La-Z-Boy Incorporated announced it now expects earnings per share for its second fiscal quarter ending October 28, 2006 to be in the range of $0.01 - $0.04 per share.
The previously announced expected range of earnings per share was $0.11 - $0.15. During last year's second fiscal quarter, the company had a loss of $0.12 per share, which included an after-tax restructuring charge of $0.10 per share related to the closure of its Waterloo, Ontario upholstery facility and $0.01 in income from discontinued operations.
La-Z-Boy President and CEO Kurt Darrow noted, "The weaker-than-anticipated retail environment during the summer period leads us to now expect year-over- year sales for the quarter to be essentially flat compared to our original expectation of a mid-single-digit increase.
Although we saw a pick up in written sales over the Labor Day weekend, the momentum was brief and subsequent activity has been sporadic. Our reduction in earnings guidance is primarily due to lower-than-expected sales volume, which is impacting both our wholesale upholstery and case goods businesses as well as our company-owned retail stores."
The company plans to report this year's fiscal second quarter operating results after the market close on Tuesday, November 14, 2006 with its regular quarterly investor conference call the following morning, Wednesday, November 15, 2006 at 8:30 a.m. EST.
marketing@alchempro.com
