La-Z-Boy (NYSE:LZB) is a Michigan-based company that manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and case goods furniture products in the United States, Canada, and around the world. Shares of La-Z-Boy encountered turbulence after it missed on a recent earnings report.
This stock has jumped 5.6% month-over-month as of close on Tuesday, February 20, 2024. That has pushed La-Z-Boy stock into positive territory in the year-to-date period. Moreover, its shares have climbed 37% year over year. However, La-Z-Boy stock is down sharply in after-hours trading.
The company released its third quarter (Q3) fiscal 2024 earnings on February 20, 2024. In Q3 FY2024, La-Z-Boy reported consolidated delivered sales of $500 million. That was up 5% compared to the previous year. Moreover, La-Z-Boy posted GAAP diluted earnings per share (EPS) of $0.66 and non-GAAP diluted EPS of $0.67. The company also acquired six independent La-Z-Boy Furniture Galleries stores and aims to acquire an additional two in the fourth quarter.
In the year-to-date period in fiscal 2024, La-Z-Boy saw consolidated sales fall 13% compared to fiscal 2023. Meanwhile, its GAAP diluted EPS dropped from $0.74 In FY2024 to $0.66. Looking ahead to the fourth quarter, La-Z-Boy is projecting delivered sales in the range of $505-535 million and it expects non-GAAP operating margin between 7-8%.
While its most recent quarter disappointed, La-Z-Boy is still on track for solid earnings growth going forward. La-Z-Boy boasts an immaculate balance sheet, and the stock currently possesses a favourable price-to-earnings ratio of 13.
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