Summary of La-Z-Boy Incorporated

Company Overview

La-Z-Boy Incorporated is a leading global manufacturer of reclining chairs and one of the largest producers/distributors of residential furniture in the United States. The company’s brand is highly recognized in the furniture industry.

Core Business Activities

• Product Manufacturing & Distribution:
  • Upholstery furniture (recliners, sofas, loveseats, chairs, sectionals, ottomans, sleeper sofas)
  • Imported and domestic casegoods (wood furniture such as bedroom sets, dining sets, entertainment centers)
  • Accessories and home furnishings
• Brands & Tradename Usage:
  • La-Z-Boy ® (main brand)
  • England
  • Kincaid ®
  • Joybird ® (primarily online retailer)
  • American Drew ®
  • Hammary ®

Supply Chain & Operations

• 5 manufacturing locations in the US, 15 distribution centers in the US, 3 facilities in Mexico
• International presence includes:
  • Upholstery manufacturing in the United Kingdom (UK)
  • Distribution in the UK and Ireland
  • Trading company in Hong Kong managing Asian supply chain
  • Joint ventures in Thailand
  • Suppliers in Asia (mainly China and Vietnam)
• Raw materials include fabrics, leather, polyurethane foam, lumber, plywood, steel, electrical components, and other metals.
• Import/Export:
  • 6% of total sales in fiscal 2025 were imported finished goods, mostly from Vietnam
  • Cost impacts driven by freight costs and tariffs

Sales & Distribution Channels

• Retail Network:
  • 366 La-Z-Boy Furniture Galleries ® stores (203 owned by La-Z-Boy, remainder independently operated)
  • Over 500 La-Z-Boy Comfort Studio ® locations (independent)
  • Over 500 branded space locations (independent)
  • Total floor space for North America: approx. 7.7 million sq ft; outside US/Canada: approx. 2.6 million sq ft
• Other Brands Distribution:
  • England, American Drew, Hammary: through same outlets
  • Joybird: primarily online sales and 12 small stores in urban markets
• Customers:
  • Domestic and international furniture retailers/distributors in 50+ countries, including the UK, Australia, China, and New Zealand
  • Direct consumers via owned retail stores and websites [la-z-boy.com, joybird.com](http://www.la-z-boy.com, www.joybird.com)

Revenue & Financial Highlights (Fiscal Year Ended April 26, 2025)

• Total Revenue: ~$2.11 billion
• Net Income: ~$101 million
• Operating Income: ~$136 million
• Gross Margin: Slight increase of 80 basis points over prior year
• Operating Margin: 6.4%, decreased by 100 basis points from previous year
• Sales Growth: 3% increase (from ~$2.05 billion in FY24)
• Employees: Approximately 10,600 full-time employees (FY25)
  • Wholesale: ~8,000
  • Retail: ~1,800
  • Joybird: ~500
  • Corporate: remaining

Strategic Business Segments

• Retail Segment:

  • Retail sales primarily from company-owned La-Z-Boy Furniture Galleries stores
  • Focused on upholstered furniture and interior design services
  • Sales rose 5.1% to ~$898.4 million
  • Operating income decreased by 5.6% to ~$105.4 million

• Wholesale Segment:

  • Manufactures/imports upholstered furniture and imports casegoods
  • Sells to La-Z-Boy stores, independent dealers, and international markets
  • Sales increased by 2.2% to ~$1.48 billion
  • Operating income decreased by 17.3% to ~$82.2 million

• Corporate & Other:

  • Includes shared costs, Joybird’s online business, and international entities
  • Overall operating loss decreased slightly

Additional Data

• Customer Count:
  • Registered stockholders: ~1,461 as of June 10, 2025
• Share Repurchases:
  • Spent ~$77.9 million in FY25 re-purchasing ~2 million shares
  • 3.7 million shares remaining for repurchase
• Market Cap:
  • Approximate market value of common stock held by non-affiliates: ~$1.63 billion (as of October 25, 2024)

Summary

La-Z-Boy focuses on manufacturing, importing, marketing, and retailing upholstered and casegoods furniture under recognized brands, with a broad distribution network in North America and internationally. It operates a large employee base, maintains a significant retail presence, and is actively engaged in strategic acquisitions and share repurchases to support growth and shareholder value.