MONROE, Mich. (AP) _ La-Z-Boy Inc. (LZB) on Wednesday reported fiscal second-quarter profit of $22.6 million.
On a per-share basis, the Monroe, Michigan-based company said it had net income of 48 cents. Earnings, adjusted for non-recurring costs, came to 52 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The furniture company posted revenue of $447.2 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $453.9 million.
La-Z-Boy shares have risen 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $36.19, an increase of 30% in the last 12 months.