La-Z-Boy stock drops on weak outlook

La-Z-Boy Inc. (LZB) shares fell in the extended session Tuesday after the recliner and furniture maker's poor outlook overshadowed its earnings beat. La-Z-Boy shares fell as much as 6% after hours, following a 1% gain in the regular session to close at $27.46. The company expects first-quarter revenue of $470 million to $490 million, while analysts surveyed by FactSet had forecast revenue of $522.4 million for the first quarter. La-Z-Boy reported fiscal fourth-quarter net income of $34.4 million, or 79 cents a share, compared with $57.4 million, or $1.33 a share, in the year-ago period. Adjusted earnings, which exclude purchase accounting charges and other items, were 99 cents a share, compared with $1.07 a share in the year-ago quarter. Revenue fell to $561.3 million from $684.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $533 million. As of Tuesday's close, La-Z-Boy shares are up 20% for the year, compared with a 14% rise on the S&P 500 index .

-Wallace Witkowski

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06-20-23 1631ET

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