La-Z-Boy Down 13% After Q4 Revenue Miss
La-Z-Boy (NYSE: LZB) is trading lower on the session following its Q4 earnings announcement yesterday after the close. The company reported an EPS of EPS $0.37, which may not be comparable to $0.26 estimates and sales of $327.4 million vs $333.72 million estimates.
Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, stated, "Increased sales, an efficient operating structure, brand strength, a strong network of proprietary distribution and better execution throughout our business segments delivered a 92% increase in the company's consolidated operating income for fiscal 2012. We also strengthened our balance sheet, ending the year with more than $150 million in cash and less than $10 million in total debt. As we look to the future, we will continue to execute on our strategic objectives and are well positioned to achieve sales growth, retail profitability and positive conversion on our additional volume."
La-Z-Boy is currently trading at $11.44, a loss of $1.69 or 12.87%.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.