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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.
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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