La-Z-Boy Reports Quarterly Profit

Posted by MCC on November 26th, 2009 at 10:54pm

With lower operating and restructuring costs, La-Z-Boy realized a profit for the second quarter when compared to a loss during the same time last year. For the quarter that ended on October 24, the furniture seller reported earnings of $5.9 million this year and a loss of $53.7 million last year.

In this most recent quarter, the company reported lower taxes, interest payments and operating costs. However, revenue still dropped 9 percent resulting in a decline to $300.7 million from $331.9 million. Even with the drop in revenue, it still surpassed the $285 million predicted by analysts.

“Although the magnitude of volume declines is not as great as we experienced over the last several quarters, we remain concerned about the overall macroeconomic environment and it is too early to predict a recovery for our industry,” said President and CEO Kurt L. Darrow, in a statement.

Under Furniture News