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La-Z-Boy announces Q4 fiscal 2007 sales results

Jun '07
La-Z-Boy Incorporated announced its operating results for the fourth fiscal quarter and full year ended April 28, 2007. Net sales for the quarter were $406.9 million, down 9.4% compared with the prior-year period. The company posted earnings per share from continuing operations of $0.16.

This includes a restructuring charge of $0.08 per share, related to the announced closure and consolidation of facilities as well as a reduction in employment, and a gain of $0.14 per share from the sale of various properties.

For the full year ended April 28, 2007, net sales were $1.62 billion, down 4.6% from the prior year.

The company posted earnings per share from continuing operations of $0.38 for the full year. The earnings-per-share figure includes:
• a $0.17 per share gain on the sale of properties;
• income per share of $0.04 related to anti-dumping duties received on bedroom furniture imported from China;
• a restructuring charge of $0.13 per share; and
• a non-cash stock option expense of $0.03 per share.

These results compare with a loss per share of $0.11 last year, which included:
• a $0.04 per share gain on the sale of properties;
• a restructuring charge of $0.10 per share; and
• a $0.44 per share loss from the write-down of intangible assets.

Kurt L. Darrow, La-Z-Boy's President and Chief Executive Officer, said: "We continue to operate in an environment marked by extremely difficult retail conditions across the industry and have remained focused on running our operations with efficiency and ensuring our cost structure is in line with our revenue stream."

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