Shares of La-Z-Boy Inc. (LZB, Financial) fell nearly 5% on Wednesday after reporting fourth-quarter 2018 earnings per share of 66 cents on $420.03 million in revenue on Tuesday. The company beat earnings estimates by 2 cents, but fell $7.37 million short of revenue expectations.
During the quarter, consolidated sales rose 1.8% to $420 million, earnings per diluted share increased 26.3% to 72 cents and included a tax benefit of 6 cents per share as a result of the Tax Cuts and Jobs Act. The company's consolidated operating margin increased to 10.9% from 10.5% in the prior-year quarter.
The company generated $24.6 million in cash from operating activities during the quarter and returned $16.3 million to shareholders.
Chairman, President and CEO Kurt L. Darrow commented on the company's performance:
“With the most recognized brand in the industry, a solid balance sheet and world-class supply chain, we are executing a dual growth strategy focused on growing our core La”‘Z”‘Boy brand through existing channels, while leveraging our supply chain to develop a greater presence in online channels as we look to attract a new and younger consumer.”
Disclosure: The author holds no positions in any stocks mentioned.
