Mixed Earnings Report. Flexsteel Soars, La-Z-Boy Declines

Originally published August 20, 2025. This version was rebuilt from Flexsteel, La-Z-Boy and TJX SEC filings for the FIN archive, and the facts are as of that date.

Three earnings reports in mid-August 2025 showed how unevenly the home furnishings market was moving. A mid-size manufacturer kept growing, a large branded retailer and maker went backward, and an off-price chain proved shoppers were still buying for the home.

The short version

• Flexsteel reported fourth-quarter sales of $114.6 million, up 3.4%.
• La-Z-Boy's first-quarter sales slipped 1% to $492 million.
• TJX reported HomeGoods comparable sales up 5%.

Flexsteel keeps growing

Flexsteel's fiscal fourth-quarter net sales rose 3.4% to $114.6 million, its seventh straight quarter of year-over-year growth. Adjusted diluted EPS was $1.40 and GAAP diluted EPS was $1.89, and full-year sales grew 6.9%.

For the next quarter Flexsteel guided to sales of $105 to $110 million, growth of 1% to 6%. It flagged the margin risk from tariffs, notably the 20% rate on imports from Vietnam, and said it would respond with supply chain changes, cost savings and limited pricing actions.

La-Z-Boy slips

La-Z-Boy's fiscal first-quarter sales fell 1% to $492 million. Joybird's delivered sales dropped 20%. In company-owned stores, total written sales grew 5% while written same-store sales fell 4%, which La-Z-Boy said reflected an increasingly challenged consumer.

La-Z-Boy kept expanding its own retail network anyway. Its retail segment added two stores and announced a 15-store acquisition expected to close in late October, and retail delivered sales rose 2%.

New stores were adding volume, but existing stores were seeing fewer orders.

Off-price wins on home

TJX posted consolidated comparable sales up 4% for its second quarter, with HomeGoods up 5%. Shoppers kept coming in for home goods when they could find a bargain.

Execution and value

The results rewarded companies with steady execution and clear value. Traditional branded furniture had to work harder for each sale while off-price home stores kept drawing traffic.

Related on FIN

• Furniture Shoppers Are Holding Back
• Furniture Sales Rose. Costs Are Rising Faster.

Sources

• Flexsteel Industries, Fourth quarter and fiscal 2025 results (SEC filing)
• La-Z-Boy Incorporated, First quarter fiscal 2026 results (SEC filing)
• The TJX Companies, Second quarter fiscal 2026 results (SEC filing)