La-Z-Boy Inc ( LZB ) shares are tanking on Tuesday after the company reported financial results for the first quarter of fiscal 2026 after the market close. Here's a rundown of the report.

See the continuing LZB story here.

Q1 Highlights: La-Z-Boy ( LZB ) reported first-quarter revenue of $492.22 million, missing analyst estimates of $494 million, according to Benzinga Pro. The company reported first-quarter adjusted earnings of 47 cents per share, missing estimates of 55 cents per share.

Consolidated sales decreased 1% on a year-over-year basis. Total written sales for the retail segment were up 5% year-over-year, while written same-store sales fell 4% year-over-year, reflecting an “increasingly challenged consumer.”

La-Z-Boy ( LZB ) said it ended the quarter with $319 million in cash and cash equivalents.

“Investments in our Century Vision strategy to grow our Retail store footprint and expand brand reach, combined with soft industry demand, had a downward impact on our margin performance this quarter, and we are actively taking steps to adjust our near-term operations and prudently navigate the current environment,” said Melinda Whittington, chair, president and CEO of La-Z-Boy ( LZB ).

“Our iconic brand, vertically integrated business model, and robust balance sheet are foundational to our continued strategic growth and position us to disproportionately benefit when industry tailwinds reemerge.”

Q2 Outlook: La-Z-Boy ( LZB ) expects second-quarter revenue to be in the range of $510 million to $530 million versus estimates of $531.67 million. The company said its guidance reflects a “continued challenging consumer and macroeconomic environment.”

La-Z-Boy’s management team will discuss the quarter on an earnings call scheduled for 8:30 a.m. ET Wednesday morning.

LZB Price Action: La-Z-Boy ( LZB ) shares were down 19.82% in after-hours, trading at $31.36 at the time of publication on Tuesday, according to Benzinga Pro.

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