SECURITIES AND EXCHANGE COMMISSION

                         WASHINGTON, D.C. 20549-1004

                                   FORM 10-Q

                  Quarterly Report Under Section 13 or 15(d)
                    of the Securities Exchange Act of 1934


       FOR QUARTER ENDED JANUARY 24, 1998 COMMISSION FILE NUMBER 1-9656


                            LA-Z-BOY  INCORPORATED 
             (Exact name of registrant as specified in its charter)


                 MICHIGAN                           38-0751137
     (State or other jurisdiction of             (I.R.S. Employer
         incorporation or organization)           Identification No.)

1284 North Telegraph Road, Monroe, Michigan          48162-3390
 (Address of principal executive offices)            (Zip Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (734) 241-4414


                                    None
Former name, former address and former fiscal year, if changed since last 
report.


Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by section 13 or 15 (d) of the Securities Exchange Act 
of 1934 during the preceding 12 months and (2) has been subject to such 
filing requirements for the past 90 days.

          Yes       [X]                              No        [ ] 

Indicate the number of shares outstanding of each issuer's classes of common 
stock, as of the last practicable date:

           Class                             Outstanding at January 24, 1998
- ------------------------------               -------------------------------
Common Shares, $1.00 par value                           17,856,292


                        Part I.  Financial Information
          
The Consolidated Balance Sheet and Consolidated Statement of Income required 
for Part I are contained in the Registrant's Financial Information Release
dated February 3, 1998 and are incorporated herein by reference.



          LA-Z-BOY INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS
               INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                   (Unaudited, dollar amounts in thousands)
          
                                     Three Months Ended    Nine Months Ended
                                     ------------------    -----------------
                                    Jan. 24,  Jan. 25     Jan. 24   Jan. 25
                                       1998      1997        1998      1997
                                    --------- --------    -------   --------
Cash Flows from Operating Activities                        
  Net income                          $11,459   $9,801    $30,007   $29,651
                                                           
Adjustments to reconcile net income                        
  to net cash provided by operating                         
  activities 
 Depreciation and amortization          5,140    5,189     15,208    15,215
 Change in receivables                 22,393   37,106     18,407    27,312
 Change in inventories                 (2,485)  (1,978)   (10,227)  (12,994)
 Change in other assets and liab.      (8,607) (11,979)     2,137    (1,035)
 Change in deferred taxes              (2,553)    (439)    (4,513)   (1,317)
                                     --------- --------  --------  --------
  Total adjustments                    13,888   27,899     21,012    27,181
                                     --------- --------  --------  --------
 Cash Provided by Operating    
     Activities                        25,347   37,700     51,019    56,832
                                                            
Cash Flows from Investing Activities                       
 Proceeds from disposals of assets      1,108     (167)     1,500       554
 Capital expenditures                  (4,218)  (4,580)   (15,561)  (12,803)
 Change in other investments             (419)    (571)      (707)   (6,013)
                                     --------- --------   --------  --------
 Cash Used for Investing Activities    (3,529)  (5,318)   (14,768)  (18,262)

Cash Flows from Financing Activities                       
 Short-term debt                            -        -          -         -
 Long-term debt                             -        -          -         -
 Retirements of debt                   (2,428)     (64)    (4,469)   (3,068)
 Capital leases                             -        -          -         -
 Capital lease principal payments        (507)    (509)    (1,547)   (1,587)
 Stock for stock option plans           2,299    1,005      5,402     2,851
 Stock for 401(k) employee plans          417      276      1,103       944
 Purchase of La-Z-Boy stock            (3,086)  (6,993)   (12,483)  (17,361)
 Payment of cash dividends             (3,749)  (3,446)   (11,292)   (9,909)
                                    ---------- --------   -------- ---------
 Cash Used for Financing Activities    (7,054)  (9,731)   (23,286)  (28,130)
                                                            
Effect of exch. rate changes on cash     (233)     (53)      (135)       54
                                     --------- --------   -------- ---------
Net change in cash and equivalents     14,531   22,598     12,830    10,494
                                                       
Cash and equiv. beginning of period    23,681   14,956     25,382    27,060
                                     ---------- -------   -------- ---------
Cash and equiv. at end of period      $38,212  $37,554     38,212    37,554
                                     ========= ========   ======== ========= 

Cash paid during period - Income taxes $14,345  $12,461   $22,008   $23,231
                        - Interest      $1,016     $948    $2,810    $2,918

For purposes of the Statement of Cash Flows, the Company considers all
highly liquid debt instruments purchased with a maturity of three months or
less to be cash equivalents.                                                
                                                                             
The accompanying Notes to Condensed Consolidated Financial Statements are an
integral part of these statements.                                        




                   LA-Z-BOY INCORPORATED AND OPERATING DIVISIONS
               NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1.   Basis of Presentation
     ---------------------
    The financial information is prepared in conformity with generally 
accepted accounting principles and such principles are applied on a basis 
consistent with those reflected in the 1997 Annual Report filed with the 
Securities and Exchange Commission.  The financial information included 
herein, other than the consolidated balance sheet as of April 26, 1997, has 
been prepared by management without audit by independent certified public 
accountants who do not express an opinion thereon.  The consolidated  
balance sheet as of January 24, 1998 has been prepared on a basis consistent 
with but does not include all the disclosures contained in, the audited 
consolidated financial statements for the year ended April 26, 1997.  The 
information furnished includes all adjustments and accruals consisting only 
of normal recurring accrual adjustments which are, in the opinion of 
management, necessary for a fair presentation of results for the interim 
period.

     
2.  Interim Results
    ---------------
    The foregoing interim results are not necessarily indicative of the 
    results of operations for the full fiscal year ending April 25, 1998.


3.  Commitments and Contingencies     
    -----------------------------
    There has been no significant change from the prior fiscal year end 
    audited financial statements.


                 LA-Z-BOY INCORPORATED AND OPERATING DIVISIONS
                              MANAGEMENT DISCUSSION 


Due to the cyclical nature of the Company's business, comparison of 
operations between the most recently completed quarter and the immediate 
preceding quarter would not be meaningful and could be misleading to the 
reader of these financial statements.

For further Management Discussion, see attached Exhibit 99.(a)

The Company's strong financial position is reflected in the debt to capital 
percentage of 13% and a current ratio of 3.3 to 1 at the end of the third 
quarter.  At April 26, 1997, the debt to capital percentage was 15% and the 
current ratio was 3.5 to 1.  At the end of the preceding year's Third
quarter, the debt to capital percentage was 16% and the current ratio was 
3.4 to 1.  As of January 24, 1998, there was $63 million of unused lines of 
credit available under several credit arrangements.

Cash flow from the change in receivables was about $15 million less in the 
third quarter this year vs. last year.  This is primarily due to differences 
in the timing and volume of shipments.  At the end of January this year there 
were substantially more dollars outstanding (not yet due) and the amounts past 
due were actually less than the prior year.

Approximately 29% of the 4 million shares of Company stock authorized for 
purchase on the open market are still available for purchase by the Company.  
The Company plans to be in the market for its shares as changes in its stock 
price and other factors present appropriate opportunities.


                         PART II. OTHER INFORMATION 

Item 6.  Exhibits and Reports on Form 8-K
- -----------------------------------------
(27)   Financial Data Schedule (EDGAR only).

(99) (a)  News Release and Financial Information Release: re Actual third 
          quarter results and Management Discussion dated February 3, 1997
          (filed herewith).


                                 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused the Quarterly Report on Form 10-Q for the quarter 
ended January 24, 1998 to be signed on its behalf by the undersigned
thereunto duly authorized.

                                        LA-Z-BOY INCORPORATED  
                                              (Registrant)

                                        /s/G.M. Hardy
Date   February 3, 1998                 -----------------------------
                                        Gene M. Hardy
                                        Secretary and Treasurer
                                       (Principal Accounting Officer)
              


 
            
5 1,000 9-MOS APR-25-1998 JAN-24-1998 38,473 0 196,879 0 91,165 355,364 288,468 170,841 543,918 107,024 0 17,856 0 0 352,109 543,918 786,054 786,054 591,242 591,242 145,946 0 3,099 48,846 18,839 30,007 0 0 0 30,007 1.68 1.68 Receivables are reported net of allowances for doubtful accounts on the Statement of Financial Position.
                                News Release
                                ------------
                     DOUBLE DIGIT SALES AND PROFIT INCREASES
                           FOR LA-Z-BOY IN THIRD QUARTER 

MONROE, MI.,  February 3, 1998:  La-Z-Boy Incorporated, the nation's largest 
producer of upholstered and solid wood furniture, continued reaching record 
levels of quarterly sales and profits.

Financial Details
- -----------------
For the third quarter ended 1/24/98, sales reached $280.5 million, up 15% 
from last year's third quarter of $244.6 million.  Operating profit was $18.6 
million vs. $15.8 million.  Net income was $11.5 million vs. $9.8 million, and 
net income per share was $0.64 vs. $0.54.

    For the nine months ended 1/24/98, sales were $786.1 million, up 9% from 
last year's nine months of $718.4 million.  Operating profit was $48.9 million 
vs. $49.3 million.  Net income was $30.0 million vs. $29.7 million, and net 
income per share was $1.68 vs. $1.63.  Nine months results reflect a one time 
first quarter $3.1 million pretax bad debts expense relating to the Montgomery 
Ward bankruptcy filing.

Short Term Sales Trends are Good
- --------------------------------
Sales order backlogs as of today and recent short term trends in sales 
orders indicate that February's and March's shipments over comparable prior 
year months may be between 6% - 11%.

Marketing
- ---------
On January 11th, the Residential Division launched its second "Instant 
Win" Sweepstakes in Parade and USA Weekend magazines.  Reaching 57 million 
readers, the "Remarkable La-Z-Boy Recliner Giveaway" generated markedly 
increased retail traffic and over 55,000 phone calls from consumers asking for 
the location of their nearest La-Z-Boy retailer.

More Information
- ----------------
La-Z-Boy's third quarter 10-Q filing including a full income statement, 
balance sheet, cash flow statement and additional management discussion is 
available now at La-Z-Boy's worldwide web site (www.lazboy.com).  About 24 to 
48 hours after this release, the 10-Q information should be available on the 
SEC's web site in their EDGAR databases (www.sec.gov).  The SEC's site also 
contains additional La-Z-Boy financial information, including 8-K and other 
filings, going back about two years.


NYSE & PCX:  LZB                        Contact:  Gene Hardy  (313) 241-4306


02/03/98     La-Z-Boy Incorporated Financial Information Release     1 of 3
                        CONSOLIDATED STATEMENT OF INCOME              
                  (Amounts in thousands, except per share data)          
                                                                         
                                       THIRD QUARTER ENDED  (UNAUDITED)   
                               ---------------------------------------------
                                                            Percent of Sales
                               Jan. 24,  Jan. 25,  % Over  ----------------
                                 1998      1997    (Under)    1998    1997 
                               --------  --------  -------   ------  ------
Sales                          $280,520  $244,581     15%    100.0%  100.0%
Cost of sales                   211,688   180,979     17%     75.5%   74.0%
                               --------  --------  -------   ------  ------
  Gross profit                   68,832    63,602      8%     24.5%   26.0%
                                                                         
S, G & A                         50,189    47,765      5%     17.9%   19.5%
                               --------  --------  -------   ------  ------
  Operating profit               18,643    15,837     18%      6.6%    6.5%
                                                                          
Interest expense                  1,048     1,096     -4%      0.4%    0.4%
Interest income                     568       430     32%      0.2%    0.2%
Other income                        240       639    -62%      0.2%    0.2%
                               --------  --------  -------   ------  ------
  Pretax income                  18,403    15,810     16%      6.6%    6.5%
                                
Income taxes                      6,944     6,009     16%     37.7%*  38.0%*
                               --------  --------  -------   ------   -----
  Net income                    $11,459    $9,801     17%      4.1%    4.0% 
                               ========  ========  =======   ======   ====== 
 

 Average shares                  17,877    18,086     -1%

 Net income per share             $0.64     $0.54     19%                

 Dividends per share              $0.21     $0.19     11%  

 
                                        NINE MONTHS ENDED  (UNAUDITED)     
                               ---------------------------------------------
                                                            Percent of Sales
                               Jan. 24,   Jan. 25,  % Over  ----------------
                                 1998       1997    (Under)   1998    1997 
                               --------  --------  -------   ------  ------
Sales                          $786,054  $718,362      9%    100.0%  100.0%
Cost of sales                   591,242   532,913     11%     75.2%   74.2%
                               --------  --------  -------   ------  ------
  Gross profit                  194,812   185,449      5%     24.8%   25.8%
                                                                         
S, G & A                        145,946   136,125      7%     18.6%   18.9%
                               --------  --------  -------   ------  ------
  Operating profit               48,866    49,324     -1%      6.2%    6.9%
                                                                          
Interest expense                  3,099     3,300     -6%      0.4%    0.5%
Interest income                   1,562     1,260     24%      0.2%    0.2%
Other income                      1,517     1,945    -22%      0.2%    0.3%
                               --------  --------  -------   ------  ------
  Pretax income                  48,846    49,229     -1%      6.2%    6.9%
                                
Income taxes                     18,839    19,578     -4%     38.6%*  39.8%*
                                --------  --------  -------   ------   -----
  Net income                    $30,007   $29,651      1%      3.8%    4.1% 
                               ========  ========  =======   ======   ====== 
 

 Average shares                  17,905    18,168     -1%

 Net Income per share             $1.68     $1.63      3%                

 Dividends per share              $0.63     $0.57     11%                    


* As a percent of pretax income, not sales.





02/03/98     La-Z-Boy Incorporated Financial Information Release     2 of 3
                          CONSOLIDATED BALANCE SHEET                  
                            (Dollars in thousands)                          
                                                                             
                                  Unaudited           Increase             
                              ------------------     (Decrease)     Audited
                              Jan. 24,  Jan. 25,  ---------------  April 26,
                                1998      1997    Dollars  Percent    1997 
                              --------  --------  -------  ------- --------
Current assets                                                            
  Cash & equivalents           $38,473   $37,554     $919       2%  $25,382
  Receivables                  196,879   177,933   18,946      11%  215,032
  Inventories                                                              
    Raw materials               44,478    41,235    3,243       8%   36,959
    Work-in-process             37,726    39,868   (2,142)     -5%   34,854
    Finished goods              30,511    33,010   (2,499)     -8%   28,177
                               --------  --------  -------  ------- --------
      FIFO inventories         112,715   114,113   (1,398)     -1%   99,990
      Excess of FIFO over LIFO (21,550)  (21,928)     378       2%  (21,219)
                               --------  --------  -------  ------- --------
        Total inventories       91,165    92,185   (1,020)     -1%   78,771
  
  Deferred income taxes         24,761    19,732    5,029      25%   20,950
  Other current assets           4,086     4,092       (6)      0%    2,640
                               --------  --------  -------  ------- --------
    Total current assets       355,364   331,496   23,868       7%  342,775
                                                                           
Property, plant & equipment    117,627   115,167    2,460       2%  114,658
                                                                           
Goodwill                        40,974    39,117    1,857       5%   38,702
                                                                          
Other long-term assets          29,953    31,464   (1,511)     -5%   32,272
                               --------  --------  -------  ------- --------
      Total assets            $543,918  $517,244  $26,674       5% $528,407
                              ========  ========  =======  ======= ========

                      
                                   Unaudited           Increase
                              -----------------      (Decrease)     Audited 
                              Jan. 24,  Jan. 25,  ---------------  April 26, 
                                1998      1997    Dollars  Percent   1997 
                              --------  --------  -------  -------  -------
Current liabilities
  Current portion - l/t debt    $5,107    $4,625     $482     10%   $4,611
  Current portion - captl leas   1,561     2,067     (506)   -24%    2,017
  Accounts payable              38,714    33,941    4,773     14%   28,589
  Payroll/other comp            33,315    30,961    2,354      8%   37,934
  Estimated income taxes         4,469     2,741    1,728     63%    5,412
  Other current liabilities     23,858    22,625    1,233      5%   19,106
                              --------  --------  -------  ------   ------
    Total current liabilities  107,024    96,960   10,064     10%   97,669
                                                                            
Long-term debt                  49,723    55,007   (5,284)   -10%   52,449
                              
Capital leases                   1,111     2,679   (1,568)   -59%    2,202

Deferred income taxes            5,627     5,808     (181)    -3%    6,329

Other long-term liabilities     10,468    10,876     (408)    -4%   10,420

Commitments & contingencies
                                                                          
Shareholders' equity                                                       
  17,856,292 shares, $1.00 par  17,856    17,961     (105)    -1%   17,908
  Capital in excess of par      28,239    27,733      506      2%   27,697
  Retained earnings            325,138   300,861   24,277      8%  314,731
  Currency translation          (1,268)     (641)    (627)   -98%     (998)
                              --------  --------  -------  ------  -------
    Total shareholders' equity 369,965   345,914   24,051      7%  359,338
                              --------  --------  -------  ------  -------
      Total liabilities and                                                
      shareholders' equity    $543,918  $517,244  $26,674      5% $528,407
                              ========  ========  =======  ====== ========



02/03/98    La-Z-Boy Incorporated Financial Information Release   Page 3 of 3


Overall:
- -------
    Refer to today's press release for additional information.


Gross Profit:
- ------------
Gross profit margins declined to 24.5% of sales from 26.0% in last year's
third quarter on a 15% increase in sales dollars and an 11% increase in sales 
units.  A combination of both selling price increases and favorable 
merchandising trends on upholstery products was offset by unfavorable 
merchandising for some casegood products and increased production costs at 
most manufacturing facilities.  The unfavorable casegood merchandising was 
primarily a result of discounting obsolete product and introductory pricing on 
new product to establish it in the marketplace.  Both of these unfavorable 
merchandising items are considered to be one time events.  Provided below, in 
no specific order, is a list of the most significant unfavorable production 
cost factors: 

    Hardwood and plywood parts delivery problems and the related production
disruptions experienced in the first and second quarter are mostly resolved.
However, the transition costs associated with the consolidation 
of seven hardwood frame supply centers into three and the continued conversion 
of hardwood parts to our new unibody frame construction were significant just
as they were in recent quarters.  Although these unfavorable cost trends are 
expected to continue into the fourth quarter, it is believed that the long 
term benefits of eliminating excess hardwood supply center capacity will 
contribute to manufacturing cost reductions in the early part of fiscal year 
1998-1999.

    As was the case in the second quarter, the costs associated with the 
consolidation of one casegood manufacturing facility into an existing facility 
had a measurable impact upon the third quarter.  In addition, a second, 
separate casegood manufacturing facility consolidation was begun.  It is 
expected that the transition costs of both the first and second consolidations 
will be completed in the fourth quarter and that benefits will be realized in 
the first quarter of fiscal year 1998-1999.  The consolidation of casegood 
manufacturing facilities was initiated to reduce manufacturing costs and is 
not a result of, nor an indicator of any shrinking demand for casegood 
product.

    As a result of a sharp increase in production demand, overtime and 
indirect labor costs were up significantly at most upholstery plants.  Due to 
an expected continuation of strong demand for upholstery products, these costs 
are expected to remain unfavorable in the fourth quarter.

    Inclement weather in the southern U.S. caused several manufacturing 
facilities to close for approximately two days.  Although some production was 
lost as a result of the plant closures, a good portion was re-captured using 
overtime.  This event is believed to be a one time occurrence.


S,G & A:
- -------
Third quarter S, G & A decreased to 17.9% of sales in the current year vs. 
19.5% last year.  Bonus expense decreased over last year's third quarter.  
Advertising expense increased over last year's third quarter; however, not at 
the rate of the sales increase.  Both trends are expected to continue through 
the fourth quarter.