La-Z-Boy (LZB) Tops Q4 EPS by 25c, Offers Guidance

La-Z-Boy (NYSE: LZB) reported Q4 EPS of $0.95, $0.25 better than the analyst estimate of $0.70. Revenue for the quarter came in at $554 million versus the consensus estimate of $516.89 million.

GUIDANCE:

La-Z-Boy sees Q1 2025 revenue of $475-495 million, versus the consensus of $476 million.

• Bob Lucian, Chief Financial Officer of La-Z-Boy Incorporated, said, “Taken together, our third quarter and fourth quarter results were largely in line with our plans for the second half of Fiscal 2024. Recall, delivered sales in Fiscal 2023 included $300 million of backlog. Thus, our sales were roughly flat compared to last year, absent this backlog. Looking forward, in Fiscal 2025, we expect the industry to continue to be challenged, down by as much as 5%, with any improved industry trends occurring late in our fiscal year, towards calendar 2025, when expected interest rate cuts filter through the economy and begin to positively impact housing activity. We expect to continue to outperform the industry in Fiscal 2025, which should result in modest sales growth year-over-year. Growth will be supported by executing our Century Vision strategy, including the opening of 12 to 15 new La-Z-Boy Furniture Galleries® stores, mainly in the second half of the fiscal. For the first quarter of Fiscal 2025, we expect delivered sales to be in the range of $475-495 million and Non-GAAP operating margin(2) to be in the range of 6-7%. Also, as a reminder, our first quarter is generally the lowest sales and margin quarter in the fiscal year due to seasonally lower industry sales and our annual week-long plant shutdown in July."

For earnings history and earnings-related data on La-Z-Boy (LZB) click here.

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