La-Z-Boy 4Q income rises
MONROE, Mich. La-Z-Boy reported that net income for the fourth quarter was $13.7 million, or 26 cents per share, compared with $5.2 million, or 10 cents per share, in the fourth quarter of fiscal 2009. Net sales for the fourth quarter were $310.7 million, up 9.2% compared with the prior year’s fourth quarter.
For the full fiscal 2010 year, La-Z-Boy reported sales of $1.2 billion, down 3.9% from the prior-year period. The company reported income attributable to La-Z-Boy Incorporated of $32.5 million, or 62 cents per share, versus a loss of $122.7 million, or a loss of $2.39 per share.
Kurt Darrow, president and CEO of La-Z-Boy, said, “Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow. Our manufacturing operations are governed by lean principles, we are focused on building the La-Z-Boy brand, the core growth engine of the company, and are working to strengthen the performance of our retail segment. Additionally, we have managed our balance sheet aggressively, by reducing our total debt to $48 million while increasing our cash position to $108.4 million, to ensure we have the greatest financial flexibility. While challenges still remain, we believe that today La-Z-Boy Incorporated is well positioned to not only compete in this environment, but to grow profitably.”
B&N introduces college study platform
NEW YORK Barnes & Noble announced that it has developed an integrated software solution for the higher education market. Called NOOKstudy, the feature rich, free software application is the ultimate study tool, enabling students to manage all their digital content – e-textbooks, class materials, and notes – on the computing device they rely on most, their PC or Mac, the company reported.
Among its features, NOOKstudy lets students view multiple books and sources at once and offers access to complementary content (e.g. toolsets, reference materials, etc.), as well as the ability to highlight and take notes that are searchable and customizable, said Barnes & Noble.
“NOOKstudy is a big win for college students: it will not only lighten their backpacks, but also help them save money and study more efficiently,” said Tracey Weber, EVP, textbooks and digital education for Barnes & Noble.com. “NOOKstudy is a revolutionary approach to learning that offers students access to the reading and organizational tools they need, across all content sources and formats, enabling them to study smarter, not harder.”
NOOKstudy will be compatible with the company’s entire catalog of e-books and digital content, including relevant study aids, test prep guides, periodicals, and hundreds of thousands of trade and professional titles. NOOKstudy will also enable students to save money, as e-textbooks offer up to 40% savings off new textbooks, the company reported.
Advance Auto Parts enhances ‘Your Garage’ online service
ROANOKE Advance Auto Parts has announced the launch of a suite of new online service features as part of the fully enhanced “Your Garage” area on AdvanceAutoParts.com.
Customers can now get service alerts based on their vehicle’s mileage, diagnose problems, get servic cost estimates and find a mechanic, among other features.
“Advance is working hard to create customers for life by providing them the best experience in our industry, whether they are shopping in our stores, calling us on the phone or visiting our website,” said Scott Bauhofer, SVP and general manager for e-commerce. “These free enhancements are giving our customers even more reasons to only shop online with Advance Auto Parts and to visit us more often.”