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Published: Wednesday, 2/17/2010

La-Z-Boy posts profit of $11M for third quarter

MONROE — Aided by strong demand for its upholstered furniture and lower operating costs, furniture manufacturer La-Z-Boy Inc. reported a fiscal third quarter profit yesterday of $11 million, or 21 cents a share, besting its loss of $64.5 million, or $1.25 a share, for the same period last year.

The Michigan company, which makes the La-Z-Boy recliner, said that revenues for the third quarter, which ended Jan. 23, rose nearly 6 percent to $305.1 million from $288.5 million a year earlier. Sales in its upholstery segment surged 18 percent to $234.3 million.

The Monroe firm said it benefitted from cost cuts including curtailed capital spending, suspension of some employee benefits, and halting of its quarterly dividend. The earnings report came out after the stock market closed; La-Z-Boy stock closed yesterday at $11.64 on the New York Stock Exchange.

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