La-Z-Boy Earnings Off 27%

Monroe, MI, February 9–La-Z-Boy Inc. said its third quarter earnings fell 27 percent from the previous year despite a sales increase, as the company’s selling, general and administrative costs increased 24 percent.

The furniture maker said it earned $11.1 million, or 21 cents a share, on revenue of $518.2 million in the fiscal third quarter ended Jan. 22.

In the previous year, it earned $15.3 million, or 29 cents a share, on revenue of $492.2 million.

The most recent quarter carried 3 cents a share in restructuring charges, as well as a gain of 1 cent a share related to the consolidation of some variable interest entities.

Analysts were expecting earnings of 16 cents a share, according to Thomson First Call.

The company also said it expects to post fourth-quarter earnings of 26 cents to 30 cents a share. A year ago, comparable fourth-quarter earnings were 44 cents a share.

Analysts expect the company to post earnings of 30 cents a share for the quarter, according to First Call.
In the nine months ended Jan. 22, the company earned $16.4 million, or 30 cents a share, on revenue of $1.52 billion.

In the previous year, it earned $36.3 million, or 67 cents a share, on revenue of $1.45 billion.