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La-Z-Boy Stock Jumps as Earnings Top Estimates Despite Rising Costs

·1 min read
La-Z-Boy Stock Jumps as Earnings Top Estimates Despite Rising Costs
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La-Z-Boy stock was rising Wednesday after the residential furniture maker reported record sales and operating income for its fiscal fourth quarter. La-Z-Boy (ticker: LZB) reported an adjusted profit of $1.07 a share, beating forecasts for $0.92 a share, on sales of $685 million, topping expectations of $665 million. La-Z-Boy’s strategy of raising prices offset higher input costs and supply chain disruptions, notes Bradley Thomas of KeyBanc Capital Markets.