"Our third quarter results reflect the continuing improvement in the housing market and our solid operational performance," said Frank Blake, chairman & CEO. "I would like to thank our associates for their hard work and dedication."
The Company raised its fiscal 2013 sales guidance and now expects sales to be up approximately 5.6 percent. The Company raised its fiscal 2013 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 24.0 percent to $3.72 for the year up 24% from $3.00 in 2012.
The stock price fell $0.65 on Friday to close at $79.18.
Also on Tuesday La-Z-Boy Incorporated reported its operating results for the fiscal 2014 second quarter ended October 26, 2013. Sales for the fiscal 2014 second quarter were $366.4 million, up 13.7% compared with the prior year's second quarter. Net income attributable to La-Z-Boy Incorporated of $16.7 million, or $0.31 per diluted share, were more than double 2012 second-quarter results of $6.6 million, or $0.12 per diluted share.
Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, " We believe our positive sales trajectory is indicative of continued market share gains, and with the strength of the La‑Z‑Boy brand, our vast distribution network and our lean manufacturing structure, we are well positioned for future profitable growth."
La‑Z‑Boy closed up $0.22 on Friday at $28.57.
On Wednesday, L-Brands reported 2013 third quarter results and increased its 2013 full-year earnings guidance. Net sales increased 6% to $2.171 billion. Third quarter operating income was $211.0 million compared to adjusted operating income of $197.4 million last year. Earnings per share for the third quarter ended Nov. 2, 2013 increased 19% to $0.31 compared to adjusted earnings per share of $0.26 for the third quarter ended Oct. 27, 2012.
The company dominates the intimates apparel and lingerie markets owning both Victoria’s Secret and La Senza. Despite what is expected to be a tough environment, commentators expect L-Brands to continue to benefit from a strong attachment to customers with their customers helping to generate loyalty and insulate them from the difficult trading environment.
The company stated that it expects fourth quarter earnings of $1.67 to $1.82 per share and full year 2013 earnings per share of $3.07 to $3.22 up from $2.54 in 2012.
L-Brands closed down $0.84 at $63.94.
The author of this article is a blogger at SurgingEarnings
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