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From Home Furnishing Business

La-Z-Boy 1Q Sales Climb 4.4%

La-Z-Boy Inc. (NYSE: LZB) reported a net sales increase of 4.4 percent in its first quarter ended July 25.

Net sales for the quarter were $341.4 million compared to first quarter net sales last year of $327 million. Net income for the quarter was $14.1 million compared to $13 million last year.

Upholstery sales increased 3.7 percent to $272.7 million, while case goods sales dropped 19.1 percent to $23.4 million.

Sales from the company’s retail segment, La-Z-Boy Furniture Galleries climbed 18.9 percent.

"We are pleased with our strong performance for the start of the year, particularly our retail segment whose operating profit was $4.4 million more in the fiscal 2016 first quarter compared with last year's first quarter,” said Kurt Darrow, chairman, president and CEO.

The complete earnings report is available online

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