La-Z-Boy FQ2 sales improve despite challenging trends

seekingalpha11-20

atiatiati Shares of La-Z-Boy (NYSE:LZB) are inching higher in after-hours trading as the furniture company produced solid fiscal second quarter results despite the continued pressure from sluggish ...

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The combination of our iconic brand, strong product portfolio particularly in reclining and motion furniture, and our talented team again produced steady results against persistently weak consumer demand,” said CEO Melinda Whittington.  In company-owned stores, conversion rates, average ticket, and design sales were all up during the quarter, driving overall sales up 2% to $521M, exceeding expectations by $15M. The company's adjusted profit declined by less than expected to $0.71 per share.  In the retail segment, the addition of new and acquired stores drove sales up 6% even as same-store sales were down 1%. Adjusted operating margin in the segment narrowed 40 basis points to 12.6% due to an increase in selling expenses and fixed costs related to retail business growth.  Wholesale sales were flat, as higher sales to its retail segment were mostly offset by lowered delivered sales in the company’s international business. The adjusted operating margin narrowed by 90 basis points to 6.8%, driven by demand and macroeconomic challenges in the casegoods import business and fixed cost deleverage in the international wholesale business on a “significant” temporary customer disruption.  For the fiscal third quarter, La-Z-Boy (LZB) expects sales to be within the range of $505M to $525M, straddling the consensus estimate of $512.3M. Adjusted operating margin will likely be within 6% to 7% compared to 7.5% in fiscal Q2.  With shares higher by 3.4%, continued momentum during Wednesday’s regular session could snap a five-day losing streak for La-Z-Boy stock (LZB).","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484010549"}