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US home furnishing firm La-Z-Boy's Q4 FY21 sales jump 41% to $519 mn
17 Jun 21 2 min read
La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 41 per cent sales growth to $519.5 million in its fourth quarter (Q4) FY21 ended on April 24, 2021, compared to sales of $367.3 million in the corresponding quarter of previous fiscal. The company's net income for the quarter rose to $37.5 million (Q4 FY20: $2.3 million).
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“In an extremely difficult year marked by the pandemic, related macroeconomic uncertainty and supply chain disruption, we delivered strong results. Our start to the fiscal year in May 2020 came as the world was still in the early stages of its Covid-19 response. We had just restarted our plants after a month-long shutdown and retailers were slowly beginning to reopen,” Melinda D Whittington, president and chief executive officer of La-Z-Boy, said in a press release.
Gross profit for Q4 FY21 increased to $222.0 million ($171.7 million), while selling, general and administrative expense were $172.0 million ($131.4 million). The company’s operating income for the reported period surged to $50.0 million ($13.4 million).
La-Z-Boy’s wholesale segment sales for Q4 FY21 were $384.0 million ($274.7 million), whereas retail segment sales were $193.5 million ($139.6 million).
“Additionally, we strengthened our business by significantly expanding production capacity, enhanced our retail platform, including the acquisition of the Seattle-based La-Z-Boy Furniture Galleries stores, and turned Joybird profitable. All business units are experiencing record demand, demonstrating the strength of our brands in the marketplace combined with fantastic execution from all retail and sales teams,” Whittington added.
Fibre2Fashion News Desk (JL)
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