Shares of La-Z-Boy ( LZB) were down nearly 9% after the company slashed its second-quarter earnings projection due to a decline in sales.

The company now sees a profit of 26 cents to 29 cents a share, including items, compared with its original expectation of 38 cents to 43 cents a share. La-Z-Boy earned 50 cents a share in the prior-year quarter.

Analysts are calling for 41 cents a share. The company will release results on Nov. 10 after the bell. Recently, shares were down $2.05 at $21.

The furniture retailer cited a sales shortfall compared with its August estimate. "The relatively large impact on our earnings compared to the sales shortfall is primarily the result of heavier promotional pricing activities and overcapacity resulting from anticipation of a seasonal increase in demand, which has not materialized to date," said Chief Executive Kurt Darrow.

Darrow said that the company recently has had a drop in incoming order rates. Also, even though Labor Day weekend was a strong period for retail furniture sales, the sales trend did not continue.

The year-over-year sales decline for the October quarter is seen in the upper single digit percentage range, compared with the mid-single digit percentage decline that had been expected in August, La-Z-Boy said.