Article published November 19, 2009
La-Z-Boy stock jumps 29% after profit report
MONROE — The day after La-Z-Boy Inc. disclosed its third consecutive quarterly profit, the Michigan furniture maker’s stock soared. It was among yesterday’s top two gainers on the New York Stock Exchange in percentage terms.
La-Z-Boy shares rose $2.06 a share, or 29 percent, to close at $9.24, with 4.2 million shares traded. That was more than seven times usual volume.
After the stock market closed Tuesday, the company reported a profit of $5.9 million for the quarter ending Oct. 24, compared with a loss of $53.7 million a year earlier. Sales fell 9 percent to $301 million.
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