SAN FRANCISCO (Thomson Financial) - La-Z-Boy Inc. late Tuesday reported a
fiscal first-quarter net loss of $8.54 million, or 17 cents a share, versus
$8.69 million, or 17 cents a share, a year earlier.
The results include a restructuring charge of 9 cents a share related to
operations closures in the U.S. and U.K. and intangible writedown costs of 3
cents a share related to the company's U.K. operations.
The mean estimate of analysts polled by Thomson Reuters was a per-share loss
of 6 cents.
Revenue for the quarter ended July 26 fell to $321.7 million from $344.4
million a year earlier, versus the mean Street view of $317 million.
Systemwide same-store sales fell 1.9% in the second calendar quarter of this
year, the company said.
La-Z-Boy expects the second half of its fiscal year to be stronger than the
first.
The stock was trading down 30 cents, or 3.9%, at $7.41.
Brigid Gaffikin
bg/gm
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