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La-Z-Boy CEO "Concerned" About Q4
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Although we have made strides in our wholesale divisions from a margin perspective, the volatility of the retail climate continues to concern us.
Kurt Darrow, CEO, La-Z-Boy

La-Z-Boy (LZB) CEO Kurt Darrow said today his company was "challenged with sales volume" this quarter which, he says, was reflective of recent trends in furniture demand throughout the industry.

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La-Z-Boy sales versus the same quarter last year were essentially flat.

Darrow said, "We continue, however, to be encouraged by our ability to improve wholesale margins on essentially flat volume during what continues to be a difficult period.

Commenting on the company's business outlook, Darrow noted: "Although we have made strides in our wholesale divisions from a margin perspective, the volatility of the retail climate continues to concern us. For the fiscal 2007 third quarter, we expect sales to be down in the mid-single-digit range compared with last year's third quarter sales of $477 million."

Darrow added he expects the company's current quarter to end with earnings down as much as 50% from last year.



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