Wednesday, June 20, 2012

Reuters: Global Markets: La-Z-Boy slumps 11 percent as sales miss estimates

Reuters: Global Markets
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La-Z-Boy slumps 11 percent as sales miss estimates
Jun 20th 2012, 14:23

Wed Jun 20, 2012 10:23am EDT

(Reuters) - Shares of furniture maker La-Z-Boy Inc (LZB.N) tumbled as much as 11 percent after the company missed analysts' estimates for its quarterly revenue due to weak sales at its retail business.

On Tuesday, the maker of the popular namesake reclining chairs posted quarterly sales of $327.4 million, missing the $333.7 million analysts expected according to Thomson Reuters I/B/E/S.

Retail segment sales fell nearly 5 percent.

Shares of Monroe, Michigan-based La-Z-Boy were down at $11.96 in early morning trade on Wednesday on the New York Stock Exchange.

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