La-Z-Boy Inc. reported a year-over-year increase in fourth-quarter earnings late Tuesday despite weaker-than-expected growth in sales. The furniture maker reported net income of $19.8 million, or 38 cents a share, compared with a year-earlier profit of $14.6 million, or 27 cents a share. The per-share results include a one-cent restructuring charge and a one-cent profit related to antidumping income in the company's casegoods segments. Analysts were expecting an adjusted profit of 38 cents a share, according to FactSet. Revenue for the three-month period increased 6.2% to $374.9 million from $353 million in the year-earlier period, below the consensus view of $379 million. Its shares were inactive in after-hours trade, but closed up 1.8% to $27.16 in the regular session. The company said it is optimistic about its growth prospects but warned that the current quarter will be its weakest of the calendar year due to a seasonal slowdown in sales.
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