La-Z-Boy falls on downbeat Q4 sales, profit
21/06/2023 14:16
** Shares of furniture company La-Z-Boy Inc LZB.N down ~5%
at $26.15 before the bell
** LZB posts lower Q4 sales and profit, as high inflation
hits demand for discretionary items including furniture
** LZB Q4 total sales drop 18% to $561.3 million
** Co posts Q4 net income of $34.7 mln, or 79 cents per
share, compared with $57.6 mln, or $1.33, a year earlier
** LZB expects Q1 2024 sales between $470 mln and $490 mln,
forecasts operating margin of 6.5% to 7.5%
** Up to Tuesday's close, stock had risen ~20% YTD
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))