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Home Furnishing maker La-Z-Boy remarks on Q1 results
30 Jul '05
2 min read
Michigan based home furnishing La-Z-Boy Incorporated announced it now expects earnings per share for its first fiscal quarter ending July 30, 2005 to be in the range of $0.04 - $0.06 per diluted share. The previously announced range of diluted earnings per share was $0.10 - $0.14. During last year's first fiscal quarter, the company had a loss of $0.07 per fully diluted share, which included an after-tax restructuring charge of $0.12 per share.
La-Z-Boy President and CEO Kurt Darrow noted, "The weaker-than-anticipated retail environment during what is historically the industry's slowest season leads to now expect year-over-year sales for the quarter to be essentially flat. They reduction in earnings guidance is primarily due to greater-than- expected expenses and transition costs from the additional 21 company-owned La-Z-Boy Furniture Galleries stores that they acquired in the fourth quarter of their fiscal year 2005. As previously mentioned, the operations they acquired were in need of a variety of changes, including information systems, personnel, management, physical infrastructure and some store relocations. While they are implementing the necessary corrective actions, lower retail sales volumes are amplifying these short-term increases in expense."
Darrow concluded, "Although the negative impact from company-owned retail in the quarter will be greater than they anticipated, they are pleased that our core upholstery and casegoods businesses are expectedto show improving margin trends. These improvements are the direct result of the changes we have made in their casegoods business model and their focus on continuous process improvements across their entire enterprise." The company plans to report this year's fiscal first quarter operating results after the market close Monday, August 22, 2005 with its regular quarterly investor
US based La-Z-Boy first introduced the recliner in 1928. Over the subsequent decades, product line (rug, sofa and many other brands) has grown to include a myriad of pieces and styles, and brand name has become highly recognized across the country and around the globe. But throughout our history, one fact has remained constant: The La-Z-Boy brand name is synonymous with comfort and quality.
La-Z-Boy President and CEO Kurt Darrow noted, "The weaker-than-anticipated retail environment during what is historically the industry's slowest season leads to now expect year-over-year sales for the quarter to be essentially flat. They reduction in earnings guidance is primarily due to greater-than- expected expenses and transition costs from the additional 21 company-owned La-Z-Boy Furniture Galleries stores that they acquired in the fourth quarter of their fiscal year 2005. As previously mentioned, the operations they acquired were in need of a variety of changes, including information systems, personnel, management, physical infrastructure and some store relocations. While they are implementing the necessary corrective actions, lower retail sales volumes are amplifying these short-term increases in expense."
Darrow concluded, "Although the negative impact from company-owned retail in the quarter will be greater than they anticipated, they are pleased that our core upholstery and casegoods businesses are expectedto show improving margin trends. These improvements are the direct result of the changes we have made in their casegoods business model and their focus on continuous process improvements across their entire enterprise." The company plans to report this year's fiscal first quarter operating results after the market close Monday, August 22, 2005 with its regular quarterly investor
US based La-Z-Boy first introduced the recliner in 1928. Over the subsequent decades, product line (rug, sofa and many other brands) has grown to include a myriad of pieces and styles, and brand name has become highly recognized across the country and around the globe. But throughout our history, one fact has remained constant: The La-Z-Boy brand name is synonymous with comfort and quality.
La-Z-Boy
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