Coming off a quarter, when its retail segment turned profitable and following 17 consecutive quarters of improving year-over-year performance, La-Z-Boy is putting up the foot rest and readying plans to expand it branded outlets throughout North America.
“In terms of growth, we are focused on maximizing the potential of our branded outlets throughout North America, which today number 878, and have an objective of reaching approximately 1,000 locations divided between La-Z-Boy Furniture Galleries stores and Comfort Studios in the next few years,” said Kurt L. Darrow, chairman, president and CEO of the Monroe, MI-based furniture maker and retailer.
System-wide, for the fourth quarter of fiscal 2013, including company-owned and independent-licensed stores, same-store written sales, which the company tracks as an indicator of retail activity, were up 11.2% versus last year’s fourth quarter.
Total written sales, which include new and closed stores, for the fourth quarter, were up 13.0%. At the end of the fourth quarter, the La-Z-Boy Furniture Galleries store system was composed of 313 stand-alone stores.
For fiscal 2014, the La-Z-Boy Furniture Galleries store network, including company-owned and independent-licensed stores, is planning for approximately 20 store projects, including openings, remodels and relocations.
In fiscal 2013, six stores were opened, five stores were remodeled, three stores were relocated and five stores were closed.