On Tuesday Best Buy Inc. (NYSE: BBY) reported that its first-quarter profits fell due to economic conditions, and furniture maker La-Z-Boy Inc. (NYSE: LZB) said it swung to a fiscal fourth-quarter loss due to lower retail sales.

Best Buy's first-quarter profits dropped 7% from a year ago to $179 million, or 43 cents per share. Analysts polled by Thomson Financial had expected a profit of 37 cents per share.

Richfield-based Best Buy said revenue jumped 13% to $8.99 billion as customers began spending their government stimulus checks and also took advantage of low-interest financing. Analysts had expected sales of $8.57 billion for the quarter that ended on May 31.

Same-store sales rose 3.7%, but Best Buy warned of a "volatile" year ahead.

The share price fell 5.3% Tuesday to close at $43.46. Shares have risen 10.2% in the past three months, but are down 9% from a year ago.

For the quarter ended April 26, La-Z-Boy reported a net loss of $4.4 million, or 9 cents per share, compared with a profit of $7.7 million, or 15 cents per share, for the same period a year ago. Revenue fell 10% percent, to $368 million, as fewer consumers are purchasing larger furniture.

Analysts polled by Thomson Financial, on average, had forecast earnings of 2 cents per share on sales of $375.9 million.

For the full year, La-Z-Boy said it lost $13.5 million, or 26 cents per share, compared with earnings of $4.1 million, or 8 cents per share, during the previous year.

La-Z-Boy shares rose 2.2% Tuesday to close at $6.84. Shares are down 13.7% year to date.

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