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La-Z-Boy (LZB) Stock Sharply Lower, Q1 Results Miss Expectations

NEW YORK (TheStreet) -- Shares of La-Z-Boy (LZB) were dropping 11.03% to $27.76 on heavy trading volume late Wednesday morning after the company posted weaker-than-anticipated results for the 2017 fiscal first quarter.

After yesterday's market close, the Monroe, MI-based furniture company reported earnings of 28 cents per diluted share, missing analysts' estimates by a penny.

Revenue for the quarter was $340.8 million, below Wall Street's forecasts of $358.8 million.

Same-store sales declined 1.9% during the period. A year ago, same-store sales grew 5.3% in the same...