La-Z-Boy Shares Down More Than 13% After Earnings Miss

Shares of La-Z-Boy Inc. tanked late Tuesday after the furniture maker reported fiscal-quarter earnings and sales below Wall Street expectations. La-Z-Boy said it earned $13.8 million, or 28 cents a share, in the quarter, compared with $13.7 million, or 27 cents a share, in last year's first quarter. Sales hit $340.8 million in the quarter, compared with $341.4 million a year ago. Analysts polled by FactSet had expected earnings of 29 cents a share on sales of $358 million. Same-store sales fell 1.9% in the quarter, La-Z-Boy said in a statement. The company's flat sales were due to "weaker demand" on the wholesale side and "inconsistent" foot traffic at its stores, the company said. Shares of La-Z-Boy fell more than 13% in late trading after ending the regular session up 3.6%.