La-Z-Boy shares tumble 12% on falling revenue and missed profits

Shares of La-Z-Boy Inc. fell 12% in after-hours trading Tuesday after the company posted quarterly results that fell short of analysts’ revenue and profit estimates.

The furniture manufacturer LZB,
-0.74%
reported fiscal third-quarter net income of $28.7 million, or 67 cents per share, compared to net income of $31.7 million, or 74 cents per share, in the same quarter a year ago .

Revenue fell 13% to $500.4 million, compared to $572.7 million in the year-ago quarter.

Analysts polled by FactSet had expected average net income of 72 cents per share on revenue of $523.1 million.

Shares of La-Z-Boy are up 31% over the past year, while the broader S&P 500 SPX index is up 22%.

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