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La-Z-Boy upholstery segment sales fall for fiscal Q2, 2008
25 Dec '07
3 min read
Upholstery:
For the fiscal 2008 second quarter, sales in the company's upholstery segment decreased 11.4% to $269.7 million compared with $304.6 million in the prior year's second quarter while the segment's operating margin increased to 7.1% from 6.6% in the year-ago period.
Darrow stated, “Our operating margin results this quarter reflect increased capacity utilization at our remaining facilities as well as the benefit we are attaining through the conversion of our La-Z-Boy branded facilities to the cellular production process, which will be completed by the end of this fiscal year. We are confident that when retail conditions improve, the lower operating cost structure we have achieved across our enterprise will position us to improve our financial results.”
For the quarter, the La-Z-Boy Furniture Galleries store system, which includes both companyowned and independent-licensed stores, opened 6 new stores, relocated and/or remodeled 4 and closed 1, bringing the total store count to 338, of which 205 are in the New Generation format.
For the third quarter 2008, the network plans to open 10 New Generation format La-Z-Boy Furniture Galleries stores, of which 3 will be new stores and 7 will be store remodels or relocations, and will close 3.
System-wide, for the third calendar quarter, including company-owned and independent-licensed stores, same-store written sales, which the company tracks as an indicator of retail activity, were down 9.1%. Total written sales, which includes new stores, were down 9.6%.
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For the fiscal 2008 second quarter, sales in the company's upholstery segment decreased 11.4% to $269.7 million compared with $304.6 million in the prior year's second quarter while the segment's operating margin increased to 7.1% from 6.6% in the year-ago period.
Darrow stated, “Our operating margin results this quarter reflect increased capacity utilization at our remaining facilities as well as the benefit we are attaining through the conversion of our La-Z-Boy branded facilities to the cellular production process, which will be completed by the end of this fiscal year. We are confident that when retail conditions improve, the lower operating cost structure we have achieved across our enterprise will position us to improve our financial results.”
For the quarter, the La-Z-Boy Furniture Galleries store system, which includes both companyowned and independent-licensed stores, opened 6 new stores, relocated and/or remodeled 4 and closed 1, bringing the total store count to 338, of which 205 are in the New Generation format.
For the third quarter 2008, the network plans to open 10 New Generation format La-Z-Boy Furniture Galleries stores, of which 3 will be new stores and 7 will be store remodels or relocations, and will close 3.
System-wide, for the third calendar quarter, including company-owned and independent-licensed stores, same-store written sales, which the company tracks as an indicator of retail activity, were down 9.1%. Total written sales, which includes new stores, were down 9.6%.
Click here to view more:
La-Z-Boy Incorporated
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