Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 27, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ COMMISSION FILE NUMBER 1-9656 LA-Z-BOY INCORPORATED (Exact name of registrant as specified in its charter) | Michigan | | ...

La-Z-Boy is aiming to increase its store count by around 14%, while also increasing the number of company-owned stores, which would improve its profit margins. SOPA Images/LightRocket via Getty ImagesThe most recent addition to my portfolio surprised me a bit when I dug into it, because when it popped up on my value stock screener, I didn't expect La-Z-Boy Incorporated (NYSE:LZB) to be a company with a long-term plan for future growth. I expected it to be a value stock at a good price, with a conservative ...

MONROE, Mich., Feb. 09, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB), a global leader in the manufacture and retail of residential furniture, today released its fiscal year 2023 Sustainability Report: Delivering Sustainable Comfort. The report provides a comprehensive overview of the Company's commitments, objectives, and the steps taken to achieve them. It also outlines its sustainability efforts to improve the Company's environmental footprint, and its dedication to social responsibility and ...

MONROE, Mich., Feb. 06, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB) will report its third quarter fiscal 2024 results for the period ended January 27, 2024 after the close of trading on the New York Stock Exchange on Tuesday, February 20, 2024, and will hold its quarterly investor conference call at 8:30 a.m. Eastern Time the following day, Wednesday, February 21, 2024. The dial-in phone number for the live conference call will be (888) 506-0062 for persons calling from within the U.S. or Cana ...

MONROE, Mich., Feb. 05, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE:LZB), a global leader in the manufacture and retail of residential furniture, announced its investment and ongoing support of key industry furniture markets. La-Z-Boy Incorporated is formally extending the lease for its portfolio of showrooms at High Point Market in Furniture Plaza, High Point, NC and Las Vegas Market, B555 at World Market Center Las Vegas, NV. La-Z-Boy is also committing to major renovations of its showrooms in Hi ...

MONROE, Mich., Jan. 03, 2024 (GLOBE NEWSWIRE) -- La-Z-Boy Incorporated (NYSE: LZB), a global leader in the manufacture and retail of residential furniture, today announced that Melinda D. Whittington, President and Chief Executive Officer, and Bob Lucian, Senior VP and Chief Financial Officer, will present at the 2024 ICR Conference. The event will be held on January 8, 2024, at 9:30 a.m. Eastern Time. The presentation will be webcast live and archived at https://lazboy.gcs-web.com/. Investor Relations Cont ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ COMMISSION FILE NUMBER 1-9656 LA-Z-BOY INCORPORATED (Exact name of registrant as specified in its charter) | Michigan | | | 38-0751137 | | --- | --- | --- | --- | | (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identificati ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 29, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ COMMISSION FILE NUMBER 1-9656 LA-Z-BOY INCORPORATED (Exact name of registrant as specified in its charter) | Michigan | | 38 ...

La-Z-Boy Incorporated (NYSE:LZB) Q4 2023 Earnings Conference Call June 21, 2023 8:30 AM ET Company Participants Bob Lucian - Chief Financial Officer Mark Becks - Director, Investor Relations and Corporate Development Melinda Whittington - President and Chief Executive Officer Conference Call Participants Anthony Lebiedzinski - Sidoti and Company Zachary Donnelly - KeyBanc Operator Greetings. Welcome to the La-Z-Boy Fiscal 2023 Fourth Quarter Conference Call. At this time, all participants are in a listen-on ...

Manufacturing and Operations - La-Z-Boy closed its manufacturing facility in Torreón, Mexico, which accounted for approximately 3% of La-Z-Boy branded production, resulting in charges of $9.2 million for asset impairment and $1.6 million in severance costs[16]. - The company's inventory decreased by $26.9 million as of year-end fiscal 2023 compared to fiscal 2022, aligning production with incoming order trends[36]. - Accounts receivable decreased by $58.2 million as of year-end fiscal 2023, primarily due to lower fourth-quarter sales compared to the previous year[37]. - Customer deposits decreased by $77.5 million as of fiscal year-end 2023, as the company worked down its backlog toward pre-pandemic levels[40]. - The wholesale backlog was $223.1 million as of April 29, 2023, down from $697.2 million as of April 30, 2022, indicating a decrease due to prior backlog deliveries and a slowdown in demand[44]. - As of April 29, 2023, La-Z-Boy employed approximately 10,500 full-time equivalent employees, a decrease from approximately 12,800 employees at the end of fiscal 2022[52]. Financial Performance - Total sales for the fiscal year ended April 29, 2023, were $2,349,433, a slight decrease of 0.3% compared to $2,356,811 in the previous year[211]. - Gross profit increased to $1,008,699, representing a gross margin of approximately 42.9%, up from $915,969 in the prior year[211]. - Net income attributable to La-Z-Boy Incorporated was $150,664, a marginal increase from $150,017 year-over-year, resulting in a diluted net income per share of $3.48[211]. - The company reported a total comprehensive income attributable to La-Z-Boy Incorporated of $150,933, compared to $145,741 in the previous year[214]. - The company’s total assets decreased to $1,866,263 from $1,932,089, indicating a contraction in the asset base[217]. - The company reported a net income of $151.941 million, an increase from $150.664 million in the previous year, representing a growth of 0.85%[222]. - The total comprehensive income for the year ending April 29, 2023, was $952.097 million, compared to $819.622 million in the prior year, indicating a year-over-year increase of approximately 16.1%[222]. Capital Expenditures and Investments - Capital expenditures for the year were $68,812, down from $76,580, suggesting a more cautious investment approach[219]. - The company recognized a $10.3 million impairment charge for one of its investments during fiscal 2023, which was not present in fiscal 2022 or fiscal 2021, highlighting a shift in investment performance[222]. - The company completed the acquisition of a Baton Rouge business for $5.0 million, with total cash paid of $4.9 million[270]. - The company acquired Furnico Furniture Ltd for approximately $13.3 million, with expectations of production synergies and cost savings[275]. Customer and Market Trends - Imported finished goods represented 7% of consolidated sales in fiscal 2023, with 74% of these products sourced from five Asian suppliers[26]. - La-Z-Boy's fiscal 2023 customer mix was approximately 60% proprietary, 10% major dealers, and 30% other independent retailers[41]. - The company expects typical seasonal trends in the furniture industry to return in fiscal 2024 after experiencing atypical patterns due to COVID-19[30]. - La-Z-Boy's competitive position may be negatively affected by a shift in consumer taste towards lower-priced products[46]. Sustainability and Safety - The company has a commitment to sustainability, focusing on reducing emissions, increasing recycling efforts, and conserving water[56]. - La-Z-Boy has been recognized with multiple awards for safety performance, including the Corporate Culture of Safety Award[64]. Internal Controls and Governance - The company maintains comprehensive systems of internal control to provide reasonable assurance that assets are safeguarded and transactions are executed according to established procedures[189]. - PricewaterhouseCoopers LLP audited the effectiveness of the company's internal control over financial reporting as of April 29, 2023, concluding that it was effective[192]. - The board of directors oversees internal control systems primarily through its audit committee, ensuring quality and integrity in financial reporting[190]. Employee Compensation and Benefits - 401(k) Retirement Plan contributions increased to $12,877,000 in fiscal 2023 from $11,763,000 in fiscal 2022, reflecting a growth of 9.5%[311]. - Total stock-based compensation expense for fiscal 2023 was $12,620,000, up from $10,727,000 in fiscal 2022, representing an increase of 17.6%[321]. - The Performance Compensation Retirement Plan's short-term obligation rose to $2,103,000 in fiscal 2023 from $1,922,000 in fiscal 2022, an increase of 9.4%[312]. Cash Flow and Liquidity - Cash provided by operating activities significantly increased to $205,167 from $79,004 in the previous year, indicating improved operational efficiency[219]. - Total cash, cash equivalents, and restricted cash increased to $346.7 million as of April 29, 2023, from $248.9 million a year earlier[280]. - The company has a $200 million unsecured revolving credit facility, with no borrowings outstanding as of April 29, 2023[306].