v3.25.2
Segment Information
 12 Months Ended
Apr. 26, 2025
Segment Reporting [Abstract]  
Segment Information
Note 16: Segment Information

We report segment information consistent with the way our chief operating decision maker, (the "CODM"), our Board Chair, President and Chief Executive Officer, evaluates the operating results and performance of the Company. Our reportable operating segments include the Wholesale segment and the Retail segment.

Wholesale Segment. Our Wholesale segment consists primarily of four operating segments: La-Z-Boy, our largest operating segment, our England subsidiary, our casegoods operating segment that sells furniture under three brands (American Drew®, Hammary®, and Kincaid®), and our international operating segment which includes our international wholesale and manufacturing businesses. We aggregate these operating segments into one reportable segment because they are economically similar and meet the other aggregation criteria for determining reportable segments. Our Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas and imports casegoods (wood) furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces. The Wholesale segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of La-Z-Boy Comfort Studio® and branded space locations, England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Retail Segment. Our Retail segment consists of one operating segment comprised of our 203 company-owned La-Z-Boy Furniture Galleries® stores. The Retail segment sells primarily upholstered furniture, in addition to some casegoods and other home furnishing accessories, to end consumers through these stores.

Corporate and Other. Corporate and Other includes the shared costs for corporate functions, including human resources, information technology, finance and accounting, and legal, in addition to revenue generated through royalty agreements with companies licensed to use the La-Z-Boy® brand name on various products. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segments, including our global trading company in Hong Kong and Joybird, an e-commerce retailer that manufactures upholstered furniture such as sofas, loveseats, chairs, ottomans, sleeper sofas and beds, and also imports casegoods (wood) furniture such as occasional tables and other accessories. Joybird sells to the end consumer primarily online through its website, www.joybird.com and through small-format stores in key urban markets. None of the operating segments included in Corporate and Other meet the requirements of reportable segments.
We use operating income to evaluate segment performance and to allocate resources. Segment operating income is based on profit or loss from operations before interest expense, interest income, other income (expense), net and income taxes. The CODM assesses performance by regularly reviewing each segment's significant expense categories which include cost of sales, selling, general and administrative ("SG&A") expenses, and goodwill impairment, if applicable.
The accounting policies of the operating segments are the same as those described in Note 1, Accounting Policies. We account for intersegment revenue transactions between our segments consistent with independent third-party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the Wholesale segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third-party transactions.
Identifiable assets are cash and equivalents, accounts receivable, net inventories, net property, plant and equipment, right-of-use lease assets, goodwill and other intangible assets. Our unallocated assets include deferred income taxes, corporate assets (including a portion of cash and equivalents), and various other assets. Asset information is regularly reviewed by the CODM at the consolidated level and segment-level asset information is not used for purposes of making decisions, assessing financial performance, or allocating resources.
The following table presents sales and operating income (loss) by segment:
Year Ended April 26, 2025
(Amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$1,056,914 $898,370 $153,923 $— $2,109,207 
Intersegment sales422,905 — 6,552 (429,457)— 
Total sales1,479,819 898,370 160,475 (429,457)2,109,207 
Cost of sales1,093,828 399,038 67,540 (377,617)1,182,789 
Gross profit385,991 499,332 92,935 (51,840)926,418 
SG&A expenses283,197 393,915 144,728 (51,840)770,000 
Goodwill impairment20,581 — — — 20,581 
Operating income (loss)$82,213 $105,417 $(51,793)$— $135,837 
Interest expense(545)
Interest income14,877 
Other income (expense), net(3,035)
Income before income taxes$147,134 

Year Ended April 27, 2024
(Amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$1,048,431 $855,126 $143,470 $— $2,047,027 
Intersegment sales398,847 — 10,299 (409,146)— 
Total sales1,447,278 855,126 153,769 (409,146)2,047,027 
Cost of sales1,073,251 380,520 72,626 (361,040)1,165,357 
Gross profit374,027 474,606 81,143 (48,106)881,670 
SG&A expenses274,654 362,924 141,402 (48,106)730,874 
Operating income (loss)$99,373 $111,682 $(60,259)$— $150,796 
Interest expense(455)
Interest income15,482 
Other income (expense), net(71)
Income before income taxes$165,752 

Year Ended April 29, 2023
(Amounts in thousands)WholesaleRetailCorporate & OtherIntersegment EliminationsConsolidated
Sales to external customers$1,215,429 $982,043 $151,961 $— $2,349,433 
Intersegment sales474,819 — 14,229 (489,048)— 
Total sales1,690,248 982,043 166,190 (489,048)2,349,433 
Cost of sales1,289,247 449,117 84,453 (438,117)1,384,700 
Gross profit401,001 532,926 81,737 (50,931)964,733 
SG&A expenses285,786 371,355 147,084 (50,931)753,294 
Operating income (loss)$115,215 $161,571 $(65,347)$— $211,439 
Interest expense(536)
Interest income6,670 
Other income (expense), net(11,784)
Income before income taxes$205,789 
The following tables present additional financial information by segment and location.
Fiscal Year Ended
(52 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/26/20254/27/20244/29/2023
Depreciation and Amortization
Wholesale segment$26,309 $28,189 $23,327 
Retail segment11,198 9,632 7,922 
Corporate and Other9,160 10,731 8,944 
Consolidated depreciation and amortization$46,667 $48,552 $40,193 
Capital Expenditures
Wholesale segment$31,333 $30,854 $38,491 
Retail segment36,915 18,502 22,285 
Corporate and Other6,032 4,195 8,036 
Consolidated capital expenditures$74,280 $53,551 $68,812 
Sales by Country (1)
United States91%90%89%
Canada6%6%6%
Other3%4%5%
Total100%100%100%
(1)Sales are attributed to countries on the basis of the customer's location.

(Amounts in thousands)4/26/20254/27/2024
Assets
Wholesale segment$662,987 $722,044 
Retail segment727,178 650,586 
Unallocated assets531,997 540,812 
Consolidated assets$1,922,162 $1,913,442 
Long-Lived Assets by Geographic Location
Domestic$976,220 $911,616 
International72,591 94,778 
Consolidated long-lived assets$1,048,811 $1,006,394