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Updated from 10:56 AM EDT.

NEW YORK (TheStreet) -- Shares of La-Z-Boy (LZB) - Get Free Report were diving 12.76% to $27.22 on heavy trading volume late Wednesday afternoon after the company reported lower-than-anticipated results for the 2017 fiscal first quarter.

After yesterday's market close, the Monroe, MI-based furniture company reported earnings of 28 cents per diluted share, missing analysts' estimates by a penny.

Revenue for the quarter was $340.8 million, below Wall Street's forecasts of $358.8 million.

Same-store sales declined 1.9% during the period. A year ago, same-store sales grew 5.3% in the same quarter.

"We experienced flat sales for the quarter due to weaker demand at wholesale and inconsistent traffic throughout the La-Z-Boy Furniture Galleries store system," CEO Kurt Darrow said in a statement.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts Plus charitable trust, said earlier today that the company does not have the "right merchandise."

About 2.76 million of the company's shares traded so far today compared to its average 30-day volume of 310,741 shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and increase in net income. 

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: LZB

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