All the more so as the share is trading at very low multiples, at around x8-9 for profits and x5-x6 for EBITDA, i.e. half its historical average valuation.

However, the company's operating track record speaks in its favor. Over the last ten years, it has doubled its sales and maintained satisfactory margins, while keeping a generally debt-free balance sheet.

Over the last five years, it has generated annual profits of between $150 and $200 million, and delivered double-digit profitability despite hyper-competitive business conditions.

Management is irreproachable on paper, as evidenced by a capital allocation well balanced between opportunistic share buy-backs, dividend distributions and a series of small, well-integrated acquisitions.

La-Z-Boy is a long way from artificial intelligence, the Internet of Things or quantum computing. On the other hand, as long as Americans continue to sit up and take notice, the group will probably be there to sell them its products.

Over the past ten years, the stock has repeatedly offered a good entry point on each of its downturns. Is this one any different?