Tuesday, Oct 25, 2016
One of America's Great Newspapers ~ Toledo, Ohio


La-Z-Boy loses $8.7 million

MONROE - La-Z-Boy Inc. is another area company whose performance has sunk deep into its financial seat.

The Michigan furniture maker reported an $8.7 million loss, or 17 cents a share, yesterday for its latest fiscal quarter, on sales that slumped to $344 million, down nearly 13 percent from a year earlier.

A tough national economy and charges related to the Monroe company's cost cutting contributed to the weaker numbers in what is typically its slowest quarter.

But " we do not believe today's revenue stream is indicative of the run rate for the next 12 to 18 months," Kurt Darrow, company chief executive, said in a statement.

Yesterday's report was for the firm's fiscal first quarter, which ended June 28. For the year-ago period, the company had a profit of $2.3 million, or 4 cents a share, on sales of $394 million.

Sales of upholstered furniture dropped 14 percent, and sales of wood furniture were down 12 percent. Sales at La-Z-Boy stores fell 13 percent.

The financial report was issued after the stock market closed yesterday, when La-Z-Boy shares finished at $9.60.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…