Loading…
Friday, November 28, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 6/19/2013 - Updated: 1 year ago

La-Z-Boy profits decline, but annual sales improve

Firm says restructuring costs hurt bottom line

BY JON CHAVEZ
BLADE BUSINESS WRITER

MONROE — La-Z-Boy Inc. on Tuesday reported an annual profit of $46.4 million, or 85 cents per share, for fiscal 2013, a decrease of 47 percent from a year ago when the company had a profit of $88 million, or $1.66 a share.

The Michigan-based furniture manufacturer, whose products include the iconic La-Z-Boy recliner, said that despite a drop in profits, its annual sales for the fiscal year grew 8.2 percent to $1.3 billion. A year ago sales were $1.23 billion.

La-Z-Boy said it took a 3-cent-per-share restructuring charge against earnings because of adjustments in its wood-furniture segment, or “casegoods.” But its fiscal results included a 6-cents per share gain related to the sale of investments and a 3-cents-per-share gain mainly because of benefits from foreign and state taxes.

“We are pleased with our results ...,” said Kurt Darrow, La-Z-Boy’s chairman, president, and chief executive officer. “For the year, we increased sales, delivered a significant increase in our consolidated operating income, achieved profitability in our retail segment, strengthened our balance sheet, and reinstated our dividend.”

La-Z-Boy reinstated the dividend in December, paying out 4-cents-per-share for the quarter.

The firm said that among its La-Z-Boy Furniture Galleries store network, sales at stores that have been open at least a year increased 12.7 percent over the fiscal year.

La-Z-Boy’s retail segment became profitable in fiscal 2013, posting an operating income of $4.1 million, compared with an operating loss of $7.8 million in fiscal 2012.

For the fiscal fourth quarter, La-Z-Boy had net profits of $18.3 million, or 33 cents per share, a drop of 7 percent compared to a year ago. Its quarterly sales were $359.5 million, up 10 percent compared to the fourth quarter of fiscal 2012.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.