MONROE, MI – La-Z-Boy reported fourth-quarter sales of $406.9 million, a 9.4% decline from the same period last year. For the full year ended April 28, 2007, net sales were $1.62 billion, down 4.6% from the prior year.
Kurt Darrow, La-Z-Boy's president and CEO, said, “We continue to operate in an environment marked by extremely difficult retail conditions across the industry and have remained focused on running our operations with efficiency and ensuring our cost structure is in line with our revenue stream. Despite significantly lower volume in both of our wholesale businesses, we maintained our operating margins this quarter, reflecting the disciplines established throughout our business. Additionally, we continued to concentrate on managing our balance sheet by reducing our debt and inventory levels while generating cash. In our retail segment, we are applying the same operating disciplines as we have in our wholesale operations and expect to make incremental progress throughout fiscal 2008 even though the external environment will undoubtedly remain challenging.”
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