MONROE, MI - La-Z-Boy Inc. reported net sales for its second quarter of $300.7 million, a decrease of 9.4% from the same period a year ago.
Yet, the company reported net income attributable to La-Z-Boy of $5.9 million compared with a loss of $53.7 million in the fiscal 2009 second quarter.
Kurt Darrow, president and CEO of La-Z-Boy, said, “In what continues to be a difficult macroeconomic environment, La-Z-Boy has reported three consecutive quarters of profitability. These results demonstrate the effectiveness of strategic initiatives implemented over the past several years, which have improved the efficiencies of our operations, coupled with the decisive changes made to our cost structure last fall when volumes dropped precipitously. Today, La-Z-Boy Incorporated is operating from a more competitive platform and, over the next 12 to 18 months, our operations will be further strengthened by previously announced projects under way. Additionally, we are encouraged that despite lower volumes, our retail segment continues to make progress and has significantly reduced year-over-year losses for each of the last four quarters.”
Have something to say? Share your thoughts with us in the comments below.