La-Z-Boy Incorporated LZB reported its operating results Tuesday for the fiscal 2015 second quarter ended October 25, 2014. Sales for the fiscal 2015 second quarter were $365.6 million, below estimates of $375.68 million but up 3.8 percent compared with the prior year's second quarter.
The company reported income from continuing operations attributable to La-Z-Boy of $19.2 million, or $0.36 per diluted share, above estimates of $0.34.
This compares with $17.2 million, or $0.32 per diluted share, which included $0.01 per share attributable to the reduction of certain valuation reserves against the company's state deferred tax assets, in last year's second quarter.
Chairman, President and Chief Executive Officer Kurt L. Darrow said, "Overall, we are pleased with the results for the quarter. We increased sales and posted an 8.3% consolidated operating margin for the period. Additionally, we experienced an increase in same-store written sales for the La‑Z‑Boy Furniture Galleries® network, generated strong operating cash flow, raised our quarterly dividend and purchased $13.6 million of our stock.”
La-Z-Boy traded at $23.85 in the after-hours session, up 5.6 percent.
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