🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

La-Z-Boy Q3 guidance ahead of estimates; Shares rise 3%

EditorRachael Rajan
Published 20/11/2024, 08:38 am
LZB
-

MONROE, Michigan - La-Z-Boy Incorporated (NYSE:LZB) saw its shares climb 3.76% after the furniture maker reported better-than-expected fiscal second quarter results and provided an optimistic outlook.

The company posted adjusted earnings per share of $0.71 for the quarter ended October 26, beating analyst estimates of $0.64. Revenue rose 2% YoY to $521 million, surpassing the consensus forecast of $505.98 million.

"Our second quarter results demonstrate the continued progress we are making against our strategic pillars and our strong execution throughout the enterprise," said Melinda D. Whittington, President and CEO of La-Z-Boy.

The Retail segment, which includes company-owned La-Z-Boy Furniture Galleries stores, led growth with sales increasing 3% to $222 million. Written sales for the segment rose 6% YoY, driven by new and acquired stores.

Looking ahead, La-Z-Boy provided upbeat guidance for the fiscal third quarter. The company expects revenue of $505-525 million, ahead of analyst estimates of $510.5 million at the midpoint.

"We expect industry sales trends to remain under pressure, though we expect our growth to continue to outpace the industry," said Bob Lucian, Chief Financial Officer.

The company also announced a 10% increase in its quarterly dividend to $0.22 per share.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.