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La-Z-Boy Announces Second Quarter Sales Decline

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La-Z-Boy Incorporated announced net sales for the fiscal 2011 second quarter of $293 million, down 2.6% from the prior year's second quarter, reflecting weakness in the housing market and low levels of consumer confidence.  The company also announced that it is delaying the release of its fiscal 2011 second-quarter operating results in order to finalize accounting issues primarily involving the company's dealer entities that are consolidated as Variable Interest Entities (VIEs).  La-Z-Boy believes the accounting issues will have no impact to the company's second-quarter earnings per share, as adjustments will be made to prior periods.

Background Information: La-Z-Boy Incorporated is one of the world's leading residential furniture producers, marketing furniture for every room of the home. The La-Z-Boy Upholstery Group companies are Bauhaus, England and La-Z-Boy. The operating units in the Casegoods Group consist of two groups, one including American Drew, Lea and Hammary, and the second being Kincaid.

The corporation's proprietary distribution network is dedicated exclusively to selling La-Z-Boy Incorporated products and brands, and includes 304 stand-alone La-Z-Boy Furniture Galleries® stores and 519 independent Comfort Studios®, in addition to in-store gallery programs for the company's Kincaid, England and Lea operating units. Additional information is available at http://www.la-z-boy.com/.

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