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Robinson Humphrey Cuts La-Z Boy Estimates

ST Robinson Humphrey cut its estimates on La-Z Boy (LZB).

Analyst Keith Hughes says the positive sales trends of Labor Day have since broken into the choppy business, leading to reduced guidance for the second quarter that also reflects continued promotional pricing and capacity utilization. He notes a month ago La-Z Boy had said it was on track to meet its second-quarter guidance, he now sees 26 cents to 29 cents earnings per share, excluding charges on a revenue drop in the high-single-digit percentage range.

As a result of the new second-quarter guidance, Hughes cut the 42 cents second-quarter operating earnings per share estimate to 30 cents, cut the $1.57 fiscal 2004 (April) estimate to $1.26, and cut the $2.00 fiscal 2005 estimate to $1.65. He notes he's not modeling a real pickup until calendar 2004. He maintains his overweight rating.

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