La-Z-Boy sees Q2 revenue $490M-$510M, consensus $507.08M

Sees Q2 operating margin 6.5%-7.5%. Bob Lucian, CFO of La-Z-Boy Incorporated, said, “Despite the macroeconomic headwinds facing La-Z-Boy and our peers in the industry, we delivered on our guidance. Looking forward, we expect consumer trends to remain soft and sales trends remain challenged against last year, which benefited from an elevated pandemic backlog. Considering these trends, and historical seasonality, we expect sales in the second quarter of fiscal 2024 to be slightly higher than the first quarter. Further, we expect Q2 operating margin to be similar to the first quarter, as we increase marketing investment in support of our new “Long Live the Lazy” campaign, which started in August. As such, we expect fiscal second quarter sales to be in the range of $490-$510 million and operating margin(3) to be in the range of 6.5%-7.5%.”