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La-Z-Boy reports surprising profit

La-Z-Boy Inc. on Tuesday reported fiscal first-quarter profit of $4.8 million, or 10 cents per share.

Although the profits were down 74% from a year ago, the furniture maker was still making money on growing demand during the spring and summer months despite projections by most analysts that La-Z-Boy would lose money during the fiscal quarter.

Adjusted for one-time items, La-Z-Boy earned 18 cents a share, compared with 42 cents a share a year ago. Sales fell 31% to $285.5 million due to the impact of COVID-19, the company said. Analysts polled by FactSet had expected an adjusted loss of 13 cents a share on sales of $290 million.

"Our first quarter began in May with most of our customers still closed due to COVID-19. However, as retailers reopened, written orders rapidly accelerated in June and July, with consumers spending a higher percentage of discretionary dollars on home furnishings," Chief Executive Kurt L. Darrow said in a statement.

La-Z-Boy has reopened all its manufacturing and retail operations and the company said Tuesday it is "cautiously optimistic" about the fall.

 

Delta adds quick COVID tests for crew

Delta Air Lines said it will test flight crews for COVID-19 in crew lounges in a partnership with CVS Health.

It's part of Atlanta-based Delta's plan to test all of its employees for the coronavirus through on-site testing and test kits sent to employees' homes upon request. Delta launched its employee testing effort in June with partnerships with the Mayo Clinic and Quest Diagnostics. Delta's chief people officer Joanne Smith said Tuesday that there's no one solution to testing its workforce around the world that is "always on the move."

The new tests in crew lounges at the airline's hubs will be rapid- response nasal swab tests for the active virus overseen by a CVS Health clinician, and will yield results in 15 minutes, according to Delta.

In June before it began its effort to test all employees, Delta said it already had 500 employees who had tested positive for COVID-19, and that 10 employees died of the virus. At the time, the airline had about 90,000 employees; it has since shrunk its workforce to about 75,000 through buyouts and early retirements.

 

Ohio seeks halt to nuclear payouts

Ohio's top lawyer has asked a federal court to temporarily halt payouts in a bankruptcy case involving the two nuclear plants caught up in a $60 million bribery and corruption probe.

In a filing Monday, Republican Attorney General Dave Yost said the arrests of then-Ohio House Speaker Larry Householder and four associates in an alleged pay-to-play scheme surrounding a bill that bailed out the Energy Harbor plants "raises concerns that the Debtor may not have entered into the bankruptcy with clean hands."

Energy Harbor is the former FirstEnergy Solutions, a one-time subsidiary of FirstEnergy Corp. The sub-company filed for Chapter 11 bankruptcy in 2018, amid a mounting debt load exacerbated by the rise of competition from natural gas power in the East and Midwest.

 

Carnival hit by ransomware attack

Carnival Corp. said it was the victim of a ransomware attack that likely got some personal information about the cruise company's guests and employees.

The attack was first detected Saturday. The attack accessed an encrypted portion of technology systems for one of the cruise line's brands and certain data files were downloaded, the company said in a filing with the U.S. Securities and Exchange Commission.

Carnival operates Carnival Cruise Line, Princess Cruises, Holland America Line and other lines, but the company didn't say in the filing which cruise line was affected.

The SEC filing also didn't say how many people's personal information may have been accessed, and spokesman Roger Frizzell said in an email that the company wasn't releasing any information other than what was in the securities filing.

Carnival said it has launched an investigation into the ransomware attack and notified law enforcement. The Miami-based company also has reinforced the security of its information systems, Carnival said.

 

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