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La-Z-Boy's significant earnings decline and weak forecasts indicate ongoing financial struggles, similar to past performances that led to prolonged share price declines.
What happened, with direct paths to the underlying reporting
La-Z-Boy earnings fell 24% in Q1, missing analyst expectations. Same-store sales decreased 4% year-over-year, impacted by consumer challenges. Joybird brand sales declined 14%, reflecting reduced demand. Company forecasts Q2 revenue between $510 million and $530 million. Shares dropped 13%, hitting a new year-low post-earnings report.
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