MONROE, Mich. (AP) – La- Z-Boy Inc. (LZB) on Tuesday reported fiscal fourth-quarter earnings of $2.3 million.
The Monroe, Michigan-based company said it had profit of 5 cents per share. Earnings, adjusted for one-time gains and costs, came to 49 cents per share. The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The furniture company posted revenue of $367.3 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $391.4 million. La- Z-Boy shares have decreased 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.75, a drop of roughly 8% in the last 12 months.