La-Z-Boy turns in better-than-expected earnings, hikes dividend

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La-Z-Boy Inc.












LZB, -1.83%










late Wednesday reported better-than-expected earnings and announced a 10% dividend hike. The furniture company best known for its recliners posted fiscal second-quarter earnings of $20.8 million, or 42 cents a share, compared with $21 million, or 41 cents a share, a year earlier. Revenue slid to $376.6 million from $382.9 million. Analysts surveyed by FactSet had forecast the company to earn 38 cents a share on revenue of $376 million. La-Z-Boy’s board also raised the quarterly dividend to 11 cents from 10 cents. The dividend will be paid on Dec. 15 to shareholders of record on Dec. 9. Shares were flat in late trading after closing down 1.8% to $26.75.


Source: marketwatch.com