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La-Z-Boy profit misses consensus by 17.6% in fiscal Q3

La-Z-Boy Inc. said its normalized net income for the fiscal third quarter ended Jan. 24 amounted to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS increased year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.4 million, compared with $16.3 million in the year-earlier period.

The normalized profit margin declined to 4.7% from 4.7% in the year-earlier period.

Total revenue rose on an annual basis to $357.9 million from $346.5 million, and total operating expenses grew on an annual basis to $331.7 million from $320.7 million.

Reported net income came to $17.7 million, or 34 cents per share, compared to $17.6 million, or 33 cents per share, in the prior-year period.