Upholstery Industry Getting Better?
Although seeing a sales drop of about 22.7%, La-Z-boy still managed to earn a profit of 5.3 million in the quarter ended Apr 25th. It was the first quarterly profit in more than a year for the upholstery and case goods giant. Although the economy still has a long way to go before recovery, a lot of companies still earned a profit for the most recent operating cycle. This is not saying the economy in US has finally turned around but it is due to the fact that a lot of companies have been cutting back on spending and laying off workers to save costs.
The whole industry is still adversely affected by the economy as case goods sales tumbled 19% and the group recorded an operating loss of 1.3 million. For the whole fiscal year ended Apr, total sales fell about 15%.
