La-Z-Boy Inc. LZB shares are trading higher after the company reported better-than-expected fourth quarter EPS and sales results. The company also issued 2023 first quarter sales guidance.
La-Z-Boy reported fourth quarter EPS of $1.07, which beat analyst estimates of $0.92. The company reported sales of $685 million, beating the $664.9 million consensus estimate.
La-Z-Boy expects first-quarter sales of $560 million to $575 million (up 7% to 10% year-over-year) versus a consensus estimate of $554.19 million and a consolidated non-GAAP operating margin of 6.5% to 7.5%.
Bob Lucian, Chief Financial Officer, commented “We expect current macroeconomic and geopolitical uncertainty and its effect on consumer sentiment will likely cause demand trends to remain volatile for the foreseeable future. We are beginning to increase investments in marketing to drive demand for our strong brands to leverage their power in the marketplace, controlling the controllables, and improving our agility to navigate global supply chain disruptions.”
La-Z-Boy Inc is a U.S.-based company that manufactures, distributes, and retails upholstery furniture products.
LZB Price Action: La-Z-Boy Inc. has traded between $39.99 and $22.21 over a 52-week period.
The stock was trading about 8.5% higher at $24.67 per share on Wednesday at the time of publication.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.