La-Z-Boy Reports Second-Quarter Net Income
November 18, 2009,
MONROE, Mich.-La-Z-Boy reversed a second-quarter loss from last year by posting net income of $5.7 million in this year's second quarter.
The furniture manufacturer and retailer sliced selling, general and administrative expenses by 16.6 percent and reported a drop of 16.2 percent in total cost of sales. In addition, La-Z-Boy's interest expense was cut nearly in half. All of this combined to offset a 9.4 percent fall in net sales for the quarter, which totaled $300.7 million.
La-Z-Boy said its upholstery segment managed an operating margin of 10.9 percent on a 6 percent decrease in sales in the second quarter. Also, its retail segment slashed its operating loss by 49 percent.