La-Z-Boy (NYSE:LZB) earnings for the furniture company’s fiscal fourth quarter of 2020 have LZB stock on the move after markets closed on Tuesday. This comes after reporting adjusted earnings per share of 49 cents on revenue of $367.28 million. Wall Street was looking for an adjusted EPS of 20 cents on revenue of $384.96 million.
Let’s take a deeper dive into the most recent La-Z-Boy earnings report below.
- Adjusted per-share earnings are down 30.6% from the 64 cents reported during the same time last year.
- Revenue for the quarter is sitting 19.1% lower than the $453.97 million reported in fiscal Q4 2019.
- Operating income of $13.43 million is a 63.9% drop year-over-year from $37.17 million.
- The La-Z-Boy earnings report also includes a net income of $3.38 million.
- That’s a 102.4% jump compared to its net income of $1.67 million from the same period of the year prior.
Kurt Darrow, chairman, president and CEO of La-Z-Boy, said this about the fiscal Q4 earnings.
“Our fourth quarter started with a 20.4% increase in written same-store sales for the entire La-Z-Boy Furniture Galleries network in February, and we experienced other examples of strength across our vast network of distribution. However, the trajectory of sales and earnings growth for the last two months of the year were significantly impacted by COVID-19 and mandated retail closures across North America.”
La-Z-Boy doesn’t include a guidance update in its current earnings report. That makes sense with the novel coronavirus causing problems for many companies. Several others are withholding outlooks for this reason.
LZB stock was up 2.5% after-hours Tuesday and closed out the day up close to 1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.
