La-Z-Boy says furniture industry to ‘remain challenged,’ but with some seasonal boost

Shares of La-Z-Boy Inc. LZB, -2.30% rose nearly 2% in the extended session Tuesday after the home-furniture maker reported fiscal first-quarter results that topped Wall Street expectations and said that it expects its industry “to remain challenged” with some improvement around the holidays. La-Z-Boy earned $27.5 million, or 63 cents a share, in the quarter, compared with $38.5 million, or 89 cents a share, in the year-ago quarter.

Sales fell 20% to $482 million, as last year’s quarter benefited from pandemic-related backlog deliveries, the company said. Analysts polled by FactSet expected adjusted EPS of 55 cents a share on sales of $475 million. Given “the overall macro-economic environment, we expect the furniture market to remain challenged,” La-Z-Boy Chief Executive Melinda Whittington said in a statement.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Netflix Inc. stock outperforms market on strong trading dayShares of Netflix Inc. inched 0.93% higher to $408.29 Monday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500...
Source: MarketWatch - 🏆 3. / 97 Read more »

Tesla Inc. stock rises Monday, outperforms marketShares of Tesla Inc. rose 7.33% to $231.28 Monday, on what proved to be an all-around mixed trading session for the stock market, with the NASDAQ Composite...
Source: MarketWatch - 🏆 3. / 97 Read more »

Amazon.com Inc. stock outperforms market on strong trading dayShares of Amazon.com Inc. rallied 1.10% to $134.68 Monday, on what proved to be an all-around mixed trading session for the stock market, with the S&P 500...
Source: MarketWatch - 🏆 3. / 97 Read more »