La-Z-Boy Warns of Lower 3rd-Quarter Profit

La-Z-Boy Inc. said fiscal third-quarter profit won’t meet analysts’ estimates because of lower sales, higher interest rates and slower payments from retailers. The No. 1 U.S. maker of reclining chairs said it expects to earn 25 cents to 31 cents a share in the quarter ending Jan. 27, rather than the 40-cent average estimate of analysts polled by First Call/Thomson Financial. The company earned 41 cents in the year-ago quarter. Slowing demand, brought on by higher fuel prices, weaker stock markets and increased layoffs, has reduced sales more than expected, the company said. Shares of Monroe, Mich.-based La-Z-Boy closed unchanged at $15.13 on the NYSE.