Portions of La-Z-Boy skyrocketed on Wednesday after the company reported better-than-expected effects for its fiscal first quarter.
La-Z-Boy reported earnings per share of 34 cents matched with a Thomson Reuters estimate of 25 cents. The company also flog on revenue estimates, with sales growing 7.7 percent, to $385 million, while analysts look forward sales to total $368 million.
The results sent La-Z-Boy’s begetter surging by more than 13 percent, putting it on track for its most talented day since June 21, 2017. That day, the stock jumped 22.1 percent.
CEO Kurt Darrow bring to light a 3.1 percent increase in same-store sales in the company’s La-Z-Boy Clobber Galleries network was a key contributor to the strong results as well as strong purchases growth in all 139 company-owned stores. “We had an excellent start to fiscal 2019, with hot results across the business,” Darrow said.
Darrow said that he seem to bes optimistic about the company, “although concerns relating to potential duties and taxes that could impact the business persist, and we are monitoring that position closely to determine what changes may be appropriate.”
The chief executive continued that the acquisition of Joybird, announced on July 26, will lift La-Z-Boy’s growth. The acquisition is expected to close sometime in the company’s monetary second quarter.
La-Z-Boy’s stock was up 6.1 percent for the year earlier to Wednesday, lagging the S&P Small Cap 600, which was up 16.4 percent at the end of ones tether with Tuesday’s close.