UPDATE: La-Z-Boy Posts Downbeat FQ2 Profit

La-Z-Boy

reported a 16% drop in its fiscal second-quarter earnings. La-Z-Boy's quarterly earnings fell to $6.6 million, or $0.12 per share, from $7.9 million, or $0.15 per share, in the year-ago period. Its revenue climbed 8% to $332.3 million. However, analysts were expecting earnings of $0.20 per share on revenue of $325 million. La-Z-Boy's gross margin came in flat at 31.1%. La-Z-Boy shares dropped 1.34% to close at $16.17 yesterday.