La-Z-Boy swung to a loss in its fiscal first quarter from an unexpected decline in sales.

The furniture maker posted a loss of $2.29 million, or 6 cents a share, for the quarter ended July 25, compared with a profit of $18.2 million, or 44 cents a share, in the same period a year earlier.

Stripping out one-time items, adjusted earnings were 43 cents a share. That missed the 49-cent per-share consensus estimate of two analysts polled by FactSet.

Sales slid 3% to $475.7 million, missing analyst forecasts for a gain to $501 million.

Chief Financial Officer Taylor Luebke said La-Z-Boy is expecting $500 million to $520 million in sales in the current quarter, which would come in below current Wall Street estimates for $537 million.

The view reflects strong written retail sales and a solid wholesale backlog, tempered by a cautious view of the wider economic outlook, Luebke said.

In the fiscal first quarter, delivered sales were up 10% in the retail segment, but that was more than offset by a decline in wholesale delivered sales, which suffered from choppy order patterns.

The company turned a weaker gross profit year-over-year and higher selling, general and administrative costs.

Shares fell 17% to $33.89 after hours.