La-Z-Boy (NYSE:LZB) earnings for the furniture retail company’s fiscal first quarter of 2021 have LZB stock falling after-hours on Tuesday. That’s despite adjusted earnings per share of 18 cents beating out Wall Street’s adjusted losses per share estimate of 13 cents. Unfortunately, its revenue of $285.46 million misses analysts’ estimates of $289.74 million.
Here’s all the news that’s fit to print from the most recent La-Z-Boy earnings report:
- Adjusted per-share earnings are down 57.1% from 42 cents in the same period a year prior.
- Revenue for the quarter comes in 31% lower than the $413.63 million in the fiscal first quarter of 2020.
- Operating income of $4.33 million is an 81.5% drop year-over-year from $23.42 million.
- The La-Z-Boy earnings report also has net income coming in at $4.68 million.
- That’s a 74% decline compared to the company’s net income of $17.99 million from the same time last year.
Kurt Darrow, chairman, president and CEO of La-Z-Boy, said this about the earnings results:
“Our first quarter began in May with most of our customers still closed due to COVID-19. However, as retailers re-opened, written orders rapidly accelerated in June and July, with consumers spending a higher percentage of discretionary dollars on home furnishings.”
La-Z-Boy doesn’t discuss its outlook in the current earnings report. That comes as no surprise with the novel coronavirus hitting retailers. This has it following the same trend as other companies withholding outlooks during the pandemic.
LZB stock was down 2.4% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
