LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
| Unaudited For the Fiscal |
| Unaudited For the Fiscal |
| ||||||||
(Amounts in thousands, except per share data) |
| 4/27/2019 |
| 4/28/2018 |
| 4/27/2019 |
| 4/28/2018 |
| ||||
Sales |
| $ | 453,791 |
| $ | 420,025 |
| $ | 1,745,401 |
| $ | 1,583,947 |
|
Cost of sales |
| 264,018 |
| 253,831 |
| 1,042,831 |
| 961,200 |
| ||||
Gross profit |
| 189,773 |
| 166,194 |
| 702,570 |
| 622,747 |
| ||||
Selling, general and administrative expense |
| 152,602 |
| 120,487 |
| 572,896 |
| 493,378 |
| ||||
Operating income |
| 37,171 |
| 45,707 |
| 129,674 |
| 129,369 |
| ||||
Interest expense |
| (399 | ) | (108 | ) | (1,542 | ) | (538 | ) | ||||
Interest income |
| 569 |
| 546 |
| 2,103 |
| 1,709 |
| ||||
Pension termination charge |
| (32,671 | ) | — |
| (32,671 | ) | — |
| ||||
Other expense, net |
| (191 | ) | (1,379 | ) | (2,237 | ) | (1,650 | ) | ||||
Income before income taxes |
| 4,479 |
| 44,766 |
| 95,327 |
| 128,890 |
| ||||
Income tax expense |
| 2,812 |
| 10,406 |
| 25,186 |
| 47,295 |
| ||||
Net income |
| 1,667 |
| 34,360 |
| 70,141 |
| 81,595 |
| ||||
Net income attributable to noncontrolling interests |
| (139 | ) | (150 | ) | (1,567 | ) | (729 | ) | ||||
Net income attributable to La-Z-Boy Incorporated |
| $ | 1,528 |
| $ | 34,210 |
| $ | 68,574 |
| $ | 80,866 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic weighted average common shares |
| 46,889 |
| 46,928 |
| 46,828 |
| 47,621 |
| ||||
Basic net income attributable to La-Z-Boy Incorporated per share |
| $ | 0.03 |
| $ | 0.73 |
| $ | 1.46 |
| $ | 1.69 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted weighted average common shares |
| 47,369 |
| 47,472 |
| 47,333 |
| 48,135 |
| ||||
Diluted net income attributable to La-Z-Boy Incorporated per share |
| $ | 0.03 |
| $ | 0.72 |
| $ | 1.44 |
| $ | 1.67 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
|
| Unaudited |
| ||||
(Amounts in thousands, except par value) |
| 4/27/2019 |
| 4/28/2018 |
| ||
Current assets |
|
|
|
|
| ||
Cash and equivalents |
| $ | 129,819 |
| $ | 134,515 |
|
Restricted cash |
| 1,968 |
| 2,356 |
| ||
Receivables, net of allowance of $2,180 at 4/27/19 and $1,956 at 4/28/18 |
| 143,288 |
| 154,055 |
| ||
Inventories, net |
| 196,899 |
| 184,841 |
| ||
Other current assets |
| 69,144 |
| 42,451 |
| ||
Total current assets |
| 541,118 |
| 518,218 |
| ||
Property, plant and equipment, net |
| 200,523 |
| 180,882 |
| ||
Goodwill |
| 185,867 |
| 75,254 |
| ||
Other intangible assets, net |
| 29,907 |
| 18,190 |
| ||
Deferred income taxes — long-term |
| 20,670 |
| 21,265 |
| ||
Other long-term assets, net |
| 81,705 |
| 79,158 |
| ||
Total assets |
| $ | 1,059,790 |
| $ | 892,967 |
|
|
|
|
|
|
| ||
Current liabilities |
|
|
|
|
| ||
Current portion of long-term debt |
| $ | 180 |
| $ | 223 |
|
Accounts payable |
| 65,365 |
| 62,403 |
| ||
Accrued expenses and other current liabilities |
| 173,091 |
| 118,721 |
| ||
Total current liabilities |
| 238,636 |
| 181,347 |
| ||
Long-term debt |
| 19 |
| 199 |
| ||
Other long-term liabilities |
| 124,159 |
| 86,205 |
| ||
Contingencies and commitments |
|
|
|
|
| ||
Shareholders’ equity |
|
|
|
|
| ||
Preferred shares — 5,000 authorized; none issued |
| — |
| — |
| ||
Common shares, $1 par value — 150,000 authorized; 46,955 outstanding at 4/27/19 and 46,788 outstanding at 4/28/18 |
| 46,955 |
| 46,788 |
| ||
Capital in excess of par value |
| 313,168 |
| 298,948 |
| ||
Retained earnings |
| 325,847 |
| 291,644 |
| ||
Accumulated other comprehensive loss |
| (3,462 | ) | (25,199 | ) | ||
Total La-Z-Boy Incorporated shareholders’ equity |
| 682,508 |
| 612,181 |
| ||
Noncontrolling interests |
| 14,468 |
| 13,035 |
| ||
Total equity |
| 696,976 |
| 625,216 |
| ||
Total liabilities and equity |
| $ | 1,059,790 |
| $ | 892,967 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
| Unaudited For the Fiscal |
| ||||
(Amounts in thousands) |
| 4/27/2019 |
| 4/28/2018 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income |
| $ | 70,141 |
| $ | 81,595 |
|
Adjustments to reconcile net income to cash provided by operating activities |
|
|
|
|
| ||
Gain on disposal of assets |
| (325 | ) | (2,108 | ) | ||
Gain on conversion of investment |
| — |
| (2,204 | ) | ||
Gain on sale of investments |
| (656 | ) | (770 | ) | ||
Change in deferred taxes |
| (1,668 | ) | 17,261 |
| ||
Change in provision for doubtful accounts |
| 502 |
| 276 |
| ||
Depreciation and amortization |
| 31,147 |
| 31,767 |
| ||
Stock-based compensation expense |
| 10,981 |
| 9,474 |
| ||
Pension termination charge |
| 32,671 |
| — |
| ||
Pension plan contributions |
| (7,000 | ) | (2,000 | ) | ||
Change in receivables |
| 7,195 |
| (2,801 | ) | ||
Change in inventories |
| 3,135 |
| (8,009 | ) | ||
Change in other assets |
| (7,737 | ) | (3,245 | ) | ||
Change in accounts payable |
| (2,388 | ) | 6,602 |
| ||
Change in other liabilities |
| 14,747 |
| (10,088 | ) | ||
Net cash provided by operating activities |
| 150,745 |
| 115,750 |
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Proceeds from disposals of assets |
| 1,941 |
| 1,440 |
| ||
Proceeds from property insurance |
| 184 |
| 2,087 |
| ||
Capital expenditures |
| (48,433 | ) | (36,337 | ) | ||
Purchases of investments |
| (20,698 | ) | (28,593 | ) | ||
Proceeds from sales of investments |
| 20,944 |
| 22,674 |
| ||
Acquisitions, net of cash acquired |
| (76,505 | ) | (16,495 | ) | ||
Net cash used for investing activities |
| (122,567 | ) | (55,224 | ) | ||
Cash flows from financing activities |
|
|
|
|
| ||
Payments on debt |
| (223 | ) | (262 | ) | ||
Payments for debt issuance costs |
| — |
| (231 | ) | ||
Stock issued for stock and employee benefit plans, net of shares withheld for taxes |
| 13,901 |
| 2,977 |
| ||
Purchases of common stock |
| (22,957 | ) | (56,730 | ) | ||
Dividends paid |
| (23,508 | ) | (22,009 | ) | ||
Net cash used for financing activities |
| (32,787 | ) | (76,255 | ) | ||
Effect of exchange rate changes on cash and equivalents |
| (475 | ) | 1,741 |
| ||
Change in cash, cash equivalents and restricted cash |
| (5,084 | ) | (13,988 | ) | ||
Cash, cash equivalents and restricted cash at beginning of period |
| 136,871 |
| 150,859 |
| ||
Cash, cash equivalents and restricted cash at end of period |
| $ | 131,787 |
| $ | 136,871 |
|
|
|
|
|
|
| ||
Supplemental disclosure of non-cash investing activities |
|
|
|
|
| ||
Capital expenditures included in accounts payable |
| $ | 3,250 |
| $ | 5,667 |
|
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
| Unaudited For the Fiscal |
| Unaudited For the Fiscal |
| ||||||||
(Amounts in thousands) |
| 4/27/2019 |
| 4/28/2018 |
| 4/27/2019 |
| 4/28/2018 |
| ||||
Sales |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
| $ | 257,388 |
| $ | 270,668 |
| $ | 1,016,957 |
| $ | 1,010,097 |
|
Intersegment sales |
| 65,915 |
| 56,569 |
| 251,285 |
| 217,266 |
| ||||
Upholstery segment sales |
| 323,303 |
| 327,237 |
| 1,268,242 |
| 1,227,363 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Casegoods segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
| 21,903 |
| 27,098 |
| 95,677 |
| 95,919 |
| ||||
Intersegment sales |
| 4,742 |
| 3,505 |
| 18,796 |
| 15,474 |
| ||||
Casegoods segment sales |
| 26,645 |
| 30,603 |
| 114,473 |
| 111,393 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Retail segment sales |
| 151,870 |
| 121,545 |
| 570,201 |
| 474,613 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Corporate and Other: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
| 22,630 |
| 714 |
| 62,566 |
| 3,318 |
| ||||
Intersegment sales |
| 2,290 |
| 2,582 |
| 11,446 |
| 9,421 |
| ||||
Corporate and Other sales |
| 24,920 |
| 3,296 |
| 74,012 |
| 12,739 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Eliminations |
| (72,947 | ) | (62,656 | ) | (281,527 | ) | (242,161 | ) | ||||
Consolidated sales |
| $ | 453,791 |
| $ | 420,025 |
| $ | 1,745,401 |
| $ | 1,583,947 |
|
|
|
|
|
|
|
|
|
|
| ||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment |
| $ | 37,304 |
| $ | 41,927 |
| $ | 127,906 |
| $ | 130,349 |
|
Casegoods segment |
| 2,416 |
| 2,808 |
| 12,589 |
| 11,641 |
| ||||
Retail segment |
| 12,743 |
| 7,963 |
| 37,922 |
| 20,709 |
| ||||
Corporate and Other |
| (15,292 | ) | (6,991 | ) | (48,743 | ) | (33,330 | ) | ||||
Consolidated operating income |
| $ | 37,171 |
| $ | 45,707 |
| $ | 129,674 |
| $ | 129,369 |
|
LA-Z-BOY INCORPORATED
UNAUDITED QUARTERLY FINANCIAL DATA
(Amounts in thousands, except per share data) |
| (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| ||||
Fiscal Quarter Ended |
| 7/28/2018 |
| 10/27/2018 |
| 1/26/2019 |
| 4/27/2019 |
| ||||
Sales |
| $ | 384,695 |
| $ | 439,333 |
| $ | 467,582 |
| $ | 453,791 |
|
Cost of sales |
| 236,173 |
| 264,928 |
| 277,712 |
| 264,018 |
| ||||
Gross profit |
| 148,522 |
| 174,405 |
| 189,870 |
| 189,773 |
| ||||
Selling, general and administrative expense |
| 125,362 |
| 145,905 |
| 149,027 |
| 152,602 |
| ||||
Operating income |
| 23,160 |
| 28,500 |
| 40,843 |
| 37,171 |
| ||||
Interest expense |
| (104 | ) | (501 | ) | (538 | ) | (399 | ) | ||||
Interest income |
| 602 |
| 392 |
| 540 |
| 569 |
| ||||
Pension termination charge |
| — |
| — |
| — |
| (32,671 | ) | ||||
Other income (expense), net |
| 892 |
| (1,997 | ) | (941 | ) | (191 | ) | ||||
Income before income taxes |
| 24,550 |
| 26,394 |
| 39,904 |
| 4,479 |
| ||||
Income tax expense |
| 5,599 |
| 6,045 |
| 10,730 |
| 2,812 |
| ||||
Net income |
| 18,951 |
| 20,349 |
| 29,174 |
| 1,667 |
| ||||
Net income attributable to noncontrolling interests |
| (648 | ) | (337 | ) | (443 | ) | (139 | ) | ||||
Net income attributable to La-Z-Boy Incorporated |
| $ | 18,303 |
| $ | 20,012 |
| $ | 28,731 |
| $ | 1,528 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted weighted average common shares |
| 47,161 |
| 47,259 |
| 47,091 |
| 47,369 |
| ||||
Diluted net income attributable to La-Z-Boy Incorporated per share |
| $ | 0.39 |
| $ | 0.42 |
| $ | 0.61 |
| $ | 0.03 |
|
|
|
|
|
|
|
|
|
|
| ||||
Dividends declared per share |
| $ | 0.12 |
| $ | 0.12 |
| $ | 0.13 |
| $ | 0.13 |
|
LA-Z-BOY INCORPORATED
UNAUDITED QUARTERLY FINANCIAL DATA
(Amounts in thousands, except per share data) |
| (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| (13 weeks) |
| ||||
Fiscal Quarter Ended |
| 7/29/2017 |
| 10/28/2017 |
| 1/27/2018 |
| 4/28/2018 |
| ||||
Sales |
| $ | 357,079 |
| $ | 393,205 |
| $ | 413,638 |
| $ | 420,025 |
|
Cost of sales |
| 217,976 |
| 238,253 |
| 251,140 |
| 253,831 |
| ||||
Gross profit |
| 139,103 |
| 154,952 |
| 162,498 |
| 166,194 |
| ||||
Selling, general and administrative expense |
| 122,805 |
| 120,683 |
| 129,403 |
| 120,487 |
| ||||
Operating income |
| 16,298 |
| 34,269 |
| 33,095 |
| 45,707 |
| ||||
Interest expense |
| (157 | ) | (160 | ) | (113 | ) | (108 | ) | ||||
Interest income |
| 343 |
| 376 |
| 444 |
| 546 |
| ||||
Other income (expense), net |
| 1,749 |
| (926 | ) | (1,094 | ) | (1,379 | ) | ||||
Income before income taxes |
| 18,233 |
| 33,559 |
| 32,332 |
| 44,766 |
| ||||
Income tax expense |
| 6,489 |
| 10,353 |
| 20,047 |
| 10,406 |
| ||||
Net income |
| 11,744 |
| 23,206 |
| 12,285 |
| 34,360 |
| ||||
Net income attributable to noncontrolling interests |
| (93 | ) | (310 | ) | (176 | ) | (150 | ) | ||||
Net income attributable to La-Z-Boy Incorporated |
| $ | 11,651 |
| $ | 22,896 |
| $ | 12,109 |
| $ | 34,210 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted weighted average common shares |
| 48,846 |
| 48,297 |
| 47,757 |
| 47,472 |
| ||||
|
|
|
|
|
|
|
| �� |
| ||||
Diluted net income attributable to La-Z-Boy Incorporated per share |
| $ | 0.24 |
| $ | 0.47 |
| $ | 0.25 |
| $ | 0.72 |
|
|
|
|
|
|
|
|
|
|
| ||||
Dividends declared per share |
| $ | 0.11 |
| $ | 0.11 |
| $ | 0.12 |
| $ | 0.12 |
|
LA-Z-BOY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
| Unaudited for the Fiscal |
| Unaudited for the Fiscal |
| ||||||||
(Amounts in thousands, except per share data) |
| 4/27/2019 |
| 4/28/2018 |
| 4/27/2019 |
| 4/28/2018 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
GAAP gross profit |
| $ | 189,773 |
| $ | 166,194 |
| $ | 702,570 |
| $ | 622,747 |
|
Add back: Purchase accounting charges — incremental expense upon the sale of inventory acquired at fair value |
| 175 |
| 99 |
| 3,086 |
| 474 |
| ||||
Non-GAAP gross profit |
| $ | 189,948 |
| $ | 166,293 |
| $ | 705,656 |
| $ | 623,221 |
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP SG&A |
| $ | 152,602 |
| $ | 120,487 |
| $ | 572,896 |
| $ | 493,378 |
|
Less: Purchase accounting charges — amortization of intangible assets and retention agreements
|
| (1,594 | ) | (106 | ) | (3,831 | ) | (449 | ) | ||||
Non-GAAP SG&A |
| $ | 151,008 |
| $ | 120,381 |
| $ | 569,065 |
| $ | 492,929 |
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP operating income |
| $ | 37,171 |
| $ | 45,707 |
| $ | 129,674 |
| $ | 129,369 |
|
Add back: Purchase accounting charges |
| 1,769 |
| 205 |
| 6,917 |
| 923 |
| ||||
Non-GAAP operating income |
| $ | 38,940 |
| $ | 45,912 |
| $ | 136,591 |
| $ | 130,292 |
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP income before income taxes |
| $ | 4,479 |
| $ | 44,766 |
| $ | 95,327 |
| $ | 128,890 |
|
Add back: Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense |
| 1,959 |
| 205 |
| 7,486 |
| 923 |
| ||||
Add back: Pension termination charge |
| 32,671 |
| — |
| 32,671 |
| — |
| ||||
Non-GAAP income before income taxes |
| $ | 39,109 |
| $ | 44,971 |
| $ | 135,484 |
| $ | 129,813 |
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP net income attributable to La-Z-Boy Incorporated |
| $ | 1,528 |
| $ | 34,210 |
| $ | 68,574 |
| $ | 80,866 |
|
Add back: Purchase accounting charges recorded as part of gross profit, SG&A, and interest expense |
| 1,959 |
| 205 |
| 7,486 |
| 923 |
| ||||
Add back: Pension termination charge |
| 32,671 |
| — |
| 32,671 |
| — |
| ||||
Less: Tax effect of purchase accounting and pension termination charge |
| (5,915 | ) | (24 | ) | (7,275 | ) | (339 | ) | ||||
Non-GAAP net income attributable to La-Z-Boy Incorporated |
| $ | 30,243 |
| $ | 34,391 |
| $ | 101,456 |
| $ | 81,450 |
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP net income attributable to La-Z-Boy Incorporated per diluted share |
| $ | 0.03 |
| $ | 0.72 |
| $ | 1.44 |
| $ | 1.67 |
|
Add back: Purchase accounting charges, net of tax, per share |
| 0.03 |
| — |
| 0.12 |
| 0.01 |
| ||||
Add back: Pension termination charge, net of tax, per share |
| 0.58 |
| — |
| 0.58 |
| — |
| ||||
Non-GAAP net income attributable to La-Z- Boy Incorporated per diluted share |
| $ | 0.64 |
| $ | 0.72 |
| $ | 2.14 |
| $ | 1.68 |
|
LA-Z-BOY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
SEGMENT INFORMATION
|
| Unaudited for the Fiscal Quarter Ended |
| ||||||||
(Amounts in thousands) |
| 4/27/2019 |
| % of sales |
| 4/28/2018 |
| % of sales |
| ||
|
|
|
|
|
|
|
|
|
| ||
GAAP operating income (loss) |
|
|
|
|
|
|
|
|
| ||
Upholstery segment |
| $ | 37,304 |
| 11.5 | % | $ | 41,927 |
| 12.8 | % |
Casegoods segment |
| 2,416 |
| 9.1 | % | 2,808 |
| 9.2 | % | ||
Retail segment |
| 12,743 |
| 8.4 | % | 7,963 |
| 6.6 | % | ||
Corporate and Other |
| (15,292 | ) | N/M |
| (6,991 | ) | N/M |
| ||
GAAP Consolidated operating income |
| $ | 37,171 |
| 8.2 | % | $ | 45,707 |
| 10.9 | % |
|
|
|
|
|
|
|
|
|
| ||
Purchase accounting charges affecting operating income |
|
|
|
|
|
|
|
|
| ||
Upholstery segment |
| $ | 57 |
|
|
| $ | 106 |
|
|
|
Casegoods segment |
| — |
|
|
| — |
|
|
| ||
Retail segment |
| 175 |
|
|
| 99 |
|
|
| ||
Corporate and Other |
| 1,537 |
|
|
| — |
|
|
| ||
Consolidated purchase accounting charges affecting operating income |
| $ | 1,769 |
|
|
| $ | 205 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Non-GAAP operating income (loss) |
|
|
|
|
|
|
|
|
| ||
Upholstery segment |
| $ | 37,361 |
| 11.6 | % | $ | 42,033 |
| 12.8 | % |
Casegoods segment |
| 2,416 |
| 9.1 | % | 2,808 |
| 9.2 | % | ||
Retail segment |
| 12,918 |
| 8.5 | % | 8,062 |
| 6.6 | % | ||
Corporate and Other |
| (13,755 | ) | N/M |
| (6,991 | ) | N/M |
| ||
Non-GAAP Consolidated operating income |
| $ | 38,940 |
| 8.6 | % | $ | 45,912 |
| 10.9 | % |
|
| Unaudited for the Fiscal Year Ended |
| ||||||||
(Amounts in thousands) |
| 4/27/2019 |
| % of sales |
| 4/28/2018 |
| % of sales |
| ||
|
|
|
|
|
|
|
|
|
| ||
GAAP operating income (loss) |
|
|
|
|
|
|
|
|
| ||
Upholstery segment |
| $ | 127,906 |
| 10.1 | % | $ | 130,349 |
| 10.6 | % |
Casegoods segment |
| 12,589 |
| 11.0 | % | 11,641 |
| 10.5 | % | ||
Retail segment |
| 37,922 |
| 6.7 | % | 20,709 |
| 4.4 | % | ||
Corporate and Other |
| (48,743 | ) | N/M |
| (33,330 | ) | N/M |
| ||
GAAP Consolidated operating income |
| $ | 129,674 |
| 7.4 | % | $ | 129,369 |
| 8.2 | % |
|
|
|
|
|
|
|
|
|
| ||
Purchase accounting charges affecting operating income |
|
|
|
|
|
|
|
|
| ||
Upholstery segment |
| $ | 20 |
|
|
| $ | 222 |
|
|
|
Casegoods segment |
| — |
|
|
| — |
|
|
| ||
Retail segment |
| 1,683 |
|
|
| 701 |
|
|
| ||
Corporate and Other |
| 5,214 |
|
|
| — |
|
|
| ||
Consolidated purchase accounting charges affecting operating income |
| $ | 6,917 |
|
|
| $ | 923 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Non-GAAP operating income (loss) |
|
|
|
|
|
|
|
|
| ||
Upholstery segment |
| $ | 127,926 |
| 10.1 | % | $ | 130,571 |
| 10.6 | % |
Casegoods segment |
| 12,589 |
| 11.0 | % | 11,641 |
| 10.5 | % | ||
Retail segment |
| 39,605 |
| 6.9 | % | 21,410 |
| 4.5 | % | ||
Corporate and Other |
| (43,529 | ) | N/M |
| (33,330 | ) | N/M |
| ||
Non-GAAP Consolidated operating income |
| $ | 136,591 |
| 7.8 | % | $ | 130,292 |
| 8.2 | % |
N/M — Not Meaningful