La-Z-Boy Falls 8.25% On High Volume (LZB)

Shares of La-Z-Boy Incorporated LZB are falling hard this morning, currently lower by 8.25%, trading at $7.45. The company said that its Q2 profits fell some 34% year over year on collapsing margins. LZB is getting it from both ends, with sales declining and raw-material costs rising. Shares are active this morning; within the first 45 minutes of trading, shares have already turned over 614,000 times, which is 1.28x the 10-day daily average volume. La-Z-Boy Incorporated is a global reclining-chair manufacturer and upholstered furniture. It also manufactures and imports casegoods furniture products for resale in North America. In addition, it has 68 Company owned and operated retail stores located in eight markets in the United States. The company operates in three segments: Upholstery Group, Casegoods Group and Retail Group. As of April 24, 2010, the company operated 510 Comfort Studios. The Kincaid, England and Lea operating units also have in-store gallery programs.