La-Z-Boy Optimistic Despite Sales, Earnings Declines

In the third quarter, La-Z-Boy posted a sales decline of 4.3% and net income of 19 cents per share, including a six-cent per share tax benefit, versus 21 cents per share in last year’s quarter.
In the period, La-Z-Boy’s upholstery segment sales decreased 3.9% to $225.2 million while casegoods segment sales were down 1.7% to $35.4 million. Retail segment sales increased 9.2% to $44.1 million, the company reported.
Kurt Darrow, La-Z-Boy president and CEO, stated, “We continue to execute effectively against our strategic objectives and achieved improved operating results in both the casegoods and retail business segments. We are also encouraged by the improvement of the La-Z-Boy Furniture Galleries store network’s same-store sales comparison after last quarter’s negative 7.1% performance and this quarter’s increase of 4.7%. Although macroeconomic challenges continue to impact our overall business, we are cautiously optimistic the consumer is more confident in returning to the marketplace.”