- Posted February 23, 2012
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La-Z-Boy 3Q net income increases
MONROE, Mich. (AP) -- Furniture maker La-Z-Boy Inc., said Tuesday net income rose 49 percent in the fiscal third quarter as more shoppers bought more of its reclining easy chairs and other furniture.
Results surpassed expectations, and shares of the company, based in Monroe, Mich., rose 3 percent in aftermarket trading.
The furniture industry was hard hit as consumers held back on big-ticket items during the recession and afterwards because of the uncertain economy. La-Z-Boy's results show that trend may be reversing in some cases.
"While still facing macroeconomic challenges, we believe the strength of our brand, store system and marketing campaign, combined with a lean and efficient cost structure, will continue to fuel improved overall corporate performance going forward," said Chairman and CEO Kurt Darrow.
Net income for the three months ended Jan. 28 rose to nearly $15 million, or 28 cents per shares, from $10 million, or 19 cents per share, last year. Excluding one-time items, net income totaled 19 cents per share, a penny above analyst expectations, according to FactSet.
Revenue rose 8 percent to $316.5 million from $291.9 million last year. Analysts expected revenue of $307.5 million. The company, which sells its furniture wholesale to retailers as well as directly through its own stores, said sales in both categories rose.
Shares rose 41 cents, or 2.9 percent, to $14.42 in aftermarket trading. The stock has risen 21 percent since the beginning of the year.
Published: Thu, Feb 23, 2012
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