La-Z-Boy Incorporated (NYSE:LZB) stock is trading lower Wednesday after the company reported worse–than-expected first quarter financial results and issued second quarter sales guidance below estimates on Tuesday after the market closed.
What To Know: The company reported adjusted earnings per share of 47 cents, missing the consensus estimate of 55 cents. In addition, the company reported sales of $492.22 million, missing the consensus estimate of $494.00 million.
Retail written sales rose 5% in the quarter, while delivered sales increased 2%. Wholesale delivered sales gained 1% with margin expansion, though same-store written sales fell 4% as consumer demand softened and Joybird sales declined.
The company added two stores and announced a 15-store acquisition in the Southeast that is expected to close in late October. La-Z-Boy also generated $36 million in operating cash flow during the quarter.
Q2 Outlook: The company sees sales from $510.00 million to $530.00 million, versus the consensus estimate of $531.67 million.
Related Link: Walmart Q2 Earnings Preview: Can Retailer Take Share From Target & Fight Off Amazon Pressure?
LZB Price Action: At the time of writing, La-Z-Boy stock is trading 11.37% lower at $34.67, according to data from Benzinga Pro.
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