MONROE, MI - King of recliner furniture La-Z-Boy Incorporated (NYSE: LZB) said sales for the third quarter 2012 increased 5 percent to $316.5 million compared with the 2011 period. Net income was $15.35 million, up 50 percent from the fiscal 2011 third quarter.
For the first nine months of the year, net income was $68.9 million, up from $10.6 million
La-Z-Boy continued to benefit from puntive action by the Commerce Department against China's furniture makers who dump goods on the U.S. market. Income attributable to the Continued Dumping and Subsidy Offset Act was $1.415 million.
In its SEC filing, La-Z-Boy said its Casegoods Group’s sales decreased $1.2 million in the third quarter. "We believe that consumers continue to postpone purchases of casegoods product to a greater extent than upholstered furniture because casegoods furniture typically has a higher average ticket price," the company said.
La-Z-Boy's Upholstery Group companies are Bauhaus, England and La-Z-Boy; its operating units in the Casegoods Group consist of two groups: American Drew-Lea-Hammary; and Kincaid. The company-owned retail segment includes 85 of the 309 La-Z-Boy Furniture Galleries stores.
Retail outlets include 309 stand-alone La-Z-Boy Furniture Galleries stores and 545 independent Comfort Studios.
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