La-Z-Boy Inc. (LZB) reported that its second-quarter net income attributable to the company was $6.6 million or $0.12 per share, versus $7.9 million, or $0.15 per share in the prior-year period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
The latest quarter earnings per share included a $0.03 restructuring charges relating to the company's casegoods segment.
Net sales for the fiscal 2013 second quarter were $322.3 million, up 4.8% from $307.68 million in the prior year's second quarter. Four analysts had consensus revenue estimate of $325.38 million for the quarter. Same-store written sales for the La-Z-Boy Furniture Galleries store network increased 13.3% for the second quarter.
The company's Board reinstated the dividend and declared a quarterly cash dividend of $0.04 per share on the company's common stock. The dividend will be payable December 20, 2012, to shareholders of record as of December 10, 2012.
Kurt Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, "Although the operating environment for the overall furniture industry remains challenging, we believe our business model will provide for profitable growth.
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