La-Z-Boy sales flat, earnings fall

6/21/2011

MONROE — Furniture maker La-Z-Boy Inc. said Tuesday that its annual profit in fiscal 2011 fell 25 percent, primarily because of poor overall economic conditions.

The maker of La-Z-Boy recliners and related home furnishings said it had a profit of $24 million, or 45 cents a share, for the fiscal year that ended April 30 and included 53 weeks. That compared to a profit of $32.7 million, or 62 cents a share, a year earlier. Its sales were $1.19 billion for the most recent year, up 0.7 percent from $1.18 billion a year earlier.

For the fourth quarter, the company said its profit was down 26 percent to $10.3 million, or 19 cents a share, compared with a profit of $14 million, or 26 cents a share, for the same period a year ago. Its fourth quarter sales were $338.9 million, up 9 percent from $310.7 million a year earlier.