Overview

* La-Z-Boy ( LZB ) fiscal Q1 sales fall 1%, missing analyst expectations, per LSEG data

* Adjusted EPS for fiscal Q1 misses consensus, per LSEG data

Outlook

* La-Z-Boy ( LZB ) expects Q2 sales between $510 mln and $530 mln

* Company projects Q2 adjusted operating margin of 4.5% to 6.0%

Result Drivers

* RETAIL GROWTH - Retail segment written sales increased 5% driven by new and acquired stores, while delivered sales rose 2%

* WHOLESALE PERFORMANCE - Wholesale segment delivered sales grew 1%, driven by core North America La-Z-Boy wholesale business

* JOYBIRD DECLINE - Joybird sales decreased due to lower delivered sales and a significant customer transition in international wholesale business

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 Sales Miss $492 mln $494 mln

(3

Analysts

)

Q1 Miss $0.47 $0.55 (3

Adjusted Analysts

EPS )

Q1 EPS $0.44

Q1 4.8%

Adjusted

Operatin

g Margin

Q1 4.5%

Operatin

g Margin

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the home furnishings peer group is "hold"

* Wall Street's median 12-month price target for La-Z-Boy Inc ( LZB ) is $46.00, about 16.7% above its August 18 closing price of $38.34

* The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)