Monroe, MI, United States (AHN) – La-Z-Boy announced Monday that fiscal fourth quarter earnings more than doubled as sales grew 9 percent and its retail segment drastically reduced its operating loss.
The furniture company, most know for its reclining chairs posted fourth quarter earnings of $13.7 million or 26 cents a share, up from $5.2 million or 10 cents a share in the same period a year earlier.
Sales grew 9.2 percent in the fourth quarter to $310.7 million, up from $282.2 million in the same period a year ago.
Earnings were in-line with estimates for 23 cents a share, while revenue topped expectations for $307.7 million.
The company said its retail segment firmed up drastically, cutting its operating loss for the quarter by $2.6 million or 36 percent. Sales in the segment rose 2.1 percent to $39.2 million.
La-Z-Boy also reported full-year results, which swung to a profit of $32.5 million or 62 cents a share, compared to a loss of $122.7 million or $2.39 a share.
“Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow, said President and CEO Kurt L. Darrow.
La-Z-Boy has 306 company-owned locations, selling several brands, including England, Hammary and American Drew.
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