La-Z-Boy Stock Jumps on Strong Earnings, Upbeat OutlookWatch This Price Level [Video]

Shares in furniture maker La-Z-Boy (LZB) jumped more than 9% ahead of Tuesday’s opening bell after the company eased investors’ fears over slowing consumer spending and a sluggish housing market by announcing quarterly results and forward sales guidance that came in above analysts’ expectations.

For the quarter ending April 27, the Monroe, Michigan-based company posted adjusted earnings of 95 cents per share, handily topping the consensus estimate of 70 cents a share. Revenue in the period fell 1% to $554 million, but easily surpassed expectations of $516.4 million.

Turning to forward guidance, La-Z-Boy said it sees current-quarter net sales of $475 million to $495 million, with the $485 million midpoint of that forecast beating estimates of $476 million.

CEO Melinda Whittington said that the company’s conversion rates were at all-time highs and average ticket and design sales were trending up for the year, even as the furniture industry faces challenges from high interest ratesand as housing …