Thursday, Dec 08, 2016
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La-Z-Boy reports $9.6M profit in 1st quarter

MONROE — Buoyed by a 6 percent rise in total sales, furniture maker La-Z-Boy Inc. on Tuesday reported a fiscal first quarter profit of $9.6 million, or 18 cents per share, up 118 percent from $4.4 million, or 8 cents per share, for the same period a year ago.

The Monroe-based company, which makes the iconic La-Z-Boy recliner, said its quarterly sales totaled $318.9 million, compared with $301.5 million a year earlier.

The company said it was helped by a nearly 13 percent increase in same-store sales at its La-Z-Boy Furniture Galleries store network. La-Z-Boy’s retail segment posted operating income of $1.9 million for the quarter, compared with an operating loss of $2 million a year ago.

Sales in the company’s wholesale segment rose to $254.9 million, compared with $238.2 million in the fiscal first quarter a year ago.

In after-hours trading, La-Z-Boy stock was up 2 cents to $21.26 after rising 81 cents per share during the day.

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