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La-Z-Boy upholstery segment sales fall for fiscal Q2, 2008

25 Dec '07
3 min read

La-Z-Boy Incorporated reported its operating results for the second fiscal quarter ended October 27, 2007. Net sales for the quarter were $365.4 million, down 12% compared with the prior-year period.

The company posted an after-tax loss of $9.9 million, or $0.19 per share, which included a $0.07 per-share charge for a write-down of goodwill, a $0.12 per–share charge from discontinued operations, a large portion of which was attributable to intangible assets and liquidating inventory of businesses held for sale, and a $0.01 restructuring charge.

La-Z-Boy posted an after-tax loss of $3.7 million from continuing operations, or a loss of $0.07 per share, which included the $0.01 per share restructuring charge and the $0.07 per share for the goodwill write-down.

Kurt L. Darrow, La-Z-Boy's President and Chief Executive Officer, said: “While we are disappointed that, due to industry headwinds, the improvements we have made in our business model are not clearly evident in our results, we posted reasonable operating margins in each of our wholesale businesses on significantly lower volume.

In the midst of what continues to be a challenging environment across the furniture sector, we are executing against our strategy and making the necessary changes to our business model to ensure we remain both a leading and competitive manufacturer, distributor and retailer.

During the quarter, we sold our two remaining businesses held for sale and are pleased to have the announced portfolio rationalization process behind us. Going forward, we will continue to address our manufacturing processes, structure our retail operation to run as an integrated entity with increased efficiencies and remain committed to working on the areas of the business we can control and improve given this environment.”

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