Furniture retailer La-Z-Boy ( LZB) said Friday it expects sluggish sales and higher expenses to result in lower-than-expected third-quarter earnings. The manufacturer and distributor of reclining chairs and upholstered furniture said it now sees third-quarter earnings of 25 cents to 31 cents a share, down from 41 cents a share earned in the same period last year. This range falls sharply below the seven-analyst estimate of 40 cents a share, according to a poll by First Call/Thomson Financial. The Monroe, Mich., company did not provide any figures for sales, but said it sees third-quarter sales "below earlier anticipated levels," amid weak consumer demand for furniture during the Thanksgiving season. La-Z-Boy said "the possibility of severe winter weather conditions during January" adds an additional layer of uncertainty. The company plans to report third-quarter results after market close on Feb.7, 2001. Shares of La-Z-Boy closed at $15.13 in trading on the Big Board Thursday. The shares have a 52-week low of $13 and a 52-week high of $18.50.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Stocks
2 Well-Known Stocks You Should Consider Shorting This Week
These bearish bets are showing both technical and quantitative deterioration.
Dow Ends Lower in Narrow Trading Friday; Markets Shrug Off Global Tensions
Stocks retreat Friday over disappointment over Broadcom's revenue warning and uncertainty over trade talks and interest rates.