Furniture sales still down at La-Z-Boy, but recovery is likely
March 25, 2021 | 4:36 pm UTC
Residential furniture giant La-Z-Boy reported third-quarter sales of $470.1 million, a 1.2 percent decline over the same period last year. The company's net income for the quarter fell to $29.2 million from $34.5 million.
The company’s wholesale segment decreased to $350.7 million from $364.8 million. Its retail segment sales were $165.9 million from $167.4 million.
“Robust written trends continue across all La-Z-Boy Incorporated businesses as consumer demand for home furnishings remains unabated. However, delivered sales declined slightly versus last year's record third quarter due to greater-than-anticipated impacts from COVID-19 across our supply chain,” said longtime CEO Kurt Darrow. Darrow is set to retire April 25.
“We continue to add additional capacity to service our unprecedented order rate, with our supply chain team actively ramping production as quickly as possible to service customers while prioritising the health and safety of employees. Even with these short-term challenges, we delivered a strong consolidated operating margin, including another profitable quarter for Joybird,” Darrow said.
Sales seem to have increased significantly from the first quarter - during the height of the shutdown - when the company reported sales of $285 million, a 31 percent loss. Darrow at the time said the company was "cautiously optimistic."
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