NEW YORK (AP) — Shares of La-Z-Boy Inc. are likely to climb Wednesday following the furniture maker's better-than-expected fiscal third-quarter results.
After the markets closed Tuesday, La-Z-Boy said that its net income increased 14 percent to $17.1 million, or 32 cents per share, for the period ended Jan. 26 from $15 million, or 28 cents per share, a year ago.
Revenue climbed 10 percent to $349.1 million from $316.5 million, bolstered by higher sales in its upholstery and retail segments.
Analysts polled by FactSet expected earnings of 23 cents on revenue of $337.8 million.
Sales at La-Z-Boy furniture galleries open at least a year rose 11.8 percent. This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
The company's stock rose $1.74, or 11.3 percent, to $17.20 in after-hours trading on Tuesday.