La-Z-Boy Posts Quarterly Loss, Cites Weak Demand

Los Angeles, La-Z-Boy Inc reported a quarterly loss on Tuesday and the company said it would not meet its fiscal 2008 outlook, hurt by a depressed housing market and disappointing sales.

The company cited continued weak overall demand for furniture and said it was delaying plans for new stores in southeastern Florida due to the depressed housing market there.

A net loss in the fiscal second quarter came to $9.9 million on charges related to write-downs, restructuring and discontinued operations, compared with a year-ago profit of $1.95 million.