Overview

• La-Z-Boy reported Q1 revenue of $492.22 million and adjusted EPS of $0.47, missing estimates as sales slipped 1% year over year.
• Same-store sales declined about 4% and Joybird revenue fell roughly 14%, reflecting reduced foot traffic and softer consumer spending.
• The company guided Q2 revenue to $510 million–$530 million, below consensus, citing a challenging consumer and macro environment.
• CEO Melinda Whittington said the company is evaluating all alternatives for non-core parts of the business and is adjusting near-term operations after margin pressure from Century Vision investments.
• Shares dropped sharply after the release and remained lower Wednesday; the company ended the quarter with $319 million in cash, generated $36 million in operating cash flow, added two stores, and expects a 15-store Southeast acquisition to close in late October.