MONROE, Michigan - La-Z-Boy Incorporated (NYSE:LZB) saw its shares climb 3.76% after the furniture maker reported better-than-expected fiscal second quarter results and provided an optimistic outlook.
The company posted adjusted earnings per share of $0.71 for the quarter ended October 26, beating analyst estimates of $0.64. Revenue rose 2% YoY to $521 million, surpassing the consensus forecast of $505.98 million.
"Our second quarter results demonstrate the continued progress we are making against our strategic pillars and our strong execution throughout the enterprise," said Melinda D. Whittington, President and CEO of La-Z-Boy.
The Retail segment, which includes company-owned La-Z-Boy Furniture Galleries stores, led growth with sales increasing 3% to $222 million. Written sales for the segment rose 6% YoY, driven by new and acquired stores.
Looking ahead, La-Z-Boy provided upbeat guidance for the fiscal third quarter. The company expects revenue of $505-525 million, ahead of analyst estimates of $510.5 million at the midpoint.
"We expect industry sales trends to remain under pressure, though we expect our growth to continue to outpace the industry," said Bob Lucian, Chief Financial Officer.
The company also announced a 10% increase in its quarterly dividend to $0.22 per share.
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