La-Z-Boy Incorporated reported its operating results for the fiscal 2016 first quarter ended July 25, 2015. Sales were $341.4 million, up 4.4% compared with the prior year's first quarter.
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The company reported income from continuing operations attributable to La-Z-Boy Incorporated of $13.7 million, or $0.27 per share, versus $10.6 million, or $0.20 per share, in last year's first quarter.
The company reported earnings per share of $0.27 from continuing operations attributable to La-Z-Boy Incorporated, a 35% increase from the fiscal 2015 first quarter.
Operating margin for all three segments increased during the quarter, including the retail segment posting a 5.5% operating margin compared with 0.4% in last year's first quarter.
Consolidated operating income for the fiscal 2016 first quarter increased 21% to $20 million, with consolidated operating margin increasing to 5.8% from 5.0% in the fiscal 2015 first quarter.
Same-store written sales for the La-Z-Boy Furniture Galleries® store network increased 5.3%.
Consolidated sales for the first quarter increased 4.4% compared with the fiscal 2015 first quarter.
Sales for the fiscal 2016 first quarter were $341.4 million, up 4.4% compared with the prior year's first quarter. The company reported income from continuing operations attributable to La-Z-Boy Incorporated of $13.7 million, or $0.27 per share, versus $10.6 million, or $0.20 per share, in last year's first quarter.
Kurt L. Darrow, Chairman, president and chief executive officer, said, "We are pleased with our strong performance for the start of the year, particularly our retail segment whose operating profit was $4.4 million more in the fiscal 2016 first quarter compared with last year's first quarter.
"Additionally, all three business segments experienced increases in gross margin and operating margin and written same-store sales for the La-Z-Boy Furniture Galleries network increased 5.3% for the quarter.
"As we move forward, we believe our various growth strategies – the 4-4-5 store growth initiative, the acquisition of independent La-Z-Boy Furniture Galleries stores, the growth of sales through our multi-channel distribution network and the expansion of our market share in stationary upholstery – will continue to drive performance and long-term results." ■