La-Z-Boy Inc.'s fourth quarter profit shrinks

MONROE, Mich. (AP) -- La-Z-Boy Inc.'s fourth-quarter profit fell as rising costs and a writedown more than offset a revenue increase, the furniture maker said Tuesday. The company reported net income of $10.3 million, or 19 cents per share, for the quarter, compared with $14 million, or 26 cents per share, for the same quarter last year. Adjusting for one-time items, including a writedown totaling 5 cents per share tied to its retail stores, the company earned 24 cents per share, down from 27 cents per share last year. Revenue rose 9 percent to $338.9 million, helped by an extra week during the period. "Although the overall macroeconomic environment remains challenging, we experienced sales momentum in the fourth quarter across all three segments, particularly in our retail segment where sales increased significantly over last year's quarter, even without the additional week, President and CEO Kurt L. Darrow said in a statement. Analysts polled by FactSet expected the company to earn 19 cents per share on revenue of $324 million. Shares of La-Z-Boy, based in Monroe, Mich., rose 25 cents to $11.15 after hours. Published: Thu, Jun 23, 2011