La-Z-Boy reports $53 million loss

Things have not been going well for La-Z-Boy, according to the company's third quarter report:

La-Z-Boy reported a net loss of $53.7 million for the quarter ended Oct. 25 as sales tumbled 9.2%.

The company said sales were weak across all segments of its business as consumer confidence plunged in the wake of the global financial crisis.

"Over the course of the quarter, we experienced a progressive decline in sales, particularly in October, as sales deteriorated in conjunction with the turmoil in the global financial and credit markets," said Kurt Darrow, president and CEO. "The instability that continues to define the overall macroeconomic environment points to the likelihood of a protracted recession."

Sales for the period, the second quarter of La-Z-Boy's fiscal year, totaled $331.9 million. In the same period last year, the total was $365.4 million.

La-Z-Boy is one of Neosho's major employers.