(RTTNews) - Tuesday, La-Z-Boy Inc. (LZB: News ), a provider of upholstery and wood casegoods furniture products, reported a profit for the second quarter of fiscal 2010, compared to a loss last year, reflecting lower costs of goods and restructuring charges.

The Monroe, Michigan-based company's net income attributable to the company for the second quarter was $5.91 million or $0.11 per share, compared to a loss of $53.74 million or $1.05 per share in the previous year.

The 2010 second-quarter results include a $0.01 per share restructuring charge, primarily related to the consolidation of the company's casegoods facilities and the previously announced store closures within the company's retail segment. La-Z-Boy's fiscal 2009 second-quarter results included a non-cash $0.74 per-share charge for a valuation allowance against the company's deferred tax assets and a $0.04 per-share restructuring charge.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales for the quarter declined 9.4% to $300.71 million from $331.95 million a year ago, reflecting ongoing difficult macroeconomic conditions. Analysts estimated revenues of $284.76 million for the second quarter.

By segment, sales from Upholstery Group declined 6.1% to $232.78 million from last year. However, the segment's operating margin increased to 10.9% from 3.4% in the prior year's quarter. Casegoods Group sales were $37.30 million, down 23.0% from the previous year. The segment operated at a break-even level compared to a 1.6% operating margin in last year's second quarter.

Retail Group sales declined 3.7% to $38.01 million from a year ago. The retail group posted an operating loss of $5.3 million for the quarter, and its operating margin was13.9%. VIEs reported sales of $12.25 million, higher than $11.79 million a year earlier.
Cost of goods sold declined to $204.96 million from $243.09 million last year. Restructuring charges were $0.66 million, down from $2.24 million in the previous year.

Gross profit for the quarter was $95.08 million, compared to $86.62 million a year ago.

Selling, general and administrative expenses were reduced to $84.70 million from $101.50 million last year.

Income tax expenses for the quarter declined to $3.76 million from $36.03 million a year earlier.

For the six-month period, net income was $7.89 million or $0.15 per share, compared to a loss of $62.29 million or $1.21 per share in the same period of the previous year. Total sales for the period declined to $563.38 million from $653.60 million last year.

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