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La-Z-Boy sales fall

16/02/2007
 
US residential furniture producer La-Z-Boy Incorporated has reported a decline in sales for its third quarter, ended January 27. Net sales for the quarter were $403.9 million, down 9.6% compared with the prior-year period. Net sales totalled $1.2 billion, a decrease of 2.8% compared with third quarter 2006.

Commenting on the company's business outlook, president and CEO, Kurt Darrow, stated that the industry is likely to “continue to go through a difficult period.” Sales are expected to fall 8% to 10% compared with the fourth quarter of 2006.

Meanwhile, the company announced that it has signed a letter of intent to sell its

Sam Moore upholstered chair operations to Hooker Furniture.





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