La-Z-Boy Incorporated Stock Falls as Q4 Revenue Misses Expectations

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.

La-Z-Boy IncorporatedFor 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.

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