La-Z-Boy (LZB) Fell 16% After Hours. Is Retail Growth Hiding a Wholesale Problem?

La-Z-Boy Incorporated (NYSE:LZB) fell roughly 16% in after-hours trading after its fiscal first-quarter results revealed a widening split between a growing company-owned retail business and weakening wholesale and Joybird demand. Retail delivered sales increased 10%, and written same-store sales rose 3%, but consolidated sales declined 3% to $475.7 million. Adjusted operating margin narrowed to…