Furniture manufacturer La-Z-Boy Inc. (LZB) Tuesday reported higher profit for the third quarter, helped by a more than 10 percent increase in revenues. The stock climbed over 11 percent in the extended trade.
CEO Kurt Darrow said, "For the quarter, we posted solid increases in same-store written sales for the La-Z-Boy Furniture Galleries network of stores as well as sales increases in our upholstery and retail segments."
Net income rose to $17.06 million or $0.32 per share from $14.96 million or $0.28 per share in the previous year.
The latest results included $0.04 per share relating to gains on the sale of investments and a related tax benefit, while last year $0.07 per share of profit was mainly due to a reduction of certain valuation reserves against the company's deferred tax assets, and $0.02 per share reflected anti-dumping duties received from the CDSOA distributions.
On average, 5 analysts polled by Thomson Reuters expected earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues climbed 10.3 percent to $349.15 million from $316.52 million a year ago. Analysts expected revenues of $337.80 million.
The upholstery segment's sales increased 12.3 percent to $280 million and its operating margin was 10.1 percent compared to 9.1 percent in last year's third quarter.
Same-store written sales for the La-Z-Boy Furniture Galleries store network increased 11.8 percent for the third quarter.
Casegoods segment sales fell around 5 percent to $32.61 million. Retail segment sales were $72.77 million, up around 25 percent from last year. La-Z-Boy said it is cautiously optimistic as it moves into the fourth quarter, against the backdrop of an improving housing market in a historically strongest volume period for the firm.
The company declared a quarterly cash dividend of $0.04 per common share, payable March 8 to shareholders as of March 1.
LZB rose 0.3 percent to close at $15.46 and added 11.25 percent in the extended session at $17.20.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.