Acquisitions |
3 Months Ended |
|---|---|
Jul. 25, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Acquisitions | Note 2: Acquisitions The below acquisition was not significant to our consolidated financial statements, and therefore, pro-forma financial information is not presented. All of our provisional purchase accounting estimates for the acquisition completed in fiscal 2027 are based on the information and data available to us as of the time of the issuance of these financial statements, and in accordance with Accounting Standard Codification Topic 805-10-25-15, are subject to change within the first 12 months following the acquisition as we gain additional data. The following Retail acquisition reflects a core component of our strategic priorities, which is to grow our company-owned retail business and leverage our integrated retail model (where we earn a combined profit on both the wholesale and retail sales) in suitable geographic markets, alongside the existing La-Z-Boy Store network. Prior to the Retail acquisition described below, we licensed to the counterparty the exclusive right to own and operate La-Z-Boy Stores (and to use the associated trademarks and trade name) in their respective markets, and we reacquired these rights when we consummated the transaction. These reacquired rights are indefinite-lived because our retailer agreements are perpetual agreements that have no specific expiration date and no renewal options. The effective settlement date of these arrangements resulted in no settlement gain or loss as the contractual terms were at market. For federal income tax purposes, we amortize and deduct these indefinite-lived intangible assets and goodwill, if any, over 15 years. Gulf Coast Region Acquisition On June 22, 2026, we completed our acquisition of the Pensacola, Florida and Mobile and Spanish Fort, Alabama businesses that operated three independently owned La-Z-Boy Stores for $17.2 million, inclusive of and subject to further customary adjustments. We paid total cash of $15.7 million during the first quarter of fiscal 2027 and the remaining consideration included forgiveness of accounts receivable and payments based on working capital adjustments. As part of the acquisition, we recorded an indefinite-lived intangible asset of $4.8 million related to the reacquired rights described above. Prior Year Acquisitions We did not complete any acquisitions during the first quarter of fiscal 2026.
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