U.S. Markets open in 6 hrs 6 mins

La-Z-Boy stock tanks after company's quarterly sales miss

Claudia Assis

Shares of La-Z-Boy Inc. fell more than 14% in the extended session Tuesday after the furniture maker reported fiscal fourth-quarter sales that were below Wall Street expectations. La-Z-Boy said it earned $1.5 million, or 3 cents a share, in the quarter, compared with $34 million, or 72 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $30 million, or 64 cents a share, compared with 72 cents a share a year ago. Sales rose 8% to $453.8 million in the quarter, La-Z-Boy said. Analysts polled by FactSet had expected adjusted profit of 64 cents a share on sales of $457 million.