Furniture company La-Z-Boy Inc. (LZB), Tuesday reported third-quarter net income of $17 million or $0.32 per share, which included $0.04 per share relating to gains on the sale of investments and a related tax benefit. This compares with last year's net income of $15 million or $0.28 per share, of which $0.07 per share was mainly due to a reduction of certain valuation reserves against the company's deferred tax assets, and $0.02 per share reflected anti-dumping duties received from the CDSOA distributions.
Revenues for the quarter were up 10.3% at $349 million, compared with $316.5 million a year ago.
Analysts polled by Thomson Reuters estimated earnings of $0.23 per share on revenues of $337.80 million for the quarter. Analysts' estimates typically exclude special items.
CEO Kurt Darrow said, "We are definitely pleased by the momentum in our business. For the quarter, we posted solid increases in same-store written sales for the La-Z-Boy Furniture Galleries network of stores as well as sales increases in our upholstery and retail segments."
Moving forward, Darrow said, "We are quite pleased with the trends we are seeing in our business. The improving housing market, coupled with what is historically our strongest volume period, makes us cautiously optimistic as we move into the fourth quarter..."
The company declared a quarterly cash dividend of $0.04 per common share, payable March 8 to shareholders as of March 1.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.