La-Z-Boy (NYSE:LZB) is expected to report lower sales and a drop in profit when it posts its first quarter fiscal 2024 results for the three months ended July 29, 2023, after the market close on Tuesday, August 22.
The furniture producer is expected to report revenue of $475.6 million, down from $604.1 million in the year-ago quarter, according to Zacks Consensus Estimate.
When reporting its fiscal 2023 results in late June, the company forecast 1Q sales, which it noted is generally its lowest sales quarter, to be in the range of $470 to $490 million and an operating margin between 6.5% and 7.5%.
“We expect seasonality and a weaker near-term economic outlook will result in a stronger back half of our fiscal year versus the front half,” La-Z-Boy (NYSE:LZB) CFO Bob Lucian said on the company’s earnings call.
Earnings per share are pegged at $0.55, down from $0.91 in 1Q fiscal 2023.
La-Z-Boy (NYSE:LZB) stock traded 0.6% lower at US$30.58 on Monday afternoon.
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