La-Z-Boy Swings To Slim 1Q Loss; Shares Slide Further |
| Wall Street Journal - Aug 17, 2010 |
La-Z-Boy Inc. (LZB) swung to a very slim loss in its fiscal first quarter as the furniture maker's sales and margins suffered from greater raw-materials costs and output snags.
Shares fell 6.8% after-hours to $7.01. The stock through the close had dropped 12% so far this month.
Earlier this month, the company--known for its namesake recliners--warned it would miss analysts' expectations at the time because of a number of production disruptions, as well as higher costs for raw materials. Hurricane Alex affected shipping from its Mexico cut-and-sew operations to the U.S.
The storm also hurt efficiency in Mexico, and the company had to push about $10 million of orders from production in July into this month. Seasonality also played a role in the period's volume levels.
Tuesday, Chief Executive Kurt L. Darrow said the problems "have abated somewhat" and that he doesn't expect them to weigh on results during the remainder of the year to a similar extent as the first quarter.
Read Full Article from Wall Street Journal
- Posted: 2010-08-17 21:43:32
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