La-Z-Boy Incorporated (NYSE:LZB) posted its latest quarterly earnings results on Tuesday after the bell, which were mixed as earnings topped expectations but revenue missed the mark.
For its fourth quarter of fiscal 2018, the furniture maker posted earnings per diluted share of 72 cents per share, a 26.3% gain compared to the year-ago quarter and included a 6 cents per share benefit related to the tax reform. Analysts were calling for adjusted earnings of 64 cents per share.
La-Z-Boy’s consolidated sales for the quarter were 1.8% higher than in the year-ago period at $420 million, but they fell behind the Wall Street consensus estimate of $427.4 million. The company’s same-store written sales for the La-Z-Boy Furniture Galleries® network increased 3.9%.
For its fiscal 2018, the company said that its earnings per diluted share tallied up to $1.67 per share, which marked a 6-cent decline from the $1.73 per share that it posted in the year-ago quarter, due mostly to the tax reform charges. La-Z-Boy’s consolidated sales for the year were 4.2% higher than in fiscal 2017, reaching $1.58 billion.
The furniture manufacturer added that its same-store written sales for the La-Z-Boy Furniture Galleries® network for the full fiscal 2018 year increased 2.3%. Over the course of the year, the company returned $78.7 million to shareholders through share purchases and an increased dividend.
LZB stock declined more than 3.7% after the bell following the company’s quarterly earnings report. The company’s shares had edged slightly higher about 0.2% during regular trading hours.