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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.

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