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La-Z-Boy fiscal Q1 profit climbs 7.5% YOY

La-Z-Boy Inc. said its normalized net income for the fiscal first quarter ended July 26 amounted to 19 cents per share, compared with the S&P Capital IQ consensus estimate of 21 cents per share.

EPS climbed 8.4% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $10.0 million, a gain of 7.5% from $9.3 million in the prior-year period.

The normalized profit margin rose to 3.1% from 3.0% in the year-earlier period.

Total revenue grew 7.0% year over year to $327.0 million from $305.5 million, and total operating expenses increased 6.9% year over year to $310.8 million from $290.6 million.

Reported net income increased 10.2% from the prior-year period to $10.5 million, or 20 cents per share, from $9.5 million, or 18 cents per share.