La-Z-Boy (LZB) will raise its quarterly dividend by 7.7 percent to $0.14 per share. This marks the 7th consecutive year of dividend increases by the furniture manufacturer.

The next dividend will be paid on December 13, 2019, to shareholders of record as of December 2, 2019. A new annualized dividend rate of 56 cents per share yields 1.8% at a stock price of $30.91.

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “As evidenced by solid written same-store sales across the La-Z-Boy Furniture Galleries network and the sixth consecutive quarter of delivered same-store sales growth for our company-owned Retail segment, the La-Z-Boy brand continues to exhibit strength and relevance in today's challenging home furnishings environment. For the period, we increased consolidated operating margin led by double-digit profitability in the Upholstery segment, and generated strong cash flow and returns to shareholders. Additionally, our Board of Directors declared a regular quarterly dividend of $0.14 per share, an increase of 8%, demonstrating its confidence in our various growth strategies to further solidify our position in the marketplace and continue to deliver returns to shareholders."

La-Z-Boy Incorporated is a residential furniture producer. The La-Z-Boy Upholstery segment companies are England and La-Z-Boy. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. The company-owned Retail segment includes La-Z-Boy Furniture Galleries stores. Joybird is an e-commerce retailer and manufacturer of upholstered furniture. The corporation’s branded distribution network sells La-Z-Boy Incorporated products and brands, and includes stand-alone La-Z-Boy Furniture Galleries stores and independent Comfort Studio locations, in addition to in-store gallery programs for the company’s Kincaid and England operating units. Edward M. Knabusch and Edwin J. Shoemaker started Floral City Furniture in 1927, and in 1928 the newly formed company introduced its first recliner. In 1941, the company was incorporated in the state of Michigan as La-Z-Boy Chair Company, and in 1996 the company changed its name to La-Z-Boy Incorporated.