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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: SeaViewer who wrote (19487)	10/6/2004 5:40:03 PM
From: russwinter	Read Replies (4) \| Respond to of 110194

Associated Press La-Z-Boy Lowers Second-Quarter Outlook Wednesday October 6, 5:13 pm ET La-Z-Boy Lowers Second-Quarter Outlook on Raw Material Costs MONROE, Mich. (AP) -- Furniture maker and retailer La-Z-Boy Inc. on Wednesday lowered its second-quarter outlook on rising raw material costs. For the three months ending Oct. 23, the company said it now expects earnings per share of 13 cents to 15 cents, including a restructuring charge of 1 cent, and a potential loss of up to 7 cents from the consolidation of variable-interest entities. La-Z-Boy previously expected to earn 29 cents to 33 cents per share, including the 1 cent restructuring charge and up to 2 cents of potential loss from variable-interest operations. Analysts surveyed by Thomson First Call predict earnings of 31 cents per share, compared with 28 cents -- including a 2 cent restructuring charge -- posted in the year-ago quarter. The company said the revised outlook was due to increased steel and lumber prices, promotional discount pressures from competitors and poor summer performance from its variable-interest operations. "Although we have adjusted our pricing to recover some of these costs, our backlog during the quarter is not maturing to the new pricing as quickly as we expected, and we are absorbing the majority of these price increases," president and chief executive Kurt Darrow said in a statement. "We expect this transition in pricing to be completed during our third fiscal quarter."