I had the same problem with my son (who will be starting the fifth grade in three weeks). I teach high school, so I know exactly how important good reading skills are; my students who fail are usually the ones who struggle as readers!
I was amazed at what worked for us. First, I had to not got frustrated with my "scary smart" son struggling with a first grade primer (I think that was the hardest part <wink>). Second, I decided to take him back to the very basics of reading and I got a "Dick and Jane" reader. Hey! It worked for must of us in school, right?
This "Dick and Jane" reader was about 75 pages book (a compilation of D&J stories) and by the end of the book he had picked up on the word recognition and sound recognition and how it helps with reading. His confidence started to grow.
I slowly started getting him to read, out loud, progressively harder, but still not quite first grade, readers, like Dr. Suess which is great for repetitive words and word sounds. Plus, I would read out loud to him, so he could hear words in action.
Well, it took three years of this but by the time he hit the middle of his 4th grade year, he was reading like a maniac and devouring everything in sight. Your daughter could be a late bloomer, too.
The boredom issue played a big role with my son as well. What saved us is the mantra of the reading skills teacher at the high school where I work: "If you don't like reading, you haven't found the right book!" Perhaps letting your daughter know that she won't be able to read the good stuff until she can master the boring stuff at school would keep things in perspective.
Last but not least, if don't already do it, read for fun in front of and with your daughter. Kids won't see the value in reading unless they see their parents doing it. In my house, we call them "read fests" and they're extra special time with mom.
Good luck!