La-Z-Boy Inc.’s stock slumped about 9% in after-hours trading Tuesday after the company posted quarterly results that fell short of analysts’ revenue and earnings estimates. The furniture maker
LZB,
-0.74%
reported fiscal third-quarter net income of $28.7 million, or 67 cents a share, compared with net income of $31.7 million, or 74 cents a share, in the same quarter a year ago.
Revenue dropped 13% to $500.4 million, from $572.7 million in the year-ago quarter. Analysts surveyed by FactSet had expected on average net income of 72 cents a share on revenue of $523.1 million. Shares of La-Z-Boy are up 31% over the past year, while the broader S&P 500 index
SPX
has increased 22%.
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LZB,
-0.74%
reported fiscal third-quarter net income of $28.7 million, or 67 cents a share, compared with net income of $31.7 million, or 74 cents a share, in the same quarter a year ago.
Revenue dropped 13% to $500.4 million, from $572.7 million in the year-ago quarter. Analysts surveyed by FactSet had expected on average net income of 72 cents a share on revenue of $523.1 million. Shares of La-Z-Boy are up 31% over the past year, while the broader S&P 500 index
SPX
has increased 22%.
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