La-Z-Boy misses outlook

MONROE, Mich. La-Z-Boy posted fiscal fourth-quarter income of $7.7 million, or 16 cents per share, from continuing operations versus a loss of $10.3 million, or 24 cents a share in the year-ago period. Net sales slipped 9.5% to $406.9 million a year earlier.

Analysts polled by Reuters expected revenue of $408.4 million, and La-Z-Boy shares fell, with lower 2008 estimates playing a roll.

The most recent quarter included a restructuring charge of eight cents per share and a properties sales gain of 14 cents.