La-Z-Boy stock declines on weak outlook
La-Z-Boy Inc. shares fell in the extended session Wednesday after the furniture company forecast full-year results that fell short of Wall Street estimates. La-Z-Boy shares, which had been down as much as 5% after hours, were last down 0.1%, following a 1% decline to close the regular session at $33.51. The company said it expects adjusted earnings of $2.13 to $2.15 a share on revenue of $1.75 billion for the year. Analysts surveyed by FactSet had forecast earnings of $2.21 a share on revenue of $1.76 billion. "For the full year, all segments delivered sales increases," said Kurt Darrow, La-Z-Boy chairman and chief executive, in a statement. "However, in the fourth quarter sales declined versus the prior-year quarter in our wholesale Upholstery and Casegoods segments, consistent with a slow start to the calendar year across the North American retail home furnishings landscape."
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