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La-Z-Boy’s Consolidated Sales Soar Amid Record Demand

La-Z-Boy’s Consolidated Sales Soar Amid Record Demand

June 16, 2021 at 03:55PM
by PYMNTS

La-Z-Boy’s consolidated sales surged 41 percent to $519.5 million for the fourth quarter from the previous year.

For the three months and full year ending April 24, 2021, the residential furniture company said in a press release that written same-store sales for the complete La-Z-Boy Furniture Galleries network doubled. All in for the quarter, the company posted 87 cents in non-GAAP earnings per share (EPS).

For the fiscal 2021 full year, La-Z-Boy’s consolidated sales climbed 1.8 percent from the prior year. Written same-store sales for the complete La-Z-Boy Furniture Galleries network soared by 31 percent. All in for the year, the company posted $2.62 in non-GAAP EPS.

“In an extremely difficult year marked by the pandemic, related macroeconomic uncertainty and supply chain disruption, we delivered strong results,” La-Z-Boy President and CEO Melinda D. Whittington said in the release announcing the company’s financial results. “All business units are experiencing record demand, demonstrating the strength of our brands in the marketplace combined with fantastic execution from all retail and sales teams.”

For the “immediate term,” Whittington said the company is concentrated on “continuing to increase capacity and deliver units while making investments in technology solutions across the company and our stores, and updating and expanding our plants.”

In other furniture industry news, secondhand marketplace Kaiyo announced in May that it had landed $5 million to power its expansion at a time when consumer demand for reCommerce, resale and the circular economy is soaring.

Kaiyo’s founder previously told PYMNTS that he intended to grow the upstart’s “white glove” pick-up and delivery service to the nation’s capital from its New York, New Jersey, Connecticut and Philadelphia core, while also going after new business in the market of first-time homebuyers.

“Kaiyo picks up, cleans, photographs and delivers all products sold on the platform, offering a more simple and streamlined process for both the buyer and seller,” noted Kaiyo Founder Alpay Koralturk.