Home / Knowledge / News / Textiles / La-Z-Boy reports fiscal 2008 Q4 and full year results
La-Z-Boy reports fiscal 2008 Q4 and full year results
26
Jun '08
La-Z-Boy Incorporated reported its operating results for the fiscal fourth quarter and full year ended April 26, 2008. Net sales for the quarter were $368 million, down 9.8% compared with the prior year's fourth quarter. The company reported a loss from continuing operations of $4.5 million, or a loss of $0.09 per share, compared with income from continuing operations of $8.4 million, or $0.16 per share, for the same period last year.

The 2008 fourth quarter results include a $0.04 per share restructuring charge, primarily related to the pending closure of the company's Tremonton, Utah upholstery facility, and a $0.07 per share charge associated with the make-whole provision on the company's private placements, which were refinanced in February. Last year's fourth quarter included a restructuring charge of $0.08 related to the closure of several of the company's upholstery facilities and retail outlets and a $0.14 gain on the sale of properties.

For the full fiscal 2008 year, La-Z-Boy reported sales of $1.5 billion, down 10.5% compared with the prior year. The company reported a loss from continuing operations of $7.5 million, or a loss of $0.15 per share, compared with income from continuing operations of $19.8 million, or $0.38 per share, for fiscal 2007.

The 2008 full-year results include income per share of $0.09 related to anti-dumping duties received on bedroom furniture imported from China, a restructuring charge of $0.10 relating to the closure of the company's Lincolnton facility, retail outlet closures and the pending closure of the company's Tremonton, Utah upholstery facility, a $0.10 per share charge for a write-down of goodwill and a $0.07 per share charge associated with the make-whole provision on the company's private placements, which were refinanced in February.

For the full fiscal 2007 year, the company's results included a $0.13 per share restructuring charge related to plant and retail outlet closures, income of $0.04 per share related to antidumping duties, and a $0.17 per share gain on the sale of properties.

Kurt L. Darrow, La-Z-Boy's President and Chief Executive Officer, said: “In an operatingenvironment that continues to be marked by challenges, fiscal 2008 was a transitional year for La-Z-Boy. We continued our momentum in making significant changes to our business model, including rationalizing our portfolio of operating companies, transitioning our La-Z-Boy branded manufacturing facilities to cellular production, closing several upholstery facilities, launching a new comprehensive marketing campaign, consolidating our retail warehouses and IT systems and strengthening our balance sheet by reducing our debt by 31%. We made tough decisions during tough times, and are confident our business model has the strength and stability for us to remain an industry leader going forward.”

Upholstery:
For the fiscal 2008 fourth quarter, sales in the company's upholstery segment decreased 8.9% to $277.5 million compared with $304.7 million in the prior year's fourth quarter; however, the segment's operating margin increased to 8.3% from 6.0% in last year's comparable quarter.


Must ReadView All

Ghana makes tax stamp compulsory on imported textiles

Textiles | On 27th May 2018

Ghana makes tax stamp compulsory on imported textiles

To curb illegal imports, Ghanaian authorities will put a tax stamp on ...

Courtesy: Vishal Mega Mart

Apparel/Garments | On 27th May 2018

Partners Group, Kedaara Capital taking over VMM

Partners Group, a private markets investment manager, and Kedaara...

Courtesy: Deckers

Apparel/Garments | On 27th May 2018

Deckers Brands sales soar 8.4% in Q4FY18

Deckers Brands, a global leader in designing, marketing and...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search