MONROE, MI - La-Z-Boy ended its year with 2015 fourth quarter sales of $374.9 million, up 6.2%; and $1.43 billion for the year, up 5%.
But the strongest note was centered around the La-Z-Boy recliners, motion and other upholstered furniture, marketed as Made in America and produced at six manufacturing plants.
For solid wood furnishings it's another matter. In its SEC filing La-Z-Boy reports that it restructured its casegoods business, closing production and "transitioning to an all-import model for our wood furniture. As a result of this restructuring, we ceased casegoods manufacturing at our Hudson, North Carolina facility during the second quarter of fiscal 2015, and we transitioned our remaining Kincaid and American Drew bedroom product lines to imported product."
La-Z-Boy also tried to sell its youth furniture business, Lea Industries,"as it did not align with our long-term strategic objectives. We were unable to find a buyer for our Lea Industries business, and instead we liquidated all the assets, consisting mostly of inventory, and ceased operations of Lea Industries during the third quarter of fiscal 2015."
These casegoods transitions correspond to La-Z-Boy setting a new direction, embodied in its new headquarters building in Monroe, Michigan. The 200,000-square-foot, three-story facility features an open floor plan and flexible workspace, designed to help foster greater collaboration, innovation and creativity. Throughout the headquarters, a large variety of working and gathering spaces are available to employees to provide maximum flexibility for every working situation from treadmill desks to rooftop patios. A critical emphasis was placed on the interior design, giving employees a stylish, warm environment that includes a dramatic atrium, collaborative seating areas, fireplaces, quiet rooms, natural wood, modern fabrics and colors. The brand known for comfort has essentially built a commercial building with a welcoming and residential feel.
The company also reports it received a healthy boost from the Continued Dumping and Subsidy Offset Act of 2000, which provides for distribution of duties collected by U.S. Customs and Border Protection from antidumping cases to domestic producers that supported the antidumping petition related to wooden bedroom furniture imported from China. La-Z-Boy receive pre-tax distributions of $1.2 million related to continuing operations and $4.2 million related to discontinued operations during fiscal 2015.
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