La-Z-Boy (NYSE: LZB) reported Q1 EPS of $0.55, $0.02 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $524.8 million versus the consensus estimate of $485.96 million.

Summary and Outlook:

Melinda D. Whittington, President and Chief Executive Officer of La-Z-Boy, said, "The La-Z-Boy enterprise delivered all-time, record-high sales for a quarter, even with our annual one-week maintenance shutdown in July. We are excited about our future as demand trends remain strong across all business units, our cash position is solid, and we are investing in our business for continued success throughout the pandemic period and beyond."

Whittington added, "While we increased our production capacity in the period, we also continue to navigate our way through a volatile environment, including rapidly escalating commodity and freight costs, which have not shown signs of abating. To mitigate these historic rising costs, we took additional pricing actions in the quarter and, for the first time, imposed a surcharge on pending dealer orders in our backlog to help mitigate these significant cost increases in the near term."

Chief Financial Officer Bob Lucian noted, "With the initiatives we are executing, we expect margin performance to begin to improve in the second quarter, finishing the full fiscal year with a consolidated non-GAAP operating margin at or near double digits. Over the last two quarters, we returned $79 million in value to our shareholders through share repurchases. Reflecting confidence in our long-term cash generation, our Board of Directors has increased our share repurchase authorization, enabling our continued share buyback."

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