La-Z-Boy Reports 1Q $13 Million Net Income

August 20, 2014  by in Financial Reports, Industry   

Sales for the quarter were $327 million, up 7 percent compared with sales of $305.5 million in the first quarter of last year.

"We are pleased with the overall sales increase we achieved this quarter against the backdrop of a challenging retail environment," said Kurt Darrow, chairman, president and CEO. "During the period, we continued to invest in our business with incremental spending on marketing, technology and the opening of new stores, to fuel long-term profitable growth."

Sales in the company's upholstery segment climbed 6.8 percent to $262.9 million from $246.1 million in the prior year's first quarter. Case goods sales for the first quarter were $28.9 million, up 16.6  percent from $24.8 million in the first quarter of fiscal 2014.

From the company's retail side, delivered sales were $72.9 million, up 10 percent compared with the first quarter last year.

"We are confident we have a solid strategy in place to drive long-term profitable growth," Darrow said. "The La-Z-Boy brand is the strongest in the furniture industry, our branded distribution network is vast, including more than 900 locations, and we have a unique multi-channel network, where we sell through both the branded channel and to a large and varied dealer base."

The company's board declared a quarterly car dividend of $0.06 per share on the common stock. The dividend is payable Sept. 10 to shareholders of record as of Aug. 29. The board also approved the purchase of up to 5 million shares under the company's share purchase authorization.

The complete earnings release can be found online.