La-Z-Boy earnings, sales hit by COVID-19 shutdowns

Staff photo by Tim Barber Rick Johnson, quality technician, inspects operation of the recliner before moving it to shipping in the standard La-Z-Boy recliner cellular team section of Plant 6 at the Dayton facility.

La-Z-Boy Inc. earnings in its most recent fiscal quarter topped Wall Street forecasts despite the closing of most of its stores and production during part of this spring due to the coronavirus.

The furniture maker on Tuesday reported fiscal fourth-quarter earnings of $2.3 million, or 5 cents per share. Adjusted for one-time gains and costs, earnings came to 49 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The furniture company posted revenue of $367.3 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $391.4 million.

"Our fourth quarter started with a 20.4% increase in written same-store sales for the entire La-Z-Boy Furniture Galleries network in February, and we experienced other examples of strength across our vast network of distribution," said Kurt L.