MONROE, Mich. (AP) _ La-Z-Boy Inc. (LZB) on Tuesday reported fiscal fourth-quarter earnings of $2.3 million.
On a per-share basis, the Monroe, Michigan-based company said it had net income of 5 cents. Earnings, adjusted for one-time gains and costs, came to 49 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The furniture company posted revenue of $367.3 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $391.4 million.
For the year, the company reported profit of $77.5 million, or $1.66 per share. Revenue was reported as $1.7 billion.
La-Z-Boy shares have fallen 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $27.75, a decrease of almost 8% in the last 12 months.