SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 17, 2000
(Date of Report (Date of Earliest Event Reported))
LA-Z-BOY INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Michigan
(State or Other Jurisdiction of Incorporation)
1-9656
(Commission File Number)
38-0751137
(I.R.S. Employer Identification No.)
1284 N. Telegraph Road
Monroe, Michigan 48162
(Address of Principal Executive Offices, Including Zip Code)
(734) 241-4414
(Registrant's Telephone Number, Including Area Code)
[not applicable]
(Former Name or Former Address If Changed Since Last Report
<PAGE>
Item 5. Other Events
On October 17, 2000, La-Z-Boy Incorporated released the following press release:
News Release
LA-Z-BOY SAYS SALES GROWTH SLOWER BUT STILL POSITIVE
MONROE, MI October 17, 2000 - As preparations continue for the start of the
semiannual International Home Furnishings Market this week in High Point, NC,
leading furniture manufacturer La-Z-Boy Incorporated said that the overall tone
of business in the industry remains very challenging.
La-Z-Boy CFO Fritz Jackson said, "While it isn't clear whether this is due
to high energy prices, increased interest rates, election year uncertainties,
the stock market's recent gyrations or some other combination of factors
affecting consumer spending patterns, the recent slowdown in retail furniture
sales should come as no surprise to anyone who follows our industry closely." He
pointed out that a number of publicly-owned furniture manufacturers have
recently referred to slower than expected sales trends in the industry, and that
several leading Wall Street furniture industry analysts have recently reduced
their earnings estimates and/or investment ratings on a number of the furniture
stocks.
"While overall demand is running somewhat below our previous expectations,
we believe that La-Z-Boy is doing as well or probably a little better than the
industry as a whole," Jackson said. He added that La-Z-Boy expects sales for its
October 2000 quarter to be slightly above the year-earlier quarter's record
level - after adjusting for recent acquisitions - and said second quarter
earnings this year should be comparable with the $0.44 per share earned in the
same period a year ago.
"The La-Z-Boy companies have a lot of exciting new products to show our
customers this week and next," Jackson concluded, "and we're looking forward to
a successful Fall furniture market." La-Z-Boy plans to report its October
quarter operating results on November 8th, and will conduct an investor
conference call the following morning, November 9th. Instructions for accessing
the investor conference call will be announced about ten days in advance.
With annual sales in excess of $2 billion, La-Z-Boy Incorporated is one of
the world's leading residential furniture producers. The company employs about
22,000 people company wide and operates 56 manufacturing facilities in 11 states
and four foreign countries. The La-Z-Boy family of companies produces furniture
for every room of the home and office: La-Z-Boy Residential, La-Z-Boy Business
Furniture Group, Hammary, Kincaid, England/Corsair, Centurion, Sam Moore,
Bauhaus, Alexvale, American Drew, Pennsylvania House, Lea, Pilliod, Barclay,
Clayton Marcus and American of Martinsville.
With its vast distribution network of proprietary retailers, including 275
La-Z-Boy Furniture Galleries(R) and 317 La-Z-Boy In-Store Gallerys,
England/Corsair Custom Comfort Centers, in-store gallery programs at Kincaid,
Pennsylvania House and Clayton Marcus and Lea's Kid's Generation Galleries, over
9 million square feet of retail floor space is exclusively dedicated to selling
La-Z-Boy Incorporated products. According to industry trade publication
Furniture/Today, the La-Z-Boy Furniture Galleries retail network by itself
represents the industry's sixth largest U.S. furniture retailer.
Any forward looking statements contained in this report represent
management's current expectations based on present information and current
assumptions. Actual results could differ materially from those anticipated or
projected due to a number of factors. These factors include, but are not limited
to, anticipated sales growth; success of new products; interest rate
fluctuations; changes in consumer confidence/demand and other risks and factors
identified from time to time in the company's reports filed with the Securities
and Exchange Commission. A Form 10Q containing the most recent quarter's income
statement, balance sheet, cash flow statement, segment information and
additional management's discussion and analysis is available now at La-Z-Boy's
Internet site (www.la-z-boy.com).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LA-Z-BOY INCORPORATED
/s/ James J. Korsnack
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Date: October 17, 2000 James J. Korsnack
Chief Accounting Officer
