From Home Furnishing Business
La-Z-Boy Posts $16.7M Income in 2Q
Home furnishings giant La-Z-Boy (NYSE: LZB) posted second quarter net income of $16.7 million, up from $6.6 million for the same quarter last year.
The company's quarterly sales climbed 13.7 percent to $366.4 million from $322.2 million from the second quarter last year.
The earnings report sent the company's shares up 6.3 percent to $25.96 in after-hours trading. Through Tuesday's close, La-Z-Boy's stock has climbed 73 percent this year.
The retail segment, which includes La-Z-Boy Furniture Galleries stores, swung to an operating profit of $3.3 million, compared to last year's loss of $600,000.
Same-store sales for the company's store network increased 9.8 percent for the second quarter.
The company's upholstery business posted a 14 percent sales increase with revenue of $296.2 million.
Case goods sales for the second quarter were $33.9 million, down 1.7% from $34.5 million in the same quarter last year.
The entire earnings release can be found online.