La-Z-Boy continues to build UK growth as sales rise again

The UK division of upholstery manufacturer La-Z-Boy Incorporated has reported a growth in sales as turnover climbed towards £40m.

According to its latest filed accounts for the year ended 29 April 2023, total sales 26% to £38.8m from £30.8m in 2022, further adding to its growth of 19% from £25.8m in 2021.

Pre-tax profit resulted at £3.8m, significantly improving from its profit of £661,000 recorded in the previous year.

Stated within its report, the company said: “We were able to deliver these results thanks to the strong relationships we have forged with our key customers and strategic partners.

“The supply chain issues had resulted in extremely high transportation and logistics costs which also began to normalise in our 2023 fiscal year, and couple with our ability to deliver through our backlog of orders, resulted in substantial improvements in both our gross margin (18.1% up from 10.6%) and operating margin (10% up from 2.2%).”

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