La-Z-Boy stores see strong gains in November, December
By Furniture Today Staff -- Furniture Today, January 20, 2002
MONROE, Mich. — MONROE, Mich. — A sharp sales pickup at La-Z-Boy Furniture Galleries stores in the past two months prompted La-Z-Boy to boost its guidance for fiscal third-quarter sales and earnings.
Same-store sales at the network of primarily dealer-owned La-Z-Boy Furniture Galleries increased 12.5% in November over the same month a year earlier and 15.7% in December, well above company's expectations.
Jerry Kiser, La-Z-Boy president and chief executive officer, said the strong business is "a turnaround of the likes we haven't seen before in our history. We believe that this is likely the result of many families curtailing travel plans and spending money remodeling their homes."
Kiser added that the company has seen "encouraging trends" at its other channels of distribution as well, though to lesser degrees.
With the recent strength, La-Z-Boy now expects a percentage sales decrease in the low single-digit range for its third quarter ending Jan. 26, versus the previous guidance of a mid-single-digit decrease. It also expects earnings to slightly exceed the upper end of its earlier announced range of 26 cents to 30 cents per diluted share.
Wholesale sales to the network of 296 gallery stores account for about 20% of the company's more than $2 billion in annual sales, said John Ong, director of investor relations.
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