After-Hours Update: La-Z-Boy Inc. (NYSE: LZB)
Thursday, August 05, 2021 7:45 PM

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Shares of La-Z-Boy Inc. (NYSE: LZB) slumped more than 5% in after-hours trading after the company issued a disappointing fiscal first-quarter guidance. The company said that its fiscal 2011 first quarter results were impacted negatively by higher raw material costs and production disruptions. The company expects to report relatively flat to slightly increased sales for the first quarter of fiscal 2011 and earnings per share in a break-even range. Analysts, on average, expect the company to report earnings of 11 cents a share on revenue of $279.9 million. President and CEO, Kurt L. Darrow  stated, "Our results for the fiscal 2011 first quarter were impacted negatively by a number of factors, including higher raw material costs, supply chain disruptions and delays, Hurricane Alex, which affected shipping from our Mexican-based cut-and-sew operations and inefficiencies at the Mexico facility as we complete the transition of all custom cut-and-sewn product from our U.S. operations. In addition to seasonality playing a role in terms of overall volume levels during the quarter, the storm in Mexico washed out roads, delaying the transport of cut-and-sewn kits to our U.S.-based facilities. As a result of the supply chain disruptions and delays, our U.S. plants did not run as planned during July and we were required to move approximately $10 million of orders from production in July into August. 

La-Z-Boy Incorporated will announce its fiscal 2011 first-quarter results on Tuesday, August 17, 2010, with a conference call scheduled for Wednesday, August 18, 2010, at 8:30 a.m. eastern time.

Disclosure: Author doesn't own any of the stocks discussed here.


 

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