La-Z-Boy Shares Rise After Company Raises Dividend

By Claudia AssisMarketWatch Pulse

La-Z-Boy Inc. shares rose 2% in late trading Tuesday after the furniture maker reported mixed fiscal second-quarter results but announced a dividend increase. La-Z-Boy said it earned $21 million, or 41 cents a share, in the quarter, compared with 37 cents a share in the year-ago period. Sales reached $383 million, up 5% from fiscal second quarter 2014. Analysts polled by FactSet had expected the company to report earnings of 41 cents a share on sales of $388 million. La-Z-Boy's board of directors approved a 25% dividend increase to 10 cents a share, payable Dec. 10 to shareholders of record as of Nov. 30. Shares of La-Z-Boy ended the regular trading day down 0.4%.

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