CORRECTED - CORRECTED-UPDATE 1-La-Z-Boy Q4 profit in line with Street view

Mon Jun 14, 2010 5:43pm EDT

(Corrects headline, first bullet point and text to show fourth-quarter profit was in line with, not below, analysts' view after Thomson Reuters I/B/E/S revised estimates)

* Q4 adj EPS $0.23 vs est $0.23

* Q4 net sales up 10 pct, above Street view

* Same-store written sales up 2.5 pct

June 14 (Reuters) - La-Z-Boy Inc (LZB.N) reported a fourth-quarter profit that was in line with market expectations.

The furniture maker and retailer said even though it was seeing an improvement in industry conditions, it would continue to remain cautious in 2011.

La-Z-Boy, whose brands include England, Hammary, Kincaid, Bauhaus, American Drew and Lea furniture among others, posted net profit of $13.7 million, or 26 cents a share for the quarter ended April 24, up from $5.2 million, or 10 cents a share, a year earlier.

Excluding certain items, the company, known for its popular recliners, earned 23 cents a share.

Net sales at the Monroe, Michigan-based company rose 9 percent to $310.7 million.

Analysts on average were expecting earnings of 23 cents a share, on revenue of $307.6 million, according to Thomson Reuters I/B/E/S. [ID:nASA00G9G]

La-Z-Boy shares, which have more than doubled in value in the last one year, closed at $12.40 Monday on the New York Stock Exchange. (Reporting by Shradhha Sharma in Bangalore; Editing by Vinu Pilakkott)

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