La-Z-Boy Furnishes Q4 Beat on ‘Strong’ Furnisher Demand; Shares Jump
2022.06.21 23:56
By Yasin Ebrahim
Investing.com — La-Z-Boy (NYSE:LZB) reported quarterly results that topped quarterly results on both the top and bottom lines after the furniture company racked in record sales amid strong demand for home furnishings.
La-Z-Boy was up 7% in aftermarket hours following the news.
The company reported fiscal fourth-quarter diluted EPS of $1.07 on revenue of $684.6 million, topping Wall Street estimates for $0.92 on revenue of $664.9 million.
The gains were driven by “strong demand for furnishings,” which helped support price increases and margins amid the impact of “significant global supply chain challenges,” the company said.
Operating margin rose to 11.5% from 9.6% in the prior-year fourth quarter, though raw material inflation and plant inefficiencies related to increasing manufacturing capacity kept a lid on gains.
Looking ahead to the fiscal first quarter, the company sees sales in the range of $560 million to $575 million, above analysts’ estimates for $554.2 million.
“We expect our strong balance sheet and significant backlog will allow us to move through the current uncertain period and make important investments in our future as we deliver returns to all stakeholders,” the company said.
