La-Z-Boy Q4 Profit Rises, Stock Up 10%

La-Z-Boy Inc. (LZB) Tuesday reported fourth-quarter profit of $57.5 million or $1.33 per share, up from $37.5 million or $0.81 per share last year.

On an adjusted basis, earnings were $1.07 per share, up from $0.87 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.92 per share.

Sales for the quarter increased 32% to $684.6 million from $519.5 million last year. Analysts had a consensus revenue estimate of $664.91 million for the quarter.

Looking forward to the first quarter, the company expects sales of $560 million to $575 million and adjusted operating margin of 6.5% to 7.5%. Analysts currently estimate revenues of $554.19 milion.

LZB closed Tuesday's trading at $22.73, down $0.46 or 1.98%, on the NYSE. The stock, however, gained $2.37 or 10.43% in the after-hours trading.

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