La-Z-Boy Incorporated shares opened down approximately 17.5% at open, down about $7.14 from its previous closing price of $40.83, following the release of its fiscal first-quarter results, which missed analyst expectations for both earnings and revenue. The company reported adjusted earnings per share of $0.43 on revenue of approximately $476 million, falling short of consensus estimates and posting a GAAP net loss of about $2 million. La-Z-Boy had previously projected first quarter revenue of "$490-510 million, reflecting growth of up to 4%." Management attributed the shortfall, in part, to lower wholesale volume and softness at Joybird. The decline was further fueled by second-quarter sales guidance that came in below Wall Street forecasts.