Furniture maker La-Z-Boy Inc. expects to post a profit in fiscal 2009, based on macroeconomic factors affecting the sale of home furnishings, reversing a fiscal 2008 loss.
The company said late Monday it expects to earn between 15 cents and 25 cents per share, excluding restructuring charges and other items, for the fiscal year.
Analysts polled by Thomson Financial, on average, forecast earnings of 17 cents per share, for the year. Such estimates typically exclude special items.
La-Z-Boy forecast fiscal 2009 sales to fall between 3 percent and 7 percent, with the second half of the year being stronger than the first half. The company reported sales of $1.45 billion during fiscal 2008, which ended April 26, implying 2009 sales between $1.35 billion and $1.41 billion for the year.
Analysts forecast sales of $1.41 billion.
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