La-Z-Boy's stock slumps 9% on revenue drop, earnings miss
By Jon Swartz
La-Z-Boy Inc.'s stock slumped about 9% in after-hours trading Tuesday after the company posted quarterly results that fell short of analysts' revenue and earnings estimates.
The furniture maker (LZB) reported fiscal third-quarter net income of $28.7 million, or 67 cents a share, compared with net income of $31.7 million, or 74 cents a share, in the same quarter a year ago.
Revenue dropped 13% to $500.4 million, from $572.7 million in the year-ago quarter.
Analysts surveyed by FactSet had expected on average net income of 72 cents a share on revenue of $523.1 million.
Shares of La-Z-Boy are up 31% over the past year, while the broader S&P 500 index SPX has increased 22%.
-Jon Swartz
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02-20-24 2044ET
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