La-Z-Boy Inc.’s stock slumped 12% in after-hours trading Tuesday after the company posted quarterly results that fell short of analysts’ revenue and earnings estimates.
The furniture maker LZB, -0.74% reported fiscal third-quarter net income of $ 28.7 million, or 67 cents a share, compared with net income of $ 31.7 million, or 74 cents a share, in the same quarter a year ago.
Revenue dropped 13% to $ 500.4 million, from $ 572.7 million in the year-ago quarter.
Analysts surveyed by FactSet had expected on average net income of 72 cents a share on revenue of $ 523.1 million.
Shares of La-Z-Boy are up 31% over the past year, while the broader S&P 500 index SPX has increased 22%.