By Sabela Ojea
La-Z-Boy logged higher sales in its fiscal third quarter and says it expects a challenging environment for the furniture industry to remain.
The Monroe, Mich., furniture maker on Tuesday posted a net profit for the three months ended Jan. 25 of $28.4 million, or 68 cents a share, compared with $28.6 million, or 66 cents a share, for the same period a year earlier.
Stripping out one-time items, the company's earnings per share came in at 68 cents. Analysts polled by FactSet had forecast adjusted earnings of 67 cents.
Sales rose 4.3% to $521.8 million, beating the $516.5 million expected by Wall Street. The company had most recently guided for sales of $505 million to $525 million.
"Our expectation is for industry trends to remain under pressure, though we expect to continue to outpace the industry," Finance Chief Taylor Luebke said.
For the fourth quarter, the company expects sales to be in the range of $545 million to $565 million, assuming no significant changes in tariffs, La-Z-Boy said. Wall Street forecasts higher sales of $566.2 million.
Write to Sabela Ojea at sabela.ojea@wsj.com.
(END) Dow Jones Newswires
February 18, 2025 17:06 ET (22:06 GMT)
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