La-Z-Boy ( LZB) swung to a fourth-quarter profit Tuesday and offered in-line first-quarter guidance.

The Monroe, Mich., chair giant earned $18.4 million, or 35 cents a share, from continuing operations in the quarter ended April 30. That reverses a year-ago continuing operations loss of $33.8 million, or 64 cents a share. Sales rose to $566 million from $532 million a year earlier.

La-Z-Boy also forecast a first-quarter profit of around 12 cents a share on year-over-year sales growth in the low single digits percentagewise. That's in line with the Wall Street estimate, which had called for an 11-cent profit on sales of $470 million.

"We are pleased with the continuing improvement in our operations and with the progress we have made in the transition of our business model," CEO Kurt Darrow said. "From a macro economic perspective, we remain cautiously optimistic about the industry's growth prospects for the coming year, though we are concerned that May's recent consumer confidence improvements could be challenged by a number of factors. These factors include continued high energy prices, rising short-term interest rates and general geopolitical uncertainty, which continue to overshadow the economic expansion which appeared to be underway."

La-Z-Boy also said it "plans to re-enter the open market on a moderate basis to begin repurchasing its shares."

Late Tuesday, La-Z-Boy rose 15 cents to $14.