La-Z-Boy hits over three-year high after upbeat Q4
18/06/2024 17:15
** Shares of residential furniture maker La-Z-Boy LZB.N up
as much as 20.5% at $41.08 - highest since June 2021
** Brokerage Raymond James rates LZB "market perform", and
says co posted upbeat Q4 results
** Adds, co's quarterly sales and adj. EBIT margins came in
above expectations driven by wholesale unit volume improvement
** Co's total revenues in the quarter decreased 1% y/y to
$554M, above our $519M estimate, adj. margin was 9.4%, above our
7.3% estimate - Bobby Griffin, analyst with Raymond James
** If gains hold, stock set for best day since June 2017
** Up to last close, stock rose nearly 10% YTD
(Reporting by Anuja Bharat Mistry in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com))