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Nov. 21, 2019, 7:51 a.m. EST

La-Z-Boy shares sink 10% as tariffs take a toll

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By Tonya Garcia

La-Z-Boy Inc. /zigman2/quotes/202858913/composite LZB +6.75% shares sank 10.2% in Thursday premarket trading after the furniture company reported an earnings miss, with tariffs taking a toll. La-Z-Boy's Casegoods segment had a 6.3% sales decline to $29.4 million, which the company attributed to "industry challenges," a merchandise delay from one supplier and the impact of tariffs on the table business. Sales for the e-commerce site Joybird rose 11.9% to $20.8 million, a lower-than-expected result, according to Raymond James, though analysts held on to their outperform rating based on the 3.5% same-store sales increase for the La-Z-Boy Furniture Galleries. KeyBanc Capital Markets isn't as bullish. "While the top-line opportunity for La-Z-Boy remains encouraging (supported by online brand Joybird and the new Kristen Bell marketing), we remain concerned about choppier end-market trends due to competition and uncertainty related to tariffs," analysts said. KeyBanc rates La-Z-Boy shares sector weight. La-Z-Boy stock has gained 30.6% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.92% is up 24% for the period.

/zigman2/quotes/202858913/composite
US : U.S.: NYSE
$ 22.30
+1.41 +6.75%
Volume: 206,199
April 9, 2020 12:36p
P/E Ratio
13.62
Dividend Yield
2.51%
Market Cap
$961.63 million
Rev. per Employee
$190,182
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/zigman2/quotes/210599714/realtime
US : S&P US
2,802.78
+52.80 +1.92%
Volume: 2.07B
April 9, 2020 12:37p
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