By Ben Glickman
La-Z-Boy raised its quarterly dividend by 10% as the company reported fiscal second-quarter results.
The Monroe, Mich.-based furniture maker on Wednesday lifted its payout to 20 cents from 18.15 cents.
The new payout, equal to 80 cents a year, represents an annual yield of 2.5% based on the Wednesday’s closing price of $31.70.
La-Z-Boy last raised its dividend a year ago, when it raised the payout to 18.15 cents from 16.5 cents.
The company on Wednesday also reported that fiscal second-quarter sales fell 16% to $511.4 million, which beat the $502.3 million forecasted by analysts.
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