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La-Z-Boy Incorporated (NYSE: LZB): Q2 2020 Earnings Snapshot

Furniture manufacturer La-Z-Boy Incorporated (NYSE: LZB) reported adjusted earnings attributable to shareholders of $0.52 per share for the second quarter of 2020, vs. $0.54 per share expected.

Net profit, on a reported basis, was $22.59 million or $0.48 per share, compared to $20.01 million or $0.42 per share last year

Consolidated sales increased 2% annually to $447.12 million from $439.33 million a year earlier, vs.$454.39 million expected

Same-store sales for La-Z-Boy Furniture Galleries rose about 3.5%, while same-store sales for the company-owned Retail segment moved up 5%

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Sonos (NASDAQ: SONO): Q4 2019 Earnings Snapshot

— Sonos Inc. (NASDAQ: SONO) reported a fourth-quarter 2019 loss of $0.28 per share versus a loss of $0.22 per share expected.

— Revenue grew by 8% to $294.16 million versus $289.05 million expected. The results were driven by Sonos One and Beam.

Earnings Update by AlphaStreet

— The company sold 1,544,612 products, representing 38% growth year-over-year.

— Wireless speaker revenue increased by 25% primarily driven by strong Sonos One sales and the launch of Move. Wireless speaker products sold rose 14% given the strength of One and Move.

— Home theater speaker revenue fell by 25% and products sold dropped by 26% given the launch of Beam in the prior year.

— Looking ahead into the full year 2020, the company now expects revenue in the range of $1.365 billion to $1.4 billion, representing an 8-11% growth driven by the introduction of Move, its IKEA partnership, and other new products.

— The gross margin is expected to be 41.2% to 42.2% for the full year. Excluding one-time tariff-related costs, GAAP gross margin is predicted to be 43.2% to 44.2% for fiscal 2020.

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