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La-Z-Boy stock rallies more than 6% after ‘record’ sales, increased capacity

Economy, Finance

Shares of La-Z-Boy Inc. jumped more than 6% in the extended session Tuesday after the furniture maker said its fiscal second-quarter sales hit a record, with the company able to increase its capacity to meet heightened demand and a “significant” backlog. La-Z-Boy said its prices and surcharges are helping offset rising raw-material costs. The company said it earned $39.5 million, or 89 cents a share, in the quarter, compared with $34.9 million, or 75 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 85 cents a share. Sales rose to $576 million from $459 million a year ago. Analysts polled by FactSet expected La-Z-Boy to report adjusted EPS of 73 cents on sales of $541 million.

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