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US home furnishing firm La-Z-Boy begins FY22 with record sales
20 Aug 21 2 min read
La-Z-Boy Incorporated, a US-based global leader in residential furniture, has reported 84 per cent sales jump to $524.8 million in first quarter (Q1) of FY22 ended on July 24, 2021, against sales of $285.4 million in the same period of previous fiscal. Operating income for the three-month period advanced to $34.4 million (Q1 FY21: $5.8 million).
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“The La-Z-Boy enterprise delivered all-time, record-high sales for a quarter, even with our annual one-week maintenance shutdown in July. We are excited about our future as demand trends remain strong across all business units, our cash position is solid, and we are investing in our business for continued success throughout the pandemic period and beyond,” Melinda Whittington, president and chief executive officer at La-Z-Boy, said in a press release.
Gross profit during the first quarter expanded to $202.0 million ($116.3 million), and net income surged to $25.2 million ($4.7 million).
La-Z-Boy’s wholesale segment sales increased 76 per cent $393.5 million, whereas retail segment sales were up 100 per cent to $181.8 million.
“While we increased our production capacity in the period, we also continue to navigate our way through a volatile environment, including rapidly escalating commodity and freight costs, which have not shown signs of abating. To mitigate these historic rising costs, we took additional pricing actions in the quarter and, for the first time, imposed a surcharge on pending dealer orders in our backlog to help mitigate these significant cost increases in the near term,” Whittington added.
Fibre2Fashion News Desk (JL)
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