LZB earnings analysis
What we found in LZB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
La-Z-Boy's first-quarter results were weaker than expected, with $475.7 million of revenue below the $501.1 million consensus estimate and GAAP diluted EPS of $(0.06) versus the $0.49 estimate. Wholesale weakness pushed adjusted operating margin down to 3.9% from 4.8%, although Retail momentum and a higher fiscal Q2 sales outlook of $500 million-$520 million provided offsets. The Company also repurchased $25.1 million of stock and had $291.2 million remaining under its $300 million authorization.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and GAAP EPS missed estimates
- Revenue was $475.7 million, below the $501.1 million consensus estimate, while GAAP diluted EPS was $(0.06) versus the $0.49 estimate. Adjusted EPS was $0.43.
- Retail momentum offset by Wholesale weakness
- Consolidated adjusted operating margin declined to 3.9% from 4.8%, primarily reflecting weakness in Wholesale. Retail sales and same-store sales showed momentum.
- Fiscal Q2 sales outlook raised
- Fiscal Q2 sales guidance was raised to $500 million-$520 million from $490 million-$510 million, a $10 million increase at both the low and high ends.
- Share repurchases increased
- The Company spent $25.1 million to repurchase 0.7 million shares during fiscal Q1 2027. The new authorization permits up to $300 million of repurchases and had $291.2 million remaining as of July 25, 2026.
- Disclosure controls remained effective
- The filing states that disclosure controls and procedures were effective as of the end of the period, and that there were no changes in internal controls reasonably likely to materially affect reporting.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Wholesale weakness pressured profitability
- Wholesale weakness reduced consolidated adjusted operating margin to 3.9% from 4.8%, while revenue of $475.7 million missed the $501.1 million consensus estimate.
- Significant gap between GAAP and adjusted EPS
- GAAP diluted EPS was $(0.06), compared with the $0.49 estimate, despite adjusted EPS of $0.43. The gap indicates material charges or other adjustments affected reported earnings.
- Large remaining buyback authorization
- The Company repurchased $25.1 million of stock while retaining $291.2 million of authorization under the new $300 million program. Continued repurchases could reduce liquidity available for operations or investment if business conditions weaken.
- No material risk-factor updates
- The filing reports no material changes to the risk factors disclosed in the fiscal 2026 Form 10-K during the first quarter of fiscal 2027; therefore, existing macroeconomic, demand, supply-chain, and execution risks remain applicable.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.06
- Operating margin
- 3.9%
What they said about what is next.
The accompanying earnings disclosure raised fiscal Q2 sales guidance to $500 million-$520 million from $490 million-$510 million. Adjusted operating margin guidance was 4.0%-5.5%, and enterprise sales growth excluding the casegoods divestiture was expected at -1% to 2%; the supplied 10-Q text does not provide separate numeric guidance.
The filing reads about the same as the one before it.
What came before.
- 10-K · June 16, 2026
- La-Z-Boy's 10-K reveals strategic endeavors focused on expanding its consumer brands and enhancing operational efficiency ahead of its centennial. Despite slight growth in overall sales at 1% to $2.12 billion in fiscal…
- 10-Q · February 17, 2026
- La-Z-Boy reported strong Q3 results for fiscal 2026, with revenue of $541.6 million, surpassing expectations and reflecting a 3.8% increase year-over-year. While EPS also beat projections at $0.61, the company…
- 10-Q · November 18, 2025
- La-Z-Boy's second quarter results for FY2026 showed slight revenue growth with $522.5 million, up 0.3% from the previous year. Despite a notable increase in EPS to $0.71, the operating income fell by 6.7% to $36.2…
- 10-Q · August 19, 2025
- La-Z-Boy's Q1 FY2026 results showed a slight decline in revenue and profitability compared to the prior year, driven by lower international wholesale sales and a challenging retail environment. The company reported…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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