La-Z-Boy plunges on downbeat quarterly sales forecast

Shares of furniture maker La-Z-Boy LZB.N drop nearly 24.5% to $29.50 premarket on downbeat Q2 outlook

Co forecasts sales $510 mln-$530 mln vs estimates of $531.7 mln, as per data compiled by LSEG

CFO Taylor Luebke cites "challenging consumer and macroeconomic environment" for outlook

Posts Q1 EPS of $0.47 vs est of $0.55; revenue of $492 mln also below expectations of $494 mln

Retail same-store sales decrease 4% YoY on lower traffic and weak consumer demand

One brokerage rates the stock "buy", while two others rate it "hold"; their median PT is $46 - data compiled by LSEG

As of last close, stock had fallen 10.2% YTD