La-Z-Boy Incorporated (NYSE:LZB), the maker of the iconic reclining chairs, saw its stock decline after posting fiscal fourth-quarter results that fell short of expectations.
Revenue grew 8% year-over-year to $453.8 million from $420 million, missing Street estimates of $469.1 million. Earnings narrowed to $0.64 per share from $0.72 per share, below analyst expectations of $0.70 per share.
Its shares slumped 7.7% to $27.50 before the bell Wednesday.
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Same-store sales increased 8% at the company’s 139 locations included in last year’s fourth quarter. Though sales grew overall, revenue from its Upholstery department shrank 1.2% year-over-year to $323.3 million.
“We were pleased with the excellent sales and operating results for our company-owned Retail segment,” CEO and Chairman Kurt Darrow said. “However, sales declined in our wholesale Upholstery and Casegoods segments, consistent with a slow start to the calendar year across the North American retail home furnishings landscape.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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