La-Z-Boy (symbol LZB on New York) makes upholstered reclining chairs and sofas. It also imports wooden furniture, such as tables and entertainment centres. The company sells its products through both large department stores and 304 La-Z-Boy Furniture Gallery stores. The company owns 83 of these outlets; franchisees own the remaining 221. It also sells its products through 526 independent Comfort Studios stores.
La-Z-Boy is one of the companies we analyze in Wall Street Stock Forecaster, our newsletter that gives you stock trading tips for the U.S. markets.
In the fiscal year ended April 30, 2011, La-Z-Boy’s revenue rose 0.7%, to $1.19 billion from $1.18 billion in 2010. Earnings fell 26.5%, to $24.0 million, or $0.45 a share, from $32.7 million, or $0.62 a share. The company’s raw-material costs rose, and it continues to face strong competition from foreign furniture manufacturers entering the U.S. market. As well, the company continues to face strong competition from bigger furniture retailers such as Costco, Home Depot and Wal-Mart.
The company increased its selling prices in May, which will help it offset higher prices for steel, wood and leather. Still, slow housing markets and high unemployment could continue to hold back sales.
You can get our latest stock trading tips for U.S. investing, as well as our clear buy/sell/hold advice on La-Z-Boy and dozens of other U.S. companies in Wall Street Stock Forecaster. What’s more, you can get the latest issue absolutely free. Click here to learn how.
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