La-Z-Boy Q3 Profit Rises, But Misses View; Shares Down

(RTTNews) - Furniture company La-Z-Boy Inc (LZB) Tuesday reported a higher third-quarter profit, driven by sales growth. However, shares of the company slipped about 6 percent in the extended trading after the results missed Wall Street estimates.

Monroe, Michigan-based La-Z-Boy's profit for the third quarter rose to $17.9 million or $0.34 per share from $16.5 million or $0.31 per share last year.

On average, six analysts polled by Thomson Reuters expected earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter increased 3.3 percent to 357.9 million from $346.5 million a year ago. Analysts expected sales of $367.9 million for the quarter.