La-Z-Boy Incorporated's stock surged 15.83% in post-market trading on Tuesday, following the release of the company's fourth-quarter financial results that significantly exceeded analyst expectations.
The furniture retailer reported adjusted earnings per share of $1.26 for the quarter, beating the consensus estimate of $0.82 by a substantial margin. Sales of $570 million also slightly surpassed expectations. The strong performance was attributed to retail sales growth and broad-based margin improvement, with GAAP operating income climbing 40% year-over-year.
Additionally, La-Z-Boy announced a new $300 million share repurchase program, replacing its prior authorization, which likely contributed to investor optimism. The company also provided guidance for the first quarter, expecting revenue between $490 million and $510 million, which aligns with consensus estimates.
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