— Furniture Today,
\nMONROE, Mich. \u00e2\u20ac\u201d La-Z-Boy has slashed its earnings estimate for the second fiscal quarter, blaming a weaker-than-anticipated retail environment.
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\nThe company now says earnings for the quarter ending Oct. 28 should be 1 cent to 4 cents per share. That\u00e2\u20ac\u2122s down from its previous estimate of 11 cents to 15 cents per share.<\/p>\n
The company said sales are expected to be about even with last year\u00e2\u20ac\u2122s second quarter. Earlier estimates called for sales to rise in the mid-single digits.<\/p>\n
\u00e2\u20ac\u0153Although we saw a pickup in written sales over the Labor Day weekend, the momentum was brief and subsequent activity has been sporadic,\u00e2\u20ac\u009d said Kurt Darrow, president and CEO.<\/p>\n
Darrow said the lower-than-expected sales volume is affecting both its company-owned La-Z-Boy Furniture Galleries stores and its wholesale upholstery and case goods businesses. However, the impact on margins will be greater in the retail segment, he said.<\/p>\n
\u00e2\u20ac\u0153In our retail segment, where we have a higher fixed cost structure and are continuing to address transitional issues in many of our markets, the decrease in volume is having a significant impact on our expected operating margins,\u00e2\u20ac\u009d he said.<\/p>\n
La-Z-Boy is scheduled to announce second-quarter results on Nov. 14.<\/p>\n","protected":false},"excerpt":{"rendered":"
— Furniture Today, MONROE, Mich. \u00e2\u20ac\u201d La-Z-Boy has slashed its earnings estimate for the second fiscal quarter, blaming a weaker-than-anticipated retail environment.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2325","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=2325"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/2325\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=2325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=2325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=2325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}