MONROE, MI - La-Z-Boy Inc. posted net income of $46.4 million for its 2013 fiscal year, down 47.3% from the prior year.
The decline in profits occurred even though La-Z-Boy's sales for FY 2013 of $1.3 billion increased 8.2% over FY 2912. La-Z-Boy's profit hit included restructuring charges for its wood case goods division.
Same-store written sales for the La-Z-Boy Furniture Galleries store network increased 12.7% for the full fiscal 2013 year, The retail segment turned profitable, posting operating income of $4.1 million, or a 1.5% operating margin, compared with an operating loss of $7.8 million, or a (3.6%) operating margin in fiscal 2012.
Kurt Darrow, chairman, president and CEO of La-Z-Boy said, he thinks La-Z-Boy is on the right path in integrating manufacturing, product sourcing and retailing. "We are confident the integrated retail model developed over the last several years is the right strategy to take our company forward to deliver profitable growth. Our operating platform is efficient and that, combined with the strongest brand in the industry, positions us to continue to benefit from a strengthening economy, particularly with an ongoing recovery in the housing market."
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