MONROE, MI – La-Z-Boy, a manufacturer of upholstery and case goods furniture, posted a profit of $2 million for the first quarter ended July 25.
The profit coincided with an 18.3% decline in Q1 sales, $262.7 million compared to $321.7 million in the same period a year before. The company posted an $8.5 million loss then.
Kurt Barrow, president and CEO of La-Z-Boy, said, “In what is historically a weaker-demand quarter given seasonality issues, our results for the period demonstrate the effectiveness of the many structural changes we have made to our business combined with the major strategic initiatives implemented over the last several years.. These moves are continuing to bear fruit and enabled us to earn a profit on a $59 million quarter-over-quarter sales decline.”
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