Housing challenges impact La-Z-Boy's 3Q sales

MONROE, Mich. -- La-Z-Boy reported that sales for the third quarter declined 4.3%, partly due to ongoing challenges related to housing and consumer confidence. Net income for the fiscal 2011 third quarter was 19 cents per share, which includes a 6-cent tax benefit, versus 21 cents per share in last year's third quarter. The retail segment's sales increased 9.2%, and it experienced its eighth consecutive quarterly improvement of operating margin performance compared with the prior year, the company reported. Kurt Darrow, president and CEO of La-Z-Boy, said, "We continue to execute effectively against our strategic objectives and achieved improved