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Aug. 21, 2018, 4:34 p.m. EDT

La-Z-Boy stock soars after company tops views

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By Claudia Assis

LZB

Shares of La-Z-Boy Inc. /zigman2/quotes/202858913/composite LZB +9.72% rallied more than 19% in the extended session Tuesday after the furniture maker reported fiscal 2019 first-quarter earnings and sales well above expectations. La-Z-Boy said it earned $18 million, or 39 cents a share, in the quarter, compared with $48 million, or 24 cents a share, in the year-ago period. Sales rose nearly 8% to $384.7 million, compared with $357.1 million a year ago. Analysts polled by FactSet had expected La-Z-Boy to report earnings of 25 cents a share on sales of $368 million for the quarter. "We are optimistic about the potential for La-Z-Boy Incorporated over the long term, although concerns relating to potential duties and tariffs that could impact the business persist," Chief Executive Kurt L. Darrow said in a statement. "At the same time, our brand is the strongest in the industry, we have a world-class supply chain, a vast distribution network, and we now own a leading online furniture brand that is poised for growth and returns." Shares of La-Z-Boy ended the regular session up 2.2%.

/zigman2/quotes/202858913/composite
US : U.S.: NYSE
$ 22.92
+2.03 +9.72%
Volume: 534,542
April 9, 2020 4:10p
P/E Ratio
14.01
Dividend Yield
2.44%
Market Cap
$961.63 million
Rev. per Employee
$190,182
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