La-Z-Boy Earnings Climb on Sales Increase

November 19, 2014  by in Financial Reports, Industry   

The company reported a net income of $19.5 million for the quarter, up from $16.7 million reported in the same period last year. Second quarter sales were $365.6 million, a 3.8 percent increase from sales of $352.3 million in the second quarter of last year.

Same-store written sales for La-Z-Boy Furniture Galleries stores increased 3.4 percent for the quarter.

"Overall, we are pleased with the results for the quarter,” said Kurt Darrow, chairman, president and CEO. “We increased sales and posted an 8.3 percent consolidated operating margin for the period. Additionally, we experienced an increase in same-store written sales for the La‑Z‑Boy Furniture Galleries network, generated strong operating cash flow, raised our quarterly dividend and purchased $13.6 million of our stock.  With a strong balance sheet, we continue to make strategic investments in the business to strengthen our capabilities in many areas, including technology, additional stores and supply chain optimization. Moving forward, we are confident we have a solid strategy in place to deliver long-term profitable growth while returning value to our shareholders." 

Second quarter upholstery sales climbed 3.6 percent to $297.3 million from $287 million during the same quarter last year. Quarterly case goods sales were $28.9 million, down 0.2 percent from $29 million in the second quarter of last year.

The complete earnings report is available online.