La-Z-Boy Craters on Q1 Earnings Miss

Shares of La-Z-Boy LZB are trading lower in the after-hours following the release of the company's Q1 earnings results. Currently, shares are lower by 8.26%, trading at $7.00; they ended the regular session higher by 8.23%, at $7.63. La-Z-Boy reported Q1 EPS of $0.04 on revenues of $280.1 million; the Street was looking for $0.06 per share on revenues of $283.3 million. Revenues increased 6.4% year over. Kurt L. Darrow, President and Chief Executive Officer of La-Z-Boy, said, "With the summer period being seasonally the most challenging for the industry, we were pleased with the sales increase we experienced in both our upholstery and retail segments, particularly in light of ongoing macroeconomic challenges. Importantly, we continued to improve performance in our company-owned retail segment and remain encouraged by the increase in same-store sales for the La-Z-Boy Furniture Galleries® store network.” “As we move into what is historically a stronger fall selling season, we believe we are well positioned to improve our overall performance as we leverage our operating structure while building the company's market share." La-Z-Boy Incorporated is a global reclining-chair manufacturer and upholstered furniture. It also manufactures and imports casegoods furniture products for resale in North America.