​La-Z-Boy shares fall 2% despite Q1 beat

La-Z-Boy Incorporated (NYSE:) shares fell around 2% after-hours despite the company reporting strong EPS for the quarter came in at $0.62, better than the consensus estimate of $0.54.

Revenue was $482 million (down 20% against a year ago period that benefited from the delivery of pandemic-related backlog), beating the consensus estimate of $476.2M. Written same-store sales for the Retail segment grew 2% mainly driven by strong store execution, including improved conversion and an increase in design sales despite lower consumer traffic.

“As demonstrated by our positive written same-store sales, the La-Z-Boy brand continues to outperform in a challenging home furnishings environment. These results are reflective of the strength of the La-Z-Boy brand and focus on execution in our stores,” said CEO Melinda Whittington.

For Q2/24, the company expects revenue in the range of $490-$510M and operating margin in the range of 6.5%-7.5%.