Profit forecast cut in half at La-Z-Boy

MONROE - La-Z-Boy Inc., one of nation's largest furniture makers, yesterday sliced in half its profit forecast for its quarter ending Oct. 23.

The firm, which has struggled in the past year, said steep price increases for lumber and steel, poor sales of wood furniture, and losses from some of its stores were blamed for cutting its expectation of second-quarter profit to a range of 13 to 15 cents a share from a previous estimate of 29 to 33 cents. The company said it expects its sales for the quarter to increase. The quarterly results are to be reported Nov. 9.