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La-Z Boy Q3 Profit Beats Street View, Shares Up 5%

Shares of La-Z-Boy Inc (LZB) gained nearly 5% in after hours trading on Tuesday after the company's third-quarter profit trumped Wall Street estimates.

Monroe, Michigan-based La-Z-Boy's third-quarter profit rose to $34.5 million or $0.74 per share from $28.7 million or $0.61 per share last year.

Excluding items, La-Z-Boy's adjusted earnings for the quarter were $0.72 per share. Analysts polled by Thomson Reuters estimate earnings of $0.63 per share for the quarter.

The company's revenue for the quarter rose 1.8% to $475.9 million from $467.6 million last year. Analysts had a consensus revenue estimate of $481.05 million.

Sales in the company's Upholstery segment increased 0.7% to $336.7 million, while Retail segment increased 5.1% to $167.5 million.

$36.18, down $0.31 or 0.85%, on the NYSE. The stock further dropped $2.98 or 8.24% in the after-hours trading.

LZB closed Tuesday's trading at $32.50, up $0.42 or 1.31%, on the NYSE. The stock further gained $1.50 or 4.62%, in the after-hours trade.

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