La-Z-Boy’s profits slip 3.4%, but total revenues up
Firm: Weather affected 3rd quarter figures
2/18/2014MONROE — La-Z-Boy Inc. on Tuesday reported a net profit of $16.4 million, or 31 cents a share, for its fiscal third quarter, which ended Jan. 25.
The profits were down 3.4 percent from the same period a year ago when the Monroe furniture maker made $17.1 million, or 32 cents a share.
For the quarter, La-Z-Boy, which makes the iconic La-Z-Boy recliner chair and other furniture, had total revenues of $350.4 million, up 3 percent from a year ago when its revenues were $340.2 million.
Kurt Darrow, La-Z-Boy chairman, president, and chief executive officer, said the fundamental pace of the company’s business and its ability to improve profitability remained steady. “During the third quarter, however, weather conditions did have some impact on sales, production, and deliveries. Moving forward, we are confident we have the right plan in place to grow the company ... while enjoying the benefits of our lean manufacturing structure,” he said.
La-Z-Boy’s quarterly earnings were announced after the market closed Tuesday. At the same time, La-Z-Boy’s board declared a third-quarter dividend of 6 cents per share, payable March 10 to shareholders of record as of Feb. 28.
La-Z-Boy’s shares fell 33 cents yesterday, closing at $27.11 a share on the New York Stock Exchange.