La-Z-Boy posts narrower-than-expected Q1 loss
(Reuters) - Furniture maker and retailer La-Z-Boy Inc (LZB.N: Quote, Profile, Research, Stock Buzz) posted a narrower-than-expected quarterly loss on tighter cost control.
The first-quarter net loss was $8.5 million, compared with a loss of $8.7 million. On a per-share basis, the company's earnings were flat at 17 cents.
Results included a restructuring charge of 9 cents per share primarily related to the closure of operations in Utah and UK and another 3 cents on the goodwill impairment of its UK operation.
Sales fell about 7 percent to $321.7 million for the quarter ended July 8.
Analysts had expected the Monroe, Michigan-based retailer, known for its recliners, to post a loss of 7 cents a share, before special items, on revenue of $315.2 million, according to Reuters Estimates.
La-Z-Boy shares closed at $7.41 Tuesday on the New York Stock Exchange.
(Reporting by Divya Nair in Bangalore; Editing by Anil D'Silva)
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