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La-Z-Boy misses Street 1Q forecasts

MONROE, Mich. (AP) _ La-Z-Boy Inc. (LZB) on Tuesday reported fiscal first-quarter earnings of $11.7 million.

On a per-share basis, the Monroe, Michigan-based company said it had net income of 24 cents.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The furniture company posted revenue of $357.1 million in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $357.7 million.

La-Z-Boy shares have risen nearly 1 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $31.25, an increase of nearly 4 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LZB at https://www.zacks.com/ap/LZB

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Keywords: La-Z-Boy, Earnings Report