NEW YORK (TheStreet) -- Shares of La-Z-Boy (LZB) - Get La-Z-Boy Incorporated Report are plunging 15.59% to $26.34 in after-hours trading on Tuesday after posting fiscal 2017 first-quarter earnings and revenue below analysts' projections.
After today's market close, the Monroe, MI-based furniture manufacturer reported earnings of 28 cents per diluted share, while analysts were modeling earnings of 29 cents a share.
Revenue fell to $340.8 million from $341.4 million a year ago and missed analysts' estimates of $358.8 million.
The flat sales were due to weaker demand at wholesale as well as inconsistent traffic, CEO Kurt Darrow said in a statement.
Same-store sales fell 1.9% after climbing 5.3% in the year-ago period.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.
La-Z-Boy's strengths include 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.
You can view the full analysis from the report here: LZB
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 article's author.