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US furniture manufacturer La-Z-Boy reports Q3 FY21 sales of $470 mn
24 Mar 21 2 min read
La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 1.2 per cent sales decline to $470.1 million in its third quarter (Q3) FY21 ended on January 23, 2021 compared to sales of $475.8 million in the same quarter previous fiscal. The company’s net income for the quarter fell to $29.2 million (Q3 FY20: $34.5 million).
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“Robust written trends continue across all La-Z-Boy Incorporated businesses as consumer demand for home furnishings remains unabated. However, delivered sales declined slightly versus last year's record third quarter due to greater-than-anticipated impacts from Covid-19 across our supply chain,” Kurt Darrow, chairman, president and chief executive officer of La-Z-Boy, said in a press release.
Gross profit for the quarter was $201.2 million ($199.6 million), while selling, general and administrative expense were $166.8 million ($147.3 million). Company’s operating income during Q3 FY21 slipped to $34.4 million ($52.3 million).
Company’s wholesale segment decreased to $350.7 million ($364.8 million). Whereas retail segment sales were $165.9 million ($167.4 million).
“We continue to add additional capacity to service our unprecedented order rate, with our supply chain team actively ramping production as quickly as possible to service customers while prioritising the health and safety of employees. Even with these short-term challenges, we delivered a strong consolidated operating margin, including another profitable quarter for Joybird,” Darrow said.
Fibre2Fashion News Desk (JL)
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