All in all, a good year. Clearly, the strategic initiatives and changes implemented throughout the past 5-plus years have gained traction and are increasingly evident in our results. Moving forward, with our brand strength, quest for operational excellence and vast network of proprietary distribution, we remain focused on 3 key objectives: sales growth, making our Retail segment profitable and positive conversion on that volume growth.Now let me turn to a discussion of the fourth quarter. Our results for the period were impacted by a number of issues: The 13 versus 14-week comparison; a change in our effective tax rate; and $4.2 million in additional incentive compensation, which included a $1.6 million bonus to those employees who do not participate in the company's annual incentive program. We also had $2.6 million increase related to other incentive compensation, including both short-term and long-term stock compensation.
La-Z-Boy Management Discusses Q4 2012 Results - Earnings Call Transcript
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