To: Smiling Bob who wrote (16556 ) 8/20/2013 8:34:00 PM From: Smiling Bob Read Replies (1) | Respond to of 19256 LZB- I was up nicely on my puts in case I didn't get slaughtered enough today, offers this Miss on revenues, but doesn't matter More tail end results of RE bubble that will only worsen as they did last time La-Z-Boy first-quarter profit doubles By Nathalie Tadena La-Z-Boy Inc.'s (NYSE:LZB) fiscal first-quarter earnings more than doubled as the furniture company's sales and margins continued to strengthen. La-Z-Boy, known for its namesake recliners, has mostly posted growth since 2009, but in recent quarters has faced higher expenses tied to incentive compensation and increased marketing. The company has previously noted its first quarter is its weakest as the furniture industry typically experiences softer demand during the summer months. La-Z-Boy's plants also shut down for one week of vacation and maintenance during the period. Chairman and Chief Executive Kurt L. Darrow said Tuesday that the company is well positioned to capitalize on a strengthening economy, particularly as the housing market continues to recover, given the success of its advertising campaign. For the quarter ended July 27, La-Z-Boy reported a profit of $9.6 million, or 18 cents a share, up from $4.4 million, or eight cents a share, a year earlier. Revenue rose 5.8% to $318.9 million. Analysts surveyed by Thomson Reuters most recently projected a per-share profit of 15 cents on revenue of $323 million. Gross margin widened to 32.4% from 29.7%. The retail segment, which includes La-Z-Boy Furniture Galleries stores, reported operating income of $1.9 million, compared with a year-earlier loss of $2 million. Same-store written sales, which La-Z-Boy tracks as an indicator of retail activity, jumped 13%. The wholesale upholstery segment, the main contributor to the top line, reported revenue growth of 7% to $254.9 million. Shares were up 1.8% to $21.63 after hours. The stock, which last week hit its highest level in more than nine years, is up 50% since the start of the year through the close. Write to Nathalie Tadena at nathalie.tadena@wsj.com Subscribe to WSJ: online.wsj.com ?mod=djnwires Copyright © 2013 MarketWatch, Inc. All rights reserved. By using this site, you agree to the Terms of Service and Privacy Policy - UPDATED 10/18/2011 . Intraday Data provided by SIX Financial Information and subject to terms of use . Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time.