La-Z-Boy: Earnings will be at low end of projections
By Furniture Today Staff -- Furniture Today, January 19, 2003
Monroe, Mich. — La-Z-Boy has warned investors that sales and earnings for the current quarter may fall short of earlier projections.
The nation's second-largest furniture producer said it now believes earnings will be "at the low end" of its previously announced projections of 40 cents to 45 cents per share for the quarter ending Jan. 25. In the same quarter a year ago, La-Z-Boy reported earnings of 35 cents per share.
Sales, which the company believed would be flat to slightly higher, are now expected to be down, excluding results from the divested Pilliod and HickoryMark units.
"Business in our industry has softened somewhat at retail in recent weeks," said Jerry Kiser, president and chief executive officer. "And given the current relatively uncertain business climate, we feel it is only prudent to anticipate somewhat lower sales ... than we had previously expected."
Kiser didn't offer any specifics about the sales decline, but said additional details would be released when the company announces quarterly earnings on Feb. 11.
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