La-Z-Boy Post Losses of $195,000

Posted by MCC on September 21st, 2010 at 02:12am

For the first fiscal quarter, La-Z-Boy posted a net loss of $195,000. The rising costs of raw materials and shipping delays were cited as hampering the company’s profits. Sales for the quarter ended on July 24 and reached $263.3 million which was under 1% above the same quarter for 2009. President and CEO Kurt Darrow said, “Our results for the quarter were impacted by a confluence of factors”.

“These issues, including higher raw material costs, supply chain disruptions, storms which delayed shipping from our Mexico cut-and-sew operation, and inefficiencies in Mexico as we transition all custom cut-andsewn product from our U.S. operations, have abated somewhat and are not anticipated to impact our results throughout the remainder of the year to the extent they did this quarter.”

You can get more details about the report at FurnitureToday.com.

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