La-Z-Boy reports Q1 adjusted EPS 47c, consensus 53c

Reports Q1 revenue $492.23M, consensus $490.6M. Melinda Whittington, board chair, president and CEO of La-Z-Boy (LZB) Incorporated, said, “We were pleased to deliver sales and margin growth in our Wholesale segment for the quarter, primarily driven by our core North America La-Z-Boy wholesale business. In addition, our Retail segment grew delivered sales and written sales for the quarter. On top of this, during the quarter we announced the acquisition of a 15-store network in the Southeast region, further highlighting the multiple levers we have to grow our business. Investments in our Century Vision strategy to grow our Retail store footprint and expand brand reach, combined with soft industry demand, had a downward impact on our margin performance this quarter, and we are actively taking steps to adjust our near-term operations and prudently navigate the current environment. Our iconic brand, vertically integrated business model, and robust balance sheet are foundational to our continued strategic growth and position us to disproportionately benefit when industry tailwinds reemerge.”