Q1 sales slip at La-Z-Boy
Furniture company La-Z-Boy Incorporated has reported lower sales for its first quarter ended July 26.
Net sales for the quarter were $322 million, down 6.6% compared with the prior-year period. The company reported a loss of $8.5 million, flat with the corresponding period a year ago.
For the first quarter, sales in the company's upholstery segment decreased 6.9% to $237.1 million compared with $254.8 million in the prior-year first quarter. Retail sales were $42.4 million, down 6.2% year-on-year.
President and chief executive officer, Kurt Darrow, said: "The overall macroeconomic environment continues to be challenging. Increased oil prices, higher interest rates and a depressed housing market, combined with low consumer confidence levels, are having an effect on the home furnishings industry across the board. We remain committed to running our business with the greatest efficiency possible and believe we have the opportunity to improve our performance."
