MONROE -- Furniture maker La-Z-Boy Inc. reported a first-quarter 2013 profit of $4.4 million, or 8 cents a share, compared with $45.5 million, or 85 cents a share, for the same period in 2012.
For the year-ago quarter, $43.4 million of the profit was from a one-time tax gain from cutting the valuation allowance on deferred tax assets.
Sales for the most recent quarter were $301.5 million, compared with $280 million a year earlier.
Sales at La-Z-Boy Furniture Galleries stores open at least a year, known as same-store sales, increased 9.2 percent for the quarter.
Kurt Darrow, La-Z-Boy chairman, president, and chief executive officer, said in a written statement, "We are pleased with our results for the quarter, particularly given the seasonal impact the summer period has on our industry."
The results were announced after the stock market closed, but La-Z-Boy shares were up almost 8 percent, to $14.55, in after-hours trading.