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American home furnishing firm La-Z-Boy delivers Q2 sales of $576 mn
29 Nov 21 2 min read
La-Z-Boy Incorporated, a US-based global leader in residential furniture, has recorded a 25 per cent sales growth to $575.9 million in the second quarter (Q2) of FY22 ended on October 23, 2021, compared to the sales of $459.1 million in the same period of previous fiscal. Net income for the three-month period surged to $40.3 million (Q2 FY21: $35.3 million).
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“La-Z-Boy Incorporated again delivered all-time, record-high sales for the quarter as we continued to increase capacity to service ongoing demand and our significant backlog, and realised pricing and surcharge actions to help offset rising raw material costs. Even while navigating a challenging operating environment with significant widespread supply chain disruption, we delivered strong results, including improved margins versus last quarter,” Melinda Whittington, president and chief executive officer of La-Z-Boy, said in a press release.
The American provider of range of fabrics for couch achieved gross profit of $223.3 million ($200.5 million), while operating income rose to $54.1 million ($47.9 million).
By segment, wholesale sales increased by 28 per cent to $439.0 million ($343.0 million) over the Q2 of last year. The retail segment expanded by 19 per cent in sales to $192.4 million ($162.3 million). Moreover, Joybird's sales advanced 37 per cent to $40.0 million.
“Our business is much larger today than it was pre-pandemic, and demand remains robust across the entire enterprise. With strong brands and vast distribution through multiple channels, we believe our sales momentum is sustainable,” Whittington added.
“Demand trends remain strong, our backlog is high and we expect delivered sales to continue to strengthen, particularly in the fourth quarter as new production cells come online. At the same time, we expect continued supply chain disruptions, including a temporary, but significant, slowdown in our casegoods business due to COVID-related shutdowns in Vietnam,” Bob Lucian, chief financial officer of La-Z-Boy Incorporated, said in the outlook for the fiscal 2022.
“Quarterly trends will also be impacted by our third and fourth quarters containing 12 and 14 production weeks, respectively, compared to 13 production weeks in our second quarter. Taking all of these factors into consideration, we continue to expect sales and margin momentum to accelerate, particularly in the fourth quarter, and we continue to expect to deliver full-year consolidated operating margin at or near double digits,” Lucian concluded.
Fibre2Fashion News Desk (JL)
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