A @ B O Y L INCORPORATED Investor Presentation March 2023 JOYBIRD LA@BOY England KINCAID am erican drew. HAMMARY | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|-------|-------|---------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | Wholesale 54% of Sales1 | | | La-Z-Boy ...

Financial Data and Key Metrics Changes - Consolidated sales for fiscal 2023 third quarter increased to $573 million, compared to the prior year quarter, driven by pricing and favorable product mix despite lower unit volume [34] - GAAP diluted EPS increased to $0.74 for the fiscal 2023 third quarter versus $0.65 in the prior year quarter, while non-GAAP diluted EPS increased 40% to $0.91 [22][60] - Consolidated GAAP operating margin increased to 7.5% from 6.9%, and non-GAAP operating margin increased to 9.3% from 7% in the previous year [22] Business Line Data and Key Metrics Changes - Retail segment delivered sales increased by 27% to $251 million, with same-store sales up 23% year-over-year, contributing 83% of the enterprise's operating income [23] - Wholesale segment delivered sales were $408 million, a 4% decline compared to the prior year, primarily due to a decline in delivered volume [6] - Joybird's delivered sales decreased 35% to $29 million versus the prior year third quarter, reflecting slowing e-commerce trends [62] Market Data and Key Metrics Changes - Total written sales for the retail segments were up 8% versus last year's third quarter, with same-store written sales comp at a positive 3% [30] - Written same-store sales for the entire La-Z-Boy's Furniture Galleries network, including independently owned galleries, were down 2% against the prior year period but up 7% against pre-pandemic fiscal 2020 [31] - Joybird's written sales were up 80% versus a pre-pandemic fiscal 2020 third quarter but down 21% versus last year's Q3 [32] Company Strategy and Development Direction - The company is focused on investing prudently to strengthen capabilities and drive long-term profitable growth through the Century Vision strategy [5] - Strategic investments in marketing and expanding the La-Z-Boy branded business are aimed at returning Joybird to profitable growth [5][20] - The company is refining channel strategies to expand distribution opportunities and meet consumer demands effectively [19] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the external macro environment but is optimistic about the company's ability to navigate challenges and emerge stronger [58][67] - The company acknowledges short-term uncertainty and is managing the business prudently while prioritizing investments in brands and capabilities [67] - Management noted that while some competitors are rolling back prices due to lower freight costs, the company is maintaining competitiveness through strategic pricing actions [99] Other Important Information - Consolidated gross margin for the quarter increased 480 basis points versus the prior year, primarily due to the retail segment's growth [38] - The company ended the period with $284 million in cash and no debt, reflecting strong cash generation and reduced inventory levels [39] - Year-to-date, the company returned $27 million to shareholders through dividends and share repurchases, with a temporary pause on share repurchases due to the uncertain macroeconomic environment [65] Q&A Session Summary Question: What are the trends in written sales? - Management noted positive trends in written sales, with improvements continuing into the fourth quarter [71] Question: How does the company view the competitive pricing environment? - Management indicated that while some competitors are rolling back prices, the company is sharpening price points to remain competitive without a broad reduction across the industry [99] Question: Are there notable differences in performance by region? - Management stated there are no dramatic differences by region, with trends leveling out across the board [76] Question: What is the outlook for margins considering input costs? - Management acknowledged that while some input costs are decreasing, labor costs remain a concern, and the ability to capture these benefits will depend on industry pricing behavior [90]

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 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 Identification No.) | | One La-Z-Boy Drive, | Monroe, Michigan | | 48162-5138 | | (Address ...

La-Z-Boy Incorporated (NYSE:LZB) Q2 2023 Earnings Conference Call December 1, 2022 8:30 AM ET Company Participants Kathy Liebmann - Director, IR & Corporate Communications Melinda Whittington - President & CEO Bob Lucian - SVP & CFO Conference Call Participants Bobby Griffin - Raymond James Anthony Lebiedzinski - Sidoti Brad Thomas - Keybanc Capital Operator Good morning, ladies and gentlemen, and welcome to the La-Z-Boy Fiscal 2023 Second Quarter Conference Call. At this time, all participants have been pl ...

La-Z-Boy Incorporated (NYSE:LZB) Q1 2023 Earnings Conference Call August 24, 2022 8:30 AM ET Company Participants Melinda Whittington - President, Chief Executive Officer Bob Lucian - Senior Vice President, Chief Financial Officer Kathy Liebmann - Director, Investor Relations and Corporate Communications Conference Call Participants Anthony Lebiedzinski - Sidoti Brad Thomas - Keybanc Capital Alessandra Jimenez - Raymond James Operator Good morning ladies and gentlemen and welcome to the La-Z-Boy fiscal 202 ...

For the quarterly period ended July 30, 2022 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 ☐ 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) or | Michigan | | 38 ...

La-Z-Boy Incorporated (NYSE:LZB) Q4 2022 Results Conference Call June 22, 2022 8:30 AM ET Company Participants Kathy Liebmann - Investor Relations Melinda Whittington - President & Chief Executive Officer Bob Lucian - Chief Financial Officer Conference Call Participants Brad Thomas - KeyBanc Capital Markets Anthony Lebiedzinski - Sidoti Operator Good morning, ladies and gentlemen, and welcome to the La-Z-Boy Fiscal 2022 Fourth Quarter and Full Year Conference Call. At this time, all participants have been p ...

Company Overview - La-Z-Boy is the leading global producer of reclining chairs and the second largest manufacturer/distributor of residential furniture in the U.S.[16] - The company operates 348 La-Z-Boy Furniture Galleries stores and 531 La-Z-Boy Comfort Studio locations, totaling approximately 12.5 million square feet of proprietary floor space worldwide[20]. - La-Z-Boy's wholesale segment sells directly to its own stores and independent retailers, while the retail segment primarily sells to end consumers[22]. - The company holds a significant wholesale market share, being the second largest manufacturer/distributor of residential furniture in the U.S. by annual sales volume[48]. Financial Performance - Sales for the fiscal year ended April 30, 2022, were $2,356,811, an increase of 36% compared to $1,734,244 for the previous year[210]. - Gross profit for the same period was $915,969, representing a gross margin of approximately 38.8%, up from $740,260 in the prior year[210]. - Net income attributable to La-Z-Boy Incorporated increased to $150,017, a 41% rise from $106,461 in the previous year[210]. - Basic net income per share rose to $3.41, compared to $2.31 for the prior year, reflecting a 47.4% increase[210]. - Total assets as of April 30, 2022, were $1,932,089, up from $1,786,322 the previous year, indicating a growth of 8.2%[216]. - Total current liabilities increased to $675,689 from $611,670, representing an increase of 10.5%[216]. - Cash flows from operating activities were $79,004, a significant decrease from $309,917 in the previous year[218]. - The company reported a total comprehensive income of $145,741 for the fiscal year, compared to $111,892 in the prior year, marking a 30.3% increase[213]. Inventory and Backlog - The company anticipates that typical seasonal trends in sales may not resume until the second half of fiscal 2023 due to record backlog[35]. - Inventory increased by $77.1 million as of year-end fiscal 2022 compared to fiscal 2021 to support increased sales demand and manufacturing capacity[41]. - Wholesale backlog reached $697.2 million as of April 30, 2022, up from $616.7 million a year earlier, attributed to pricing actions and increased production capacity[47]. - The company maintains higher levels of finished goods inventory for casegoods products due to long lead times from Asian vendors[39]. Employee and Community Engagement - The company employed approximately 12,800 full-time equivalent employees as of April 30, 2022, an increase from approximately 11,500 employees at the end of fiscal 2021[57]. - The company provided vaccine access to over 12,000 community members through its clinic in Mexico during fiscal 2022[71]. - The company has implemented initiatives to enhance diversity, inclusion, and belonging within its corporate strategy[70]. - La-Z-Boy has been recognized for its philanthropic efforts, including being the official furniture provider for Ronald McDonald House Charities[70]. Acquisitions and Strategic Initiatives - Acquisitions completed in fiscal 2022 were not significant to the consolidated financial statements, and pro-forma financial information is not presented[269]. - The acquisition of Alabama and Chattanooga, Tennessee businesses was completed for $8.3 million, with $8.0 million paid in cash, reflecting a strategic priority to grow company-owned retail business[270]. - The acquisition of Furnico Furniture Ltd in the U.K. was completed for approximately $13.3 million, with total cash payments of $13.9 million, aimed at realizing production synergies and cost savings[271]. - The Long Island, New York acquisition was completed for $4.5 million, with $4.4 million paid in cash, also aimed at expanding the company-owned retail business[273]. Market Risks and Economic Factors - The company is exposed to market risks from changes in foreign currencies, particularly in Mexico, Canada, the UK, and Thailand, but these changes are not expected to materially affect consolidated results[185]. - The company is also exposed to market risks related to commodity and transportation costs, including steel, wood, and polyurethane foam[186]. - Management estimates that a one percentage point change in interest rates would not have a material impact on the results of operations for fiscal 2022[184]. Internal Controls and Compliance - La-Z-Boy's internal control over financial reporting was deemed effective as of April 30, 2022, based on an evaluation conducted by management[193]. - PricewaterhouseCoopers LLP audited the effectiveness of La-Z-Boy's internal control over financial reporting as of April 30, 2022[196]. - The company has maintained comprehensive systems of internal control to safeguard assets and ensure transactions are executed according to established procedures[190]. Capital Expenditures and Shareholder Returns - La-Z-Boy's capital expenditures for the year were $76,580, up from $37,960 in the previous year, indicating a focus on investment in growth[218]. - The company repurchased $90,645 worth of common stock during the fiscal year, compared to $44,202 in the previous year, reflecting a strategy to return value to shareholders[218]. - The company declared dividends of $0.63 per share, totaling $28.977 million, compared to $0.54 per share in the previous year, indicating a 16.7% increase in dividend payout[224]. Research and Development - Research and development costs for fiscal year 2022 were $9.0 million, compared to $7.6 million in fiscal year 2021 and $10.8 million in fiscal year 2020[255]. - Gross advertising expenses increased to $126.8 million in fiscal year 2022 from $94.6 million in fiscal year 2021 and $108.3 million in fiscal year 2020[256]. Revenue Recognition and Customer Deposits - The company recognizes revenue for retail and online sales once the end consumer takes control of the furniture, which occurs upon delivery[245]. - The company collects customer deposits at the time of order placement, which are recorded as liabilities until the product is delivered[243]. - Customer deposits increased to $183.233 million as of April 30, 2022, compared to $180.766 million the previous year[297].

INVESTOR PRESENTATION February 2022 L A 2 B O Y INCORPORATED retio Forward‐Looking Disclaimer • This presentation contains statements that relate directly or indirectly to our future business, events or financial performance that may constitute forward‐looking statements. Forward‐looking statements generally contain words such as "anticipates," "believes," "continues," "estimates," "expects," "feels," "forecasts," "hopes," "intends," "likely," "non‐recurring," "one‐time," "outlook," "plans," "projects," "se ...

La-Z-Boy Incorporated (NYSE:LZB) Q3 2022 Earnings Conference Call February 16, 2022 8:30 AM ET Company Participants Kathy Liebmann - Investor Relations Melinda Whittington - President & Chief Executive Officer Bob Lucian - Chief Financial Officer Conference Call Participants Bobby Griffin - Raymond James Anthony Lebiedzinski - Sidoti Bradley Thomas - KeyBanc Capital Markets Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the ...