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 July 26, 1997 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 (313) 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 July 26, 1997
- ------------------------------                  ----------------------------
Common Shares, $1.00 par value                             17,974,876


                        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 August 5, 1997 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
                                                ------------------
                                                July 26,  July 27
                                                  1997      1996
                                                --------- --------
          Cash Flows from Operating Activities                        
           Net income                             $1,726   $4,598
                                                           
          Adjustments to reconcile net income                        
           to net cash provided by operating                         
           activities 
            Depreciation and amortization          4,873    4,855
            Change in receivables                 48,902   44,935
            Change in inventories                (14,158) (12,928)
            Change in other assets and liab.     (15,223) (19,250)*
            Change in deferred taxes                 -        -
                                                --------- --------
             Total adjustments                    24,394   17,612 *
                                                --------- --------
             Cash Provided by Operating    
                Activities                        26,120   22,210 *
                                                            
          Cash Flows from Investing Activities                        
           Proceeds from disposals of assets         316      113
           Capital expenditures                   (5,568)  (4,580)
           Change in other investments              (447)  (5,621)
                                               ---------- --------
            Cash Used for Investing Activities    (5,699) (10,088)*

          Cash Flows from Financing Activities                       
           Short-term debt                            -        -
           Long-term debt                             -        -
           Retirements of debt                    (1,925)  (2,940)
           Capital leases                             -        -
           Capital lease principal payments         (527)    (565)
           Stock for stock option plans            2,012    1,470
           Stock for 401(k) employee plans           403      383
           Purchase of La-Z-Boy stock             (2,424)  (7,126)
           Payment of cash dividends              (3,768)  (3,482)
                                               ---------- --------
            Cash Used for Financing Activities    (6,229) (12,260)*
                                                            
          Effect of exch. rate changes on cash        36      (52)*
                                               ---------- --------
          Net change in cash and equivalents      14,228     (190)
                                                           
          Cash and equiv. at beginning of period  25,382   27,060
                                               ---------- --------
          Cash and equiv. at end of period       $39,610  $26,870 
                                               ========== ========

          Cash paid during period - Income taxes  $1,441   $2,257
                                  - Interest        $839     $833

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.                                        

* These numbers have changed slightly from what was reported in the first 
  quarter last year.  They have been corrected as a reclass error.



                   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 condensed 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 condensed balance sheet as of July 26, 1997 
    has been derived from, but does not include all the disclosures contain-
    ed 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 

La-Z-Boy's sales and profits historically have been weakest in the first 
quarter of the fiscal year due to the Company's two-week vacation shutdown 
which coincides with the slowest sales period.  Therefore, first quarter 
comparison to the prior year's first quarter may not be indicative of trends 
that will continue in the remaining quarters of the fiscal year.

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.

The Company's strong financial position is reflected in the debt to capital 
percentage of 14% and a current ratio of 3.9 to 1 at the end of the first 
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 first 
quarter, the debt to capital percentage was 16% and the current ratio was 
3.9 to 1.  As of July 26, 1997, there was $62 million of unused lines of 
credit available under several credit arrangements.

Approximately 35% 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 4.  Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
The Annual Meeting of Shareholders of La-Z-Boy Incorporated was held on July 
28, 1997, for the purposes of electing three members to the board of 
directors as well as considering and acting upon proposals to approve the 
La-Z-Boy Incorporated 1997 Incentive Stock Option Plan and the 1997 
Restricted Share Plan.  Proxies for the meeting were solicited pursuant to 
Section 14(a) of the Securities and Exchange Act of 1934 and there was no 
solicitation in opposition to Management's solicitations.  The Shareholders 
elected all of Management's nominees for directors as listed in the proxy 
statement and approved the La-Z-Boy Incorporated 1997 Incentive Stock Option 
Plan and the 1997 Restricted Share Plan.  The distribution of shareholders' 
votes was as follows:

                                       Shares Voted             Shares
Election of Directors:                   In Favor               Withheld
                                       -------------          -------------
Lorne G. Stevens                         16,258,184              247,157
Patrick H. Norton                        16,096,638              408,703
Frederick H. Jackson                     16,200,120              305,221

Adoption of the La-Z-Boy Incorporated 1997 Incentive Stock Option Plan:
Shares Voted in Favor                    14,919,016
Shares Voted Against                      1,283,984
Abstentions                                 302,341

Adoption of the La-Z-Boy Incorporated 1997 Restricted Share Plan:
Shares Voted in Favor                    15,155,433
Shares Voted Against                      1,034,844
Abstentions                                 315,064

 
Item 6.  Exhibits and Reports on Form 8-K
- -----------------------------------------
(a)(10i)  La-Z-Boy Incorporated 1997 Incentive Stock Option Plan (filed as 
          Exhibit A to the registrant's proxy (Commission File No. 1-9656) 
          dated June 27, 1997)is incorporated herein by reference. 

   (10ii) La-Z-Boy Incorporated 1997 Restricted Share Plan (filed as Exhibit 
          B to the registrant's proxy (Commission File No. 1-9656) dated 
          June 27, 1997)is incorporated herein by reference.

   (27)   Financial Data Schedule (EDGAR only).

   (99)   News Release and Financial Information Release: re Actual first 
          quarter results and Management Discussion dated August 5, 1997
          (filed herewith).
            
(b)  An 8-K was filed on May 13, 1997 to disclose an exchange of 33,718 
     shares of La-Z-Boy Incorporated Common Shares for 1,078,976 ordinary 
     shares of Centurion Furniture plc, a corporation incorporated in 
     England and Wales, not already owned by the Company.  This exchange 
     brought the registrant's ownership in Centurion Furniture, plc to 
     99.6%.
 
 
                                 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 July 26, 1997 to be signed on its behalf by the undersigned thereunto 
duly authorized.

                                        LA-Z-BOY INCORPORATED  
                                        (Registrant)

                                        /s/G.M. Hardy
Date   August 5, 1997                   -----------------------------
                                        Gene M. Hardy
                                        Secretary and Treasurer
                                       (Principal Accounting Officer)
              


 
            
5 1,000 3-MOS APR-25-1998 JUL-26-1997 39,610 0 164,101 0 92,928 319,295 279,897 164,287 509,675 81,638 0 17,975 0 0 341,306 509,675 212,326 212,326 164,184 164,184 45,357 0 1,024 2,993 1,267 1,726 0 0 0 1,726 .10 .10 Receivables are reported net of allowances for doubtful accounts on the Statement of Financial Position.
                                News Release
                                ------------
                     LA-Z-BOY HAD HIGHER SALES, LOWER PROFITS
                               IN FIRST QUARTER

MONROE, MI.,  August 5, 1997:  La-Z-Boy Incorporated continued reaching 
record levels of quarterly sales but reported a drop in profits due 
primarily to its largest customer, Montgomery Ward, declaring bankruptcy.

Financial Details
- -----------------
For the first quarter ended 7/26/97, sales reached $212.3 million, up 5% 
from last year's first quarter of $202.2 million.  Operating profit was $2.8 
million vs. $8.0 million.  Net income was $1.7 million vs. $4.6 million, and 
net income per share was $0.10 vs. $0.25.

Chairman Comments
- -----------------
La-Z-Boy Chairman and President Charles T. Knabusch said the continuing 
rise in sales "reflects our introduction of new products, aggressive 
marketing efforts and an improved economic climate."

He said first quarter profits were "significantly impacted" by Montgomery 
Ward's recent filing for Chapter 11 bankruptcy protection.  For many years, 
this chain was La-Z-Boy's largest single retail account.  He noted however, 
that Sears HomeLife stores have started carrying La-Z-Boy furniture, and 
that major regional furniture chains also feature the company's products.  
Profits were also adversely affected by costs to improve manufacturing 
systems as well as a decision to retain more skilled employees during the 
slow summer sales period in order to better meet strong fall sales demands.

Sales Orders
- ------------
The rate of sales increases over the prior year for August and September 
are expected to be higher than the 5% first quarter rate based on actual 
orders in house and more optimism than 90 days ago.  Sales have been 
increasing with backlogs up slightly,  reflecting an improvement over the 
trend of the last couple of years.  (All sales increases were internally 
generated.)

Marketing
- ---------
The Residential Division's June "La-Z-Boy Great Room Giveaway 
Sweepstakes," promoted nationally in USA Weekend and Parade magazines, 
generated store traffic exceeding expectations, according to La-Z-Boy 
retailers.  This highly successful program is expected to be repeated in 
coming months.

In September and October, La-Z-Boy's popular "Wendall and Al" television 
advertising campaign will air again during leading prime time TV programs 
including Caroline in the City, ER, Frasier, Home Improvement and The Drew 
Carey Show.  These ads position La-Z-Boy as America's producer of furniture 
for the entire home.

From September through April of next year, the Residential Division will 
advertise continuously in the nation's most widely read women's magazines 
and "shelter" magazines with a program targeted to reach close to 100 
million purchasers of home furnishings.  La-Z-Boy has created a CD ROM 
library of retail advertising materials to help dealers tie their local 
promotional efforts to the company's national campaigns.

More Information
- ----------------
La-Z-Boy's first 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 first quarter 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


08/05/97     La-Z-Boy Incorporated Financial Information Release     1 of 3
                        CONSOLIDATED STATEMENT OF INCOME              
                  (Amounts in thousands, except per share data)          
                                                                         
                                      FIRST QUARTER ENDED  (UNAUDITED)   
                               ---------------------------------------------
                                                            Percent of Sales
                               July 26,  July 27,  % Over  ----------------
                                 1997      1996    (Under)    1997    1996 
                               --------  --------  -------   ------  ------
Sales                          $212,326  $202,227      5%    100.0%  100.0%
Cost of sales                   164,184   154,917      6%     77.3%   76.6%
                               --------  --------  -------   ------  ------
  Gross profit                   48,142    47,310      2%     22.7%   23.4%
                                                                         
S, G & A                         45,357    39,354     15%     21.4%   19.5%
                               --------  --------  -------   ------  ------
  Operating profit                2,785     7,956    -65%      1.3%    3.9%
                                                                          
Interest expense                  1,024     1,107     -7%      0.5%    0.5%
Interest income                     482       463      4%      0.2%    0.2%
Other income                        750       785     -4%      0.4%    0.4%
                               --------  --------  -------   ------  ------
  Pretax income                   2,993     8,097    -63%      1.4%    4.0%
                                
Income taxes                      1,267     3,499    -64%     42.3%*  43.2%*
                               --------  --------  -------   ------   -----
  Net income                     $1,726    $4,598    -62%      0.8%    2.3% 
                               ========  ========  =======   ======   ====== 
 

 Average shares                  17,951    18,291     -2%

 Net income per share             $0.10     $0.25    -60%                

 Dividends per share              $0.21     $0.19     11%  

 * As a percent of pretax income, not sales.                  



08/05/97     La-Z-Boy Incorporated Financial Information Release     2 of 3
                          CONSOLIDATED BALANCE SHEET                  
                            (Dollars in thousands)                          
                                                                             
                                  Unaudited           Increase             
                              ------------------     (Decrease)     Audited
                              July 26,  July 27,  ---------------  April 26,
                                1997      1996    Dollars  Percent    1997 
                              --------  --------  -------  ------- --------
Current assets                                                            
  Cash & equivalents           $39,610   $26,870  $12,740      47%  $25,382
  Receivables                  164,101   161,406    2,695       2%  215,032
  Inventories                                                              
    Raw materials               40,455    40,309      146       0%   36,959
    Work-in-process             35,880    35,701      179       1%   34,854
    Finished goods              37,890    37,845       45       0%   28,177
                               --------  --------  -------  ------- --------
      FIFO inventories         114,225   113,855      370       0%   99,990
      Excess of FIFO over LIFO (21,297)  (21,735)     438       2%  (21,219)
                               --------  --------  -------  ------- --------
        Total inventories       92,928    92,120      808       1%   78,771
  
  Deferred income taxes         20,950    19,271    1,679       9%   20,950
  Other current assets           1,706     6,544   (4,838)    -74%    2,640
                               --------  --------  -------  ------- --------
    Total current assets       319,295   306,211   13,084       4%  342,775
                                                                           
Property, plant & equipment    115,610   116,323     (713)     -1%  114,658
                                                                           
Goodwill                        40,187    39,947      240       1%   38,702
                                                                          
Other long-term assets          34,583    30,639    3,944      13%   32,272
                               --------  --------  -------  ------- --------
      Total assets            $509,675  $493,120  $16,555       3% $528,407
                              ========  ========  =======  ======= ========

                      
                                   Unaudited           Increase
                              -----------------      (Decrease)     Audited 
                              July 26,  July 27,  ---------------  April 26, 
                                1997      1996    Dollars  Percent   1997 
                              --------  --------  -------  -------  -------
Current liabilities
  Current portion - l/t debt    $4,611    $4,625     ($14)     0%   $4,611
  Current portion - captl leases 1,932     2,114     (182)    -9%    2,017
  Accounts payable              29,959    27,027    2,932     11%   28,589
  Payroll/other comp            23,014    21,651    1,363      6%   37,934
  Estimated income taxes         5,105     6,903   (1,798)   -26%    5,412
  Other current liabilities     17,017    16,492      525      3%   19,106
                              --------  --------  -------  ------   ------
    Total current liabilities   81,638    78,812    2,826      4%   97,669
                                                                            
Long-term debt                  50,524    55,135   (4,611)    -8%   52,449
                              
Capital leases                   1,760     3,654   (1,894)   -52%    2,202

Deferred income taxes            6,329     6,663     (334)    -5%    6,329

Other long-term liabilities     10,143     9,729      414      4%   10,420

Commitments & contingencies
                                                                          
Shareholders' equity                                                       
  17,974,876 shares, $1.00 par  17,975    18,207     (232)    -1%   17,908
  Capital in excess of par      28,318    28,225       93      0%   27,697
  Retained earnings            313,893   293,563   20,330      7%  314,731
  Currency translation            (905)     (868)    (37)     -4%     (998)
                              --------  --------  -------  ------  -------
    Total shareholders' equity 359,281   339,127   20,154      6%  359,338
                              --------  --------  -------  ------  -------
      Total liabilities and                                                
      shareholders' equity    $509,675  $493,120  $16,555      3% $528,407
                              ========  ========  =======  ====== ========



8/5/97    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 22.7% of sales from 23.7% in last 
year's first quarter even though sales dollars increased 5% and sales units 
increased 3% - 4%.  The decline in gross profit margin was primarily due to 
unfavorable direct labor and overhead costs incurred in positioning many 
residential upholstery plants to meet the anticipated increased production 
demands associated with the fall selling season.  Other reasons for the 
decline in margins include higher lumber and plywood processing costs, 
higher costs due to some raw material parts delivery disruptions and higher 
freight costs.

     Most of the above reasons for declining first quarter margins appear to 
be non-recurring.

S,G & A:
- -------
     First quarter S, G & A increased to 21.4% of sales vs. 19.5%.  The 
largest cause is due to the increase of bad debts expense relating to the 
Chapter 11 declaration of bankruptcy by Montgomery Ward Holding Corporation.  
Sales to Montgomery Ward, La-Z-Boy's largest dealer, amounted to slightly 
less than 5% of sales in the last year.  About $3.1 million in S, G & A bad 
debts expense is due to Montgomery Ward.  This is expected to be a "one-
time" income statement impact.  

     Another area of S, G & A increase (as a percent of sales) is in the 
Information Technologies (IT) area.  Starting about a year ago and 
continuing perhaps another year or two, an IT "infrastructure" type of 
investment has been made of both an expense and capitalized nature.    

     Some other areas of S, G & A increase over last year (as a percent of 
sales) were freight expense, sales meeting expenses, and some outside 
consulting expenses.   These were all "one-time" expenses and are not 
expected to continue to increase throughout the new fiscal year at a rate 
exceeding the rate of sales.      

Cash:
- ----
     The first quarter cash balance was 56% above last year end.  The 
increase was largely due to a decrease in accounts receivable.  Because of 
very strong sales in the fourth quarter of FY97, cash impacts are being 
recognized in the first quarter of FY98.

Goodwill:
- --------
     Goodwill increased approximately $1.5 million from 4/26/97 to 7/26/97.  
The former England/Corsair shareholder's were given the opportunity to 
receive additional Company common stock based on England/Corsair's actual 
profit performance in each of the two years following acquisition.  
Approximately $1.9 million of common stock was issued in the first quarter 
of FY98 relating to England/Corsair's actual FY97 performance.  Goodwill was 
increased by the value of the common stock issued.