La-Z-Boy Sales up 5% in Q2

November 30, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on December 1, 2011

La-Z-Boy (NYSE: LZB) reported fiscal 2012 second-quarter sales of $307.7 million, a 5 percent increase compared with the same period last year.

For the three months ended Oct. 29, the Monroe, Mich.-based company reported net income of $7.9 million, more than double the $3.9 million netted in second-quarter 2011.

Same-store written sales for the 309 La-Z-Boy Furniture Galleries store network increased 9.2%; and delivered sales in the company-owned retail segment increased 34.3 percent.

"While macroeconomic headwinds continue to prevail, we are encouraged by our results and believe we are gaining market share, particularly in our upholstery segment," said La-Z-Boy Chairman, President and CEO Kurt Darrow. "For the quarter, we experienced a sales increase in our upholstery and retail segments, improved our overall gross margin, increased same-store sales for the La-Z-Boy Furniture Galleries store network and recorded the 11th consecutive quarterly improvement in the operating performance of our retail segment compared with the prior year. We also more than doubled our consolidated operating profit compared with last year's second quarter. The success of our marketing campaign, strong product values and our lean operating platform are driving the company's performance and we believe we have the ability to continue to strengthen our results as our volume grows."

Click here for La-Z-Boy's complete release on second-quarter 2012 performance.