La-Z-Boy Q2 FY21 sales grow 2.7% to $459 mn

La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 2.7 per cent sales growth to $459.1 million in its second quarter (Q2) FY21 ended on October 24, 2020, compared to sales of $447.2 million in the same quarter previous fiscal. Company’s net income for the quarter increased to $35.3 million (Q2 FY20: $22.9 million).

 

La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 2.7 per cent sales growth to $459.1 million in its second quarter (Q2) FY21 ended on October 24, 2020, compared to sales of $447.2 million in the same quarter previous fiscal. Company's net income for the quarter increased to $35.3 million (Q2 FY20: $22.9 million).#

“Demand across all La-Z-Boy Incorporated businesses is at record levels as consumers continue to allocate more discretionary spending to home furnishings. Orders are fuelling an unprecedented backlog and our supply chain team is doing a great job to continually increase weekly production to service customers and drive increased delivered sales,” Kurt Darrow, chairman, president and chief executive officer of La-Z-Boy, said in a press release.

 

La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 2.7 per cent sales growth to $459.1 million in its second quarter (Q2) FY21 ended on October 24, 2020, compared to sales of $447.2 million in the same quarter previous fiscal. Company's net income for the quarter increased to $35.3 million (Q2 FY20: $22.9 million).#

Gross profit for the quarter was $200.5 million ($182.3 million). Selling, general and administrative expense were flat at $152.6 million ($152.7 million). Company’s operating income rose during Q2 FY21 to $47.9 million ($29.6 million).

 

La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 2.7 per cent sales growth to $459.1 million in its second quarter (Q2) FY21 ended on October 24, 2020, compared to sales of $447.2 million in the same quarter previous fiscal. Company's net income for the quarter increased to $35.3 million (Q2 FY20: $22.9 million).#

Company’s wholesale segment decreased 2.0 per cent to $343.0 million. However, retail segment sales jumped 9.3 per cent to $162.3 million during Q2 FY21.

 

La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 2.7 per cent sales growth to $459.1 million in its second quarter (Q2) FY21 ended on October 24, 2020, compared to sales of $447.2 million in the same quarter previous fiscal. Company's net income for the quarter increased to $35.3 million (Q2 FY20: $22.9 million).#

During the second quarter, the company closed on the acquisition of six Seattle-based La-Z-Boy Furniture Galleries store.

 

La-Z-Boy Incorporated, a US-based global leader in residential furniture, has posted 2.7 per cent sales growth to $459.1 million in its second quarter (Q2) FY21 ended on October 24, 2020, compared to sales of $447.2 million in the same quarter previous fiscal. Company's net income for the quarter increased to $35.3 million (Q2 FY20: $22.9 million).#

“Although there is extreme uncertainty with respect to the pandemic, including the risk of Covid-19-related shutdowns affecting operations moving forward as well as risk of ongoing disruption within the global supply chain, such as the polyurethane foam issue, we are optimistic the company will deliver strong results in the second half of fiscal 2021. The strength of our brands and vast distribution network are driving strong written order trends across our entire business, translating to a significant increase in backlog,” Darrow said.