Shares of La-Z-Boy Inc. turned red in after-hours trade Tuesday after the furniture company reported weaker-than-expected third-quarter earnings and sales despite an 11.9% increase in retail sales. The company reported net income of $17.9 million, or 34 cents a share, compared with a year-earlier profit of $16.4 million, or 31 cents. Excluding one-time items, La-Z-Boy said it earned 33 cents, below the 38-cent estimate by analysts in a FactSet poll. Revenue for the period was $357.9 million, up from $346.5 million last year, but short of the $368 million consensus estimate. Shares of La-Z-Boy fell 3.8% afterhours. Despite the quarterly miss, the company said it remains encouraged by business opportunities and believes it will be able to capture a greater market share as it builds its brick-and-mortar base in North America.
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