Furniture maker La-Z-Boy Inc. (LZB), said Tuesday its profit for the fourth quarter declined from last year, when it benefited from dumping-related subsidies. Revenues for the quarter grew about 10 percent on growth in both wholesale upholstery and retail sales.
The company said that due to seasonal weakness in the summer months, it will shut down its plants for one week in the first quarter. La-Z-Boy believes its avowed focus on retail-segment sales will underpin future growth.
The Monroe, Michigan-based company posted a quarterly net profit of $18 million or $0.33 per share, a decline from $19.6 million or $0.37 per share last year.
On average, five analysts polled by Thomson Reuters expected earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the year-ago quarter included a gain of $16 million related to income from the Continued Dumping and Subsidy Offset Act.
Sales for the fourth quarter grew to $359.5 million from $327 million a year ago. Analysts had consensus revenue estimate of $357.67 million for the quarter.
Within its wholesale division, Upholstery segment sales increased 8.4 percent from last year. At its smaller Casegoods segment, sales fell 8.7 percent and margins too came under pressure.
Retail division sales were up 32.5 percent.
System-wide same-store written sales for the La-Z-Boy Furniture Galleries store network grew more than 11 percent.
The company's stock closed Tuesday at $20.28, up 6.40%, on a volume of about 1.5 million shares on the NYSE. In after hours, the stock fell 1.38%.
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