LONDON (ShareCast) - Furniture manufacturer La-Z-Boy swung into losses in the quarter to April 26 and said it would be ‘some time’ before the difficult economic conditions that affected its results would improve.

The Monroe, Michigan-based maker of recliners, sofas and other furniture recorded losses of $4.5m in the quarter to April 26, compared with net income of $8.4m in the same period a year previously. Sales fell 9.8% to $368m.

Net loss per share was 9 cents compared to earnings per share of 16 cents a year earlier.

Restructuring charges associated with the closure of an upholstery facility in Tremonton, Utah added to the company’s losses.

Over the full year, sales were down 10.5% at $1.5bn while the net loss from continuing operations was $7.5m, or 15 cents a share, compared with net income of $19.8m (38 cents a share) the year before. Debt was reduced by 31%, the company said.

“Overall macroeconomic factors continue to impact the home furnishings industry and we believe it will be some time before the environment improves,” La-Z-Boy president and CEO Kurt Darrow said.

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