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La-Z-Boy Q4 Earnings and Sales Beat Estimates, Down Y/Y

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La-Z-Boy Incorporated (NYSE: LZB) reported better than expected fourth-quarter fiscal 2024 (ended Apr 27, 2024) results, with earnings and sales surpassing the Zacks Consensus Estimate.
The metrics declined on a year-over-year basis due to reduced spending on furniture and home furnishings, with overall store visits declining. Housing market activity slowed due to higher interest rates.
LZB reported its strongest execution to date, with record-high conversion rates and increasing average sales per customer. The company expects industry conditions to remain volatile in the near term but is confident in its ability to outperform competitors and expand its market share over time.
For the fiscal 2025, LZB expects the industry to face continued challenges, potentially declining by as much as 5%. Improved industry trends are anticipated later in the fiscal year, following expected interest rate cuts that may boost housing activity. Despite these challenges, LZB aims to outperform the industry in the fiscal 2025, with modest year-over-year sales growth supported by executing its Century Vision strategy. This includes opening 12-15 new La-Z-Boy Furniture Galleries stores, mainly in the second half of the fiscal year.

Quarter in Detail

La-Z-Boy reported adjusted earnings of 95 cents per share, beating the Zacks Consensus Estimate of 68 cents per share. However, the bottom line declined 4% from 99 cents per share reported a year ago.

La-Z-Boy Incorporated Price, Consensus and EPS Surprise

La-Z-Boy Incorporated Price, Consensus and EPS Surprise

La-Z-Boy Incorporated price-consensus-eps-surprise-chart | La-Z-Boy Incorporated Quote

Consolidated delivered sales of $554 million topped the consensus mark of $519 million by 6.7%. However, the metric dropped 1% from the prior-year quarter’s levels of $561 million.

Segment Details

Retail: Delivered sales fell 6% to $228 million …

Full story available on Benzinga.com

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