MONROE, MI -- La-Z-Boy Inc. (NYSE: LZB) today reported fourth-quarter consolidated sales of $310.7 million, an increased 9.2% compared to the same period last year.
For the year, however, consolidated sales were at $1.2 billion, representing a 3.9% decline%.
La-z-Boy's upholstery segment posted an 11.9% operating margin for Q4 and a 10.7% operating margin for the full year.
Kurt Darrow, president and CEO of La-Z-Boy, said, "Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow. Our manufacturing operations are governed by lean principles, we are focused on building the La-Z-Boy brand, the core growth engine of the company, and are working to strengthen the performance of our retail segment. Additionally, we have managed our balance sheet aggressively, by reducing our total debt to $48 million while increasing our cash position to $108.4 million, to ensure we have the greatest financial flexibility. While challenges still remain, we believe that today La-Z-Boy Incorporated is well positioned to not only compete in this environment, but to grow profitably."
Read La-Z-Boy's press release.
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