La-Z-Boy Results Miss Street View, Shares Tank 8%

(RTTNews) - Shares of La-Z-Boy Inc (LZB) slipped 8% in after hours trading on Wednesday after the company's second-quarter earnings and revenues missed Wall Street estimates.

Monroe, Michigan-based La-Z-Boy's second-quarter profit rose to $22.59 million or $0.48 per share from $20.01 million or $0.42 per share last year.

Excluding items, La-Z-Boy's adjusted earnings for the quarter were $24.36 million or $0.52 per share. Analysts polled by Thomson Reuters estimate earnings of $0.54 per share for the quarter.

The company's revenue for the quarter rose 1.8% to $447.21 million from $439.33 million last year. Analysts had a consensus revenue estimate of $454.39 million.

Sales in the company's Upholstery segment increased 1.2% to $320.9 million, while Retail segment increased 6.2% to $148.4 million.

Written same-store sales for the La-Z-Boy Furniture Galleries network increased 3.5%, while delivered same-store sales for the company-owned retail segment increased 5.0%.

CEO Kurt Darrow said, "As evidenced by solid written same-store sales across the La-Z-Boy Furniture Galleries network and the sixth consecutive quarter of delivered same-store sales growth for our company-owned Retail segment, the La-Z-Boy brand continues to exhibit strength and relevance in today's challenging home furnishings environment."

LZB closed Wednesday's trading at $36.18, down $0.31 or 0.85%, on the NYSE. The stock further dropped $2.98 or 8.24% in the after-hours trading.