MONROE, MI -- La-Z-Boy Inc. (NYSE: LZB) posted a fourth quarter sales increase of 9.1% compared to its fiscal 2010 fourth quarter. The company said it achieved net income of $10.3 million for Q4.
Sales for the full year increased 0.7% compared with fiscal 2010, which La-Z-Boy President and CEO Kurt Darrow said reflected "macroeconomic challenges." The deconsolidation of the company's Toronto VIE resulted in a decrease in sales for the year of $20.4 million, net of eliminations. After considering these two factors, sales for the year were essentially flat.
Net income attributable to La-Z-Boy Incorporated for the full year was $24.0 million. The upholstery segment's sales increased 9.8%, The casegoods segment's sales increased 8.6%.
Posted by Rich Christianson
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