MONROE, MI – La-Z-Boy Inc. announced its operating results for its fiscal 2007 third quarter ended January 27. Net sales for the quarter were down 9.6% to $403.9 million when compared to the same period of 2006. The company posted a per-share loss of $0.15, which included an after-tax $0.28 per-share loss from discontinued operations. For the nine months that ended January 27, net sales were $1.2 billion, a decrease of 2.8% compared with the prior-year period.
La-Z-Boy President and CEO Kurt L. Darrow said, “despite the challenging sales environment pervasive throughout our industry, we were able to improve margins in our wholesale businesses while doing an excellent job managing our inventory, reducing our debt and generating cash.”
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