La-Z-Boy UK manufacturing arm grows sales past £30m

The UK manufacturing division of upholstered furniture maker La-Z-Boy has reported a growth in turnover.

According to its latest filed accounts for the year ended 29 April 2023, total sales rose 49% to £32.7m from £21.9m in 2022, although this is compared to a nine-month period. Pre-tax losses resulted at £172,000, down from its profit of £274,000.

La-Z-Boy Manufacturing UK said: “The company maintained a strong financial performance during 2023 and has continued to show excellent cost management and internal efficiencies.

“The reduction in gross margin to 9.3% (11.3%) is due to increased raw material and labour costs. We made a strategic decision to absorb these increases and not pass these on to the customer to reduce the impact on our manufacturing volumes and market share.

“We continue to monitor our pricing, procurement and plant efficiencies to mitigate these changes and maintain our agility in a turbulent global landscape.”

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