La-Z-Boy Incorporated (NYSE:LZB), the $1.52 billion furniture manufacturer with a solid dividend track record and fair financial health rating according to InvestingPro, held its 2025 Annual Meeting of Shareholders on Tuesday. According to a press release statement and SEC filing, 38,994,270 shares were present or represented by proxy out of 41,167,047 eligible shares. The company currently trades slightly below its Fair Value, making it one of many opportunities tracked on Investing.com's Most Undervalued Stocks list.
Shareholders elected nine director nominees to serve until the 2026 annual meeting. The elected directors and the number of shares voted in favor for each are as follows: Erika L. Alexander (36,449,676), Matthew H. Baer (36,672,764), Raza S. Haider (36,474,737), Janet E. Kerr (35,559,893), Mark S. LaVigne (36,680,104), Michael T. Lawton (36,029,437), Rebecca L. O'Grady (36,577,022), Lauren B. Peters (34,300,055), and Melinda D. Whittington (36,072,904).
The meeting also included a vote to ratify the selection of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for fiscal year 2026. The proposal was approved, with 37,828,638 shares voted in favor, 1,072,251 against, and 93,381 abstentions.
Additionally, shareholders approved, through a non-binding advisory vote, the compensation of the company's named executive officers as disclosed in the proxy statement. The advisory resolution received 34,279,537 shares in favor, 2,455,940 against, and 123,727 abstentions.
These results are based on information provided in a press release statement and the company's Form 8-K filed with the Securities and Exchange Commission.
In other recent news, La-Z-Boy Incorporated announced its first-quarter earnings for fiscal year 2026, which did not meet analysts' expectations. The company reported an adjusted earnings per share (EPS) of $0.47, falling short of the anticipated $0.53, resulting in an EPS surprise of -11.32%. Revenue for the quarter was $492.23 million, slightly below the expected $494 million. Additionally, La-Z-Boy declared a quarterly cash dividend of $0.22 per share, payable on September 15, 2025, to shareholders of record as of September 4, 2025. This dividend announcement follows the company's tradition of regular payouts to its investors. The recent earnings miss might prompt investors to pay closer attention to La-Z-Boy's future financial performance and strategic decisions.