Upholstery Supplies Florida

La-Z-Boy: Its Numbers Make Us Uncomfortable

La-Z-Boy's ( LZB ) 4Q11 financials appeared cushy as they crossed the wires. Even upon an initial run through there were reasons to be encouraged. In what is seasonally La-Z-Boy's strongest three-month period of its fiscal year, operating margins expanded sequentially in two segments (Upholstery and Casegoods) and improved in one (Retail). Moreover, the sequential basis point changes were far superior to historical trends. I attribute the heartier spread to the consolidation of operations for two of La-Z-Boy's brands, the shift to a new cut and sew facility in Mexico, and the reduction of excess supply chain capacity. Gross margin declined by 64 bps year-over-year (y/y) to 31.8%, surpassing the 31.89% consensus, but falling shy of my 32.00% estimate. Despite the impressive cost leverage inherent in the model, the addition of an extra week of sales due to the calendar shift (7% tailwind to top line), and 15 more retail stores that La-Z-Boy took control of from a VIE in the mix, raw material inflation and Upholstery pricing pressure hindered margin performance. In my humble view, this is troublesome as La-Z-Boy enters its seasonally slow summer volume period.

Moreover, I continued to be very satisfied by the operating margin trends at the retail segment, which comes from improved marketing techniques and the associated muscles more marketing behind the product offering better. La-Z-Boy is looking in shops shutter 5-10 FY12, so as to leverage the retail segment should continue to trek down. Inventory was controlled below the pace of sales growth (+4.4% versus 9%), and the company is in a high-current assets.

All that being said, there have been negative in the Form 8-K that fed my curiosity before plunging into the 10-K.

4Q11

RESOLVE MAX Laundry Stain Remover: 12 OZ Reviews | HouseHoldy for ...

A Truly Versatile Stain Remover : May 6, 2008

We’ve trusted Resolve with our carpets for years, so when Spray’N Wash teamed up with Resolve to form a better stain remover, I was jazzed. This is a product that will stay in my laundry room permanently. First test: dried blood on a white sports uniform. Two sprays directly on the stain, one minute of soak time, and into the washer it went. When I removed the clothing, the stain was gone. No outlines, no yellow remainder. Next test: grape juice. One spray, instantly into the washer, and the gray shirt came out looking like new. If you have stains like we do (every day), this is a best bet.

Very disappointing : June 2, 2008

I tried Spray & Wash with Resolve Power for the first time recently and was very disappointed. 2 small kids = LOTS of stains. I wasn’t able to get a SINGLE stain out using Spray & Wash with Resolve Power. I even double checked the instructions to make sure that I was doing it right. If anything, it seemed to make my stains look worse. Also, it was very perfumey scented which gave me such a headache. Such a waste of my money.

This stuff really works!!! : October 5, 2009

I got this product on the recommendation of a friend. I tried it on a blood stain that had been washed and dried several times and it got the stain out. I soaked the stain for a while (couple minutes) and scrubbed the spot with a firm tooth brush. The stain didn’t come out after the first wash, so before drying the item I treated it again, applied the product, scrubbed with a tooth brush and let the item sit overnight. After the next washing the stain was completely gone. Also, my son left a red crayon in his pocket that I washed and dried. There was red crayon on everything. These were dark clothes with red streaks and spots on them from the crayon. I applied the product and scrubbed the spots with a tooth brush and the crayon came out. I can’t even tell that these things ever had crayon on them now. This spray n wash works for me!!!

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