UPDATE: La-Z-Boy FQ1 Profit Down 90%
La-Z-Boy (NYSE: LZB) 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.
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