Earnings revision on June 5th has set the scene in La-z-Boy

From a technical perspective the chart looks bearish and the statement from the company on June 5th have just added extra fuel to the fire, it is difficult to see how this can be anything but a short.
Pre Earnings Revision
On June 5th shares of LZB fell in the extended session Wednesday after the furniture company forecast full-year results that fell short of Wall Street estimates. The company said it expects adjusted earnings of $2.13 to $2.15 a share on revenue of $1.75 billion for the year. Analysts surveyed by FactSet had forecast earnings of $2.21 a share on revenue of $1.76 billion. "For the full year, all segments delivered sales increases," said Kurt Darrow, La-Z-Boy chairman and chief executive, in a statement. "However, in the fourth quarter sales declined versus the prior-year quarter in our wholesale Upholstery and Casegoods segments, consistent with a slow start to the calendar year across the North American retail home furnishings landscape."


COMPANY PROFILE
La-Z-Boy, Inc. is a manufacturer, marketer, importer, distributor and retailer of upholstery products. It also imports, distribute and retail accessories and casegoods furniture products. The company operates through its segments: Upholstery, Casegoods and Retail. The Upholstery segment manufactures or imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. The Casegoods segment includes bedroom sets, dining room sets, entertainment centers and occasional pieces. The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to the end consumer through the retail network. La-Z-Boy was founded by Edward M. Knabusch and Edwin J. Shoemaker in 1941 and is headquartered in Monroe, MI.