Daily News
From Home Furnishing Business
La-Z-Boy Same-Store Sales Slip with Weather
June 18,
2014 by in Financial Reports, Industry 
La-Z-Boy (NYSE: LZB) said winter weather woes hit the company's same-store sales results for the fourth quarter and fiscal year.
The company's La-Z-Boy Furniture Galleries store reported the first quarterly decline in same-store sales in more than three years.
"Although sales in the upholstery segment were up slightly, we believe they were adversely impacted by weather issues beginning in the third quarter, affecting the written order rate, and extending into the fourth quarter, particularly in February," said Kurt Darrow CEO.
Same-store sales for the furniture galleries store network decreased 0.9 percent for the fourth quarter after an 11.2 percent increase in last year's period.
The company reported net income of $12.2 million for the fourth quarter ended April 26, compared to $18.3 million in the same quarter last year. Net sales for the quarter were $353 million compared to $346 million in the fourth quarter last year.
The company's year-end net income was $55 million for the year ended April 26 compared to net income of $46 million for the prior fiscal year.
The entire earnings release is available online.