La-Z-Boy Reports 1% Sales Decline, Retail Growth Amid Soft Demand

La-Z-Boy Incorporated reported a 1% decline in total sales to $492 million for its fiscal first quarter of 2026, impacted by softer consumer demand and challenges in specific segments like its Joybird brand. The company's profit dropped to $18.2 million, or 44 cents per share, down from $26.2 million, or 61 cents per share, the previous year, due primarily to lower foot traffic and weaker sales at Joybird. Despite these challenges, La-Z-Boy saw growth in its Retail segment, with a 5% increase in written sales, and in its Wholesale segment, which posted a 1% sales increase and expanded margins. The company announced a strategic 15-store acquisition in the Southeast expected to close in October, aiming to strengthen its retail footprint. La-Z-Boy maintained a strong financial position with $319 million in cash, no external debt, and returned $22 million to shareholders through dividends and share buybacks. However, the company’s guidance fell below market expectations, leading to a decline in its stock price post-earnings.