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La-Z-Boy Incorporated Management Discusses Q1 2013 Results - Earnings Call Transcript

Stocks in this article: LZB

Let me take a few moments to discuss our 3 operating segments. Sales for the upholstery segment increased 9.5% for the quarter, and the operating margin for the period was 6.5% compared with 5.1% in the last year's first quarter.

Our brand platform marketing initiative, featuring Brooke Shields, continues to gain traction, and we believe it is driving a well-qualified consumer to our stores and our dealers, one who has become more knowledgeable about the breadth of our offering. We've seen the success of the marketing initiative with stationary furniture growing at a faster rate than our traditional motion business and consumers stepping up to buy more full room groups rather than one piece at a time.

Our advertising year technically begins in September, and we have already kicked it off with 1 of 4 new commercials, featuring Brooke, with another one about to begin airing just ahead of Labor Day. We also produced several new print ads and our digital content for the web.

As we reported last quarter, our plan is to be on the air for about 30 weeks during this coming year, which is more than double what we were when we initiated the campaign less than 2 years ago. The fact that La-Z-Boy and our dealer base are committing additional resources to the campaign speaks volume for our collective belief and success. Although we are increasing our advertising spend with the additional air time, as a percentage of sales, on an annual basis, it should remain fairly consistent.

We are also pleased with our Internet traffic, with unique visitors to our website up 20% during the quarter, and that is just to our core site. Our mobile site is also seeing very high traffic.

Read the rest of this transcript for free on seekingalpha.com

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