La-Z-Boy Shares Tumble as Q3 Results Disappoint
La-Z-Boy (NYSE: LZB) reported fiscal 2014 third-quarter results after market close on Tuesday.
The company reported $0.32 earnings per share, up from $0.31 in the third quarter of 2013. The figure was below analyst expectations at $0.35.
Sales came in at $350.4 million, up 3 percent year over year, but down 4.3 percent from last quarter. This quarters figure missed analyst estimates of $378.74 million. La-Z-Boy posted a 3.6 percent quarterly increase for same-store written sales for the company's Furniture Galleries store network.
Kurt Darrow, Chief Executive Officer of La-Z-Boy puts the blame on, “weather conditions,” that had an “impact on sales, production, and deliveries.” Darrow is “confident [La-Z-Boy] has the right plan in place to grow the company through their 4-4-5 store strategy.”
La-Z-Boy shares are currently trading down 10 percent on the disappointing report.
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