La-Z-Boy reports big profit gains
8/21/2018
La-Z-boy Inc. of Monroe
MONROE, Mich. — La-Z-Boy, the nation’s No. 2 furniture-maker, on Tuesday reported a fiscal first quarter profit of $18.3 million, or 39 cents per share, up nearly 58 percent over the same quarter a year ago when the company had a profit of $11.6 million, or 24 cents per share.
The maker of iconic La-Z-Boy recliners had solid gains in all three revenue segments, with total sales in the quarter up nearly 8 percent at $384.7 million, compared with $357.1 million last year. Upholstered furniture sales rose 6.9 percent, casegoods 11.3 percent, and the 139-store retail network 7.9 percent.
La-Z-Boy Chairman, President and CEO Kurt Darrow said two strategic acquisitions begun in the period, e-commerce retailer Joybird, and Arizona-based La-Z-Boy Furniture Galleries stores, look like strong contributors who will add to the firm’s next phase of growth.
La-Z-Boy easily beat Wall Street estimates of 25 cents a share for the quarter. On the New York Stock Exchange, its stock closed at $33.10 a share Tuesday, up 70 cents.