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Article: La-Z-Boy posts $8.7M loss as sales drop 12.6%.(La-Z-Boy Inc. La-Z-Boy Business Furniture)(Financial report)
- Article from:
- Furniture-Today
- Article date:
- August 20, 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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Staff
Monroe, Mich.- La-Z-Boy lost $8.7 million, or 17 cents per share, in its first quarter ended July 28, as sales fell 12.6% from the comparable period a year ago, the manufacturer and retailer reported.
But President and CEO Kurt Darrow said the company expects results to improve in future quarters and is sticking with its forecast of a 5% to 10% sales decline for the full fiscal year. It also projects earnings this year of 45 cents to 60 cents from continuing operations, compared with net earnings of 38 cents per share last year.
"Against the backdrop of ongoing challenging business conditions, our results reflect a significant drop in ...
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