: Segment Information' for detailed information on calculating the adjusted financial measures used in this press release and a reconciliation to the most directly comparable GAAP measure. (3)includes cash and cash equivalents. 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 2025 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 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. Adjusted 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 adjusted financial measures. Management uses these adjusted financial measures when assessing our ongoing performance. This press release contains references to adjusted operating income (on a consolidated basis and by segment), adjusted operating margin (on a consolidated basis and by segment), and adjusted net income attributable to La-Z-Boy Incorporated per diluted share, adjusted diluted earnings per share (and components thereof, including adjusted income before income taxes and adjusted net income attributable to La-Z-Boy Incorporated), each of which may exclude, as applicable, supply chain optimization charges, goodwill impairment charges, and purchase accounting charges. The supply chain optimization charges in fiscal 2025 include asset impairment costs and severance costs related to our United Kingdom wholesale businesses. The supply chain optimization charges in fiscal 2024 include asset impairment costs, accelerated depreciation expense, lease termination gains, severance costs, and employee relocation costs related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. The purchase accounting charges include the amortization of intangible assets, incremental expense upon the sale of inventory acquired at fair value, and fair value adjustments of future cash payments recorded as interest expense. These adjusted 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 adjusted financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables. Management believes that presenting certain adjusted 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, 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 Adjusted 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 INCORPORATEDCONSOLIDATED STATEMENT OF INCOME Quarter Ended Year Ended 4/26/2025 4/27/2024 4/26/2025 4/27/2024 Sales $ 570,871 $ 553,535 $ 2,109,207 $ 2,047,027 Cost of sales 319,809 313,452 1,182,789 1,165,357 Gross profit 251,062 240,083 926,418 881,670 Selling, general and administrative expense 200,954 189,986 770,000 730,874 Goodwill impairment 20,581 — 20,581 — Operating income 29,527 50,097 135,837 150,796 Interest expense (134 ) (126 ) (545 ) (455 ) Interest income 3,258 4,260 14,877 15,482 Other income (expense), net (635 ) (92 ) (3,035 ) (71 ) Income before income taxes 32,016 54,139 147,134 165,752 Income tax expense 16,666 13,807 46,182 41,116 Net income 15,350 40,332 100,952 124,636 Net (income) loss attributable to noncontrolling interests (419 ) (1,024 ) (1,396 ) (2,010 ) Net income attributable to La-Z-Boy Incorporated $ 14,931 $ 39,308 $ 99,556 $ 122,626 Basic weighted average common shares 41,208 42,499 41,601 42,878 Basic net income attributable to La-Z-Boy Incorporated per share $ 0.36 $ 0.92 $ 2.39 $ 2.86 Diluted weighted average common shares 41,942 42,974 42,345 43,280 Diluted net income attributable to La-Z-Boy Incorporated per share $ 0.36 $ 0.91 $ 2.35 $ 2.83 LA-Z-BOY INCORPORATEDCONSOLIDATED BALANCE SHEET 4/26/2025 4/27/2024 Current assets Cash and equivalents $ 328,449 $ 341,098 Receivables, net of allowance of $5,042 at 4/26/2025 and $5,076 at 4/27/2024 139,533 139,213 Inventories, net 255,285 263,237 Other current assets 82,421 93,260 Total current assets 805,688 836,808 Property, plant and equipment, net 339,212 298,224 Goodwill 205,590 214,453 Other intangible assets, net 51,161 47,251 Deferred income taxes – long-term 7,349 10,283 Right of use lease asset 452,848 446,466 Other long-term assets, net 60,314 59,957 Total assets $ 1,922,162 $ 1,913,442 Current liabilities Accounts payable $ 95,984 $ 96,486 Lease liabilities, short-term 80,592 77,027 Accrued expenses and other current liabilities 244,215 263,768 Total current liabilities 420,791 437,281 Lease liability, long-term 410,265 404,724 Other long-term liabilities 59,130 58,077 Shareholders' Equity Preferred shares – 5,000 authorized; none issued — — Common shares, $1.00 par value – 150,000 authorized; 41,164 outstanding at 4/26/2025 and 42,440 outstanding at 4/27/2024 41,164 42,440 Capital in excess of par value 385,601 368,485 Retained earnings 597,432 598,009 Accumulated other comprehensive loss (3,574 ) (5,870 ) Total La-Z-Boy Incorporated shareholders' equity 1,020,623 1,003,064 Noncontrolling interests 11,353 10,296 Total equity 1,031,976 1,013,360 Total liabilities and equity $ 1,922,162 $ 1,913,442 LA-Z-BOY INCORPORATEDCONSOLIDATED STATEMENT OF CASH FLOWS Year Ended 4/26/2025 4/27/2024 Cash flows from operating activities Net income $ 100,952 $ 124,636 Adjustments to reconcile net income to cash provided by operating activities (Gain)/loss on disposal and impairment of assets 1,998 1,101 (Gain)/loss on sale of investments (235 ) (1,199 ) Provision for doubtful accounts 851 511 Depreciation and amortization 46,667 48,552 Amortization of right-of-use lease assets 76,964 76,133 Lease impairment/(settlement) — (1,175 ) Equity-based compensation expense 17,400 14,426 Goodwill impairment 20,581 — Change in deferred taxes 5,116 (3,268 ) Change in receivables (1,906 ) (16,811 ) Change in inventories 12,792 19,877 Change in other assets 8,701 10,303 Change in payables (2,066 ) (8,606 ) Change in lease liabilities (78,609 ) (76,766 ) Change in other liabilities (21,935 ) (29,587 ) Net cash provided by operating activities 187,271 158,127 Cash flows from investing activities Proceeds from disposals of assets 412 4,972 Capital expenditures (74,280 ) (53,551 ) Purchases of investments (6,990 ) (18,351 ) Proceeds from sales of investments 11,994 24,816 Acquisitions (29,525 ) (39,440 ) Net cash used for investing activities (98,389 ) (81,554 ) Cash flows from financing activities Payments on finance lease liabilities (663 ) (489 ) Holdback payments for acquisitions — (5,000 ) Stock issued for stock and employee benefit plans, net of shares withheld for taxes 12,350 10,872 Repurchases of common stock (77,930 ) (52,773 ) Dividends paid to shareholders (34,955 ) (32,665 ) Dividends paid to minority interest joint venture partners (1) (1,414 ) (1,172 ) Net cash used for financing activities (102,612 ) (81,227 ) Effect of exchange rate changes on cash and equivalents 1,081 (926 ) Change in cash, cash equivalents and restricted cash (12,649 ) (5,580 ) Cash, cash equivalents and restricted cash at beginning of period 341,098 346,678 Cash, cash equivalents and restricted cash at end of period $ 328,449 $ 341,098 Supplemental disclosure of non-cash investing activities Capital expenditures included in payables $ 7,234 $ 5,952 (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 INCORPORATEDSEGMENT INFORMATION Quarter Ended Year Ended 4/26/2025 4/27/2024 4/26/2025 4/27/2024 Sales Wholesale segment: Sales to external customers $ 286,883 $ 287,900 $ 1,056,914 $ 1,048,431 Intersegment sales 115,141 104,561 422,905 398,847 Wholesale segment sales 402,024 392,461 1,479,819 1,447,278 Retail segment sales 246,769 227,878 898,370 855,126 Corporate and Other: Sales to external customers 37,219 37,757 153,923 143,470 Intersegment sales 1,799 1,587 6,552 10,299 Corporate and Other sales 39,018 39,344 160,475 153,769 Eliminations (116,940 ) (106,148 ) (429,457 ) (409,146 ) Consolidated sales $ 570,871 $ 553,535 $ 2,109,207 $ 2,047,027 Operating Income (Loss) Wholesale segment $ 10,120 $ 31,709 $ 82,213 $ 99,373 Retail segment 32,414 32,170 105,417 111,682 Corporate and Other (13,007 ) (13,782 ) (51,793 ) (60,259 ) Consolidated operating income $ 29,527 $ 50,097 $ 135,837 $ 150,796 LA-Z-BOY INCORPORATEDUNAUDITED QUARTERLY FINANCIALDATA Fiscal2025 Fiscal Quarter Ended (13 weeks) (13 weeks) (13 weeks) (13 weeks) 7/27/2024 10/26/2024 1/25/2025 4/26/2025 Sales $ 495,532 $ 521,027 $ 521,777 $ 570,871 Cost of sales 282,189 290,379 290,412 319,809 Gross profit 213,343 230,648 231,365 251,062 Selling, general and administrative expense 180,973 191,876 196,197 200,954 Goodwill impairment — — — 20,581 Operating income 32,370 38,772 35,168 29,527 Interest expense (210 ) (99 ) (102 ) (134 ) Interest income 4,424 3,730 3,465 3,258 Other income (expense), net (618 ) (1,879 ) 97 (635 ) Income before income taxes 35,966 40,524 38,628 32,016 Income tax expense 9,162 10,671 9,683 16,666 Net income 26,804 29,853 28,945 15,350 Net (income) loss attributable to noncontrolling interests (645 ) 184 (516 ) (419 ) Net income attributable to La-Z-Boy Incorporated $ 26,159 $ 30,037 $ 28,429 $ 14,931 Diluted weighted average common shares 42,564 42,154 42,103 41,942 Diluted net income attributable to La-Z-Boy Incorporated per share $ 0.61 $ 0.71 $ 0.68 $ 0.36 Fiscal2024 Fiscal Quarter Ended (13 weeks) (13 weeks) (13 weeks) (13 weeks) 7/29/2023 10/28/2023 1/27/2024 4/27/2024 Sales $ 481,651 $ 511,435 $ 500,406 $ 553,535 Cost of sales 275,923 288,830 287,152 313,452 Gross profit 205,728 222,605 213,254 240,083 Selling, general and administrative expense 171,202 188,993 180,693 189,986 Operating income 34,526 33,612 32,561 50,097 Interest expense (122 ) (101 ) (106 ) (126 ) Interest income 3,056 4,042 4,124 4,260 Other income (expense), net 556 104 (639 ) (92 ) Income before income taxes 38,016 37,657 35,940 54,139 Income tax expense 10,090 9,963 7,256 13,807 Net income 27,926 27,694 28,684 40,332 Net income attributable to noncontrolling interests (447 ) (495 ) (44 ) (1,024 ) Net income attributable to La-Z-Boy Incorporated $ 27,479 $ 27,199 $ 28,640 $ 39,308 Diluted weighted average common shares 43,333 43,401 43,195 42,974 Diluted net income attributable to La-Z-Boy Incorporated per share $ 0.63 $ 0.63 $ 0.66 $ 0.91 LA-Z-BOY INCORPORATEDRECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURES Quarter Ended Year Ended 4/26/2025 4/27/2024 4/26/2025 4/27/2024 GAAP gross profit $ 251,062 $ 240,083 $ 926,418 $ 881,670 Purchase accounting charges (1) — 89 140 89 Supply chain optimization charges (2) 1,123 502 1,123 4,468 Adjusted gross profit $ 252,185 $ 240,674 $ 927,681 $ 886,227 GAAP SG&A $ 200,954 $ 189,986 $ 770,000 $ 730,874 Purchase accounting charges (3) (256 ) (254 ) (1,021 ) (1,016 ) Supply chain optimization charges (4) (2,124 ) (1,172 ) (2,124 ) (3,029 ) Adjusted SG&A $ 198,574 $ 188,560 $ 766,855 $ 726,829 GAAP operating income $ 29,527 $ 50,097 $ 135,837 $ 150,796 Purchase accounting charges 256 343 1,161 1,105 Supply chain optimization charges 3,247 1,674 3,247 7,497 Goodwill impairment 20,581 — 20,581 — Adjusted operating income $ 53,611 $ 52,114 $ 160,826 $ 159,398 GAAP income before income taxes $ 32,016 $ 54,139 $ 147,134 $ 165,752 Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense 256 343 1,161 1,153 Supply chain optimization charges 3,247 1,674 3,247 7,497 Goodwill impairment 20,581 — 20,581 — Adjusted income before income taxes $ 56,100 $ 56,156 $ 172,123 $ 174,402 GAAP net income attributable to La-Z-Boy Incorporated $ 14,931 $ 39,308 $ 99,556 $ 122,626 Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense 256 343 1,161 1,153 Tax effect of purchase accounting (79 ) (87 ) (317 ) (286 ) Supply chain optimization charges 3,247 1,674 3,247 7,497 Tax effect of supply chain optimization (545 ) (427 ) (483 ) (1,859 ) Goodwill impairment 20,581 — 20,581 — Adjusted net income attributable to La-Z-Boy Incorporated $ 38,392 $ 40,811 $ 123,745 $ 129,131 GAAP net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") $ 0.36 $ 0.91 $ 2.35 $ 2.83 Purchase accounting charges, net of tax, per share — 0.01 0.02 0.02 Supply chain optimization charges, net of tax, per share 0.07 0.03 0.07 0.13 Goodwill impairment, net of tax, per share 0.49 — 0.48 — Adjusted net income attributable to La-Z-Boy Incorporated per diluted share ("Diluted EPS") $ 0.92 $ 0.95 $ 2.92 $ 2.98 (1 ) Includes incremental expense upon the sale of inventory acquired at fair value. (2 ) Fiscal 2025 includes severance charges relating to manufacturing optimization actions in the United Kingdom. Fiscal 2024 includes severance charges related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. (3 ) Includes amortization of intangible assets. (4 ) Fiscal 2025 includes the impairment of fixed assets and our customer relationship intangible asset in the United Kingdom. The first nine months of fiscal 2024 includes $3.0 million of accelerated depreciation of fixed assets related to shifting upholstery production from our Ramos, Mexico operations to other upholstery plants and relocating our cut and sew operations back to Ramos, Mexico, resulting in the permanent closure of our leased cut and sew facility in Parras, Mexico. The first nine months of fiscal 2024 also includes a $1.2 million gain related to the settlement of the Torreón, Mexico lease obligation on previously impaired assets. LA-Z-BOY INCORPORATEDRECONCILIATION OF GAAP TO ADJUSTED FINANCIAL MEASURESSEGMENT INFORMATION Quarter Ended Year Ended 4/26/2025 % of sales 4/27/2024 % of sales 4/26/2025 % of sales 4/27/2024 % of sales GAAP operating income (loss) Wholesale segment $ 10,120 2.5% $ 31,709 8.1% $ 82,213 5.6% $ 99,373 6.9% Retail segment 32,414 13.1% 32,170 14.1% 105,417 11.7% 111,682 13.1% Corporate and Other (13,007 ) N/M (13,782 ) N/M (51,793 ) N/M (60,259 ) N/M Consolidated GAAP operating income $ 29,527 5.2% $ 50,097 9.1% $ 135,837 6.4% $ 150,796 7.4% Adjusted items affecting operating income Wholesale segment $ 23,885 $ 1,729 $ 24,052 $ 7,715 Retail segment — 89 140 89 Corporate and Other 199 199 797 798 Consolidated adjusted items affecting operating income $ 24,084 $ 2,017 $ 24,989 $ 8,602 Adjusted operating income (loss) Wholesale segment $ 34,005 8.5% $ 33,438 8.5% $ 106,265 7.2% $ 107,088 7.4% Retail segment 32,414 13.1% 32,259 14.2% 105,557 11.7% 111,771 13.1% Corporate and Other (12,808 ) N/M (13,583 ) N/M (50,996 ) N/M (59,461 ) N/M Consolidated adjusted operating income $ 53,611 9.4% $ 52,114 9.4% $ 160,826 7.6% $ 159,398 7.8% N/M - Not Meaningful Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. 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Business Standard
02-06-2025
- Business
- Business Standard
On Door Concepts Reports Remarkable FY25 Performance with Total Revenue Surpassing Rs 270 Plus Crores
PNN Mumbai (Maharashtra) [India], June 2: On Door Concepts Limited, an omni-channel grocery retail, and an E-commerce platform for groceries and home essentials, announced its audited Financial Results for H2 FY25 & FY25. Consolidated Key Financial Highlights Consolidated Financial Snapshot H2 FY25: * Total Revenue: Rs15,174.95 Lakhs | HoH Growth: 25.07% * EBITDA: Rs694.65 Lakhs | HoH Growth: 38.19% * EBITDA Margin: 4.58% | HoH Expansion: 43.75 BPS * PAT: Rs471.08 Lakhs | HoH Growth: 53.51% * PAT Margin: 3.10% | HoH Expansion: 57.52 BPS * EPS: Rs8.34 | HoH Growth: 53.59% FY25: * Total Revenue: Rs27,308.60 Lakhs | YoY Growth: 16.94% * EBITDA: Rs1,197.31 Lakhs | YoY Growth: 26.12% * EBITDA Margin: 4.38% | YoY Expansion: 31.91 BPS * PAT: Rs777.96 Lakhs | YoY Growth: 28.42% * PAT Margin: 2.85% | YoY Expansion: 25.46 BPS * EPS: Rs13.77 | YoY Growth: 28.45% Key Operational Highlights * Strengthening Market Presence * Expansion of Retail Network: Headquartered in Madhya Pradesh, operates with store model (company-owned and franchised) across major urban centers in the state, with ongoing plans for expansion into emerging markets. * Enhanced Digital Platform: The company has invested in its E-commerce and mobile app infrastructure to cater to the growing demand for online grocery shopping, enhancing user experience and accessibility. * Launch of Private Label Products * Focus on Quality and Affordability: On Door has introduced several products such as staples, snacks, and home care under private label of "On Door", along with other brands providing high quality products at competitive pricing. Commenting on the performance, Narendra Singh Bapna, Managing Director of On Door Concepts Limited said, "We are pleased to report a strong financial performance of the H2 FY25 & FY25. Our continued focus on expansion, operational efficiency, and customer-centric strategies has yielded positive results. Despite market challenges, our ability to adapt and grow has positioned us as one of the leading players in the retail sector. In the H2 FY25, we delivered a strong performance over the first half--total income grew by 25.07% to Rs15,174.95 lakhs, EBITDA increased by 38.19% to Rs694.66 lakhs, and PAT rose by 53.51% to Rs471.09 lakhs. Our EPS more than doubled to Rs8.34 from Rs5.43, reflecting a growth of 53.59% and highlighting the impact of our focused execution. For the full year, FY25 marked another year of solid growth. Total income rose by 16.94% YoY to Rs27,308.60 lakhs, EBITDA grew by 26.12% to Rs1,197.31 lakhs, and PAT increased by 28.42% to Rs777.96 lakhs. EPS improved to Rs13.77 from Rs10.72, up 28.45%, underscoring our continued commitment to value creation and operational excellence. In H2, we further strengthened our store network, enhancing accessibility for our customers while maintaining our commitment to affordability and quality. Our e-tailing platform continues to gain traction, reinforcing our omnichannel approach, which is crucial in today's retail landscape. As we move forward, we remain committed to scaling our operations, and delivering exceptional value to our customers. We are confident that our strategic initiatives will drive sustainable growth value to our customers." About On Door Concepts Limited On Door Concepts Limited is an omni-channel grocery retail and an E-commerce venture, providing a wide array of essentials like food staples, groceries, household items, and personal care products. The company is guided by the motto "Create value for our customers to build an ever-lasting relationship," focusing on competitive pricing and reliable, timely home delivery to build customer loyalty. As of March 31, 2025, On Door operates with store model, both company-owned and franchised, establishing a strong regional omni-channel presence. The company employs a strategic franchise model with a cluster approach to expand in smaller cities, prioritizing middle-class and upper-middle-class consumers in densely populated residential areas. By combining local market insights, careful product selection, and an efficient supply chain, On Door delivers a comprehensive and competitively priced shopping experience, contributing to its growth & customer satisfaction. Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Yahoo
30-05-2025
- Business
- Yahoo
The Cooper Companies Inc (COO) Q2 2025 Earnings Call Highlights: Strong Revenue Growth Amid ...
Consolidated Revenue: $1.002 billion, up 6% year-over-year, 7% organically. CooperVision Revenue: $670 million, up 5% or 7% organically. CooperSurgical Revenue: $333 million, up 8% or 7% organically. Non-GAAP Earnings: $0.96, up 14% year-over-year. Gross Margin: 68%, up from 67.3%. Operating Margin: 24.9%, with operating income up 11%. Free Cash Flow: $18 million, with CapEx of $78 million. Net Debt: Increased slightly to $2.47 billion. Share Repurchase: Approximately 537,000 shares for $40.6 million. Revenue Guidance: $4.11 billion to $4.15 billion for fiscal 2025, up 5.5% to 6.5%. Non-GAAP EPS Guidance: $4.05 to $4.11, growth of 10% to 11.5% year-over-year. Free Cash Flow Guidance: $350 million to $400 million for fiscal 2025. Warning! GuruFocus has detected 2 Warning Sign with COO. Release Date: May 29, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The Cooper Companies Inc (NASDAQ:COO) reported a solid quarter with consolidated organic revenue growth of 7%, driven by double-digit growth in daily silicone hydrogel lenses and the office and surgical portfolio. Margins improved significantly, with non-GAAP earnings up 14% year-over-year, demonstrating operational improvements and OpEx leverage. The myopia management portfolio grew 19%, with MiSight up 35%, indicating strong demand and successful implementation of a new pricing model. CooperSurgical reported revenues of $333 million, up 8% or 7% organically, driven by success in surgical medical devices and labor and delivery portfolio. The company raised its revenue guidance at the midpoint, reflecting solid Q2 performance and positive impact from updated currency rates. The Cooper Companies Inc (NASDAQ:COO) is facing a more complex global operating environment, with pressures from channel inventory and market growth assumptions. Fertility revenues were softer than expected, particularly in Asia Pac, due to market softness and fertility clinics managing cash tighter. The company reduced its market growth expectations for contact lenses and fertility, reflecting a more conservative outlook. There is ongoing pressure from tariffs, with an expected negative impact of roughly $4 million to cost of goods this year. The company anticipates a mid-teens decline in PARAGARD sales in fiscal Q3, following channel fill-driven growth in the first half of the year. Q: Can you provide insights into the contact lens market dynamics, particularly regarding channel inventory and consumer behavior? A: Albert White, President and CEO, explained that channel inventory fluctuations are impacting reported growth rates. Consumers are purchasing smaller supplies, such as three-month instead of twelve-month supplies, which affects revenue despite strong fitting activity. This trend is expected to continue, putting pressure on inventory levels throughout the year. Q: What factors contributed to the lowered market growth assumption for Vision Care this year? A: Albert White noted that the market is returning to its historical growth range of 4% to 6%, down from the post-COVID highs. The adjustment reflects general market softness rather than specific issues, with pricing remaining sound and fitting activity still robust. Q: How is the fertility market performing, and what are the expectations moving forward? A: Albert White highlighted that fertility growth was softer than expected, particularly in Asia Pacific due to market softness and consumer pressure. The industry is expected to grow in the low single digits this year, with some improvement anticipated in the latter half of the year. Q: Can you elaborate on the impact of tariffs and how Cooper Companies plans to mitigate them? A: Brian Andrews, CFO, stated that tariffs are expected to negatively impact costs by approximately $4 million this year. The company is evaluating mitigation strategies, including potential price increases and adjustments to supply chain flows, to offset the impact. Q: What is driving the decision to implement a free trial program for MiSight, and how does it affect growth expectations? A: Albert White explained that the free trial program aims to reduce initial fitting barriers for MiSight, as the upfront cost is not the primary barrier. The program is expected to boost fitting activity and accelerate growth, with MiSight projected to achieve over 40% growth in Q4. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
