LA-Z-BOY INC

Listed Company

LZBCIK 0000057131NYSELarge AcceleratedHousehold FurnitureMichiganFY ends Apr 25

Period

FY 2025

Revenue

$2.11B

Net Income

$99.56M

Total Assets

$1.92B

Equity

$1.02B

Shares Out

40.92M

Op. Cash Flow

$187.27M

Business

LA-Z-BOY INC is a leading global producer of reclining chairs and a major manufacturer, importer, distributor and retailer of residential furniture. It offers upholstered furniture, reclining chairs, casegoods (wood), accessories and related design and customization services, plus e-commerce and retail merchandising. The company operates two reportable segments: Retail, which sells primarily through company-owned La-Z-Boy Furniture Galleries®, Joybird stores and websites; and Wholesale, which manufactures and imports product sold to proprietary galleries, independent dealers, Comfort Studio® locations and other retailers. It distributes products across the United States, Canada and about 50 other countries via company-owned stores, independent dealers, branded in-store spaces and online channels.

Summary from filing dated 2025-06-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Sales	2,109	2,047	2,349	2,357	—
Cost of sales	1,183	1,165	1,385	1,477	994
Gross profit	926	882	965	880	740
Selling, general and administrative expense	770	731	753	673	604
Goodwill impairment	21	0	0	0	0
Operating income	136	151	211	207	137
Interest expense	−545,000	−455,000	−536,000	—	—
Interest income	15	15	7	1	1
Other income (expense), net	−3	−71,000	−12	−2	9
Income before income taxes	147	166	206	205	146
Income tax expense	46	41	54	53	38
Net income	101	125	152	152	108
Net income attributable to noncontrolling interests	−1	−2	−1	−2	−1
Net income attributable to La-Z-Boy Incorporated	100	123	151	150	106
Basic weighted average common shares (in shares)	42	43	43	44	46
Basic net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	2.39	2.86	3.49	3.41	2.31
Diluted weighted average common shares (in shares)	42	43	43	44	46
Diluted net income attributable to La-Z-Boy Incorporated per share (in dollars per share)	2.35	2.83	3.48	3.39	2.3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and equivalents	328	341	343	246	391
Receivables, net of allowance of $5,042 at 4/26/2025 and $5,076 at 4/27/2024	140	139	126	184	139
Inventories, net	255	263	276	303	226
Other current assets	82	93	106	216	166
Total current assets	806	837	855	952	926
Property, plant and equipment, net	339	298	279	253	219
Goodwill	206	214	205	195	176
Other intangible assets, net	51	47	39	34	30
Deferred income taxes long-term	7	10	9	11	12
Right of use lease assets	453	446	416	406	344
Other long-term assets, net	60	60	64	82	79
Total assets	1,922	1,913	1,866	1,932	1,786
Accounts payable	96	96	107	104	94
Lease liabilities, short-term	81	77	78	75	68
Accrued expenses and other current liabilities	244	264	291	496	450
Total current liabilities	421	437	476	676	612
Lease liabilities, long-term	410	405	368	355	295
Other long-term liabilities	59	58	70	82	97
Preferred shares 5,000 authorized; none issued	0	0	0	0	0
Common shares, $1 par value 150,000 authorized; 41,164 outstanding at 4/26/2025 and 42,440 outstanding at 4/27/2024	41	42	43	43	45
Capital in excess of par value	386	368	359	342	331
Retained earnings	597	598	545	431	399
Accumulated other comprehensive loss	−4	−6	−6	−6	−2
Total La-Z-Boy Incorporated shareholders' equity	1,021	1,003	942	811	773
Noncontrolling interests	11	10	10	9	9
Total equity	1,032	1,013	952	820	782
Total liabilities and equity	1,922	1,913	1,866	1,932	1,786

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
(Gain)/loss on disposal and impairment of assets	2	1	6	−14	−37,000
(Gain)/loss on sale of investments	−235,000	−1	148,000	−478,000	−954,000
Provision for doubtful accounts	851,000	511,000	2	−617,000	−3
Depreciation and amortization	47	49	40	40	33
Amortization of right-of-use lease assets	77	76	77	73	—
Lease impairment/(settlement)	0	−1	1	0	0
Equity-based compensation expense	17	14	12	12	13
Change in deferred taxes	5	−3	4	1	9
Change in receivables	−2	−17	54	−42	−38
Change in inventories	13	20	32	−72	−41
Change in other assets	9	10	24	−16	3
Change in payables	−2	−9	5	6	37
Change in lease liabilities	−79	−77	−78	−74	−66
Change in other liabilities	−22	−30	−126	13	191
Net cash provided by operating activities	187	158	205	79	310
Proceeds from disposals of assets	412,000	5	136,000	23	3
Capital expenditures	−74	−54	−69	−77	−38
Purchases of investments	−7	−18	−9	−34	−40
Proceeds from sales of investments	12	25	24	36	36
Acquisitions	−30	−39	−17	−26	−2
Net cash used for investing activities	−98	−82	−70	−78	−41
Payments on finance lease liabilities	−663,000	−489,000	−123,000	—	—
Holdback payments for acquisitions	0	−5	−5	−23	−6
Stock issued for stock and employee benefit plans, net of shares withheld for taxes	12	11	3	−2	9
Repurchases of common stock	−78	−53	−5	−91	−44
Dividends paid to shareholders	−35	−33	−30	−28	—
Dividends paid to minority interest joint venture partners	−1	−1	0	−1	−9
Net cash used for financing activities	−103	−81	−37	−145	−141
Effect of exchange rate changes on cash and equivalents	1	−926,000	−86,000	−2	3
Change in cash, cash equivalents and restricted cash	−13	−6	98	−146	131
Capital expenditures included in accounts payable	7	6	8	9	5

Filings

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