La-Z-Boy 4Q income rises

MONROE, Mich. La-Z-Boy reported that net income for the fourth quarter was $13.7 million, or 26 cents per share, compared with $5.2 million, or 10 cents per share, in the fourth quarter of fiscal 2009. Net sales for the fourth quarter were $310.7 million, up 9.2% compared with the prior year’s fourth quarter.

For the full fiscal 2010 year, La-Z-Boy reported sales of $1.2 billion, down 3.9% from the prior-year period.  The company reported income attributable to La-Z-Boy Incorporated of $32.5 million, or 62 cents per share, versus a loss of $122.7 million, or a loss of $2.39 per share. 

Kurt Darrow, president and CEO of La-Z-Boy, said, “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.  Our manufacturing operations are governed by lean principles, we are focused on building the La-Z-Boy brand, the core growth engine of the company, and are working to strengthen the performance of our retail segment.  Additionally, we have managed our balance sheet aggressively, by reducing our total debt to $48 million while increasing our cash position to $108.4 million, to ensure we have the greatest financial flexibility.  While challenges still remain, we believe that today La-Z-Boy Incorporated is well positioned to not only compete in this environment, but to grow profitably.”