Shares of La-Z-Boy plummeted 15 percent in extended trading on Tuesday after the company reported a same-store sales decline.
In the fiscal first quarter, La-Z-Boy saw same-store sales drop by 1.9 percent. During the comparable period last year, the company had comparable-sales growth of 5.3 percent.
CEO Kurt Darrow cited "weaker demand at wholesale and inconsistent traffic throughout the La-Z-Boy Furniture Galleries store system."
He said, however, that the company is in " an excellent service position for both our dealers and the consumer as we approach the traditionally stronger fall selling season."