La-Z-Boy Inc.’s inventory slumped 12% in after-hours buying and selling Tuesday after the corporate posted quarterly outcomes that fell wanting analysts’ income and earnings estimates.
The furnishings maker
LZB,
reported fiscal third-quarter internet earnings of $28.7 million, or 67 cents a share, in contrast with internet earnings of $31.7 million, or 74 cents a share, in the identical quarter a yr in the past.
Income dropped 13% to $500.4 million, from $572.7 million within the year-ago quarter.
Analysts surveyed by FactSet had anticipated on common internet earnings of 72 cents a share on income of $523.1 million.
Shares of La-Z-Boy are up 31% over the previous yr, whereas the broader S&P 500 index
SPX
has elevated 22%.
