La Z Boy Inc (LZB)

[MWM]

LZB La-Z-Boy beats by $0.18, misses on revs (3.64 -0.02)

Reports Q4 (Apr) earnings of $0.07 per share, excluding $0.02 in charges and a $0.05 benefit, $0.18 better than the First Call consensus of ($0.11); revenues fell 22.7% year/year to $284.5 mln vs the $297.4 mln consensus. Co says, "We anticipate business conditions to remain difficult throughout the year and are structuring our business accordingly. Should conditions change in either direction, we will react swiftly and make the necessary changes to our operating structure. Due to seasonality factors and plant shutdowns for vacation and maintenance, the summer period is usually the slowest for the furniture industry and, historically, our first quarter, which ends in July, is typically the weakest in terms of sales and profits."