La-Z-Boy Incorporated LZB reported a first-quarter earnings beat after the close on Tuesday.
Adjusted earnings came in at 42 cents per share, beating estimates by 8 cents. Sales came in at $413.6 million, missing estimates by $2.35 million.
"Our results for the quarter demonstrate the strength of the La-Z-Boy brand within today's challenging home furnishings environment, as well as the power of our world-class supply chain," said CEO Kurt Darrow.
"Our company-owned Retail segment delivered strong sales momentum and also nearly doubled operating profit. The broader La-Z-Boy Furniture Galleries® network posted increases in first-quarter written same-store sales on a one-, two-, and three-year basis. In addition, our wholesale Upholstery segment turned in a GAAP operating margin of 9.0%, even with sales challenged for our England subsidiary and international businesses."
Highlights
- Consolidated sales increased 7.5%
- Written same-store sales increased 4.7%
- Same-store sales for company-owned retail segment increased 3.5%
La-Z-Boy's stock closed Tuesday's session at $30.64 per share.
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