Daily News
From Home Furnishing Business
La-Z-Boy 2Q Sales Climb 4.7%
November 19,
2015 by in Financial Reports, Industry 
La-Z-Boy (NYSE: LZB) posted net income of $34.6 million for the second quarter ended Oct. 24 compared to net income of $32.6 million in the same period last year.
Net sales for the quarter climbed 4.7 percent to $382.9 million from net sales of $365.6 million in the second quarter last year.
Same-store sales for the quarter climbed 3.6 percent.
"For the quarter, we improved our overall performance and achieved a consolidated operating margin of 8.7 percent, driven primarily by efficiencies within our manufacturing facilities and supply chain, as well as strong retail execution,” said Kurt Darrow, chairman, president and CEO. “With sales trends accelerating throughout the period, we are pleased to enter the third quarter with momentum. As part of our multi-faceted growth strategy, during the period, we increased the size of our company-owned retail segment with the acquisition of 10 La-Z-Boy Furniture Galleries stores from independent dealers.”
The company also opened three stores in the network during the quarter.
The complete earnings release is available online.