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

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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.

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