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LA-Z-BOY SALES UP 19 PERCENT, EARNINGS UP 60 PERCENT

 MONROE, Mich., Nov. 15 /PRNewswire/ -- La-Z-Boy Chair Company's (NYSE: LZB) second quarter that ended on Oct. 23, 1993 recorded sales up 19 percent and net income up 60 percent vs. last year's second quarter. Both sales and earnings were record highs for a second quarter.
 DETAILS OF FINANCIAL RESULTS
 Quarter sales grew to $209 million vs. $176 million while net income improved to $10.4 million ($.57 per share) from $6.5 million ($.36 per share) in last year's second quarter.
 For the six months ended October, sales were $371 million, 17 percent more than last year's $316 million, and net income before an accouning change was $14.4 million ($.79 per share) vs. $9.3 million ($.51 per share) last year. After the accounting change, net income was $.97 per share vs. $.51 last year.
 CHAIRMAN COMMENTS
 Charles T. Knabusch, La-Z-Boy Chairman and President, said, "Sales volume was stronger than expected just a few months ago. Our shipments were strong at each of our five operating divisions, particularly in the major motion upholstery (modulars & reclining sofas) part of our business."
 Regarding future quarters, Mr. Knabusch was optimistic but does not expect the second half of the fiscal year to show as big of a percentage improvement in sales (vs. last year's second half) as the 17 percent first half year increase. "Last year, La-Z-Boy had very strong sales in the second half of the year and comparisons will be tougher this year. However, we recently attended the fall High Point, N.C. furniture market and feel it was a good one for us. And a good market generally means good news for the near term."
 CONTRACT DIVISION
 LZB's two formerly independent operating divisions in the Contract (office) furniture market have merged into one operating division called the LZB Contract Furniture Group. (Contract sales are slightly less than 10 percent of total LZB sales.) Although some personnel and other changes have already occurred, it is expected to take a year or more to fully integrate the two divisions. Management believes there are significant sales and profit opportunities in this division.
 DIVIDENDS INCREASED FROM $.15 to $.17
 Earlier in the second quarter LZB announced that dividends were increased 13 percent from $.15 to $.17 per share payable to shareholders of record as of Nov. 17, 1993.
 LA-Z-BOY CHAIR COMPANY
 (Dollars in thousands, except per share data)
 (Unaudited)
 Oct. 23, Oct. 24,
 SECOND QUARTER ENDED 1993 1992
 Sales $209,044 $175,877
 Net income $10,414 $6,507
 Net income per share $0.57 $0.36
 (Unaudited)
 Oct. 23, Oct. 24,
 SIX MONTHS ENDED 1993 1992
 Sales $371,140 $315,880
 Income before acctg change $14,389 $9,290
 Accounting change $3,352 ---
 Net income $17,740 $9,290
 Earings per common share:
 Income before acctg change $0.79 $0.51
 Accounting change $0.18 ---
 Net income per share $0.97 $0.51
 -0- 11/15/93
 /CONTACT: Jim Korsnack of La-Z-Boy, 313-24-4208/
 (LZB)


CO: La-Z-Boy Chair Company ST: Michigan IN: REA SU: ERN

SB-ML -- DE034 -- 4696 11/15/93 17:09 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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