La-Z-Boy Slides After First Same-Store Sales Drop in Three Years

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La-Z-Boy Slides After First Same-Store Sales Drop in Three Years

La-Z-Boy Slides After First Same-Store Sales Drop in Three Years
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La-Z-Boy Slides After First Same-Store Sales Drop in Three Years

by TheStreet 0:57 mins

La-Z-Boy shares are in the red Wednesday after the company recorded its first drop in same-store sales in three-and-a-half years. In its fourth quarter ended April, the furniture maker reported a 0.9% decline in sales at its furniture galleries. That drop, the company said, was a result of rough weather particularly over February. This marks a brief pause in what has been stellar growth for La-Z-Boy. Just a quarter earlier, same-store sales jumped 11.2% year over year. Adjusted fourth-quarter earnings of 33 cents a share beat analysts’ estimates by a penny. Sales climbed 2.1% but missed estimates by $15 million.

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