La-Z-Boy expects Q2 sales between $500 mln and $520 mln
Company sees Q2 adjusted operating margin of 4.0-5.5%
La-Z-Boy maintains cautious view of macro backdrop despite strong Retail sales and solid Wholesale backlog
Overview
U.S. furniture retailer's Q1 sales fell 3%, missing analyst expectations
Adjusted EPS for Q1 missed analyst expectations, down 9% yr/yr
Company returned $35 mln to shareholders via buybacks and dividends, up 62% yr/yr
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Miss
$476 mln
$501.34 mln (3 Analysts)
Q1 Adjusted EPS
Miss
$0.43
$0.49 (3 Analysts)
Q1 Loss Per Share
$0.06
Q1 Adjusted Operating Margin
3.90%
Result Drivers
Retail segment growth - Retail segment written sales rose 16% and delivered sales increased 10%, driven by new stores, acquisitions, and higher same-store sales
- Wholesale sales fell 9% due to uneven order patterns and lower delivered volume
LZB•
