By Kelly Cloonan
La-Z-Boy logged higher profit in its latest quarter as sales in its retail segment climbed, driven by efforts to grow its base of company-owned stores.
The furniture maker on Tuesday posted a profit of $33.3 million, or 81 cents a share, compared with $14.9 million, or 36 cents a share, a year earlier. The recent earnings per share figure includes a 16 cent impact from favorable discrete tax items, the company said.
Adjusted earnings per share were $1.26, compared with estimates of 82 cents a share according to analysts polled by FactSet.
Revenue was roughly flat at $570.3 million, compared with analyst estimates of $569.2 million.
La-Z-Boy said lower delivered volume in its Joybird brand offset growth in its retail business, which includes its company-owned La-Z-Boy stores. In the retail segment, both written and delivered sales increased.
Chief Executive Melinda Whittington attributed the results to La-Z-Boy's retail expansion through new stores and the acquisition of independent stores. La-Z-Boy's company-owned stores now total 230 across North America, an all-time high of 61% of its total network, she said.
"This growth has contributed to our solid results and market share expansion against an industry that remains soft," Whittington said.
For the current quarter, the company guided for sales of $490 million to $510 million. It forecasts organic growth of up to 4%, excluding acquisitions and divestitures.
"While we continue to have a measured view of the external environment, we expect to continue to outperform the industry," Chief Financial Officer Taylor Luebke said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
June 16, 2026 16:45 ET (20:45 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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