UPDATE: La-Z-Boy FQ1 Profit Down 90%

La-Z-Boy

reported a 90% drop in its fiscal first quarter earnings. La-Z-Boy's quarterly profit fell to $4.4 million, or $0.08 per share, versus $45.5 million, or $0.85 per share, in the year-ago period. Its revenue gained 7.6% to $301.5 million. However, analysts were expecting earnings of $0.08 per share on revenue of $291 million. Its gross margin climbed to 29.7% from 28.9%, while same-store written sales increased 9.2%. La-Z-Boy shares jumped 6.67% to $14.40 in after-hours trading.