La-Z-Boy slumps 11 percent as sales miss estimates
(Reuters) - Shares of furniture maker La-Z-Boy Inc (LZB.N) tumbled as much as 11 percent after the company missed analysts' estimates for its quarterly revenue due to weak sales at its retail business.
On Tuesday, the maker of the popular namesake reclining chairs posted quarterly sales of $327.4 million, missing the $333.7 million analysts expected according to Thomson Reuters I/B/E/S.
Retail segment sales fell nearly 5 percent.
Shares of Monroe, Michigan-based La-Z-Boy were down at $11.96 in early morning trade on Wednesday on the New York Stock Exchange.
(Reporting by Aditi Shrivastava in Bangalore; Editing by Sreejiraj Eluvangal)
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