La-Z-Boy -9.8% as weather hurts sales

|About: La-Z-Boy Incorporated (LZB)|By:, SA News Editor

La-Z-Boy (LZB) -9.8% AH as investors aren't accepting the often-used weather excuse to explain FQ4 results which include the company's first decline in same-store in three-and-a-half years.

Although overall sales rose 2.1% to $353M, same-store sales for the furniture galleries store network fell 0.9% for the quarter after an 11.2% increase in the year-ago period.

LZB says sales were adversely impacted by weather issues beginning in FQ3, which affected the written order rate, and extending into FQ4.