La-Z-Boy Reports Second-Quarter 2011 EPS of $.07

La-Z-Boy Incorporated LZB today reported its operating results for the fiscal second quarter ended October 23, 2010.

Fiscal 2011 second-quarter highlights:

• Sales for the second quarter declined 2.6%, reflecting weakness in the housing market and low levels of consumer confidence;
• Net income for the fiscal 2011 second quarter was $0.07 per share versus $0.11 per share in last year's second quarter, which included a $0.01 per-share restructuring charge;
• The upholstery segment's sales declined 3.4% and its operating margin was 7.6% versus 10.9% in last year's second quarter;
• The casegoods segment's sales increased 5.9% and its operating margin was 3.5% compared with a loss of (0.5%) in the previous year;
• The retail segment's sales increased 3.2% and it experienced its seventh consecutive quarterly improvement of operating margin performance compared with the prior year; and
• At quarter end, the company had $83.7 million of cash on its balance sheet and $97.2 million of availability on its revolving line of credit.