La-Z-Boy shares stumble on fiscal 4Q miss, falling upholstery sales

La-Z-Boy Incorporated (NYSE:LZB), the maker of the iconic reclining chairs, saw its stock decline after posting fiscal fourth-quarter results that fell short of expectations.

Revenue grew 8% year-over-year to $453.8 million from $420 million, missing Street estimates of $469.1 million. Earnings narrowed to $0.64 per share from $0.72 per share, below analyst expectations of $0.70 per share.

Its shares slumped 8.7% to $27.79.

READ: Beyond Meat stays red hot after partnering with Whole Foods, Kroger and other grocers to launch ground beef alternative

Same-store sales increased 8% at the company’s 139 locations included in last year’s fourth quarter. Though sales grew overall, revenue from its Upholstery department shrank 1.2% year-over-year to $323.3 million.

“We were pleased with the excellent sales and operating results for our company-owned Retail segment,” CEO and Chairman Kurt Darrow said. “However, sales declined in our wholesale Upholstery and Casegoods segments, consistent with a slow start to the calendar year across the North American retail home furnishings landscape.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors