MONROE, MI -- La-Z-Boy Incorporated started the first quarter of fiscal year 2015 off with $327 million in sales, a 7 percent increase over the first quarter of fiscal year 2014.
During the first quarter sales in the company's upholstery segment increased 6.8 percent to $262.9 million, up from $246.1 million in the prior year's first quarter. During the quarter the company’s upholstery section showed higher expenses” associated with advertising, a new distribution center in southern Ohio, and initial investments in a new e-Commerce platform and website.”
In the casegoods segment, sales for the fiscal 2015 first quarter were $28.9 million, up 16.6 percent from $24.8 million in the fiscal 2014 first quarter
"Our casegoods business benefitted from several factors during the quarter, including increased sales resulting from new product introductions, the continued strength in our occasional business and an improved in-stock position in the segment,” CEO Kurt L. Darrow said.
La-Z-Boy plans to cease production at its Hudson, N.C. plant in the fall and will become a “pure importer of casegoods.” Additionally the company is introducing more transitional furniture groups to appeal to a wider consumer base.
The company reported income from continuing operations attributable to La-Z-Boy Incorporated of $10.6 million.
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