MONROE, MI – La-Z-Boy Inc. reported net sales for the fiscal third quarter ended Jan. 26 of $373.1 million, down 7.8% compared to the prior year quarter. Net income was $9.5 million versus a loss of $7.8 million during the same period last year. Income from continuing operations in the fiscal 2008 third quarter was $9.1 million compared with $6.9 million in the fiscal 2007 third quarter.
“We continue to go through a difficult macroeconomic period which is impacting the housing and home furnishings markets,” said Kurt Darrow, president and CEO. “In this environment, we have worked to sustain the performance of our wholesale operations through various cost-reduction programs. Given the higher fixed-cost nature of the retail business, the performance of our company-owned retail segment has been particularly impacted by external conditions, with the progress made on the cost side overshadowed by the effect of lower volumes. We continue to work to position La-Z-Boy to emerge from this difficult period as a stronger and leaner manufacturer and distributor with a solid integrated retail platform.”
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