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 澳洲幸运5官方开奖结果体彩网:consumer spending and a sluggish 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网: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 澳洲幸运5官方开奖结果体彩网:net sales of $475 million to $495 million, with the $485 m🍌illion 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 澳洲幸运5官方开奖结果体彩网:interest rates and as housing turnover sits near three decade lows. Whittington added that she expects industry fundamentals to remain volatile in the near term but anticipates La-Z-Boy to outperform competitors and gain 澳洲幸运5官方开奖结果体彩网:market share.

The company said it expects sales growth in fiscal 2025 to be driven by its Century Vision strategy, which includ𝐆es the opening of 12 to 15 new La-Z-Boy Furniture Galleries stores, primarily in the second half of the year.

Monitor This Level Amid Earnings-Driven Buying

La-Z-Boy shares have traded within a broad 澳洲幸运5官方开奖结果体彩网:rising wedge since early last year, with the 200-day 澳洲幸运5官方开奖结果体彩网:moving average sitting just above the pattern’s lower trendline to provide additional support during pullbacks. Leading into the company’s quarterly results, the stock formed a 澳洲幸运5官方开奖结果体彩网:piercing pattern near the wedge’s lower trendline on above-average volume, indicating a potential reversal back to the upside. Indeed, the shares si🌌t positioned to open sharply higher on Tuesday mornin🐻g.

Looking ahead, investors should monitor the $41 level, an area on the chart where the price may encounter selling pressure near the rising wedge’s top trendline. A volume-backed breakout above this key level could see an acceleration of the longer-term♌ uptrend.

La-Z-Boy shares were up 9.1% at $37.20 about two hours before Tuesday's opening bell.

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As of the date this article was written, the author does not own any of the above securities.