{"id":52007,"date":"2023-08-23T11:50:54","date_gmt":"2023-08-23T15:50:54","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/la-z-boy-says-furniture-industry-to-remain-challenged-but-with-some-seasonal-boost\/"},"modified":"2023-08-23T11:50:56","modified_gmt":"2023-08-23T15:50:56","slug":"la-z-boy-says-furniture-industry-to-remain-challenged-but-with-some-seasonal-boost","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52007","title":{"rendered":"La-Z-Boy says furniture industry to \u2018remain challenged,\u2019 but with some seasonal boost"},"content":{"rendered":"
\n

Shares of La-Z-Boy Inc.
\n LZB,
\n -2.08%<\/bg-quote>
\n 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 \u201cto remain challenged\u201d 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. Adjusted for one time items, the company earned 62 cents a share. Sales fell 20% to $482 million, as last year\u2019s 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 \u201cthe overall macro-economic environment, we expect the furniture market to remain challenged,\u201d La-Z-Boy Chief Executive Melinda Whittington said in a statement. \u201cHowever, we are expecting some improvement in the back half of our fiscal year consistent with historic seasonality of consumers\u2019 furniture purchases.\u201d The company guided for fiscal second-quarter sales of $490 million to $510 million, versus FactSet consensus of sales of $507 million. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of La-Z-Boy Inc. LZB, -2.08% 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 \u201cto remain challenged\u201d with some improvement around the holidays. La-Z-Boy earned $27.5 million, or 63 cents a share, in the quarter, […]<\/p>\n","protected":false},"author":1,"featured_media":1383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-52007","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nLa-Z-Boy says furniture industry to \u2018remain challenged,\u2019 but with some seasonal boost | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of La-Z-Boy Inc. 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