Michigan-based La-Z-Boy furniture posted a %5.3 million profit for the quarter ending April 25th, despite a 22% drop in sales. This comes as welcome news to this manufacturer of upholstery and case good furniture, who has recently undergone drastic infrastructure cuts to keep pace with shrinking consumer spending and a decline in commercial credit. Total sales for the quarter totaled $284.5 million.
The company's retail stores, missed their sales targets by about 21.4%, which was offset by an operating profit of $19.4 million. "I am pleased with the progress our team is making is stemming the losses in the segment," said Kurt Darrow, Lay-Z-Boy CEO.
La-Z-Boy, best known for their innovations in motion furniture, has incorperated a greater selection of fabric cusomizations into their showrooms to appeal to more particular tastes, while their staple offerings in home theatre and reclining furniture has been heavily promoted by the Man Caves television program on the DIY cable network.
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