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Article: La-Z-Boy posts $7.8M 3Q loss.(earnings of La-Z-Boy Inc. La-Z-Boy Business Furniture)(Financial report)
- Article from:
- Furniture-Today
- Article date:
- February 19, 2007
CopyrightCOPYRIGHT 2007 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Larry Thomas
Monroe, Mich.- La-Z-Boy posted a net loss of $7.8 million in its third quarter ended Jan. 27 as sales slid 9.6%.
The company, which said last week it was selling its Sam Moore, Clayton Marcus and Pennsylvania House units, said much of the loss was attributable to those operations, as well as to company-owned dedicated stores, which incurred an operating loss of $6.7 million.
"The retail environment remains extremely difficult," said President and CEO Kurt Darrow. "But against that backdrop, we were pleased with our wholesale business performance."
Total sales for the quarter were $403.9 million, compared with $446.6 ...
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