Why La-Z-Boy Stock Was Having a Busy Wednesday
Shares of furniture company La-Z-Boy (NYSE: LZB) enjoyed anything but a lazy day on Wednesday. As of 11:15 a.m. ET today, the stock was up a whopping 17% and hitting a 52-week high thanks to results for the third quarter of fiscal 2023 that blew guidance out of the water.
In the second quarter, management said that consumer-discretionary spending was challenged, and so it expected third-quarter sales of only $535 million at best. In reality, the company generated third-quarter sales of $573 million, in line with the revenue in the prior-year quarter.
Higher-than-expected sales led to higher-than-expected profitability for La-Z-Boy as well. The company's third-quarter operating margin grew from 6.9% last year to 7.5% this year. And its quarterly diluted earnings per share (EPS) surged 14% year over year to $0.74.
Source Fool.com
