La-Z-Boy beats Street expectations but near-term outlook is a miss
Investing.com -- Furniture maker La-Z-Boy Incorporated's (NYSE:LZB) shares fell 5.8% in after-hours trading after beating expectations but providing downside guidance.
La-Z-Boy reported fourth-quarter adjusted earnings per share of 99 cents and revenue of $561 million. Analysts expected earnings per share of 72 cents on revenue of $533M. The revenue was down 18% from the same time last year.
The company said it sees first-quarter revenue of $470M to $490M, which is below analyst expectations.
The company noted that its fiscal first quarter tends to be its lowest sales quarter of the year. CFO Bob Lucian added more detail to their outlook: "Excluding the impact of delivering backlog sales (approximately $300 million), normalized La-Z-Boy consumer demand in fiscal 2023 was 17% higher that it was in pre-pandemic fiscal 2019. In fiscal 2024, we expect to grow ahead of the industry from this normalized base, with the back half of our fiscal year stronger than the front half, in line with pre-pandemic seasonality trends."
Shares are up 20% so far this year.
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