News

La-Z-Boy Inc. Reports Strong Fiscal First-Quarter Results

1 Mins read

La-Z-Boy Inc. (LZB) saw a nearly 2% rise in its shares during the extended session on Tuesday following the release of its fiscal first-quarter results. The home-furniture maker reported earnings that exceeded Wall Street expectations and provided insights into the challenges facing the industry.

Impressive Financial Performance

In the first quarter, La-Z-Boy earned $27.5 million, or 63 cents per share, compared to $38.5 million, or 89 cents per share, in the same quarter last year. After adjusting for one-time items, the company’s earnings stood at 62 cents per share. Although sales fell 20% to $482 million, mainly due to the previous year’s pandemic-induced backlog deliveries, La-Z-Boy outperformed analysts’ expectations. According to FactSet, analysts had predicted adjusted EPS of 55 cents per share on sales of $475 million.

Industry Challenges and Future Outlook

La-Z-Boy’s Chief Executive, Melinda Whittington, acknowledged the tough macroeconomic environment faced by the furniture market. However, she also expressed optimism about some turnaround anticipated during the holiday season. Whittington stated, “Given the overall macro-economic environment, we expect the furniture market to remain challenged. However, we are expecting some improvement in the back half of our fiscal year consistent with historic seasonality of consumers’ furniture purchases.”

Fiscal Second-Quarter Guidance

For the upcoming fiscal second quarter, La-Z-Boy provided sales guidance in the range of $490 million to $510 million. This projection contrasts with FactSet consensus estimates, which predicted sales of $507 million.

La-Z-Boy’s robust fiscal performance and positive outlook demonstrate its resilience in a challenging market environment. With a focus on historic consumer trends and improved conditions around the holidays, the company remains well-positioned for future growth.

Related posts
News

$TRUMP and other meme coins won't be protected by SEC, Commissioner Hester Peirce says

3 Mins read
LAS VEGAS — Now that the SEC is out of the business of regulating meme coins, investors shouldn’t expect any guidance on…
News

Man charged in New York with 3-week kidnapping to try to steal Bitcoin

1 Mins read
NEW YORK (Reuters) -A grand jury has indicted a 37-year-old cryptocurrency investor accused of kidnapping a business partner inManhattan’s upscale Soho neighborhood…
News

Goldman Sachs Expert Predicts Significant Gold Price Surge by 2026

2 Mins read
Investors are advised to consider risk-reward balance and portfolio diversification.Trending NowBest Forex Trading Robots To Invest In 2022 Daan Struyven, co-head of…

Leave a Reply

Your email address will not be published. Required fields are marked *

33 − 29 =