La-Z-Boy Inc. (LZB) reported net income for the second quarter of $5.9 million or $0.11 per share, compared to a net loss of $53.7 million or $1.05 per share for the year-ago quarter.
The latest quarter results include a $0.01 per share restructuring charge, while the year-ago 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.
Net sales for the second quarter fell 9.4% to $300.71 million from $331.95 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to earn $0.12 per share on revenue of $284.76 million for the second quarter. Analysts' estimates typically exclude special items.
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