MONROE, MI - La-Z-Boy Incorporated (NYSE: LZB) third quarter sales rose 10 percent to $349 million for the period ending Jan. 26, 2013; net income rose 14 percent.
Results this time do not include the benefit of earnings from anti-dumping duties levied against Chinese competitors, as did last year's period.
"We continue to experience strong performance and improvement in our retail business, leading to profitability this quarter," said Kurt L. Darrow, CEO. The company is generating cash sufficient to buy back shares - increasing earnings per share - and to pay a dividend and close on the property for La-Z-Boy's new world headquarters.
"Given the ongoing strength of our results, we are well positioned to continue to invest in our business to drive growth. The improving housing market, coupled with what is historically our strongest volume period, makes us cautiously optimistic as we move into the fourth quarter," Darrow said. We are confident we have the right business model in place to drive growth and increased profitability and will continue to make strategic investments."
In January, La-Z-Boy's Dayton, TN furniture factory was named one of its 10 Best Plants in North America for 2012 by IndustryWeek magazine, recognizing its lean manufacturing and continuous improvement efforts.
The La-Z-Boy brand is the strongest in the industry, our network of La-Z-Boy branded distribution outlets is vast and our operating platform is efficient.
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