MONROE, Mich. - La-Z-Boy Incorporated (NYSE: LZB) reports 2016 third-quarter sales increased 7.3 percent to $384 million, with retail operations, casegoods and upholstered furniture rising.
"Our consolidated operating margin was 9.1 percent, the highest the company has achieved in any quarter in more than 12 years," said Kurt Darrow, CEO. "These results demonstrate solid execution across the business, including supply chain optimization, improved forecasting and planning, and more consistent service and delivery."
Darrow credited an ERP computer management system, now operational across all La-Z-Boy facilities, with contributing to the improvement.
"The restructuring undertaken in our casegoods business is also delivering results," Darrow said. "For the quarter, we more than doubled our operating margin, reflecting the success of our move to a pure-import model." Last year the Kincaid funriture line manufacturing facility in Hudson, North Carolina was closed.
Have something to say? Share your thoughts with us in the comments below.