La-Z-Boy Announces Fiscal 2011 Second-Quarter Sales; Delays Release of Operating Results

La-Z-Boy Incorporated LZB today announced net sales for the fiscal 2011 second quarter of $293 million, down 2.6% from the prior year's second quarter, reflecting weakness in the housing market and low levels of consumer confidence. The company also announced that it is delaying the release of its fiscal 2011 second-quarter operating results in order to finalize accounting issues primarily involving the company's dealer entities that are consolidated as Variable Interest Entities (VIEs). La-Z-Boy believes the accounting issues will have no impact to the company's second-quarter earnings per share, as adjustments will be made to prior periods. La-Z-Boy Incorporated expects to report its fiscal 2011 second-quarter operating results after the close of trading on the New York Stock Exchange on Monday, November 22, 2010, and hold its quarterly investor conference call at 8:30 a.m. Eastern Time the following day, Tuesday, November 23, 2010.